CURRENT POSITIONS

As of 12/31/2017

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

CASH EQUIVALENTS: 24%

INSURED MONEY MARKET FUND

BONDS:  2%

CHENIERE ENERGY INC CONV SR 4.25s 03/15/2045

CENTURYTEL INC DEBENTURES  6.875 s 01/15/2028

REAL ESTATE: 6%

BROOKFIELD PROPERTY PARTNERS, LP (USA)

MANDARIN ORIENTAL INTERNATIONAL (SINGAPORE)

TANGER FACTORY OUTLET REIT (USA)

ROYALTY TRUSTS: 2.0%

PACIFIC COAST OIL TRUST BEN INT (USA)

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

EQUITIES: 66%

AMC NETWORKS INC (USA)

ATLANTA BRAVES BASEBALL CLUB (LIBERTY MEDIA) (USA)

AT & T INC (USA)

BERKSHIRE HATHAWAY INC. ‘B’ (USA)

BOARDWALK PIPELINE PARTNERS. LLC (USA)

BOLLORE (FRANCE)

CARLYLE GROUP, LP (USA)

CK HUTCHISON (HONG KONG)

COCA COLA AMATIL LTD (AUSTRALIA)

COMPAGNIE FIN RICHEMONT (SWITZERLAND)

CVS HEALTH CORP (USA)

DIAGEO (UK)

DISCOVERY COMMUNICATIONS INC (USA)

DISNEY (USA)

GAP INC. (USA)

GENERAL ELECTRIC COMPANY (USA)

HERMES INTERNATIONAL (FRANCE)

HUTCHISON PORT HOLDINGS TRUST (SINGAPORE)

ICAHN ENTERPRISES (USA)

INTERNATIONAL BUSINESS MACHINE CORP (USA)

JARDINE MATHESON HOLDINGS (SINGAPORE)

L’OREAL CO. (FRANCE)

MARKEL CORP. (USA)

McCORMICK & CO INC (USA)

NESTLE SA (Switzerland)

NEW ULM TELECOM INC (USA)

OSLO BORS VPS HOLDING ASA (Norway)

PARGESA HOLDINGS (SWITZERLAND)

SOFTBANK GROUP CORP (JAPAN)

VERIZON COMMUNICATIONS (USA)

VIACOM (USA)

WEYERHAEUSER CO. (USA)

WISDOMTREE EMERGING MARKETS CONSUMER GROWTH ETF (USA)

WISDOMTREE EMERGING MARKETS HIGH DIVIDEND ETF (USA)