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
Adams Express COM 006212104 2,272 177,114 SH   SOLE 0 177,114 0 0
American Express Company COM 025816109 17,040 245,000 SH   SOLE 0 245,000 0 0
Anadarko Petroleum Corporation COM 032511107 10,590 218,000 SH   SOLE 0 218,000 0 0
Aon plc COM G0408V102 22,452 243,492 SH   SOLE 0 243,492 0 0
Apache Corporation COM 037411105 10,268 230,900 SH   SOLE 0 230,900 0 0
Apple Inc. COM 037833100 36,209 344,000 SH   SOLE 0 344,000 0 0
Applied DNA Sciences, Inc. - W COM 03815U110 472 281,409 SH   SOLE 0 281,409 0 0
Arch Capital Group Ltd. COM G0450A105 48,825 700,000 SH   SOLE 0 700,000 0 0
Ariad Pharmaceuticals, Inc. COM 04033A100 7,500 1,200,000 SH   SOLE 0 1,200,000 0 0
ASML Holding N.V. COM N07059210 17,829 200,850 SH   SOLE 0 200,850 0 0
Berkshire Hathaway Inc. Class COM 084670108 21,758 110 SH   SOLE 0 110 0 0
Cameco Corporation COM 13321L108 19,393 1,572,819 SH   SOLE 0 1,572,819 0 0
Celgene Corporation COM 151020104 21,557 180,000 SH   SOLE 0 180,000 0 0
Cempra Inc. COM 15130J109 15,391 494,409 SH   SOLE 0 494,409 0 0
Cisco Systems, Inc. COM 17275R102 27,155 1,000,000 SH   SOLE 0 1,000,000 0 0
Costco Wholesale Corporation COM 22160K105 39,371 243,781 SH   SOLE 0 243,781 0 0
Diageo plc ADR COM 25243Q205 25,893 237,400 SH   SOLE 0 237,400 0 0
Eaton Corporation PLC COM 278058102 11,404 219,131 SH   SOLE 0 219,131 0 0
EMC Corporation COM 268648102 14,381 560,000 SH   SOLE 0 560,000 0 0
Ensco plc Class A COM G3157S106 5,925 385,000 SH   SOLE 0 385,000 0 0
Everest Re Group, Ltd. COM G3223R108 24,717 135,000 SH   SOLE 0 135,000 0 0
FCB Financial Holdings, Inc. COM 30255G103 10,737 300,000 SH   SOLE 0 300,000 0 0
Ford Motor Company COM 345370860 17,811 1,264,063 SH   SOLE 0 1,264,063 0 0
General Electric Company COM 369604103 31,617 1,015,000 SH   SOLE 0 1,015,000 0 0
Gilead Sciences, Inc. COM 375558103 44,382 438,600 SH   SOLE 0 438,600 0 0
Gulf Coast Ultra Deep Royalty COM 40222T104 466 3,105,440 SH   SOLE 0 3,105,440 0 0
Halliburton Company COM 406216101 19,913 585,000 SH   SOLE 0 585,000 0 0
Helix Energy Solutions Group I COM 42330P107 5,675 1,078,900 SH   SOLE 0 1,078,900 0 0
Hertz Global Holdings, Inc. COM 42805T105 11,314 795,064 SH   SOLE 0 795,064 0 0
Huntsman Corporation COM 447011107 9,112 801,422 SH   SOLE 0 801,422 0 0
Intel Corporation COM 458140100 17,414 505,500 SH   SOLE 0 505,500 0 0
Intra-Cellular Therapies Inc. COM 46116X010 9,814 182,442 SH   SOLE 0 182,442 0 0
JPMorgan Chase & Co. COM 46625H100 20,799 315,000 SH   SOLE 0 315,000 0 0
Keysight Technologies, Inc. COM 49338L103 7,119 251,300 SH   SOLE 0 251,300 0 0
M&T Bank Corporation COM 55261F104 18,600 153,493 SH   SOLE 0 153,493 0 0
Macy's Inc. COM 55616P104 9,620 275,026 SH   SOLE 0 275,026 0 0
Merck & Co., Inc. COM 58933Y105 22,564 427,191 SH   SOLE 0 427,191 0 0
MetLife, Inc. COM 59156R108 17,597 365,000 SH   SOLE 0 365,000 0 0
Microsoft Corporation COM 594918104 37,764 680,686 SH   SOLE 0 680,686 0 0
Nelnet, Inc. COM 64031N108 17,456 520,000 SH   SOLE 0 520,000 0 0
Nordstrom, Inc COM 655664100 4,981 100,000 SH   SOLE 0 100,000 0 0
Occidental Petroleum Corporati COM 674599105 10,446 154,500 SH   SOLE 0 154,500 0 0
Paratek Pharmaceuticals Inc COM 699374302 5,256 277,076 SH   SOLE 0 277,076 0 0
PartnerRe Ltd. COM G6852T105 35,405 253,361 SH   SOLE 0 253,361 0 0
PepsiCo, Inc. COM 713448108 19,484 195,000 SH   SOLE 0 195,000 0 0
Pfizer Inc. COM 717081103 19,555 605,808 SH   SOLE 0 605,808 0 0
QUALCOMM Incorporated COM 747525103 23,053 461,200 SH   SOLE 0 461,200 0 0
Regal Entertainment Group COM 758766109 4,623 245,000 SH   SOLE 0 245,000 0 0
Repros Therapeutics Inc. COM 76028H209 479 396,123 SH   SOLE 0 396,123 0 0
Republic Services, Inc. COM 760759100 42,793 972,800 SH   SOLE 0 972,800 0 0
Royce Value Trust, Inc. COM 780910105 2,514 213,600 SH   SOLE 0 213,600 0 0
Synchronoss Technologies, Inc. COM 87157B103 14,992 425,534 SH   SOLE 0 425,534 0 0
TJX Companies, Inc./The COM 872540109 88,259 1,244,668 SH   SOLE 0 1,244,668 0 0
Ultra Petroleum Corp. COM 903914109 377 150,903 SH   SOLE 0 150,903 0 0
United Technologies Corporatio COM 913017109 28,821 300,000 SH   SOLE 0 300,000 0 0
Verint Systems Inc. COM 92343X100 5,309 130,886 SH   SOLE 0 130,886 0 0
Vodafone Group plc ADR COM 92857W308 22,061 683,852 SH   SOLE 0 683,852 0 0
Towers Watson & Co. Class A COM 891894107 31,254 243,298 SH   SOLE 0 243,298 0 0