Wildermuth Endowment Fund
Schedule of Investments
March 31, 2020 (Unaudited)
| Shares, Principal Amount, or Units | Value | |||||||
| COMMON STOCKS — 11.4% | ||||||||
| ADVERTISING — 0.3% | ||||||||
| 184,413 | National CineMedia, Inc. | $ | 601,186 | |||||
| AIRLINES — 0.6% | ||||||||
| 35,000 | Delta Air Lines, Inc. | 998,550 | ||||||
| 12,000 | Transat AT, Inc.(a) | 71,912 | ||||||
| 1,070,462 | ||||||||
| APPAREL — 0.1% | ||||||||
| 538 | Kering | 280,924 | ||||||
| BANKS — 0.1% | ||||||||
| 3,970 | Bank of New York Mellon Corp. | 133,710 | ||||||
| BEVERAGES — 0.1% | ||||||||
| 1,938 | Pernod Ricard SA | 275,262 | ||||||
| BIOTECHNOLOGY — 0.7% | ||||||||
| 1,043 | CSL, Ltd. | 189,386 | ||||||
| 2,270 | Regeneron Pharmaceuticals, Inc.(a) | 1,108,418 | ||||||
| 1,297,804 | ||||||||
| BUILDING MATERIALS — 0.3% | ||||||||
| 4,422 | LafargeHolcim, Ltd.(a) | 161,598 | ||||||
| 8,550 | Owens Corning | 331,825 | ||||||
| 493,423 | ||||||||
| CHEMICALS — 0.0% | ||||||||
| 700 | FMC Corp. | 57,183 | ||||||
| COMMERCIAL SERVICES — 0.8% | ||||||||
| 2,300 | FleetCor Technologies, Inc.(a) | 429,042 | ||||||
| 15,046 | McMillan Shakespeare, Ltd. | 65,474 | ||||||
| 3,207 | S&P Global, Inc. | 785,875 | ||||||
| 977 | Wirecard AG | 112,182 | ||||||
| 1,392,573 | ||||||||
| COSMETICS/PERSONAL CARE — 0.6% | ||||||||
| 9,240 | Procter & Gamble Co. | 1,016,400 | ||||||
| DISTRIBUTION/WHOLESALE — 0.3% | ||||||||
| 27,674 | Inchcape PLC | 148,647 | ||||||
| 15,593 | Triton International, Ltd. | 403,391 | ||||||
| 552,038 | ||||||||
See accompanying notes to Schedule of Investments.
1
Wildermuth Endowment Fund
Schedule of Investments - Continued
March 31, 2020 (Unaudited)
| Shares, Principal Amount, or Units | Value | |||||||
| COMMON STOCKS (CONTINUED) | ||||||||
| DIVERSIFIED FINANCIAL SERVICES — 0.4% | ||||||||
| 7,985 | LPL Financial Holdings, Inc. | $ | 434,624 | |||||
| 46,619 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 229,737 | ||||||
| 664,361 | ||||||||
| ELECTRIC — 0.3% | ||||||||
| 15,000 | Clearway Energy, Inc. - Class A | 257,550 | ||||||
| 14,300 | Clearway Energy, Inc. - Class C | 268,840 | ||||||
| 526,390 | ||||||||
| ELECTRONICS — 0.0% | ||||||||
| 3,860 | nVent Electric PLC | 65,118 | ||||||
| ENERGY-ALTERNATE SOURCES — 0.2% | ||||||||
| 27,642 | TransAlta Renewables, Inc. | 288,771 | ||||||
| ENGINEERING & CONSTRUCTION — 0.1% | ||||||||
| 5,500 | ACS Actividades de Construccion y Servicios SA | 107,508 | ||||||
| 9,400 | HomeServe PLC | 123,313 | ||||||
| 230,821 | ||||||||
| FOOD — 0.4% | ||||||||
| 975 | JM Smucker Co. | 108,225 | ||||||
| 4,030 | Mondelez International, Inc. - Class A | 201,822 | ||||||
| 7,920 | Sysco Corp. | 361,390 | ||||||
| 1,150 | TreeHouse Foods, Inc.(a) | 50,773 | ||||||
| 1,066 | Tyson Foods, Inc. - Class A | 61,689 | ||||||
| 783,899 | ||||||||
| HEALTHCARE-PRODUCTS — 0.3% | ||||||||
| 15,516 | Boston Scientific Corp.(a) | 506,287 | ||||||
| HEALTHCARE-SERVICES — 0.6% | ||||||||
| 14,479 | Centene Corp.(a) | 860,197 | ||||||
| 3,380 | Fresenius SE & Co. KGaA | 125,832 | ||||||
| 3,839 | Ramsay Health Care, Ltd. | 134,585 | ||||||
| 1,120,614 | ||||||||
| HOME FURNISHINGS — 0.2% | ||||||||
| 5,930 | Sony Corp., ADR | 350,937 | ||||||
| INTERNET — 1.4% | ||||||||
| 546 | Alphabet, Inc. - Class A(a) | 634,425 | ||||||
| 450 | Amazon.com, Inc.(a) | 877,374 | ||||||
See accompanying notes to Schedule of Investments.
