The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Affiliated Managers Group Inc. COM 008252108 23,899 404,113 SH   SOLE   404,113 0 0
Affiliated Managers Group Inc. COM 008252108 59,009 997,787 SH   DFND 1 997,787 0 0
Alphabet Inc. CL C COM 02079K107 121,581 104,558 SH   SOLE   84,749 19,809 0
Alphabet Inc. CL C COM 02079K107 65,844 56,625 SH   DFND 1 56,625 0 0
Baidu, Inc. ADR COM 056752108 73,490 729,144 SH   SOLE   485,627 0 243,517
Baidu, Inc. ADR COM 056752108 44,667 443,172 SH   DFND 1 443,172 0 0
Berkshire Hathaway Inc. Class COM 084670702 7,076 38,700 SH   SOLE   38,700 0 0
CenturyLink Inc COM 156700106 262,381 27,735,884 SH   SOLE   19,557,835 7,969,528 208,521
CenturyLink Inc COM 156700106 373,337 39,464,755 SH   DFND 1 39,464,755 0 0
CNH Industrial NV - U.S. COM N20944109 27,501 4,902,182 SH   SOLE   4,902,182 0 0
CNX Resources Corp COM 12653C108 103,250 19,407,881 SH   SOLE   15,873,352 3,325,829 208,700
CNX Resources Corp COM 12653C108 153,743 28,899,083 SH   DFND 1 28,899,083 0 0
Comcast Corporation Cl A COM 20030N101 124,707 3,627,326 SH   SOLE   2,799,518 827,808 0
Comcast Corporation Cl A COM 20030N101 62,355 1,813,698 SH   DFND 1 1,813,698 0 0
Dillard's Inc. COM 254067101 643 17,396 SH   SOLE   0 0 17,396
Dillard's Inc. COM 254067101 69,828 1,889,808 SH   DFND 1 1,889,808 0 0
DuPont de Nemours, Inc. COM 26614N102 101,950 2,989,733 SH   SOLE   2,989,733 0 0
DuPont de Nemours, Inc. COM 26614N102 65,327 1,915,738 SH   DFND 1 1,915,738 0 0
Eastman Kodak Company COM 277461406 1,661 960,000 SH   DFND 2 0 0 960,000
Eastman Kodak Company COM 277461406 6,920 4,000,000 SH   DFND 1 4,000,000 0 0
Empire State Realty Trust Inc. COM 292104106 1,189 132,748 SH   SOLE   0 0 132,748
Empire State Realty Trust Inc. COM 292104106 60,922 6,799,346 SH   DFND 1 6,799,346 0 0
Enerpac Tool Group Corp COM 292765104 960 58,023 SH   SOLE   0 0 58,023
Enerpac Tool Group Corp COM 292765104 87,921 5,312,436 SH   DFND 1 5,312,436 0 0
FedEx Corporation COM 31428X106 203,275 1,676,360 SH   SOLE   1,346,891 329,469 0
FedEx Corporation COM 31428X106 107,809 889,076 SH   DFND 1 889,076 0 0
GCI Liberty Inc COM 36164V305 992 17,411 SH   SOLE   0 0 17,411
GCI Liberty Inc COM 36164V305 85,536 1,501,417 SH   DFND 1 1,501,417 0 0
General Electric COM 369604103 185,035 23,304,217 SH   SOLE   18,485,851 4,818,366 0
General Electric COM 369604103 86,091 10,842,756 SH   DFND 1 10,842,756 0 0
Graham Holdings Company COM 384637104 30,560 89,574 SH   SOLE   48,116 38,372 3,086
Graham Holdings Company COM 384637104 96,506 282,868 SH   DFND 1 282,868 0 0
Hyatt Hotels Corp. - Class A COM 448579102 24,778 517,280 SH   SOLE   502,470 0 14,810
Hyatt Hotels Corp. - Class A COM 448579102 87,013 1,816,545 SH   DFND 1 1,816,545 0 0
Lazard Ltd COM G54050102 36,866 1,564,773 SH   SOLE   746,671 774,398 43,704
Lazard Ltd COM G54050102 132,608 5,628,533 SH   DFND 1 5,628,533 0 0
Liberty Media Corp - A COM 531229870 595 23,058 SH   SOLE   0 0 23,058
Liberty Media Corp - A COM 531229870 62,371 2,415,616 SH   DFND 1 2,415,616 0 0
Liberty Media Corp - C COM 531229854 1,280 47,000 SH   SOLE   0 0 47,000
Liberty Media Corp - C COM 531229854 64,001 2,350,402 SH   DFND 1 2,350,402 0 0
Mattel, Inc. COM 577081102 53,682 6,093,307 SH   SOLE   3,278,603 2,658,530 156,174
Mattel, Inc. COM 577081102 205,613 23,338,569 SH   DFND 1 23,338,569 0 0
Park Hotels & Resorts Inc. COM 700517105 24,567 3,105,816 SH   SOLE   835,015 2,213,970 56,831
Park Hotels & Resorts Inc. COM 700517105 65,667 8,301,830 SH   DFND 1 8,301,830 0 0
PotlatchDeltic Corporation COM 737630103 1,412 44,985 SH   SOLE   0 0 44,985
PotlatchDeltic Corporation COM 737630103 122,854 3,913,806 SH   DFND 1 3,913,806 0 0
Realogy Holdings Corporation COM 75605Y106 465 154,620 SH   SOLE   0 0 154,620
Realogy Holdings Corporation COM 75605Y106 49,431 16,422,313 SH   DFND 1 16,422,313 0 0
Trip.com Group Ltd COM 89677Q107 40,094 1,709,768 SH   SOLE   918,246 0 791,522
United Technologies Corporatio COM 913017109 123,258 1,306,669 SH   SOLE   1,124,948 181,721 0
United Technologies Corporatio COM 913017109 80,669 855,177 SH   DFND 1 855,177 0 0
Univar Solutions Inc. COM 91336L107 523 48,825 SH   SOLE   0 0 48,825
Univar Solutions Inc. COM 91336L107 48,166 4,493,118 SH   DFND 1 4,493,118 0 0
Venator Materials PLC COM G9329Z100 2,513 1,460,818 SH   DFND 2 0 0 1,460,818
ViaSat Inc. COM 92552V100 4,268 118,808 SH   SOLE   78,052 0 40,756
ViaSat Inc. COM 92552V100 79,479 2,212,671 SH   DFND 1 2,212,671 0 0
WideOpenWest Inc COM 96758W101 3,405 715,259 SH   DFND 2 0 0 715,259
Williams Companies, Inc. COM 969457100 104,285 7,369,978 SH   SOLE   7,369,978 0 0
Williams Companies, Inc. COM 969457100 87,326 6,171,427 SH   DFND 1 6,171,427 0 0