N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-22888

Wildermuth Endowment Fund

(Exact name of registrant as specified in charter)

818 A1A Hwy, Suite 301

Ponte Vedra Beach, Florida 32082

(Address of principal executive offices) (Zip code)

Daniel Wildermuth

Wildermuth Advisory, LLC

818 A1A Hwy, Suite 301

Ponte Vedra Beach, Florida 32082

(Name and address of agent for service)

COPIES TO:

John H. Grady

Practus, LLP

1062 East Lancaster Avenue, Suite 15-A

Rosemont, Pennsylvania 19010

Registrant's telephone number, including area code: (888) 445-6032

Date of fiscal year end: December 31

Date of reporting period: December 31, 2019

Item 1. Reports to Stockholders.

ANNUAL REPORT

December 31, 2019

WWW.WILDERMUTHENDOWMENTFUND.COM ● 1-888-445-6032 ●
DISTRIBUTED BY WILDERMUTH SECURITIES, LLC AND
UMB DISTRIBUTION SERVICES, LLC (MEMBERS OF FINRA)

Wildermuth Endowment Fund

Table of Contents
Rule 30e-3 Notice for Delivery of Shareholder Reports	2
Letter to Shareholders	3
Portfolio Review	6
Portfolio Composition	8
Schedule of Investments	9
Statement of Assets and Liabilities	16
Statement of Operations	17
Statements of Changes in Net Assets	18
Statement of Cash Flows	20
Financial Highlights	21
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	41
Trustees and Officers	42
Additional Information	45
Privacy Policy	47

Wildermuth Endowment Fund

Optional Delivery of Shareholder Reports Notice

Dear Wildermuth Endowment Fund Shareholder:

The Wildermuth Endowment Fund (the “Fund”) is a closed-end fund registered with the Securities and Exchange Commission (the “Commission”) under the Investment Company Act of 1940, as amended, and operates as an “interval fund” thereunder. The Fund is obligated to provide each of its shareholders with paper copies of its annual and semi-annual reports.

In June 2018, the Commission approved of a new, optional “notice and access” method for delivery of annual and semi-annual shareholder reports to investors in certain registered investment funds.

Under new Rule 30e-3 (the “Rule”), funds may deliver their annual and semi-annual shareholder reports by making them publicly accessible on a website, free of charge, and sending investors a paper notice of the availability of each report by mail. Investors who prefer to receive the full shareholder reports in paper form may, at any time, choose that option free of charge.

Please be advised that the Fund intends to rely on the new Rule 30e-3.

You are receiving this notice now because the Fund may elect to rely on the Rule as of January 1, 2021, and funds must provide notice to shareholders at least two (2) years prior to relying on the Rule.

Under the circumstances, this notice would permit the Fund to mail notices to shareholders instead of mailing paper forms of its annual and semi-annual reports as early as two (2) years from the date of the original notice that was mailed to shareholders on March 1, 2019 for the December 31, 2018 annual report.

Sincerely,

Daniel Wildermuth
Wildermuth Endowment Fund

2

Wildermuth Endowment Fund

Letter to Shareholders

December 31, 2019

Dear Investor:

We are pleased to present this annual report for the Wildermuth Endowment Fund (the “Fund”) covering the 12 months from January 1, 2019, to December 31, 2019. For the one year ended December 31, 2019, fee-waived returns were 11.65% for the Fund Class A-shares, 10.74% for the Fund Class C-shares, and 12.06% for the Fund Class I-shares.

The Fund’s performance for the same period trailed the strong positive returns of 22.18% that was generated by a 60% stock and 40% bond portfolio (as represented by a 60% S&P 500 Total Return Index¹ and 40% Barclays U.S Aggregate Bond Index²).

The Fund’s performance on the year resulted from positive returns of most asset classes and particularly traditional equities and fixed income. The inclusion of multiple different asset classes produced the desirable impact of strong positive Fund returns that were less volatile than either broad U.S. equity or a blended portfolio consisting of 60% stocks and 40% bonds.

The asset class producing the strongest individual performance on the year was unsurprisingly U.S. equities, followed by international equities. While the exposure to these asset classes was relatively low throughout all of 2019, their strong positive performance provided a welcome boost to overall Fund returns.

The asset class that generated the largest percentage of total Fund performance was predictably private equity, given its large percentage of total Fund assets. Ongoing company growth and development contributed to the increases in valuations of many of the Fund’s holdings across private equity, and value increases more than offset some declines in other companies including both equity and debt positions across all private company holdings.

The real estate sector also produced solid returns via a combination of placement fees, rental income, and capital appreciation. The fixed income allocation percentage was negligible resulting in a limited impact on the sector. While hedge funds and absolute return strategies trailed most other asset classes within the portfolio, returns were positive on the year. The major area of underperformance for 2019 was natural resources, including losses in oil and gas, along with some other natural resource holdings. The Fund’s relatively small exposure to the sector minimized portfolio impact.

Looking forward to the next decade, we continue to see expanded opportunities within non-traditional asset classes, particularly private equity and real estate. Recent challenges to the global economy and the resulting impact of the COVID-19 lockdown on various asset prices have further muted our equity market expectations in the immediate to mid-term future. The challenges follow a favorable run for U.S. public equities lasting more than a decade. As a result, while we will continue to maintain limited exposure to equities, we intend to act opportunistically across private markets when possible to secure and maintain exposure to attractive private investments and unique asset classes. As we look forward, we believe the Fund is uniquely positioned to potentially benefit from the current investment environment.

Thank you for your continued confidence and support.

Sincerely,

Daniel Wildermuth
President and Chief Executive Officer, and
Chairman and Trustee of the Fund
June 2020

¹ The S &P 500 Total Return Index is a registered trademark of Standard & Poor’s and is an unmanaged broadly-based index of the common stock prices of 500 large U.S. companies that includes the reinvestment of dividends. Unlike mutual funds, indices are not managed, and do not incur fees or expenses. You cannot invest directly in an index.

² The Barclays U.S. Aggregate Bond Index is an unmanaged, broad based index measuring intermediate terms bonds. It is not possible to invest directly in an index.

3

Wildermuth Endowment Fund

Letter to Shareholders - Continued
December 31, 2019

The Wildermuth Endowment Fund is a closed-end interval Fund. The Fund is considered illiquid and not suitable for all investors.

Past performance is not a guarantee of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. This and other important information is contained within the Fund’s Prospectus, which can be obtained by calling (888) 445-6032 or by visiting our website www.widlermuthendowmentfund.com. The Fund’s Prospectus should be read carefully before investing.

Investing in the Fund involves risk, including those summarized below. Endowments have a long-term investment time horizon with low liquidity needs that can take advantage of all of many different asset classes. Investors should consider how closely their investment goals and needs match those of endowments. An investment in the Fund is generally subject to market risk, including the possible loss of the entire principal amount invested. An investment in the Fund represents an indirect investment in the securities owned by the Fund.

● You should consider the shares to be an illiquid investment. Even though the Fund will make periodic repurchase offers to repurchase a portion of the shares to provide some liquidity to shareholders, only a limited number of shares will be eligible for repurchase by us. Once each quarter, the Fund will offer to repurchase at net asset value (NAV) per share no less than 5% of the outstanding shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements. The Fund may increase the size of these offerings up to a maximum of 25% of the Fund’s outstanding shares, at the sole discretion of the Board, but it is not expected that the Board will do so.