2
Wildermuth Endowment Fund
Schedule of Investments - Continued
March 31, 2020 (Unaudited)
| Shares, Principal Amount, or Units | Value | |||||||
| COMMON STOCKS (CONTINUED) | ||||||||
| INTERNET (Continued) | ||||||||
| 16,140 | eBay, Inc. | $ | 485,168 | |||||
| 3,536 | Facebook, Inc. - Class A(a) | 589,805 | ||||||
| 2,586,772 | ||||||||
| MACHINERY-CONSTRUCTION & MINING — 0.1% | ||||||||
| 22,255 | Mitsubishi Electric Corp. | 275,211 | ||||||
| MACHINERY-DIVERSIFIED — 0.1% | ||||||||
| 1,025 | AGCO Corp. | 48,431 | ||||||
| 394 | Deere & Co. | 54,435 | ||||||
| 102,866 | ||||||||
| MINING — 0.1% | ||||||||
| 14,000 | Kinross Gold Corp.(a) | 55,720 | ||||||
| 1,075 | Rio Tinto PLC, ADR | 48,977 | ||||||
| 2,810 | Teck Resources, Ltd. | 21,243 | ||||||
| 39,053 | Yamana Gold, Inc. | 107,396 | ||||||
| 233,336 | ||||||||
| MISCELLANEOUS MANUFACTURING — 0.1% | ||||||||
| 17,040 | General Electric Co. | 135,298 | ||||||
| OIL & GAS — 0.0% | ||||||||
| 68,500 | QEP Resources, Inc. | 22,913 | ||||||
| 475 | Royal Dutch Shell PLC, Class A, ADR | 16,573 | ||||||
| 1,000 | Suncor Energy, Inc. | 15,800 | ||||||
| 55,286 | ||||||||
| PHARMACEUTICALS — 0.7% | ||||||||
| 6,220 | Dechra Pharmaceuticals PLC | 181,394 | ||||||
| 4,082 | Johnson & Johnson | 535,273 | ||||||
| 3,200 | Novartis AG, ADR | 263,840 | ||||||
| 2,491 | UCB SA | 215,919 | ||||||
| 1,196,426 | ||||||||
| PIPELINES — 0.3% | ||||||||
| 2,000 | CNX Midstream Partners LP | 16,200 | ||||||
| 10,220 | Enable Midstream Partners LP | 26,265 | ||||||
| 13,850 | Enbridge, Inc. | 402,897 | ||||||
| 1,716 | Genesis Energy LP | 6,727 | ||||||
| 888 | Phillips 66 Partners LP | 32,350 | ||||||
| 484,439 | ||||||||
| REAL ESTATE — 0.1% | ||||||||
| 2,000 | Atenor | 141,321 | ||||||
See accompanying notes to Schedule of Investments.
3
Wildermuth Endowment Fund
Schedule of Investments - Continued
March 31, 2020 (Unaudited)
| Shares, Principal Amount, or Units | Value | |||||||
| COMMON STOCKS(CONTINUED) | ||||||||
| REITS — 0.1% | ||||||||
| 41,123 | VEREIT, Inc. - REIT | $ | 201,092 | |||||
| RETAIL — 0.1% | ||||||||
| 7,520 | Wendy's Co. | 111,898 | ||||||
| SEMICONDUCTORS — 1.6% | ||||||||
| 2,363 | Broadcom, Ltd. | 560,267 | ||||||
| 16,346 | Intel Corp. | 884,646 | ||||||
| 2,716 | NXP Semiconductors NV | 225,238 | ||||||
| 8,840 | Qorvo, Inc.(a) | 712,769 | ||||||
| 32,990 | Xperi Corp. | 458,891 | ||||||
| 2,841,811 | ||||||||
| SOFTWARE — 0.1% | ||||||||
| 11,262 | ICT Group NV | 99,349 | ||||||
| 1,380 | SAP SE | 155,655 | ||||||
| 255,004 | ||||||||
| TELECOMMUNICATIONS — 0.2% | ||||||||
| 11,538 | NTT DOCOMO, Inc. | 360,927 | ||||||
| TOTAL COMMON STOCKS(Cost $22,989,710) | 20,689,850 | |||||||
| EXCHANGE TRADED FUNDS — 7.7% | ||||||||
| DEBT FUNDS — 1.8% | ||||||||
| 15,720 | Invesco International Corporate Bond | 384,668 | ||||||
| 1,618 | iShares iBoxx High Yield Corporate Bond | 124,699 | ||||||
| 31,000 | Vanguard Intermediate-Term Corporate Bond | 2,699,790 | ||||||
| 3,209,157 | ||||||||
| EQUITY FUNDS — 5.9% | ||||||||
| 44,389 | Emerging Markets Internet and Ecommerce | 1,398,698 | ||||||
| 37,354 | iShares MSCI Brazil | 880,060 | ||||||
| 36,530 | iShares MSCI India | 880,738 | ||||||
| 28,850 | iShares MSCI Indonesia | 424,961 | ||||||
| 34,400 | iShares MSCI Malaysia | 798,080 | ||||||
| 36,756 | iShares MSCI Taiwan | 1,211,845 | ||||||
| 7,700 | SPDR S&P 500 ETF Trust | 1,984,675 | ||||||
| 51,512 | VanEck Vectors Russia | 859,220 | ||||||
| 29,000 | WisdomTree Trust WisdomTree China ex-State-Owned Enterprises Fund | 2,222,850 | ||||||
| 10,661,127 | ||||||||
| TOTAL EXCHANGE TRADED FUNDS(Cost $15,954,396) | 13,870,284 | |||||||
See accompanying notes to Schedule of Investments.
