NPORT-EX 2 wildermuth_063022partf.htm

 

Wildermuth Fund

Schedule of Investments

June 30, 2022 (Unaudited) 

 

 

Interest, Shares, Principal, Amount, or Units      Fair Value 
    COMMODITY & NATURAL RESOURCE INVESTMENTS — 4.8%    
 1,000   Casillas Petroleum Resource Partners, LLC(a)(b)(c)     $1,255,006 
 1,976,034   CM Funding, LLC(a)(b)(c)(d)(e)      1,577,560 
 —   Kayne Anderson Energy Fund VII LP(a)(b)(c)(f)(g)      1,533,283 
 182   Midcon Holdco Partners, LLC(a)(b)(c)      272,787 
 2,080,000   Thunder Investment Partners, LLC(a)(c)(d)(e)      1,722,394 
    

TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $7,156,122)  

   6,361,030 
           
     DIRECT PRIVATE EQUITY — 53.5%     
 41,751   Affinity Beverages, LLC(a)(b)(c)(e)      174,999 
 684   Atlas Fintech Holdings Corp. - Class A Share Interests(a)(b)(c)(e)      2,637,069 
 2,500   Clear Guide Medical, Inc. - Series A Preferred Stock(a)(b)(c)(d)(e)      3,731,385 
 134,898   Clear Guide Medical, Inc. - Series A-2 Preferred Stock(a)(b)(c)(d)(e)      728,465 
 838,423   Clear Guide Medical, Inc. - Series A-3 Preferred Stock(a)(b)(c)(d)(e)      4,222,021 
 1,543,074   Clearsense, LLC - Class C Preferred Shares(a)(b)(c)(d)(e)      11,531,511 
 835,814   Clearsense, LLC - Class D Preferred Shares(a)(b)(c)(d)(e)      5,716,834 
 298,200   Content Management Live, LLC(a)(b)(c)(d)(e)      60,000 
 2,074,115   DSI Digital, LLC - Common Units(a)(b)(c)(d)(e)      3,169,466 
 5,791,621   DSI Digital, LLC - Series A Convertible Preferred Units(a)(b)(c)(d)(e)      10,554,178 
 —   Level ATI HoldCo, LLC - Class A(a)(b)(c)(d)(e)      3,102,526 
 3,500,000   Metro Diner, LLC - Series B Units(a)(b)(c)(e)      2,345,745 
 1,880,968   Metro Diner, LLC - Series II Common Units(a)(b)(c)(e)      1,116,265 
 8,800,000   Reach Enterprises, Inc. - Common Units(a)(b)(c)(d)(e)      6,083,101 
 309,150   Reach Enterprises, Inc. - Series Seed-1 Preferred Units(a)(b)(c)(d)(e)      316,982 
 1,288,103   Reach Enterprises, Inc. - Series Seed-2 Preferred Units(a)(b)(c)(d)(e)      1,320,735 
 7,627,254   Waratek, Ltd. - Common Shares(a)(b)(c)(d)(e)      8,119,199 
 635,838   Waratek, Ltd. - Series B-1(a)(b)(c)(d)(e)      2,543,567 
 756,826   Waratek, Ltd. - Series B-2(a)(b)(c)(d)(e)      3,318,151 
 —   WG Pitts Caribbean, LLC - Common Units(a)(b)(c)(d)(e)      - 
    

TOTAL DIRECT PRIVATE EQUITY (Cost $49,033,159) 

   70,792,199 
           
     DIRECT REAL ESTATE — 5.9%     
 —   Brookwood SFL Investor Co-Investment Vehicle, LLC(a)(b)(c)      1,575,773 
 439,716   Dog Wood Park of Northeast Florida, LLC(a)(b)(c)(d)(e)      350,078 
 1,800,000   LaGrange Senior Living, LLC - Class A Interests(a)(c)(d)(e)      2,109,116 
 —   Polara Builder II, LLC(a)(c)(d)(e)      3,800,146 
    

TOTAL DIRECT REAL ESTATE (Cost $4,425,076)  