● You should consider that you may not have immediate access to the money you invest for an indefinite period of time. An investment in our shares is not suitable for you if you need immediate access to the money you invest. There is no guarantee that you will be able to tender all or any of the requested Fund shares in periodic repurchase offer.

● Endowments have a long term investment time horizon with low liquidity needs. Investors should consider how closely their investment goals and needs match those of endowments.

● Certain investments in the Fund are illiquid making it difficult to sell these securities and possibly requiring the Fund to sell at an unfavorable time or price. The value of certain Fund investments, in particular, non-traded investment vehicles, will be difficult to determine and the valuations provided will likely vary from the amounts the Fund would receive upon sale or disposition of its investments.

● Like all financial instruments, the value of these securities may move up or down, sometimes rapidly and unpredictably. The value of your investment in the Fund at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions.

● When the Fund invests in equity securities, the Fund’s investments in those securities are subject to price fluctuations based on a number of reasons for issuer-specific and broader economic or international considerations. They may also decline due to factors which affect a particular industry or industries. In addition, equity securities prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase.

● The Fund may invest in publicly-traded and non-traded REITs or privately offered pooled investment vehicles that hold real estate as well as invest in real estate directly through entities owned or controlled directly or indirectly by the Fund. As a result, the Fund’s portfolio may be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio.

● REIT share prices may decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties.

● Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as weather, and international economic, political and regulatory developments.

4

Wildermuth Endowment Fund

Letter to Shareholders - Continued
December 31, 2019

● The Fund may invest in medium- and small-capitalization companies, which may be newly formed or have limited product lines, distribution channels and financial or managerial resources. The risks associated with these investments are generally greater than those associated with investments in the securities of larger, more-established companies. This may cause the Fund’s net asset value to be more volatile when compared to investment companies that focus only on large-capitalization companies.

● The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a diversified management investment company. Accordingly, the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

● The shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time.

● We do not expect a secondary market in the shares to develop. Even if any such market were to develop, closed-end fund shares trade frequently at a discount from net asset value, which creates a risk of loss for investors purchasing shares in the initial public offering.

5

Wildermuth Endowment Fund

Portfolio Review

December 31, 2019 (Unaudited)

The Fund’s performance figures* for each of the periods ended December 31, 2019, compared to its benchmarks:

	Five Years	Three Years	One Year	Annualized Since Inception1
Class A	9.12%	8.21%	11.65%	9.12%
Class A with Load2	7.77%	6.01%	5.26%	7.77%
S&P 500® Total Return Index**	11.70%	15.27%	31.49%	11.70%
Bloomberg Barclays U.S. Aggregate Bond Index***	3.05%	4.03%	8.72%	3.05%

	Three Years	One Year	Annualized Since Inception3
Class C	7.36%	10.74%	8.74%
Class C with Sales Charge4	7.36%	9.74%	8.74%
S&P 500® Total Return Index**	15.27%	31.49%	15.46%
Bloomberg Barclays U.S. Aggregate Bond Index***	4.03%	8.72%	3.39%

	One Year	Annualized Since Inception5
Class I	12.06%	8.01%
S&P 500® Total Return Index**	31.49%	14.28%
Bloomberg Barclays U.S. Aggregate Bond Index***	8.72%	3.91%

¹ The Class A inception date was December 31, 2014.

² Calculated using a maximum sales load. The maximum sales load was 6.00% from the Class A inception date through October 19, 2017. Effective October 20, 2017 the maximum sales load is 5.75%.

³ The Class C inception date was March 14, 2016.

⁴ Class C shares are subject to a Contingent Deferred Sales Charge of 1.00% on any shares redeemed within 365 days of purchase.

⁵ The Class I inception date was April 28, 2017.

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Class A has a total annual operating expense of 3.98%, Class C has a total annual operating expense of 4.73%, and Class I has a total annual operating expense of 3.73%, per the prospectus dated May 1, 2019.

** The S&P 500^® Total Return Index is an unmanaged market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index.

*** The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through securities), ABS, and CMBS. Investors cannot invest directly in an index.

6

Wildermuth Endowment Fund

Portfolio Review - Continued
December 31, 2019 (Unaudited)

Growth of a $10,000 Investment

Holdings by type of Investment	% of Net Assets	* Represents less than 0.4% of net assets.
Public Equities	14.4%
Exchange Traded Funds	8.6
Commodity & Natural Resource Investments	2.9
Direct Private Equity	31.9
Direct Real Estate	6.4
Hedge Funds	3.8
Private Equity Debt	6.1
Private Equity Funds	7.1
Private Real Estate Investments	10.0
Public Real Estate Investments	0.3
Real Estate Loans	3.6
Warrants	1.2
Short-Term Investments	2.1
Other Assets and Liabilities	1.6
	100.0%

Please refer to the Schedule of Investments in this Annual Report for detailed analysis of the Fund’s Holdings.

7

Wildermuth Endowment Fund

Portfolio Composition

December 31, 2019

Country of Investment	Fair Value		% of Net Assets
Australia	$	536,456		0.3%
Belgium		360,323		0.2
Bermuda		626,839		0.3
Canada		1,155,796		0.7
Colombia		29,740		0.0
France		2,402,389		1.4
Germany		494,643		0.3
Ireland		9,686,191		5.6
Japan		1,335,511		0.8
Luxembourg		4,791,189		2.8
Netherlands		517,763		0.3
New Zealand		500,000		0.3
Singapore		746,755		0.4
Spain		193,485		0.1
Switzerland		746,684		0.4
United Kingdom		817,703		0.5
United States		145,830,242		84.0
Other Assets & Liabilities, net		2,737,201		1.6
	$	173,508,910		100.0%

8

Wildermuth Endowment Fund

Schedule of Investments

December 31, 2019

Interests, Shares, Principal Amount, or Units			Fair Value
		PUBLIC EQUITIES — 14.4%
		ADVERTISING — 0.2%
	47,413	National CineMedia, Inc.	$	345,641
		APPAREL — 0.2%
	538	Kering		353,393
		BANKS — 0.1%
	3,970	Bank of New York Mellon Corp.		199,810
		BEVERAGES — 0.2%
	1,938	Pernod Ricard SA		346,747
		BIOTECHNOLOGY — 0.6%
	1,043	CSL, Ltd.		202,177
	2,270	Regeneron Pharmaceuticals, Inc.(a)		852,340
				1,054,517
		BUILDING MATERIALS — 0.5%
	4,422	LafargeHolcim, Ltd.(a)		245,210
	8,550	Owens Corning		556,776
				801,986
		CHEMICALS — 0.0%
	700	FMC Corp.		69,874
		COMMERCIAL SERVICES — 0.7%
	15,046	McMillan Shakespeare, Ltd.		138,551
	3,207	S&P Global, Inc.		875,671
	977	Wirecard AG		117,889
				1,132,111
		COSMETICS/PERSONAL CARE — 0.7%
	9,240	Procter & Gamble Co.		1,154,076
		DISTRIBUTION/WHOLESALE — 0.5%
	27,674	Inchcape PLC		258,814
	15,593	Triton International, Ltd.		626,838
				885,652
		DIVERSIFIED FINANCIAL SERVICES — 0.6%
	7,985	LPL Financial Holdings, Inc.		736,616
	46,619	Mitsubishi UFJ Lease & Finance Co., Ltd.		302,857
				1,039,473
		ELECTRIC — 0.3%
	15,000	Clearway Energy, Inc. - Class A		286,800
	14,300	Clearway Energy, Inc. - Class C		285,285
				572,085

See accompanying notes to financial statements.