4
Wildermuth Endowment Fund
Schedule of Investments - Continued
March 31, 2020 (Unaudited)
| Shares, Principal Amount, or Units | Value | |||||||
| COMMODITY & NATURAL RESOURCE INVESTMENTS — 3.2% | ||||||||
| — | Casillas Petroleum Resource Partners, LLC(b)(c)(d)(e) | $ | 1,286,160 | |||||
| — | CM Funding, LLC(b)(c)(d)(e)(f) | 1,466,176 | ||||||
| — | Kayne Anderson Engergy Fund VII LP(b)(d)(e) | 1,492,471 | ||||||
| — | Thunder Investment Partners, LLC(b)(c)(d)(e)(f) | 1,481,117 | ||||||
| TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS(Cost $6,632,577) | 5,725,924 | |||||||
| DIRECT REAL ESTATE — 5.6% | ||||||||
| — | Brookwood SFL Investor Co-Investment Vehicle, LLC(b)(e) | 1,630,603 | ||||||
| 400,000 | Dog Wood Park of Northeast Florida, LLC, 9.50%, 12/21/2020(b)(c)(e)(f)(g) | 357,105 | ||||||
| 400,000 | Hauiki Hui, LLC, 9.50%, 1/1/2021(b)(c)(e)(f)(g) | 230,672 | ||||||
| 1,800,000 | LaGrange Senior Living, LLC(b)(c)(e)(f) | 1,800,000 | ||||||
| — | Polara Builder II, LLC - Pib Storage Owners(b)(c)(e)(f) | 1,711,558 | ||||||
| — | Polara Builder II, LLC - Savannah Self Storage(b)(c)(e)(f) | 3,016,936 | ||||||
| — | RS17 Rexburg Preferred, LLC(b)(c)(e)(f) | 1,434,299 | ||||||
| TOTAL DIRECT REAL ESTATE(Cost $8,500,233) | 10,181,173 | |||||||
| HEDGE FUNDS — 3.9% | ||||||||
| — | Altegris Millennium Fund LP(b)(e)(h) | 1,089,134 | ||||||
| — | CRC Bond Opportunity Trading Fund LP(b)(e)(h) | 2,696,750 | ||||||
| — | EJF Trust Preferred Fund LP(b)(e)(h) | 781,542 | ||||||
| — | Rosebrook Opportunities Fund LP(b)(e)(h) | 1,647,302 | ||||||
| — | Tides Capital Gamma LP(b)(e)(f)(h) | 818,056 | ||||||
| TOTAL HEDGE FUNDS(Cost $6,586,348) | 7,032,784 | |||||||
| PRIVATE EQUITY — 42.1% | ||||||||
| — | Abbott Secondary Opportunities LP(b)(e)(h) | 1,403,515 | ||||||
| 41,751 | Affinity Beverages, LLC(b)(c)(d)(e) | 174,999 | ||||||
| 159 | Atlas Fintech Holdings Corp.(b)(c)(d)(e) | 1,272,000 | ||||||
| — | Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(b)(e)(h) | 2,043,564 | ||||||
| 2,500 | Clear Guide Medical, Inc. - Series A Preferred Stock(b)(c)(d)(e)(f) | 4,382,644 | ||||||
| 134,898 | Clear Guide Medical, Inc. - Series A-2 Preferred Stock(b)(c)(d)(e)(f) | 847,099 | ||||||
| 770,489 | Clear Guide Medical, Inc. - Series A-3 Preferred Stock(b)(c)(d)(e)(f) | 4,486,230 | ||||||
| 1,543,074 | Clearsense, LLC - Class C Preferred Shares(b)(c)(d)(e)(f) | 11,087,054 | ||||||
| — | Committed Advisors Secondary Fund III(b)(e)(h) | 1,625,416 | ||||||
| 280,200 | Content Management Live, LLC(b)(c)(d)(e)(f) | 250,000 | ||||||
| 4,033,801 | DSI Digital, LLC - Series A Convertible Preferred Units(b)(c)(d)(e)(f) | 15,932,933 | ||||||
| — | EJF Sidecar Fund, Series LLC - Small Financial Equities Series(b)(e)(h) | 1,055,628 | ||||||
| 6,785,282 | GigaPro, Inc.(b)(c)(d)(e)(f) | 12,050,750 | ||||||
| 10 | GPB Automotive Portfolio LP(b)(e)(h) | 255,007 | ||||||
| — | Gravity Ranch Fund I LP(b)(e)(h) | 23,043 | ||||||
| — | Greenspring Opportunities V LP(b)(e)(h) | 620,082 | ||||||
| — | Level ATI HoldCo, LLC - Class A(b)(c)(d)(e)(f) | 3,040,100 | ||||||
See accompanying notes to Schedule of Investments.
