Wildermuth Fund (WEFCX) NPORT-P Wildermuth Endowment Fund (Mar 2021 report)

Wildermuth Endowment Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Interests, Shares, Principal Amount, or Units			Fair Value
		PUBLIC EQUITIES — 5.2%
		ADVERTISING — 0.2%
	79,895	National CineMedia, Inc.	$	369,115
		AIRLINES — 0.2%
	7,419	Delta Air Lines, Inc.		358,189
		BIOTECHNOLOGY — 0.2%
	1,043	CSL, Ltd.		210,244
	15,000	Innoviva, Inc.(a)		179,250
				389,494
		BUILDING MATERIALS — 0.1%
	2,212	LafargeHolcim, Ltd.		130,530
		COMMERCIAL SERVICES — 0.4%
	519	FleetCor Technologies, Inc.(a)		139,419
	15,046	McMillan Shakespeare, Ltd.		124,801
	1,100	S&P Global, Inc.		388,157
				652,377
		DISTRIBUTION/WHOLESALE — 0.2%
	5,096	Triton International, Ltd.		280,229
		DIVERSIFIED FINANCIAL SERVICES — 0.1%
	23,309	Mitsubishi HC Capital, Inc.		140,909
		ENERGY-ALTERNATE SOURCES — 0.1%
	13,821	TransAlta Renewables, Inc.		226,190
		ENGINEERING & CONSTRUCTION — 0.1%
	5,830	HomeServe PLC		96,603
		HEALTHCARE-SERVICES — 0.1%
	2,770	Fresenius SE & Co. KGaA		123,639
		HOME FURNISHINGS — 0.2%
	3,000	Sony Group Corp., ADR		318,030
		INTERNET — 0.6%
	1,400	Alibaba Group Holding, Ltd., ADR(a)		317,422
	200	Alphabet, Inc. - Class A(a)		412,504
	939	Facebook, Inc. - Class A(a)		276,564
				1,006,490

See accompanying notes to Schedule of Investments.

1 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2021 (Unaudited)

Interests, Shares, Principal Amount, or Units			Fair Value
		COMMON STOCKS (CONTINUED)
		MINING — 0.2%
	14,000	Kinross Gold Corp.	$	93,380
	39,053	Yamana Gold, Inc.		169,490
				262,870
		PHARMACEUTICALS — 0.3%
	3,110	Dechra Pharmaceuticals PLC		147,176
	1,632	Novartis AG, ADR		139,503
	1,246	UCB SA		118,787
				405,466
		PIPELINES — 0.2%
	6,502	Enbridge, Inc.		236,673
		REAL ESTATE — 0.1%
	1,240	Atenor		82,773
		REITS — 1.1%
	94,117	Broadstone Net Lease, Inc.		1,722,341
		SEMICONDUCTORS — 0.8%
	646	Broadcom, Inc.		299,524
	5,036	Intel Corp.		322,304
	1,738	NXP Semiconductors NV		349,929
	1,895	Qorvo, Inc.(a)		346,217
				1,317,974
		TOTAL PUBLIC EQUITIES (Cost $6,621,836)		8,119,892
		EXCHANGE TRADED FUNDS — 1.1%
		EQUITY FUNDS — 1.1%
	7,102	Emerging Markets Internet and Ecommerce		453,889
	3,734	iShares MSCI Brazil		124,902
	3,465	iShares MSCI India		146,154
	7,212	iShares MSCI Indonesia		157,582
	4,487	iShares MSCI Malaysia		121,598
	3,840	iShares MSCI Taiwan		230,246
	3,485	VanEck Vectors Russia		89,948
	5,661	WisdomTree China ex-State-Owned Enterprises Fund		369,041
		TOTAL EXCHANGE TRADED FUNDS (Cost $1,207,031)		1,693,360

See accompanying notes to Schedule of Investments.

