Valuation Report 5/31/2017 EFTA00621739

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SUMMARY OF ASSETS - MAY 31, 2017 ys pe a | | C™—.. CdS e097 {| 847 |S Asset S| ~SSCValue Value | Change a 6 | | CashS™—™~—CCCCC | ~«C421,833,887// 122,551,549/| 717,662 | FixedIncome—SS—~s|SSC78,808,486//71,036,555]| (4,471,931)| Equities (|| —«84,663,760|| 88,944,962] 4,281,202 | EquityETFs || ~—3,064,200|/3,059,400]| (4,800) (Options ———“C~—~—s~sYTCSCSCSCSCiG,0B|| SGI! (225,700) HedgeFunds——~—~dCYYCSCi1,580,07||70,946,742|| (608,359) Investments (| 52,506,000||52,506,000/| Aviation, Automobiles & Boats || __—-26,600,000||_—-26,875,000|| 275,000 | Loans Receivable Cid’ (| CSCC; 82,44G|| 11,132,446] 1,500,000 | Fine Arts, Antiques & Jewelry —_ | _2400.0001 }{_ _ta.t28,000 25,000 | _2.128,000 725,000 a 0 | | TotalAssets ——_—|s |: 454,990,086 || 459,178,160|| 4,188,074 6 | Cash Activity-Itemsover50,000/|—sCs(| Frontier bond-sold4mm@96.5 [[ i] 3,981, 167 | Dividends, Interest Income & Other Distributions - per brokerage stmts || 1,205,000 | Apple Calls - sold 2500@2.40vs2.00cost [| |S 800,000 | -Payment Bond redemption Haze Trust || | 500,000 | lLegal-Steptoe&Johnson ss [[ CE 85,895) SC Interiorsfunding || (100,000) international Jet-G550interior |[ TT (475,000) Gratitude - IPI 150k, Met Orch 50k, Int Police & Fire Chaplain 50k & 25k Film Inst || (275,000) Bentleyfinalpayment |] SC (275,338) Miscellaneous —“—é‘dCdSC“C(‘;$SSTTCSdLYSC (§$NCN$’$S(C3CCC*diYESC N48, 143) Coatue-Loan Ci TTC CS (85000,000) Harlequin-Loan. CT Cr (1,000,000) Monthly Spending || SC C—C~idiYTC Nt (1,300,000) NTES- bought 5000 shares - STC ML ee | 2) Total Cash Activity - Items over 50,000 To 717,662 | EFTA00621740

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CC inc. thern ui compa! Bix |S i a S a i— =) el | 33 |e a Education EFTA00621741

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a __—as0nT | Sis | Unrealized | a Pirro [Qing aze Trust-Fixed Income (0B) ——SCSCSC~sSS $000,000 | 3,337,958] 3,135 000 | 3,133,160 | 204,608 IPM Tr Fit Rate income Fund | 0Wa2A3| 236,625.000 | 2,400,749] 2,256,551 | 2,262,060 | -138,680] Citibank Preferred Ser C 5.8% [torent] 49,033.00 | 1,180,739) 1,260,638 | 1,261,129 | 80,300 Citibank Preferred Ser K 6.875% | _2/3/14| 79,000.00] _—_ 1,999,419) 326,550 | 2,304,430 | — 305,011 - Fixed Income (DB otal pers - Fixed income (DB AEG & H Gratitude America - Fixed Income (Morgan Stanley) _| TT Total Gratitude America - Fixed Income (Morgan Stanley) | 2,086,006) 2,201,882) 2,213,583! 127,577 es es ee Southern Trust Co. - Fixed income (D6 i ociety 6.875% GBP callable 6/20/2019 [4/15/14] 2,000,000 | _3.439.193| 2,736,380 | 3,439,193} ‘otal Southern Trust Co. - Fixed income (OB | sd Ld Yt _ Southern Trust Co. - Fixed income ll) gan mandatory convertible preffered 5.5% 3/1/2018 | 08/15/16] 7,000,000 | | __-80.730) ILSCCOM 8.75% 10/15/2023 Oi/i3/17| 26,250,000 | 2,859,332) dred Healthcare 7.25% 1/15/2020 STC ML | fo/1a16| 3,000,000 | 3,125,750, 3,160,167 | 3,231,006 | ——-105,556) feva mandatory convertible prefered 7.0% 12/15/2018 | 08/1576! 