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
Estimated average burden
hours per response: 23.8
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
AMERICAN INTL GROUP INC COM NEW 026874784 14,280 270,000 SH   SOLE 270,000 0 0
APPLE INC COM 037833100 12,399 129,698 SH   SOLE 129,698 0 0
BANK AMER CORP COM 060505104 3,981 300,000 SH   SOLE 300,000 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 7,549 487,083 SH   SOLE 487,083 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 11,114 684,797 SH   SOLE 684,797 0 0
CARMAX INC COM 143130102 5,074 103,492 SH   SOLE 103,492 0 0
CHUBB LIMITED COM H1467J104 7,842 60,000 SH   SOLE 60,000 0 0
CISCO SYS INC COM 17275R102 10,237 356,820 SH   SOLE 356,820 0 0
CONOCOPHILLIPS COM 20825C104 1,874 43,000 SH   SOLE 43,000 0 0
CORNING INC COM 219350105 5,365 262,000 SH   SOLE 262,000 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 8,783 368,300 SH   SOLE 368,300 0 0
E M C CORP MASS COM 268648102 10,860 399,716 SH   SOLE 399,716 0 0
EOG RES INC COM 26875P101 7,852 94,128 SH   SOLE 94,128 0 0
EXXON MOBIL CORP COM 30231G102 9,304 99,260 SH   SOLE 99,260 0 0
FRANKS INTL N V COM N33462107 2,030 139,000 SH   SOLE 139,000 0 0
GENERAL ELECTRIC CO COM 369604103 17,500 555,918 SH   SOLE 555,918 0 0
INTEL CORP COM 458140100 14,811 451,556 SH   SOLE 451,556 0 0
MICROSOFT CORP COM 594918104 6,438 125,819 SH   SOLE 125,819 0 0
NATIONAL OILWELL VARCO INC COM 637071101 1,850 55,000 SH   SOLE 55,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 8,663 105,000 SH   SOLE 105,000 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 26,123 583,639 SH   SOLE 583,639 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 10,168 134,580 SH   SOLE 134,580 0 0
PFIZER INC COM 717081103 4,154 118,000 SH   SOLE 118,000 0 0
PHILIP MORRIS INTL INC COM 718172109 16,132 158,600 SH   SOLE 158,600 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 6,047 220,000 SH   SOLE 220,000 0 0
PROCTER & GAMBLE CO COM 742718109 9,327 110,160 SH   SOLE 110,160 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 17,650 315,191 SH   SOLE 315,191 0 0
SANOFI SPONSORED ADR 80105N105 2,092 50,000 SH   SOLE 50,000 0 0
SOUTHWEST AIRLS CO COM 844741108 7,489 191,000 SH   SOLE 191,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 7,790 61,600 SH   SOLE 61,600 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 610 1,800 SH Call SOLE 1,800 0 0
STAPLES INC COM 855030102 11,659 1,352,632 SH   SOLE 1,352,632 0 0
TOTAL S A SPONSORED ADR 89151E109 4,920 102,300 SH   SOLE 102,300 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 4,093 40,937 SH   SOLE 40,937 0 0
ZIONS BANCORPORATION COM 989701107 3,518 140,000 SH   SOLE 140,000 0 0