CURRENT POSITIONS

As of 12/31/2016

CASH RETURN INVESTMENTS: (Primary anticipated return is from income generated)

CASH EQUIVALENTS: 19%

INSURED MONEY MARKET FUND

BONDS:  1%

SEARS HOLDING CORP SECURED 6.625 s 10/15/2018

REAL ESTATE: 8%

BROOKFIELD PROPERTY PARTNERS, LP (USA)

MANDARIN ORIENTAL INTERNATIONAL (SINGAPORE)

MAPLETREE INDUSTRIAL TRUST (SINGAPORE)

SPRING REAL ESTATE INVESTMENT TRUST (CHINA)

ROYALTY TRUSTS: 1.0%

PACIFIC COAST OIL TRUST BEN INT (USA)

TOTAL RETURN INVESTMENTS: (Primary anticipated return can include both income and possible appreciation)

EQUITIES: 71%

ATLANTA BRAVES BASEBALL CLUB (LIBERTY MEDIA) (USA)

BERKSHIRE HATHAWAY INC. ‘B’ (USA)

BOARDWALK PIPELINE PARTNERS. LLC (USA)

BOEING (USA)

BOLLORE (FRANCE)

CARLYLE GROUP, LP (USA)

COMPAGNIE FIN RICHEMONT (SWITZERLAND)

CVS HEALTH CORP (USA)

DEERE (USA)

DETREX CORP (USA)

DIAGEO (UK)

DISNEY (USA)

GAP INC. (USA)

HERMES INTERNATIONAL (FRANCE)

HUTCHISON PORT HOLDINGS TRUST (SINGAPORE)

ICAHN ENTERPRISES (USA)

INTERNATIONAL BUSINESS MACHINE CORP (USA)

JARDINE MATHESON HOLDINGS (SINGAPORE)

LAURENT-PERRIER GROUP (FRANCE)

L’OREAL CO. (FRANCE)

MANCHESTER UNITED FOOTBALL CLUB (UK)

NESTLE SA (Switzerland)

OSLO BORS VPS HOLDING ASA (Norway)

PARGESA HOLDINGS (SWITZERLAND)

SECOND CUP, LTD. (CANADA)

THIRD POINT RE (BERMUDA)

VIACOM (USA)

WEYERHAEUSER CO. (USA)

WISDOMTREE EMERGING MARKETS HIGH DIVIDEND ETF (USA)