9

Wildermuth Endowment Fund

Schedule of Investments - Continued
December 31, 2019

Interests, Shares, Principal Amount, or Units			Fair Value
		PUBLIC EQUITIES (CONTINUED)
		ELECTRONICS — 0.1%
	3,860	nVent Electric PLC	$	98,739
		ENERGY-ALTERNATE SOURCES — 0.3%
	11,025	Siemens Gamesa Renewable Energy SA		193,485
	27,642	TransAlta Renewables, Inc.		330,817
				524,302
		ENGINEERING & CONSTRUCTION — 0.1%
	9,400	HomeServe PLC		157,393
		FOOD — 0.7%
	975	JM Smucker Co.		101,527
	4,030	Mondelez International, Inc. - Class A		221,972
	7,920	Sysco Corp.		677,477
	1,150	TreeHouse Foods, Inc.(a)		55,775
	1,066	Tyson Foods, Inc. - Class A		97,049
				1,153,800
		HEALTHCARE-PRODUCTS — 0.4%
	15,516	Boston Scientific Corp.(a)		701,634
		HEALTHCARE-SERVICES — 0.7%
	14,479	Centene Corp.(a)		910,295
	3,380	Fresenius SE & Co. KGaA		190,378
	3,839	Ramsay Health Care, Ltd.		195,728
				1,296,401
		HOME FURNISHINGS — 0.2%
	5,930	Sony Corp., ADR		403,240
		INTERNET — 0.8%
	546	Alphabet, Inc. - Class A(a)		731,307
	3,536	Facebook, Inc. - Class A(a)		725,764
				1,457,071
		LODGING — 0.6%
	67,800	Extended Stay America, Inc.		1,007,508
		MACHINERY-CONSTRUCTION & MINING — 0.3%
	8,224	ABB, Ltd.		198,467
	22,255	Mitsubishi Electric Corp.		306,870
				505,337
		MACHINERY-DIVERSIFIED — 0.5%
	1,025	AGCO Corp.		79,181
	4,157	Cummins, Inc.		743,937
	394	Deere & Co.		68,264
				891,382

See accompanying notes to financial statements.

10

Wildermuth Endowment Fund

Schedule of Investments - Continued
December 31, 2019

Interests, Shares, Principal Amount, or Units			Fair Value
		PUBLIC EQUITIES (CONTINUED)
		MINING — 0.2%
	29,500	Endeavour Silver Corp.(a)	$	71,095
	1,075	Rio Tinto PLC, ADR		63,812
	2,810	Teck Resources, Ltd.		48,810
	39,053	Yamana Gold, Inc.		154,259
				337,976
		MISCELLANEOUS MANUFACTURING — 0.1%
	17,040	General Electric Co.		190,166
		OIL & GAS — 0.2%
	1,490	Ecopetrol S.A., ADR		29,740
	68,500	QEP Resources, Inc.		308,250
	475	Royal Dutch Shell PLC, Class A, ADR		28,016
				366,006
		PHARMACEUTICALS — 0.8%
	6,220	Dechra Pharmaceuticals PLC		238,946
	4,082	Johnson & Johnson		595,441
	3,200	Novartis AG, ADR		303,008
	2,491	UCB SA		198,240
				1,335,635
		PIPELINES — 0.5%
	2,000	CNX Midstream Partners LP		32,920
	10,220	Enable Midstream Partners LP		102,507
	13,850	Enbridge, Inc.		550,814
	1,716	Genesis Energy LP		35,144
	888	Phillips 66 Partners LP		54,736
				776,121
		REAL ESTATE — 0.1%
	2,000	Atenor		162,083
		REITS — 0.2%
	41,123	VEREIT, Inc. - REIT		379,977
		RETAIL — 0.5%
	12,212	Walgreens Boots Alliance, Inc.		720,020
	7,520	Wendy’s Co.		167,019
				887,039
		SEMICONDUCTORS — 2.1%
	2,363	Broadcom, Ltd.		746,756
	16,346	Intel Corp.		978,308
	2,716	NXP Semiconductors NV		345,638
	8,840	Qorvo, Inc.(a)		1,027,473
	32,990	Xperi Corp.		610,315
				3,708,490

See accompanying notes to financial statements.

11

Wildermuth Endowment Fund

Schedule of Investments - Continued
December 31, 2019

Interests, Shares, Principal Amount, or Units			Fair Value
		PUBLIC EQUITIES (CONTINUED)
		SOFTWARE — 0.2%
	11,262	ICT Group NV	$	144,109
	1,380	SAP SE		186,375
				330,484
		TELECOMMUNICATIONS — 0.2%
	11,538	NTT DOCOMO, Inc.		322,544
		TOTAL PUBLIC EQUITIES (Cost $21,982,808)		24,948,693
		EXCHANGE TRADED FUNDS — 8.6%
		DEBT FUNDS — 2.0%
	15,720	Invesco International Corporate Bond		426,641
	1,618	iShares iBoxx High Yield Corporate Bond		142,287
	31,000	Vanguard Intermediate-Term Corporate Bond		2,831,230
				3,400,158
		EQUITY FUNDS — 6.6%
	44,389	Emerging Markets Internet and Ecommerce		1,566,932
	37,354	iShares MSCI Brazil		1,772,447
	36,530	iShares MSCI India		1,284,030
	28,850	iShares MSCI Indonesia		740,291
	34,400	iShares MSCI Malaysia		980,744
	36,756	iShares MSCI Taiwan		1,511,774
	51,512	VanEck Vectors Russia		1,286,255
	29,000	WisdomTree China ex-State-Owned Enterprises Fund		2,409,888
				11,552,361
		TOTAL EXCHANGE TRADED FUNDS (Cost $14,027,958)		14,952,519
		COMMODITY & NATURAL RESOURCE INVESTMENTS — 2.9%
	953	Casillas Petroleum Resource Partners, LLC(b)(c)(d)(e)(f)		1,286,160
	2,050,000	CM Funding, LLC(b)(c)(d)(e)(f)		856,643
	—	Kayne Anderson Energy Fund VII LP(c)(e)(g)		1,492,471
	2,080,000	Thunder Investment Partners, LLC(b)(c)(d)(e)(f)		1,438,189
		TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $6,632,577)		5,073,463
		DIRECT PRIVATE EQUITY — 31.9%
	159	Atlas Fintech Holdings Corp. - Class A Share Interests(b)(c)(d)(e)		1,272,000
	2,500	Clear Guide Medical, Inc. - Series A Preferred Stock(b)(c)(d)(e)(f)		4,902,056
	134,898	Clear Guide Medical, Inc. - Series A-2 Preferred Stock(b)(c)(d)(e)(f)		955,816
	634,619	Clear Guide Medical, Inc. - Series A-3 Preferred Stock(b)(c)(d)(e)(f)		4,248,609
	828,254	Clearsense, LLC - Class C Preferred Shares(b)(c)(d)(e)(f)		8,148,270
	250,000	Content Management Live, LLC(b)(c)(d)(e)(f)		250,000
	3,385,201	DSI Digital, LLC - Series A Convertible Preferred Units(b)(c)(d)(e)(f)		13,191,310
	8,800	GigaPro, Inc. - Common Units(b)(c)(d)(e)(f)		7,615,550

See accompanying notes to financial statements.

