Wildermuth Endowment Fund
Schedule of Investments
September 30, 2021 (Unaudited)
| Interests, Shares, Principal Amount, or Units | Fair Value | |||||||
| COMMON STOCKS — 0.0% | ||||||||
| REITS — 0.0% | ||||||||
| 1,110 | Phillips Edison & Co., Inc. | $ | 34,086 | |||||
| TOTAL COMMON STOCKS (Cost $24,638) | 34,086 | |||||||
| COMMODITY & NATURAL RESOURCE INVESTMENTS — 2.7% | ||||||||
| 1,000 | Casillas Petroleum Resource Partners, LLC(a)(b)(c) | 607,220 | ||||||
| 1,976,034 | CM Funding, LLC(a)(b)(c)(d)(e) | 1,192,341 | ||||||
| — | Kayne Anderson Energy Fund VII LP(a)(b)(c)(f) | 905,754 | ||||||
| 182 | Midcon Holdco Partners, LLC(a)(b)(c) | 256,215 | ||||||
| 2,080,000 | Thunder Investment Partners, LLC(a)(c)(d)(e) | 1,149,764 | ||||||
| TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $7,194,657) | 4,111,294 | |||||||
| DIRECT PRIVATE EQUITY — 46.9% | ||||||||
| 41,751 | Affinity Beverages, LLC(a)(b)(c)(e) | 174,999 | ||||||
| 684 | Atlas Fintech Holdings Corp. - Class A Share Interests(a)(b)(c)(e) | 3,511,877 | ||||||
| 2,500 | Clear Guide Medical, Inc. - Series A Preferred Stock(a)(b)(c)(d)(e) | 3,729,714 | ||||||
| 134,898 | Clear Guide Medical, Inc. - Series A-2 Preferred Stock(a)(b)(c)(d)(e) | 744,016 | ||||||
| 838,424 | Clear Guide Medical, Inc. - Series A-3 Preferred Stock(a)(b)(c)(d)(e) | 4,433,452 | ||||||
| 1,543,074 | Clearsense, LLC - Class C Preferred Shares(a)(b)(c)(d)(e) | 11,425,188 | ||||||
| 835,814 | Clearsense, LLC - Class D Preferred Shares(a)(c)(d)(e) | 4,701,027 | ||||||
| 298,200 | Content Management Live, LLC(a)(b)(c)(d)(e) | 60,000 | ||||||
| 1,064,111 | DSI Digital, LLC - Common Units(a)(c)(d)(e) | 2,603,256 | ||||||
| 5,791,621 | DSI Digital, LLC - Series A Convertible Preferred Units(a)(b)(c)(d)(e) | 16,864,225 | ||||||
| — | Level ATI HoldCo, LLC - Class A(a)(b)(c)(d)(e) | 2,922,261 | ||||||
| 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 | ||||||
| 8,800,000 | Reach Enterprises, Inc. - Common Units(a)(b)(c)(d)(e) | 8,722,367 | ||||||
| 309,150 | Reach Enterprises, Inc. - Series Seed-1 Preferred Units(a)(b)(c)(d)(e) | 421,888 | ||||||
| 1,288,103 | Reach Enterprises, Inc. - Series Seed-2 Preferred Units(a)(b)(c)(d)(e) | 1,757,835 | ||||||
| 635,838 | Waratek, Ltd. - Series B-1(a)(b)(c)(d)(e) | 2,847,767 | ||||||
| 756,826 | Waratek, Ltd. - Series B-2(a)(b)(c)(d)(e) | 3,895,464 | ||||||
| — | WG Pitts Caribbean, LLC - Common Units(a)(b)(c)(d)(e) | - | ||||||
| TOTAL DIRECT PRIVATE EQUITY (Cost $45,841,785) | 71,822,233 | |||||||
| DIRECT REAL ESTATE — 4.4% | ||||||||
| — | Brookwood SFL Investor Co-Investment Vehicle, LLC(a)(b)(c) | 1,720,305 | ||||||
| 439,716 | Dog Wood Park of Northeast Florida, LLC(a)(c)(d)(e) | 470,729 | ||||||
| 1,800,000 | LaGrange Senior Living, LLC - Class A Interests(a)(c)(d)(e) | 1,996,766 | ||||||
| — | Polara Builder II, LLC(a)(c)(d)(e) | 2,568,125 | ||||||
| TOTAL DIRECT REAL ESTATE (Cost $4,756,134) | 6,755,925 | |||||||
See accompanying Notes to the Schedule of Investments.
