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| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

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| Maryland                                                                                                                                                                      | 26-2582882                              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|
| (State of Incorporation)                                                                                                                                                      | (I.R.S. Employer Identification Number) |
|                                                                                                                                                                          |                                    |
| 5251 DTC Parkway, Suite 1100Greenwood Village, CO 80111(Address of principal executive offices)(720) 889-0139(Registrant’s telephone number, including area code)  |

| Title of Each Class Registered           |   | Name of Each Exchange on Which Registered |
|------------------------------------------|--------|-------------------------------------------|
| Common stock, par value $0.001 per share |   | Nasdaq Capital Market                     |

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|   | Large accelerated filer     ̈ |                       Accelerated filer     ̈ |   |
|--------|-------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   | Non-accelerated filer    x        |                Smaller reporting company     ̈                                   |   |

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|     |       |                                                                                                               |      |
|----------|------------|--------------------------------------------------------------------------------------------------------------------|-----------|
|     |       |                                                                                                               | Page      |
| Part I   |       |                                                                                                               |
|     | Item 1.    | Business                                                                                                           | 1         |
|     | Item 1A.   | Risk Factors                                                                                                       |   23 |
|     | Item 1B.   | Unresolved Staff Comments                                                                                          |   42 |
|     | Item 2.    | Properties                                                                                                         |   42 |
|     | Item 3.    | Legal Proceedings                                                                                                  |   42 |
|     | Item 4.    | Mine Safety Disclosures                                                                                            | 42        |
|     |       |                                                                                                               |      |
| Part II  |       |                                                                                                               |
|     | Item 5.    | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |   43 |
|     | Item 6.    | Selected Financial Data                                                                                            |   47 |
|     | Item 7.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        |   49 |
|     | Item 7A.   | Quantitative and Qualitative Disclosures About Market Risk                                                         | 81        |
|     | Item 8.    | Financial Statements and Supplementary Data                                                                        | 82        |
|     | Item 9.    | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 113       |
|     | Item 9A.   | Controls and Procedures                                                                                            | 113       |
|     | Item 9B.   | Other Information                                                                                                  | 113       |
|     |       |                                                                                                               |      |
| Part III |       |                                                                                                               |
|     | Item 10.   | Directors, Executive Officers and Corporate Governance                                                             | 114       |
|     | Item 11.   | Executive Compensation                                                                                             | 114       |
|     | Item 12.   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 114       |
|     | Item 13.   | Certain Relationships and Related Transactions, and Director Independence                                          | 114       |
|     | Item 14.   | Principal Accountant Fees and Services                                                                             | 114       |
|     |       |                                                                                                               |      |
| Part IV  |       |                                                                                                               |
|     | Item 15.   | Exhibits and Financial Statement Schedules                                                                         | 115       |
|     |       |                                                                                                               |
|     | Signatures | 118                                                                                                                |

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Business

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|   | ● | High quality growth companies.  We seek to invest primarily in micro-cap and small-cap companies that are already generating annual revenue in excess of $20 million on a trailing 12-month basis and which we believe have growth potential.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | ● | Commitment to complete IPO.  We seek to invest in public ready micro-cap and small-cap companies whose management teams are committed to, and capable of, becoming public companies, whose businesses we believe will benefit from status as public companies, and that we believe are capable of completing IPOs and obtaining exchange listings typically within two years after we complete our investments.                                                                                                                                                                                                                                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | ● | Potential for return on investment.  Because of the value differential which we believe exists between public and private companies as a result of the liquidity premium, or what we refer to as the private-to-public valuation arbitrage, as discussed above, we seek to make investments that create the potential to achieve a targeted 2x return on our investment once the company is publicly traded and within our expected investment horizon of four years. We may also pursue investments with a shorter expected investment horizon, where we believe the portfolio company may complete an IPO sooner than our targeted two-year period from our initial investment, in which case our targeted return may be correspondingly reduced. |

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|   | ● | Companies staying private longer.  The venture capital-backed companies that we typically target are staying private significantly longer than in the past.  As a result, we believe there is a growing pipeline of more mature private companies that are currently able to satisfy investor demands for growth and prospects for near-term profitability.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | ● | Need for pre-IPO financing.  As a result of the changing IPO market conditions over the last several years, we believe micro- and small-cap companies generally must demonstrate an ability to raise private capital prior to an IPO to be successful in the IPO process.  We believe such pre-IPO financing evidences existing investors’ continuing commitment to the company, validates increased valuations to the extent new investors price the pre-IPO financing, and strengthens the company’s balance sheet as it prepares for the IPO process.                                                                                                                                                                                                                                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | ● | Favorable IPO market conditions.  While capital markets volatility and the overall market environment may preclude our portfolio companies from completing an IPO and impede our exit from these investments, the U.S. IPO market in 2013 was the best year since 2000, when 406 IPOs were completed.  In 2013, a total of 222 companies completed IPOs in U.S., compared to a total of 128 IPOs completed in 2012.  The 222 IPOs completed in 2013 exceeded the 216 IPOs completed in 2004, the highest level of completed IPOs in the last 10 years.  We believe there are three primary technical drivers that determine the overall number of completed IPOs:  (i) volatility, (ii) recent IPO performance, and (iii) equity market trends.  As of the end of 2013, we believe that each of the technical indicators were at favorable levels. |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | ● | Non-controlling investment structure.  We believe we can be a provider of choice for pre-IPO financing.  Since we do not require board seats, observation rights, or other control provisions, we allow the current management and board to remain focused on executing the company’s business strategy.  In addition to participating in financings led by other investors, we are able to act as a lead investor, in which case we would establish the price and other terms on our own behalf and on behalf of other investors.  We believe that our willingness to lead an investment round may be attractive to certain existing venture capital investors, who may wish to avoid conflicts of interest presented by their board seats or other control rights.                                                                                             |

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|   | ● | Venture capital firms.  We believe that a majority of our investment opportunities will come from venture capital firms with existing portfolio companies seeking later stage, pre-IPO financing.  In addition to participating in financings led by other investors, we are able to act as a lead investor, in which case we would establish the price and other terms on our own behalf and on behalf of other investors. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | ● | Investment banks.  We also expect to source our investment opportunities from investment banks that are focused on emerging growth companies that meet our investment criteria.  We have developed, and expect to continue building, relationships with the large, “bulge bracket,” investment banking firms and middle market firms that are recognized as leaders in these sectors.                           |

|   | ● | Qualification.  We obtain information from the company’s management and conduct a preliminary evaluation of the opportunity with a primary focus on understanding the business, historical and projected financial information, industry, competition and valuation to ascertain whether we believe the prospective portfolio company will be able to satisfy our targeted return on investment if and when the company becomes public.  The results of this preliminary evaluation are presented to our investment adviser’s Investment Committee, and typically a decision is made whether to pursue the opportunity further based on the relative attractiveness of the opportunity, the expected investment horizon and our assessment of the potential return on our investment, and our core investment criteria, compared to other opportunities currently in our deal pipeline.  The Investment Committee typically selects those portfolio company investment opportunities that meet our investment criteria and present the greatest potential for achieving our target return on investment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | ● | Analysis.  Once the Investment Committee selects a portfolio company investment opportunity for further analysis, we will conduct research on the company’s prospects and industry, participate in additional discussions with the company’s management and existing investors, and prepare an internal investment memorandum which discusses our evaluation findings and recommendations, together with an internal valuation analysis outlining our acceptable valuation ranges for an investment.  As part of our analysis, we typically have discussions with the company’s management and advisers, and we usually request access to the company’s major stockholders.  These discussions generally are centered on a review of the company’s financial history and projections to understand key supporting assumptions, verification of the company’s commitment to go public and the timing thereof, and the primary considerations, metrics and milestone achievements being used by the company to justify its valuation.  At this stage, we prepare an in-depth valuation analysis focused primarily on comparable private transactions, market multiples of public companies that we believe are most comparable, and a discounted cash flow analysis.  Based on our comprehensive valuation assessment, the Investment Committee typically makes a decision whether to proceed with an investment and, if we are the lead investor, the terms and conditions that we will propose for further negotiation.  Each new portfolio company investment that we make requires the unanimous approval of our investment adviser’s three-person Investment Committee. |

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|   | ● | Terms.  We believe that investing in an issuer’s most senior equity securities or negotiating investment terms that are expected to provide an enhanced return upon an IPO event is one important way to mitigate the otherwise high risks associated with pre-IPO investing.  Examples of such structural protections include conversion rights which would result in our receiving shares of common stock at a discount to the IPO price upon conversion at the time of the IPO, or warrants that would result in our receiving additional shares for a nominal exercise price at the time of an IPO.  In some circumstances, these structural protections will apply only if the IPO price is below stated levels.  In some cases, our decision to pursue an investment opportunity will be dependent on obtaining some structural protections that are expected to enhance our ability to meet our targeted return on the investment. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | ● | Due Diligence and Closing.  Prior to closing an investment, we conduct further due diligence with a focus on verifying or validating the primary considerations used by our investment adviser’s Investment Committee in approving the investment, contacting where possible key suppliers, customers or industry sources, and verifying the company’s capitalization table and equity structure. The consummation of each investment will be subject to the satisfactory completion of our due diligence investigation, our confirmation and acceptance of the investment pricing and structure, and our review and acceptance of definitive agreements.                                                                                                                                                                                                                                                                                                    |

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|   | ● | The target price determined by our investment adviser based on its business judgment and what it believes to be the portfolio company’s intrinsic value.                                                                                                                                                    |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                              |
|   | ● | The application of public company multiples and our proprietary analysis to a variety of operating metrics for each portfolio company.  The primary operating metrics that we typically consider are revenue and earnings before interest, taxes, depreciation and amortization (“EBITDA”). |
|   |    |                                                                                                                                                                                                                                                                                                              |
|   | ● | Other factors that may be adversely or favorably affecting a particular portfolio company’s stock price, including overall market conditions, industry cyclicality, or issues specific to the portfolio company.                                                                                            |

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|   | ● | Determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                            |
|   | ● | Determines which securities we will purchase, retain or sell;                                                                                   |
|   |    |                                                                                                                                            |
|   | ● | Identifies, evaluates and negotiates the structure of the investments we make; and                                                              |
|   |    |                                                                                                                                            |
|   | ● | Closes, monitors and services the investments we make.                                                                                          |

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|   | ● | The nature, quality and extent of the advisory and other services to be provided to us by Keating Investments;                                                                                                                              |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                        |
|   | ● | Our investment performance and that of our investment adviser;                                                                                                                                                                              |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | Comparative data with respect to advisory fees or similar expenses paid by other business development companies with similar investment objective;                                                                                          |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | Our projected operating expenses and expense ratio compared to business development companies with similar investment objectives and size;                                                                                                  |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | Any existing and potential sources of indirect income to Keating Investments from their relationship with us and the profitability of those relationships, including through the Investment Advisory and Administrative Services Agreement; |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | Information about the services to be performed and the personnel performing such services under the Investment Advisory and Administrative Services Agreement;                                                                              |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | The organizational capability and financial condition of Keating Investments and its affiliates;                                                                                                                                            |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | The possibility of obtaining similar services from other third party service providers or through an internally managed structure; and                                                                                                      |
|   |    |                                                                                                                                                                                                                                        |
|   | ● | Any real or potential conflicts of interest.                                                                                                                                                                                                |

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|   | ● | Have in effect at all times during each taxable year an election to be regulated as a business development company under the 1940 Act;                                                                                                                                                                                                                                                                                                               |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |
|   | ● | Derive in each taxable year at least 90% of our gross income from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, or other income derived with respect to our business of investing in such stock or securities and (ii) net income derived from an interest in a “qualified publicly traded limited partnership” (the “90% Income Test”); and |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |
|   | ● | Diversify our holdings so that at the end of each quarter of the taxable year:                                                                                                                                                                                                                                                                                                                                                                       |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ● | at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of such issuer; and |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ● | no more than 25% of the value of our assets is invested in (i) securities (other than U.S. government securities or securities of other RICs) of one issuer, (ii) securities of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses, or (iii) securities of one or more “qualified publicly traded partnerships” (the “Diversification Tests”). |

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|   | 1. | No federal income taxation at the Company level. |
|--------|----|--------------------------------------------------|

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|   | 2. | Taxable stockholders receive a $1.00 per share dividend and pay federal income tax at a rate not in excess of 20% or $0.20 per share, retaining $0.80 per share.* |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Non-taxable stockholders that file a federal tax return receive a $1.00 per share dividend and pay no federal income tax, retaining $1.00 per share. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | The Company pays a corporate-level federal income tax of 35% on the undistributed gain or $0.35 per share and retains 65% of the gain or $0.65 per share. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.  | Taxable stockholders increase their cost basis in their stock by $0.65 per share.  They are liable for federal income tax at a rate not in excess of 20% on 100% of the undistributed gain of $1.00 per share or $0.20 per share in tax.  Offsetting this tax, stockholders receive a tax credit equal to the $0.35 per share tax paid by us, which offsets the $0.20 per share tax liability, resulting in an excess tax credit of $0.15 per share for each such stockholder. |
|--------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Non-taxable stockholders that file a federal income tax return receive a tax refund equal to $0.35 per share. |
|--------|----|---------------------------------------------------------------------------------------------------------------|

|   | 1. | The Company pays a corporate-level federal income tax of 35% on the retained gain or $0.35 per share. |
|--------|----|-------------------------------------------------------------------------------------------------------|

|   | 2. | There is no tax consequence at the stockholder level. |
|--------|----|-------------------------------------------------------|

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|   | (1)    | Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC.  An eligible portfolio company is defined in the 1940 Act as any issuer which: |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | is organized under the laws of, and has its principal place of business in, the United States; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | is not an investment company (other than a small business investment company wholly owned by the business development company) or a company that would be an investment company but for certain exclusions under the 1940 Act; and |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Satisfies any of the following: |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (i) | does not have any class of securities that is traded on a national securities exchange; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (ii) | has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (iii) | is controlled by a business development company or group of companies including a business development company and the business development company has an affiliated person who is a director of the eligible portfolio company; or |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (iv) | is a small and solvent company having gross assets of not more than $4.0 million and capital and surplus of not less than $2.0 million. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
|   | (2)    | Securities of any eligible portfolio company that we control.                                                                                                                                                                                                                                                                                                                                                                                                                                             |

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|   | (3)    | Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|   | (4)    | Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.                                                                                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|   | (5)    | Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |
|   | (6)    | Cash, cash equivalents, certificates of deposit, U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment.                                                                                                                                                                                                                                                                                             |

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|   | ● | Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), our Chief Executive Officer and Chief Financial Officer must certify the accuracy of the financial statements contained in our periodic reports;                                                                                                                                                                                                                                  |
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|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | ● | Pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;                                                                                                                                                                                                                                                                                                                         |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | ● | Pursuant to Rule 13a-15 of the Exchange Act, our management must prepare an annual report regarding its assessment of our internal controls over financial reporting and, once our public float exceeds $75 million, must obtain an audit of the effectiveness of internal controls over financial reporting performed by our independent registered public accounting firm;                                                                                                               |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | ● | Pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses; and                                                               |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | ● | Pursuant to Section 404 of the Sarbanes-Oxley Act and Rule 13a-15 of the Exchange Act, we are required to include in our annual report on Form 10-K a report from our management on internal controls over financial reporting, including a statement that our management is responsible for establishing and maintaining adequate internal control over financial reporting as well as our management's assessment of the effectiveness of our internal control over financial reporting. |

|   | ● | It is our policy that only authorized employees of our investment adviser, Keating Investments, LLC, who need to know your personal information will have access to it.                                                                                                                                          |
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|   |    |                                                                                                                                                                                                                                                                                                             |
|   | ● | We may disclose stockholder-related information to companies that provide services on our behalf, such as record keeping, processing your trades, and mailing you information.  These companies are required to protect your information and use it solely for the purpose for which they received it. |
|   |    |                                                                                                                                                                                                                                                                                                             |
|   | ● | If required by law, we may disclose stockholder-related information in accordance with a court order or at the request of government regulators.  Only that information required by law, subpoena, or court order will be disclosed.                                                                   |

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Risk

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|   | ● | They typically have limited operating histories, narrower, less established product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions, market conditions and consumer sentiment in respect of their products or services, as well as general economic downturns.  Most of our portfolio companies may experience operating losses, which may be substantial, and there can be no assurance when or if such companies will operate at a profit.                                                                                                                                                                                                                                                                                       |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | ● | They may have limited financial resources and may be unable to meet their obligations under their existing credit facilities (to the extent that such facilities exist), which may lead to equity financings, possibly at discounted valuations, in which we could be substantially diluted if we do not or cannot participate, bankruptcy or liquidation and the corresponding reduction in value or loss of our equity investment.  The companies in which we invest may have substantial debt loads and, in such cases, our equity investments would typically be last in line behind any creditors in a bankruptcy or liquidation.                                                                                                                                                                             |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | ● | At the time of our investment, there is generally little publicly available information about these businesses since they are primarily privately owned.  Therefore, although our investment adviser’s representatives will perform due diligence investigations on these portfolio companies, their operations and their prospects, we may not learn all of the material information we need to know regarding these businesses.  At the time of our investment, we may only have access to the portfolio company’s actual financial results as of and for the most recent quarter end or, in certain cases, the quarter end preceding the most recent quarter end.  There can be no assurance that the information that we do obtain with respect to any investment is reliable. |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | ● | They are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | ● | They generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | ● | Continued global economic uncertainty could also result in investors becoming more risk-averse, which in turn could reduce the amount of growth capital available to our portfolio companies from both existing and new investors, could adversely affect their operating performance, and could delay liquidity paths (for example, an IPO or strategic sale/merger) for our portfolio companies.                                                                                                                                                                                                                                                                                                                                                                                                                           |

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|   | ● | a decrease in the value of our investments would have a greater negative impact on the value of our common shares than if we did not use leverage, therefore, shares of our common stock are exposed to incremental risk of loss; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                              |
|   | ● | adverse changes in interest rates could reduce or eliminate the incremental income we make with the proceeds of any leverage;                                                                                                     |

----

|   | ● | our ability to pay dividends on our common stock will be restricted if our asset coverage ratio is not at least 200% and any amounts used to service indebtedness may not be available for such dividends; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                       |
|   | ● | such indebtedness would be governed by an indenture or other instrument containing covenants restricting our operating flexibility;                                                                        |
|   |    |                                                                                                                                                                                                       |
|   | ● | we, and indirectly our stockholders, would bear the cost of issuing and paying interest on such debt securities; and                                                                                       |
|   |    |                                                                                                                                                                                                       |
|   | ● | any convertible or exchangeable securities that we issue may have rights, preferences and privileges more favorable than those of our common stock.                                                        |

----

----

----

----

|   | ● | price and volume fluctuations in the overall stock market from time to time;                                                                                                         |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                 |
|   | ● | investor demand for our shares;                                                                                                                                                      |
|   |    |                                                                                                                                                                                 |
|   | ● | significant volatility in the market price and trading volume of securities of regulated investment companies, business development companies or other financial services companies; |

----

|   | ● | changes in regulatory policies or tax guidelines with respect to regulated investment companies or business development companies;                                          |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                        |
|   | ● | failure to qualify as a RIC for a particular taxable year, or the loss of RIC status;                                                                                       |
|   |    |                                                                                                                                                                        |
|   | ● | actual or anticipated changes in our earnings, fluctuations in our operating results and net asset  value, or changes in the expectations of securities analysts; |
|   |    |                                                                                                                                                                        |
|   | ● | general economic conditions and trends;                                                                                                                                     |
|   |    |                                                                                                                                                                        |
|   | ● | fluctuations in the valuation of our portfolio investments;                                                                                                                 |
|   |    |                                                                                                                                                                        |
|   | ● | public perception of the value of our portfolio companies;                                                                                                                  |
|   |    |                                                                                                                                                                        |
|   | ● | operating performance of companies comparable to us;                                                                                                                        |
|   |    |                                                                                                                                                                        |
|   | ● | market sentiment in the technology sector in which we invest; or                                                                                                            |
|   |    |                                                                                                                                                                        |
|   | ● | departures of any of the principals or other investment professionals of Keating Investments.                                                                               |

----

----

Unresolved

Properties

Proceedings

Safety

----

Market

|               |    | Price Range |
|--------------------|--------------|-------------|
| Quarter Ended      |    | High        |   | Low |
|               |         |        |   |   |   |   |
| 2013               |         |        |   |   |   |   |
| December 31, 2013  |         | $           | 7.70 |   | $ | 5.81 |
| September 30, 2013 |         | $           | 8.05 |   | $ | 5.85 |
| June 30, 2013      |         | $           | 6.85 |   | $ | 5.65 |
| March 31, 2013     |         | $           | 6.87 |   | $ | 6.10 |
|               |         |        |   |   |   |   |
| 2012               |         |        |   |   |   |   |
| December 31, 2012  |         | $           | 7.40 |   | $ | 6.08 |
| September 30, 2012 |         | $           | 7.80 |   | $ | 6.16 |
| June 30, 2012      |         | $           | 7.96 |   | $ | 5.72 |
| March 31, 2012     |         | $           | 9.69 |   | $ | 6.51 |
|               |         |        |   |   |   |   |
| 2011               |         |        |   |   |   |   |
| December 31, 2011  |    | $           | 10.73 |    | $ | 8.00 |

----

| Regular Distributions |   | Amount Per Share |   | Record Date |            | Payment Date |
|-----------------------|--------|------------------|--------|-------------|-----------------|--------------|
| First Quarter         |   | $                | 0.10   |        | March 6, 2014   |         | April 14, 2014 |
| Second Quarter        |   | $                | 0.10   |        | May 8, 2014     |         | June 17, 2014 |
| Third Quarter         |   | $                | 0.10   |        | August 11, 2014 |         | September 18, 2014 |

----

----

| Date Declared          | Record Date                    | Payment Date       |   | Amount Per Share |   | Source of Distribution |
|------------------------|--------------------------------|--------------------|--------|------------------|--------|------------------------|
|                   |                           |               |   |             |   |                   |
| 2013 Dividends:        |                           |               |   |             |   |                   |
| May 28, 2013           | June 14, 2013                  | June 26, 2013      |   | $                | 0.24   |                   | Capital Gains |
| May 28, 2013           | September 13, 2013             | September 25, 2013 |   |             | 0.24   |                   | Capital Gains |
| December 19, 2013      |    December 30, 2013 | January 13, 2014   |   |             | 0.01   |                   | Capital Gains (1) |
| Total - 2013 Dividends |                           |               |   | 0.49             |   |                   |
|                   |                           |               |   |             |   |                   |   |
| 2012 Dividends:        |                           |               |   |             |   |                   |   |
| December 6, 2012       |    December 14, 2012 | December 26, 2012  |   |             | 0.03   |                   | Capital Gains |
| Total - 2012 Dividends |                           |               |   | 0.03             |   |                   |
|                   |                           |               |   |             |   |                   |   |
| 2011 Dividends:        |                           |               |   |             |   |                   |   |
| February 11, 2011      |   February 15, 2011       | February 17, 2011  |   |             | 0.13   |                   | Return of Capital (2) |
| Total - 2011 Dividends |                           |               |   | 0.13             |   |                   |
|                   |                           |               |   |             |   |                   |   |
| Total - Cumulative     |                           |               |   | $                | 0.65   |                   |   |

| (1)    | Although the dividend of $0.01 per share was paid on January 13, 2014, this dividend will be taxable to stockholders as if paid in 2013.  For income and excise tax purposes, this dividend will be eligible for the dividends paid deduction by us in 2013. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |
| (2)    | The February 2011 distribution was a special cash distribution based on the unrealized appreciation we had recorded on our NeoPhotonics investment at the time of the distribution, following NeoPhotonics’ completion of its IPO.                               |