2 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2021 (Unaudited)

Interests, Shares, Principal Amount, or Units			Fair Value
		COMMODITY & NATURAL RESOURCE INVESTMENTS — 1.8%
	1,000	Casillas Petroleum Resource Partners, LLC(a)(b)(c)	$	504,582
	1,976,034	CM Funding, LLC(a)(b)(c)(d)(e)		919,761
	—	Kayne Anderson Energy Fund VII LP(a)(b)(c)(f)		618,414
	182	Midcon Holdco Partners, LLC(a)(b)(c)		181,858
	2,080,000	Thunder Investment Partners, LLC(a)(b)(c)(d)(e)		599,872
		TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $7,211,492)		2,824,487
		DIRECT PRIVATE EQUITY — 42.7%
	41,751	Affinity Beverages, LLC(a)(b)(c)(e)		174,999
	684	Atlas Fintech Holdings Corp. - Class A Share Interests(a)(b)(c)(e)		3,506,893
	2,500	Clear Guide Medical, Inc. - Series A Preferred Stock(a)(b)(c)(d)(e)		3,931,539
	134,898	Clear Guide Medical, Inc. - Series A-2 Preferred Stock(a)(b)(c)(d)(e)		788,552
	770,489	Clear Guide Medical, Inc. - Series A-3 Preferred Stock(a)(b)(c)(d)(e)		4,283,658
	1,543,074	Clearsense, LLC - Class C Preferred Shares(a)(b)(c)(d)(e)		12,420,172
	298,200	Content Management Live, LLC(a)(b)(c)(d)(e)		120,000
	5,791,621	DSI Digital, LLC - Series A Convertible Preferred Units(a)(b)(c)(d)(e)		16,864,225
	8,800,000	GigaPro, Inc. - Common Units(a)(b)(c)(d)(e)		9,172,932
	309,150	GigaPro, Inc. - Series Seed-1 Preferred Units(a)(b)(c)(d)(e)		447,423
	1,288,103	GigaPro, Inc. - Series Seed-2 Preferred Units(a)(b)(c)(d)(e)		1,864,232
	—	Level ATI HoldCo, LLC - Class A(a)(b)(c)(d)(e)		2,800,673
	3,500,000	Metro Diner, LLC - Series B Units(a)(b)(c)(e)		2,148,205
	1,880,968	Metro Diner, LLC - Series II Common Units(a)(b)(c)(e)		858,692
	635,838	Waratek, Ltd. - Series B-1(a)(b)(c)(d)(e)		2,894,965
	756,826	Waratek, Ltd. - Series B-2(a)(b)(c)(d)(e)		3,905,244
	—	WG Pitts Caribbean, LLC - Common Units(a)(b)(c)(d)(e)		-
		TOTAL DIRECT PRIVATE EQUITY (Cost $41,591,784)		66,182,404
		DIRECT REAL ESTATE — 5.9%
	—	Brookwood SFL Investor Co-Investment Vehicle, LLC(a)(b)(c)		1,697,293
	439,716	Dog Wood Park of Northeast Florida, LLC(b)(c)(d)(e)		755,484
	1,800,000	LaGrange Senior Living, LLC - Class A Interests(b)(c)(d)(e)		1,977,774
	—	Polara Builder II, LLC(b)(c)(d)(e)		4,742,316
		TOTAL DIRECT REAL ESTATE (Cost $7,138,563)		9,172,867
		HEDGE FUNDS — 3.8%
	—	CRC Bond Opportunity Trading Fund LP(a)(b)(c)(f)(g)		2,998,619
	—	EJF Trust Preferred Fund LP(a)(b)(c)(f)(g)		714,739
	—	iCapital Millennium Fund LP(a)(b)(c)(f)(g)		1,369,010
	—	Rosebrook Opportunities Fund LP(a)(b)(c)(d)(f)(g)		771,174
		TOTAL HEDGE FUNDS (Cost $5,247,428)		5,853,542

See accompanying notes to Schedule of Investments.

3 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2021 (Unaudited)

