| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ADOBE SYS INC COM | 29,685 | 29,685 |
| ALBEMARLE CORP COM | 2,801 | 2,801 |
| ALEXANDER & BALDWIN INC | 2,684 | 2,684 |
| ALEXANDER & BALDWIN INC NEW | 19,456 | 19,456 |
| ALLEGHANY CORPDEL COM | 4,301 | 4,301 |
| ALLERGAN PLC COM SHS | 30,625 | 30,625 |
| ALPHABET INC CAP STK CL C | 43,254 | 43,254 |
| ALTRIA GROUPINC | 21,538 | 21,538 |
| AMER EAGLE OUTFITTERS | 11,687 | 11,687 |
| AMERICAN TOWER REIT | 47,409 | 47,409 |
| AMPHENOL CORPCL A NEW | 4,283 | 4,283 |
| ANTERO RES CORP COM | 12,906 | 12,906 |
| ATWOOD OCEANICS INC | 11,959 | 11,959 |
| BAIDU COM INC SPONS ADR REPSTG ORD SHS | 16,636 | 16,636 |
| BALL CORP COM | 2,764 | 2,764 |
| BJS RESTAURANTS INC COM | 59,076 | 59,076 |
| BLACKROCK INC | 43,927 | 43,927 |
| BLOCK H&R INC | 11,592 | 11,592 |
| BRAVO BRIO RESTAURANT GROUP INC | 12,087 | 12,087 |
| BRISTOL-MYERS SQUIBB CO | 8,668 | 8,668 |
| BROWN FORMAN CORP CL B | 20,253 | 20,253 |
| CA INC | 9,967 | 9,967 |
| CABELAS INC | 35,328 | 35,328 |
| CALPINE | 21,879 | 21,879 |
| CARMAX INC | 3,832 | 3,832 |
| CARNIVAL CORPPAIRED SHS | 9,480 | 9,480 |
| CHEVRON CORP | 5,937 | 5,937 |
| CHICAGO BRIDGE & IRON CO N V | 12,478 | 12,478 |
| CHIPOTLE MEXICAN GRILL INC COM | 11,037 | 11,037 |
| CINN FINCL CRPOHIO | 8,461 | 8,461 |
| CINTAS CORPOHIO | 5,281 | 5,281 |
| CISCOSYSTEMS INC COM | 7,685 | 7,685 |
| CME GROUP INC COM | 25,730 | 25,730 |
| COCA COLA COM | 5,241 | 5,241 |
| COMMUNICATIONS SALES AND LEASING INCSHS | 5,009 | 5,009 |
| CONOCOPHILLIPS | 7,050 | 7,050 |
| CONSOL ENERGY INC COM | 9,046 | 9,046 |
| COOPER COS INC COM NEW | 19,459 | 19,459 |
| COPARTINC COM | 2,699 | 2,699 |
| CORRECTIONS CORP OF AMER | 37,563 | 37,563 |
| CUSTOMERS BANCORP INC COM | 18,047 | 18,047 |
| CVS HEALTH CORP COM | 69,905 | 69,905 |
| DANA HLDG CORP | 17,650 | 17,650 |
| DECKERS OUTDOORS CORP | 20,721 | 20,721 |
| DELPHI AUTOMOTIVE PLC SHS | 25,548 | 25,548 |
| DINEEQUITY INC COM | 30,989 | 30,989 |
| DOLLARTREEINC | 5,946 | 5,946 |
| DOMINION RESINC NEWVA | 4,735 | 4,735 |
| DOVERCORP | 2,759 | 2,759 |
| DST SYSTEMS INC DEL | 34,560 | 34,560 |
| DUKE ENERGY CORP NEW | 6,282 | 6,282 |
| EATON VANCE CORP NVT | 17,091 | 17,091 |
| EBAY INC COM | 26,353 | 26,353 |
| EDGEWELL PERSCARECO | 2,665 | 2,665 |
| ELI LILLY & CO | 8,763 | 8,763 |
| ENBRIDGE ENERGY PARTNERS LP | 28,261 | 28,261 |
| ENERGIZER HOLDINGS INC SHS WHEN ISSUED | 28,474 | 28,474 |
| FACEBOOK INC CL A | 28,257 | 28,257 |
| FEDEX CORP COM | 24,582 | 24,582 |
| FIRST INDL REALTY TR INC | 6,506 | 6,506 |
| FIRST INDL REALTY TR INC REIT | 32,243 | 32,243 |
| GATX CORPORATION | 24,807 | 24,807 |
| GENERAL ELECTRIC | 13,114 | 13,114 |
| GENL DYNAMICS CORP COM | 12,500 | 12,500 |
| HASBRO INC COM | 15,021 | 15,021 |
| INTEL CORP | 9,612 | 9,612 |
| INTUIT INC. | 30,108 | 30,108 |
| ITC HOLDINGS INC. | 42,076 | 42,076 |
| JOHNSON & JOHNSON COM | 24,858 | 24,858 |
| JP MORGAN CHASE & CO COM | 29,317 | 29,317 |
| KAMAN CORP COM | 13,875 | 13,875 |
| KINDERMORGAN INC. DEL | 9,429 | 9,429 |
| LANDSTAR SYS INC COM | 25,337 | 25,337 |
| LIBERTY INTERACTIVE CORP QVC GROUP COM | 33,358 | 33,358 |
| LOWE'S COMPANIES INC | 10,798 | 10,798 |
| M&T BANK CORPORATION | 3,999 | 3,999 |
| MATSON INC | 29,329 | 29,329 |
| MBIA INC COM | 15,157 | 15,157 |
| MICROSOFT CORP | 7,323 | 7,323 |
| MRC GLOBAL INC | 10,268 | 10,268 |