5
Wildermuth Endowment Fund
Schedule of Investments - Continued
March 31, 2020 (Unaudited)
| Shares, Principal Amount, or Units | Value | |||||||
| PRIVATE EQUITY (CONTINUED) | ||||||||
| — | Madryn Health Partners LP(b)(e)(h) | $ | 2,146,767 | |||||
| 3,500,000 | Metro Diner, LLC - Series B Units(b)(c)(d)(e) | 2,940,000 | ||||||
| 1,880,968 | Metro Diner, LLC - Series II Common Units(b)(c)(d)(e) | 1,795,895 | ||||||
| — | PineBridge Secondary Partners IV SLP(b)(e)(h) | 1,243,045 | ||||||
| — | Star Mountain Diversified Credit Income Fund III LP(b)(e)(h) | 954,323 | ||||||
| — | Star Mountain Diversified Small Business Access Fund II LP(b)(e)(h) | 1,016,825 | ||||||
| 635,838 | Waratek, Ltd. - Series B-1(b)(c)(d)(e)(f) | 2,459,894 | ||||||
| 756,826 | Waratek, Ltd. - Series B-2(b)(c)(d)(e)(f) | 3,050,556 | ||||||
| — | WG Pitts Caribbean, LLC(b)(c)(d)(e)(f) | 0 | ||||||
| TOTAL PRIVATE EQUITY(Cost $54,520,919) | 76,157,369 | |||||||
| PRIVATE EQUITY DEBT — 6.9% | ||||||||
| $ | 1,966,667 | Aetius Intermediate Company, LLC , 11.08%, 12/20/2023(b)(c)(e) | 1,966,667 | |||||
| 1,500,000 | Atlas Fintech Holdings Corp. - Convertible Note, 8.00%, 6/20/2020(b)(c)(d)(e) | 1,500,000 | ||||||
| 1,449,250 | GigaPro, Inc. - Secured Note, 8.00%, 8/7/2021(b)(c)(d)(e)(f) | 1,449,250 | ||||||
| 1,500,000 | Sequin, Inc. - Convertible Note, 8.00%, 6/28/2022(b)(c)(d)(e) | 1,500,000 | ||||||
| 500,000 | The Work Shop Limited T/A RIP Global - Convertible Note, 10.00%, 5/22/2022(b)(c)(d)(e) | 500,000 | ||||||
| 2,191,374 | Waratek, Ltd. - Promissory Note, 12.00%, 3/25/2021(b)(c)(d)(e)(f) | 3,811,989 | ||||||
| 2,000,000 | WG Pitts Caribbean, LLC - Promissory Note, 10.00%, 10/12/2020(b)(c)(d)(e)(f) | 1,815,748 | ||||||
| TOTAL PRIVATE EQUITY DEBT(Cost $10,681,251) | 12,543,654 | |||||||
| PRIVATE REAL ESTATE INVESTMENTS — 9.7% | ||||||||
| 95,075 | ARCTRUST, Inc.(b)(e) | 1,239,896 | ||||||
| 23,529 | Broadstone Net Lease, Inc.(b)(e)(h) | 2,000,000 | ||||||
| 2,550,603 | Carlyle Europe Realty Fund, S.C.Sp.(b)(e)(h) | 2,782,703 | ||||||
| 157,812 | Cottonwood Residential II, Inc.(b)(e)(h) | 3,200,427 | ||||||
| — | Cygnus Property Fund V, LLC(b)(e)(f)(h) | 1,752,097 | ||||||
| — | Harbert Seniors Housing Fund I LP(b)(e)(h) | 1,336,047 | ||||||
| — | Harbert Seniors Housing Fund II LP(b)(e)(h) | 605,206 | ||||||
| — | PCG Select Series I, LLC - Series A Preferred Stock(b)(e)(h) | 274,038 | ||||||
| 789 | PRISA III Fund LP(b)(e)(h) | 1,490,197 | ||||||
| — | RRA Credit Opportunity Fund LP(b)(e)(h) | 1,137,797 | ||||||
| 56 | Shopoff Land Fund III LP(b)(e)(h) | 33,053 | ||||||
| 702,851 | Stonehill Strategic Hotel Credit Opportunity Fund II LP(b)(d)(e) | 985,896 | ||||||
| — | Walton Street Real Estate Fund VIII LP(b)(d)(e) | 684,784 | ||||||
| TOTAL PRIVATE REAL ESTATE INVESTMENTS(Cost $16,650,392) | 17,522,141 | |||||||
| PUBLIC REAL ESTATE INVESTMENTS — 0.3% | ||||||||
| 136,771 | Highlands REIT, Inc.(b)(d)(e) | 49,238 | ||||||
| 153,283 | Inventrust Properties Corp.(b)(d)(e) | 481,308 | ||||||
| 3,330 | Phillips Edison Grocery Center(b)(c)(e) | 36,961 | ||||||
| TOTAL PUBLIC REAL ESTATE INVESTMENTS(Cost $397,677) | 567,507 | |||||||
See accompanying notes to Schedule of Investments.
6
Wildermuth Endowment Fund
Schedule of Investments - Continued
March 31, 2020 (Unaudited)
| Shares, Principal Amount, or Units | Value | |||||||
| REAL ESTATE LOANS — 3.3% | ||||||||
| $ | 1,645,229 | Airport Center Development Partners, LLC, 10.50%, 4/5/2020(b)(c)(e) | $ | 1,645,229 | ||||
| 1,741,602 | GT Operating Company, Inc., 10.50%, 6/1/2020(b)(c)(e) | 1,741,602 | ||||||
| 679,962 | Park City (PCG), 12.00%, 6/1/2020(b)(c)(e) | 679,962 | ||||||
| 1,851,568 | Westgate at Powers, LLC, 12.00%, 6/1/2020(b)(c)(e) | 1,851,567 | ||||||
| TOTAL REAL ESTATE LOANS(Cost $5,551,077) | 5,918,360 | |||||||
| WARRANTS — 1.3% | ||||||||
| 100 | Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date,12/30/2021(a)(b)(c)(d)(e) | 87,956 | ||||||
| 44 | Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date,12/30/2022(a)(b)(c)(d)(e) | 26,642 | ||||||
| 475 | Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date,12/30/2021(a)(b)(c)(d)(e) | 1,091,788 | ||||||
| 1,442 | Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date,1/21/2028(a)(b)(c)(e) | 1,846 | ||||||
| 492,610 | Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date,1/22/2028(a)(b)(c)(d)(e)(f) | 1,090,293 | ||||||
| TOTAL WARRANTS(Cost $0) | 2,298,525 | |||||||
| SHORT-TERM INVESTMENTS — 3.2% | ||||||||
| 5,746,035 | Fidelity Institutional Government Portfolio - Institutional Class, 1.11%(i) | 5,746,035 | ||||||
| TOTAL SHORT-TERM INVESTMENTS(Cost $5,746,035) | 5,746,035 | |||||||
| TOTAL INVESTMENTS — 98.6%(Cost $154,210,615) | 178,253,606 | |||||||
| Other assets less liabilities — 1.4% | 2,482,518 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 180,736,124 | ||||||
ADR – American Depositary Receipt
ETF – Exchange-Traded Fund
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
REIT – Real Estate Investment Trusts
SLP – Special Limited Partnership
See accompanying notes to Schedule of Investments.
