Wildermuth Endowment Fund
Schedule of Investments
September 30, 2020 (Unaudited)
Interests, | Fair Value | |||||||
| COMMON STOCKS — 10.0% | ||||||||
| ADVERTISING — 0.3% | ||||||||
| 184,413 | National CineMedia, Inc. | $ | 500,681 | |||||
| AIRLINES — 0.7% | ||||||||
| 35,000 | Delta Air Lines, Inc. | 1,070,300 | ||||||
| BIOTECHNOLOGY — 0.2% | ||||||||
| 1,043 | CSL, Ltd. | 214,551 | ||||||
| 273 | Regeneron Pharmaceuticals, Inc.(a) | 152,820 | ||||||
| 367,371 | ||||||||
| BUILDING MATERIALS — 0.1% | ||||||||
| 4,422 | LafargeHolcim, Ltd.(a) | 202,089 | ||||||
| COMMERCIAL SERVICES — 0.9% | ||||||||
| 2,300 | FleetCor Technologies, Inc.(a) | 547,630 | ||||||
| 15,046 | McMillan Shakespeare, Ltd. | 88,538 | ||||||
| 2,565 | S&P Global, Inc. | 924,939 | ||||||
| 1,561,107 | ||||||||
| DISTRIBUTION/WHOLESALE — 0.4% | ||||||||
| 15,593 | Triton International, Ltd. | 634,167 | ||||||
| DIVERSIFIED FINANCIAL SERVICES — 0.5% | ||||||||
| 7,985 | LPL Financial Holdings, Inc. | 612,210 | ||||||
| 46,619 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 214,254 | ||||||
| 826,464 | ||||||||
| ELECTRIC — 0.5% | ||||||||
| 15,000 | Clearway Energy, Inc. - Class A | 370,500 | ||||||
| 14,300 | Clearway Energy, Inc. - Class C | 385,528 | ||||||
| 756,028 | ||||||||
| ENERGY-ALTERNATE SOURCES — 0.2% | ||||||||
| 27,642 | TransAlta Renewables, Inc. | 346,198 | ||||||
| ENGINEERING & CONSTRUCTION — 0.1% | ||||||||
| 9,400 | HomeServe PLC | 150,206 | ||||||
| FOOD — 0.4% | ||||||||
| 4,030 | Mondelez International, Inc. - Class A | 231,524 | ||||||
| 7,920 | Sysco Corp. | 492,782 | ||||||
| 724,306 | ||||||||
| HEALTHCARE-SERVICES — 0.1% | ||||||||
| 3,380 | Fresenius SE & Co. KGaA | 153,899 | ||||||
See accompanying notes to Schedule of Investments.
1
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2020 (Unaudited)
Interests, | Fair Value | |||||||
| COMMON STOCKS (CONTINUED) | ||||||||
| HOME FURNISHINGS — 0.3% | ||||||||
| 5,930 | Sony Corp., ADR | $ | 455,127 | |||||
| INTERNET — 1.7% | ||||||||
| 546 | Alphabet, Inc. - Class A(a) | 800,218 | ||||||
| 270 | Amazon.com, Inc.(a) | 850,157 | ||||||
| 8,070 | eBay, Inc. | 420,447 | ||||||
| 2,828 | Facebook, Inc. - Class A(a) | 740,653 | ||||||
| 2,811,475 | ||||||||
| MEDIA — 0.2% | ||||||||
| 30,000 | TEGNA, Inc. | 352,500 | ||||||
| MINING — 0.2% | ||||||||
| 14,000 | Kinross Gold Corp.(a) | 123,480 | ||||||
| 39,053 | Yamana Gold, Inc. | 221,821 | ||||||
| 345,301 | ||||||||
| PHARMACEUTICALS — 0.9% | ||||||||
| 6,220 | Dechra Pharmaceuticals PLC | 259,254 | ||||||
| 4,082 | Johnson & Johnson | 607,728 | ||||||
| 3,200 | Novartis AG, ADR | 278,272 | ||||||
| 2,491 | UCB SA | 283,334 | ||||||
| 1,428,588 | ||||||||
| PIPELINES — 0.2% | ||||||||
| 13,850 | Enbridge, Inc. | 404,420 | ||||||
| REAL ESTATE — 0.1% | ||||||||
| 2,000 | Atenor | 136,492 | ||||||
| REITS — 0.2% | ||||||||
| 41,123 | VEREIT, Inc. - REIT | 267,299 | ||||||
| SEMICONDUCTORS — 1.4% | ||||||||
| 1,417 | Broadcom, Inc. | 516,241 | ||||||
| 16,346 | Intel Corp. | 846,396 | ||||||
| 2,716 | NXP Semiconductors NV | 338,984 | ||||||
| 4,420 | Qorvo, Inc.(a) | 570,224 | ||||||
| 2,271,845 | ||||||||
| SOFTWARE — 0.1% | ||||||||
| 1,380 | SAP SE | 214,832 | ||||||
See accompanying notes to Schedule of Investments.