----

Financial

----

|                                                                             |   | At and for the Years Ended |            |
|----------------------------------------------------------------------------------|--------|----------------------------|-----------------|
|                                                                             |   | December 31, 2013     |            | December 31, 2012 |   |   | December 31, 2011 |   |   | December 31, 2010 |   |   | December 31, 2009 |   |
|                                                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |
| Statement of Operations Data:                                                    |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |
| Total investment income                                                          |   | $                          | 39,953          |   |   | $ | 3,870 |   |   | $ | 54,348 |   |   | $ | 54,009 |   |   | $ | 10,637 |   |
| Operating expenses:                                                              |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Base management fees                                                             |   |                       | 1,462,495       |   |   |   | 1,533,808 |   |   |   | 1,153,058 |   |   |   | 218,876 |   |   |   | 90,904 |   |
| Incentive fees                                                                   |   |                       | 1,523,189       |   |   |   | 425,519 |   |   |   | 152,757 |   |   |   | 115,423 |   |   |   | - |   |
|    Administrative expenses allocated from investment adviser           |   |                       | 651,811         |    |   |   | 633,997 |   |   |   | 450,019 |   |   |   | 404,633 |   |   |   | 269,384 |   |
| Total operating expenses                                                         |   |                       | 5,352,788       |   |   |   | 4,056,856 |   |   |   | 3,764,370 |   |   |   | 2,031,002 |   |   |   | 1,006,615 |   |
| Net investment loss                                                              |   |                       | (5,312,835      | ) |   |   | (4,052,986 | ) |   |   | (3,710,022 | ) |   |   | (1,976,993 | ) |   |   | (995,978 | ) |
|    Net increase in unrealized appreciation on investments              |   |                       |  3,215,772 |   |   |   | 1,845,390 |   |   |   | 763,784 |   |   |   | 577,116 |   |   |   | - |   |
| Net realized gain on investments                                                 |   |                       | 4,400,178       |   |   |   | 282,203 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|    Net increase (decrease) in net assets resulting from operations     |   |                       |  2,303,115 |   |   |   | (1,925,393 | ) |   |   | (2,946,238 | ) |   |   | (1,399,877 | ) |   |   | (995,978 | ) |
|                                                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Per Share Data:                                                                  |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net asset value per common share                                                 |   | $                          | 7.65            |   |   | $ | 8.00 |   |   | $ | 8.23 |   |   | $ | 7.85 |   |   | $ | 6.53 |   |
| Net investment loss (1)                                                          |   |                       | (0.59           | ) |   |   | (0.44 | ) |   |   | (0.54 | ) |   |   | (1.43 | ) |   |   | (1.75 | ) |
|    Net increase (decrease) in net assets resulting from operations (1) |   |                       |  0.25      |   |   |   | (0.21 | ) |   |   | (0.43 | ) |   |   | (1.01 | ) |   |   | (1.75 | ) |
| Distributions declared (2)                                                       |   |                       | 0.49            |   |   |   | 0.03 |   |   |   | 0.06 |   |   |   | - |   |   |   | - |   |
|                                                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance Sheet Data at Period End:                                                |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Investment in portfolio company securities at fair value            |   | $                          | 61,976,805      |   |   | $ | 65,023,706 |   |   | $ | 37,273,980 |   |   | $ | 4,177,607 |   |   | $ | - |   |
| Short-term investments at fair value                                             |   |                       | -               |   |   |   | - |   |   |   | - |   |   |   | 13,500,000 |   |   |   | 3,000,000 |   |
| Cash and cash equivalents                                                        |   |                       | 13,537,328      |   |   |   | 8,934,036 |   |   |   | 39,606,512 |   |   |   | 4,753,299 |   |   |   | 367,918 |   |
| Total assets                                                                     |   |                       | 75,616,554      |   |   |   | 74,385,077 |   |   |   | 76,943,238 |   |   |   | 22,856,713 |   |   |   | 3,903,387 |   |
| Total liabilities                                                                |   |                       | 2,577,084       |   |   |   | 972,137 |   |   |   | 558,523 |   |   |   | 400,313 |   |   |   | 183,891 |   |
| Net assets                                                                       |   |                       | 73,039,470      |   |   |   | 73,412,940 |   |   |   | 76,384,715 |   |   |   | 22,456,400 |   |   |   | 3,719,496 |   |
| Common shares outstanding                                                        |   |                       | 9,548,902       |   |   |   | 9,174,785 |   |   |   | 9,283,781 |   |   |   | 2,860,299 |   |   |   | 569,900 |   |

| (1) Per share amounts are calculated using weighted average shares outstanding during the period. |
|---------------------------------------------------------------------------------------------------|

----

Discussion

|   | ● | our future operating results; |
|--------|---------|-------------------------------|

|   | ● | our business prospects and the prospects of our existing and prospective portfolio companies; |
|--------|---------|-----------------------------------------------------------------------------------------------|

|   | ● | the impact of the investments we expect to make; |
|--------|---------|--------------------------------------------------|

|   | ● | our ability to identify future portfolio companies that meet our investment criteria; |
|--------|---------|---------------------------------------------------------------------------------------|

|   | ● | the impact of a protracted decline in the market for IPOs on our business; |
|--------|---------|----------------------------------------------------------------------------|

|   | ● | our relationships with venture capital firms and investment banks that are the primary sources of our investment opportunities; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

|   | ● | the expected market for venture capital investments in later stage, private, pre-IPO companies; |
|--------|---------|-------------------------------------------------------------------------------------------------|

|   | ● | the dependence of our future success on the general economy and its impact on the industries in which we invest; |
|--------|---------|------------------------------------------------------------------------------------------------------------------|

|   | ● | our ability to access the equity markets to raise capital to fund future portfolio company investments; |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | ● | the ability of our portfolio companies to achieve their operating performance objectives and complete an IPO within our targeted timeframe; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | our ability to invest at valuations which allow us to achieve our targeted returns within our expected holding periods; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | ● | our regulatory structure and tax status, including any changes in laws and regulations; |
|--------|---------|-----------------------------------------------------------------------------------------|

|   | ● | our ability to operate as a business development company and a regulated investment company; |
|--------|---------|----------------------------------------------------------------------------------------------|

|   | ● | the adequacy of our cash resources and working capital; |
|--------|---------|---------------------------------------------------------|

|   | ● | our ability to generate realized capital gains from the disposition of our  portfolio company interests after they have completed an IPO; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | the timing, form and amount of any dividend distributions; |
|--------|---------|------------------------------------------------------------|

|   | ● | the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and |
|--------|---------|------------------------------------------------------------------------------------------------------------------|

|   | ● | our ability to recover unrealized losses. |
|--------|---------|-------------------------------------------|

----

----

----

|                                                                                                   |   |         |   |     |                                 |       |       |   |   |   Dispositions |   |   |        |   |   |       |       |
|--------------------------------------------------------------------------------------------------------|--------|--------------|--------|----------|--------------------------------------|------------|------------|--------|--------|---------------------|--------|--------|-------------|--------|--------|------------|------------|
|                                                                                                   |   | Number       |   |     |                                 |       | Percent of |   |   | of Portfolio        |   |   |        |   |   | Percent of |       |
|                                                                                                   |   | of Portfolio |   | Total    |                                 |       | Total      |   |   | Company             |   |   | Net         |   |   | Net        |       |
|                                                                                                   |   | Company      |   | Invested |        |       | Invested   |   |   | Positions           |   |   | Invested    |   |   | Invested   |       |
| Vintage Year1                                                                                          |   | Investments  |   | Capital2 |                                 |       | Capital    |   |   | (Cost Basis)        |   |   | Capital     |   |   | Capital    |       |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |
|     2010                                                                                |   | 4            |   |     | $                                    | 5,686,936  |       |   | 8.4%   |                |   | $      | (3,080,750  | )      |   | $          | 2,606,186  |   |   | 4.7% |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|     Average Investment per Portfolio Company                                            |   |         |   |     |                                 | $          | 1,421,734  |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|     2011                                                                                |   | 10           |   |     | $                                    | 31,431,268 |       |   | 46.5%  |                |   | $      | (4,000,080  | )      |   | $          | 27,431,188 |   |   | 49.4% |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |
|     Average Investment per Portfolio Company                                            |   |         |   |     |                                 | $          | 3,143,127  |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|     2012                                                                                |   | 6            |   |     | $                                    | 27,499,993 |       |   | 40.7%  |                |   | $      | (5,000,000  | )      |   | $          | 22,499,993 |   |   | 40.5% |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|     Average Investment per Portfolio Company                                            |   |         |   |     |                                 | $          | 4,583,332  |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|     2013                                                                                |   | 1            |   |     | $                                    | 3,000,000  |       |   | 4.4%   |                |   | $      | -           |   |   | $          | 3,000,000  |   |   | 5.4% |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |
|     Average Investment per Portfolio Company                                            |   |         |   |     |                                 | $          | 3,000,000  |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|     Total                                                                               |   | 21           |   |     | $                                    | 67,618,198 |       |   | 100.0% |                |   | $      | (12,080,830 | )      |   | $          | 55,537,368 |   |   | 100.0% |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|     Average Investment per Portfolio Company                                            |   |         |   |     |                                 | $          | 3,219,914  |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
|                                                                                                   |   |         |   |     |                                 |       |       |   |   |                |   |   |        |   |   |       |       |   |   |   |   |   |   |   |
| 1Vintage year is based on the initial investment date of each portfolio company.                       |   |
| 2Includes follow-on investments in a portfolio company that may have been made after the vintage year. |   |

----

|                     |   | Quarter of     |   |   | Weighted       |   |   |       |      |       |        |   |      |      |   |   |    |                                                 |   |          |   |
|--------------------------|--------|----------------|--------|--------|----------------|--------|--------|------------|-----------|------------|-------------|--------|-----------|-----------|--------|--------|---------|------------------------------------------------------|--------|---------------|--------|
|                     |   | Complete       |   |   | Average        |   |   |       |      |       |        |   |      | Total     |   |   | Total   |                                                 |   | Internal      |   |
| Portfolio                |   | Disposition of |   |   | Holding Period |   |   | Investment |      |       | Realized    |   |      | Return    |   |   | Rate of |                                                 |   | Rate of       |   |
| Company                  |   | Interest       |   |   | (Years)1       |   |   | Amount     |      |       | Gain (Loss) |   |      | Multiple2 |   |   | Return3 |                                                 |   | Return (IRR)4 |   |
|                     |   |           |   |   |           |   |   |       |      |       |        |   |      |      |   |   |    |                                                 |   |          |   |
| Corsair Components, Inc. |   | Q2 2013        |   |   | 1.8            |   |   | $          | 4,000,080 |       |        | $      | 675,317   |      |   | 1.17x  |    |                                                 | 17%    |          |   | 9% |   |
|                     |   |           |   |   |           |   |   |       |      |       |        |   |      |      |   |   |    |                                                 |   |          |   |   |   |   |   |   |   |   |
| LifeLock, Inc.           |   | Q2 2013        |   |   | 1.1            |   |   | $          | 5,000,000 |       |        | $      | 3,675,041 |      |   | 1.74x  |    |                                                 | 74%    |          |   | 66% |   |
|                     |   |           |   |   |           |   |   |       |      |       |        |   |      |      |   |   |    |                                                 |   |          |   |   |   |   |   |   |   |   |
| Solazyme, Inc.           |   | Q2 2013        |   |   | 1.8            |   |   | $          | 2,080,750 |       |        | $      | 453,452   |      |   | 1.22x  |    |                                                 | 22%    |          |   | 12% |   |
|                     |   |           |   |   |           |   |   |       |      |       |        |   |      |      |   |   |    |                                                 |   |          |   |   |   |   |   |   |   |   |
| NeoPhotonics Corp.       |   | Q3 2012        |   |   | 2.6            |   |   | $          | 1,000,000 |       |        | $      | (121,428  | )         |   | 0.88x  |    |                                                 | -12%   |          |   | -5% |   |
|                     |   |           |   |   |           |   |   |       |      |       |        |   |      |      |   |   |    |                                                 |   |          |   |   |   |   |   |   |   |   |
| Total                    |   |           |   |   |           | 1.6    |   |       | $         | 12,080,830 |        |   | $         | 4,682,381 |   |   | 1.39x   |                                                 |   | 39%           |   |   | 22% |   |
|                     |   |           |   |   |           |   |   |       |      |       |        |   |      |      |   |   |    | Weighted-Average Return Multiple and Rates of Return |   |

| 1The weighted-average holding period is calculated based on the total investment amount and holding period of each disposition of shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2Total return multiple on a portfolio company investment is determined by dividing the net proceeds realized from the disposition of such investment by the aggregate cost of such investment.   The weighted-average total return multiple is determined by dividing the aggregate net proceeds from the disposition of all disposed portfolio companies by the aggregate investment cost of all disposed portfolio companies.                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 3Total rate of return on a portfolio company investment is determined by dividing the net gain or loss realized from the disposition of such investment by the aggregate cost of such investment.  The total rate of return is not annualized.  The weighted-average total rate of return is determined by dividing the aggregate net gains and losses realized from the disposition of all disposed portfolio company investments by the aggregate cost of all disposed portfolio company investments.  The weighted-average total rate of return is not annualized.  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 4Internal rate of return is the annualized rate of return on a portfolio company investment taking into account the amount and timing of all cash flows related to such portfolio company investment including the initial investment, any follow-on investment and the net proceeds from the disposition of such investment.  The weighted-average internal rate of return is the annualized rate of return on all disposed portfolio company investments taking into account the amount and timing of the cash flows related to all disposed portfolio company investments (as a group). |

| Regular Distributions |   | Amount per Share |   | Record Date |            | Payment Date |
|-----------------------|--------|------------------|--------|-------------|-----------------|--------------|
| First Quarter         |   | $                | 0.10   |        | March 6, 2014   |         | April 14, 2014 |
| Second Quarter        |   | $                | 0.10   |        | May 8, 2014     |         | June 17, 2014 |
| Third Quarter         |   | $                | 0.10   |        | August 11, 2014 |         | September 18, 2014 |

----

----

----

----

|                                                   |   | Year Ended December 31, 2013 |       |
|--------------------------------------------------------|--------|------------------------------|------------|
| Portfolio                                              |   | Investment                   |       |   |   |   |   | Realized |   |
| Company                                                |   | Cost                         |       |   | Net Proceeds |   |   | Gain (Loss) |   |
|                                                   |   |                         |       |   |   |   |   |   |   |
| Corsair Components, Inc.  (sold in May 2013) |   | $                            | 4,000,080  |   |   | $ | 4,675,397 |   |   | $ | 675,317 |   |
|                                                   |   |                         |       |   |   |   |   |   |   |   |   |   |
| LifeLock, Inc. (sold in April / May 2013)              |   | $                            | 5,000,000  |   |   | $ | 8,675,041 |   |   | $ | 3,675,041 |   |
|                                                   |   |                         |       |   |   |   |   |   |   |   |   |   |
| Solazyme, Inc. (sold in May 2013)                      |   | $                            | 1,505,162  |   |   | $ | 1,554,982 |   |   | $ | 49,820 |   |
|                                                   |   |                         |       |   |   |   |   |   |   |   |   |   |
| Total                                                  |   | $                            | 10,505,242 |   |   | $ | 14,905,420 |   |   | $ | 4,400,178 |   |

|                                                    |   | December 31, 2013 |       |   | December 31, 2012 |   |
|---------------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                                                    |   |              |       |   |              |   |   | Percentage |   |   |   |   |   |   |   |   | Percentage |   |
| Investment Type                                         |   | Cost              |       |   | Fair Value        |   |   | of Portfolio |   |   | Cost |   |   | Fair Value |   |   | of Portfolio |   |
|                                                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Private Portfolio Companies:                            |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred Stock                                         |   | $                 | 35,858,933 |   |              | $      | 42,210,000 |   |   |   | 68.11 | % |   | $ | 41,858,928 |   |   | $ | 43,087,120 |   |   |   | 66.26 | % |
| Preferred Stock Warrants                                |   |              | -          |   |              |   | 230,000 |   |   |   | 0.37 | % |   |   | - |   |   |   | - |   |   |   | - |   |
|  Common Stock                                      |   |              | 8,862,385  |   |              |   | 5,370,000 |   |   |   | 8.67 | % |   |   | 12,273,466 |   |   |   | 12,880,000 |   |   |   | 19.81 | % |
| Common Stock Warrants                                   |   |              | 610,860    |   |              |   | 1,370,000 |   |   |   | 2.21 | % |   |   | 1,199,860 |   |   |   | 982,878 |   |   |   | 1.51 | % |
| Subordinated Convertible Bridge Notes                   |   |              | 1,242,569  |   |              |   | 1,242,569 |   |   |   | 2.00 | % |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subtotal - Private Portfolio Companies                  |   |              | 46,574,747 |   |              |   | 50,422,569 |   |   |   | 81.36 | % |   |   | 55,332,254 |   |   |   | 56,949,998 |   |   |   | 87.58 | % |
|                                                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Publicly Traded Portfolio Companies:                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common Stock                                            |   |              | 8,999,996  |   |              |   | 11,554,236 |   |   |   | 18.64 | % |   |   | 6,505,162 |   |   |   | 8,073,708 |   |   |   | 12.42 | % |
|                                                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total - Private and Publicly Traded Portfolio Companies |   | $                 | 55,574,743 |   |              | $      | 61,976,805 |   |   |   | 100.00 | % |   | $ | 61,837,416 |   |   | $ | 65,023,706 |   |   |   | 100.00 | % |

|                                                      |   | Years Ended December 31, |      |
|-----------------------------------------------------------|--------|--------------------------|-----------|
|                                                      |   | 2013                     |      | 2012 |   |
| Portfolio Companies                                       |   | Net Realized Gains       |      |   | Net Change in Unrealized Appreciation (Depreciation) |   |   | Net Realized Gains |   |   | Net Change in Unrealized Appreciation (Depreciation) |   |
|                                                      |   |                     |      |   |   |   |   |   |   |   |   |   |
| Portfolio Company Investments Sold During Year            |   |                     |      |   |   |   |   |   |   |   |   |   |
| Corsair Components, Inc.                                  |   | $                        | 675,317   |   |   | $ | (1,599,920 | ) |   | $ | - |   |   | $ | - |   |
| LifeLock, Inc.                                            |   |                     | 3,675,041 |   |   |   | (1,911,002 | ) |   |   | - |   |   |   | - |   |
| Solazyme, Inc.                                            |   |                     | 49,820    |   |   |   | 342,456 |   |   |   | 403,631 |   |   |   | (197,912 | ) |
| NeoPhotonics Corporation                                  |   |                     | -         |   |   |   | - |   |   |   | (121,428 | ) |   |   | 267,200 |   |
|                                                      |   |                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subtotal - Portfolio Company Investments Sold During Year |   |                     | 4,400,178 |   |   |   | (3,168,466 | ) |   |   | 282,203 |   |   |   | 69,288 |   |
|                                                      |   |                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company Investments Held at End of Year         |   |                     | -         |   |   |   | 6,384,238 |   |   |   | - |   |   |   | 1,776,102 |   |
|                                                      |   |                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total - All Portfolio Companies                           |   | $                        | 4,400,178 |   |   | $ | 3,215,772 |   |   | $ | 282,203 |   |   | $ | 1,845,390 |   |

----

|                                                                                                                                                                                               |   | December 31, 2013 |       | September 30, 2013 |   |   |       |           |   |   |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------------------|--------|--------|------------|----------------|--------|--------|------------|
|                                                                                                                                                                                               |   |              |       |               |   |   |       |           |   |   |       |   |   |   |   |   |   |   |   | Change In |   |
|                                                                                                                                                                                               |   |              |       |               |   |   |       |           |   |   |       |   |   |   |   |   | Change In |   |   | Unrealized |   |
|                                                                                                                                                                                               |   |              |       |               |   |   |       | Unrealized     |   |   |       |   |   |   |   |   | Unrealized |   |   | Unrealized |   |   | Appreciation |   |
|                                                                                                                                                                                               |   |              |       |               |   |   |       | Appreciation   |   |   |       |   |   |   |   |   | Appreciation |   |   | Appreciation |   |   | (Depreciation) |   |
| Portfolio Company                                                                                                                                                                                  |   | Cost              |       |               | Value  |   |       | (Depreciation) |   |   | Cost       |   |   | Value |   |   | (Depreciation) |   |   | (Depreciation) |   |   | Per Share1 |   |
|                                                                                                                                                                                               |   |              |       |               |   |   |       |           |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Millennial Media, Inc.2                                                                                                                                                                            |   | $                 | 4,999,995  |               |   | $      | 8,074,242  |           |   | $      | 3,074,247  |   |   | $ | 4,999,995 |   |   | $ | 7,200,000 |   |   | $ | 2,200,005 |   |   | $ | 874,242 |   |   | $ | 0.10 |   |
| Xtime, Inc.                                                                                                                                                                                        |   |              | 3,000,000  |               |   |   | 5,830,000  |           |   |   | 2,830,000  |   |   |   | 3,000,000 |   |   |   | 6,040,000 |   |   |   | 3,040,000 |   |   |   | (210,000 | ) |   |   | (0.02 | ) |
| Zoosk, Inc.                                                                                                                                                                                        |   |              | 2,999,999  |               |   |   | 5,650,000  |           |   |   | 2,650,001  |   |   |   | 2,999,999 |   |   |   | 4,770,000 |   |   |   | 1,770,001 |   |   |   | 880,000 |   |   |   | 0.10 |   |
| SilkRoad, Inc.                                                                                                                                                                                     |   |              | 6,028,667  |               |   |   | 8,608,667  |           |   |   | 2,580,000  |   |   |   | 6,008,667 |   |   |   | 8,518,667 |   |   |   | 2,510,000 |   |   |   | 70,000 |   |   |   | 0.01 |   |
| Metabolon, Inc.                                                                                                                                                                                    |   |              | 4,000,000  |               |   |   | 6,140,000  |           |   |   | 2,140,000  |   |   |   | 4,000,000 |   |   |   | 4,860,000 |   |   |   | 860,000 |   |   |   | 1,280,000 |   |   |   | 0.14 |   |
| Glam Media, Inc.                                                                                                                                                                                   |   |              | 4,999,999  |               |   |   | 5,750,000  |           |   |   | 750,001    |   |   |   | 4,999,999 |   |   |   | 5,750,000 |   |   |   | 750,001 |   |   |   | - |   |   |   | - |   |
| TrueCar, Inc.                                                                                                                                                                                      |   |              | 2,999,996  |               |   |   | 3,720,000  |           |   |   | 720,004    |   |   |   | 2,999,996 |   |   |   | 3,650,000 |   |   |   | 650,004 |   |   |   | 70,000 |   |   |   | 0.01 |   |
| Kabam, Inc.                                                                                                                                                                                        |   |              | 1,328,860  |               |   |   | 1,620,000  |           |   |   | 291,140    |   |   |   | 1,328,860 |   |   |   | 1,620,000 |   |   |   | 291,140 |   |   |   | - |   |   |   | - |   |
| Harvest Power, Inc.                                                                                                                                                                                |   |              | 2,499,999  |               |   |   | 2,770,000  |           |   |   | 270,001    |   |   |   | 2,499,999 |   |   |   | 3,480,000 |   |   |   | 980,001 |   |   |   | (710,000 | ) |   |   | (0.08 | ) |
| Deem, Inc.                                                                                                                                                                                         |   |              | 3,000,000  |               |   |   | 3,000,000  |           |   |   | -          |   |   |   | 3,000,000 |   |   |   | 3,000,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| MBA Polymers, Inc.                                                                                                                                                                                 |   |              | 2,000,000  |               |   |   | 1,530,000  |           |   |   | (470,000   | ) |   |   | 2,000,000 |   |   |   | 1,180,000 |   |   |   | (820,000 | ) |   |   | 350,000 |   |   |   | 0.04 |   |
| Tremor Video, Inc.                                                                                                                                                                                 |   |              | 4,000,001  |               |   |   | 3,479,994  |           |   |   | (520,007   | ) |   |   | 4,000,001 |   |   |   | 4,984,192 |   |   |   | 984,191 |   |   |   | (1,504,198 | ) |   |   | (0.17 | ) |
| Livescribe, Inc.                                                                                                                                                                                   |   |              | 606,187    |               |   |   | -          |           |   |   | (606,187   | ) |   |   | 606,187 |   |   |   | - |   |   |   | (606,187 | ) |   |   | - |   |   |   | - |   |
| Suniva, Inc.                                                                                                                                                                                       |   |              | 2,500,007  |               |   |   | 1,330,000  |           |   |   | (1,170,007 | ) |   |   | 2,500,007 |   |   |   | 1,400,000 |   |   |   | (1,100,007 | ) |   |   | (70,000 | ) |   |   | (0.01 | ) |
| BrightSource Energy, Inc.                                                                                                                                                                          |   |              | 3,111,033  |               |   |   | 1,693,902  |           |   |   | (1,417,131 | ) |   |   | 3,046,644 |   |   |   | 1,809,513 |   |   |   | (1,237,131 | ) |   |   | (180,000 | ) |   |   | (0.02 | ) |
| Agilyx Corporation                                                                                                                                                                                 |   |              | 4,000,000  |               |   |   | 1,840,000  |           |   |   | (2,160,000 | ) |   |   | 4,000,000 |   |   |   | 2,770,000 |   |   |   | (1,230,000 | ) |   |   | (930,000 | ) |   |   | (0.11 | ) |
| Stoke, Inc.                                                                                                                                                                                        |   |              | 3,500,000  |               |   |   | 940,000    |           |   |   | (2,560,000 | ) |   |   | 3,500,000 |   |   |   | 930,000 |   |   |   | (2,570,000 | ) |   |   | 10,000 |   |   |   | * |   |
|                                                                                                                                                                                               |   |              |       |               |   |   |       |           |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                                                                                                                                                              |   | $                 | 55,574,743 |               |   | $      | 61,976,805 |           |   | $      | 6,402,062  |   |   | $ | 55,490,354 |   |   | $ | 61,962,372 |   |   | $ | 6,472,018 |   |   | $ | (69,956 | ) |   | $ | (0.01 | ) |
|                                                                                                                                                                                               |   |              |       |               |   |   |       |           |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    * Per share amounts less than $0.01.                                                                                                                                                  |   |              |       |               |   |   |       |           |   |   |       |   |   |   |   |   |   |
|                                                                                                                                                                                               |   |              |       |               |   |   |       |           |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     1Per share amounts based on weighted-average shares outstanding of 8,951,682 during the three months ended December 31, 2013.                                                   |   |
|                                                                                                                                                                                               |   |              |       |               |   |   |       |           |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     2Shares in common stock of Millennial Media were received in exchange for shares of preferred stock of Jumptap, Inc. pursuant to a merger which was completed November 6, 2013. |   |