7
Wildermuth Endowment Fund
Schedule of Investments - Continued
March 31, 2020 (Unaudited)
| (a) | Non-income Producing |
| (b) | Illiquid Security. As of March 31, 2020 these securities amounted to $137,947,437 representing 76.33% of total net assets. |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | Private Investment Company. As of March 31, 2020 these securities amounted to $84,570,970 representing 46.79% of total net assets. |
| (e) | Restricted Security. As of March 31, 2020 these securities amounted to $137,947,437 representing 76.33% of total net assets. Please refer to Investments in Restricted Securities, in the Notes to the Schedule of Investments. |
| (f) | Denotes an investment in an affiliated entity. Please refer to Investments in Affiliated Issuers, in the Notes to the Schedule of Investments. |
| (g) | Security is in default. |
| (h) | Private Fund. As of March 31, 2020 these securities amounted to $34,031,564 representing 18.83% of total net assets. |
| (i) | Represents the current rate as of March 31, 2020. |
See accompanying notes to Schedule of Investments.
8
Wildermuth Endowment Fund
Notes to the Schedule of Investments
March 31, 2020 (Unaudited)
Investments in Restricted Securities -Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.
Additional information on each restricted security held by the Fund on March 31, 2020 is as follows:
| Initial | Shares, Principal | Fair | % of Net | |||||||||||||||
| Security | Acquisition Date | Amount or Units | Cost | Value | Assets | |||||||||||||
| Abbott Secondary Opportunities LP | April 13, 2017 | - | 1,073,183 | $ | 1,403,515 | 0.78 | % | |||||||||||
| Aetius Intermediate Company, LLC, 9.50%, 12/20/2023 | December 26, 2019 | 1,966,667 | 1,966,667 | 1,966,667 | 1.09 | % | ||||||||||||
| Affinity Beverages, LLC | February 21, 2020 | 41,751 | 175,000 | 174,999 | 0.10 | % | ||||||||||||
| Airport Center Development Partners, LLC, 10.50%, 4/5/2020 | September 28, 2018 | 1,645,229 | 1,595,872 | 1,645,229 | 0.91 | % | ||||||||||||
| Altegris Millennium Fund LP | December 20, 2018 | - | 1,000,000 | 1,089,134 | 0.60 | % | ||||||||||||
| ARCTRUST, Inc. | June 30, 2016 | 95,075 | 952,230 | 1,239,896 | 0.69 | % | ||||||||||||
| Atlas Fintech Holdings Corp. | December 20, 2016 | 159 | 1,506,000 | 1,272,000 | 0.71 | % | ||||||||||||
| Atlas Fintech Holdings Corp. - Convertible Note, 8.00%, 6/20/2020 | June 20, 2019 | 1,500,000 | 1,500,000 | 1,500,000 | 0.83 | % | ||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021 | December 20, 2016 | 100 | - | 87,956 | 0.05 | % | ||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022 | December 20, 2016 | 44 | - | 26,642 | 0.02 | % | ||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021 | December 23, 2019 | 475 | - | 1,091,788 | 0.60 | % | ||||||||||||
| Auda Capital SCS SICAV SIF- Auda Asia Secondary Fund | April 2, 2018 | - | 1,988,718 | 2,043,564 | 1.13 | % | ||||||||||||
| Broadstone Net Lease, Inc. | September 12, 2019 | 23,529 | 2,000,000 | 2,000,000 | 1.11 | % | ||||||||||||
| Brookwood SFL Investor Co-Investment Vehicle, LLC | November 3, 2017 | - | 978,730 | 1,630,603 | 0.90 | % | ||||||||||||
| Carlyle Europe Realty Fund, S.C.Sp. | December 19, 2018 | 2,550,603 | 2,878,382 | 2,782,703 | 1.54 | % | ||||||||||||
| Casillas Petroleum Resource Partners, LLC | October 11, 2016 | - | 952,711 | 1,286,160 | 0.71 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A Preferred Stock | April 19, 2016 | 2,500 | 2,250,000 | 4,382,644 | 2.42 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A-2 Preferred Stock | March 6, 2018 | 134,898 | 500,000 | 847,099 | 0.47 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A-3 Preferred Stock | July 16, 2018 | 770,489 | 2,835,394 | 4,486,230 | 2.48 | % | ||||||||||||
| Clearsense, LLC - Class C Preferred Shares | February 20, 2019 | 1,543,074 | 6,799,865 | 11,087,054 | 6.13 | % | ||||||||||||
| CM Funding, LLC | December 14, 2018 | - | 1,876,034 | 1,466,176 | 0.81 | % | ||||||||||||
| Committed Advisors Secondary Fund III | March 30, 2017 | - | 1,217,261 | 1,625,416 | 0.90 | % | ||||||||||||