2
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2020 (Unaudited)
Interests, | Fair Value | |||||||
| COMMON STOCKS (CONTINUED) | ||||||||
| TELECOMMUNICATIONS — 0.3% | ||||||||
| 11,538 | NTT DOCOMO, Inc. | $ | 424,762 | |||||
| TOTAL COMMON STOCKS (Cost $14,016,165) | 16,405,457 | |||||||
| EXCHANGE TRADED FUNDS — 4.3% | ||||||||
| COMMODITY FUND — 0.5% | ||||||||
| 4,830 | SPDR Gold Shares(a) | 855,489 | ||||||
| DEBT FUNDS — 0.4% | ||||||||
| 15,720 | Invesco International Corporate Bond | 441,699 | ||||||
| 1,618 | iShares iBoxx High Yield Corporate Bond | 135,750 | ||||||
| 577,449 | ||||||||
| EQUITY FUNDS — 3.4% | ||||||||
| 22,194 | Emerging Markets Internet and Ecommerce | 1,159,193 | ||||||
| 7,469 | iShares MSCI Brazil | 206,592 | ||||||
| 36,530 | iShares MSCI India | 1,236,906 | ||||||
| 14,425 | iShares MSCI Indonesia | 249,120 | ||||||
| 34,400 | iShares MSCI Malaysia | 900,936 | ||||||
| 16,540 | iShares MSCI Taiwan | 742,646 | ||||||
| 10,302 | VanEck Vectors Russia | 215,827 | ||||||
| 7,650 | WisdomTree China ex-State-Owned Enterprises Fund | 859,095 | ||||||
5,570,315 | ||||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $6,242,331) | 7,003,253 | |||||||
| COMMODITY & NATURAL RESOURCE INVESTMENTS — 1.9% | ||||||||
| 953 | Casillas Petroleum Resource Partners, LLC(b)(c)(d) | 381,085 | ||||||
| 1,876,034 | CM Funding, LLC(b)(c)(d)(e) | 856,643 | ||||||
| — | Kayne Anderson Energy Fund VII LP(b)(d)(f) | 593,990 | ||||||
| 2,080,000 | Thunder Investment Partners, LLC(b)(c)(d)(e) | 1,316,232 | ||||||
| TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $6,782,345) | 3,147,950 | |||||||
| DIRECT PRIVATE EQUITY — 40.1% | ||||||||
| 41,751 | Affinity Beverages, LLC(b)(c)(d) | 174,999 | ||||||
| 684 | Atlas Fintech Holdings Corp. - Class A Share Interests(b)(c)(d)(e) | 3,239,837 | ||||||
| 2,500 | Clear Guide Medical, Inc. - Series A Preferred Stock(b)(c)(d)(e) | 3,747,664 | ||||||
| 134,898 | Clear Guide Medical, Inc. - Series A-2 Preferred Stock(b)(c)(d)(e) | 747,554 | ||||||
| 770,489 | Clear Guide Medical, Inc. - Series A-3 Preferred Stock(b)(c)(d)(e) | 4,036,274 | ||||||
| 1,543,074 | Clearsense, LLC - Class C Preferred Shares(b)(c)(d)(e) | 13,031,423 | ||||||
| 298,200 | Content Management Live, LLC(b)(c)(d)(e) | 250,000 | ||||||
| 4,711,751 | DSI Digital, LLC - Series A Convertible Preferred Units(b)(c)(d)(e) | 14,450,300 | ||||||
| 8,800,000 | GigaPro, Inc. - Common Units(b)(c)(d)(e) | 9,747,374 | ||||||
See accompanying notes to Schedule of Investments.
3
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2020 (Unaudited)
Interests, | Fair Value | |||||||
| DIRECT PRIVATE EQUITY (CONTINUED) | ||||||||
| 309,150 | GigaPro, Inc. - Series Seed-1 Preferred Units(b)(c)(d)(e) | $ | 429,019 | |||||
| 1,288,103 | GigaPro, Inc. - Series Seed-2 Preferred Units(b)(c)(d)(e) | 1,787,549 | ||||||
| — | Level ATI HoldCo, LLC - Class A(b)(c)(d)(e) | 3,268,309 | ||||||
| 3,500,000 | Metro Diner, LLC - Series B Units(b)(c)(d) | 2,617,790 | ||||||
| 1,880,968 | Metro Diner, LLC - Series II Common Units(b)(c)(d) | 1,534,279 | ||||||
| 635,838 | Waratek, Ltd. - Series B-1(b)(c)(d)(e) | 2,853,301 | ||||||
| 756,826 | Waratek, Ltd. - Series B-2(b)(c)(d)(e) | 3,792,064 | ||||||
| — | WG Pitts Caribbean, LLC - Common Units(b)(c)(d)(e) | 0 | ||||||
| TOTAL DIRECT PRIVATE EQUITY (Cost $39,981,785) | 65,707,736 | |||||||
| DIRECT REAL ESTATE — 7.1% | ||||||||
| — | Brookwood SFL Investor Co-Investment Vehicle, LLC(b)(d)(e) | 1,548,531 | ||||||
| 439,716 | Dog Wood Park of Northeast Florida, LLC(b)(c)(d)(e) | 415,969 | ||||||
| 1,741,602 | GT Operating Company, Inc.(b)(c)(d)(e) | 1,741,602 | ||||||
| 400,000 | Hauiki Hui, LLC(b)(c)(d)(e) | 172,015 | ||||||