----

|                         |   | December 31, 2013 |       |
|------------------------------|--------|-------------------|------------|
|                         |   |              |       |   |   |   |   |   |   |   |   |   |
|                         |   |              |       |   |   |   |   |   |   |   | Write-Up |   |
| Portfolio Company            |   | Cost              |       |   | Value |   |   | Write-Ups |   |   | as % of Cost |   |
|                         |   |              |       |   |   |   |   |   |   |   |   |   |
|  Millennial Media, Inc. |   | $                 | 4,999,995  |   |   | $ | 8,074,242 |   |   | $ | 3,074,247 |   |   |   | 61 | % |
|  Xtime, Inc.            |   |              | 3,000,000  |   |   |   | 5,830,000 |   |   |   | 2,830,000 |   |   |   | 94 | % |
|  Zoosk, Inc.            |   |              | 2,999,999  |   |   |   | 5,650,000 |   |   |   | 2,650,001 |   |   |   | 88 | % |
|  SilkRoad, Inc.         |   |              | 6,028,667  |   |   |   | 8,608,667 |   |   |   | 2,580,000 |   |   |   | 43 | % |
|  Metabolon, Inc.        |   |              | 4,000,000  |   |   |   | 6,140,000 |   |   |   | 2,140,000 |   |   |   | 54 | % |
|  Glam Media, Inc.       |   |              | 4,999,999  |   |   |   | 5,750,000 |   |   |   | 750,001 |   |   |   | 15 | % |
|  TrueCar, Inc.          |   |              | 2,999,996  |   |   |   | 3,720,000 |   |   |   | 720,004 |   |   |   | 24 | % |
|  Kabam, Inc.            |   |              | 1,328,860  |   |   |   | 1,620,000 |   |   |   | 291,140 |   |   |   | 22 | % |
|  Harvest Power, Inc.    |   |              | 2,499,999  |   |   |   | 2,770,000 |   |   |   | 270,001 |   |   |   | 11 | % |
|  Deem, Inc.             |   |              | 3,000,000  |   |   |   | 3,000,000 |   |   |   | - |   |   |   | 0 | % |
|                         |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                        |   | $                 | 35,857,515 |   |   | $ | 51,162,909 |   |   | $ | 15,305,394 |   |   |   | 43 | % |

|                      |   | December 31, 2013 |       |
|---------------------------|--------|-------------------|------------|
|                      |   |              |       |   |   |   |   |   |   |   |   |   |
|                      |   |              |       |   |   |   |   |   |   |   | Write-Down |   |
| Portfolio Company         |   | Cost              |       |   | Value |   |   | Write-Downs |   |   | as % of Cost |   |
|                      |   |              |       |   |   |   |   |   |   |   |   |   |
| MBA Polymers, Inc.        |   | $                 | 2,000,000  |   |   | $ | 1,530,000 |   |   | $ | (470,000 | ) |   |   | -24 | % |
| Tremor Video, Inc.        |   |              | 4,000,001  |   |   |   | 3,479,994 |   |   |   | (520,007 | ) |   |   | -13 | % |
| Livescribe, Inc.          |   |              | 606,187    |   |   |   | - |   |   |   | (606,187 | ) |   |   | -100 | % |
| Suniva, Inc.              |   |              | 2,500,007  |   |   |   | 1,330,000 |   |   |   | (1,170,007 | ) |   |   | -47 | % |
| BrightSource Energy, Inc. |   |              | 3,111,033  |   |   |   | 1,693,902 |   |   |   | (1,417,131 | ) |   |   | -46 | % |
| Agilyx Corporation        |   |              | 4,000,000  |   |   |   | 1,840,000 |   |   |   | (2,160,000 | ) |   |   | -54 | % |
| Stoke, Inc.               |   |              | 3,500,000  |   |   |   | 940,000 |   |   |   | (2,560,000 | ) |   |   | -73 | % |
|                      |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                     |   | $                 | 19,717,228 |   |   | $ | 10,813,896 |   |   | $ | (8,903,332 | ) |   |   | -45 | % |

----

----

----

----

|                                               |   | Year Ended   |      |
|----------------------------------------------------|--------|--------------|-----------|
|                                               |   | December 31, |      |
|                                               |   | 2013         |      |   | 2012 |   |
|                                               |   |         |      |   |   |   |
| Beginning PIK loan balance                         |   | $            | -         |   |   | $ | - |   |
| Addition of PIK loans during period                |   |         | 1,205,193 |   |   |   | - |   |
| PIK interest accreted to principal during period   |   |         | 37,376    |   |   |   | - |   |
| Payments received from PIK loans during the period |   |         | -         |   |   |   | - |   |
|                                               |   |         |      |   |   |   |   |   |
| Ending PIK loan balance                            |   | $            | 1,242,569 |   |   | $ | - |   |

----

|    ● | Costs of calculating our net asset value, including the cost of any third-party valuation services; |
|---------------------------|-----------------------------------------------------------------------------------------------------|

|    ● | Costs of effecting sales and repurchases of shares of our common stock and other securities; |
|---------------------------|----------------------------------------------------------------------------------------------|

|    ● | Fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence reviews of prospective investments; |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | Costs related to organization and offerings; |
|---------------------------|----------------------------------------------|

|    ● | Transfer agent and custodial fees; |
|---------------------------|------------------------------------|

|    ● | Fees and expenses associated with marketing efforts; |
|---------------------------|------------------------------------------------------|

|    ● | Federal and state registration fees; |
|---------------------------|--------------------------------------|

|    ● | Any stock exchange listing fees; |
|---------------------------|----------------------------------|

|    ● | Applicable federal, state and local taxes; |
|---------------------------|--------------------------------------------|

|    ● | Independent directors’ fees and expenses; |
|---------------------------|-------------------------------------------------|

|    ● | Brokerage commissions; |
|---------------------------|------------------------|

|    ● | Costs of proxy statements, stockholders’ reports and notices; |
|---------------------------|---------------------------------------------------------------------|

|    ● | Public and investor relations expenses (including marketing and brand awareness campaign expenses); |
|---------------------------|-----------------------------------------------------------------------------------------------------|

|    ● | Fidelity bond, directors and officers/errors and omissions liability insurance and other insurance premiums; |
|---------------------------|--------------------------------------------------------------------------------------------------------------|

|    ● | Direct costs such as printing, mailing, and long distance telephone; |
|---------------------------|----------------------------------------------------------------------|

|    ● | Fees and expenses associated with independent audits and outside legal costs; |
|---------------------------|-------------------------------------------------------------------------------|

|    ● | Costs associated with our reporting and compliance obligations under the 1940 Act, Sarbanes-Oxley Act, and applicable federal and state securities laws; and |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | All other expenses incurred by either Keating Investments or us in connection with administering our business, including payments under the Investment Advisory and Administrative Services Agreement that will be based upon our allocable portion of overhead and other expenses incurred by Keating Investments in performing its obligations under the Investment Advisory and Administrative Services Agreement, including our allocable portion of the compensation of our Chief Financial Officer and Chief Compliance Officer, and their respective staff. |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                      |   | Year Ended   |      |   |         |   |
|-----------------------------------------------------------|--------|--------------|-----------|--------|--------------|--------|
|                                                      |   | December 31, |      |   | December 31, |   |   | Increase / |   |
|                                                      |   | 2013         |      |   | 2012         |   |   | (Decrease) |   |
| Operating Expenses                                        |   |         |      |   |         |   |   |   |   |
| Base management fees                                      |   | $            | 1,462,495 |   |         | $      | 1,533,808 |   |   | $ | (71,313 | ) |
| Incentive fees                                            |   |         | 1,523,189 |   |         |   | 425,519 |   |   |   | 1,097,670 |   |
| Administrative expenses allocated from investment adviser |   |         | 651,811   |   |         |   | 633,997 |   |   |   | 17,814 |   |
| Legal and professional fees                               |   |         | 613,136   |   |         |   | 466,465 |   |   |   | 146,671 |   |
| Directors fees                                            |   |         | 130,000   |   |         |   | 160,000 |   |   |   | (30,000 | ) |
| Stock transfer agent fees                                 |   |         | 58,145    |   |         |   | 65,108 |   |   |   | (6,963 | ) |
| Custody fees                                              |   |         | 6,000     |   |         |   | 1,000 |   |   |   | 5,000 |   |
| Public and investor relations expenses                    |   |         | 54,544    |   |         |   | 152,437 |   |   |   | (97,893 | ) |
| Marketing and advertising expenses                        |   |         | 243,704   |   |         |   | 23,117 |   |   |   | 220,587 |   |
| Printing and production expenses                          |   |         | 79,068    |   |         |   | 92,713 |   |   |   | (13,645 | ) |
| Postage and fulfillment expenses                          |   |         | 43,458    |   |         |   | 81,401 |   |   |   | (37,943 | ) |
| Travel expenses                                           |   |         | 112,530   |   |         |   | 81,904 |   |   |   | 30,626 |   |
| General and administrative expenses                       |   |         | 374,708   |   |         |   | 339,387 |   |   |   | 35,321 |   |
|                                                      |   |         |      |   |         |   |   |   |   |   |   |   |
|      Total Operating Expenses         |   | $            | 5,352,788 |   |         | $      | 4,056,856 |   |   | $ | 1,295,932 |   |

----

----

|                                                                                                                                                                            |   | December 31, 2013 |       |   | December 31, 2012 |   |       |           |   | Change In    |       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|------------|----------------|--------|--------------|------------|
|                                                                                                                                                                            |   |              |       |   |              |   |       |           |   |         |       |   |   |   |   |   |   |   |   | Change In |   |   | Unrealized |   |
|                                                                                                                                                                            |   |              |       |   |              |   |       | Unrealized     |   |         |       |   |   |   |   |   | Unrealized |   |   | Unrealized |   |   | Appreciation |   |
|                                                                                                                                                                            |   |              |       |   |              |   |       | Appreciation   |   |    |       |   |   |   |   | Appreciation |   |   | Appreciation |   |   | (Depreciation) |   |
| Portfolio Company                                                                                                                                                               |   | Cost              |       |   | Value             |   |       | (Depreciation) |   |         | Cost       |   |   | Value |   |   | (Depreciation) |   |   | (Depreciation) |   |   | Per Share1 |   |
|                                                                                                                                                                            |   |              |       |   |              |   |       |           |   |         |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Millennial Media, Inc.2                                                                                                                                                         |   | $                 | 4,999,995  |   |              | $      | 8,074,242  |           |   | $            | 3,074,247  |   |   | $ | 4,999,995 |   |   | $ | 4,999,995 |   |   | $ | - |   |   | $ | 3,074,247 |   |   | $ | 0.34 |   |
| Xtime, Inc.                                                                                                                                                                     |   |              | 3,000,000  |   |              |   | 5,830,000  |           |   |         | 2,830,000  |   |   |   | 3,000,000 |   |   |   | 4,442,878 |   |   |   | 1,442,878 |   |   |   | 1,387,122 |   |   |   | 0.15 |   |
| Zoosk, Inc.                                                                                                                                                                     |   |              | 2,999,999  |   |              |   | 5,650,000  |           |   |         | 2,650,001  |   |   |   | 2,999,999 |   |   |   | 3,080,000 |   |   |   | 80,001 |   |   |   | 2,570,000 |   |   |   | 0.28 |   |
| SilkRoad, Inc.                                                                                                                                                                  |   |              | 6,028,667  |   |              |   | 8,608,667  |           |   |         | 2,580,000  |   |   |   | 5,000,000 |   |   |   | 5,720,000 |   |   |   | 720,000 |   |   |   | 1,860,000 |   |   |   | 0.21 |   |
| Metabolon, Inc.                                                                                                                                                                 |   |              | 4,000,000  |   |              |   | 6,140,000  |           |   |         | 2,140,000  |   |   |   | 4,000,000 |   |   |   | 4,530,000 |   |   |   | 530,000 |   |   |   | 1,610,000 |   |   |   | 0.18 |   |
| Glam Media, Inc.                                                                                                                                                                |   |              | 4,999,999  |   |              |   | 5,750,000  |           |   |         | 750,001    |   |   |   | 4,999,999 |   |   |   | 5,170,000 |   |   |   | 170,001 |   |   |   | 580,000 |   |   |   | 0.06 |   |
| TrueCar, Inc.                                                                                                                                                                   |   |              | 2,999,996  |   |              |   | 3,720,000  |           |   |         | 720,004    |   |   |   | 2,999,996 |   |   |   | 2,680,000 |   |   |   | (319,996 | ) |   |   | 1,040,000 |   |   |   | 0.12 |   |
| Kabam, Inc.                                                                                                                                                                     |   |              | 1,328,860  |   |              |   | 1,620,000  |           |   |         | 291,140    |   |   |   | 1,328,860 |   |   |   | 980,000 |   |   |   | (348,860 | ) |   |   | 640,000 |   |   |   | 0.07 |   |
| Harvest Power, Inc.                                                                                                                                                             |   |              | 2,499,999  |   |              |   | 2,770,000  |           |   |         | 270,001    |   |   |   | 2,499,999 |   |   |   | 3,540,000 |   |   |   | 1,040,001 |   |   |   | (770,000 | ) |   |   | (0.09 | ) |
| LifeLock, Inc.                                                                                                                                                                  |   |              | -          |   |              |   | -          |           |   |         | -          |   |   |   | 5,000,000 |   |   |   | 6,911,002 |   |   |   | 1,911,002 |   |   |   | (1,911,002 | ) |   |   | (0.21 | ) |
| Corsair Components, Inc.                                                                                                                                                        |   |              | -          |   |              |   | -          |           |   |         | -          |   |   |   | 4,000,080 |   |   |   | 5,600,000 |   |   |   | 1,599,920 |   |   |   | (1,599,920 | ) |   |   | (0.18 | ) |
| Solazyme, Inc.                                                                                                                                                                  |   |              | -          |   |              |   | -          |           |   |         | -          |   |   |   | 1,505,162 |   |   |   | 1,162,706 |   |   |   | (342,456 | ) |   |   | 342,456 |   |   |   | 0.04 |   |
| Deem, Inc.                                                                                                                                                                      |   |              | 3,000,000  |   |              |   | 3,000,000  |           |   |         | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| MBA Polymers, Inc.                                                                                                                                                              |   |              | 2,000,000  |   |              |   | 1,530,000  |           |   |         | (470,000   | ) |   |   | 2,000,000 |   |   |   | 1,730,000 |   |   |   | (270,000 | ) |   |   | (200,000 | ) |   |   | (0.02 | ) |
| Tremor Video, Inc.                                                                                                                                                              |   |              | 4,000,001  |   |              |   | 3,479,994  |           |   |         | (520,007   | ) |   |   | 4,000,001 |   |   |   | 3,850,000 |   |   |   | (150,001 | ) |   |   | (370,006 | ) |   |   | (0.04 | ) |
| Livescribe, Inc.                                                                                                                                                                |   |              | 606,187    |   |              |   | -          |           |   |         | (606,187   | ) |   |   | 606,187 |   |   |   | - |   |   |   | (606,187 | ) |   |   | - |   |   |   | - |   |
| Suniva, Inc.                                                                                                                                                                    |   |              | 2,500,007  |   |              |   | 1,330,000  |           |   |         | (1,170,007 | ) |   |   | 2,500,007 |   |   |   | 1,280,000 |   |   |   | (1,220,007 | ) |   |   | 50,000 |   |   |   | 0.01 |   |
| BrightSource Energy, Inc.                                                                                                                                                       |   |              | 3,111,033  |   |              |   | 1,693,902  |           |   |         | (1,417,131 | ) |   |   | 2,897,131 |   |   |   | 2,657,125 |   |   |   | (240,006 | ) |   |   | (1,177,125 | ) |   |   | (0.13 | ) |
| Agilyx Corporation                                                                                                                                                              |   |              | 4,000,000  |   |              |   | 1,840,000  |           |   |         | (2,160,000 | ) |   |   | 4,000,000 |   |   |   | 3,650,000 |   |   |   | (350,000 | ) |   |   | (1,810,000 | ) |   |   | (0.20 | ) |
| Stoke, Inc.                                                                                                                                                                     |   |              | 3,500,000  |   |              |   | 940,000    |           |   |         | (2,560,000 | ) |   |   | 3,500,000 |   |   |   | 3,040,000 |   |   |   | (460,000 | ) |   |   | (2,100,000 | ) |   |   | (0.23 | ) |
|                                                                                                                                                                            |   |              |       |   |              |   |       |           |   |         |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                                                                                                                                           |   | $                 | 55,574,743 |   |              | $      | 61,976,805 |           |   | $            | 6,402,062  |   |   | $ | 61,837,416 |   |   | $ | 65,023,706 |   |   | $ | 3,186,290 |   |   | $ | 3,215,772 |   |   | $ | 0.36 |   |
|                                                                                                                                                                            |   |              |       |   |              |   |       |           |   |         |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1Per share amounts based on weighted-average shares outstanding of 9,033,267 during the year ended December 31, 2013.                                                           |   |
|                                                                                                                                                                            |   |              |       |   |              |   |       |           |   |         |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2Shares in common stock of Millennial Media were received in exchange for shares of preferred stock of Jumptap, Inc. pursuant to a merger which was completed November 6, 2013. |   |

|    ● | A change in the portfolio company’s financial condition or operating performance compared to projections, and any significant changes to the portfolio company’s most recent projections relative to previous projections. |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | A reduction in our weighting of the precedent transaction value since such value may no longer represent the best indicator of fair value within a range of fair values developed from the various valuation approaches and methods used.  Precedent transactions may include the transaction in which we acquired our portfolio company interests, as well as subsequent transactions in the equity of the portfolio company, in which we may or may not have participated. |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | The establishment of a new precedent transaction value based on a more recent transaction involving the portfolio company’s equity securities, whether or not we participated in such transaction, taking into account the price, rights, preferences and limitations of the equity securities. |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|    ● | A change in the market multiples of the selected comparable public companies or comparable transactions used to value a portfolio company using a market approach and exit multiple in a discounted cash flow method, or income approach, a change in the discount rate used to value a portfolio company using a discounted cash flow method, or income approach, or a change in the valuation metrics such as revenue, EBITDA or net income used in the market and income approaches. |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | A change in the weightings among the values obtained under the market or income approaches used to determine the marketable equity value of a portfolio company. |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | A subsequent financing affecting the rights, preferences and limitations of our equity securities. |
|---------------------------|----------------------------------------------------------------------------------------------------|

|    ● | The use of a cost, or liquidation, approach to value our equity securities in a portfolio company, where recent performance or the uncertainty of obtaining additional financing may indicate the portfolio company’s inability to continue as a going concern. |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | A change in the weightings among the precedent transaction and various exit scenarios such as IPO, sale/merger, or liquidation in deriving the value of our equity securities in a portfolio company. |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | A change in the discount for lack of marketability applied to the marketable value of our equity securities under the IPO and sale/merger exits due to a significant change in the time frame in which the portfolio company expects to pursue or complete an IPO or sale/merger. |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                      |   | Year Ended   |      |   |         |   |
|-----------------------------------------------------------|--------|--------------|-----------|--------|--------------|--------|
|                                                      |   | December 31, |      |   | December 31, |   |   | Increase / |   |
|                                                      |   | 2012         |      |   | 2011         |   |   | (Decrease) |   |
| Operating Expenses                                        |   |         |      |   |         |   |   |   |   |
| Base management fees                                      |   | $            | 1,533,808 |   |         | $      | 1,153,058 |   |   | $ | 380,750 |   |
| Incentive fees                                            |   |         | 425,519   |   |         |   | 152,757 |   |   |   | 272,762 |   |
| Administrative expenses allocated from investment adviser |   |         | 633,997   |   |         |   | 450,019 |   |   |   | 183,978 |   |
| Legal and professional fees                               |   |         | 466,465   |   |         |   | 428,387 |   |   |   | 38,078 |   |
| Directors fees                                            |   |         | 160,000   |   |         |   | 129,750 |   |   |   | 30,250 |   |
| Stock transfer agent fees                                 |   |         | 65,108    |   |         |   | 212,262 |   |   |   | (147,154 | ) |
| Custody fees                                              |   |         | 1,000     |   |         |   | 1,000 |   |   |   | - |   |
| Public and investor relations expenses                    |   |         | 152,437   |   |         |   | 91,183 |   |   |   | 61,254 |   |
| Marketing and advertising expenses                        |   |         | 23,117    |   |         |   | 116,300 |   |   |   | (93,183 | ) |
| Printing and production expenses                          |   |         | 92,713    |   |         |   | 136,606 |   |   |   | (43,893 | ) |
| Postage and fulfillment expenses                          |   |         | 81,401    |   |         |   | 195,217 |   |   |   | (113,816 | ) |
| Stock issuance expenses                                   |   |         | -         |   |         |   | 114,388 |   |   |   | (114,388 | ) |
| Travel expenses                                           |   |         | 81,904    |   |         |   | 346,000 |   |   |   | (264,096 | ) |
| General and administrative expenses                       |   |         | 339,387   |   |         |   | 237,443 |   |   |   | 101,944 |   |
|                                                      |   |         |      |   |         |   |   |   |   |   |   |   |
|       Total Operating Expenses   |   | $            | 4,056,856 |   |         | $      | 3,764,370 |   |   | $ | 292,486 |   |

