Investment Management Associates 13F-HR Quarterly holdings report by institutional manager

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 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
ABBVIE INC	COM	00287Y109	680,837	4,213	SH		SOLE	0	0	0	4,213
ALPHABET INC	CAP STK CL C	02079K107	372,666	4,200	SH		SOLE	0	0	0	4,200
ALTRIA GROUP INC	COM	02209S103	8,095,490	177,105	SH		SOLE	0	0	0	177,105
AMBEV SA	SPONSORED ADR	02319V103	219,803	80,810	SH		SOLE	0	0	0	80,810
ARES CAPITAL CORP	COM	04010L103	226,258	12,250	SH		SOLE	0	0	0	12,250
BABYLON HLDGS LTD	CL A SHS	G07031209	273,868	40,573	SH		SOLE	0	0	0	40,573
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	3,802,014	12,308	SH		SOLE	0	0	0	12,308
BLACK STONE MINERALS L P	COM UNIT	09225M101	16,609,795	984,576	SH		SOLE	0	0	0	984,576
BRITISH AMERN TOB PLC	SPONSORED ADR	110448107	13,260,121	331,669	SH		SOLE	0	0	0	331,669
CARDINAL HEALTH INC	COM	14149Y108	1,730,138	22,507	SH		SOLE	0	0	0	22,507
CHARTER COMMUNICATIONS INC N	CL A	16119P108	1,889,804	5,573	SH		SOLE	0	0	0	5,573
COMCAST CORP NEW	CL A	20030N101	6,788,296	194,118	SH		SOLE	0	0	0	194,118
DIAMOND HILL INVT GROUP INC	COM NEW	25264R207	7,373,443	39,852	SH		SOLE	0	0	0	39,852
DROPBOX INC	CL A	26210C104	8,607,326	384,599	SH		SOLE	0	0	0	384,599
DXC TECHNOLOGY CO	COM	23355L106	16,506,029	622,869	SH		SOLE	0	0	0	622,869
ENTERPRISE PRODS PARTNERS L	COM	293792107	10,626,597	440,572	SH		SOLE	0	0	0	440,572
GENERAL DYNAMICS CORP	COM	369550108	7,544,887	30,409	SH		SOLE	0	0	0	30,409
HUNTINGTON INGALLS INDS INC	COM	446413106	12,399,888	53,754	SH		SOLE	0	0	0	53,754
INTERNATIONAL MNY EXPRESS IN	COM	46005L101	13,525,837	555,020	SH		SOLE	0	0	0	555,020
ISHARES TR	US TREAS BD ETF	46429B267	16,139,402	710,361	SH		SOLE	0	0	0	710,361
ISHARES TR	SHRT NAT MUN ETF	464288158	1,573,851	15,094	SH		SOLE	0	0	0	15,094
ISHARES TR	IBOXX HI YD ETF	464288513	231,861	3,149	SH		SOLE	0	0	0	3,149
ISHARES TR	NATIONAL MUN ETF	464288414	5,540,855	52,510	SH		SOLE	0	0	0	52,510
LIBERTY BROADBAND CORP	COM SER C	530307305	4,458,515	58,457	SH		SOLE	0	0	0	58,457
LOCKHEED MARTIN CORP	COM	539830109	1,561,150	3,209	SH		SOLE	0	0	0	3,209
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	5,719,182	113,905	SH		SOLE	0	0	0	113,905
MCKESSON CORP	COM	58155Q103	19,192,372	51,163	SH		SOLE	0	0	0	51,163
NETFLIX INC	COM	64110L106	294,880	1,000	SH		SOLE	0	0	0	1,000
NUVEEN FLOATING RATE INCOME	COM	67072T108	1,294,651	163,466	SH		SOLE	0	0	0	163,466
PFIZER INC	COM	717081103	1,335,263	26,059	SH		SOLE	0	0	0	26,059
PHILIP MORRIS INTL INC	COM	718172109	7,059,226	69,748	SH		SOLE	0	0	0	69,748
QUALCOMM INC	COM	747525103	5,905,431	53,715	SH		SOLE	0	0	0	53,715
QURATE RETAIL INC	COM SER A	74915M100	2,612,057	1,602,489	SH		SOLE	0	0	0	1,602,489
SPDR SER TR	BLOOMBERG HIGH Y	78468R622	231,480	2,572	SH		SOLE	0	0	0	2,572
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	9,093,540	174,674	SH		SOLE	0	0	0	174,674
UBER TECHNOLOGIES INC	COM	90353T100	11,381,735	460,240	SH		SOLE	0	0	0	460,240
US BANCORP DEL	COM NEW	902973304	1,405,245	32,223	SH		SOLE	0	0	0	32,223
VANGUARD SCOTTSDALE FDS	LONG TERM TREAS	92206C847	3,093,509	50,203	SH		SOLE	0	0	0	50,203
VERIZON COMMUNICATIONS INC	COM	92343V104	611,086	15,510	SH		SOLE	0	0	0	15,510
VIATRIS INC	COM	92556V106	8,158,853	733,051	SH		SOLE	0	0	0	733,051
WALGREENS BOOTS ALLIANCE INC	COM	931427108	585,356	15,668	SH		SOLE	0	0	0	15,668
WELLS FARGO CO NEW	COM	949746101	865,727	20,967	SH		SOLE	0	0	0	20,967