| 1,800,000 | LaGrange Senior Living, LLC - Class A Interests(b)(c)(d)(e) | 1,827,490 | ||||||
| — | Polara Builder II, LLC(b)(c)(d)(e) | 4,676,597 | ||||||
| — | RS17 Rexburg Preferred, LLC - Series A Preferred Interests(b)(c)(d)(e) | 1,213,795 | ||||||
| TOTAL DIRECT REAL ESTATE (Cost $10,195,113) | 11,595,999 | |||||||
| HEDGE FUNDS — 3.3% | ||||||||
| — | Altegris Millennium Fund LP(b)(d)(f)(g) | 1,215,858 | ||||||
| — | CRC Bond Opportunity Trading Fund LP(b)(d)(f)(g) | 2,709,945 | ||||||
| — | EJF Trust Preferred Fund LP(b)(d)(f)(g) | 701,877 | ||||||
| — | Rosebrook Opportunities Fund LP(b)(d)(f)(g) | 725,156 | ||||||
| TOTAL HEDGE FUNDS (Cost $5,247,429) | 5,352,836 | |||||||
| PRIVATE EQUITY DEBT — 6.6% | ||||||||
| $ | 1,900,000 | Aetius Intermediate Company, LLC, LIBOR 1 Month + 9.66%, 12/20/2023(b)(c)(d)(h) | 1,900,000 | |||||
| 264,412 | EJF Trust Preferred Master Fund LP, 16.00%, 4/16/2022(b)(c)(d) | 264,412 | ||||||
| 2,098,889 | Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023(b)(c)(d)(e) | 2,098,889 | ||||||
| 2,033,611 | The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023(b)(c)(d)(e) | 2,033,611 | ||||||
| 2,191,374 | Waratek, Ltd. - Convertible Note, 12.00%, 4/9/2021(b)(c)(d)(e) | 2,997,644 | ||||||
| 2,623,158 | WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(b)(c)(d)(e) | 1,449,387 | ||||||
| TOTAL PRIVATE EQUITY DEBT (Cost $10,685,404) | �� | 10,743,943 | ||||||
| PRIVATE EQUITY FUNDS — 7.6% | ||||||||
| — | Abbott Secondary Opportunities LP(b)(d)(f)(g) | 1,452,615 | ||||||
| — | Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(b)(d)(f)(g) | 2,103,204 | ||||||
| — | Committed Advisors Secondary Fund III(b)(d)(f)(g) | 1,569,831 | ||||||
| — | EJF Sidecar Fund, Series LLC - Small Financial Equities Series(b)(d)(f)(g) | 754,920 | ||||||
See accompanying notes to Schedule of Investments.
4
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2020 (Unaudited)
Interests, | Fair Value | |||||||
| PRIVATE EQUITY FUNDS (CONTINUED) | ||||||||
| 10 | GPB Automotive Portfolio LP(b)(c)(d)(f) | $ | 155,838 | |||||
| — | Gravity Ranch Fund I LP(b)(d)(e)(f)(g) | 136,049 | ||||||
| — | Greenspring Opportunities V LP(b)(d)(f)(g) | 690,431 | ||||||
| — | Madryn Health Partners LP(b)(d)(f)(g) | 2,125,974 | ||||||
| — | PineBridge Secondary Partners IV SLP(b)(d)(f)(g) | 1,180,819 | ||||||
| — | Star Mountain Diversified Credit Income Fund III LP(b)(d)(f)(g) | 1,218,844 | ||||||
| — | Star Mountain Diversified Small Business Access Fund II LP(b)(d)(f)(g) | 980,292 | ||||||
| TOTAL PRIVATE EQUITY FUNDS (Cost $11,932,485) | 12,368,817 | |||||||
| PRIVATE REAL ESTATE INVESTMENTS — 11.3% | ||||||||
| 95,075 | ARCTRUST, Inc.(b)(d)(f) | 1,224,541 | ||||||
| 94,117 | Broadstone Net Lease, Inc.(b)(d)(f) | 1,579,283 | ||||||
| 2,781,996 | Carlyle Europe Realty Fund, S.C.Sp.(b)(d)(f)(g) | 2,799,068 | ||||||
| 157,812 | Cottonwood Residential II, Inc.(b)(d)(f) | 3,378,755 | ||||||
| — | Cygnus Property Fund V, LLC(b)(d)(f) | 2,002,631 | ||||||
| — | Harbert Seniors Housing Fund I LP(b)(d)(f) | 1,405,230 | ||||||
| — | Harbert Seniors Housing Fund II LP(b)(d)(f) | 800,820 | ||||||
| — | PCG Select Series I, LLC - Series A Preferred Stock(b)(d)(f) | 255,536 | ||||||
| 789 | PRISA III Fund LP(b)(d)(f) | 1,541,011 | ||||||
| — | RRA Credit Opportunity Fund LP(b)(d)(f) | 1,759,900 | ||||||
| 56 | Shopoff Land Fund III LP(b)(d)(f) | 33,053 | ||||||
| 702,851 | Stonehill Strategic Hotel Credit Opportunity Fund II LP(b)(d)(f) | 1,034,212 | ||||||
| — | Walton Street Real Estate Fund VIII LP(b)(d)(f) | 636,112 | ||||||
| TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $17,432,178) | 18,450,152 | |||||||
| PUBLIC REAL ESTATE INVESTMENTS — 0.3% | ||||||||