| NETAPPINC | 2,680 | 2,680 |
| NEWMARKET CORP | 68,150 | 68,150 |
| NEXTERA ENERGY INC COM | 25,141 | 25,141 |
| NIELSEN HOLDINGS PLC SHS | 26,888 | 26,888 |
| NOODLES & CO COM CL A | 5,746 | 5,746 |
| NORFOLK SOUTHERN CORP | 9,812 | 9,812 |
| NRG YIELD INC CL C | 5,520 | 5,520 |
| NRG YIELD INC COM CL A | 5,202 | 5,202 |
| NXP SEMICONDUCTORS NV COM | 14,828 | 14,828 |
| OLD DOMINION FGHT LINES | 2,540 | 2,540 |
| OLIN CORP $1 NEW | 26,995 | 26,995 |
| ORBITAL ATK INC SHS | 63,878 | 63,878 |
| PAYCHEX INC | 11,001 | 11,001 |
| PAYPAL HLDGS INC COM | 26,571 | 26,571 |
| PFIZERINC | 10,523 | 10,523 |
| PPG INDUSTRIES INC | 20,555 | 20,555 |
| PRICELINE GRP INC COM NEW | 17,849 | 17,849 |
| PRICESMART INC | 36,931 | 36,931 |
| PULTEGROUP | 3,350 | 3,350 |
| REYNOLDS AMERICAN INC | 9,276 | 9,276 |
| SALEM COMMUNICATIONS CORP DEL CL A | 18,954 | 18,954 |
| SCHWAB CHARLES CORP NEW COM | 16,597 | 16,597 |
| SERVICE CORP INTL | 41,892 | 41,892 |
| SPDR S&P 500ETF | 81,548 | 81,548 |
| SPDR S&P MIDCAP 400ETF | 50,808 | 50,808 |
| SS&C TECHNOLOGIES HLDGS INC COM | 25,465 | 25,465 |
| STURM RUGER&CO INC | 25,811 | 25,811 |
| SUPERIOR ENERGY SVCS INC | 21,660 | 21,660 |
| SYMANTECCORP COM | 2,919 | 2,919 |
| SYNCHRONY FINL COM | 29,528 | 29,528 |
| TEEKAY CORP. | 6,702 | 6,702 |
| TEJON RANCH CO PV 0.50 | 9,039 | 9,039 |
| TEMPLETON GLOBAL BOND FUND | 65,071 | 65,071 |
| TEMPUR SEALY INTL INC | 53,056 | 53,056 |
| TENET HEALTHCARE CORP COM NEW | 31,422 | 31,422 |
| THE MOSAIC COMPANY | 7,339 | 7,339 |
| THE SOUTHERN COMPANY | 3,092 | 3,092 |
| TREDEGAR CORP VIRGINIA | 6,905 | 6,905 |
| UNION PAC CORP COM | 28,621 | 28,621 |
| USG CORP COM NEW | 31,796 | 31,796 |
| VALEANT PHARMACEUTICALS INTL | 11,588 | 11,588 |
| VERISK ANALYTICS INC. | 28,830 | 28,830 |
| VERIZON COMMUNICATNS COM | 5,454 | 5,454 |
| VISA INC COM | 27,840 | 27,840 |
| VISTA OUTDOOR INC SHS | 35,920 | 35,920 |
| VOYA FINL INC SHS | 2,805 | 2,805 |
| VULCAN MATERIALS CO | 3,324 | 3,324 |
| WADDELL & REED FINL A | 22,842 | 22,842 |
| WELLS FARGO & CO NEW COM | 26,636 | 26,636 |
| WELLS FARGO & CO NEW DEL | 12,231 | 12,231 |
| WHIRLPOOL CORP | 2,937 | 2,937 |
| WHITE MTNS INS GRP LTD | 27,619 | 27,619 |
| WORLD FUEL SERVICES CRP | 12,153 | 12,153 |
| ZOETIS INC CL A | 24,679 | 24,679 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| 400 CAPITAL LP | FMV | 505,921 | 505,921 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| DISTRIBUTION RECEIVABLE | 0 | 100,000 | 100,000 |
| Description | Amount |
|---|---|
| UNREALIZED LOSS ON SECURITIES | 410,316 |
| UNREALIZED LOSS ON 400 CAPITAL CREDIT OPPORTUNITIES FUND LP | 42,130 |
| UNREALIZED LOSS ON OTHER PASSTHROUGH ENTITIES | 8,810 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OFFICE EXPENSE | 50 | 25 | 25 | |
| OTHER DEDUCTIONS FROM PASS THROUGH ENTITIES | 14,483 | 14,475 | 0 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INCOME FROM PASS THROUGH ENTITIES | 9,575 | 9,575 | 9,575 |
| NONDIVIDEND DISTRIBUTIONS | 1,982 | 0 | 1,982 |
| 400 CAPITAL CREDIT OPPORTUNITIES FUND LP | 18,919 | 9,115 | 18,919 |
| Description | Amount |
|---|---|
| MLP DISTRIBUTIONS | 4,622 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANAGEMENT FEES | 35,864 | 35,864 | 0 | |
| 400 CAPITAL CREDIT OPPORTUNITIES FUND LP | 29 | 29 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 4,000 | 0 | 0 | |
| FOREIGN TAXES | 184 | 184 | 0 |