Interests, Shares, Principal Amount, or Units			Fair Value
		PRIVATE EQUITY DEBT — 15.6%
$	3,000,000	Clearsense, LLC - Convertible Note, 8.00%, 10/30/2022(b)(c)(d)(e)(h)	$	3,475,609
	150,000	DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023(b)(c)(d)(e)(h)		150,000
	71,276	EJF Trust Preferred Master Fund LP, 16.00%, 4/16/2022(b)(c)(e)		71,276
	2,500,000	GigaPro, Inc. - Convertible Note, 12.00%, 10/1/2022(b)(c)(d)(e)(h)		2,500,000
	7,174	Reef Capital Partners, LLC - Series A Preferred Units, 8.00%, 12/28/2022(b)(c)(e)		7,173,809
	2,098,889	Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023(b)(c)(e)(h)		2,098,889
	250,000	Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024(b)(c)(e)		250,000
	2,033,611	The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023(b)(c)(e)(h)		2,033,611
	3,191,374	Waratek, Ltd. - Convertible Note, 12.00%, 10/16/2022(a)(b)(c)(d)(e)(h)		4,289,342
	504,000	Waratek, Ltd. - Secured Note, 30.00%, 3/15/2022(b)(c)(d)(e)		504,000
	2,623,158	WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(b)(c)(d)(e)(i)		1,649,049
		TOTAL PRIVATE EQUITY DEBT (Cost $22,809,191)		24,195,585
		PRIVATE EQUITY FUNDS — 9.0%
	—	Abbott Secondary Opportunities LP(a)(b)(c)(f)(g)		1,273,334
	—	Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(a)(b)(c)(f)(g)		2,226,336
	—	Committed Advisors Secondary Fund III(a)(b)(c)(f)(g)		1,612,653
	—	EJF Sidecar Fund, Series LLC - Small Financial Equities Series(a)(b)(c)(f)(g)		900,319
	10	GPB Automotive Portfolio LP(a)(b)(c)(e)(f)		113,142
	—	Gravity Ranch Fund I LP(a)(b)(c)(e)(f)(g)		67,065
	—	Greenspring Opportunities V LP(a)(b)(c)(f)(g)		727,498
	—	Madryn Health Partners LP(a)(b)(c)(f)(g)		1,879,492
	—	PineBridge Secondary Partners IV SLP(a)(b)(c)(f)(g)		1,286,216
	—	Star Mountain Diversified Credit Income Fund III LP(a)(b)(c)(f)(g)		2,961,517
	—	Star Mountain Diversified Small Business Access Fund II LP(a)(b)(c)(f)(g)		939,740
		TOTAL PRIVATE EQUITY FUNDS (Cost $12,781,125)		13,987,312
		PRIVATE REAL ESTATE INVESTMENTS — 12.3%
	95,075	ARCTRUST, Inc.(b)(c)(f)		1,027,764
	3,538,665	Carlyle Europe Realty Fund, S.C.Sp.(a)(b)(c)(f)(g)		3,877,151
	157,812	Cottonwood Residential II, Inc.(b)(c)(f)		3,378,755
	—	Cygnus Property Fund V, LLC(a)(b)(c)(f)		2,842,114
	—	Harbert Seniors Housing Fund I LP(a)(b)(c)(f)		1,440,249
	—	Harbert Seniors Housing Fund II LP(a)(b)(c)(f)		1,176,186
	829	PRISA III Fund LP(a)(b)(c)(f)		1,803,885
	—	RRA Credit Opportunity Fund LP(a)(b)(c)(d)(f)		1,893,457
	56	Shopoff Land Fund III LP(b)(c)(f)		33,053
	702,851	Stonehill Strategic Hotel Credit Opportunity Fund II LP(a)(b)(c)(f)		1,021,141
	—	Walton Street Real Estate Fund VIII LP(a)(b)(c)(f)		567,792
		TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $16,181,035)		19,061,547

See accompanying notes to Schedule of Investments.

4 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2021 (Unaudited)

Interests, Shares, Principal Amount, or Units			Fair Value
		PUBLIC REAL ESTATE INVESTMENTS — 0.1%
	136,771	Highlands REIT, Inc.(a)(b)(c)	$	16,960
	153,283	Inventrust Properties Corp.(b)(c)		199,268
	3,330	Phillips Edison & Company, Inc.(b)(c)		20,478
		TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $393,486)		236,706
		REAL ESTATE LOANS — 0.4%
$	679,962	Park City (PCG), 10.50%, 6/1/2021(b)(c)(d)(e)(i)		679,962
		TOTAL REAL ESTATE LOANS (Cost $625,565)		679,962
		WARRANTS — 0.8%
	100	Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date,12/30/2021(a)(b)(c)(e)		-
	44	Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date,12/30/2022(a)(b)(c)(e)		-
	475	Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date,12/30/2021(a)(b)(c)(e)		-
	1,442	Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date,1/21/2028(a)(b)(c)(e)		1,846
	6,410	Sequin, Inc., Exercise Price $0.001, Expiration Date,3/30/2026(a)(b)(c)(e)		-
	646,328	Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date,1/22/2028(a)(b)(c)(d)(e)		1,175,957
		TOTAL WARRANTS (Cost $0)		1,177,803
		SHORT-TERM INVESTMENTS — 0.4%
	627,880	Fidelity Institutional Government Portfolio - Institutional Class, 0.01%(j)		627,880
		TOTAL SHORT-TERM INVESTMENTS (Cost $627,880)		627,880
		TOTAL INVESTMENTS — 99.1% (Cost $122,436,416)		153,813,347
		Other assets less liabilities — 0.9%		1,335,150
		TOTAL NET ASSETS — 100.0%	$	155,148,497

ADR – American Depositary Receipt

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.