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|                                                                                                                               |                     | December 31, 2012 |       | December 31, 2011 |   |   |       |           | Change In |         |
|------------------------------------------------------------------------------------------------------------------------------------|--------------------------|-------------------|------------|-------------------|--------|--------|------------|----------------|-----------|--------------|
|                                                                                                                               |                     |              |       |              |   |   |       |           |      |         |   |   |   |   |   |   |   |   |   | Change In |   |   | Unrealized |   |
|                                                                                                                               |                     |              |       |              |   |   |       | Unrealized     |      |         |   |   |   |   |   |   | Unrealized |   |   | Unrealized |   |   | Appreciation |   |
|                                                                                                                               |                     |              |       |              |   |   |       | Appreciation   |      |    |   |   |   |   |   | Appreciation |   |   | Appreciation |   |   | (Depreciation) |   |
| Portfolio Company                                                                                                                  |                     | Cost              |       |              | Value  |   |       | (Depreciation) |      |         | Cost |   |   | Value |   |   | (Depreciation) |   |   | (Depreciation) |   |   | Per Share1 |   |
|                                                                                                                               |                     |              |       |              |   |   |       |           |      |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    LifeLock, Inc.                                                                                                        |                     | $                 | 5,000,000  |              |   | $      | 6,911,002  |           |      | $            | 1,911,002 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 1,911,002 |   |   | $ | 0.21 |   |
|    Corsair Components, Inc.                                                                                              |                     |              | 4,000,080  |              |   |   | 5,600,000  |           |      |         | 1,599,920 |   |   |   | 4,000,080 |   |   |   | 5,610,000 |   |   |   | 1,609,920 |   |   |   | (10,000 | ) |   |   | * |   |
|    Xtime, Inc.                                                                                                           |                     |              | 3,000,000  |              |   |   | 4,442,878  |           |      |         | 1,442,878 |   |   |   | 3,000,000 |   |   |   | 3,009,156 |   |   |   | 9,156 |   |   |   | 1,433,722 |   |   |   | 0.15 |   |
|    Harvest Power, Inc.                                                                                                   |                     |              | 2,499,999  |              |   |   | 3,540,000  |           |      |         | 1,040,001 |   |   |   | 2,499,999 |   |   |   | 2,499,999 |   |   |   | - |   |   |   | 1,040,001 |   |   |   | 0.11 |   |
|    SilkRoad, Inc.                                                                                                        |                     |              | 5,000,000  |              |   |   | 5,720,000  |           |      |         | 720,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 720,000 |   |   |   | 0.08 |   |
|    Metabolon, Inc.                                                                                                       |                     |              | 4,000,000  |              |   |   | 4,530,000  |           |      |         | 530,000 |   |   |   | 4,000,000 |   |   |   | 4,000,000 |   |   |   | - |   |   |   | 530,000 |   |   |   | 0.06 |   |
|    Glam Media, Inc.                                                                                                      |                     |              | 4,999,999  |              |   |   | 5,170,000  |           |      |         | 170,001 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 170,001 |   |   |   | 0.02 |   |
|    Zoosk, Inc.                                                                                                           |                     |              | 2,999,999  |              |   |   | 3,080,000  |           |      |         | 80,001 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 80,001 |   |   |   | 0.01 |   |
|    Jumptap, Inc.                                                                                                         |                     |              | 4,999,995  |              |   |   | 4,999,995  |           |      |         | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|    NeoPhotonics Corporation                                                                                              |                     |              | -          |              |   |   | -          |           |      |         | - |   |   |   | 1,000,000 |   |   |   | 732,800 |   |   |   | (267,200 | ) |   |   | 267,200 |   |   |   | 0.03 |   |
|    Tremor Video, Inc.                                                                                                    |                     |              | 4,000,001  |              |   |   | 3,850,000  |           |      |         | (150,001 | ) |   |   | 4,000,001 |   |   |   | 4,000,001 |   |   |   | - |   |   |   | (150,001 | ) |   |   | (0.02 | ) |
|    BrightSource Energy, Inc.                                                                                             |                     |              | 2,897,131  |              |   |   | 2,657,125  |           |      |         | (240,006 | ) |   |   | 2,500,006 |   |   |   | 2,500,006 |   |   |   | - |   |   |   | (240,006 | ) |   |   | (0.03 | ) |
|    MBA Polymers, Inc.                                                                                                    |                     |              | 2,000,000  |              |   |   | 1,730,000  |           |      |         | (270,000 | ) |   |   | 2,000,000 |   |   |   | 2,000,000 |   |   |   | - |   |   |   | (270,000 | ) |   |   | (0.03 | ) |
|    TrueCar, Inc.                                                                                                         |                     |              | 2,999,996  |              |   |   | 2,680,000  |           |      |         | (319,996 | ) |   |   | 2,999,996 |   |   |   | 2,999,996 |   |   |   | - |   |   |   | (319,996 | ) |   |   | (0.03 | ) |
|    Solazyme, Inc.                                                                                                        |                     |              | 1,505,162  |              |   |   | 1,162,706  |           |      |         | (342,456 | ) |   |   | 1,553,250 |   |   |   | 1,938,831 |   |   |   | 385,581 |   |   |   | (728,037 | ) |   |   | (0.08 | ) |
|    Kabam, Inc.                                                                                                           |                     |              | 1,328,860  |              |   |   | 980,000    |           |      |         | (348,860 | ) |   |   | 1,328,860 |   |   |   | 1,328,860 |   |   |   | - |   |   |   | (348,860 | ) |   |   | (0.04 | ) |
|    Agilyx Corporation                                                                                                    |                     |              | 4,000,000  |              |   |   | 3,650,000  |           |      |         | (350,000 | ) |   |   | 4,000,000 |   |   |   | 4,000,000 |   |   |   | - |   |   |   | (350,000 | ) |   |   | (0.04 | ) |
|    Stoke, Inc.                                                                                                           |                     |              | 3,500,000  |              |   |   | 3,040,000  |           |      |         | (460,000 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (460,000 | ) |   |   | (0.05 | ) |
|    Livescribe, Inc.                                                                                                      |      |              | 606,187    |              |   |   | -          |           |      |         | (606,187 | ) |   |   | 550,881 |   |   |   | 154,324 |   |   |   | (396,557 | ) |   |   | (209,630 | ) |   |   | (0.02 | ) |
|    Suniva, Inc.                                                                                                          |                     |              | 2,500,007  |              |   |   | 1,280,000  |           |      |         | (1,220,007 | ) |   |   | 2,500,007 |   |   |   | 2,500,007 |   |   |   | - |   |   |   | (1,220,007 | ) |   |   | (0.13 | ) |
|                                                                                                                               |                     |              |       |              |   |   |       |           |      |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                                                                                              |                     | $                 | 61,837,416 |              |   | $      | 65,023,706 |           |      | $            | 3,186,290 |   |   | $ | 35,933,080 |   |   | $ | 37,273,980 |   |   | $ | 1,340,900 |   |   | $ | 1,845,390 |   |   | $ | 0.20 |   |
|                                                                                                                               |                     |              |       |              |   |   |       |           |      |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    * Per share amounts less than $0.01.                                                                                  |                     |              |       |              |   |   |       |           |      |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                               |                     |              |       |              |   |   |       |           |      |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    1Per share amounts based on weighted-average shares outstanding of 9,198,016 during the year ended December 31, 2012. |                     |

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----

----

----

----

|    ● | Level 1:  Observable inputs such as unadjusted quoted prices in active markets; |
|---------------------------|-------------------------------------------------------------------------------------------|

|    ● | Level 2:  Includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | Level 3:  Unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

|    ● | Our quarterly valuation process begins with each portfolio company investment being initially valued by the senior investment professionals of Keating Investments, our investment adviser, responsible for the portfolio investment. |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | The Chairman of our Valuation Committee, in consultation with management, will determine each calendar quarter which investments, if any, in our portfolio for which market quotations are not readily available will be reviewed by a third-party valuation firm.  The selection of a private portfolio company for periodic valuation review will be made in view of all facts and circumstances.  However, there is no requirement that a particular portfolio company have its valuation reviewed by a third-party valuation firm in any specified time interval. |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | Our Valuation Committee reviews the preliminary valuations, and our investment adviser and the third-party valuation firm respond and supplement the preliminary valuation to reflect any comments provided by our Valuation Committee. |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | Our Board of Directors discusses the valuations and determines, in good faith, the fair value of each investment in our portfolio for which market quotations are not readily available based on the input of our investment adviser, the third-party valuation firm, and our Valuation Committee. |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | First, we generally derive a marketable equity value for the portfolio company based on our weighting of:  (i) the value derived using market multiples of selected comparable public companies or comparable transactions under the market approach, and/or (ii) the value determined by applying a discount rate to the portfolio company’s future cash flows and terminal exit values under the discounted cash flow, or income, approach.  As part of this analysis, we use certain valuation metrics such as revenue, EBITDA or net income to derive a marketable equity value under the market and income approaches.  Since our pre-IPO portfolio companies tend to be higher growth companies without significant current or projected EBITDA or net income, most of our private companies are valued based on current and future revenue. |
|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|    ● | Second, after deriving appropriate values using the market approach and/or income approaches, we consider the appropriate weightings, if any, that should be applied to each of these derived values to derive a marketable equity value for the portfolio company. |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | Third, after deriving a marketable equity value of the portfolio company, we then value the equity securities we hold in the portfolio company based on the precedent transaction value, if applicable, and certain exit scenarios such as an IPO, sale/merger or liquidation.  In assessing whether the precedent transaction continues to represent the best indicator, or an indicator, of fair value at valuation dates subsequent to the date of the precedent transaction, we typically will consider the recency of the precedent transaction, along with any significant changes in the portfolio company’s business performance and financial condition and other significant events or conditions occurring subsequent to the date of the precedent transaction.  The value of our equity interests under the IPO and sale/merger scenarios is derived using the concluded marketable equity value of the portfolio company.  We will also use a cost, or liquidation, approach to value our equity securities in a portfolio company where recent performance or the uncertainty of obtaining additional financing may indicate the portfolio company’s inability to continue as a going concern.  In determining the value of our equity securities in a portfolio company, we consider the rights, preferences and limitations of such securities we hold, including whether the securities have any structural protections as discussed above. |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | Fourth, to the extent the value of our equity securities in a portfolio company is derived based on an IPO or sale/merger event, we will generally apply a discount for lack of marketability (“DLOM”) to the marketable value of our equity securities based on the time frame in which the portfolio company expects to pursue or complete an IPO or sale/merger.  After applying a DLOM, the resultant IPO and sale/merger values are valued on a non-marketable basis. |
|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    ● | Lastly, we consider the appropriate weightings, if any, that should be applied to each of these derived non-marketable values (IPO, sale/merger, liquidation, or precedent transaction value) to derive the fair value of our private equity securities on a non-marketable basis. |
|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

----

Item 8.    Financial Statements

----

| Financial Statements                                                                     | Page(s)  |
|------------------------------------------------------------------------------------------|---------------|
|                                                                                     |          |
| Report of Independent Registered Public Accounting Firm                                  | 83       |
|                                                                                     |          |
| Statements of Assets and Liabilities as of December 31, 2013 and 2012                    | 84       |
|                                                                                     |          |
| Statements of Operations for the Years Ended December 31, 2013, 2012 and 2011            | 85       |
|                                                                                     |          |
| Statements of Changes in Net Assets for the Years Ended December 31, 2013, 2012 and 2011 | 86       |
|                                                                                     |          |
| Statements of Cash Flows for the Years Ended December 31, 2013, 2012 and 2011            | 87       |
|                                                                                     |          |
| Schedule of Investments as of December 31, 2013                                          | 88       |
|                                                                                     |          |
| Schedule of Investments as of December 31, 2012                                          | 91       |
|                                                                                     |          |
| Notes to Financial Statements                                                            | 94       |

----

Report

----

Keating

----

|                                                                                                        |   | December 31, |       |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------|--------------|--------|
|                                                                                                        |   | 2013         |       |   | 2012         |   |
|                                                                                                        |   |         |       |   |         |   |
| Assets                                                                                                      |   |         |       |   |         |   |
| Investments in portfolio company securities at fair value:                                                  |   |         |       |   |         |   |
| Non-control/non-affiliate investments:                                                                      |   |         |       |   |         |   |
| Private portfolio companies                                                                                 |   |         |       |   |         |   |
| (Cost: $42,574,747 and $47,332,174, respectively)                                                           |   | $            | 44,282,569 |   |         | $      | 46,819,998 |   |
| Publicly-traded portfolio companies                                                                         |   |         |       |   |         |   |   |   |
| (Cost: $8,999,996 and $6,505,162, respectively)                                                             |   |         | 11,554,236 |   |         |   | 8,073,708 |   |
| Affiliate investments:                                                                                      |   |         |       |   |         |   |   |   |
| Private portfolio companies                                                                                 |   |         |       |   |         |   |   |   |
| (Cost: $4,000,000 and $8,000,080, respectively)                                                             |   |         | 6,140,000  |   |         |   | 10,130,000 |   |
| Total, investments in portfolio company securities at fair value                                            |   |         | 61,976,805 |   |         |   | 65,023,706 |   |
| (Cost: $55,574,743 and $61,837,416, respectively)                                                           |   |         |       |   |         |   |   |   |
|                                                                                                        |   |         |       |   |         |   |   |   |
| Cash and cash equivalents                                                                                   |   |         | 13,537,328 |   |         |   | 8,934,036 |   |
| Prepaid expenses and other assets                                                                           |   |         | 102,421    |   |         |   | 104,429 |   |
| Deferred offering costs                                                                                     |   |         | -          |   |         |   | 322,906 |   |
|                                                                                                        |   |         |       |   |         |   |   |   |
| Total assets                                                                                                |   | $            | 75,616,554 |   |         | $      | 74,385,077 |   |
|                                                                                                        |   |         |       |   |         |   |   |   |
| Liabilities                                                                                                 |   |         |       |   |         |   |   |   |
| Base management fees payable to investment adviser                                                          |   | $            | 126,515    |   |         | $      | 128,746 |   |
| Accrued incentive fees payable to investment adviser                                                        |   |         | 2,216,888  |   |         |   | 693,699 |   |
| Administrative expenses payable to investment adviser                                                       |   |         | 51,755     |   |         |   | 51,396 |   |
| Accounts payable                                                                                            |   |         | 47,709     |   |         |   | 90,139 |   |
| Dividends payable                                                                                           |   |         | 104,072    |   |         |   | - |   |
| Accrued expenses and other liabilities                                                                      |   |         | 30,145     |   |         |   | 8,157 |   |
|                                                                                                        |   |         |       |   |         |   |   |   |
| Total liabilities                                                                                           |   |         | 2,577,084  |   |         |   | 972,137 |   |
|                                                                                                        |   |         |       |   |         |   |   |   |
| Net assets                                                                                                  |   |         |       |   |         |   |   |   |
| Common stock, $0.001 par value; 200,000,000 authorized; 9,997,343 and 9,283,781 shares issued, respectively |   | $            | 9,997      |   |         | $      | 9,284 |   |
| Additional paid-in capital                                                                                  |   |         | 71,806,893 |   |         |   | 71,675,244 |   |
| Treasury stock, at cost, 448,441 and 108,996 shares held, respectively                                      |   |         | (2,962,594 | )      |         |   | (764,179 | ) |
| Accumulated net investment loss                                                                             |   |         | (2,216,888 | )      |         |   | (693,699 | ) |
| Accumulated undistributed net realized gain on investments                                                  |   |         | -          |   |         |   | - |   |
| Net unrealized appreciation on investments                                                                  |   |         | 6,402,062  |   |         |   | 3,186,290 |   |
|                                                                                                        |   |         |       |   |         |   |   |   |
| Total net assets                                                                                            |   | $            | 73,039,470 |   |         | $      | 73,412,940 |   |
|                                                                                                        |   |         |       |   |         |   |   |   |
| Total liabilities and net assets                                                                            |   | $            | 75,616,554 |   |         | $      | 74,385,077 |   |
|                                                                                                        |   |         |       |   |         |   |   |   |
| Net asset value per share (on 9,548,902 and 9,174,785 shares outstanding, respectively)                     |   | $            | 7.65       |   |         | $      | 8.00 |   |

----

Keating

----

|                                                                                                            |   | Years Ended December 31, |       |
|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------|------------|
|                                                                                                            |   | 2013                     |       |   | 2012 |   |   | 2011 |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |
| Investment income                                                                                               |   |                     |       |   |   |   |   |   |   |
| Interest from portfolio company investments                                                                     |   |                     |       |   |   |   |   |   |   |
| Non-control/non-affiliate investments                                                                           |   | $                        | 37,376     |   |   | $ | - |   |   | $ | - |   |
| Interest and dividends from cash and cash equivalents                                                           |   |                     | 2,577      |   |   |   | 3,870 |   |   |   | 54,348 |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Total investment income                                                                                         |   |                     | 39,953     |   |   |   | 3,870 |   |   |   | 54,348 |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                                                              |   |                     |       |   |   |   |   |   |   |   |   |   |
| Base management fees                                                                                            |   |                     | 1,462,495  |   |   |   | 1,533,808 |   |   |   | 1,153,058 |   |
| Incentive fees                                                                                                  |   |                     | 1,523,189  |   |   |   | 425,519 |   |   |   | 152,757 |   |
| Administrative expenses allocated from investment adviser                                                       |   |                     | 651,811    |   |   |   | 633,997 |   |   |   | 450,019 |   |
| Legal and professional fees                                                                                     |   |                     | 613,136    |   |   |   | 466,465 |   |   |   | 428,387 |   |
| Directors fees                                                                                                  |   |                     | 130,000    |   |   |   | 160,000 |   |   |   | 129,750 |   |
| Stock transfer agent fees                                                                                       |   |                     | 58,145     |   |   |   | 65,108 |   |   |   | 212,262 |   |
| Custody fees                                                                                                    |   |                     | 6,000      |   |   |   | 1,000 |   |   |   | 1,000 |   |
| Public and investor relations expenses                                                                          |   |                     | 54,544     |   |   |   | 152,437 |   |   |   | 91,183 |   |
| Marketing and advertising expenses                                                                              |   |                     | 243,704    |   |   |   | 23,117 |   |   |   | 116,300 |   |
| Printing and production expenses                                                                                |   |                     | 79,068     |   |   |   | 92,713 |   |   |   | 136,606 |   |
| Postage and fulfillment expenses                                                                                |   |                     | 43,458     |   |   |   | 81,401 |   |   |   | 195,217 |   |
| Stock issuance expenses                                                                                         |   |                     | -          |   |   |   | - |   |   |   | 114,388 |   |
| Travel expenses                                                                                                 |   |                     | 112,530    |   |   |   | 81,904 |   |   |   | 346,000 |   |
| General and administrative expenses                                                                             |   |                     | 374,708    |   |   |   | 339,387 |   |   |   | 237,443 |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Total operating expenses                                                                                        |   |                     | 5,352,788  |   |   |   | 4,056,856 |   |   |   | 3,764,370 |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net investment loss                                                                                             |   |                     | (5,312,835 | ) |   |   | (4,052,986 | ) |   |   | (3,710,022 | ) |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net realized gain on investments                                                                                |   |                     |       |   |   |   |   |   |   |   |   |   |
| Non-control/non-affiliate investments                                                                           |   |                     | 3,724,861  |   |   |   | 282,203 |   |   |   | - |   |
| Affiliate investments                                                                                           |   |                     | 675,317    |   |   |   | - |   |   |   | - |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Total net realized gain on investments                                                                          |   |                     | 4,400,178  |   |   |   | 282,203 |   |   |   | - |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net change in unrealized appreciation (depreciation) on investments                                             |   |                     |       |   |   |   |   |   |   |   |   |   |
| Non-control/non-affiliate investments                                                                           |   |                     | 3,205,692  |   |   |   | 1,325,390 |   |   |   | (846,136 | ) |
| Affiliate investments                                                                                           |   |                     | 10,080     |   |   |   | 520,000 |   |   |   | 1,609,920 |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Total net change in unrealized appreciation (depreciation) on investments                                       |   |                     | 3,215,772  |   |   |   | 1,845,390 |   |   |   | 763,784 |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in net assets resulting from operations                                                 |   | $                        | 2,303,115  |   |   | $ | (1,925,393 | ) |   | $ | (2,946,238 | ) |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net investment loss per common share outstanding (basic and diluted)                                            |   | $                        | (0.59      | ) |   | $ | (0.44 | ) |   | $ | (0.54 | ) |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in net assets resulting from operations per common shareoutstanding (basic and diluted) |   | $                        | 0.25       |   |   | $ | (0.21 | ) |   | $ | (0.43 | ) |
|                                                                                                            |   |                     |       |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding (basic and diluted)                                                  |   |                     | 9,033,267  |   |   |   | 9,198,016 |   |   |   | 6,921,481 |   |