| 1 |
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2021 (Unaudited)
| Interests, Shares, Principal Amount, or Units | Fair Value | |||||||
| HEDGE FUNDS — 1.9% | ||||||||
| — | EJF Trust Preferred Fund LP(a)(b)(c)(f)(g) | $ | 693,128 | |||||
| — | iCapital Millennium Fund LP(a)(b)(c)(f)(g) | 1,453,449 | ||||||
| — | Rosebrook Opportunities Fund LP(a)(b)(c)(d)(f)(g) | 772,357 | ||||||
| TOTAL HEDGE FUNDS (Cost $2,686,172) | 2,918,934 | |||||||
| PREFERRED STOCKS — 0.2% | ||||||||
| REITS — 0.2% | ||||||||
| 6,775 | Ashford Hospitality Trust, Inc. - Series D(b) | 179,538 | ||||||
| 5,646 | Ashford Hospitality Trust, Inc. - Series F(b) | 146,796 | ||||||
| TOTAL PREFERRED STOCKS (Cost $317,673) | 326,334 | |||||||
| PRIVATE EQUITY DEBT — 16.5% | ||||||||
| $ | 1,280,000 | DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023(a)(c)(d)(e)(h) | 1,280,000 | |||||
| 1,225,000 | Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023(a)(b)(c)(d)(e)(h) | 1,212,750 | ||||||
| 2,500,000 | Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2022(a)(b)(c)(d)(e)(h) | 2,662,500 | ||||||
| 7,174 | Reef Capital Partners, LLC - Series A Preferred Units (a)(c)(e) | 7,173,809 | ||||||
| 2,098,889 | Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023(a)(b)(c)(e)(h) | 2,365,522 | ||||||
| 250,000 | Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024(a)(c)(e) | 250,000 | ||||||
| 2,033,611 | The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023(a)(b)(c)(e)(h) | 2,310,907 | ||||||
| 3,191,374 | Waratek, Ltd. - Convertible Note, 12.00%, 10/16/2022(a)(b)(c)(d)(e)(h) | 5,031,630 | ||||||
| 1,732,426 | Waratek, Ltd. - Secured Note, 30.00%, 3/15/2022(a)(b)(c)(d)(e) | 1,787,108 | ||||||
| 2,623,158 | WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(a)(c)(d)(e)(i) | 1,188,851 | ||||||
| TOTAL PRIVATE EQUITY DEBT (Cost $23,321,341) | 25,263,077 | |||||||
| PRIVATE EQUITY FUNDS — 11.3% | ||||||||
| — | Abbott Secondary Opportunities LP(a)(b)(c)(f)(g) | 1,115,548 | ||||||
| — | Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(a)(b)(c)(f)(g) | 2,934,552 | ||||||
| — | Committed Advisors Secondary Fund III(a)(b)(c)(f)(g) | 1,849,467 | ||||||
| — | EJF Sidecar Fund, Series LLC - Small Financial Equities Series(a)(b)(c)(f)(g) | 964,940 | ||||||
| 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) | 1,078,912 | ||||||
| — | Madryn Health Partners LP(a)(b)(c)(f)(g) | 2,677,380 | ||||||
| — | PineBridge Secondary Partners IV SLP(a)(b)(c)(f)(g) | 1,451,426 | ||||||
| — | Star Mountain Diversified Credit Income Fund III LP(a)(b)(c)(f)(g) | 4,177,967 | ||||||
| — | Star Mountain Diversified Small Business Access Fund II LP(a)(b)(c)(f)(g) | 933,087 | ||||||
| TOTAL PRIVATE EQUITY FUNDS (Cost $12,565,225) | 17,363,486 | |||||||
| PRIVATE REAL ESTATE INVESTMENTS — 9.8% | ||||||||
| 95,075 | ARCTRUST, Inc.(a)(c)(f) | 1,027,764 | ||||||
| 4,056,721 | Carlyle Europe Realty Fund, S.C.Sp.(a)(b)(c)(f)(g) | 4,817,391 | ||||||
See accompanying Notes to the Schedule of Investments.