   7,835,113 
           
     HEDGE FUNDS — 0.6%     
 —   EJF Trust Preferred Fund LP(a)(c)(f)(g)      27,207 
 —   Rosebrook Opportunities Fund LP(a)(b)(c)(d)(f)(g)      788,143 
     TOTAL HEDGE FUNDS (Cost $994,054)      815,350 
           
     PRIVATE EQUITY DEBT — 18.5%     
250,000   Clear Guide Medical, Inc. - Convertible Note, 6.00%, 11/6/2023(a)(c)(d)(e)(h)      250,000 
 3,680,000   DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023(a)(b)(c)(d)(e)(h)      4,210,003 
 3,010,000   Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023(a)(b)(c)(d)(e)(h)      3,189,373 
 2,500,000   Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2022(a)(b)(c)(d)(e)(h)      3,084,744 

 

See accompanying notes to Schedule of Investments.

1

 

Wildermuth Fund

Schedule of Investments - Continued

June 30, 2022 (Unaudited) 

 

 

Interest, Shares, Principal, Amount, or Units      Fair Value 
    PRIVATE EQUITY DEBT (CONTINUED)    
 7,174   Reef Capital Partners, LLC - Series A Preferred Units, 8.00% , 12/28/2022(a)(c)(e)    $7,173,809 
 2,098,889   Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023(a)(b)(c)(e)(h)      2,480,245 
 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)    2,096,541 
 2,623,158   WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(a)(c)(d)(e)(i)      1,763,130 
     TOTAL PRIVATE EQUITY DEBT (Cost $22,832,541)      24,497,845 
           
     PRIVATE EQUITY FUNDS — 6.4%     
 —   Abbott Secondary Opportunities LP(a)(b)(c)(f)(g)      946,549 
 —   Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(a)(b)(c)(f)(g)      2,013,318 
 —   Committed Advisors Secondary Fund III(a)(b)(c)(f)(g)      1,657,137 
 —   EJF Sidecar Fund, Series LLC - Small Financial Equities Series(a)(b)(c)(f)(g)      739,605 
 10   GPB Automotive Portfolio LP(a)(b)(c)(e)(f)      324,752 
 —   Gravity Ranch Fund I LP(a)(b)(c)(e)(f)(g)      67,065 
 —   Greenspring Opportunities V LP(a)(b)(c)(f)(g)      1,153,626 
 —   PineBridge Secondary Partners IV SLP(a)(b)(c)(f)(g)      1,511,659 
     TOTAL PRIVATE EQUITY FUNDS (Cost $5,264,352)      8,413,711 
           
     PRIVATE REAL ESTATE INVESTMENTS — 6.2%     
 95,075   ARCTRUST, Inc.(a)(c)(f)      1,052,485 
 —   Cygnus Property Fund V, LLC(a)(b)(c)(f)      1,598,824 
 —   Harbert Seniors Housing Fund I LP(a)(b)(c)(f)      1,600,668 
 —   Harbert Seniors Housing Fund II LP(a)(b)(c)(f)      2,143,678 
 —   RRA Credit Opportunity Fund LP(a)(c)(d)(f)      542,018 
 56   Shopoff Land Fund III LP(a)(b)(c)(f)      23,781 
 126,121   Stonehill Strategic Hotel Credit Opportunity Fund II LP(a)(b)(c)(f)      601,636 
 —   Walton Street Real Estate Fund VIII LP(a)(b)(c)(f)      626,182 
     TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $5,738,210)      8,189,272 
           
     PUBLIC REAL ESTATE INVESTMENT DEBT — 0.1%     
126,032   Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031(a)(c)(e)      126,032 
     TOTAL PUBLIC REAL ESTATE INVESTMENT DEBT (Cost $126,030)      126,032 
           
     PUBLIC REAL ESTATE INVESTMENTS — 5.0%     
 317,991   Cottonwood Communities, Inc. - Class A Common Stock(a)(c)      6,560,059 
     TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $2,867,736)      6,560,059 
           
     WARRANTS — 0.5%     
 44   Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022(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)    682,443 
     TOTAL WARRANTS (Cost $0)      684,289 

 

See accompanying notes to Schedule of Investments.