5 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2021 (Unaudited)

(a)	Non-income Producing.
(b)	Illiquid Security. As of March 31, 2021 these securities amounted to $143,372,215 representing 92.41% of total net assets.
(c)	Restricted Security. As of March 31, 2021 these securities amounted to $143,372,215 representing 92.41% of total net assets. Please refer to Investments in Restricted Securities, in the Notes to the Schedule of Investments.
(d)	Denotes an investment in an affiliated entity. Please refer to Investments in Affiliated Issuers, in the Notes to the Schedule of Investments.
(e)	Level 3 security in accordance with fair value hierarchy.
(f)	Private Fund. As of March 31, 2021 these securities amounted to $39,520,815 representing 25.47% of total net assets.
(g)	Private Investment Company. As of March 31, 2021 these securities amounted to $23,604,863 representing 15.21% of total net assets.
(h)	Payment-in-kind (PIK) security in which the issuer makes interest payments in the form of additional securities, as opposed to cash payouts. These additional securities generally have the same terms as the original holdings.
(i)	Security is in default.
(j)	Represents the current rate as of March 31, 2021.

See accompanying notes to Schedule of Investments.

6 

Wildermuth Endowment Fund

Notes to the Schedule of Investments

March 31, 2021 (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, 2021 is as follows:

Security	Initial Acquisition Date	Shares, Principal Amount or Units		Cost		Fair Value		% of Net Assets
Abbott Secondary Opportunities LP	April 13, 2017		-	$	592,451	$	1,273,334		0.82	%
Affinity Beverages, LLC	February 21, 2020		41,751		175,000		174,999		0.11	%
ARCTRUST, Inc.	June 30, 2016		95,075		911,278		1,027,764		0.66	%
Atlas Fintech Holdings Corp. - Class A Share Interests	December 20, 2016		684		3,126,329		3,506,893		2.26	%
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		-		1,945,380		2,226,336		1.44	%
Brookwood SFL Investor Co-Investment Vehicle, LLC	November 3, 2017		-		906,174		1,697,293		1.09	%
Carlyle Europe Realty Fund, S.C.Sp.	December 19, 2018		3,538,665		4,062,243		3,877,151		2.50	%
Casillas Petroleum Resource Partners, LLC	October 11, 2016		1,000		1,000,000		504,582		0.33	%
Clear Guide Medical, Inc. - Series A Preferred Stock	April 19, 2016		2,500		2,250,000		3,931,539		2.53	%
Clear Guide Medical, Inc. - Series A-2 Preferred Stock	March 6, 2018		134,898		500,000		788,552		0.51	%
Clear Guide Medical, Inc. - Series A-3 Preferred Stock	July 16, 2018		770,489		2,835,394		4,283,658		2.76	%
Clearsense, LLC - Class C Preferred Shares	February 20, 2019		1,543,074		6,799,865		12,420,172		8.01	%
Clearsense, LLC - Convertible Note, 8.00%, 10/30/2022	November 5, 2020		3,000,000		3,000,000		3,475,609		2.24	%
CM Funding, LLC	December 14, 2018		1,976,034		1,976,034		919,761		0.59	%
Committed Advisors Secondary Fund III	March 30, 2017		-		1,231,730		1,612,653		1.04	%
Content Management Live, LLC	December 17, 2019		298,200		298,200		120,000		0.08	%
Cottonwood Residential II, Inc.	June 12, 2019		157,812		2,746,577		3,378,755		2.18	%
CRC Bond Opportunity Trading Fund LP	June 7, 2019		-		2,500,000		2,998,619		1.93	%
Cygnus Property Fund V, LLC	October 30, 2018		-		1,758,306		2,842,114		1.83	%
Dog Wood Park of Northeast Florida, LLC	March 21, 2017		439,716		382,000		755,484		0.49	%
DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023	March 24, 2021		150,000		150,000		150,000		0.10	%
DSI Digital, LLC - Series A Convertible Preferred Units	November 29, 2017		5,791,621		8,560,000		16,864,225		10.87	%
EJF Sidecar Fund, Series LLC - Small Financial Equities Series	October 25, 2017		-		876,036		900,319		0.58	%
EJF Trust Preferred Fund LP	August 23, 2017		-		579,861		714,739		0.46	%