----

Keating

----

|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   | Accumulated |       |        |  Accumulated |   |        | Distributions |   |   |       |   |
|-------------------------------------------------------------------------------|--------|--------------|-----------|--------|-----------|--------|---------|------------|--------|---------|------------|--------|--------|-------------|------------|-------------|-------------------|--------|-------------|---------------|--------|--------|------------|--------|
|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   | Net         |       |        | Undistributed     |   |        | Unrealized    |   |   | In Excess  |   |   |   |   |
|                                                                          |   |         |      |   |      |   |    | Additional |   |    | Treasury   |   |   | Investment  |       |        | Net Realized      |   |        | Appreciation  |   |   | of Net     |   |   |   |   |
|                                                                          |   | Common Stock |      |   | Paid-in   |   |    | Stock      |   |    | Income     |   |   | Gain on     |       |        | on                |   |        | Investment    |   |   | Net        |   |
| For the Years Ended December 31, 2013, 2012 and 2011:                         |   | Shares (1)   |      |   | Par Value |   | Capital |       |   | At Cost |       |   | (Loss) |        |       | Investments |              |   | Investments |          |   | Income |       |   | Assets |   |
|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   |        |       |        |              |   |        |          |   |   |       |   |   |   |   |
| Balance at December 31, 2010 (2)                                              |   |         | 2,860,299 |   |      | $      | 2,860   |       |   | $       | 21,991,847 |   |   | $           | -          |        |              | $      | (115,423    | )             |   | $      | -          |   |   | $ | 577,116 |   |   | $ | - |   |   | $ | 22,456,400 |   |
|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   |        |       |        |              |   |        |          |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (decrease) increase in net assets from operations                         |   |         | -         |   |      |   | -       |       |   |    | -          |   |   |        | -          |        |              |   | (3,710,022  | )             |   |   | -          |   |   |   | 763,784 |   |   | $ | - |   |   |   | (2,946,238 | ) |
| Issuance of common stock, net of offering costsof $6,180,594 (3)              |   |         | 6,423,482 |   |      |   | 6,423   |       |   |    | 57,803,330 |   |   |        | -          |        |              |   | -           |          |   |   | -          |   |   |   | - |   |   |   | - |   |   |   | 57,809,753 |   |
| Amortization of deferred offering costs                                       |   |         | -         |   |      |   | -       |       |   |    | (488,363   | )      |   |        | -          |        |              |   | -           |          |   |   | -          |   |   |   | - |   |   |   | - |   |   |   | (488,363 | ) |
| Distributions in excess of net investment incomeand net realized gains        |   |         | -         |   |      |   | -       |       |   |    | -          |   |   |        | -          |        |              |   | -           |          |   |   | -          |   |   |   | - |   |   |   | (446,837 | ) |   |   | (446,837 | ) |
| Classification of distributions as a return of capital                        |   |         | -         |   |      |   | -       |       |   |    | (446,837   | )      |   |        | -          |        |              |   | -           |          |   |   | -          |   |   |   | - |   |   |   | 446,837 |   |   |   | - |   |
| Reclassification of permanent book to tax differences                         |   |         | -         |   |      |   | -       |       |   |    | (3,557,265 | )      |   |        | -          |        |              |   | 3,557,265   |          |   |   | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   |        |       |        |              |   |        |          |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2011 (2)                                              |   |         | 9,283,781 |   |      | $      | 9,284   |       |   | $       | 75,302,711 |   |   | $           | -          |        |              | $      | (268,180    | )             |   | $      | -          |   |   | $ | 1,340,900 |   |   | $ | - |   |   | $ | 76,384,715 |   |
|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   |        |       |        |              |   |        |          |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (decrease) increase in net assets from operations                         |   |         | -         |   |      |   | -       |       |   |    | -          |   |   |        | -          |        |              |   | (4,052,986  | )             |   |   | 282,203    |   |   |   | 1,845,390 |   |   | $ | - |   |   |   | (1,925,393 | ) |
| Distributions paid to stockholders from net realized gains                    |   |         | -         |   |      |   | -       |       |   |    | -          |   |   |        | -          |        |              |   | -           |          |   |   | (282,203   | )      |   |   | - |   |   |   |   |   |   |   | (282,203 | ) |
| Repurchase of common stock (108,996 shares)                                   |   |         | -         |   |      |   | -       |       |   |    | -          |   |   |        | (764,179   | )           |              |   | -           |          |   |   | -          |   |   |   | - |   |   |   | - |   |   |   | (764,179 | ) |
| Reclassification of permanent book to tax differences                         |   |         | -         |   |      |   | -       |       |   |    | (3,627,467 | )      |   |        | -          |        |              |   | 3,627,467   |          |   |   | -          |   |   |   | - |   |   |   |   |   |   |   | - |   |
|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   |        |       |        |              |   |        |          |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2012 (2)                                              |   |         | 9,283,781 |   |      | $      | 9,284   |       |   | $       | 71,675,244 |   |   | $           | (764,179   | )           |              | $      | (693,699    | )             |   | $      | -          |   |   | $ | 3,186,290 |   |   | $ | - |   |   | $ | 73,412,940 |   |
|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   |        |       |        |              |   |        |          |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (decrease) increase in net assets from operations                         |   |         | -         |   |      |   | -       |       |   |    | -          |   |   |        | -          |        |              |   | (5,312,835  | )             |   |   | 4,400,178  |   |   |   | 3,215,772 |   |   | $ | - |   |   |   | 2,303,115 |   |
| Distributions to stockholders from net realized gains (4)                     |   |         | -         |   |      |   | -       |       |   |    | -          |   |   |        | -          |        |              |   | -           |          |   |   | (4,400,178 | )      |   |   | - |   |   |   |   |   |   |   | (4,400,178 | ) |
| Issuance of common stock in rights offering, net ofoffering costs of $359,364 |   |         | 713,562   |   |      |   | 713     |       |   |    | 3,921,295  |   |   |        | -          |        |              |   | -           |          |   |   | -          |   |   |   | - |   |   |   |   |   |   |   | 3,922,008 |   |
| Repurchase of common stock (339,445 shares)                                   |   |         | -         |   |      |   | -       |       |   |    | -          |   |   |        | (2,198,415 | )           |              |   | -           |          |   |   | -          |   |   |   | - |   |   |   | - |   |   |   | (2,198,415 | ) |
| Reclassification of permanent book to tax differences                         |   |         | -         |   |      |   | -       |       |   |    | (3,789,646 | )      |   |        | -          |        |              |   | 3,789,646   |          |   |   | -          |   |   |   | - |   |   |   |   |   |   |   | - |   |
|                                                                          |   |         |      |   |      |   |    |       |   |    |       |   |   |        |       |        |              |   |        |          |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2013 (2)                                              |   |         | 9,997,343 |   |      | $      | 9,997   |       |   | $       | 71,806,893 |   |   | $           | (2,962,594 | )           |              | $      | (2,216,888  | )             |   | $      | -          |   |   | $ | 6,402,062 |   |   | $ | - |   |   | $ | 73,039,470 |   |

| (1) | Represents common shares issued.                                                                                                                                                                                                                                                           |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Net assets at December 31, 2013, 2012, 2011 and 2010 include no accumulated undistributed net investment income.                                                                                                                                                                           |
| (3) | All shares were sold at a price of either $9.30 or $10.00, depending on whether or not sales commissions were waived by the dealer manager.                                                                                                                                                |
| (4) | Distribution payable to stockholders of record on December 30, 2013 (with ex-dividend date of December 26, 2013) of $104,072 was paid on January 13, 2014.  For income and excise tax purposes, the distribution is treated as paid in 2013 and taxable to stockholders in 2013. |

----

Keating

----

|                                                                          |   | Years Ended December 31, |       |
|-------------------------------------------------------------------------------|--------|--------------------------|------------|
|                                                                          |   | 2013                     |       |   | 2012 |   |   | 2011 |   |
|                                                                          |   |                     |       |   |   |   |   |   |   |
| Cash flows from operating activities                                          |   |                     |       |   |   |   |   |   |   |
| Net increase (decrease) in net assets resulting from operations               |   | $                        | 2,303,115  |   |   | $ | (1,925,393 | ) |   | $ | (2,946,238 | ) |
| Adjustments to reconcile net increase (decrease) in net assets resulting from |   |                     |       |   |   |   |   |   |   |
| operations to net cash used in operating activities:                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Payment-in-kind interest income                                               |   |                     | (37,376    | ) |   |   | - |   |   |   | - |   |
| Net realized gain on investments                                              |   |                     | (4,400,178 | ) |   |   | (282,203 | ) |   |   | - |   |
| Net change in unrealized appreciation on investments                          |   |                     | (3,215,772 | ) |   |   | (1,845,390 | ) |   |   | (763,784 | ) |
| Deferred offering costs charged-off                                           |   |                     | 287,358    |   |   |   | - |   |   |   | - |   |
| Investments in portfolio companies                                            |   |                     | (4,205,193 | ) |   |   | (27,479,924 | ) |   |   | (32,332,589 | ) |
| Net proceeds from sales of portfolio company investments                      |   |                     | 14,905,420 |   |   |   | 1,857,791 |   |   |   | - |   |
| Purchases of short-term investments                                           |   |                     | -          |   |   |   | - |   |   |   | (89,000,000 | ) |
| Proceeds from maturities of short-term investments                            |   |                     | -          |   |   |   | - |   |   |   | 102,500,000 |   |
| Changes in operating assets and liabilities:                                  |   |                     |       |   |   |   |   |   |   |   |   |   |
| Decrease (increase) in prepaid expenses and other assets                      |   |                     | 11,797     |   |   |   | (41,683 | ) |   |   | 29,379 |   |
| Increase (decrease) in base management fees payable to investment adviser     |   |                     | (2,231     | ) |   |   | (2,223 | ) |   |   | 40,338 |   |
| Increase in accrued incentive fees payable to investment adviser              |   |                     | 1,523,189  |   |   |   | 425,519 |   |   |   | 152,757 |   |
| Increase in administrative expenses payable to investment adviser             |   |                     | 359        |   |   |   | 4,111 |   |   |   | 5,937 |   |
| Decrease in reimbursable expenses payable to investment adviser               |   |                     | -          |   |   |   | - |   |   |   | (3,068 | ) |
| Increase (decrease) in accounts payable                                       |   |                     | (16,671    | ) |   |   | 19,537 |   |   |   | (9,673 | ) |
| Increase (decrease) in accrued expenses and other liabilities                 |   |                     | 21,988     |   |   |   | (33,330 | ) |   |   | (28,081 | ) |
|                                                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities                           |   |                     | 7,175,805  |   |   |   | (29,303,188 | ) |   |   | (22,355,022 | ) |
|                                                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Gross proceeds from issuance of common stock                                  |   |                     | 4,281,372  |   |   |   | - |   |   |   | 63,990,347 |   |
| Offering costs from issuance of common stock                                  |   |                     | (359,364   | ) |   |   | - |   |   |   | (6,180,594 | ) |
| Additions to deferred stock offering costs                                    |   |                     | -          |   |   |   | (322,906 | ) |   |   | (154,681 | ) |
| Repurchase of common stock                                                    |   |                     | (2,198,415 | ) |   |   | (764,179 | ) |   |   | - |   |
| Stockholder distributions from net realized gains                             |   |                     | (4,296,106 | ) |   |   | (282,203 | ) |   |   | - |   |
| Stockholder distributions as a return of capital                              |   |                     | -          |   |   |   | - |   |   |   | (446,837 | ) |
|                                                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net cash provided by (used in) financing activities                           |   |                     | (2,572,513 | ) |   |   | (1,369,288 | ) |   |   | 57,208,235 |   |
|                                                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                          |   |                     | 4,603,292  |   |   |   | (30,672,476 | ) |   |   | 34,853,213 |   |
|                                                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                |   |                     | 8,934,036  |   |   |   | 39,606,512 |   |   |   | 4,753,299 |   |
|                                                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, end of period                                      |   | $                        | 13,537,328 |   |   | $ | 8,934,036 |   |   | $ | 39,606,512 |   |
|                                                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
|                                                                          |   |                     |       |   |   |   |   |   |   |   |   |   |
| Supplemental disclosure of non-cash financing activities                      |   |                     |       |   |   |   |   |   |   |   |   |   |
| Decrease in deferred offering costs                                           |   | $                        | 35,548     |   |   | $ | - |   |   | $ | 488,363 |   |
| Increase in dividends payable                                                 |   | $                        | 104,072    |   |   | $ | - |   |   | $ | - |   |

----

Keating

----

|                                      |   |                                                             |   |                                          |   | Shares /   |            |   |   |   |          |      |   |   | Value           |   |
|-------------------------------------------|--------|------------------------------------------------------------------|--------|-----------------------------------------------|--------|------------|-----------------|--------|--------|--------|---------------|-----------|--------|--------|-----------------|--------|
|                                      |   |                                                             |   |                                          |   | Warrants / |            |   |   |   |          |      |   |   | as % of         |   |
| Portfolio Company                         |   | Headquarters / Industry (1)                                      |   | Type of Investment                            |   | Principal  |            |   | Cost   |   |          | Value (3) |   |   | Net Assets      |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |
| Non-Control/Non-Affiliate Investments (4) |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |
| Private Portfolio Companies:              |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |
| Livescribe, Inc.                          |   | Oakland, CA                                                      |   | Common Stock                                  |   |       | 9,686           |   |   | $      | 606,187       |      |   | $      | -               |   |   |   | 0.00 | % |
|                                      |   | Consumer Electronics                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| MBA Polymers, Inc.                        |   | Worksop, Nottinghamshire, UK                                     |   | Series G Convertible Preferred Stock          |   |       | 2,000,000       |   |   |   | 2,000,000     |      |   |   | 1,530,000       |   |   |   | 2.09 | % |
|                                      |   | Plastics Recycling                                               |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| BrightSource Energy, Inc.                 |   | Oakland, CA                                                      |   | Common Stock                                  |   |       | 132,972         |   |   |   | 1,756,202     |      |   |   | 710,000         |   |   |   | 0.97 | % |
|                                      |   | Solar Thermal Energy                                             |   | Series 1A Preferred Stock                     |   |       |  2,294,835 |   |   |   |  682,761 |      |   |   |  380,000   |   |   |   |  0.52 | %  |
|                                      |   |                                                             |   | Series 1 Convertible Preferred Stock          |   |       |  48,582    |   |   |   |  458,168 |      |   |   |  390,000   |   |   |   |  0.53 | %  |
|                                      |   |                                                             |   | Subordinated Convertible Bridge Notes (2) (7) |   | $     |  213,902   |   |   |   |  213,902 |      |   |   |  213,902   |   |   |   |  0.29 | %  |
|                                      |   | Original principal $205,193; PIK interest 11.5%;mature 7/10/2014 |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| Harvest Power, Inc.                       |   | Waltham, MA                                                      |   | Series B Convertible Preferred Stock          |   |       | 580,496         |   |   |   | 2,499,999     |      |   |   | 2,770,000       |   |   |   | 3.79 | % |
|                                      |   | Waste Management                                                 |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| Suniva, Inc.                              |   | Norcross, GA                                                     |   | Series D Convertible Preferred Stock          |   |       | 198             |   |   |   | 2,500,007     |      |   |   | 1,330,000       |   |   |   | 1.82 | % |
|                                      |   | Solar Photovoltaic Cells                                         |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| Xtime, Inc.                               |   | Redwood Shores, CA                                               |   | Series 1A Convertible Preferred Stock         |   |       | 1,573,234       |   |   |   | 2,389,140     |      |   |   | 4,460,000       |   |   |   | 6.11 | % |
|                                      |   | Software as a Service                                            |   | Common Stock Warrants                         |   |       |  n/a       |   |   |   |  610,860 |      |   |   |  1,350,000 |   |   |   |  1.85 | %  |
|                                      |   | Exercise price $0.01 per share; perpetual term                   |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |
|                                      |   |                                                             |   | Subject to restrictions on exercisability     |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   | Common Stock Warrants                         |   |       |  22,581    |   |   |   |  -       |      |   |   |  20,000    |   |   |   |  0.03 | %  |
|                                      |   | Exercise price $0.01 per share; expire 8/24/2018                 |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |
|                                      |   |                                                             |   | Subject to restrictions on exercisability     |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| Kabam, Inc.                               |   | San Francisco, CA                                                |   | Series D Convertible Preferred Stock          |   |       | 1,046,017       |   |   |   | 1,328,860     |      |   |   | 1,620,000       |   |   |   | 2.22 | % |
|                                      |   | Online Multiplayer Games                                         |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| TrueCar, Inc.                             |   | Santa Monica, CA                                                 |   | Common Stock                                  |   |       | 566,037         |   |   |   | 2,999,996     |      |   |   | 3,720,000       |   |   |   | 5.09 | % |
|                                      |   | Consumer Website                                                 |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| Agilyx Corporation                        |   | Beaverton, OR                                                    |   | Series C Convertible Preferred Stock          |   |       | 1,092,956       |   |   |   | 4,000,000     |      |   |   | 1,840,000       |   |   |   | 2.52 | % |
|                                      |   | Renewable Oils                                                   |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
|                                      |   |                                                             |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |
| Zoosk, Inc.                               |   | San Francisco, CA                                                |   | Series E Convertible Preferred Stock          |   |       | 715,171         |   |   |   | 2,999,999     |      |   |   | 5,650,000       |   |   |   | 7.74 | % |
|                                      |   | Online Dating                                                    |   |                                          |   |       |            |   |   |   |          |      |   |   |            |   |   |   |   |   |

----

Keating

----

|                                                                                  |   |                                         |   |                                             |      | Shares /   |            |   |             |   |             |      |             |   | Value         |   |
|---------------------------------------------------------------------------------------|--------|----------------------------------------------|--------|--------------------------------------------------|-----------|------------|-----------------|--------|------------------|--------|------------------|-----------|------------------|--------|---------------|--------|
|                                                                                  |   |                                         |   |                                             |      | Warrants / |            |   |             |   |             |      |             |   | as % of       |   |
| Portfolio Company                                                                     |   | Headquarters / Industry (1)                  |   | Type of Investment                               |      | Principal  |            |   | Cost             |   |             | Value (3) |             |   | Net Assets    |   |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |
| SilkRoad, Inc.                                                                        |   | Chicago, IL                                  |   | Series C Convertible Preferred Stock             |      |       | 17,711,654      |   |             |   | 5,000,000        |      |             |   | 7,350,000     |   |   |   | 10.06 | % |
|                                                                                  |   | Software as a Service                        |   | Preferred Stock Warrants                         |      |       |  n/a       |   |             |   |  -          |      |             |   |  230,000 |   |   |   |  0.31 | %  |
|                                                                                  |   |                                         |   | Exercise price $0.2823 per share (subject to     |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   | adjustment); expire 6/30/2018                    |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   | Subject to restrictions on exercisability        |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   | Subordinated Convertible Bridge Note (2) (7) |   | $                                                | 1,028,667 |       |            |   | 1,028,667        |   |             |      | 1,028,667        |   |          |   | 1.41 | % |
|                                                                                  |   |                                         |   | Original principal $1,000,000; PIK interest 8%;  |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   | matures 6/30/2014 (subject to certain conditions |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   | and events)                                      |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Glam Media, Inc.                                                                      |   | Brisbane, CA                                 |   | Series F Convertible Preferred Stock             |      |       | 1,196,315       |   |             |   | 4,999,999        |      |             |   | 5,750,000     |   |   |   | 7.87 | % |
|                                                                                  |   | Social Media                                 |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Stoke, Inc.                                                                           |   | Santa Clara, CA                              |   | Common Stock                                     |      |       | 1,000,000       |   |             |   | 3,500,000        |      |             |   | 940,000       |   |   |   | 1.29 | % |
|                                                                                  |   | Communications Equipment                     |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Deem, Inc.                                                                            |   | San Francisco, CA                            |   | Series AA-1 Convertible Preferred Stock          |      |       | 59,469,532      |   |             |   | 3,000,000        |      |             |   | 3,000,000     |   |   |   | 4.11 | % |
|                                                                                  |   | E-commerce network                           |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Subtotal - Non-Control/Non-Affiliate Investments, Private Portfolio Companies         |   |                                         |   |                                             |      |       |            | $      |  42,574,747 |   |             | $         |  44,282,569 |   |          |   |  60.62 | % |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Publicly Traded Portfolio Companies:                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Tremor Video, Inc. (4)                                                                |   | New York, NY                                 |   | Common Stock                                     |      |       | 599,999         |   |             |   | 4,000,001        |      |             |   | 3,479,994     |   |   |   | 4.76 | % |
|                                                                                  |   | Online Video Advertising                     |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Millennial Media, Inc. (5)                                                            |   | Baltimore, MD                                |   | Common Stock                                     |      |       | 1,247,893       |   |             |   | 4,999,995        |      |             |   | 8,074,242     |   |   |   | 11.06 | % |
|                                                                                  |   | Mobile Advertising                           |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Subtotal - Non-Control/Non-Affiliate Investments, Publicly Traded Portfolio Companies |   |                                         |   |                                             |      | $          |  8,999,996 |   |             | $      |  11,554,236 |      |             |   |  15.82   | %      |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Affiliate Investments (6)                                                             |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Private Portfolio Companies:                                                          |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Metabolon, Inc.                                                                       |   | Durham, NC                                   |   | Series D Convertible Preferred Stock             |      |       | 2,229,021       |   |             |   | 4,000,000        |      |             |   | 6,140,000     |   |   |   | 8.41 | % |
|                                                                                  |   | Molecular Diagnostics and Services           |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |
|                                                                                  |   |
| Subtotal - Affiliate Investments, Private Portfolio Companies                         |   |                                         |   |                                             |      |       |            | $      | 4,000,000        |   |             | $         | 6,140,000        |   |          |   | 8.41 | % |
|                                                                                  |   |                                         |   |                                             |      |       |            |   |             |   |             |      |             |   |          |   |   |   |   |   |
| Total - Investments in Portfolio Company Securities (8)                               |   |                                         |   |                                             |      |       |            | $      | 55,574,743       |   |             | $         | 61,976,805       |   |          |   | 84.85 | % |

----

----

|                                                                                                                                                                             |   |   |             |   | % of       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------|--------|------------|--------|
| Reconciliation to Net Assets                                                                                                                                                     |   | Amount |             |   | Net Assets |   |
|                                                                                                                                                                             |   |   |             |   |       |   |
|                                                                                                                                                                             |   |   |             |   |       |   |
|  Investments in portfolio company securities at fair value                                                                                                                  |   | $      | 61,976,805       |   |       |   | 84.85 | % |
| Cash and cash equivalents - includes investments in money market funds consisting of 13,371,266 Class A shares in the SEI Daily Income Trust Government Fund (SEOXX)   |   |   |  13,537,328 |   |       |   | 18.54 | % |
| with a value of $1 per share, or $13,371,266, which are income producing (2)                                                                                                     |   |   |             |   |       |   |   |   |
| Prepaid expenses and other assets                                                                                                                                                |   |   | 102,421          |   |       |   | 0.14 | % |
|                                                                                                                                                                             |   |   |             |   |       |   |   |   |
| Less: Total Liabilities                                                                                                                                                          |   |   | (2,577,084       | )      |       |   | (3.53 | %) |
|                                                                                                                                                                             |   |   |             |   |       |   |   |   |
| Net Assets                                                                                                                                                                       |   | $      | 73,039,470       |   |       |   | 100.00 | % |