12

Wildermuth Endowment Fund

Schedule of Investments - Continued
December 31, 2019

Interests, Shares, Principal Amount, or Units			Fair Value
		DIRECT PRIVATE EQUITY (CONTINUED)
	—	Level ATI HoldCo, LLC - Class A(b)(c)(d)(e)(f)	$	3,040,100
	3,500,000	Metro Diner, LLC - Series B Units(c)(d)(e)(f)		2,940,000
	1,880,968	Metro Diner, LLC - Series II Common Units(c)(d)(e)(f)		1,795,894
	635,838	Waratek, Ltd. - Series B-1(b)(c)(d)(e)(f)		3,149,601
	756,826	Waratek, Ltd. - Series B-2(b)(c)(d)(e)(f)		3,817,736
	—	WG Pitts Caribbean, LLC - Common Units(b)(c)(d)(e)(f)		—
		TOTAL DIRECT PRIVATE EQUITY (Cost $30,553,608)		55,326,942
		DIRECT REAL ESTATE — 6.4%
	—	Brookwood SFL Investor Co-Investment Vehicle, LLC(c)(e)		1,630,603
	439,716	Dog Wood Park of Northeast Florida, LLC, 9.50%, 12/21/2020(c)(d)(e)(f)(h)		357,105
	400,000	Hauiki Hui, LLC, 9.50%, 12/21/2019(b)(c)(d)(e)(f)(h)		230,672
	1,800,000	LaGrange Senior Living, LLC - Class A Interests(b)(c)(d)(e)		1,800,000
	—	Polara Builder II, LLC(b)(c)(d)(e)(f)		5,660,763
	—	RS17 Rexburg Preferred LLC - Series A Preferred Interests(b)(c)(d)(e)(f)		1,434,299
		TOTAL DIRECT REAL ESTATE (Cost $9,636,581)		11,113,442
		HEDGE FUNDS — 3.8%
	—	Altegris Millennium Fund LP(c)(e)(g)(i)		1,089,134
	—	CRC Bond Opportunity Trading Fund LP(c)(e)(g)(i)		2,658,089
	—	EJF Trust Preferred Fund LP(c)(e)(g)(i)		812,800
	—	Rosebrook Opportunities Fund LP(c)(e)(g)(i)		1,516,893
	—	Tides Capital Gamma LP(b)(c)(e)(g)(i)		566,324
		TOTAL HEDGE FUNDS (Cost $6,617,605)		6,643,240
		PRIVATE EQUITY DEBT — 6.1%
$	1,988,889	Aetius Intermediate Company, LLC, LIBOR 1 Month + 9.50%, 12/20/2023(c)(d)(e)(j)		1,988,889
	1,500,000	Atlas Fintech Holdings Corp. - Convertible Note, 8.00%, 6/20/2020(b)(c)(d)(e)		1,500,000
	884,450	GigaPro, Inc. - Secured Note, 12.00%, 8/7/2021(b)(c)(d)(e)		884,450
	933,333	Schweizer - RSG, LLC - Promissory Note, LIBOR 1 Month + 12.00%, 1/22/2021(c)(d)(e)(j)		933,333
	1,000,000	Sequin, Inc. - Convertible Note, 8.00%, 6/28/2022(b)(c)(d)(e)		1,000,000
	500,000	The Work Shop Limited T/A RIP Global - Convertible Note, 10.00%, 5/22/2022(b)(c)(d)(e)		500,000
	1,500,000	Waratek, Ltd. - Convertible Note, 12.00%, 4/12/2021(b)(c)(d)(e)(f)		1,920,001
	2,000,000	WG Pitts Caribbean, LLC - Promissory Note, 5.00%, 10/12/2020(b)(c)(d)(e)(f)		1,815,745
		TOTAL PRIVATE EQUITY DEBT (Cost $9,861,077)		10,542,418
		PRIVATE EQUITY FUNDS — 7.1%
	—	Abbott Secondary Opportunities LP(c)(e)(g)(i)		1,551,688
	—	Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(c)(e)(g)(i)		2,043,564
	—	Committed Advisors Secondary Fund III(c)(e)(g)(i)		1,702,248
	—	EJF Sidecar Fund, Series LLC - Small Financial Equities Series(c)(e)(g)(i)		1,055,628
	10	GPB Automotive Portfolio LP(c)(d)(e)(f)(g)		155,838
	—	Gravity Ranch Fund I LP(b)(c)(e)(g)(i)		23,043
	—	Greenspring Opportunities V, LP(c)(e)(g)(i)		612,502

See accompanying notes to financial statements.

13

Wildermuth Endowment Fund

Schedule of Investments - Continued
December 31, 2019

Interests, Shares, Principal Amount, or Units			Fair Value
		PRIVATE EQUITY FUNDS (CONTINUED)
	—	Madryn Health Partners LP(c)(e)(g)(i)	$	1,884,620
	—	PineBridge Secondary Partners IV SLP(c)(e)(g)(i)		1,297,257
	—	Star Mountain Diversified Credit Income Fund III LP(c)(e)(g)(i)		967,650
	—	Star Mountain Diversified Small Business Access Fund II LP(c)(e)(g)(i)		1,092,136
		TOTAL PRIVATE EQUITY FUNDS (Cost $11,647,867)		12,386,174
		PRIVATE REAL ESTATE INVESTMENTS — 10.0%
	95,075	ARCTRUST, Inc.(c)(e)(g)		1,337,396
	23,529	Broadstone Net Lease, Inc.(c)(e)(g)		2,000,000
	2,465,209	Carlyle Europe Realty Fund, S.C.Sp.(c)(e)(g)(i)		2,747,625
	157,812	Cottonwood Residential II, Inc.(c)(e)(g)		3,378,755
	—	Cygnus Property Fund V, LLC(b)(c)(e)(g)		1,752,097
	—	Harbert Seniors Housing Fund I LP(c)(e)(g)		1,339,608
	—	Harbert Seniors Housing Fund II LP(c)(e)(g)		328,977
	—	PCG Select Series I LLC - Series A Preferred Stock(c)(e)(g)		322,785
	789	PRISA III Fund LP(c)(e)(g)		1,490,196
	—	RRA Credit Opportunity Fund LP(b)(c)(e)(g)		975,012
	56	Shopoff Land Fund III LP(c)(e)(g)		33,053
	728,136	Stonehill Strategic Hotel Credit Opportunity Fund II LP(c)(e)(g)		1,011,182
	—	Walton Street Real Estate Fund VIII LP(c)(e)(g)		655,431
		TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $16,232,686)		17,372,117
		PUBLIC REAL ESTATE INVESTMENTS — 0.3%
	136,771	Highlands REIT, Inc.(c)(e)		49,238
	153,283	Inventrust Properties Corp.(c)(e)		481,308
	3,330	Phillips Edison Grocery Center(c)(e)		36,961
		TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $400,806)		567,507
		REAL ESTATE LOANS — 3.6%
$	1,794,571	Airport Center Development Partners, LLC, 10.50%, 4/10/2020(c)(d)(e)		1,794,571
	1,741,602	GT Operating Company, Inc., 10.50%, 6/8/2020(c)(d)(e)		1,741,602
	679,962	Park City (PCG), 10.50%, 11/26/2020(c)(d)(e)		679,962
	2,000,000	Westgate at Powers, LLC, 10.50%, 6/21/2021(c)(d)(e)		2,000,000
		TOTAL REAL ESTATE LOANS (Cost $5,919,529)		6,216,135
		WARRANTS — 1.2%
	100	Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date,12/30/2021(a)(b)(c)(d)(e)		87,955
	44	Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date,12/30/2022(a)(b)(c)(d)(e)		26,642
	475	Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date,12/30/2021(a)(b)(c)(d)(e)		1,091,788
	1,442	Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date,1/21/2028(a)(c)(d)(e)(f)		1,846
	388,869	Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date,1/22/2028(a)(b)(c)(d)(e)(f)		798,853
		TOTAL WARRANTS (Cost $0)		2,007,084

See accompanying notes to financial statements.