7 

EJF Trust Preferred Master Fund LP, 16.00%, 4/16/2022	April 16, 2020	71,276	71,276	71,276	0.05	%
GigaPro, Inc. - Common Units	August 8, 2019	8,800,000	2,758,800	9,172,932	5.91	%
GigaPro, Inc. - Convertible Note, 12.00%, 10/1/2022	October 2, 2020	2,500,000	2,500,000	2,500,000	1.61	%
GigaPro, Inc. - Series Seed-1 Preferred Units	August 5, 2020	309,150	458,000	447,423	0.29	%
GigaPro, Inc. - Series Seed-2 Preferred Units	July 15, 2020	1,288,103	1,526,647	1,864,232	1.20	%
GPB Automotive Portfolio LP	March 13, 2015	10	500,000	113,142	0.07	%
Gravity Ranch Fund I LP	June 13, 2017	-	500,000	67,065	0.04	%
Greenspring Opportunities V LP	January 18, 2018	-	604,500	727,498	0.47	%
Harbert Seniors Housing Fund I LP	February 24, 2017	-	1,186,165	1,440,249	0.93	%
Harbert Seniors Housing Fund II LP	September 10, 2019	-	1,336,101	1,176,186	0.76	%
Highlands REIT, Inc.	April 28, 2016	136,771	34,827	16,960	0.01	%
iCapital Millennium Fund LP	December 20, 2018	-	1,000,000	1,369,010	0.88	%
Inventrust Properties Corp.	March 2, 2015	153,283	334,020	199,268	0.13	%
Kayne Anderson Energy Fund VII LP	September 12, 2016	-	1,973,600	618,414	0.40	%
LaGrange Senior Living, LLC - Class A Interests	September 11, 2019	1,800,000	1,800,000	1,977,774	1.27	%
Level ATI HoldCo, LLC - Class A	September 10, 2018	-	1,690,000	2,800,673	1.81	%
Madryn Health Partners LP	September 28, 2018	-	1,715,595	1,879,492	1.21	%
Metro Diner, LLC - Series B Units	November 16, 2017	3,500,000	2,276,542	2,148,205	1.38	%
Metro Diner, LLC - Series II Common Units	November 16, 2017	1,880,968	1,223,458	858,692	0.55	%
Midcon Holdco Partners, LLC	December 29, 2020	182	181,858	181,858	0.12	%
Park City (PCG), 10.50%, 6/1/2021	March 16, 2018	679,962	625,565	679,962	0.44	%
Phillips Edison & Company, Inc.	February 3, 2016	3,330	24,639	20,478	0.01	%
PineBridge Secondary Partners IV SLP	September 19, 2017	-	1,139,683	1,286,216	0.83	%
Polara Builder II, LLC	June 15, 2018	-	4,050,389	4,742,316	3.06	%
PRISA III Fund LP	September 26, 2017	829	1,487,807	1,803,885	1.16	%
Reef Capital Partners, LLC - Series A Preferred Units, 8.00%, 12/28/2022	December 28, 2020	7,174	6,812,923	7,173,809	4.62	%
Rosebrook Opportunities Fund LP	February 2, 2017	-	1,167,567	771,174	0.50	%
RRA Credit Opportunity Fund LP	December 12, 2017	-	1,508,165	1,893,457	1.22	%
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	1.35	%
Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024	March 31, 2021	250,000	250,000	250,000	0.16	%
Sequin, Inc., Exercise Price $0.001, Expiration Date, 3/30/2026	March 31, 2021	6,410	-	-	0.00	%
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	-	2,912,966	2,961,517	1.91	%
Star Mountain Diversified Small Business Access Fund II LP	June 2, 2017	-	762,784	939,740	0.61	%
Stonehill Strategic Hotel Credit Opportunity Fund II LP	July 18, 2016	702,851	702,850	1,021,141	0.66	%
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	1.31	%
Thunder Investment Partners, LLC	November 2, 2018	2,080,000	2,080,000	599,872	0.39	%
Walton Street Real Estate Fund VIII LP	May 24, 2017	-	441,340	567,792	0.37	%
Waratek, Ltd. - Convertible Note, 12.00%, 10/16/2022	March 25, 2019	3,191,374	3,191,374	4,289,342	2.76	%
Waratek, Ltd. - Secured Note, 30.00%, 3/15/2022	March 15, 2021	504,000	504,000	504,000	0.32	%
Waratek, Ltd. - Series B-1	June 5, 2018	635,838	2,990,569	2,894,965	1.87	%
Waratek, Ltd. - Series B-2	December 28, 2017	756,826	3,696,940	3,905,244	2.52	%