----

| (1)    | The Company invests in later stage, typically venture capital-backed, technology companies.  The corporate headquarters of the portfolio company may not be indicative of the primary source of the portfolio company’s business.  The industry description generally identifies the types of products or services provided by each portfolio company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (2)    | Investment is income producing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (3)    | Except for common stock in one publicly traded portfolio company, Tremor Video, all investments were valued at fair value as determined in good faith by the Board of Directors and are subject to legal restrictions on transfer (including lockup and other contractual restrictions) as of December 31, 2013.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (4)    | On June 26, 2013, Tremor Video priced its initial public offering 7,500,000 shares of common stock at a price to the public of $10.00 per share.  Tremor Video's common stock trades on the New York Stock Exchange under the ticker symbol "TRMR."  The Company's shares in Tremor Video were subject to a lockup agreement which expired on December 24, 2013.  At December 31, 2013, the Company valued its shares of common stock in Tremor Video based on the December 31, 2013 closing price.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (5)    | On November 6, 2013, portfolio company Jumptap, Inc. completed its merger with Millennial Media, Inc. (NYSE:  MM).  At the closing of the merger, in exchange for its Jumptap Series G preferred stock and after certain share adjustments, the Company received 1,247,893 shares of Millennial Media’s common stock, which shares are restricted securities.  Millennial Media is required to register these shares for resale in accordance with a registration rights agreement.  Pursuant to a contractual lockup agreement, the Company may not sell any shares of Millennial Media common stock for the initial 90-day period following the closing.  Beginning on or about February 4, 2014, the Company may sell up to 415,964 shares.  Beginning on or about May 5, 2014, the Company may sell an additional 696,735 shares.  At the closing of the merger, the Company was required to set aside in escrow a total of 135,194 shares of Millennial Media for a one-year period following the closing as partial security for potential stockholder indemnification obligations.  At December 31, 2013, the Company valued its shares of common stock in Millennial Media based on the December 31, 2013 closing price, adjusted for a discount due to lack of marketability of 11%. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (6)    | Control Investments are defined by the Investment Company Act of 1940, as amended (the "1940 Act"), as investments in which the Company owns more than 25% of the voting securities or where the Company has the ability to nominate greater than 50% of the board representation.  Affiliate Investments are defined by the 1940 Act as investments in which the Company owns between 5% and 25% of the voting securities.  Non-Control/Non-Affiliate Investments are defined by the 1940 Act as investments that are neither Control Investments nor Affiliate Investments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (7)    | Investment is payment-in-kind note.  Principal and cost includes accumulated payment-in-kind ("PIK") interest.  PIK interest rate is fixed for the term of the notes.  The PIK interest is computed at the contractual rate specified in each note and is added to the principal balance of the note and recorded as interest income as earned.  As of December 31, 2013, the Company was accruing PIK interest on each of its payment-in-kind notes, and none of such notes were on non-accrual status.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (8)    | As of December 31, 2013, approximately 97.8% of the Company's total assets constituted qualifying investments under Section 55(a) of the 1940 Act.  Qualifying assets must represent at least 70% of the Company's total assets at the time of acquisition of any additional non-qualifying assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

----

Keating

----

|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   | Value               |
|-------------------------------------------|--------|-----------------------------|---------------------------------------|--------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--------------------------------------------------------------------------------|---------------------------------------------------------------------|-----------------------------------------------------|--------|---------------------|
|                                      |   |                        |                                  |                                                               |                                                                                          | Shares /                                                                      |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   | as % of   |
| Portfolio Company                         |   | Headquarters / Industry (1) |                                  | Type of Investment (2)                                             |                                                                                          | Warrants                                                                      |                                                                                                                                  |                                                | Cost                                                |                                                                           |                                                                | Value (3)                                           |   | Net Assets          |
| Non-Control/Non-Affiliate Investments (4) |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| Private Portfolio Companies:              |
| Livescribe, Inc.                          |   | Oakland, CA                 |                                  | Common Stock                                                       |                                                                                          |             9,686 |                                                                                                                                  | $                                              |  606,187                                       |                                                                           | $                                                              | -                                                   |   | 0.00%               |
|                                      |   | Consumer Electronics        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| MBA Polymers, Inc.                        |   | Richmond, CA                |                                  | Series G Convertible Preferred Stock                               |      2,000,000                                                       |                                                                          |                                                                                                                                  |        2,000,000 |                                                |                                                                           |        1,730,000                 |                                                | 2.36%  |
|                                      |   | Plastics Recycling          |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| BrightSource Energy, Inc.                 |   | Oakland, CA                 |                                  | Common Stock                                                       |                                                                                          |         132,972                       |                                                                                                                                  |                                                |        1,756,203 |                                                                           |                                                                |        1,630,000 |   | 2.22%               |
|                                      |   | Solar Thermal Energy        | Series 1A Preferred Stock             |      2,500,005                            |                                                                                          |                                                                          |           743,803                                                                   |                                                |                                                |           630,000            |                                                                | 0.86%                                               |
|                                      |   |                        | Series 1 Convertible Preferred Stock  |           26,475 |                                                                                          |                                                                          |           397,125                                                                   |                                                |                                                |           397,125            |                                                                | 0.54%                                               |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| Harvest Power, Inc.                       |   | Waltham, MA                 |                                  | Series B Convertible Preferred Stock                               |         580,496                                       |                                                                          |                                                                                                                                  |        2,499,999 |                                                |                                                                           |        3,540,000                 |                                                | 4.82%  |
|                                      |   | Waste Management            |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| Suniva, Inc.                              |   | Norcross, GA                |                                  | Series D Convertible Preferred Stock                               |                198 |                                                                          |                                                                                                                                  |        2,500,007 |                                                |                                                                           |        1,280,000                 |                                                | 1.74%  |
|                                      |   | Solar Photovoltaic Cells    |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| Xtime, Inc.                               |   | Redwood Shores, CA          | Series 1A Convertible Preferred Stock |      1,573,234                            |                                                                                          |                                                                          |        2,389,140                                                                                   |                                                |                                                |        3,530,000                            |                                                                | 4.81%                                               |
|                                      |   | Software as a Service       | Common Stock Warrants                 |  n/a                                                          |                                                                                          |                                                                          |           610,860                                                                   |                                                |                                                |           900,000            |                                                                | 1.23%                                               |
|                                      |   |                        |                                  | Exercise price $0.01 per share; perpetual term                     |                                                                                          |                                                                          |
|                                      |   |                        |                                  | Subject to restrictions on exercisability                          |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |
|                                      |   |                        | Common Stock Warrants                 |           22,581 |                                                                                          |                                                                          |                       - |                                                |                                                |             12,878 |                                                                | 0.02%                                               |
|                                      |   |                        |                                  | Exercise price $0.01 per share; expire 8/24/2018                   |                                                                                          |                                                                          |
|                                      |   |                        |                                  | Subject to restrictions on exercisability                          |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| Kabam, Inc.                               |   | San Francisco, CA           |                                  | Series D Convertible Preferred Stock                               |      1,046,017                                                       |                                                                          |                                                                                                                                  |        1,328,860 |                                                |                                                                           |           980,000 |                                                | 1.33%  |
|                                      |   | Online Multiplayer Games    |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| Tremor Video, Inc.                        |   | New York, NY                |                                  | Series F Convertible Preferred Stock                               |         642,994                                       |                                                                          |                                                                                                                                  |        4,000,001 |                                                |                                                                           |        3,850,000                 |                                                | 5.25%  |
|                                      |   | Online Video Advertising    |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| TrueCar, Inc.                             |   | Santa Monica, CA            |                                  | Common Stock                                                       |                                                                                          |         566,037                       |                                                                                                                                  |                                                |        2,999,996 |                                                                           |                                                                |        2,680,000 |   | 3.65%               |
|                                      |   | Consumer Website            |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| Agilyx Corporation                        |   | Beaverton, OR               |                                  | Series C Convertible Preferred Stock                               |      1,092,956                                                       |                                                                          |                                                                                                                                  |        4,000,000 |                                                |                                                                           |        3,650,000                 |                                                | 4.97%  |
|                                      |   | Renewable Oils              |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
|                                      |   |                        |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |
| Zoosk, Inc.                               |   | San Francisco, CA           |                                  | Series E Convertible Preferred Stock                               |         715,171                                       |                                                                          |                                                                                                                                  |        2,999,999 |                                                |                                                                           |        3,080,000                 |                                                | 4.20%  |
|                                      |   | Online Dating               |                                  |                                                               |                                                                                          |                                                                          |                                                                                                                                  |                                                |                                                |                                                                           |                                                                |                                                |   |                |

----

----

|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   | Value      |
|---------------------------------------------------------------------------------------|-------------|------------------------------------|-----------------------|---------------------------------------------------------|---------------------------------------------------------|---------------------------------------------------------|---------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--------|------------|
|                                                                                  |        |                               |                  |                                                    |                                                    | Shares /                                                |                                                                |                                                |                                                |                                                                           |                                                |                                                |   | as % of    |
| Portfolio Company                                                                     |        | Headquarters / Industry (1)        |                  | Type of Investment (2)                                  |                                                    | Warrants                                                |                                                                |                                                | Cost                                                |                                                                           |                                                | Value (3)                                           |   | Net Assets |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| SilkRoad, Inc.                                                                        |        | Chicago, IL                        |                  | Series C Convertible Preferred Stock                    |    17,711,654                            |                                                    |                                                                |        5,000,000 |                                                |                                                                           |        5,720,000 |                                                | 7.79%  |
|                                                                                  |        | Software as a Service              |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Glam Media, Inc.                                                                      |        | Brisbane, CA                       |                  | Series F Convertible Preferred Stock                    |      1,196,315                 |                                                    |                                                                |        4,999,999 |                                                |                                                                           |        5,170,000 |                                                | 7.04%  |
|                                                                                  |        | Social Media                       |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Stoke, Inc.                                                                           |        | Santa Clara, CA                    |                  | Common Stock                                            |                                                    |      1,000,000                 |                                                                |                                                |        3,500,000 |                                                                           |                                                |        3,040,000 |   | 4.14%      |
|                                                                                  |        | Communications Equipment           |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Jumptap, Inc.                                                                         |        | Boston, MA                         |                  | Series G Convertible Preferred Stock                    |         695,023 |                                                    |                                                                |        4,999,995 |                                                |                                                                           |        4,999,995 |                                                | 6.81%  |
|                                                                                  |        | Mobile Advertising                 |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Subtotal - Non-Control/Non-Affiliate Investments, Private Portfolio Companies         |        |                               |                  |                                                    |                                                    | $                                                  |  47,332,174                                                    |                                                | $                                                   |  46,819,998                                                               |                                                | 63.78%                                              |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Publicly Traded Portfolio Companies:                                                  |
| Solazyme, Inc.                                                                        |        | South San Francisco, CA            | Common Stock          |                                                    |         147,927 |                                                    |                                                                |        1,505,162 |                                                |                                                                           |        1,162,706 |                                                | 1.58%  |
|                                                                                  |        | Renewable Oils and Bioproducts     |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| LifeLock, Inc.                                                                        |        | Tempe, AZ                          |                  | Common Stock                                            |                                                    |         944,513 |                                                                |                                                |        5,000,000 |                                                                           |                                                |        6,911,002 |   | 9.41%      |
|                                                                                  |        | Identity Theft Protection          |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Subtotal - Non-Control/Non-Affiliate Investments, Publicly Traded Portfolio Companies |        |                               |                  | $                                                  | 6,505,162                                               |                                                    | $                                                              |  8,073,708                                     |                                                |  10.99%                                                                   |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Affiliate Investments (4)                                                             |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Private Portfolio Companies:                                                          |
| Corsair Components, Inc.                                                              | Fremont, CA |                               | Common Stock          |                                                    |         640,000 |                                                    |                                                                |        3,411,080 |                                                |                                                                           |        5,530,000 |                                                | 7.53%  |
|                                                                                  |        | PC Gaming Hardware                 | Common Stock Warrants |         160,000 |                                                    |                                                    |           589,000 |                                                |                                                |             70,000 |                                                | 0.10%                                               |
|                                                                                  |        |                               |                  | Exercise price $0.05 per share; expire 7/6/2016         |                                                    |                                                    |
|                                                                                  |        |                               |                  | Subject to restrictions on exercisability               |                                                    |                                                    |                                                                |                                                |                                                |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Metabolon, Inc.                                                                       |        | Durham, NC                         |                  | Series D Convertible Preferred Stock                    |      2,229,021                 |                                                    |                                                                |        4,000,000 |                                                |                                                                           |        4,530,000 |                                                | 6.17%  |
|                                                                                  |        | Molecular Diagnostics and Services |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Subtotal - Affiliate Investments, Private Portfolio Companies                         |        |                               |                  |                                                    |                                                    | $                                                  |  8,000,080                                                     |                                                | $                                              |  10,130,000                                                               |                                                |  13.80%                                        |
|                                                                                  |        |                               |                  |                                                    |                                                    |                                                    |                                                                |                                                |                                                |                                                                           |                                                |                                                |   |       |
| Total - Investments in Portfolio Company Securities (5)                               |        |                               |                  |                                                    |                                                    | $                                                  |  61,837,416                                                    |                                                | $                                              |  65,023,706                                                               |                                                |  88.57%                                        |

----

----

|                                                                                                                                                                |   |   |       |   | % of       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|------------|--------|
| Reconciliation to Net Assets                                                                                                                                        |   | Amount |       |   | Net Assets |   |
|                                                                                                                                                                |   |   |       |   |       |   |
|                                                                                                                                                                |   |
|                                                                                                                                                                |   |
| Investments in portfolio company securities at fair value                                                                                                           |   | $      | 65,023,706 |   |       |   | 88.57 | % |
| Cash and cash equivalents - includes investments in money market funds consisting of 8,675,149 Class A shares in the SEI Daily Income Trust Government Fund (SEOXX) |   |   | 8,934,036  |   |       |   | 12.17 | % |
| with a value of $1 per share, or $8,675,149, which are income producing                                                                                             |   |   | 104,429    |   |       |   | 0.14 | % |
| Prepaid expenses and other assets                                                                                                                                   |   |   | 322,906    |   |       |   | 0.44 | % |
| Deferred offering costs                                                                                                                                             |   |   |       |   |       |   |   |   |
|                                                                                                                                                                |   |   |       |   |       |   |   |   |
| Less: Total Liabilities                                                                                                                                             |   |   | (972,137   | )      |       |   | (1.32 | %) |
|                                                                                                                                                                |   |   |       |   |       |   |   |   |
| Net Assets                                                                                                                                                          |   | $      | 73,412,940 |   |       |   | 100.00 | % |

----

| (1)    | The Company invests in later stage, typically venture capital-backed, technology companies.  The corporate headquarters of the portfolio company may not be indicative of the primary source of the portfolio company’s business.  The industry description generally identifies the types of products or services provided by each portfolio company.                                                                                                                                                                                                                  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (2)    | All portfolio company investments were non-income producing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (3)    | Except for common stock in one publicly traded portfolio company, Solazyme, all investments were valued at fair value as determined in good faith by the Board of Directors and are subject to legal restrictions on transfer (including lockup and other contractual restrictions) as of December 31, 2012.  See Valuation of Investments under Note 2 of the Notes to Financial Statements.                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (4)    | Control Investments are defined by the Investment Company Act of 1940, as amended (the "1940 Act"), as investments in which the Company owns more than 25% of the voting securities or where the Company has the ability to nominate greater than 50% of the board representation.  Affiliate Investments are defined by the 1940 Act as investments in which the Company owns between 5% and 25% of the voting securities.  Non-Control/Non-Affiliate Investments are defined by the 1940 Act as investments that are neither Control Investments nor Affiliate Investments. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (5)    | All portfolio company investments constituted qualifying investments under Section 55(a) of the 1940 Act as of December 31, 2012, with the exception of 100,000 shares of Solazyme common stock acquired in open market transactions with a cost and value of $1,080,759 and $786,000, respectively, which represent approximately 1.5% and 1.1% of total assets, respectively.                                                                                                                                                                                                                   |

----

Keating

----

| 1.   | Description of Business |
|----------------|-------------------------|

| 2.   | Basis of Presentation; Summary of Significant Accounting Policies |
|----------------|-------------------------------------------------------------------|

----

----

| ●       | The Company’s quarterly valuation process begins with each portfolio company investment being initially valued by Keating Investments’ senior investment professionals responsible for the portfolio investment. |
|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●       | The Chairman of the Company’s Valuation Committee, in consultation with the Company’s management, will determine each calendar quarter which investments, if any, in the Company’s portfolio for which market quotations are not readily available will be reviewed by a third-party valuation firm.  The selection of a private portfolio company for periodic valuation review will be made in view of all facts and circumstances.  However, there is no requirement that a particular portfolio company have its valuation reviewed by a third-party valuation firm in any specified time interval. |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   ●       | The Company’s Valuation Committee reviews the preliminary valuations, and the Company’s investment adviser and the third-party valuation firm respond and supplement the preliminary valuation to reflect any comments provided by the Valuation Committee. |
|---------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   ●       | The Company’s Board discusses the valuations and determines, in good faith, the fair value of each investment in the Company’s portfolio for which market quotations are not readily available based on the input of the Company’s investment adviser, the third-party valuation firm, and the Company’s Valuation Committee. |
|---------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   ●       | Level 1:  Observable inputs such as unadjusted quoted prices in active markets; |
|---------------------------------------------------------|-------------------------------------------------------------------------------------------|

|   ●       | Level 2:  Includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and |
|---------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ●       | Level 3:  Unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

----

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| 3.   | Portfolio Investments and Fair Value |
|----------------|--------------------------------------|

----

----

|                                                    |   | December 31, 2013 |       |   | December 31, 2012 |   |
|---------------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|
|                                                    |   |              |       |   |              |   |   | Percentage |   |   |   |   |   |   |   |   | Percentage |   |
| Investment Type                                         |   | Cost              |       |   | Fair Value        |   |   | of Portfolio |   |   | Cost |   |   | Fair Value |   |   | of Portfolio |   |
|                                                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Private Portfolio Companies:                            |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred Stock                                         |   | $                 | 35,858,933 |   |              | $      | 42,210,000 |   |   |   | 68.11 | % |   | $ | 41,858,928 |   |   | $ | 43,087,120 |   |   |   | 66.26 | % |
| Preferred Stock Warrants                                |   |              | -          |   |              |   | 230,000 |   |   |   | 0.37 | % |   |   | - |   |   |   | - |   |   |   | - |   |
| Common Stock                                            |   |              | 8,862,385  |   |              |   | 5,370,000 |   |   |   | 8.67 | % |   |   | 12,273,466 |   |   |   | 12,880,000 |   |   |   | 19.81 | % |
| Common Stock Warrants                                   |   |              | 610,860    |   |              |   | 1,370,000 |   |   |   | 2.21 | % |   |   | 1,199,860 |   |   |   | 982,878 |   |   |   | 1.51 | % |
| Subordinated Convertible Bridge Notes                   |   |              | 1,242,569  |   |              |   | 1,242,569 |   |   |   | 2.00 | % |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subtotal - Private Portfolio Companies                  |   |              | 46,574,747 |   |              |   | 50,422,569 |   |   |   | 81.36 | % |   |   | 55,332,254 |   |   |   | 56,949,998 |   |   |   | 87.58 | % |
|                                                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Publicly Traded Portfolio Companies:                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common Stock                                            |   |              | 8,999,996  |   |              |   | 11,554,236 |   |   |   | 18.64 | % |   |   | 6,505,162 |   |   |   | 8,073,708 |   |   |   | 12.42 | % |
|                                                    |   |              |       |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total - Private and Publicly Traded Portfolio Companies |   | $                 | 55,574,743 |   |              | $      | 61,976,805 |   |   |   | 100.00 | % |   | $ | 61,837,416 |   |   | $ | 65,023,706 |   |   |   | 100.00 | % |

| Description                                   |   | Quoted PricesIn ActiveMarkets ForIdentical Assets(Level 1) |       |   | SignificantOtherObservableInputs (Level 2) |   |   | SignificantUnobservableInputs (Level 3) |   |   | Total FairValue |   |
|-----------------------------------------------|--------|------------------------------------------------------------|------------|--------|--------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------|--------|
|                                          |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |
| As of December 31, 2013                       |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |
| Private Portfolio Company Securities:         |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |
| Preferred Stock                               |   | $                                                          | -          |   |                                       | $      | -      |                                    |   | $      | 42,210,000      |   |   | $ | 42,210,000 |   |
| Preferred Stock Warrants                      |   |                                                       | -          |   |                                       |   | -      |                                    |   |   | 230,000         |   |   |   | 230,000 |   |
| Common Stock                                  |   |                                                       | -          |   |                                       |   | -      |                                    |   |   | 5,370,000       |   |   |   | 5,370,000 |   |
| Common Stock Warrants                         |   |                                                       | -          |   |                                       |   | -      |                                    |   |   | 1,370,000       |   |   |   | 1,370,000 |   |
| Subordinated Convertible Bridge Notes         |   |                                                       | -          |   |                                       |   | -      |                                    |   |   | 1,242,569       |   |   |   | 1,242,569 |   |
|                                          |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Publicly Traded Portfolio Company Securities: |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Common Stock                                  |   |                                                       | 3,479,994  |   |                                       |   | -      |                                    |   |   | 8,074,242       |   |   |   | 11,554,236 |   |
|                                          |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Cash Equivalents:                             |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Money Market Funds                            |   |                                                       | 13,371,266 |   |                                       |   | -      |                                    |   |   | -               |   |   |   | 13,371,266 |   |
|                                          |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Total                                         |   | $                                                          | 16,851,260 |   |                                       | $      | -      |                                    |   | $      | 58,496,811      |   |   | $ | 75,348,071 |   |
|                                          |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| As of December 31, 2012                       |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Private Portfolio Company Securities:         |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Preferred Stock                               |   | $                                                          | -          |   |                                       | $      | -      |                                    |   | $      | 43,087,120      |   |   | $ | 43,087,120 |   |
| Common Stock                                  |   |                                                       | -          |   |                                       |   | -      |                                    |   |   | 12,880,000      |   |   |   | 12,880,000 |   |
| Common Stock Warrants                         |   |                                                       | -          |   |                                       |   | -      |                                    |   |   | 982,878         |   |   |   | 982,878 |   |
|                                          |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Publicly Traded Portfolio Company Securities  |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Common Stock                                  |   |                                                       | 1,162,706  |   |                                       |   | -      |                                    |   |   | 6,911,002       |   |   |   | 8,073,708 |   |
|                                          |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Cash Equivalents:                             |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Money Market Funds                            |   |                                                       | 8,675,149  |   |                                       |   | -      |                                    |   |   | -               |   |   |   | 8,675,149 |   |
|                                          |   |                                                       |       |   |                                       |   |   |                                    |   |   |            |   |   |   |   |   |
| Total                                         |   | $                                                          | 9,837,855  |   |                                       | $      | -      |                                    |   | $      | 63,861,000      |   |   | $ | 73,698,855 |   |