14

Wildermuth Endowment Fund

Schedule of Investments - Continued
December 31, 2019

Interests, Shares, Principal Amount, or Units			Fair Value
		SHORT-TERM INVESTMENTS — 2.1%
	3,621,975	Fidelity Institutional Government Portfolio - Institutional Class, 1.49%(k)	$	3,621,975
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,621,975)		3,621,975
		TOTAL INVESTMENTS — 98.4% (Cost $137,135,077)		170,771,709
		Other assets less liabilities — 1.6%		2,737,201
		TOTAL NET ASSETS — 100.0%	$	173,508,910

ADR – American Depository Receipt

LIBOR – London Inter-Bank Offered Rate

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) Denotes an investment in an affiliated entity. Please refer to Note 8, Investments in Affiliated Issuers, in the Notes to the Financial Statements.

^(c) Illiquid Security. As of December 31, 2019 these securities amounted to $127,248,522, representing 73.34% of total net assets.

^(d) Level 3 security in accordance with fair value hierarchy.

^(e) Restricted Security. As of December 31, 2019 these securities amounted to $127,248,522, representing 73.34% of total net assets. Please refer to Note 7, Investments in Restricted Securities, in the Notes to the Financial Statements.

^(f) Security fair valued using method determined in good faith by the Fair Value Committee designated by the Board of Trustees. As of December 31, 2019 these securities amounted to $70,011,056, representing 40.35% of total net assets.

^(g) Private Fund. As of December 31, 2019 these securities amounted to $37,894,002, representing 21.84% of total net assets.

^(h) Security is in default.

⁽ⁱ⁾ Private Investment Company. As of December 31, 2019 these securities amounted to $21,621,201, representing 12.46% of total net assets.

^(j) Denotes a floating rate security. Floating rate securities are securities whose yields vary with a designated market index or market rate.

^(k) Represents the current rate as of December 31, 2019.

See accompanying notes to financial statements.

15

Wildermuth Endowment Fund

Statement of Assets and Liabilities

As of December 31, 2019

Assets:
Investments in unaffiliated issuers at fair value (cost $85,787,630)	$	94,532,025
Investments in affiliated issuers at fair value (cost $51,347,447)		76,239,684
Receivables:
Due from Investment Adviser (Note 4)		681,549
Investment securities sold		55,556
Dividends and interest		987,837
Fund shares sold		106,074
Return of capital		449,580
Prepaid expenses		10,571
Other receivable		780,218
Total assets		173,843,094
Liabilities:
Payables:
Professional fees		121,561
Shareholder servicing fees		28,591
Transfer agent fees and expenses		26,890
Fund accounting and administration fees		26,353
Custody fees		5,563
Distribution fees		35,274
Accrued other liabilities		89,952
Total liabilities		334,184
Net Assets	$	173,508,910
Net Assets Consist of:
Paid in capital (unlimited shares authorized, 25,000,000 shares registered, no par value)	$	144,810,471
Total distributable earnings		28,698,439
Net Assets	$	173,508,910
Net Assets:
Class A	$	80,691,969
Class C		54,613,748
Class I		38,203,193
Net Assets	$	173,508,910
Shares of Beneficial Interest Issued and Outstanding:
Class A shares		5,856,246
Class C shares		4,083,848
Class I shares		2,747,412
Total Shares Outstanding		12,687,506
Net Asset Value, Offering Price and Redemption Proceeds Per Share:(1)
Class A	$	13.78
Class C(2)	$	13.37
Class I	$	13.91
Class A - Maximum offering price per share (Net asset value per share divided by 0.9425)(3)	$	14.62

⁽¹⁾ Redemptions made within 90 days of purchase may be assessed a redemption fee of 2.00%.

⁽²⁾ Class C Shares of the Fund are subject to a Contingent Deferred Sales Charge (“CDSC”) of 1.00% on any shares sold within 365 days of purchase.

⁽³⁾ Reflects a maximum sales charge of 5.75%.

See accompanying notes to financial statements.

16

Wildermuth Endowment Fund

Statement of Operations

For the year December 31, 2019

Investment Income:
Interest from unaffiliated issuers	$	1,018,235
Dividends from affiliated issuers		818,702
Dividends from unaffiliated issuers (net of foreign withholding taxes of $21,110)		490,287
Interest from affiliated issuers		355,184
Other income		105,519
Total investment income		2,787,927
Expenses:
Investment Advisory fees (see Note 4)		2,240,498
Legal fees		496,419
Transfer agent fees		427,795
Distribution fees - Class C		353,489
Shareholder servicing fees - Class A & Class C		321,630
Accounting and administration servicing fees		263,458
Printing and postage expenses		122,465
Audit fees		102,500
Registration fees		64,420
Pricing and valuation service fees		63,660
Chief compliance officer fees		56,649
Chief financial officer fees		53,049
Trustees’ fees		52,250
Custodian fees		34,069
Miscellaneous expenses		31,464
Insurance expense		22,226
Total expenses		4,706,041
Expenses waived by Adviser (see Note 4)		(670,176	)
Net expenses		4,035,865
Net investment loss		(1,247,938	)
Realized and Unrealized Gain (Loss) on Investments and foreign currency:
Net realized gain (loss) on:
Investments in unaffiliated issuers		(2,815,475	)
Investments in affiliated issuers		(5,816,795	)
Foreign currency transactions		9,357
Total net realized loss		(8,622,913	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		5,261,786
Investments in affiliated issuers		19,286,388
Foreign currency translations		(1,083	)
Total net change in unrealized appreciation		24,547,091
Net realized and unrealized gain on investments and foreign currency		15,924,178
Net Increase in Net Assets Resulting from Operations	$	14,676,240

See accompanying notes to financial statements.

17

Wildermuth Endowment Fund

Statements of Changes in Net Assets

	For the year ended December 31, 2019			For the year ended December 31, 2018
Increase/(Decrease) in Net Assets From:
Operations:
Net investment income (loss)	$	(1,247,938	)	$	302,332
Net realized loss on investments		(8,622,913	)		(2,099,476	)
Distributions of realized gains by underlying unaffiliated investment companies		—			20,409
Net change in unrealized appreciation (depreciation) on investments		24,547,091			(680,968	)
Net increase (decrease) in net assets resulting from operations		14,676,240			(2,457,703	)
Distributions to Shareholders:
Distributions:
Class A		—			(155,481	)
Class C		—			(82,554	)
Class I		—			(26,761	)
Total:		—			(264,796	)
From other sources (tax return of capital):
Class A		(2,301,159	)		(1,624,661	)
Class C		(1,288,847	)		(742,631	)
Class I		(822,680	)		(150,628	)
Total:		(4,412,686	)		(2,517,920	)
Total distributions to shareholders	$	(4,412,686	)	$	(2,782,716	)

See accompanying notes to financial statements.