2

 

Wildermuth Fund

Schedule of Investments - Continued

June 30, 2022 (Unaudited)

 
Interest, Shares, Principal, Amount, or Units      Fair Value 
    SHORT-TERM INVESTMENTS — 0.3%    
 454,160   Fidelity Institutional Government Portfolio - Institutional Class, 1.19%(j)     $ 454,160 
     TOTAL SHORT-TERM INVESTMENTS (Cost $454,160)      454,160 
           
     TOTAL INVESTMENTS — 101.8% (Cost $98,891,440)      134,729,060 
     Liabilities less other assets — (1.8)%      (2,445,874)
           
     TOTAL NET ASSETS — 100.0%     $132,283,186 

 

LLC – Limited Liability Company

 

LP – Limited Partnership

 

SLP – Special Limited Partnership

 

(a) Illiquid Security. As of June 30, 2022 these securities amounted to $134,274,900 representing 101.51% of total net assets.
   
(b) Non-income Producing
   
(c) Restricted Security. As of June 30, 2022 these securities amounted to $134,274,900 representing 101.51% 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 June 30, 2022 these securities amounted to $18,951,616 representing 14.33% of total net assets.
   
(g) Private Investment Company. As of June 30, 2022 these securities amounted to $8,904,309 representing 6.73% 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 June 30, 2022.

 

See accompanying notes to Schedule of Investments.

3

 

Wildermuth Endowment Fund

 