8 

Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date, 1/22/2028	June 5, 2018	646,328		-		1,175,957	0.76	%
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		1,649,049	1.06	%
			$	113,979,669	$	143,372,215

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, 2021 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, 2021		Purchases or Conversions		Sales or Conversions		Change in Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)		Tax Basis or Return of Capital Adjustments			Ending Value March 31, 2021		Investment Income
Clear Guide Medical, Inc. - Series A    Preferred Stock(1)	$	3,931,539.00	$	-	$	-	$	-		$	-	$	-		$	3,931,539.00	$	-
Clear Guide Medical, Inc. - Series A-2    Preferred Stock(1)		788,552		-		-		-			-		-			788,552		-
Clear Guide Medical, Inc. - Series A-3    Preferred Stock(1)		4,283,658		-		-		-			-		-			4,283,658		-
Clearsense, LLC - Convertible Note,    8.00%, 10/30/2022		1,755,000		1,500,000		-		220,609			-		-			3,475,609		20,712
Clearsense, LLC - Class C Preferred Shares		12,420,172		-		-		-			-		-			12,420,172		-
CM Funding, LLC(1)		713,430		100,000		-		106,331			-		-			919,761		-
Content Management Live, LLC(1)		120,000		-		-		-			-		-			120,000		-
Dog Wood Park of Northeast Florida, LLC		755,484		-		-		-			-		-			755,484		33,384
DSI Digital, LLC - Convertible Note,   8.00%, 3/23/2023(1)		-		150,000		-		-			-		-			150,000		-
DSI Digital, LLC - Series A Convertible    Preferred Units(1)		15,511,352		1,000,000		-		352,873			-		-			16,864,225		-
GigaPro, Inc. - Convertible Note -    12.00%, 10/1/2022(1)		1,875,000		625,000		-		-			-		-			2,500,000		90,177
GigaPro, Inc. - Common Units(1)		9,172,932		-		-		-			-		-			9,172,932		-
GigaPro, Inc. - Series Seed-1    Preferred Units (1)		447,423		-		-		-			-		-			447,423		-
GigaPro, Inc. - Series Seed-2    Preferred Units (1)		1,864,232		-		-		-			-		-			1,864,232		-
LaGrange Senior Living, LLC -    Class A Interests(1)		1,977,774		-		-		-			-		-			1,977,774		53,260
Level ATI HoldCo, LLC - Class A(1)		2,800,673		-		-		-			-		-			2,800,673		-
Park City (PCG), 10.50%, 6/1/2021		679,962		-		-		-			-		-			679,962		79,896
Polara Builder II, LLC(1)		4,742,316		-		-		-			-		-			4,742,316		99,873
Rosebrook Opportunities Fund LP(1)		771,174		-		-		-			-		-			771,174		-
RRA Credit Opportunity Fund LP		1,940,879		-		-		-			-		(47,422	)		1,893,457		-
Thunder Investment Partners, LLC(1)		599,872		-		-		-			-		-			599,872		-
Waratek, Ltd. - Series B-1		3,013,984		-		-		(119,019	)		-		-			2,894,965		-
Waratek, Ltd. - Series B-2		4,065,792		-		-		(160,548	)		-		-			3,905,244		-
Waratek, Ltd. - Convertible Note,    12.00%, 10/16/2022		4,289,342		-		-		-			-		-			4,289,342		-
Waratek, Ltd. - Secured Note,    30.00%, 3/15/2022		-		504,000		-		-			-		-			504,000		-
Waratek, Ltd., Exercise Price 0.01 Euro,    Expiration Date 01/22/2028		1,224,302		-		-		(48,345	)		-		-			1,175,957		-
WG Pitts Caribbean, LLC - Common    Units(1)		-		-		-		-			-		-			-		-
WG Pitts Caribbean, LLC - Promissory    Note, 12.00%, 3/31/2023(1)		1,649,049		-		-		-			-		-			1,649,049		121,600
	$	81,393,893	$	3,879,000	$	-	$	351,901		$	-	$	(47,422	)	$	85,577,372	$	498,902

(1) Affliated investments for which ownership exceeds 25% of the Investment Fund's Capital.

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