18

Wildermuth Endowment Fund

Statements of Changes in Net Assets - Continued

	For the year ended December 31, 2019			For the year ended December 31, 2018
Capital Share Transactions:
Net proceeds from Class A shares sold	$	34,124,083		$	17,912,089
Net proceeds from Class C shares sold		17,098,216			19,446,103
Net proceeds from Class I shares sold		27,493,959			12,590,689
Reinvestment of distributions from Class A shares		1,090,416			824,185
Reinvestment of distributions from Class C shares		1,088,395			643,074
Reinvestment of distributions from Class I shares		661,696			153,500
Cost of Class A shares redeemed		(30,119,763	)		(8,303,887	)
Cost of Class C shares redeemed		(2,590,991	)		(855,874	)
Cost of Class I shares redeemed		(3,395,157	)		(347,141	)
Redemption fees		16,452			6,127
Capital contribution from affiliate (Note 4)		663,313			—
Net increase from capital share transactions		46,130,619			42,068,865
Net change in net assets		56,394,173			36,828,446
Net Assets:
Beginning of year		117,114,737			80,286,291
End of year	$	173,508,910		$	117,114,737
Share Activity:
Issuance of Class A shares		2,524,088			1,353,041
Issuance of Class C shares		1,302,018			1,494,895
Issuance of Class I shares		1,999,921			938,087
Class A shares reinvested		80,385			62,261
Class C shares reinvested		82,487			49,579
Class I shares reinvested		47,928			11,487
Class A shares redeemed		(2,197,236	)		(628,135	)
Class C shares redeemed		(194,887	)		(65,941	)
Class I shares redeemed		(245,199	)		(26,151	)
Net increase in shares of beneficial interest outstanding		3,399,505			3,189,123

See accompanying notes to financial statements.

19

Wildermuth Endowment Fund

Statement of Cash Flows

	For the year ended December 31, 2019
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	14,676,240
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments		(81,140,044	)
Purchase of short term investments, net		(2,165,268	)
Proceeds from sale of investments		41,958,126
Net realized loss from investments		8,632,270
Net realized gain from foreign currency transactions		(9,357	)
Net unrealized appreciation on investments		(24,548,174	)
Net unrealized depreciation on foreign currency translations		1,083
Return of capital and non-income distributions received		2,079,366
Changes in assets and liabilities
(Increase)/Decrease in assets:
Due from Investment Adviser		(681,549	)
Dividend and interest receivable		(55,257	)
Return of capital receivable		(449,580	)
Receivable for investment securities sold		(33,334	)
Other receivable		(780,218	)
Funded commitment		1,000,000
Prepaid expenses		13,146
Increase/(Decrease) in liabilities:
Payable to custodian		(219,780	)
Payable to Investment Adviser		(62,851	)
Payable for professional fees		11,756
Payable for shareholder servicing fees		5,553
Payable for fund accounting and administration fees		6,458
Payable for custody fees		1,055
Payables for transfer agent fees and expenses		3,962
Payable for distribution fees		11,636
Accrued other liabilities		(123,030	)
Net cash used in operating activities		(41,867,791	)
Cash flows from financing activities:
Proceeds from shares sold		78,857,842
Cost of shares redeemed, net of redemption fees		(36,089,459	)
Cash distributions paid, net of reinvestment		(1,572,179	)
Capital contributions from affiliates		663,313
Net cash provided by financing activities		41,859,517
Effects of foreign currency exchange rate changes in cash		8,274
Net change in cash		—
Cash at beginning of year		—
Cash at end of year	$	—
Supplemental disclosure of non-cash activity:
Reinvestment of fund distributions	$	2,840,507

See accompanying notes to financial statements.

20

Wildermuth Endowment Fund

Financial Highlights – Class A

Per share income and capital changes for a share outstanding throughout each period.

	For the year ended December 31, 2019(1)			For the year ended December 31, 2018(1)			For the year ended December 31, 2017(1)			For the year ended December 31, 2016(1)			For the year ended December 31, 2015(2)
Net asset value, beginning of period	$	12.69		$	13.21		$	11.81		$	10.79		$	10.00
Income from Investment Operations:
Net investment income (loss)(3)		(0.08	)		0.06			(0.04	)		0.01			0.05
Net realized and unrealized gain (loss) on investments		1.55			(0.23	)		1.80			1.19			0.93	(4)
Total from investment operations		1.47			(0.17	)		1.76			1.20			0.98
Less Distributions:
From net investment income		—			—			—			—			(0.03	)
From return of capital		(0.38	)		(0.32	)		(0.18	)		(0.18	)		(0.16	)
From net realized gains		—			(0.03	)		(0.18	)		—			—
Total distributions		(0.38	)		(0.35	)		(0.36	)		(0.18	)		(0.19	)
Net asset value, end of period	$	13.78		$	12.69		$	13.21		$	11.81		$	10.79
Total return(5)		11.65	%(6)		(1.38	)%		15.07	%		11.27	%		9.74	%(7)
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	80,692		$	69,143		$	61,568		$	31,686		$	14,467
Ratio of gross expenses to average net assets(8)(12)		2.97	%		3.21	%		3.32	%		4.73	%		16.65	%(9)
Ratio of net expenses to average net assets(8)(10)		2.50	%		2.50	%		2.50	%		2.50	%		2.50	%(9)
Ratio of net investment income (loss) to average net assets(8)(11)		(0.63	)%		0.45	%		(0.35	)%		0.07	%		0.49	%(9)
Portfolio turnover rate		29	%		31	%		51	%		55	%		107	%(7)

⁽¹⁾ Redemption fees consisted of per share amounts of less than $0.01.

⁽²⁾ The Fund commenced operations on January 2, 2015 (inception date 12/31/2014).

⁽³⁾ Per share amounts calculated using the average shares method.

⁽⁴⁾ Realized and unrealized gain per share does not correlate to the aggregate of the net realized and unrealized gains on the Statement of Operations for the period ended December 31, 2015, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

⁽⁵⁾ Total returns would have been lower had certain expenses not been waived or absorbed by the Adviser. Returns shown do not include payment of a maximum sales load of offering price. If the sales charge was included total returns would be lower. The maximum sales load in 2016 and 2015 was 6.00% of offering price. Effective October 20, 2017 the maximum sales load was changed to 5.75% of offering price.

⁽⁶⁾ Total return would have been 11.24% absent the Capital Contribution from the Adviser (see Note 4).

⁽⁷⁾ Not annualized.

⁽⁸⁾ The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests.

⁽⁹⁾ Annualized.

⁽¹⁰⁾ Represents the ratio of expenses to average net assets inclusive of fee waivers and/or expense reimbursements by Adviser.

⁽¹¹⁾ Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

⁽¹²⁾ Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements.

See accompanying notes to financial statements.

21

Wildermuth Endowment Fund

Financial Highlights – Class C

Per share income and capital changes for a share outstanding throughout each period.

	For the year ended December 31, 2019(1)			For the year ended December 31, 2018(1)			For the year ended December 31, 2017			For the period ended December 31, 2016(2)
Net asset value, beginning of period	$	12.40		$	13.02		$	11.73		$	10.68
Income from Investment Operations:
Net investment loss(3)		(0.18	)		(0.02	)		(0.13	)		(0.07	)
Net realized and unrealized gain (loss) on investments		1.50			(0.25	)		1.78			1.25
Total from investment operations		1.32			(0.27	)		1.65			1.18
Less Distributions:
From return of capital		(0.35	)		(0.32	)		(0.18	)		(0.13	)
From net realized gains		—			(0.03	)		(0.18	)		—
Total distributions		(0.35	)		(0.35	)		(0.36	)		(0.13	)
Net asset value, end of period	$	13.37		$	12.40		$	13.02		$	11.73
Total return(4)		10.74	%(6)		(2.18	)%		14.23	%		11.10	%(5)
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	54,614		$	35,888		$	18,435		$	4,951
Ratio of gross expenses to average net assets(7)(11)		3.72	%		3.96	%		4.07	%		5.63	%(8)
Ratio of net expenses to average net assets(7)(8)		3.25	%		3.25	%		3.25	%		3.25	%(8)
Ratio of net investment loss to average net assets(7)(10)		(1.40	)%		(0.20	)%		(1.08	)%		(0.77	)%(8)
Portfolio turnover rate		29	%		31	%		51	%		55	%(5)

⁽¹⁾ Redemption fees consisted of per share amounts of less than $0.01.