Notes to the Schedule of Investments

June 30, 2022 (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 June 30, 2022 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   -   $956,585   $946,549    0.72%
Affinity Beverages, LLC  February 21, 2020   41,751    175,000    174,999    0.13%
ARCTRUST, Inc.  June 30, 2016   95,075    1,033,136    1,052,485    0.80%
Atlas Fintech Holdings Corp. - Class A Share Interests  December 20, 2016   684    3,126,330    2,637,069    1.99%
Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022  December 20, 2016   44    -    -    0.00%
Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund  April 2, 2018   -    697,972    2,013,318    1.52%
Brookwood SFL Investor Co-Investment Vehicle, LLC  November 3, 2017   -    531,518    1,575,773    1.19%
Casillas Petroleum Resource Partners, LLC  October 11, 2016   1,000    1,000,000    1,255,006    0.95%
Clear Guide Medical, Inc. - Convertible Note, 6.00%, 11/6/2023  January 6, 2022   250,000    250,000    250,000    0.19%
Clear Guide Medical, Inc. - Series A Preferred Stock  April 19, 2016   2,500    2,250,000    3,731,385    2.82%
Clear Guide Medical, Inc. - Series A-2 Preferred Stock  March 6, 2018   134,898    500,000    728,465    0.55%
Clear Guide Medical, Inc. - Series A-3 Preferred Stock  July 16, 2018   838,423    3,085,394    4,222,021    3.19%
Clearsense, LLC - Class C Preferred Shares  February 20, 2019   1,543,074    6,799,865    11,531,511    8.72%
Clearsense, LLC - Class D Preferred Shares  April 28, 2021   835,814    3,000,000    5,716,834    4.32%
CM Funding, LLC  December 14, 2018   1,976,034    1,976,034    1,577,560    1.19%
Committed Advisors Secondary Fund III  March 30, 2017   -    791,344    1,657,137    1.25%
Content Management Live, LLC  December 17, 2019   298,200    298,200    60,000    0.05%
Cottonwood Communities, Inc. - Class A Common Stock  June 2, 2021   317,991    2,867,736    6,560,059    4.96%
Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031  June 22, 2021   126,032    126,030    126,032    0.10%
Cygnus Property Fund V, LLC  October 30, 2018   -    668,648    1,598,824    1.21%
Dog Wood Park of Northeast Florida, LLC  March 21, 2017   439,716    382,000    350,078    0.27%
DSI Digital, LLC - Common Units  April 26, 2021   2,074,115    1,000,000    3,169,466    2.40%
DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023  March 24, 2021   3,680,000    3,680,000    4,210,003    3.18%
DSI Digital, LLC - Series A Convertible Preferred Units  November 29, 2017   5,791,621    8,560,000    10,554,178    7.98%
EJF Sidecar Fund, Series LLC - Small Financial Equities Series  October 25, 2017   -    357,549    739,605    0.56%
EJF Trust Preferred Fund LP  August 23, 2017   -    -    27,207    0.02%
GPB Automotive Portfolio LP  March 13, 2015   10    500,000    324,752    0.25%
Gravity Ranch Fund I LP  June 13, 2017   -    500,000    67,065    0.05%
Greenspring Opportunities V LP  January 18, 2018   -    520,000    1,153,626    0.87%
Harbert Seniors Housing Fund I LP  February 24, 2017   -    1,180,832    1,600,668    1.21%
Harbert Seniors Housing Fund II LP  September 10, 2019   -    2,350,555    2,143,678    1.62%
Kayne Anderson Energy Fund VII LP  September 12, 2016   -    1,918,230    1,533,283    1.16%
LaGrange Senior Living, LLC - Class A Interests  September 11, 2019   1,800,000    1,800,000    2,109,116    1.59%
Level ATI HoldCo, LLC - Class A  September 10, 2018   -    1,690,000    3,102,526    2.35%
Metro Diner, LLC - Series B Units  November 16, 2017   3,500,000    2,276,542    2,345,745    1.77%
Metro Diner, LLC - Series II Common Units  November 16, 2017   1,880,968    1,223,458    1,116,265    0.84%
Midcon Holdco Partners, LLC  December 29, 2020   181.858    181,858    272,787    0.21%
PineBridge Secondary Partners IV SLP  September 19, 2017   -    940,903    1,511,659    1.14%
Polara Builder II, LLC  December 26, 2019   -    1,711,558    3,800,146    2.87%
Reach Enterprises, Inc. - Common Units  August 8, 2019   8,800,000    2,758,800    6,083,101    4.60%
Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023  April 30, 2021   3,010,000    3,010,000    3,189,373    2.41%
Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2022  October 2, 2020   2,500,000    2,500,000    3,084,744    2.33%
Reach Enterprises, Inc. - Series Seed-1 Preferred Units  August 5, 2020   309,150    458,001    316,982    0.24%
Reach Enterprises, Inc. - Series Seed-2 Preferred Units  July 15, 2020   1,288,103    1,526,647    1,320,735    1.00%
Reef Capital Partners, LLC - Series A Preferred Units, 8.00%, 12/28/2022  December 28, 2020   7,174    6,812,923    7,173,809    5.42%
Rosebrook Opportunities Fund LP  February 2, 2017   -    994,053    788,143    0.60%
RRA Credit Opportunity Fund LP  December 12, 2017   -    -    542,018    0.41%
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    2,480,245    1.88%
Sequin, Inc., Exercise Price $0.001, Expiration Date 3/30/2026  March 31, 2021   6,410    -    -    0.00%
Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024  March 31, 2021   250,000    250,000    250,000    0.19%
Shopoff Land Fund III LP  April 28, 2015   56    34,846    23,781    0.02%
Stonehill Strategic Hotel Credit Opportunity Fund II LP  July 18, 2016   126121.39    126,121    601,636    0.45%
The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023  July 22, 2020   2,033,611    2,033,611    2,096,541    1.58%
Thunder Investment Partners, LLC  November 2, 2018   2,080,000    2,080,000    1,722,394    1.30%
Walton Street Real Estate Fund VIII LP  May 24, 2017   -    344,071    626,182    0.47%
Waratek, Ltd. - Common Shares  November 24, 2021   7,627,254    3,191,374    8,119,199    6.14%
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028  June 5, 2018   646,328    -    682,443    0.52%
Waratek, Ltd. - Series B-1  June 5, 2018   635,838    2,990,569    2,543,567    1.92%
Waratek, Ltd. - Series B-2  December 28, 2017   756,826    3,696,940    3,318,151    2.51%
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    1,763,130    1.33%
           $98,437,280   $134,274,900      

 