| 136,771 | Highlands REIT, Inc.(b)(d) | 49,238 | ||||||
| 153,283 | Inventrust Properties Corp.(b)(d) | 481,308 | ||||||
| 3,330 | Phillips Edison Grocery Center(b)(d) | 29,136 | ||||||
| TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $391,448) | 559,682 | |||||||
| REAL ESTATE LOANS — 2.5% | ||||||||
| $ | 1,645,229 | Airport Center Development Partners, LLC, 12.00%, 9/10/2021(b)(c)(d) | 1,645,229 | |||||
| 679,962 | Park City (PCG), 12.00%, 1/1/2021(b)(c)(d)(i) | 679,962 | ||||||
| 1,851,568 | Westgate at Powers, LLC, 12.00%, 6/20/2021(b)(c)(d) | 1,851,567 | ||||||
| TOTAL REAL ESTATE LOANS (Cost $3,887,847) | 4,176,758 | |||||||
| WARRANTS — 0.5% | ||||||||
| 100 | Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date,12/30/2021(a)(b)(c)(d)(e) | 0 | ||||||
| 44 | Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date,12/30/2022(a)(b)(c)(d)(e) | 0 | ||||||
| 475 | Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date,12/30/2021(a)(b)(c)(d)(e) | 0 | ||||||
See accompanying notes to Schedule of Investments.
5
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2020 (Unaudited)
Interests, | Fair Value | |||||||
| WARRANTS (CONTINUED) | ||||||||
| 1,442 | Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date,1/21/2028(a)(b)(c)(d) | $ | 1,846 | |||||
| 492,609 | Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date,1/22/2028(a)(b)(c)(d)(e) | 879,445 | ||||||
| TOTAL WARRANTS (Cost $0) | 881,291 | |||||||
| SHORT-TERM INVESTMENTS — 3.2% | ||||||||
| 5,228,648 | Fidelity Institutional Government Portfolio - Institutional Class, 0.01%(j)(k) | 5,228,648 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,228,648) | 5,228,648 | |||||||
| TOTAL INVESTMENTS — 98.7% (Cost $132,023,178) | 161,622,522 | |||||||
| Other assets less liabilities — 1.3% | 2,096,430 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 163,718,952 | ||||||
Contracts | ||||||||
| WRITTEN OPTIONS CONTRACTS — (0.0)% | ||||||||
| PUT OPTIONS — (0.0)% | ||||||||
| (100 | ) | Fidelity National Financial, Inc. Exercise Price: $30, Notional Amount: $(300,000), Expiration Date: October 16, 2020(a) | $ | (4,250 | ) | |||
| (35 | ) | Encompass Health Corp. Exercise Price: $60, Notional Amount: $(210,000), Expiration Date: October 16, 2020(a) | (5,250 | ) | ||||
| (5 | ) | Ameriprise Financial, Inc. Exercise Price: $135, Notional Amount: $(67,500), Expiration Date: October 16, 2020(a) | (288 | ) | ||||
| (50 | ) | Restaurant Brands International, Inc. Exercise Price: $50, Notional Amount: $(250,000), Expiration Date: October 16, 2020(a) | (625 | ) | ||||
| (50 | ) | Ciena Corp. Exercise Price: $38, Notional Amount: $(190,000), Expiration Date: October 16, 2020(a) | (2,250 | ) | ||||
| (15 | ) | Visa, Inc. Exercise Price: $185, Notional Amount: $(277,500), Expiration Date: October 16, 2020(a) | (1,065 | ) | ||||
| (20 | ) | Jazz Pharmaceuticals PLC Exercise Price: $125, Notional Amount: $(250,000), Expiration Date: October 16, 2020(a) | (2,340 | ) | ||||
| (60 | ) | Citigroup, Inc. Exercise Price: $45, Notional Amount: $(270,000), Expiration Date: October 23, 2020(a) | (16,200 | ) | ||||
| (5 | ) | O’Reilly Automotive, Inc. Exercise Price: $440, Notional Amount: $(220,000), Expiration Date: October 16, 2020(a) | (1,545 | ) | ||||
| (10 | ) | Cigna Corp. Exercise Price: $160, Notional Amount: $(160,000), Expiration Date: October 16, 2020(a) | (1,250 | ) | ||||
| (10 | ) | Alibaba Group Holding, Ltd., ADR Exercise Price: $245, Notional Amount: $(245,000), Expiration Date: October 16, 2020(a) | (240 | ) | ||||
| TOTAL WRITTEN OPTIONS CONTRACTS (Cost $(44,685)) | (35,303 | ) | ||||||
ADR – American Depositary Receipt
See accompanying notes to Schedule of Investments.
