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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
BLACK STONE MINERALS L PCOM UNIT09225M1011,205257,426SH SOLE 257,42600
CAMECO CORPCOM13321L10814,4851,895,900SH SOLE 1,895,90000
DISNEY WALT COCOM DISNEY25468710613,235137,000SH SOLE 137,00000
HOST HOTELS & RESORTS INCCOM44107P10410,212925,000SH SOLE 925,00000
INTERNATIONAL SEAWAYS INCCOMY410531029,952416,610SH SOLE 416,61000
LIVE NATION ENTERTAINMENT INCOM53803410912,214268,667SH SOLE 268,66700
NATIONAL BEVERAGE CORPCOM63501710617,193403,139SH SOLE 403,13900
PHOTRONICS INCCOM7194051029,510926,848SH SOLE 926,84800
SCHWAB CHARLES CORPCOM80851310517,798529,400SH SOLE 529,40000