⁽²⁾ Reflects operations for the period from March 14, 2016 (inception date) to December 31, 2016.

⁽³⁾ Per share amounts calculated using the average shares method.

⁽⁴⁾ Total returns would have been lower had certain expenses not been waived or absorbed by the Adviser. Returns shown do not include payment of a Contingent Deferred Sales Charge (“CDSC”) of 1.00% on any shares sold within 365 days of purchase. If the sales charge was included total returns would be lower.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Total return would have been 10.33% absent the Capital Contribution from the Adviser (see Note 4).

⁽⁷⁾ The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests.

⁽⁸⁾ Annualized.

⁽⁹⁾ Represents the ratio of expenses to average net assets inclusive of fee waivers and/or expense reimbursements by Adviser.

⁽¹⁰⁾ Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

⁽¹¹⁾ Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements.

See accompanying notes to financial statements.

22

Wildermuth Endowment Fund

Financial Highlights – Class I

Per share income and capital changes for a share outstanding throughout each period.

	For the year ended December 31, 2019			For the year ended December 31, 2018			For the period ended December 31, 2017(1)
Net asset value, beginning of period	$	12.79		$	13.27		$	12.26
Income from Investment Operations:
Net investment income (loss)(2)		(0.06	)		0.17			0.02
Net realized and unrealized gain (loss) on investments		1.58			(0.31	)		1.30
Total from investment operations		1.52			(0.14	)		1.32
Less Distributions:
From return of capital		(0.41	)		(0.32	)		(0.13	)
From net realized gains		—			(0.03	)		(0.18	)
Total distributions		(0.41	)		(0.35	)		(0.31	)
Redemption Fees:		0.01			0.01			—
Net asset value, end of period	$	13.91		$	12.79		$	13.27
Total return		12.06	%(3)		(1.07	)%		10.87	%(4)
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	38,203		$	12,084		$	283
Ratio of gross expenses to average net assets(5)(9)		2.72	%		2.96	%		3.24	%(6)
Ratio of net expenses to average net assets(5)(7)		2.25	%		2.25	%		2.25	%(6)
Ratio of net investment income (loss) to average net assets(5)(8)		(0.42	)%		1.27	%		0.26	%(6)
Portfolio turnover rate		29	%		31	%		51	%(4)

⁽¹⁾ Reflects operations for the period from April 28, 2017 (inception date) to December 31, 2017.

⁽²⁾ Per share amounts calculated using the average shares method.

⁽³⁾ Total return would have been 11.58% absent the Capital Contribution from the Adviser (see Note 4).

⁽⁴⁾ Not annualized.

⁽⁵⁾ The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests.

⁽⁶⁾ Annualized.

⁽⁷⁾ Represents the ratio of expenses to average net assets inclusive of fee waivers and/or expense reimbursements by Adviser.

⁽⁸⁾ Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

⁽⁹⁾ Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements.

See accompanying notes to financial statements.

23

Wildermuth Endowment Fund

Notes to Financial Statements

December 31, 2019

1. ORGANIZATION

Wildermuth Endowment Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management investment company that is operated as an interval fund. The Fund was organized as a Delaware statutory trust on August 28, 2013, and did not have any operations from that date until December 31, 2014, other than those relating to organizational matters and registration of its shares under applicable securities law. The Fund commenced operations on January 2, 2015. The Fund’s investment objective is to seek total return through a combination of long-term capital appreciation and income generation. The Fund will pursue its objective by investing in assets that Wildermuth Advisory, LLC (the “Adviser”) believes provide favorable long-term capital appreciation and risk-adjusted return potential, as well as in income-producing assets that the Adviser believes will provide consistent income generation and liquidity.

The Fund is engaged in a continuous offering, up to a maximum of 25 million shares of beneficial interest, and operates as an interval fund that offers to make quarterly repurchases of shares at the Fund’s net asset value (“NAV”). The Fund currently offers three different classes of shares: Class A, Class C, and Class I shares.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and follows the accounting and reporting requirements under Financial Accounting Standards Board (“FASB”) Accounting Standards (“ASC”) Topic 946, Financials Services – Investment Companies.

Investment Valuation – For purposes of determining the NAV of the Fund, and as applicable, readily marketable portfolio securities listed on the NYSE are valued, except as indicated below, at the last sale price reflected on the consolidated tape at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then the security is valued by such method as the Fair Value Committee shall determine in good faith to reflect its fair market value. Readily marketable securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the consolidated tape at the close of the exchange representing the principal market for such securities. Securities trading on NASDAQ are valued at the closing price, or, in the case of securities not reported by NASDAQ, a comparable source, as the Fair Value Committee deems appropriate to reflect their fair market value. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices for the day, or if no asked price is available, at the bid price. However, certain debt securities may be valued on the basis of prices provided by a pricing service based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

The “last reported” trade price or sale price or “closing” bid price of a security on any trading day shall be deemed to be: (a) with respect to securities traded primarily on the NYSE, the American Stock Exchange or NASDAQ, the last reported trade price or sale price, as the case may be, as of 4:00 p.m., Eastern Time, on that day, and (b) for securities listed, traded or quoted on any other exchange, market, system or service, the market price as of the end of the “regular hours” trading period that is generally accepted as such by such exchange, market, system or service. If, in the future, the benchmark times generally accepted in the securities industry for determining the market price of a stock as of a given trading day shall change from those set forth above, the fair market value of a security shall be determined as of such other generally accepted benchmark times.

Non-U.S. dollar denominated securities, if any, are valued as of the close of the NYSE at the closing price of such securities in their principal trading market, but may be valued at fair value if subsequent events occurring before the computation of NAV have materially affected the value of the securities. Trading may take place in foreign issues held by the Fund, if any, at times when the Fund is not open for business. As a result, the Fund’s NAV may change at times when it is not possible to purchase or sell shares of the Fund.

24

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

If market quotations are not readily available, securities are valued at fair values as determined in good faith by the Board of Trustees (the “Board”). The Board has delegated the day-to-day responsibility for determining these fair values, in accordance with the policies it has approved, to the Fair Value Committee, subject to Valuation Committee and ultimately Board oversight. The Fair Value Committee will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable to that period, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Valuation Committee and the Board will review any securities valued by the Fair Value Committee in accordance with the Fund’s valuation policies during these periodic reports.

Investments in private equity and private equity debt instruments initially will be valued at cost (purchase price plus all related acquisition costs and expenses, such as legal fees and closing costs) and thereafter will be revalued quarterly at fair value based on payment history, market conditions, collateral of underlying debt and credit quality of borrower.