| Content Management Live, LLC | December 17, 2019 | 280,200 | 232,564 | 250,000 | 0.14 | % | ||||||||||||
| Cottonwood Residential II, Inc. | June 12, 2019 | 157,812 | 2,887,029 | 3,200,427 | 1.77 | % | ||||||||||||
| CRC Bond Opportunity Trading Fund LP | June 7, 2019 | - | 2,500,000 | 2,696,750 | 1.49 | % | ||||||||||||
| Cygnus Property Fund V, LLC | October 30, 2018 | - | 1,920,198 | 1,752,097 | 0.97 | % | ||||||||||||
| Dog Wood Park of Northeast Florida, LLC, 9.50%, 12/21/2020 | March 21, 2017 | 400,000 | 382,000 | 357,105 | 0.20 | % | ||||||||||||
| DSI Digital, LLC - Series A Convertible Preferred Units | November 29, 2017 | 4,033,801 | 5,950,000 | 15,932,933 | 8.82 | % | ||||||||||||
| EJF Sidecar Fund, Series LLC - Small Financial Equities Series | October 25, 2017 | - | 977,661 | 1,055,628 | 0.58 | % | ||||||||||||
| EJF Trust Preferred Fund LP | August 23, 2017 | - | 579,861 | 781,542 | 0.43 | % | ||||||||||||
| GigaPro, Inc. | August 8, 2019 | 6,785,282 | 10,204,618 | 12,050,750 | 6.67 | % | ||||||||||||
| GigaPro, Inc. - Secured Note, 8.00%, 8/7/2021 | August 8, 2019 | 1,449,250 | 1,449,250 | 1,449,250 | 0.80 | % | ||||||||||||
| GPB Automotive Portfolio LP | March 13, 2015 | 10 | 500,000 | 255,007 | 0.14 | % | ||||||||||||
| Gravity Ranch Fund I LP | June 13, 2017 | - | 500,000 | 23,043 | 0.01 | % | ||||||||||||
| Greenspring Opportunities V LP | January 18, 2018 | - | 559,000 | 620,082 | 0.34 | % | ||||||||||||
| GT Operating Company, Inc., 10.50%, 6/1/2020 | July 3, 2018 | 1,741,602 | 1,663,230 | 1,741,602 | 0.96 | % | ||||||||||||
| Harbert Seniors Housing Fund I LP | February 24, 2017 | - | 1,142,154 | 1,336,047 | 0.74 | % | ||||||||||||
| Harbert Seniors Housing Fund II LP | September 10, 2019 | - | 768,024 | 605,206 | 0.33 | % | ||||||||||||
| Hauiki Hui, LLC, 9.50%, 1/1/2021 | January 4, 2017 | 400,000 | 382,000 | 230,672 | 0.13 | % | ||||||||||||
| Highlands REIT, Inc. | April 28, 2016 | 136,771 | 34,827 | 49,238 | 0.03 | % | ||||||||||||
| Inventrust Properties Corp. | March 2, 2015 | 153,283 | 338,504 | 481,308 | 0.27 | % | ||||||||||||
| Kayne Anderson Energy Fund VII LP | September 12, 2016 | - | 1,723,832 | 1,492,471 | 0.83 | % | ||||||||||||
| LaGrange Senior Living, LLC | September 11, 2019 | 1,800,000 | 1,800,000 | 1,800,000 | 1.00 | % | ||||||||||||
| Level ATI HoldCo, LLC - Class A | September 10, 2018 | - | 1,690,000 | 3,040,100 | 1.68 | % | ||||||||||||
| Madryn Health Partners LP | September 28, 2018 | - | 2,036,181 | 2,146,767 | 1.19 | % | ||||||||||||
| Metro Diner, LLC - Series B Units | November 16, 2017 | 3,500,000 | 3,500,000 | 2,940,000 | 1.63 | % | ||||||||||||
| Metro Diner, LLC - Series II Common Units | November 16, 2017 | 1,880,968 | - | 1,795,895 | 0.99 | % | ||||||||||||
| Park City (PCG), 10.50%, 6/1/2020 | March 16, 2018 | 679,962 | 625,565 | 679,962 | 0.38 | % | ||||||||||||
| PCG Select Series I, LLC - Series A Preferred Stock | June 23, 2016 | - | 561,950 | 274,038 | 0.15 | % | ||||||||||||
| Phillips Edison Grocery Center | February 3, 2016 | 3,330 | 24,346 | 36,961 | 0.02 | % | ||||||||||||
| PineBridge Secondary Partners IV SLP | September 19, 2017 | - | 1,084,000 | 1,243,045 | 0.69 | % | ||||||||||||
| Polara Builder II, LLC - PIB Storage Owners, LLC | December 26, 2019 | - | 1,684,493 | 1,711,558 | 0.95 | % | ||||||||||||
| Polara Builder II, LLC - Savannah Self Storage | February 27, 2019 | - | 2,303,010 | 3,016,936 | 1.67 | % | ||||||||||||
| PRISA III Fund LP | September 26, 2017 | 789 | 1,315,954 | 1,490,197 | 0.82 | % | ||||||||||||
| Rosebrook Opportunities Fund LP | February 2, 2017 | - | 1,506,487 | 1,647,302 | 0.91 | % | ||||||||||||
| RRA Credit Opportunity Fund LP | December 12, 2017 | - | 932,667 | 1,137,797 | 0.63 | % | ||||||||||||
| RS17 Rexburg Preferred, LLC | September 21, 2017 | - | 970,000 | 1,434,299 | 0.79 | % | ||||||||||||
| Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028 | February 6, 2018 | 1,442 | - | 1,846 | 0.00 | % | ||||||||||||
| Sequin, Inc. - Convertible Note, 8.00%, 6/28/2022 | July 1, 2019 | 1,500,000 | 1,500,000 | 1,500,000 | 0.83 | % | ||||||||||||