6
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2020 (Unaudited)
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
REIT – Real Estate Investment Trusts
SLP – Special Limited Partnership
| (a) | Non-income Producing |
| (b) | Illiquid Security. As of September 30, 2020 these securities amounted to $132,985,164 representing 81.23% of total net assets. |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | Restricted Security. As of September 30, 2020 these securities amounted to $132,985,164 representing 81.23% of total net assets. Please refer to Investments in Restricted Securities, in the Notes to the Schedule of Investments. |
| (e) | Denotes an investment in an affiliated entity. Please refer to Investments in Affiliated Issuers, in the Notes to the Schedule of Investments. |
| (f) | Private Fund. As of September 30, 2020 these securities amounted to $36,765,795 representing 22.46% of total net assets. |
| (g) | Private Investment Company. As of September 30, 2020 these securities amounted to $20,364,883 representing 12.44% of total net assets. |
| (h) | Denotes a floating rate security. Floating rate securities are securities whose yields vary with a designated market index or market rate. |
| (i) | Security is in default. |
| (j) | Represents the current rate as of September 30, 2020. |
| (k) | A portion of this security is pledged as collateral for written options contracts. |
See accompanying notes to Schedule of Investments.
7
Wildermuth Endowment Fund
Notes to the Schedule of Investments
September 30, 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 September 30, 2020 is as follows:
| Security | Initial Acquisition Date | Interests, Shares, Principal Amount, or Units | Cost | Fair Value | % of Net Assets | |||||||||||||
| Abbott Secondary Opportunities LP | April 13, 2017 | - | $ | 878,338 | $ | 1,452,615 | 0.89 | % | ||||||||||
| Aetius Intermediate Company, LLC, LIBOR 1 Month + 9.66%, 12/20/2023 | December 26, 2019 | 1,900,000 | 1,900,000 | 1,900,000 | 1.16 | % | ||||||||||||
| Affinity Beverages, LLC | February 21, 2020 | 41,751 | 175,000 | 174,999 | 0.11 | % | ||||||||||||
| Airport Center Development Partners, LLC, 12.00%, 9/10/2021 | September 28, 2018 | 1,645,229 | 1,595,872 | 1,645,229 | 1.00 | % | ||||||||||||
| Altegris Millennium Fund LP | December 20, 2018 | - | 1,000,000 | 1,215,858 | 0.74 | % | ||||||||||||
| ARCTRUST, Inc. | June 30, 2016 | 95,075 | 932,653 | 1,224,541 | 0.75 | % | ||||||||||||
| Atlas Fintech Holdings Corp. - Class A Share Interests | December 20, 2016 | 684 | 3,126,329 | 3,239,837 | 1.98 | % | ||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021 | December 20, 2016 | 100 | - | - | 0.00 | % | ||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022 | December 20, 2016 | 44 | - | - | 0.00 | % | ||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021 | December 23, 2019 | 475 | - | - | 0.00 | % | ||||||||||||
| Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund | April 2, 2018 | - | 2,148,469 | 2,103,204 | 1.28 | % | ||||||||||||
| Broadstone Net Lease, Inc. | September 12, 2019 | 94,117 | 2,000,000 | 1,579,283 | 0.96 | % | ||||||||||||
| Brookwood SFL Investor Co-Investment Vehicle, LLC | November 3, 2017 | - | 947,495 | 1,548,531 | 0.96 | % | ||||||||||||
| Carlyle Europe Realty Fund, S.C.Sp. | December 19, 2018 | 2,781,996 | 3,156,810 | 2,799,068 | 1.71 | % | ||||||||||||
| Casillas Petroleum Resource Partners, LLC | October 11, 2016 | 953 | 952,711 | 381,085 | 0.23 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A Preferred Stock | April 19, 2016 | 2,500 | 2,250,000 | 3,747,664 | 2.29 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A-2 Preferred Stock | March 6, 2018 | 134,898 | 500,000 | 747,554 | 0.46 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A-3 Preferred Stock | July 16, 2018 | 770,489 | 2,835,394 | 4,036,274 | 2.47 | % | ||||||||||||
| Clearsense, LLC - Class C Preferred Shares | February 20, 2019 | 1,543,074 | 6,799,865 | 13,031,423 | 7.96 | % | ||||||||||||
| CM Funding, LLC | December 14, 2018 | 1,876,034 | 1,876,034 | 856,643 | 0.52 | % | ||||||||||||