----

----

|                                                                     |   | Level 3 Portfolio CompanyInvestments(PreferredStock) |       |   | Level 3 Portfolio CompanyInvestments(PreferredWarrants) |   |    | Level 3 Portfolio CompanyInvestments(CommonStock) |   |   | Level 3 Portfolio CompanyInvestments(CommonWarrants) |   |   | Level 3 Portfolio CompanyInvestments (Subordinated ConvertibleBridge Notes) |      |   | Total  |   |
|--------------------------------------------------------------------------|--------|------------------------------------------------------|------------|--------|---------------------------------------------------------|--------|---------|---------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|-----------|--------|--------|--------|
|                                                                     |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |
| Fair Value at December 31, 2012                                          |   | $                                                    | 43,087,120 |   |                                                    | $      | -       |                                              |   | $      | 19,791,002                                           |   |   | $                                                                           | 982,878   |   |   | $      | - |   |   | $ | 63,861,000 |   |
|                                                                     |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
| Purchases and other adjustments to cost of                               |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
| Level 3 portfolio company securities (1)                                 |   |                                                 | 3,000,000  |   |                                                    |   | -       |                                              |   |   | -                                                    |   |   |                                                                        | -         |   |   |   | 1,242,569 |   |   |   | 4,242,569 |   |
|                                                                     |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
| Sale, exchange or conversion of Level 3 portfolio company securities (2) |   |                                                 | (8,849,995 | )      |                                                    |   | -       |                                              |   |   | 5,103,660                                            |   |   |                                                                        | (929,062  | )      |   |   | - |   |   |   | (4,675,397 | ) |
|                                                                     |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
| Gross transfers out of Level 3 to Level 1 (2)                            |   |                                                 | -          |   |                                                    |   | -       |                                              |   |   | (10,761,002                                          | )      |   |                                                                        | -         |   |   |   | - |   |   |   | (10,761,002 | ) |
|                                                                     |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
| Total realized gains (losses) and change in unrealized                   |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
| appreciation (depreciation)                                              |   |                                                 | 4,972,875  |   |                                                    |   | 230,000 |                                              |   |   | (689,418                                             | )      |   |                                                                        | 1,316,184 |   |   |   | - |   |   |   | 5,829,641 |   |
|                                                                     |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
| Fair Value at December 31, 2013                                          |   | $                                                    | 42,210,000 |   |                                                    | $      | 230,000 |                                              |   | $      | 13,444,242                                           |   |   | $                                                                           | 1,370,000 |   |   | $      | 1,242,569 |   |   | $ | 58,496,811 |   |
|                                                                     |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
| Total change in unrealized appreciation (depreciation) on Level 3        |   |                                                 |       |   |                                                    |   |    |                                              |   |   |                                                 |   |   |                                                                        |      |   |   |   |   |   |   |   |   |   |
|  portfolio company securities held at December 31, 2013             |   | $                                                    | 4,972,875  |   |                                                    | $      | 230,000 |                                              |   | $      | 1,094,247                                            |   |   | $                                                                           | 457,122   |   |   | $      | - |   |   | $ | 6,754,244 |   |

| (1)    | Purchases and other adjustments to cost of Level 3 portfolio company securities include purchases of new investments at cost and payment-in kind interest accreted to principal.                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                             |
| (2)    | Exchanges, conversions and transfers out of Level 3 portfolio company securites are reflected at cost if originally acquired during the period or at the fair value as of the beginning of the period if originally acquired before the beginning of the period.   Sales of Level 3 portfolio company securities are reflected at the net proceeds from the sale. |

|                                                                     |   | Level 3 Portfolio CompanyInvestments(PreferredStock) |       |   | Level 3 Portfolio CompanyInvestments(PreferredWarrants) |   |     | Level 3 Portfolio CompanyInvestments(CommonStock) |   |   | Level 3 Portfolio CompanyInvestments(CommonWarrants) |   |   | Total  |    |
|--------------------------------------------------------------------------|--------|------------------------------------------------------|------------|--------|---------------------------------------------------------|--------|----------|---------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|--------|---------|
|                                                                     |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |
| Fair Value at December 31, 2011                                          |   | $                                                    | 25,981,874 |   |                                                    | $      | 1,323    |                                              |   | $      | 8,399,996                                            |   |   | $      | 219,156 |   |   | $ | 34,602,349 |   |
|                                                                     |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
| Purchases and other adjustments to cost of                               |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
| Level 3 portfolio company securities (1)                                 |   |                                                 | 23,327,424 |   |                                                    |   | 125,000  |                                              |   |   | 3,500,000                                            |   |   |   | -       |   |   |   | 26,952,424 |   |
|                                                                     |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
| Sale, exchange or conversion of Level 3 portfolio company securities (2) |   |                                                 | (7,450,370 | )      |                                                    |   | (126,323 | )                                                 |   |   | 6,965,833                                            |   |   |   | 610,860 |   |   |   | - |   |
|                                                                     |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
| Gross transfers out of Level 3 to Level 1 (2)                            |   |                                                 | -          |   |                                                    |   | -        |                                              |   |   | -                                                    |   |   |   | -       |   |   |   | - |   |
|                                                                     |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
| Total realized gains (losses) and change in unrealized                   |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
| appreciation (depreciation)                                              |   |                                                 | 1,228,192  |   |                                                    |   | -        |                                              |   |   | 925,173                                              |   |   |   | 152,862 |   |   |   | 2,306,227 |   |
|                                                                     |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
| Fair Value at December 31, 2012                                          |   | $                                                    | 43,087,120 |   |                                                    | $      | -        |                                              |   | $      | 19,791,002                                           |   |   | $      | 982,878 |   |   | $ | 63,861,000 |   |
|                                                                     |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
| Total change in unrealized appreciation (depreciation) on Level 3        |   |                                                 |       |   |                                                    |   |     |                                              |   |   |                                                 |   |   |   |    |   |   |   |   |   |
|  portfolio company securities held at December 31, 2012             |   | $                                                    | 1,228,192  |   |                                                    | $      | -        |                                              |   | $      | 925,173                                              |   |   | $      | 152,862 |   |   | $ | 2,306,227 |   |

| (1)    | Purchases and other adjustments to cost of Level 3 portfolio company securities include purchases of new investments at cost and paid-in kind interest accreted to principal.                                                                                                                                                                                                    |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                             |
| (2)    | Exchanges, conversions and transfers out of Level 3 portfolio company securites are reflected at cost if originally acquired during the period or at the fair value as of the beginning of the period if originally acquired before the beginning of the period.   Sales of Level 3 portfolio company securities are reflected at the net proceeds from the sale. |

----

----

|                                                            |   | December 31, 2013 |       |
|-----------------------------------------------------------------|--------|-------------------|------------|
| Investment Type                                                 |   | Fair Value        |       | Valuation Techniques / Methodologies |   | Unobservable Input (1) |   | Range |   |   | WeightedAverage (2) |   |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 Portfolio Company                                  |   | $                 | 42,210,000 |   | Comparable public companies |   | Revenue multiple |   |   | 1.1 |   | to |   |   | 9.2 |   |   |   | 4.3 |   |
| Investments: Preferred Stock                               |   |              |       |   |   |   | Discount for lack of marketability |   |   | 10 | % | to |   |   | 45 | % |   |   | 34 | % |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |              |       |   | Discounted cash flow |   | Discount rate |   |   | 23 | % | to |   |   | 45 | % |   |   | 36 | % |
|                                                            |   |              |       |   |   |   | Terminal revenue multiple |   |   | 1.3 |   | to |   |   | 8.6 |   |   |   | 4.8 |   |
|                                                            |   |              |       |   |   |   | Terminal EBITDA multiple |   |   | 11.3 |   | to |   |   | 11.3 |   |   |   | 11.3 |   |
|                                                            |   |              |       |   |   |   | Discount for lack of marketability |   |   | 10 | % | to |   |   | 45 | % |   |   | 33 | % |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 Portfolio Company Investments: Preferred Stock Warrants |   | $                 | 230,000    |   | Option pricing model |   | Comparable public company equity volatility |   |   | 32 | % | to |   |   | 39 | % |   |   | 36 | % |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 Portfolio Company                                  |   | $            | 13,444,242 |   | Comparable public companies |   | Revenue multiple |   |   | 0.4 |   | to |   |   | 9.1 |   |   |   | 6.9 |   |
| Investments: Common Stock                                  |   |              |       |   |   |   | Discount for lack of marketability |   |   | 11 | % | to |   |   | 40 | % |   |   | 18 | % |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |              |       |   | Discounted cash flow |   | Discount rate |   |   | 30 | % | to |   |   | 45 | % |   |   | 41 | % |
|                                                            |   |              |       |   |   |   | Terminal revenue multiple |   |   | 3.5 |   | to |   |   | 3.5 |   |   |   | 3.5 |   |
|                                                            |   |              |       |   |   |   | Terminal EBITDA multiple |   |   | 11.3 |   | to |   |   | 23.0 |   |   |   | 21.1 |   |
|                                                            |   |              |       |   |   |   | Discount for lack of marketability |   |   | 11 | % | to |   |   | 40 | % |   |   | 19 | % |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 Portfolio Company Investments: Common Stock Warrants    |   | $                 | 1,370,000  |   | Option pricing model |   | Comparable public company equity volatility |   |   | 32 | % | to |   |   | 39 | % |   |   | 36 | % |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Level 3 Portfolio Company                                  |   | $            | 1,242,569  |   | Comparable public companies |   | Revenue multiple |   |   | 3.0 |   | to |   |   | 5.5 |   |   |   | 4.4 |   |
| Investments: Subordinated                                  |   |              |       |   |   |   | Discount for lack of marketability |   |   | 10 | % | to |   |   | 30 | % |   |   | 30 | % |
| Convertible Bridge Notes                                   |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |              |       |   | Discounted cash flow |   | Discount rate |   |   | 30 | % | to |   |   | 38 | % |   |   | 37 | % |
|                                                            |   |              |       |   |   |   | Terminal revenue multiple |   |   | 5.0 |   | to |   |   | 5.0 |   |   |   | 5.0 |   |
|                                                            |   |              |       |   |   |   | Terminal EBITDA multiple |   |   | 11.3 |   | to |   |   | 11.3 |   |   |   | 11.3 |   |
|                                                            |   |              |       |   |   |   | Discount for lack of marketability |   |   | 10 | % | to |   |   | 35 | % |   |   | 31 | % |

| (1)    | The significant unobservable inputs that may be used in the fair value measurement of the Company’s investments in convertible preferred stock, common stock, and warrants to purchase common or preferred stock for which market quotations are not readily available include: (i) revenue multiples for comparable transactions, (ii) revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and price to earnings (“P/E”) multiples (collectively, “Multiples”) for comparable public companies, (iii) discounts rates and terminal year Multiples for comparable public companies applied in a discounted cash flow analysis of the portfolio company; and (iv) a discount for lack of marketability (“DLOM”).   For some investments, additional consideration may be given to data from a prior or contemporaneous financing transaction, the last round of financing or a merger or acquisition event near the measurement date (collectively, a “Precedent Transaction”).  A change in the assumptions used for Precedent Transactions and Multiples may indicate a directionally similar change in the fair value of the Company’s investments in convertible preferred stock or common stock, while a change in the assumptions used for discount rate and DLOM may indicate a directionally opposite change in the fair value of the portfolio company investment.                                                                                                                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | Additional inputs used in the Black Scholes option pricing model include the equity volatility of comparable public companies, risk free interest rate and estimated time to exit. The significant unobservable input used in the fair value measurement of the Company’s investments in convertible preferred stock warrants and common stock warrants for which market quotations are not readily available is the equity volatility of comparable public companies. A change in the assumption used for equity volatility may indicate a directionally similar change in the fair value of the convertible preferred stock warrant or common stock warrant investment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | Since the Company invests in convertible debt investments, principally convertible bridge notes, for the primary purpose of potential conversion into equity at a future date, the significant unobservable inputs that may be used in the fair value measurement of the Company’s convertible debt investments on an as-converted to equity basis are the same inputs used by the Company to value its equity securities (including convertible preferred stock).  An option pricing model valuation technique may also be used to derive the fair value of the conversion feature of convertible notes.   If the Company determines that there is a low likelihood that its convertible debt investments will be converted into equity or repaid in connection with an IPO, sale or next equity financing event, or will otherwise be held for cash payment at maturity, the significant unobservable inputs that may be used in the fair value measurement of the Company’s convertible debt are hypothetical market yields and premiums/(discounts).  The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums (discounts) relate to company specific characteristics such as underlying investment performance, collateral, and other characteristics of the investment. In certain investments, the Company may value its convertible debt investments using a liquidation approach in which case the realizable value of the collateral would be a significant unobservable input. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (2)    | Weighted average based on fair value as of December 31, 2013.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

----

----

|                                                      |   | Years Ended December 31, |      |
|-----------------------------------------------------------|--------|--------------------------|-----------|
|                                                      |   | 2013                     |      |   | 2012 |   |
| Portfolio Companies                                       |   | Net RealizedGains        |      |   | Net Change in Unrealized Appreciation (Depreciation) |   |   | Net RealizedGains |   |   | Net Change in Unrealized Appreciation (Depreciation) |   |
|                                                      |   |                     |      |   |   |   |   |   |   |   |   |   |
| Portfolio Company Investments Sold During Year            |   |                     |      |   |   |   |   |   |   |   |   |   |
| Corsair Components, Inc.                                  |   | $                        | 675,317   |   |   | $ | (1,599,920 | ) |   | $ | - |   |   | $ | - |   |
| LifeLock, Inc.                                            |   |                     | 3,675,041 |   |   |   | (1,911,002 | ) |   |   | - |   |   |   | - |   |
| Solazyme, Inc.                                            |   |                     | 49,820    |   |   |   | 342,456 |   |   |   | 403,631 |   |   |   | (197,912 | ) |
| NeoPhotonics Corporation                                  |   |                     | -         |   |   |   | - |   |   |   | (121,428 | ) |   |   | 267,200 |   |
|                                                      |   |                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subtotal - Portfolio Company Investments Sold During Year |   |                     | 4,400,178 |   |   |   | (3,168,466 | ) |   |   | 282,203 |   |   |   | 69,288 |   |
|                                                      |   |                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company Investments Held at End of Year         |   |                     | -         |   |   |   | 6,384,238 |   |   |   | - |   |   |   | 1,776,102 |   |
|                                                      |   |                     |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total - All Portfolio Companies                           |   | $                        | 4,400,178 |   |   | $ | 3,215,772 |   |   | $ | 282,203 |   |   | $ | 1,845,390 |   |

| 4.   | Related Party Agreements and Transactions |
|----------------|-------------------------------------------|

----

----

----

----

| 5.   | Equity Offerings and Related Costs |
|----------------|------------------------------------|

| 6.   | Stock Repurchases |
|----------------|-------------------|

----

----

| 7.   | Dividends and Distributions |
|----------------|-----------------------------|

| Date Declared          |   | Record Date        |   | Payment Date       |   | AmountPer Share |   | Source ofDistribution |
|------------------------|--------|--------------------|--------|--------------------|--------|-----------------|--------|-----------------------|
|                   |   |               |   |               |   |            |   |                  |
| 2013 Dividends:        |   |               |   |               |   |            |   |                  |
| May 28, 2013           |   | June 14, 2013      |   | June 26, 2013      |   | $               | 0.24   |                  | Capital Gains |
| May 28, 2013           |   | September 13, 2013 |   | September 25, 2013 |   |            | 0.24   |                  | Capital Gains |
| December 19, 2013      |   | December 30, 2013  |   | January 13, 2014   |   |            | 0.01   |                  | Capital Gains (1) |
| Total - 2013 Dividends |   |               |   |               | 0.49   |            |   |
|                   |   |               |   |               |   |            |   |                  |   |
| 2012 Dividends:        |   |               |   |               |   |            |   |                  |   |
| December 6, 2012       |   | December 14, 2012  |   | December 26, 2012  |   |            | 0.03   |                  | Capital Gains |
| Total - 2012 Dividends |   |               |   |               | 0.03   |            |   |
|                   |   |               |   |               |   |            |   |                  |   |
| 2011 Dividends:        |   |               |   |               |   |            |   |                  |   |
| February 11, 2011      |   | February 15, 2011  |   | February 17, 2011  |   |            | 0.13   |                  | Return of Capital (2) |
| Total - 2011 Dividends |   |               |   |               | 0.13   |            |   |
|                   |   |               |   |               |   |            |   |                  |   |
| Total - Cumulative     |   |               |   |               |   | $               | 0.65   |                  |   |

| (1)    | Although the dividend of $0.01 per share was paid on January 13, 2014, this dividend will be taxable to stockholders as if paid in 2013.  For income and excise tax purposes, this dividend will be eligible for the dividends paid deduction by the Company in 2013. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                            |
| (2)    | The February 2011 distribution was a special cash distribution based on the unrealized appreciation the Company had recorded on its NeoPhotonics investment at the time of the distribution, following NeoPhotonics’ completion of its IPO.                               |

----

----

| 8.   | Commitments and Contingencies |
|----------------|-------------------------------|

| 9.   | Changes in Net Assets Per Share |
|----------------|---------------------------------|

|                                                              |   | Years Ended December 31, |      |
|-------------------------------------------------------------------|--------|--------------------------|-----------|
|                                                              |   | 2013                     |      |   | 2012 |   |   | 2011 |   |
|                                                              |   |                     |      |   |   |   |   |   |   |
| Net increase (decrease) in net assets resulting from operations   |   | $                        | 2,303,115 |   |   | $ | (1,925,393 | ) |   | $ | (2,946,238 | ) |
|                                                              |   |                     |      |   |   |   |   |   |   |   |   |   |
| Basic and diluted weighted average shares outstanding             |   |                     | 9,033,267 |   |   |   | 9,198,016 |   |   |   | 6,921,481 |   |
|                                                              |   |                     |      |   |   |   |   |   |   |   |   |   |
| Basic and diluted net increase (decrease) in net assets per share |   |                     |      |   |   |   |   |   |   |   |   |   |
| resulting from operations                                         |   | $                        | 0.25      |   |   | $ | (0.21 | ) |   | $ | (0.43 | ) |

----

----

| 10.   | Financial Highlights |
|-----------------|----------------------|

|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |
|-----------------------------------------------------------------------------------------------------------|--------|--------------------------|------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|------------|
|                                                                                                      |   | Years Ended December 31, |       |
|                                                                                                      |   | 2013                     |       |   | 2012   |   |       | 2011   |   |   | 2010       |   |   | 2009   |       |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |
| Per common share data                                                                                     |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |
|   Net asset value, beginning of period                                                          |   | $                        | 8.00       |   |   | $      | 8.23       |   |   | $      | 7.85       |   |   | $      | 6.53       |   |   | $ | 8.27 |   |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|     Net investment loss (1)                                                           |   |                     | (0.59      | )      |   |   | (0.44      | )      |   |   | (0.54      | )      |   |   | (1.43      | ) |   |   | (1.75 | ) |
|     Net realized gain on investments (1)                                              |   |                     | 0.49       |   |   |   | 0.03       |   |   |   | -          |   |   |   | -          |   |   |   | - |   |
|     Net increase in unrealized appreciation on investments (1)                        |   |                     | 0.35       |   |   |   | 0.20       |   |   |   | 0.11       |   |   |   | 0.42       |   |   |   | - |   |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|        Net increase (decrease) in net assets resulting from operations |   |                     | 0.25       |   |   |   | (0.21      | )      |   |   | (0.43      | )      |   |   | (1.01      | ) |   |   | (1.75 | ) |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|   Stockholder distributions:                                                                         |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|     Stockholder distributions paid from net realized gains                            |   |                     | (0.49      | )      |   |   | (0.03      | )      |   |   | -          |   |   |   | -          |   |   |   | - |   |
|     Distributions as a return of capital (1)                                          |   |                     | -          |   |   |   | -          |   |   |   | (0.06      | )      |   |   | -          |   |   |   | - |   |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|        Net decrease in net assets resulting for stockholder distributions   |   |                     | (0.49      | )      |   |   | (0.03      | )      |   |   | (0.06      | )      |   |   | -          |   |   |   | - |   |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|   Capital stock transactions:                                                                        |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|     Issuance of common stock (2)                                                      |   |                     | (0.15      | )      |   |   | -          |   |   |   | 1.83       |   |   |   | 4.26       |   |   |   | - |   |
|     Offering costs from issuance of common stock (1)                                  |   |                     | (0.04      | )      |   |   | -          |   |   |   | (0.89      | )      |   |   | (1.59      | ) |   |   | - |   |
|     Amortization of deferred offering costs (1)                                       |   |                     | -          |   |   |   | -          |   |   |   | (0.07      | )      |   |   | (0.34      | ) |   |   | - |   |
|     Repurchases of common stock (3)                                                   |   |                     | 0.08       |   |   |   | 0.01       |   |   |   | -          |   |   |   | -          |   |   |   | - |   |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|       Net increase in net assets from capital stock transactions                 |   |                     | (0.11      | )      |   |   | 0.01       |   |   |   | 0.87       |   |   |   | 2.33       |   |   |   | - |   |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Net asset value, end of period                                                                            |   | $                        | 7.65       |   |   | $      | 8.00       |   |   | $      | 8.23       |   |   | $      | 7.85       |   |   | $ | 6.53 |   |
|                                                                                                      |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
| Ratios and supplemental data:                                                                             |   |                     |       |   |   |   |       |   |   |   |       |   |   |   |       |   |   |   |   |   |
|   Per share market price, end of period (4)                                                     |   | $                        | 6.15       |   |   | $      | 6.27       |   |   |   | 8.46       |   |   |   | -          |   |   |   | - |   |
|   Total return based on change in net asset value (5)                                           |   |                     | 1.67       | %      |   |   | (2.43      | %)     |   |   | 5.61       | %      |   |   | 20.21      | % |   |   | (21.04 | %) |
|   Total return based on stock price (6)                                                         |   |                     | 5.23       | %      |   |   | (25.52     | %)     |   |   | (14.46     | %)     |   |   | -          |   |   |   | - |   |
|   Common shares outstanding, end of period                                                      |   |                     | 9,548,902  |   |   |   | 9,174,785  |   |   |   | 9,283,781  |   |   |   | 2,860,299  |   |   |   | 569,900 |   |
|   Weighted average common shares outstanding during period                                      |   |                     | 9,033,267  |   |   |   | 9,198,016  |   |   |   | 6,921,481  |   |   |   | 1,383,537  |   |   |   | 569,900 |   |
|   Net assets, end of period                                                                     |   | $                        | 73,039,470 |   |   | $      | 73,412,940 |   |   | $      | 76,384,715 |   |   | $      | 22,456,400 |   |   | $ | 3,719,496 |   |
|   Annualized ratio of operating expenses to average net assets (7)                              |   |                     | 7.45       | %      |   |   | 5.39       | %      |   |   | 7.62       | %      |   |   | 15.52      | % |   |   | 23.87 | % |
|   Annualized ratio of net investment loss to average net assets (7)                             |   |                     | (7.39      | %)     |   |   | (5.39      | %)     |   |   | (7.51      | %)     |   |   | (15.11     | %) |   |   | (23.62 | %) |
|   Weighted average debt per common share (8)                                                    |   | $                        | -          |   |   | $      | -          |   |   | $      | -          |   |   | $      | -          |   |   | $ | - |   |
|   Portfolio turnover (9)                                                                        |   |                     | 20.73      | %      |   |   | 2.47       | %      |   |   | -          |   |   |   | -          |   |   |   | - |   |

| (1)    | Based on weighted average shares outstanding during the period.  For purposes of this presentation, the per share amount attributable to net increase in unrealized appreciation on investments for the year ended December 31, 2013 was decreased by $0.01 per share to a total of $0.35 per share to reconcile the net increase in net assets resulting from operations per share to the other per share information presented.                                                                                                                                                                                                                                    |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (2)    | Issuance of common stock for the year ended December 31, 2013 is based on the change in net asset value attributable to the rights offering on December 17, 2013.  Issuance of common stock for the years ended December 31, 2011 and 2010 is based on the average increase in net asset value attributable to each share issued in the Company's continuous public offering during such periods.                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (3)    | Represents the increase in net asset value attributable to repurchases of common stock during the period.  The increase in net asset value per share attributable to repurchases of common stock for the year ended December 31, 2013 was $0.05 per share.  However, for purposes of this presentation, the per share amount attributable to purchases of common stock was increased by $0.03 per share to a total of $0.08 per share to reconcile the change in net asset value per share to the other per share information presented.                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (4)    | The shares of the Company's common stock were listed on the Nasdaq Capital Market beginning December 12, 2011.  Accordingly, there was no market price for the shares as of December 31, 2010 and 2009, and total return based on stock price has not been presented for the years ended December 31, 2010 and 2009.                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (5)    | Total return based on change in net asset value equals the change in the end of the period net asset value over the beginning of the period net asset value plus distributions during the period, divided by the beginning of the period net asset value.                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (6)    | For the years ended December 31, 2013 and 2012, total return based on stock price is calculated based on the change in the market price of the Company's shares taking into account distributions reinvested in accordance with the Company's dividend reinvestment plan. For the year ended December 31, 2011, the total return based on stock price equals the change in the end of the period market price plus distributions over $9.96 per share (the average selling price in the Company's continuous public offering which concluded on June 30, 2011), divided by $9.96 per share (which return has not been annualized and includes the February 2011 distribution). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (7)    | Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (8)    | During the years ended December 31, 2013, 2012, 2011, 2010 and 2009, the Company did not have any debt.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (9)    | For the years ended December 31, 2013 and 2012, portfolio turnover is calculated as net proceeds from the sale of portfolio company investments during the period divided by average net assets during the period. Since there were no sales of portfolio company investments during the years ended December 31, 2011, 2010 and 2009, there was no portfolio turnover.                                                                                                                                                                                                                                                                                                        |