| Shopoff Land Fund III LP | April 28, 2015 | 56 | 40,203 | 33,053 | 0.02 | % | ||||||||||||
| Star Mountain Diversified Credit Income Fund III LP | June 20, 2019 | - | 943,343 | 954,323 | 0.53 | % | ||||||||||||
| Star Mountain Diversified Small Business Access Fund II LP | June 2, 2017 | - | 884,582 | 1,016,825 | 0.56 | % | ||||||||||||
| Stonehill Strategic Hotel Credit Opportunity Fund II LP | July 18, 2016 | 702,851 | 702,850 | 985,896 | 0.55 | % | ||||||||||||
| The Work Shop Limited T/A RIP Global - Convertible Note, 10.00%, 5/22/2022 | November 22, 2019 | 500,000 | 500,000 | 500,000 | 0.28 | % | ||||||||||||
| Thunder Investment Partners, LLC | November 2, 2018 | - | 2,080,000 | 1,481,117 | 0.82 | % | ||||||||||||
| Tides Capital Gamma LP | November 30, 2018 | - | 1,000,000 | 818,056 | 0.45 | % | ||||||||||||
| Walton Street Real Estate Fund VIII LP | May 24, 2017 | - | 548,751 | 684,784 | 0.38 | % | ||||||||||||
| Waratek, Ltd. - Promissory Note, 12.00%, 3/25/2021 | March 25, 2019 | 2,191,374 | 2,191,374 | 3,811,989 | 2.11 | % | ||||||||||||
| Waratek, Ltd. - Series B-1 Shares | June 5, 2018 | 635,838 | 2,990,569 | 2,459,894 | 1.36 | % | ||||||||||||
| Waratek, Ltd. - Series B-2 Shares | December 28, 2017 | 756,826 | 3,696,940 | 3,050,556 | 1.69 | % | ||||||||||||
| Waratek, Ltd. - Series B-1 Shares, Exercise Price 0.01 Euro, Expiration Date 1/22/2028 | June 5, 2018 | 492,610 | - | 1,090,293 | 0.60 | % | ||||||||||||
| Westgate at Powers, LLC, 10.50%, 6/1/2020 | January 17, 2018 | 1,851,568 | 1,666,410 | 1,851,567 | 1.02 | % | ||||||||||||
| WG Pitts Caribbean, LLC | October 12, 2018 | - | 426,040 | - | 0.00 | % | ||||||||||||
| WG Pitts Caribbean, LLC - Promissory Note, 10.00%, 10/12/2020 | October 12, 2018 | 2,000,000 | 1,573,960 | 1,815,748 | 1.00 | % | ||||||||||||
| $ | 109,520,474 | $ | 137,947,437 | |||||||||||||||
Investments in Affiliated Issuers -An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain security shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2020 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.
| Security Description | Beginning balance January 1, 2020 | Purchases or Conversions | Sales or Conversions | Change in securities meeting the definition of an affiliated investment | Change in Unrealized Appreciation (Depreciation) | Net Realized Gain (Loss) | Tax Basis or Return of Capital Adjustments | Ending Value March 31, 2020 | Investment Income | |||||||||||||||||||||||||||
| Atlas Fintech Holdings Corp.(1) | $ | 1,260,336 | $ | - | $ | - | $ | (1,506,000 | ) | $ | 245,664 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
| Atlas Fintech Holdings Corp - Convertible Note 8.00%, 6/20/2020(1) | 1,500,000 | - | - | (1,500,000 | ) | - | - | - | - | - | ||||||||||||||||||||||||||
| Atlas Fintech Holdings Corp. Exercise Price $13,000 Expiration Date 12/30/2021(1) | 85,600 | - | - | - | (85,600 | ) | - | - | - | - | ||||||||||||||||||||||||||
| Atlas Fintech Holdings Corp. Exercise Price $14,950 Expiration Date 12/30/2022(1) | 25,860 | - | - | - | (25,860 | ) | - | - | - | - | ||||||||||||||||||||||||||
| Atlas Fintech Holdings Corp. Exercise Price $8,000 Expiration Date 12/30/2021(1) | 1,070,142 | - | - | - | (1,070,142 | ) | - | - | - | - | ||||||||||||||||||||||||||
| Casillas Petroleum Resource Parnters, LLC(1) | 1,330,146 | - | - | (952,711 | ) | (377,435 | ) | - | - | - | - | |||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A Preferred Stock | 4,619,479 | - | - | - | (236,835 | ) | - | - | 4,382,644 | - | ||||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A-2 Preferred Stock | 895,163 | - | - | - | (48,064 | ) | - | - | 847,099 | - | ||||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A-3 Preferred Stock | 3,602,675 | 500,000 | - | - | 383,555 | - | - | 4,486,230 | - | |||||||||||||||||||||||||||
| Clearsense, LLC - Class C Preferred Shares | 6,842,784 | 3,150,000 | - | - | 1,094,270 | - | - | 11,087,054 | 110,770 | |||||||||||||||||||||||||||
| Content Management Live, LLC(2) | 250,000 | 30,200 | - | - | (232,564 | ) | - | 202,364 | 250,000 | - | ||||||||||||||||||||||||||