1,000,000 | — 901,750) 577,000 | 500.000 | -401,750) 7,768,332) |___ 7,304,454 IKindred Healthcare 7.25% 1/15/2020 STCML___ | Freva mandatory convertible preffered 7.0% 12/15/2018 Total Southern Trust Co. - Fixed Income (Merril [| [41,371,378] |___-463,878) a SO , SS a jouthern Trust Co. - Fixed income (Morgan Sta es eS [| 7,000,000] 7,096,000 |" 7,097,600 | "91,600 Seaspan 7.875% Preferred $25par_ | v0 a/16| 8,000 | 200,000| 172,640 165,120 | -34,880| Wells Fargo 5.7% Preferred $25 par [Seaspan 7.875% Preferred $25 pa Weil 0 5.7% Preferred ; | i976 | 120, Ebay 6% Preferred $25 par matures 2-1-2056 [2/226] 80,000 | 2,000,000) 2,120,800 |__2, 143,200 | lEtrade Financial 5.875% fixed to 9-15-2026 then floats | 8/16/16 500,000 | 500,000) 522,750 | $32,628 | 32,628 lEtrade Financial 5.875% fixed to 9-15-2026 then floats | 10/11/16] 2,500,000 | —-2,623,122| 2,610,781 | 2,662,150 | 39,028 | [Golaman Sachs 5.375% Fixed to §-10-2020 then 3922 over3molibor| 6/4/15] __— 5,000,000 | __5,034.346] 5,310,660 |___5,190,677 | [Capital One 5.55% Fixed to 9-1-2020 then 380 over 3molibor | 5/14/15| 3,000,000 | 3.009.818] __3.188,913 | _3,.192,000 | __182,.182| Total Southern Trust Co. - Fixed Income (Morgan Stanle [| ~S—C«22,666,104| —22,775,427| _-22,840,591| 174,487) : a ee ee Ee De Pe ee Southern Financial LLC = Fixed Income (DB a 7,160,479 |___ 2,000,982 |____35,982| Barclays Bank PLC 7.75% 4/10/2023 (—afaia| 300,000] 300,000] 315,974 | _316,794| 16.794 (Citigroup Inc-SeriesQ5.05% ——SS~d CI 000,000| 3,000,006] 3,191,988 15,688 [General Electric Co GTO Fixed to Float 40% Dec 152065 | 12/3/15] _2.469,000| __2,175,016| 2,478,259 | 2,480,649 [JP Morgan Chase & Co P/d 7.9% April 302049 | 6/15/11| _ 2.500,000| _2,675,000| 2,612,500 | _ 2,610,958 | -64,042 Southern Cal Edison 6.25% Dec3i 2040 | 1/0/12] 3,000,000) 2,995,764] 3,387,604 | _ 9,302,600 | 396,736] Total Southern Financial LLC - Fixed Income (DB) es ee ee 20,868,669 20,888,013| 1,168,453] es eS Ss a ———— ———— ees ‘Southern Financial LLC - Fixed Income (DB P| facevalue [OP Cid (Washington Mutual Mtg 2004-RA2 cl_CB1 var 7/26/2033 | 11/19/13|__—567,081 | __—-433,922/ 480,763 |_ 490,691 | —56,769) otal Southern Financial LLC - Fixed Income (DB, 433,922) 480,763 | 490,691 T a eS ES SS EY | TOTAL FIXED INCOME «|__| 70,497,864) 75,508,486) 71,036,555) 538,691 a (S(O (SUE ame cele EEL ES) | ENON | a (CO a Note - Accrued interest has been includedin monthendfixedincomevalues | | CCT CT EFTA00621742