| Committed Advisors Secondary Fund III | March 30, 2017 | - | 1,194,375 | 1,569,831 | 0.96 | % | ||||||||||||
| Content Management Live, LLC | December 17, 2019 | 298,200 | 298,200 | 250,000 | 0.15 | % | ||||||||||||
| Cottonwood Residential II, Inc. | June 12, 2019 | 157,812 | 2,817,188 | 3,378,755 | 2.06 | % | ||||||||||||
| CRC Bond Opportunity Trading Fund LP | June 7, 2019 | - | 2,500,000 | 2,709,945 | 1.66 | % | ||||||||||||
| Cygnus Property Fund V, LLC | October 30, 2018 | - | 1,798,405 | 2,002,631 | 1.22 | % | ||||||||||||
| Dog Wood Park of Northeast Florida, LLC | March 21, 2017 | 439,716 | 382,000 | 415,969 | 0.25 | % | ||||||||||||
| DSI Digital, LLC - Series A Convertible Preferred Units | November 29, 2017 | 4,711,751 | 6,950,000 | 14,450,300 | 8.83 | % | ||||||||||||
| EJF Sidecar Fund, Series LLC - Small Financial Equities Series | October 25, 2017 | - | 977,661 | 754,920 | 0.46 | % | ||||||||||||
| EJF Trust Preferred Fund LP | August 23, 2017 | - | 579,861 | 701,877 | 0.43 | % | ||||||||||||
| EJF Trust Preferred Master Fund LP, 16.00%, 4/16/2022 | April 16, 2020 | 264,412 | 264,412 | 264,412 | 0.16 | % | ||||||||||||
| GigaPro, Inc. - Common Units | August 8, 2019 | 8,800,000 | 2,758,800 | 9,747,374 | 5.95 | % | ||||||||||||
| GigaPro, Inc. - Series Seed-1 Preferred Units | August 5, 2020 | 309,150 | 458,001 | 429,019 | 0.26 | % | ||||||||||||
| GigaPro, Inc. - Series Seed-2 Preferred Units | July 15, 2020 | 1,288,103 | 1,526,647 | 1,787,549 | 1.09 | % | ||||||||||||
| GPB Automotive Portfolio LP | March 13, 2015 | 10 | 500,000 | 155,838 | 0.10 | % | ||||||||||||
| Gravity Ranch Fund I LP | June 13, 2017 | - | 500,000 | 136,049 | 0.08 | % | ||||||||||||
| Greenspring Opportunities V LP | January 18, 2018 | - | 572,000 | 690,431 | 0.42 | % | ||||||||||||
| GT Operating Company, Inc. | July 3, 2018 | 1,741,602 | 1,663,230 | 1,741,602 | 1.06 | % | ||||||||||||
| Harbert Seniors Housing Fund I LP | February 24, 2017 | - | 1,155,507 | 1,405,230 | 0.86 | % | ||||||||||||
| Harbert Seniors Housing Fund II LP | September 10, 2019 | - | 942,168 | 800,820 | 0.49 | % | ||||||||||||
| Hauiki Hui, LLC | January 4, 2017 | 400,000 | 382,000 | 172,015 | 0.11 | % | ||||||||||||
| Highlands REIT, Inc. | April 28, 2016 | 136,771 | 34,827 | 49,238 | 0.03 | % | ||||||||||||
| Inventrust Properties Corp. | March 2, 2015 | 153,283 | 332,875 | 481,308 | 0.29 | % | ||||||||||||
| Kayne Anderson Energy Fund VII LP | September 12, 2016 | - | 1,873,600 | 593,990 | 0.36 | % | ||||||||||||
| LaGrange Senior Living, LLC - Class A Interests | September 11, 2019 | 1,800,000 | 1,800,000 | 1,827,490 | 1.12 | % | ||||||||||||
| Level ATI HoldCo, LLC - Class A | September 10, 2018 | - | 1,690,000 | 3,268,309 | 2.00 | % | ||||||||||||
| Madryn Health Partners LP | September 28, 2018 | - | 1,998,611 | 2,125,974 | 1.30 | % | ||||||||||||
| Metro Diner, LLC - Series B Units | November 16, 2017 | 3,500,000 | 2,276,542 | 2,617,790 | 1.60 | % | ||||||||||||
| Metro Diner, LLC - Series II Common Units | November 16, 2017 | 1,880,968 | 1,223,458 | 1,534,279 | 0.94 | % | ||||||||||||
| Park City (PCG), 12.00%, 1/1/2021 | March 16, 2018 | 679,962 | 625,565 | 679,962 | 0.42 | % | ||||||||||||
| PCG Select Series I, LLC - Series A Preferred Stock | June 23, 2016 | - | 543,448 | 255,536 | 0.16 | % | ||||||||||||
| Phillips Edison Grocery Center | February 3, 2016 | 3,330 | 23,745 | 29,136 | 0.02 | % | ||||||||||||
| PineBridge Secondary Partners IV SLP | September 19, 2017 | - | 1,139,683 | 1,180,819 | 0.72 | % | ||||||||||||
| Polara Builder II, LLC | June 15, 2018 | - | 4,050,389 | 4,676,597 | 2.86 | % | ||||||||||||
| PRISA III Fund LP | September 26, 2017 | 789 | 1,315,954 | 1,541,011 | 0.94 | % | ||||||||||||
| Rosebrook Opportunities Fund LP | February 2, 2017 | - | 1,167,567 | 725,156 | 0.44 | % | ||||||||||||
| RRA Credit Opportunity Fund LP | December 12, 2017 | - | 1,478,239 | 1,759,900 | 1.07 | % | ||||||||||||
| RS17 Rexburg Preferred, LLC - Series A Preferred Interests | September 21, 2017 | - | 970,000 | 1,213,795 | 0.74 | % | ||||||||||||
| 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%, 7/20/2023 | July 22, 2020 | 2,098,889 | 2,098,889 | 2,098,889 | 1.28 | % | ||||||||||||
