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Institutional Investment Manager
KARPAS STRATEGIES, LLC
KARPAS STRATEGIES, LLC (CIK: 0001127544) incorporated in New York, located at 33 West Street, Rear, Litchfield, CT. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q2)
Portfolio Summary: 118 holdings with a total value of $200,476,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 BERKSHIRE HATHAWAY INC DEL 4 868,000 0.43%
52 HSBC HLDGS PLC 27,200 852,000 0.42%
53 MARRIOTT INTL INC NEW 12,500 831,000 0.41%
54 TRAVELERS COMPANIES INC 6,650 792,000 0.40%
55 WASTE MGMT INC DEL 11,700 775,000 0.39%
56 LIBERTY MEDIA HOLDING CP INTER A 30,432 772,000 0.39%
57 COLGATE PALMOLIVE CO 10,000 732,000 0.37%
58 MARTIN MARIETTA MATLS INC 3,740 718,000 0.36%
59 WHITE MOUNTAINS INSURANCE GRP LTD 802 675,000 0.34%
60 MARKEL CORP 698 665,000 0.33%
61 BP PLC 17,940 637,000 0.32%
62 PHILLIPS 66 7,896 626,000 0.31%
63 LIBERTY GLOBAL PLC 20,772 604,000 0.30%
64 ZIMMER BIOMET HLDGS INC 4,960 597,000 0.30%
65 ROYAL DUTCH SHELL PLC 10,452 577,000 0.29%
66 PROCTER AND GAMBLE CO 6,757 572,000 0.29%
67 WEYERHAEUSER CO 18,798 560,000 0.28%
68 NACCO INDS INC 9,840 551,000 0.27%
69 MCDONALDS CORP 4,550 548,000 0.27%
70 NEXTERA ENERGY INC 4,182 545,000 0.27%
71 DUKE ENERGY CORP NEW 6,068 521,000 0.26%
72 SOUND SHORE FD INC 12,315 517,000 0.26%
73 LIBERTY M SIRIUSXM C 16,690 515,000 0.26%
74 Spectra Energy Corp Com 13,800 505,000 0.25%
75 CME GROUP INC 5,000 487,000 0.24%
76 Putnam Global Healthcare Fund 8,248 478,000 0.24%
77 National Australia Bk Ltd ADR 46,000 438,000 0.22%
78 VERIZON COMMUNICATIONS INC 7,222 403,000 0.20%
79 PEPSICO INC 3,750 397,000 0.20%
80 TORONTO DOMINION BK ONT 8,726 375,000 0.19%
81 INTERNATIONAL BUSINESS MACHS 2,465 374,000 0.19%
82 ALLIANCEBERNSTEIN HLDG L P 15,475 361,000 0.18%
83 DISCOVERY COMMUNICATNS NEW 14,643 349,000 0.17%
84 ETHAN ALLEN INTERIORS INC COM 10,468 346,000 0.17%
85 MONDELEZ INTL INC 7,400 337,000 0.17%
86 LIBERTY BROADBAND-C 5,474 328,000 0.16%
87 SUNCOR ENERGY INC NEW 11,800 327,000 0.16%
88 PACWEST BANCORP DEL COM 8,201 326,000 0.16%
89 UDR INC 8,495 314,000 0.16%
90 TIME WARNER INC 4,254 313,000 0.16%
91 SHAW COMMUNICATIONS INC 16,000 307,000 0.15%
92 CARDINAL HEALTH INC 3,753 293,000 0.15%
93 WPX ENERGY INC 29,891 278,000 0.14%
94 Liberty Ventures 7,308 271,000 0.14%
95 Schwab S&P 500 Index FD 8,253 270,000 0.13%
96 ST JOE CO 14,850 263,000 0.13%
97 LIBERTY M SIRIUSXM A 8,345 262,000 0.13%
98 Lockheed Martin 989 245,000 0.12%
99 ABBOTT LABS 6,100 240,000 0.12%
100 STARZ SERIES A 7,987 239,000 0.12%
Page 2 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001127544-16-000015, filed 2016.07.22).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.