| 2 |
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2021 (Unaudited)
| Interests, Shares, Principal Amount, or Units | Fair Value | |||||||
| PRIVATE REAL ESTATE INVESTMENTS (CONTINUED) | ||||||||
| — | Cygnus Property Fund V, LLC(a)(b)(c)(f) | $ | 3,009,382 | |||||
| — | Harbert Seniors Housing Fund I LP(a)(b)(c)(f) | 1,503,997 | ||||||
| — | Harbert Seniors Housing Fund II LP(a)(b)(c)(f) | 1,690,736 | ||||||
| — | RRA Credit Opportunity Fund LP(a)(b)(c)(d)(f) | 1,289,189 | ||||||
| 56 | Shopoff Land Fund III LP(a)(c)(f) | 33,053 | ||||||
| 661,079 | Stonehill Strategic Hotel Credit Opportunity Fund II LP(a)(b)(c)(f) | 1,024,134 | ||||||
| — | Walton Street Real Estate Fund VIII LP(a)(b)(c)(f) | 640,675 | ||||||
| TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $11,215,698) | 15,036,321 | |||||||
| PUBLIC REAL ESTATE INVESTMENT DEBT — 0.1% | ||||||||
| $ | 132,271 | Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031(a)(c)(e) | 132,271 | |||||
| TOTAL PUBLIC REAL ESTATE INVESTMENT DEBT (Cost $132,270) | 132,271 | |||||||
| PUBLIC REAL ESTATE INVESTMENTS — 2.8% | ||||||||
| 317,991 | Cottonwood Communities, Inc. - Class A Common Stock(a)(c) | 4,097,473 | ||||||
| 136,771 | Highlands REIT, Inc.(a)(b)(c) | 16,959 | ||||||
| 15,329 | Inventrust Properties Corp.(a)(c) | 199,268 | ||||||
| TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $3,233,488) | 4,313,700 | |||||||
| WARRANTS — 0.8% | ||||||||
| 100 | Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021(a)(b)(c)(e) | 0 | ||||||
| 44 | Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022(a)(b)(c)(e) | 0 | ||||||
| 475 | Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021(a)(b)(c)(e) | 0 | ||||||
| 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)(c)(e) | 0 | ||||||
| 646,328 | Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028(a)(b)(c)(d)(e) | 1,157,235 | ||||||
| TOTAL WARRANTS (Cost $0) | 1,159,081 | |||||||
| SHORT-TERM INVESTMENTS — 1.9% | ||||||||
| 2,884,651 | Fidelity Institutional Government Portfolio - Institutional Class, 0.01%(j) | 2,884,651 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,884,651) | 2,884,651 | |||||||
| TOTAL INVESTMENTS — 99.3% (Cost $114,173,732) | 152,121,393 | |||||||
| Other assets less liabilities — 0.7% | 1,005,412 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 153,126,805 | ||||||
| LLC – Limited Liability Company |
| LP – Limited Partnership |
| REIT – Real Estate Investment Trusts |
| SLP – Special Limited Partnership |
See accompanying Notes to the Schedule of Investments.