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 June 30, 2022 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 
April 1, 2022		   Purchases  or Conversions   Sales  or Conversions    Change in
Unrealized
 Appreciation
(Depreciation)		   Net  
Realized  
Gain (Loss)		   Tax Basis or  
Return of Capital  
Adjustments		   Ending  
Value 
June 30, 2022		   Investment  
Income		 
Clear Guide Medical, Inc. - Convertible Note - 6.00%, 11/6/2023(1)  $250,000   $-   $-    $-   $-   $-   $250,000    3,740 
Clear Guide Medical, Inc. - Series A Preferred Stock(1)   3,731,385    -    -     -    -    -    3,731,385    - 
Clear Guide Medical, Inc. - Series A-2 Preferred Stock(1)   728,465    -    -     -    -    -    728,465    - 
Clear Guide Medical, Inc. - Series A-3 Preferred Stock(1)   4,222,021    -    -     -    -    -    4,222,021    - 
Clearsense, LLC - Class C Preferred Shares   11,531,511    -    -     -    -    -    11,531,511    - 
Clearsense, LLC - Class D Preferred Shares   5,716,834    -    -     -    -    -    5,716,834    - 
CM Funding, LLC(1)   1,577,560    -    -     -    -    -    1,577,560    - 
Content Management Live, LLC(1)   60,000    -    -     -    -    -    60,000    - 
Dog Wood Park of Northeast Florida, LLC   350,078    -    -     -    -    -    350,078    - 
DSI Digital, LLC - Common Units Units(1)   3,169,466    -    -     -    -    -    3,169,466    - 
DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023(1)   3,377,503    750,000    -     82,500    -    -    4,210,003    - 
DSI Digital, LLC - Series A Convertible Preferred Units(1)   10,554,178    -    -     -    -    -    10,554,178    - 
LaGrange Senior Living, LLC - Class A Interests(1)   2,109,116    -    -     -    -    -    2,109,116    53,852 
Level ATI HoldCo, LLC -
Class A(1)		   3,102,526    -    -     -    -    -    3,102,526    - 
Polara Builder II, LLC(1)   3,800,146    -    -     -    -    -    3,800,146    42,671 
Reach Enterprises, Inc. - Common Units(1)   6,083,101    -    -     -    -    -    6,083,101    - 
Reach Enterprises, Inc. - Convertible Note - 8.00%, 4/29/2023(1)   3,001,272    190,000    -     (1,899)   -    -    3,189,373    - 
Reach Enterprises, Inc. - Convertible Note - 12.00%, 10/1/2022(1)   3,084,744    -    -     -    -    -    3,084,744    - 
Reach Enterprises, Inc. - Convertible Note - 12.00%, 10/1/2022(1)   125,000    -    (125,000)    -    -    -    -    2,500 
Reach Enterprises, Inc. - Series Seed-1 Preferred Units (1)   316,982    -    -     -    -    -    316,982    - 
Reach Enterprises, Inc. - Series Seed-2 Preferred Units (1)   1,320,735    -    -     -    -    -    1,320,735    - 
Rosebrook Opportunities Fund LP(1)   877,332    -    -     -    -    (89,189)   788,143    - 
RRA Credit Opportunity Fund LP   612,091    -    -     (55,859)   -    (14,214)   542,018    87,185 
Thunder Investment Partners, LLC(1)   1,722,394    -    -     -    -    -    1,722,394    40,681 
Waratek, Ltd. - Common Shares(1)   8,590,687    -    -     (471,488)   -    -    8,119,199    - 
Waratek, Ltd. - Series B-1(1)   2,691,274    -    -     (147,707)   -    -    2,543,567    - 
Waratek, Ltd. - Series B-2(1)   3,510,838    -    -     (192,687)   -    -    3,318,151    - 
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028(1)   722,073    -    -     (39,630)   -    -    682,443    - 
WG Pitts Caribbean, LLC - Common Units(1)   -    -    -     -    -    -    -    - 
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(1)   1,763,130    -    -     -    -    -    1,763,130    78,479 
   $88,702,442   $940,000   $(125,000)   $(826,770)  $-  $(103,403)  $88,587,269  $309,108 

 

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