| 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 | - | 1,204,634 | 1,218,844 | 0.74 | % | ||||||||||||
| Star Mountain Diversified Small Business Access Fund II LP | June 2, 2017 | - | 818,716 | 980,292 | 0.60 | % | ||||||||||||
| Stonehill Strategic Hotel Credit Opportunity Fund II LP | July 18, 2016 | 702,851 | 702,850 | 1,034,212 | 0.63 | % | ||||||||||||
| The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023 | July 22, 2020 | 2,033,611 | 2,033,611 | 2,033,611 | 1.24 | % | ||||||||||||
| Thunder Investment Partners, LLC | November 2, 2018 | 2,080,000 | 2,080,000 | 1,316,232 | 0.80 | % | ||||||||||||
| Walton Street Real Estate Fund VIII LP | May 24, 2017 | - | 548,751 | 636,112 | 0.39 | % | ||||||||||||
| Waratek Ltd. - Convertible Note, 12.00%, 4/9/2021 | March 25, 2019 | 2,191,374 | 2,191,374 | 2,997,644 | 1.83 | % | ||||||||||||
| Waratek, Ltd. - Series B-1 | June 5, 2018 | 635,838 | 2,990,569 | 2,853,301 | 1.74 | % | ||||||||||||
| Waratek, Ltd. - Series B-2 | December 28, 2017 | 756,826 | 3,696,940 | 3,792,064 | 2.32 | % | ||||||||||||
| Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028 | June 5, 2018 | 492,609 | - | 879,445 | 0.54 | % | ||||||||||||
| Westgate at Powers, LLC, 12.00%, 6/20/2021 | January 17, 2018 | 1,851,568 | 1,666,411 | 1,851,567 | 1.13 | % | ||||||||||||
| WG Pitts Caribbean, LLC - Common Units | October 12, 2018 | - | 426,040 | - | 0.00 | % | ||||||||||||
| WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023 | August 14, 2020 | 2,623,158 | 2,197,118 | 1,449,387 | 0.89 | % | ||||||||||||
| $ | 106,536,034 | $ | 132,985,164 | |||||||||||||||
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 September 30, 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 September 30, 2020 | Investment Income | |||||||||||||||||||||||||||
| Atlas Fintech Holdings Corp. - Class A Share Interests | $ | 1,272,000 | $ | 1,620,329 | $ | - | $ | - | $ | 347,508 | $ | - | $ | - | $ | 3,239,837 | $ | - | ||||||||||||||||||
| Atlas Fintech Holdings Corp. - Convertible Note, 8.00%, 6/20/2020 | 1,500,000 | - | (1,500,000 | ) | - | - | - | - | - | 56,219 | ||||||||||||||||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021 | 87,955 | - | - | - | (87,955 | ) | - | - | - | - | ||||||||||||||||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022 | 26,642 | - | - | - | (26,642 | ) | - | - | - | - | ||||||||||||||||||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021 | 1,091,788 | - | - | - | (1,091,788 | ) | - | - | - | - | ||||||||||||||||||||||||||
| Brookwood SFL Investor Co-Investment Vehicle, LLC(1) | - | - | - | 1,017,978 | 601,037 | - | (70,484 | ) | 1,548,531 | - | ||||||||||||||||||||||||||
| Casillas Petroleum Resource Partners, LLC(2) | 1,286,160 | - | - | (952,711 | ) | (333,449 | ) | - | - | - | - | |||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A Preferred Stock(3) | 4,902,056 | - | - | - | (1,154,392 | ) | - | - | 3,747,664 | - | ||||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A-2 Preferred Stock(3) | 955,816 | - | - | - | (208,262 | ) | - | - | 747,554 | - | ||||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A-3 Preferred Stock(3) | 4,248,609 | 500,000 | - | - | (712,335 | ) | - | - | 4,036,274 | - | ||||||||||||||||||||||||||
| Clearsense, LLC - Class C Preferred Shares | 8,148,270 | 3,150,000 | - | - | 1,733,153 | - | - | 13,031,423 | - | |||||||||||||||||||||||||||
| CM Funding, LLC(3) | 856,643 | - | - | - | - | - | - | 856,643 | - | |||||||||||||||||||||||||||
| Content Management Live, LLC(3) | 250,000 | 48,200 | - | - | (48,200 | ) | - | - | 250,000 | - | ||||||||||||||||||||||||||
| Cygnus Property Fund V, LLC(2) | 1,752,097 | - | - | (1,920,198 | ) | 168,101 | - | - | - | - | ||||||||||||||||||||||||||
| Dog Wood Park of Northeast Florida, LLC(4) | - | - | - | 382,000 | 33,969 | - | - | 415,969 | 33,384 | |||||||||||||||||||||||||||
| DSI Digital, LLC - Series A Convertible Preferred Units(3) | 13,191,310 | 1,950,000 | - | - | (691,010 | ) | - | - | 14,450,300 | - | ||||||||||||||||||||||||||