| 3 |
Wildermuth Endowment Fund
Schedule of Investments - Continued
September 30, 2021 (Unaudited)
| (a) | Illiquid Security. As of September 30, 2021 these securities amounted to $148,876,322 representing 97.22% of total net assets. |
| (b) | Non-income Producing |
| (c) | Restricted Security. As of September 30, 2021 these securities amounted to $148,876,322 representing 97.22% 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 September 30, 2021 these securities amounted to $36,224,495 representing 23.66% of total net assets. |
| (g) | Private Investment Company. As of September 30, 2021 these securities amounted to $24,986,669 representing 16.32% 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 September 30, 2021. |
See accompanying notes to Schedule of Investments.
| 4 |
Wildermuth Endowment Fund
Notes to the Schedule of Investments
September 30, 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 September 30, 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 | - | $ | 159,924 | $ | 1,115,548 | 0.73 | % | ||||||||||
| Affinity Beverages, LLC | February 21, 2020 | 41,751 | 175,000 | 174,999 | 0.11 | % | ||||||||||||
| ARCTRUST, Inc. | June 30, 2016 | 95,075 | 896,493 | 1,027,764 | 0.67 | % | ||||||||||||
| Atlas Fintech Holdings Corp. - Class A Share Interests | December 20, 2016 | 684 | 3,126,329 | 3,511,877 | 2.29 | % | ||||||||||||
| 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 | - | 1,475,551 | 2,934,552 | 1.92 | % | ||||||||||||
| Brookwood SFL Investor Co-Investment Vehicle, LLC | November 3, 2017 | - | 862,576 | 1,720,305 | 1.12 | % | ||||||||||||
| Carlyle Europe Realty Fund, S.C.Sp. | December 19, 2018 | 4,056,721 | 4,684,195 | 4,817,391 | 3.15 | % | ||||||||||||
| Casillas Petroleum Resource Partners, LLC | October 11, 2016 | 1,000 | 1,000,000 | 607,220 | 0.40 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A Preferred Stock | April 19, 2016 | 2,500 | 2,250,000 | 3,729,714 | 2.44 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A-2 Preferred Stock | March 6, 2018 | 134,898 | 500,000 | 744,016 | 0.49 | % | ||||||||||||
| Clear Guide Medical, Inc. - Series A-3 Preferred Stock | July 16, 2018 | 838,424 | 3,085,394 | 4,433,452 | 2.89 | % | ||||||||||||
| Clearsense, LLC - Class C Preferred Shares | February 20, 2019 | 1,543,074 | 6,799,865 | 11,425,188 | 7.46 | % | ||||||||||||
| Clearsense, LLC - Class D Preferred Shares | April 28, 2021 | 835,814 | 3,000,000 | 4,701,027 | 3.07 | % | ||||||||||||
| CM Funding, LLC | December 14, 2018 | 1,976,034 | 1,976,034 | 1,192,341 | 0.78 | % | ||||||||||||
| Committed Advisors Secondary Fund III | March 30, 2017 | - | 1,114,912 | 1,849,467 | 1.21 | % | ||||||||||||
| Content Management Live, LLC | December 17, 2019 | 298,200 | 298,200 | 60,000 | 0.04 | % | ||||||||||||
| Cottonwood Communities, Inc. - Class A Common Stock | June 2, 2021 | 317,991 | 2,867,736 | 4,097,473 | 2.68 | % | ||||||||||||
| Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031 | June 22, 2021 | 132,271 | 132,270 | 132,271 | 0.09 | % | ||||||||||||
| Cygnus Property Fund V, LLC | October 30, 2018 | - | 668,649 | 3,009,382 | 1.96 | % | ||||||||||||
