| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 9,000 | 9,000 | 0 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| AES CORP - RESTD | 129,611 | 89,219 |
| AMERICAN TOWER CORPORATION - CL A | 60,467 | 105,862 |
| BERKSHIRE HATHAWAY INC CLASS A | 0 | 0 |
| CARMAX INC | 31,615 | 63,760 |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC -A | 46,616 | 45,630 |
| CROWN HLDGS INC | 31,088 | 66,760 |
| EASTMAIN RESOURCES INC | 3,731 | 6,994 |
| LAMAR ADVERTISING CO CL A | 32,625 | 43,824 |
| MARKEL CORP | 50,665 | 56,720 |
| MICROS SYSTEM INC | 26,263 | 57,676 |
| PENN NATIONAL GAMING INC | 0 | 0 |
| UNIVERSAL DISPLAY CORP | 27,193 | 58,235 |
| MILLICOM INTL CELLULAR SA | 49,558 | 66,920 |
| DISCOVERY COMMUNICATION INC | 0 | 0 |
| ALEXANDRIA MINERALS CORP | 4,455 | 6,642 |
| ATNA RESOURCES LTD | 7,406 | 5,944 |
| AURIZON MINES LTD | 0 | 0 |
| CLAUDE RESOURCES INC | 3,800 | 10,950 |
| FIRST MAJESTIC SILVER CORP | 0 | 0 |
| FRONTEER DEVELOPMENT GROUP INC | 0 | 0 |
| GOLDEN BAND RESOURCES | 2,527 | 6,076 |
| GOLDRICH MINING CO | 3,746 | 3,410 |
| GREAT PANTHER RES LTD | 3,203 | 11,231 |
| HAWTHORNE GOLD CORP | 0 | 0 |
| MAGELLAN MINERALS LTD | 3,119 | 5,470 |
| NEW GOLD INC | 0 | 0 |
| NORTHGATE EXPLORATION LTD | 5,621 | 6,160 |
| RICHMONT MINES INC | 3,688 | 5,877 |
| SANDSTORM RESOURCES LTD | 6,396 | 7,439 |
| ANDINA MINERALS INC. | 1,825 | 2,642 |
| ARCTIC GLACIER INCOME FUND | 15,127 | 7,457 |
| ARES CAPITAL CORP | 27,314 | 32,960 |
| EXPLORATION OREX INC | 3,799 | 2,657 |
| FRONTEER COMMUNICATIONS CORP | 28,914 | 38,920 |
| FRONTEER GOLD INC | 3,279 | 4,915 |
| GOLAR LING LTD BERMUDA | 28,267 | 37,525 |
| GOLDGROUP MINING INC | 6,348 | 13,632 |
| GOLD-ORE RESOURCES LTD | 2,091 | 5,686 |
| GOLDEN PREDATOR REALTY AND DEVELOPMENT | 4,817 | 5,120 |
| GRYPHON GOLD CORP | 2,340 | 2,860 |
| HARVEST GOLD CORP | 2,391 | 2,214 |
| KLONDEX MINES LTD | 5,435 | 8,806 |
| LINCOLN MINING CORP/CANADA | 2,118 | 2,777 |
| MIDWAY GOLD CORP | 2,185 | 3,863 |
| MOUNTAIN LAKE RESOURCES | 4,386 | 6,090 |
| NWM MINING CORP | 4,676 | 5,108 |
| RENAISSANCE GOLD INC | 319 | 589 |
| ROYAL STANDARD MINERALS INC | 5,270 | 3,250 |
| SANDSTORM METALS + ENERGY LTD | 20 | 124 |
| US SILVER CORP | 4,041 | 12,620 |
| VICTORIA GOLD CORP | 4,810 | 6,786 |
| YUKON-NEVADA GOLD CORP | 3,143 | 9,304 |
| DIRECTTV-A | 30,164 | 32,940 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ACACIA INSTITUTIONAL PARTNERS, LP | AT COST | 4,170,879 | 5,947,576 |
| WASHINGTON CAP PRTNRS TECH FD | AT COST | 8,166 | 8,166 |
| PIONEER SOUTHWEST ENERGY PARTNERS LP | AT COST | 32,111 | 32,111 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEE | 2,245 | 2,245 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| FROM K-1 ACACIA INSTITUTIONAL PARTNERS, LP | 208,540 | 208,540 | 208,540 |
| FROM K-1 WASHINGTON CAPITAL PARTNERS TECHNOLOGY FUND I, LP | -295 | -295 | -295 |
| SECURITY CLASS ACTION | 1,121 | 1,121 | 1,121 |
| FROM K-1 PIONEER SOUTHWEST ENERGY PARTNERS LP | 985 | 985 | 985 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| DUE TO TRUSTEES | 25,000 | 25,000 |
| PROFESSIONAL FEES PAYABLE | 9,000 | 9,000 |
| DEFERRED FEDERAL EXCISE TAXES | 9,041 | 20,299 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT FEES | 9,586 | 9,586 | 0 | |
| BANK CHARGES | 341 | 341 | 0 | |
| FED EX/POSTAGE | 8 | 8 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAXES | 11,258 | 11,258 | 0 | |
| FOREIGN TAX PAID | 1,086 | 1,086 | 0 |