| GigaPro, Inc. - Common Units(3) | 7,615,550 | - | - | - | 2,131,824 | - | - | 9,747,374 | - | |||||||||||||||||||||||||||
| GigaPro, Inc. - Series Seed-1 Preferred Units (3) | - | 458,000 | - | - | (28,981 | ) | - | - | 429,019 | - | ||||||||||||||||||||||||||
| GigaPro, Inc. - Series Seed-2 Preferred Units (3) | - | 1,526,647 | - | - | 260,902 | - | - | 1,787,549 | - | |||||||||||||||||||||||||||
| GigaPro, Inc. - Secured Note - 8.00%, 8/7/2021 | 884,450 | 556,000 | (1,440,450 | ) | - | - | - | - | - | 52,369 | ||||||||||||||||||||||||||
| GT Operating Company, Inc.(1)(3)(4) | - | - | - | 1,663,230 | 78,372 | - | - | 1,741,602 | 92,450 | |||||||||||||||||||||||||||
| Gravity Ranch Fund I LP | 23,043 | - | - | - | 113,006 | - | - | 136,049 | - | |||||||||||||||||||||||||||
| Hauiki Hui, LLC(4) | 230,672 | - | - | - | (58,657 | ) | - | - | 172,015 | 19,211 | ||||||||||||||||||||||||||
| LaGrange Senior Living, LLC - Class A Interests(3) | 1,800,000 | - | - | - | 27,490 | - | - | 1,827,490 | 227,827 | |||||||||||||||||||||||||||
| Level ATI HoldCo, LLC - Class A(3) | 3,040,100 | - | - | - | 228,209 | - | - | 3,268,309 | - | |||||||||||||||||||||||||||
| Polara Builder II, LLC(3) | 5,660,763 | - | (1,067,990 | ) | - | 50,048 | 33,776 | - | 4,676,597 | 181,968 | ||||||||||||||||||||||||||
| RS17 Rexburg Preferred, LLC - Series A Preferred Interests(3) | 1,434,299 | - | - | - | (220,504 | ) | - | - | 1,213,795 | - | ||||||||||||||||||||||||||
| RRA Credit Opportunity Fund LP(2) | 975,012 | - | (769,882 | ) | - | (205,130 | ) | - | - | - | - | |||||||||||||||||||||||||
| Sequin, Inc. - Convertible Note, 8.00%, 6/28/2022 | 1,000,000 | 500,000 | (1,500,000 | ) | - | - | - | - | - | 66,445 | ||||||||||||||||||||||||||
| Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023 | - | 2,098,889 | - | - | - | - | - | 2,098,889 | 34,049 | |||||||||||||||||||||||||||
| The Work Shop Limited T/A RIP Global - Convertible Note, 10.00%, 5/22/2022 | 500,000 | - | (500,000 | ) | - | - | - | - | - | 28,056 | ||||||||||||||||||||||||||
| The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023 | - | 2,033,611 | - | - | - | - | - | 2,033,611 | 49,485 | |||||||||||||||||||||||||||
| Tides Capital Gamma LP | 566,324 | - | (832,682 | ) | - | 433,676 | (167,318 | ) | - | - | - | |||||||||||||||||||||||||
| Thunder Investment Partners, LLC(3) | 1,438,189 | - | - | - | (121,957 | ) | - | - | 1,316,232 | - | ||||||||||||||||||||||||||
| Waratek, Ltd. - Series B-1 | 3,149,601 | - | - | - | (296,300 | ) | - | - | 2,853,301 | - | ||||||||||||||||||||||||||
| Waratek, Ltd. - Series B-2 | 3,817,736 | - | - | - | (25,672 | ) | - | - | 3,792,064 | - | ||||||||||||||||||||||||||
| Waratek, Ltd. - Convertible Note, 12.00%, 4/9/2021 | 1,920,001 | 691,374 | - | - | 386,269 | - | - | 2,997,644 | - | |||||||||||||||||||||||||||
| Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028 | 798,853 | - | - | - | 80,592 | - | - | 879,445 | - | |||||||||||||||||||||||||||
| WG Pitts Caribbean, LLC - Common Units(3) | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
| WG Pitts Caribbean, LLC - Promissory Note, 5.00%, 10/12/2020 | 1,815,745 | - | (1,573,960 | ) | - | (241,785 | ) | - | - | - | 141,513 | |||||||||||||||||||||||||
| WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023 | - | 2,197,118 | - | - | (747,731 | ) | - | - | 1,449,387 | 42,258 | ||||||||||||||||||||||||||
| $ | 76,239,684 | $ | 17,330,168 | $ | (9,184,964 | ) | $ | 190,299 | $ | 373,406 | $ | (133,542 | ) | $ | (70,484 | ) | $ | 84,744,567 | $ | 1,025,234 | ||||||||||||||||
| (1) | Security was held in the portfolio as of December 31, 2019 but did not meet the definition of an affiliated investment. |
| (2) | Affiliated security as of December 31, 2019, but no longer meeting the criteria to be considered an affiliated investment for the period ended September 30, 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 portfolio, see the Schedule of Investments for current value. |
| (3) | Affliated investments for which ownership exceeds 25% of the Investment Fund's Capital. |
| (4) | At December 31, 2019 this holding was considered a debt security but has since converted into a direct real estate interest. |