| Dog Wood Park of Northeast Florida, LLC | March 21, 2017 | 439,716 | 382,000 | 470,729 | 0.31 | % | ||||||||||||
| DSI Digital, LLC - Common Units | April 26, 2021 | 1,064,111 | 1,000,000 | 2,603,256 | 1.70 | % | ||||||||||||
| DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023 | March 24, 2021 | 1,280,000 | 1,280,000 | 1,280,000 | 0.84 | % | ||||||||||||
| DSI Digital, LLC - Series A Convertible Preferred Units | November 29, 2017 | 5,791,621 | 8,560,000 | 16,864,225 | 11.01 | % | ||||||||||||
| EJF Sidecar Fund, Series LLC - Small Financial Equities Series | October 25, 2017 | - | 692,527 | 964,940 | 0.63 | % | ||||||||||||
| EJF Trust Preferred Fund LP | August 23, 2017 | - | 518,605 | 693,128 | 0.45 | % | ||||||||||||
| 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 | 1,078,912 | 0.70 | % | ||||||||||||
| Harbert Seniors Housing Fund I LP | February 24, 2017 | - | 1,185,283 | 1,503,997 | 0.98 | % | ||||||||||||
| Harbert Seniors Housing Fund II LP | September 10, 2019 | - | 1,849,421 | 1,690,736 | 1.10 | % | ||||||||||||
| Highlands REIT, Inc. | April 28, 2016 | 136,771 | 34,827 | 16,959 | 0.01 | % | ||||||||||||
| iCapital Millennium Fund LP | December 20, 2018 | - | 1,000,000 | 1,453,449 | 0.95 | % | ||||||||||||
| Inventrust Properties Corp. | March 2, 2015 | 15,329 | 330,925 | 199,268 | 0.13 | % | ||||||||||||
| Kayne Anderson Energy Fund VII LP | September 12, 2016 | - | 1,956,765 | 905,754 | 0.59 | % | ||||||||||||
| LaGrange Senior Living, LLC - Class A Interests | September 11, 2019 | 1,800,000 | 1,800,000 | 1,996,766 | 1.30 | % | ||||||||||||
| Level ATI HoldCo, LLC - Class A | September 10, 2018 | - | 1,690,000 | 2,922,261 | 1.91 | % | ||||||||||||
| Madryn Health Partners LP | September 28, 2018 | - | 1,853,180 | 2,677,380 | 1.75 | % | ||||||||||||
| Metro Diner, LLC - Series B Units | November 16, 2017 | 3,500,000 | 2,276,542 | 2,148,205 | 1.40 | % | ||||||||||||
| Metro Diner, LLC - Series II Common Units | November 16, 2017 | 1,880,968 | 1,223,458 | 858,692 | 0.56 | % | ||||||||||||
| Midcon Holdco Partners, LLC | December 29, 2020 | 182 | 181,858 | 256,215 | 0.17 | % | ||||||||||||
| PineBridge Secondary Partners IV SLP | September 19, 2017 | - | 1,109,817 | 1,451,426 | 0.95 | % | ||||||||||||
| Polara Builder II, LLC | June 15, 2018 | - | 1,711,558 | 2,568,125 | 1.68 | % | ||||||||||||
| Reach Enterprises, Inc. - Common Units | August 8, 2019 | 8,800,000 | 2,758,800 | 8,722,367 | 5.70 | % | ||||||||||||
| Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023 | April 30, 2021 | 1,225,000 | 1,225,000 | 1,212,750 | 0.79 | % | ||||||||||||
| Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2022 | October 2, 2020 | 2,500,000 | 2,500,000 | 2,662,500 | 1.74 | % | ||||||||||||
| Reach Enterprises, Inc. - Series Seed-1 Preferred Units | August 5, 2020 | 309,150 | 458,001 | 421,888 | 0.28 | % | ||||||||||||
| Reach Enterprises, Inc. - Series Seed-2 Preferred Units | July 15, 2020 | 1,288,103 | 1,526,647 | 1,757,835 | 1.15 | % | ||||||||||||
| Reef Capital Partners, LLC - Series A Preferred Units | December 28, 2020 | 7,174 | 6,812,923 | 7,173,809 | 4.68 | % | ||||||||||||