----

----

| 11.   | Income Taxes |
|-----------------|--------------|

|                                                          |   | December 31, |       |   | December 31, |   |
|---------------------------------------------------------------|--------|--------------|------------|--------|--------------|--------|
|                                                          |   | 2013         |       |   | 2012         |   |
|                                                          |   |         |       |   |         |   |
| Aggregate cost of portfolio company securities                |   |         |       |   |         |   |
| for federal income tax purposes (1)                           |   | $            | 55,574,743 |   |         | $      | 61,837,416 |   |
|                                                          |   |         |       |   |         |   |   |   |
| Gross unrealized appreciation of portfolio company securities |   |         | 15,305,394 |   |         |   | 8,012,803 |   |
| Gross unrealized depreciation of portfolio company securities |   |         | (8,903,332 | )      |         |   | (4,826,513 | ) |
|                                                          |   |         |       |   |         |   |   |   |
| Net unrealized appreciation of portfolio company securities   |   | $            | 6,402,062  |   |         | $      | 3,186,290 |   |

| (1) | Includes cumulative PIK interest accreted to principal. |
|-----|---------------------------------------------------------|

| 12.   | Investments in and Advances to Affiliates |
|-----------------|-------------------------------------------|

----

----

|                            |         |                                 |                                                                                                    |                                                                                                    |    |                                                                                                                                                                                                          | Year Ended                                                                                                                                                                                                    |             |                                    |                                                               |            |                                    |                                                                                                                      |               |                                                                                                                      |                                                          |    |      |                                                |                                                                                                                                  |
|---------------------------------|--------------|--------------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------|--------------------------------------------------------------------|-----------------|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------------------|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|---------|-----------|-----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
|                            |         |                                 |                                                                                                    |                                                                                                    |    |                                                                                                                                                                                                          | December 31,                                                                                                                                                                                                  |             |                                    |                                                               |            |                                    |                                                                                                                      |               |                                                                                                                      |                                                          |    |      |                                                |                                                                                                                                  |
|                            |         |                                 |                                                                                                    |                                                                                                    |    |                                                                                                                                                                                                          | 2013                                                                                                                                                                                                          |             |                                    |                                                               |            |                                    |                                                                                                                      |               |                                                                                                                      |                                                          |    |      |                                                |                                                                                                                                  |
| Portfolio Company (1)           |         | Investment Description               |                                                                                                    | Number of Shares / Warrants                                                                             |    |                                                                                                                                                                                                          | Amount ofInterest andDividends Credited toIncome (2)                                                                                                                                                     |             |                                    | December 31,2012Fair Value                                         |            |                                    | GrossAdditions (3)                                                                                                        |               |                                                                                                                      | GrossReductions(4)                                            |    |      |                                                | December 31,2013Fair Value                                                                                                            |
|                            |         |                                 |                                                                                                    |                                                                                                    |    |                                                                                                                                                                                                          |                                                                                                                                                                                                          |             |                                    |                                                               |            |                                    |                                                                                                                      |               |                                                                                                                      |                                                          |    |      |                                                |                                                                                                                                  |
| Affiliate Investments           |         |                                 |                                                                                                    |                                                                                                    |    |                                                                                                                                                                                                          |                                                                                                                                                                                                          |             |                                    |                                                               |            |                                    |                                                                                                                      |               |                                                                                                                      |                                                          |    |      |                                                |
|                            |         |                                 |                                                                                                    |                                                                                                    |    |                                                                                                                                                                                                          |                                                                                                                                                                                                          |             |                                    |                                                               |            |                                    |                                                                                                                      |               |                                                                                                                      |                                                          |    |      |                                                |                                                                                                                                  |
|   Corsair Components, Inc. | Common Stock |                                 |                  - |                                                                                                    | $  | -                                                                                                                                                                                                             |                                                                                                                                                                                                          | $           |  5,530,000                         |                                                               | $          | -                                       |                                                                                                                      | $             |  $ (5,530,000                                                                                                        | )                                                        |    | $         |  -                                             |
|                            |         | Common Stock Warrants                |                                                                                                    |                  - |    |                                                                                                                                                                                                          |                                   - |             |                                    |           70,000 |            |                                    |                     - |               |                                                                                                                      |          (70,000 | )  |      |                                                |                       - |
|                            |         |                                 |                                                                                                    |                                                                                                    |    |                                                                                                                                                                                                          |                                                                                                                                                                                                          |             |                                    |                                                               |            |                                    |                                                                                                                      |               |                                                                                                                      |                                                          |    |      |                                                |                                                                                                                                  |
|   Metabolon, Inc.          |         | Series D Convertible Preferred Stock |   2,229,021                                                                                   |                                                                                                    |    |                                   - |                                                                                                                                                                                                          |             |      4,530,000 |                                                               |            |      1,610,000 |                                                                                                                      |               |                     - |                                                          |    |      |        6,140,000 |
|                            |         |                                 |                                                                                                    |                                                                                                    |    |                                                                                                                                                                                                          |                                                                                                                                                                                                          |             |                                    |                                                               |            |                                    |                                                                                                                      |               |                                                                                                                      |                                                          |    |      |                                                |                                                                                                                                  |
| Total Affiliate Investments     |         |                                 |                                                                                                    | $                                                                                                  |  - |                                                                                                                                                                                                          | $                                                                                                                                                                                                        |  10,130,000 |                                    | $                                                             |  1,610,000 |                                    | $                                                                                                                    |  $ (5,600,000 | )                                                                                                                    |                                                          | $  | 6,140,000 |

| (1)    | The Company had no control investments as defined by the 1940 Act during the year ended December 31, 2013.                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (2)    | Affiliate investments consist of convertible preferred stock, common stock and common stock warrants that are generally non-income producing and restricted.  The convertible preferred stock investment carries a non-cumulative, preferred dividend payable when and if declared by the portfolio company's board of directors.   Since no dividends have been declared or paid, or are expected to be declared or paid, with respect to these convertible preferred stock investments, these investments are considered to be non-income producing. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (3)    | Gross additions include increases in investments resulting from new portfolio company investments, paid-in-kind interest or dividends, and exchange of one or more existing securities for one or more new securities. Gross additions also include net decreases in unrealized depreciation or net increases in unrealized appreciation.                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (4)    | Gross reductions include decreases in investments resulting from sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.                                                                                                                                                                                                                                                                                                  |

|                        |             |                                 |                                  |                                  |                                                                                                                                                                                              |                                                                                                                                                                                                          | Year Ended                                                                                                                                                                                                    |      |                                    |                                                    |    |                                                    |                                                                                                                      |     |                                                                                                                      |                                               |    |       |                                                |                                                                           |
|-----------------------------|------------------|--------------------------------------|---------------------------------------|---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------------------------------------|---------------------------------------------------------|---------|---------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|----------|---------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|---------|------------|-----------------------------------------------------|--------------------------------------------------------------------------------|
|                        |             |                                 |                                  |                                  |                                                                                                                                                                                              |                                                                                                                                                                                                          | December 31,                                                                                                                                                                                                  |      |                                    |                                                    |    |                                                    |                                                                                                                      |     |                                                                                                                      |                                               |    |       |                                                |                                                                           |
|                        |             |                                 |                                  |                                  |                                                                                                                                                                                              |                                                                                                                                                                                                          | 2012                                                                                                                                                                                                          |      |                                    |                                                    |    |                                                    |                                                                                                                      |     |                                                                                                                      |                                               |    |       |                                                |                                                                           |
| Portfolio Company (1)       |             | Investment Description               |                                  | Number of Shares / Warrants           |                                                                                                                                                                                              |                                                                                                                                                                                                          | Amount ofInterest andDividendsCredited toIncome (2)                                                                                                                                                           |      |                                    | December 31,2011Fair Value                              |    |                                                    |   GrossAdditions (3)                                                                                                 |     |                                                                                                                      |   GrossReductions (4)                         |    |       |                                                | December 31,2012Fair Value                                                     |
|                        |             |                                 |                                  |                                  |                                                                                                                                                                                              |                                                                                                                                                                                                          |                                                                                                                                                                                                          |      |                                    |                                                    |    |                                                    |                                                                                                                      |     |                                                                                                                      |                                               |    |       |                                                |                                                                           |
| Affiliate Investments       |             |                                 |                                  |                                  |                                                                                                                                                                                              |                                                                                                                                                                                                          |                                                                                                                                                                                                          |      |                                    |                                                    |    |                                                    |                                                                                                                      |     |                                                                                                                      |                                               |    |       |                                                |
| Corsair Components, Inc.    | Common Stock (5) |                                 |      640,000 |                                  | $                                                                                                                                                                                            |                                 -             |                                                                                                                                                                                                          | $    | 5,400,000                               |                                                    | $  | 130,000                                                 |                                                                                                                      | $   | -                                                                                                                         |                                               |    | $     | 5,530,000                                           |
|                        |             | Common Stock Warrants (5)            |                                  |      160,000 |                                                                                                                                                                                              |                                                                                                                                                                                                          |                                   - |      |                                    |         210,000 |    |                                                    |                     - |     |                                                                                                                      |        (140,000 | )  |       |                                                |             70,000 |
|                        |             |                                 |                                  |                                  |                                                                                                                                                                                              |                                                                                                                                                                                                          |                                                                                                                                                                                                          |      |                                    |                                                    |    |                                                    |                                                                                                                      |     |                                                                                                                      |                                               |    |       |                                                |                                                                           |
| Metabolon, Inc.             |             | Series D Convertible Preferred Stock |   2,229,021                 |                                  |                                                                                                                                                                                              |                                   - |                                                                                                                                                                                                          |      |      4,000,000 |                                                    |    |         530,000 |                                                                                                                      |     |                     - |                                               |    |       |        4,530,000 |
|                        |             |                                 |                                  |                                  |                                                                                                                                                                                              |                                                                                                                                                                                                          |                                                                                                                                                                                                          |      |                                    |                                                    |    |                                                    |                                                                                                                      |     |                                                                                                                      |                                               |    |       |                                                |                                                                           |
| Total Affiliate Investments |             |                                 |                                  | $                                |                                 - |                                                                                                                                                                                                          | $                                                                                                                                                                                                        | 9,610,000 |                                    | $                                                  | 660,000 |                                                    | $                                                                                                                    | (140,000 | )                                                                                                                    |                                               | $  | 10,130,000 |

| (1)       | The Company had no control investments as defined by the 1940 Act during the year ended December 31, 2012.                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (2)       | Affiliate investments consist of convertible preferred stock, common stock and common stock warrants that are generally non-income producing and restricted.  The convertible preferred stock investment carries a non-cumulative, preferred dividend payable when and if declared by the portfolio company's board of directors.   Since no dividends have been declared or paid, or are expected to be declared or paid, with respect to these convertible preferred stock investments, these investments are considered to be non-income producing. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (3)       | Gross additions include increases in investments resulting from new portfolio company investments, paid-in-kind interest or dividends, and exchange of one or more existing securities for one or more new securities. Gross additions also include net decreases in unrealized depreciation or net increases in unrealized appreciation.                                                                                                                                                                                                                                       |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (4))      | Gross reductions include decreases in investments resulting from sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.                                                                                                                                                                                                                                                                                                  |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (5)  | Corsair Components, Inc. completed a 1-for-5 reverse stock split effective April 24, 2012.  As a result of the reverse stock split, the Company now owns 640,000 shares of common stock and warrants to purchase 160,000 shares of common stock at an exercise price of $0.05 per share.  Prior to the reverse stock split, the Company previously owned 3,200,000 shares of common stock and warrants to purchase 800,000 shares of common stock at an exercise price of $0.01 per share.                                                                  |

----

----

| 13.   | Subsequent Events |
|-----------------|-------------------|

| Regular Dividend |   | Amount per Share |   | Record Date |            | Payment Date |
|------------------|--------|------------------|--------|-------------|-----------------|--------------|
| First Quarter    |   | $                | 0.10   |        | March 6, 2014   |         | April 14, 2014 |
| Second Quarter   |   | $                | 0.10   |        | May 8, 2014     |         | June 17, 2014 |
| Third Quarter    |   | $                | 0.10   |        | August 11, 2014 |         | September 18, 2014 |

| 14.   | Selected Quarterly Financial Data (Unaudited) |
|-----------------|-----------------------------------------------|

|               |   |       |   |   |           |   |   |                       |   |   |                          |   |   |            |   |   |      |   |      | Net Change |   |   | Net (Decrease) |   |
|--------------------|--------|------------|--------|--------|----------------|--------|--------|----------------------------|--------|--------|-------------------------------|--------|--------|-----------------|--------|--------|-----------|--------|-----------|------------|--------|--------|----------------|--------|
|               |   | Investment |   |   | Net Investment |   |   | Net Realized               |   |   | in Unrealized Appreciation    |   |   | in Net Assets   |   |
|               |   | Income     |   |   | Loss           |   |   | Gain (Loss) on Investments |   |   | (Depreciation) on Investments |   |   | from Operations |   |
|               |   |       |   |   |           |   |   |                       |   |   |                          |   |   |            |   |   |      |   |      |       |   |   |           |   |   |   |   |   |   |   |
|               |   |       |   |   | Per            |   |   |                       |   |   | Per                           |   |   |            |   |   | Per       |   |      |       |   |   | Per            |   |   |   |   |   | Per |   |
| Quarter Ended      |   | Total      |   |   | Share (1)      |   |   | Total                      |   |   | Share (1)                     |   |   | Total           |   |   | Share (1) |   |      | Total      |   |   | Share (1)      |   |   | Total |   |   | Share (1) |   |
|               |   |       |   |   |           |   |   |                       |   |   |                          |   |   |            |   |   |      |   |      |       |   |   |           |   |   |   |   |   |   |   |
| March 31, 2013     |   |       | 400    |   |           |   | *      |                       |   |   | (1,300,664                    | )      |   |            | (0.14  | )      |      |   | -         |       |   |   | -              |   |   |   | 1,257,077 |   |   |   | 0.14 |   |   |   | (43,587 | ) |   |   | * |   |
| June 30, 2013      |   |       | 844    |   |           |   | *      |                       |   |   | (1,325,466                    | )      |   |            | (0.15  | )      |      |   | 4,400,178 |       |   |   | 0.48           |   |   |   | (3,065,557 | ) |   |   | (0.34 | ) |   |   | 9,155 |   |   |   | * |   |
| September 30, 2013 |   |       | 12,433 |   |           |   | *      |                       |   |   | (1,946,234                    | )      |   |            | (0.22  | )      |      |   | -         |       |   |   | -              |   |   |   | 5,094,208 |   |   |   | 0.57 |   |   |   | 3,147,974 |   |   |   | 0.35 |   |
| December 31, 2013  |   |       | 26,276 |   |           |   | *      |                       |   |   | (740,471                      | )      |   |            | (0.08  | )      |      |   | -         |       |   |   | -              |   |   |   | (69,956 | ) |   |   | (0.01 | ) |   |   | (810,427 | ) |   |   | (0.09 | ) |
|               |   |       |   |   |           |   |   |                       |   |   |                          |   |   |            |   |   |      |   |      |       |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2012     |   |       | 1,742  |   |           |   | *      |                       |   |   | (1,201,620                    | )      |   |            | (0.13  | )      |      |   | 132,930   |       |   |   | 0.01           |   |   |   | 972,518 |   |   |   | 0.10 |   |   |   | (96,172 | ) |   |   | (0.01 | ) |
| June 30, 2012      |   |       | 1,098  |   |           |   | *      |                       |   |   | (908,668                      | )      |   |            | (0.10  | )      |      |   | 270,701   |       |   |   | 0.03           |   |   |   | (319,247 | ) |   |   | (0.03 | ) |   |   | (957,214 | ) |   |   | (0.10 | ) |
| September 30, 2012 |   |       | 537    |   |           |   | *      |                       |   |   | (1,082,515                    | )      |   |            | (0.12  | )      |      |   | (121,428  | )          |   |   | (0.01          | )      |   |   | 1,332,013 |   |   |   | 0.14 |   |   |   | 128,070 |   |   |   | 0.01 |   |
| December 31, 2012  |   |       | 493    |   |           |   | *      |                       |   |   | (860,183                      | )      |   |            | (0.09  | )      |      |   | -         |       |   |   | -              |   |   |   | (139,894 | ) |   |   | (0.02 | ) |   |   | (1,000,077 | ) |   |   | (0.11 | ) |

| *      | Per share amounts less than $0.01.                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                               |
| (1)    | Per  share amounts are calculated using weighted average shares outstanding during the quarterly period. |

----

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9A.  Controls and Procedures

Item 9B.  Other Information

----

Item 10.  Directors, Executive Officers and Corporate Governance

Item 11.  Executive Compensation

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 13.  Certain Relationships and Related Transactions, and Director Independence

Item14.  Principal Accountant Fees and Services

----

Item 15.  Exhibits and Financial Statement Schedules

| Financial Statements                                                                      | Page(s)  |
|-------------------------------------------------------------------------------------------|---------------|
|                                                                                      |          |
| Report of Independent Registered Public Accounting Firm                                   | 83            |
|                                                                                      |          |
| Statements of Assets and Liabilities as of December 31, 2013 and 2012                     | 84            |
|                                                                                      |          |
| Statements of Operations for the Years Ended December 31, 2013, 2012, and 2011            | 85            |
|                                                                                      |          |
| Statements of Changes in Net Assets for the Years Ended December 31, 2013, 2012, and 2011 | 86            |
|                                                                                      |          |
| Statements of Cash Flows for the Years Ended December 31, 2013, 2012, and 2011            | 87            |
|                                                                                      |          |
| Schedule of Investments as of December 31, 2013                                           | 88            |
|                                                                                      |          |
| Schedule of Investments as of December 31, 2012                                           | 91            |
|                                                                                      |          |
| Notes to Financial Statements                                                             | 94            |

----

| 3.1    | Amended and Restated Articles of Incorporation (Incorporated by reference to Post-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-157217), filed on April 21, 2010).                            |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                 |
| 3.2    | Articles of Amendment to Amended and Restated Articles of Incorporation (Incorporated by reference to Post-Effective Amendment No. 3 to the Registrant’s Registration Statement on Form N-2 (File No. 333-157217), filed on May 27, 2010).     |
|   |                                                                                                                                                                                                                                                 |
| 3.3    | Amended and Restated Bylaws (Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 0-53504), filed on April 23, 2009).                                                                                            |
|   |                                                                                                                                                                                                                                                 |
| 3.4    | Amendment to Bylaws dated August 5, 2010 (Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 0-53504), filed on August 9, 2010).                                                                               |
|   |                                                                                                                                                                                                                                                 |
| 3.5    | Amendment to Bylaws dated October 22, 2010 (Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 0-53504), filed on October 26, 2010).                                                                           |
|   |                                                                                                                                                                                                                                                 |
| 3.6    | Amended and Restated Dividend Reinvestment Plan dated April 12, 2011 (Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q (File No. 0-53504), filed on August 12, 2011).                                               |
|   |                                                                                                                                                                                                                                                 |
| 3.7    | Amended and Restated Dividend Reinvestment Plan (Incorporated by reference to the Registrant’s Registration Statement on Form N-2 (File No. 333-191525), filed on October 2, 2013).                                                            |
|   |                                                                                                                                                                                                                                                 |
| 4.1    | Form of Share Certificate (Incorporated by reference to the Registrant’s Annual Report on Form 10-K (File No. 0-53504), filed on March 9, 2009).                                                                                               |
|   |                                                                                                                                                                                                                                                 |
| 10.1   | Form of Amended and Restated Investment Advisory and Administrative Services Agreement (Incorporated by reference to Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-157217), filed on May 1, 2009).      |
|   |                                                                                                                                                                                                                                                 |
| 10.2   | License Agreement between the Company and Keating Investments, LLC (Incorporated by reference to the Registrant’s Registration Statement on Form 10 (File No. 0-53504), filed on November 20, 2008).                                           |
|   |                                                                                                                                                                                                                                                 |
| 10.3   | Form of Indemnification Agreement for Directors (Incorporated by reference to Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-157217), filed on June 5, 2009).                                            |
|   |                                                                                                                                                                                                                                                 |
| 10.4   | Custody Agreement between the Company and Steele Street Bank & Trust (Incorporated by reference to the Registrant’s Registration Statement on Form 10 (File No. 0-53504), filed on November 20, 2008).                                     |
|   |                                                                                                                                                                                                                                                 |
| 10.5   | First Amendment to Custody Agreement between the Company and Steele Street Bank & Trust dated December 21, 2012 (Incorporated by reference to the Registrant’s Annual Report on Form 10-K (File No. 0-53504), filed on February 15, 2013). |
|   |                                                                                                                                                                                                                                                 |
| 11     | Computation of Per Share Earnings (included in the notes to the unaudited financial statements contained in this annual report).                                                                                                                     |
|   |                                                                                                                                                                                                                                                 |
| 31.1*  | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.                                                                                                                                 |
|   |                                                                                                                                                                                                                                                 |
| 31.2*  | Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.                                                                                                                                 |
|   |                                                                                                                                                                                                                                                 |
| 32.1*  | Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                 |
| 32.2*  | Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                 |
| *      | Filed herewith.                                                                                                                                                                                                                                      |

----

----

SIGNATURES

|                               |                                                             |
|------------------------------------|------------------------------------------------------------------|
|                               | KEATING CAPITAL, INC.                                            |
|                               |                                                             |
| Date:  February 24, 2014 | /S/ Timothy J. Keating        |
|                               | Timothy J. KeatingPresident and Chief Executive Officer          |

|                               | /s/ Timothy J. Keating                                                                            |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|
| Date:  February 24, 2014 | Timothy J. KeatingPresident, Chief Executive Officer andChairman of the Board of Directors(Principal Executive Officer)                   |
|                               |                                                                                                                                      |
|                               | /s/ Frederic M. Schweiger                                                                         |
| Date:  February 24, 2014 | Frederic M. SchweigerChief Financial Officer, Chief Operating Officer, Treasurer and Director(Principal Accounting and Financial Officer) |
|                               |                                                                                                                                      |
|                               | /s/ J. Taylor Simonton                                                                            |
| Date:  February 24, 2014 | J. Taylor SimontonDirector                                                                                                                |
|                               |                                                                                                                                      |
|                               | /s/ Laurence W. Berger                                                                            |
| Date:  February 24, 2014 | Laurence W. BergerDirector                                                                                                                |
|                               |                                                                                                                                      |
|                               | /s/ Brian P. Alleman                                                                                        |
| Date:  February 24, 2014 | Brian P. AllemanDirector                                                                                                                  |