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' rn Financial LLC - Equiti 3 3 4 G3; 7,044,713 | 7,113,134 | 2,113,151] 1,500,000] 275,655 | 124,785 | -1,375,215) |___508,056| 486,430 [472,250 |___-35,806 IBiogenidecinc 095/ —«250,455| 568,185 | 519,078 | 268,623) ‘acebook Inc ‘oundation Medicine Inc 1265, 98,96 General Electric Co G cena Retail Group Inc. (Formerly Dress Barn 1.3.11 ologies now called Adverum Biotechnologies \2 7 se ® y 9 [9 ba) 5 3 lead Sciences Inc i lobal Partner Acquisition Corp Dad =| obileye NV Amstelveen Ord Shares Sangamo Biosciences Inc | zea) 7,000] 24,000 Terraform Global P7siis| 400) 6,000) 1,900 | | 73} 1,500 | 39,000) 24,720 | [5,000 | 338,745) 212,800 | |__ 254.306 | : domtree Investments Inc |___ 15000] } (125,250 |____ 742,650 |___-181,508| Total Southern Financial LLC - Equities (DB, - | $8,293,977) 77,770,274| 80,572,245 | 22,278,268 SABRE gla|aie z O) forgan Stanley, | TC 78h 805,096 1,081,000 077,000 edit Suisse Group 100 [Total Southern Trust Co. - Equities (Morgan Stanley) «|_| «2,010,972| 2,655,755 ————— EE SS i alkaeineneeeneeieie INeteasse —C—s—SCTCTCY SSMft}Ft7| —=s«dSOOO | 4,449,320) = | 1,423,900 | Total Southern Trust Co. - Equities (Merrill / |__| 4,822,829) 407,000) 1,845,900 23,071 SS ES A a T re Gratitude America, LTD - Equities (Morgan Stanley) 4/3 x > “ie z : Pd O J olony Northstar Inc. r} 9/26/16 Sequential Brands |__ 9/23/16 | | |____ 50,000 | Bank of America [7,500 | 100,825] —_—‘175,050 | _-168,075 |" _67,.250| Editas Medicine 60,320 43,712 ‘otal Gratitude America, LTD - Equities (Morgan Stanle | _——sédz|:s«2,720,182| 2,945,617| 3,147,162| 426,980 pstein Vi Foundation - Equities (DB a Disney S™~—<—SSS™SCCC*sYSCBOVASS| ~——«4,000| 456,040) 462,400 | 431,760 | __-24,280 |_| 935,780; 885,114) 838,640| _—-97,140 SS a /_____{65,783,740| 84,663,760| 88,944,962| 23,161,222 ___ eS LC 2,966,099| 3,064,200| 3,059,400] —- 93,301 Fd 50,000 | 402,134) 168,500 160,500 -241,634 50 5,991 e Si) | = o otal J Epstein Vi Foundation - Equities (DB, TOTAL EQUITIES Southern Financial LLC - Eq 8 tl (= 2 x (4 S § | ‘otal Southern Financial LLC - Equity ETF'S (DB) [i —_—— Southern Trust Co. - Option: | CY APL_May 19 2017 150 Calls [2,500 | [nur € month ca uproed lang seme 24.83 enor rhe 2061 -21.19 continues hack la | 12/0/16| 604,174 | 250,000 Total Southern Trust Co. - Options (Merrill Lynch) |__| _notional_| 250,000 : EFTA00621743

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| a a |<), > = [____ Asset Description || Value | Value | Return | Return |" Notes | CS Hedge Funds - Southern Financial (SFLLC) || | int ommarnno | Total Hedge Funds -SFLLC || 45,283,309 45,002,552| | nr tm sir | a | a | (ec HedgeFunds-Haze—*«i| SSS) STC) CTT HedgeFunds-Haze_———ii|_—=i3, 444,251] 3,444,251] |e sv. vst pl a | a | ee | ee | Ct Total Hedge Funds-STC || ___22,827,541| 22,499,939 | ott ratum cae | SS i ee Total Hedge Funds | 71,555,101| 