| Rosebrook Opportunities Fund LP | February 2, 2017 | - | 1,167,567 | 772,357 | 0.50 | % | ||||||||||||
| RRA Credit Opportunity Fund LP | December 12, 2017 | - | 789,036 | 1,289,189 | 0.84 | % | ||||||||||||
| 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 | 2,365,522 | 1.54 | % | ||||||||||||
| 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 | - | 3,846,316 | 4,177,967 | 2.73 | % | ||||||||||||
| Star Mountain Diversified Small Business Access Fund II LP | June 2, 2017 | - | 708,498 | 933,087 | 0.61 | % | ||||||||||||
| Stonehill Strategic Hotel Credit Opportunity Fund II LP | July 18, 2016 | 661,079 | 661,078 | 1,024,134 | 0.67 | % | ||||||||||||
| The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023 | July 22, 2020 | 2,033,611 | 2,033,611 | 2,310,907 | 1.51 | % | ||||||||||||
| Thunder Investment Partners, LLC | November 2, 2018 | 2,080,000 | 2,080,000 | 1,149,764 | 0.75 | % | ||||||||||||
| Walton Street Real Estate Fund VIII LP | May 24, 2017 | - | 441,340 | 640,675 | 0.42 | % | ||||||||||||
| Waratek, Ltd. - Convertible Note, 12.00%, 10/16/2022 | March 25, 2019 | 3,191,374 | 3,191,374 | 5,031,630 | 3.29 | % | ||||||||||||
| Waratek, Ltd. - Secured Note, 30.00%, 3/15/2022 | March 15, 2021 | 1,732,426 | 1,732,426 | 1,787,108 | 1.17 | % | ||||||||||||
| Waratek, Ltd. - Series B-1 | June 5, 2018 | 635,838 | 2,990,569 | 2,847,767 | 1.86 | % | ||||||||||||
| Waratek, Ltd. - Series B-2 | December 28, 2017 | 756,826 | 3,696,940 | 3,895,464 | 2.54 | % | ||||||||||||
| Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028 | June 5, 2018 | 646,328 | - | 1,157,235 | 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 | 1,188,851 | 0.78 | % | ||||||||||||
| $ | 110,946,770 | $ | 148,876,322 | |||||||||||||||
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, 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 September 30, 2021 | Investment Income | ||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A Preferred Stock(1) | $ | 3,931,539 | $ | - | $ | - | $ | (201,825 | ) | $ | - | $ | - | $ | 3,729,714 | $ | - | |||||||||||||||
| Clear Guide Medical, Inc. - Series A-2 Preferred Stock(1) | 788,552 | - | - | (44,536 | ) | - | - | 744,016 | - | |||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A-3 Preferred Stock(1) | 4,283,658 | 250,000 | - | (100,206 | ) | - | - | 4,433,452 | - | |||||||||||||||||||||||
| Clearsense, LLC - Class C Preferred Shares | 12,420,172 | - | - | (994,984 | ) | - | - | 11,425,188 | - | |||||||||||||||||||||||
| Clearsense, LLC - Class D Preferred Shares | - | 3,000,000 | - | 1,701,027 | - | - | 4,701,027 | - | ||||||||||||||||||||||||
| Clearsense, LLC - Convertible Note, 8.00%, 10/30/2022 | 1,755,000 | - | (1,500,000 | ) | (255,000 | ) | - | - | - | - | ||||||||||||||||||||||
| CM Funding, LLC(1) | 713,430 | 100,000 | - | 378,911 | - | - | 1,192,341 | - | ||||||||||||||||||||||||
| Content Management Live, LLC(1) | 120,000 | - | - | (60,000 | ) | - | - | 60,000 | - | |||||||||||||||||||||||
| Dog Wood Park of Northeast Florida, LLC | 755,484 | - | - | (284,755 | ) | - | - | 470,729 | - | |||||||||||||||||||||||
