| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING AND TAX | 155,940 | 39,588 | 39,588 | 110,246 |
| AUDIT | 42,000 | 0 | 0 | 42,000 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| HS MANAGEMENT | 8,260,277 | 8,260,277 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| VESSEY STREET FUND III,L.P. | FMV | 40,653 | 40,653 |
| NEW ENTERPRISE ASSOCIATES 12 LP | FMV | 130,442 | 130,442 |
| THE COLCHESTER GLOBAL BOND FUND | FMV | 4,037,042 | 4,037,042 |
| WARBURG PINCUS 3285 | FMV | 24,577 | 24,577 |
| COMMONFUND PRIVATE EQUITY PARTNERS,LP | FMV | 13,183 | 13,183 |
| FARALLON INVESTMENTS | FMV | 21,815 | 21,815 |
| SILCHESTER TOBACCO FREE INT'L TRUST | FMV | 7,951,558 | 7,951,558 |
| WARBURG PINCUS 3640 | FMV | 12,016 | 12,016 |
| ABERDEEN | FMV | 1,014,651 | 1,014,651 |
| WESTWOOD CAPITAL | FMV | 3,726,836 | 3,726,836 |
| RCP FUND | FMV | 605,160 | 605,160 |
| ABRAMS | FMV | 852,690 | 852,690 |
| CANYON VALUE | FMV | 3,847,574 | 3,847,574 |
| NEW ENTERPRISE ASSOCIATES 14LP | FMV | 3,533,924 | 3,533,924 |
| WP XI PARTNERS | FMV | 1,080,040 | 1,080,040 |
| DEERFIELD | FMV | 832,322 | 832,322 |
| HIGHBROOK | FMV | 3,030,588 | 3,030,588 |
| TIGER GLOBAL VIII | FMV | 849,878 | 849,878 |
| TIGER GLOBAL IX | FMV | 2,171,836 | 2,171,836 |
| WP ENERGY | FMV | 763,351 | 763,351 |
| CEVIAN CAPITAL | FMV | 5,119,685 | 5,119,685 |
| FOUR RIVERS | FMV | 498,039 | 498,039 |
| NEA 15 | FMV | 1,700,956 | 1,700,956 |
| WP XII PARTNERS | FMV | 2,264,643 | 2,264,643 |
| BERKSHIRE | FMV | 1,434,794 | 1,434,794 |
| FOUR RIVERS IV | FMV | 1,922,167 | 1,922,167 |
| MARBLE RIDGE | FMV | 205,681 | 205,681 |
| NEA 16 | FMV | 950,589 | 950,589 |
| NIPPON | FMV | ||
| BAIN CAPITAL | FMV | 2,123,700 | 2,123,700 |
| VENROCK | FMV | 1,389,421 | 1,389,421 |
| BLS | FMV | 3,196,175 | 3,196,175 |
| GOBI | FMV | 5,352,890 | 5,352,890 |
| FOUR RIVERS VENTURE | FMV | 290,069 | 290,069 |
| HELLEMAN & FRIEDMAN | FMV | 1,843,405 | 1,843,405 |
| NEA 17 | FMV | 670,841 | 670,841 |
| NITORIUM | FMV | 3,388,255 | 3,388,255 |
| WP GLOBAL GROWTH | FMV | 1,665,391 | 1,665,391 |
| CORRE OPPORTUNITIES | FMV | 3,724,031 | 3,724,031 |
| CDR FUND IX | FMV | 2,928,567 | 2,928,567 |
| CDR FUND X | FMV | 2,696,197 | 2,696,197 |
| CDR FUND XI | FMV | 335,524 | 335,524 |
| CONSONANCE | FMV | 4,567 | 4,567 |
| FOSSE CAPITAL | FMV | 2,317,988 | 2,317,988 |
| AFR | FMV | 2,492,767 | 2,492,767 |
| BAIN CAPITAL 2021 | FMV | 458,377 | 458,377 |
| FPR PARTNERS | FMV | 2,248,782 | 2,248,782 |
| GENERAL ATLANTIC | FMV | 340,543 | 340,543 |
| HELLMAN & FRIEDMAN X | FMV | 170,311 | 170,311 |
| INSIGHT | FMV | 350,809 | 350,809 |
| ONE EQUITY PARTNERS | FMV | 174,799 | 174,799 |
| BBH FUNDS | FMV | ||
| BROWN CAPITAL MGMT | FMV | 1,030,027 | 1,030,027 |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| Furniture and Fixtures | 124,926 | 116,571 | 8,355 | 8,355 |
| Improvements | 10,829 | 6,927 | 3,902 | 3,902 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| Legal | 15,830 | 0 | 0 | 8,908 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| SECURITY DEPOSITS | 61,877 | 61,877 | 61,877 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| DUES & SUBSCRIPTIONS | 104,380 | 105,380 | ||
| EQUIPMENT RENTAL AND MAINT. | 22,003 | 23,457 | ||
| FILING FEES | 1,525 | 1,525 | ||
| INSURANCE | 20,457 | 23,285 | ||
| INVESTMENT EXPENSE | 67,132 | 91,928 | 91,928 | |
| MEDICAL RESEARCH | 369,317 | 322,681 | ||
| Miscellaneous | 4,387 | 4,388 | ||
| OFFICE SUPPLIES & OTHER EXP | 1,286 | 1,307 | ||
| PAYROLL PROCESSING FEES | 13,457 | 3,499 | 3,499 | 9,958 |
| POSTAGE & DELIVERY | 11,350 | 10,524 | ||
| PROGRAM EXPENSE | 152,500 | 132,180 | ||
| STORAGE | 3,504 | 3,504 | ||
| TELEPHONE | 11,896 | 117 | 117 | 11,587 |
| Website | 78,291 | 77,158 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| Other Investment Income | -91,516 | -314,797 | -314,797 |
| UBIT FROM K-1 INVESTMENTS | 178,639 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| DEFERRED EXCISE TAX | 300,000 | 410,000 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CONSULTANTS - INVESTMENTS | 160,207 | 160,207 | 160,207 | 0 |
| CONSULTANTS - OTHER | 71,380 | 0 | 0 | 73,658 |
| CONSULTANTS - RETIREMENT | 1,250 | 0 | 0 | 1,250 |
| INVESTMENT ADVISORY FEES | 769,007 | 704,116 | 704,116 | 0 |
| PUBLIC RELATIONS | 120,143 | 0 | 0 | 120,143 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| EXCISE TAXES | 215,000 | |||
| FOREIGN TAXES | 64,071 | 64,071 | 64,071 | |
| PAYROLL TAXES | 55,192 | 8,279 | 8,279 | 46,913 |