70,946,742; | | a | =| (CO i Mort Southern [| FT "Asset Description _||__Inc. | —-JEE | Trust__|_ IGOLLC | RealEstate | a | I ( Investments S| TCC CT iKyaral (repaid 100cost+201kprofity) | | COT Kyarali(investmentamount) [|| SC CSC~—~SC“‘OOOOL | Kyara Ill_ -> 483,915 repaid 8/5/2015 a * | iKyaralV(investmentamount) [| | SCS 20,000] Neoteny 3(investmentamount) ||| Ce) ) a Prytanee LLC (artpartnership) || | SS SSSCSC—~SY~SCiéT;OOOOO] | Jawbone Investment (gratatcost) |[ 17,250,000; | | AYH Marina(valueperjee) || —SSSSS—~*d|~SSCi«000,000) ste || Adfin Solutions (investmentamount)| | CSC—~dYCti“‘*é‘i SOOO] ttorty crust | Park Partners LLC - 320 East 82nd Street (investmentamount) | | SS C*d|S «3,480,000 Paid Contract to Purchase 2 Kean Court Livingston. NJ | | S| C3, 000,000) Conbase so]. CCdrSCC~‘;™CSCC~drSC‘ST:~TCT 3,001,000] Reporty via ErgoLtd(investmentamount) | SSCS} ~S1,000,000) | \Valar Global Fund Il (investment amount- 15mm committment) | —'13,650,000/ | VValar Global Fund Iil(investment amount - 25mm committment) __—'|_-10,750,000[ | a | Totals —SSS~S~S~=sSSC«11,250,000] 3,000,000) 28,775,000) 3,001,000 6,480,000 | KS Total Investments —————sdi|_82,506,000; | | aT ee ES | | / a | ‘|| Hyperion | JEGE | JEGE [|] ___AssetDescription _||__AirlLiC | LLC | inc | Various | Totals | TT | EE , Aviation, Automobiles& Boats || | CT CC—“‘“iRSC( TCT 2001 Bell 430 N331JE | 2,500,000; | Ct—“‘“‘COUCLUUCOC#drCFCC£2,5 00,000) 1988 Gulfstream G-IVN212JE [| 6,500,000; ss | CCCCCCSC*d«SCs« 500,000 1968 Boeing 727 _N908JE a 250,000] PlanDLLC | 250,000 2008 G550 Po 15,750,000] 15,750,000 Automobiles —<“—~sriYSC“(<;S;TCCC™C—C~sYCSC“ TTC 175,000] 1,175,000 Boats —“—tCSdYC CM 700,000 700,000) otal Aviation, Automobile & Boats || 2,500,000| 6,500,000| 250,000|17,625,000| 26,875,000 ania cae | TS A, Sas ii Tcl EFTA00621744

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a | “Asset Description || JEE | SFL | STC Ld rs es PFTRE _|__ Totals ES | ES CO LoansReceivable | TP NinaKeita |S 00,0007 100,000 Mark Lloyd —SSSSSSC~*diY ~SSSC«*0,000[ 100,000 Karyna S| ~S— 80,000) 380,000 lLamy/Eilleen Visoski | 225,000 -—— Johnny O'Sullivan eT ) a nn i 2.21: David Mitchell || 7,500,000] 7,500,000 PO 302,000] 302,000 HarlequinDane ttc | SS] ~S4750,000[ | 4,750,000) CoatueEnterprisesttC || |= .500,000/ | 1,500,000) Pid 200,000) 200,000) 50,000 50,000) Home CS 133,000] 133,000) Pp 825,000] 525,000) ES | ES NS Total Loans Receivable || __2,697,446| 6,450,000| _ 50,000| 1,935,000) 11,132,446 ee rs a | | a | LC re | ee re | rs __Asset Description _| Pp rs | hazetust |__| Braque 7,125, | | -30,500,00 Celio CC‘iiYS(C CC*#A75,000} ; 175,000 P |_| 500,000 5,400,000; i atches, Earring & Other | s—sY ee Fine Ar Schedule 3,050,000| 3,050,000 | [| Total Fine Arts, Antiques & Jewelry | 775,000 |35,775,000 ee | a EFTA00621745