| DSI Digital, LLC - Common Units Units(1) | - | 1,000,000 | - | 1,603,256 | - | - | 2,603,256 | - | ||||||||||||||||||||||||
| DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023(1) | - | 1,280,000 | - | - | - | - | 1,280,000 | 22,942 | ||||||||||||||||||||||||
| DSI Digital, LLC - Series A Convertible Preferred Units(1) | 15,511,352 | 1,000,000 | - | 352,873 | - | - | 16,864,225 | - | ||||||||||||||||||||||||
| LaGrange Senior Living, LLC - Class A Interests(1) | 1,977,774 | - | - | 18,992 | - | - | 1,996,766 | 161,556 | ||||||||||||||||||||||||
| Level ATI HoldCo, LLC - Class A(1) | 2,800,673 | - | - | 121,588 | - | - | 2,922,261 | - | ||||||||||||||||||||||||
| Park City (PCG), 12.00%, 1/1/2021 | 679,962 | - | (679,962 | ) | (54,397 | ) | 54,397 | - | - | 36,491 | ||||||||||||||||||||||
| Polara Builder II, LLC(1) | 4,742,316 | - | (2,937,010 | ) | 164,640 | 598,179 | 2,568,125 | 133,353 | ||||||||||||||||||||||||
| Reach Enterprises, Inc. - Common Units(1) | 9,172,932 | - | - | (450,565 | ) | - | - | 8,722,367 | - | |||||||||||||||||||||||
| Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2022(1) | 1,875,000 | 625,000 | - | 162,500 | - | - | 2,662,500 | - | ||||||||||||||||||||||||
| Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023(1) | - | 1,225,000 | - | (12,250 | ) | - | - | 1,212,750 | - | |||||||||||||||||||||||
| Reach Enterprises, Inc. - Series Seed-1 Preferred Units(1) | 447,423 | - | - | (25,535 | ) | - | - | 421,888 | - | |||||||||||||||||||||||
| Reach Enterprises, Inc. - Series Seed-2 Preferred Units(1) | 1,864,232 | - | - | (106,397 | ) | - | - | 1,757,835 | - | |||||||||||||||||||||||
| Rosebrook Opportunities Fund LP(1) | 771,174 | - | - | 1,183 | - | - | 772,357 | - | ||||||||||||||||||||||||
| RRA Credit Opportunity Fund LP | 1,940,879 | - | - | 114,862 | - | (766,552 | ) | 1,289,189 | - | |||||||||||||||||||||||
| Thunder Investment Partners, LLC(1) | 599,872 | - | - | 549,892 | - | - | 1,149,764 | 120,829 | ||||||||||||||||||||||||
| Waratek, Ltd. - Convertible Note, 12.00%, 10/16/2022 | 4,289,342 | - | - | 742,288 | - | - | 5,031,630 | - | ||||||||||||||||||||||||
| Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028 | 1,224,302 | - | - | (67,067 | ) | - | - | 1,157,235 | - | |||||||||||||||||||||||
| Waratek, Ltd. - Secured Note, 30.00%, 3/15/2022 | - | 1,732,426 | - | 54,682 | - | - | 1,787,108 | - | ||||||||||||||||||||||||
| Waratek, Ltd. - Series B-1 | 3,013,984 | - | - | (166,217 | ) | - | - | 2,847,767 | - | |||||||||||||||||||||||
| Waratek, Ltd. - Series B-2 | 4,065,792 | - | - | (170,328 | ) | - | - | 3,895,464 | - | |||||||||||||||||||||||
| WG Pitts Caribbean, LLC - Common Units(1) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
| WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(1) | 1,649,049 | - | - | (460,198 | ) | - | - | 1,188,851 | 235,437 | |||||||||||||||||||||||
| $ | 81,393,893 | $ | 10,212,426 | $ | (5,116,972 | ) | $ | 2,512,434 | $ | 652,576 | $ | (766,552 | ) | $ | 88,887,805 | $ | 710,608 | |||||||||||||||
| (1) | Affliated investments for which ownership exceeds 25% of the Investment Fund's Capital. |