| CM Funding, LLC(2) | 1,649,739 | - | - | - | (183,563 | ) | - | - | 1,466,176 | - | ||||||||||||||||||||||||||
| Cygnus Property Fund V, LLC | 1,752,097 | - | - | - | - | - | - | 1,752,097 | - | |||||||||||||||||||||||||||
| Dog Wood Park of Northeast Florida, LLC9.50%, 12/21/2020(3) | - | - | - | 400,000 | (42,895 | ) | - | - | 357,105 | 33,384 | ||||||||||||||||||||||||||
| DSI Digital, LLC - Series A Convertible Preferred Units(2) | 14,016,338 | 950,000 | - | - | 966,595 | - | - | 15,932,933 | 140,493 | |||||||||||||||||||||||||||
| GigaPro, Inc.(2) | 12,606,750 | - | - | - | (4,129,766 | ) | - | 3,573,766 | 12,050,750 | - | ||||||||||||||||||||||||||
| GigaPro, Inc. - Secured Note, 8.00%, 8/7/2021(2) | 893,250 | 556,000 | - | - | 452,517 | - | (452,517 | ) | 1,449,250 | 21,959 | ||||||||||||||||||||||||||
| Gravity Ranch Fund I LP(1) | 177,946 | - | - | (500,000 | ) | 322,054 | - | - | - | - | ||||||||||||||||||||||||||
| Hauiki Hui, LLC, 9.50%, 1/1/2021 | 400,000 | - | - | - | (169,328 | ) | - | - | 230,672 | 9,606 | ||||||||||||||||||||||||||
| LaGrange Senior Living, LLC(2) | 1,800,000 | - | - | - | - | - | - | 1,800,000 | - | |||||||||||||||||||||||||||
| Level ATI HoldCo, LLC - Class A(2) | 2,773,765 | - | - | - | 266,335 | - | - | 3,040,100 | - | |||||||||||||||||||||||||||
| Polara Builder II, LLC - Lake Castleberry | 1,067,990 | - | (1,067,990 | ) | - | (33,776 | ) | 33,776 | - | - | 6,395 | |||||||||||||||||||||||||
| Polara Builder II, LLC - PIB Storage Owners, LLC(2) | 1,711,558 | - | - | - | - | - | - | 1,711,558 | 42,203 | |||||||||||||||||||||||||||
| Polara Builder II, LLC - Savannah Self Storage(2) | 2,846,616 | - | - | - | 170,320 | - | - | 3,016,936 | 58,311 | |||||||||||||||||||||||||||
| RS17 Rexburg Preferred, LLC(2) | 1,417,506 | - | - | - | 16,793 | - | - | 1,434,299 | 27,425 | |||||||||||||||||||||||||||
| RRA Credit Opportunity Fund LP(1) | 1,238,519 | - | - | (1,093,481 | ) | (145,038 | ) | - | - | - | - | |||||||||||||||||||||||||
| Sequin, Inc. - Convertible Note, 8.00%, 6/28/2022(1) | 1,000,000 | - | - | (1,000,000 | ) | - | - | - | - | - | ||||||||||||||||||||||||||
| The Work Shop Limited T/A RIP Global - Convertible Note, 10.00%, 5/22/2022(1) | 500,000 | - | - | (500,000 | ) | - | - | - | - | - | ||||||||||||||||||||||||||
| Tides Capital Gamma LP(2) | 579,167 | - | - | - | 238,889 | - | - | 818,056 | - | |||||||||||||||||||||||||||
| Thunder Investment Partners, LLC(2) | 1,592,596 | - | - | - | (111,479 | ) | - | - | 1,481,117 | 51,857 | ||||||||||||||||||||||||||
| Waratek, Ltd. - Series B-1 Shares(2) | 2,429,199 | - | - | - | 30,695 | - | - | 2,459,894 | - | |||||||||||||||||||||||||||
| Waratek, Ltd. - Series B-2 Shares(2) | 2,989,076 | - | - | - | 61,480 | - | - | 3,050,556 | 18,721 | |||||||||||||||||||||||||||
| Waratek, Ltd. - Promissory Note, 12.00%, 3/25/2021(2) | 3,100,615 | 691,374 | - | - | 20,000 | - | - | 3,811,989 | 57,265 | |||||||||||||||||||||||||||
| Waratek, Ltd. - Series B-1 Shares, Exercise Price 0.01 Euro, Expiration Date 01/22/2028(2) | 823,925 | - | - | - | 266,368 | - | - | 1,090,293 | - | |||||||||||||||||||||||||||
| WG Pitts Caribbean, LLC(2) | 426,036 | - | - | - | (426,036 | ) | - | - | - | - | ||||||||||||||||||||||||||
| WG Pitts Caribbean, LLC - Promissory Note, 10.00%, 10/12/2020(2) | 1,573,960 | - | - | - | 241,788 | - | - | 1,815,748 | 87,261 | |||||||||||||||||||||||||||
| $ | 80,848,833 | $ | 5,877,574 | $ | (1,067,990 | ) | $ | (6,652,192 | ) | $ | (2,541,058 | ) | $ | 33,776 | $ | 3,323,613 | $ | 79,822,556 | $ | 665,650 | ||||||||||||||||
| (1) | Affiliated security as December 31, 2019, but no longer meeting the 5% ownership in voting securities definition for the period ended March 31, 2020. The inclusion in the table above is to provide the net change for affiliated securities as a whole. The security is held in the portolio, see the Schedule of Investments for the current value. |
| (2) | Affliated investments for which ownership exceeds 25% of the Investment Fund's Capital. |
| (3) | Security was held in the portfolio as of December 31, 2019 but did not meet the definition of an affiliated investment. |