As a general matter, the fair value of the Fund’s interest in Investment Funds that are Commodity and Natural Resource Investments, Direct Real Estate Funds, Hedge Funds, High Yield Loans, Private Equity Funds, Private Equity Debt, Private Real Estate Funds, Non-Traded REITs and Real Estate Loans (“Non-Traded Funds”), will represent the amount that the Fund could reasonably expect to receive from the Non-Traded Fund if the Fund’s interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. Investments in Non-Traded Funds are recorded at fair value, using the Non-Traded Fund’s net asset value as a practical expedient. Based on guidance provided by FASB, investments for which fair value is measured using the net asset value practical expedient are not required to be categorized in the fair value hierarchy. In the event a Non-Traded Fund does not report a value to the Fund on a timely basis, the Fair Value Committee, acting under the Valuation Committee and ultimately the Board’s supervision and pursuant to policies implemented by the Board, will determine the fair value of the Fund’s investment based on the most recent value reported by the Non-Traded Fund, as well as any other relevant information available at the time the Fund values its investments. Following procedures adopted by the Board, in the absence of specific transaction activity in a particular investment fund, the Fair Value Committee will consider whether it is appropriate, in light of all relevant circumstances, to value the Fund’s investment at the NAV reported by the Non-Traded Fund at the time of valuation or to adjust the value to reflect a fair value.

Securities for which market quotations are not readily available (including restricted securities and private placements, if any) are valued at their fair value as determined in good faith under consistently applied procedures approved by the Board. Methodologies and factors used to fair value securities may include, but are not limited to, the analysis of current debt to cash flow, information of any recent sales, the analysis of the company’s financial statements, quotations or evaluated prices from broker-dealers, information obtained from the issuer or analysts and the nature of the existing market for securities with characteristics similar to such obligations. Valuations may be derived following a review of pertinent data (EBITDA, Revenue, etc.) from company financial statements, relevant market valuation multiples for comparable companies in comparable industries, recent transactions, and management assumptions. The Fund may use fair value pricing for foreign securities if a material event occurs that may affect the price of a security after the close of the foreign market or exchange (or on days the foreign market is closed) but before the Fund prices its portfolio, generally at 4:00 p.m. Eastern Time. Fair value pricing may also be used for securities acquired as a result of corporate restructurings or reorganizations, as reliable market quotations for such issues may not be readily available. For securities valued in good faith, the value of an investment used to determine the Fund’s net asset value may differ from published or quoted prices for the same investment. The valuations for these good faith securities are monitored and reviewed in accordance with the methodologies described above by the Fund’s Fair Value Committee on an ongoing basis as information becomes available but are evaluated at least quarterly. The good faith security valuations and fair value methodologies are reviewed and approved by the Fund’s Board on a quarterly basis. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time which the Fund determines its net asset value per share.

US GAAP defines fair value, establishes a three-tier framework for measuring fair value based on a hierarchy of inputs, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

25

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

● Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc. and quoted prices for identical or similar assets in markets that are not active.) Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

● Level 3 – significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Fund’s investments, used to value the Fund’s assets and liabilities as of December 31, 2019:

				Fair Value Measurements at the End of the Reporting Period Using
Investment in Securities	Practical Expedient**			Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Security Type
Public Equities*	$	—		$	24,948,693	$	—	$	—	$	24,948,693
Exchange Traded Funds*		—			14,952,519		—		—		14,952,519
Commodity & Natural Resource Investments		1,492,471	(1)(6)(7)		—		—		3,580,992		5,073,463
Direct Private Equity		—			—		—		55,326,942		55,326,942
Direct Real Estate		1,630,603	(2)(6)(7)		—		—		9,482,839		11,113,442
Hedge Funds		6,643,240	(3)(6)(7)		—		—		—		6,643,240
Private Equity Debt		—			—		—		10,542,418		10,542,418
Private Equity Funds		12,230,336	(4)(6)(8)		—		—		155,838		12,386,174
Private Real Estate Investments		17,372,117	(5)(6)(9)		—		—		—		17,372,117
Public Real Estate Investments		—			567,507		—		—		567,507
Real Estate Loans		—			—		—		6,216,135		6,216,135
Warrants		—			—		—		2,007,084		2,007,084
Short Term Investments		—			3,621,975		—		—		3,621,975
Total	$	39,368,767		$	44,090,694	$	—	$	87,312,248	$	170,771,709

* All sub-categories within the security type represent their respective evaluation status. For a detailed breakout by industry, please refer to the Schedule of Investments.

** Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the schedule of investments.

26

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

(1)	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	Kayne Anderson Energy Fund VII LP	Not Applicable	Not Applicable	Capital Gains	Purchase oil and gas companies; extraction and production companies.	N/A
(2)	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	Brookwood SFL Investor Co-Investment Vehicle, LLC	Not Applicable	Not Applicable	Capital Gains and Current Income	Real Estate	N/A
(3)	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	Altegris Millennium Fund LP	Quarterly	Not Applicable	Capital Gains and Income	Multistrategy hedge fund	N/A
	CRC Bond Opportunity Trading Fund LP	Monthly	90 days	Capital Gains and Income	Opportunistic, event-driven credit fund focused on subordinated debt, preferred equity, and additional Tier 1 capital of banks and financial firms.	12 months
	EJF Trust Preferred Fund LP	Not Applicable	Not Applicable	Capital Gains and Income	Event driven with focus on financials	3 years
	Rosebrook Opportunities Fund LP	Not Applicable	Not Applicable	Capital Appreciation	Buying distressed hedge fund assets	N/A
	Tides Capital Gamma LP	Not Applicable	Not Applicable	Capital Appreciation	Highly concentrated in public equity positions - Small Cap	N/A
(4)	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	Abbot Secondary Opportunities LP	Not Applicable	Not Applicable	Capital Gains	Purchase private equity funds on secondary market	N/A
	Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund	Not Applicable	Not Applicable	Capital Gains and Dividends	Purchase private equity funds on the secondary market with exposure to Asian small to mid-sized privately owned companies.	N/A
	Committed Advisors Secondary Fund III	Not Applicable	Not Applicable	Capital Gains	Private equity fund with a global focus	N/A
	EJF Sidecar Fund, Series LLC - Small Financial Equities Series	Not Applicable	Not Applicable	Capital Gains and Dividends	Invests in equity of small depository institutions, including without limitation financial institutions that are impacted directly or indirectly by: (1) bank and thrift recapitalizations and/or restructurings; (2) merger and acquisition activity; and (3) government financial reform related policies.	N/A
	Gravity Ranch Fund I LP	Not Applicable	Not Applicable	Capital Gains	Venture Capital investing	N/A
	Greenspring Opportunities V, LP	Not Applicable	Not Applicable	Capital Appreciation	Direct investments in growth stage companies	N/A
	Madryn Health Partners LP	Not Applicable	Not Applicable	Capital Gains	Invests in commercial-stage healthcare companies	N/A
	PineBridge Secondary Partners IV SLP	Not Applicable	Not Applicable	Capital Appreciation	Private equity fund of funds	N/A
	Star Mountain Diversified Credit Income Fund III LP	Not Applicable	Not Applicable	Capital Appreciation	Structured Credit	N/A
	Star Mountain Diversified Small Business Access Fund II LP	Not Applicable	Not Applicable	Capital Appreciation	Structured Credit	N/A

27

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

(5)	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	ARCTRUST, Inc.	Suspended	30 days	Capital Appreciation and Income	Development, acquisition and financing of commercial properties	3 years
	Broadstone Net Lease, Inc.	Quarterly	10 days	Capital Appreciation and Income	Real estate	N/A
	Carlyle Europe Realty Fund, S.C.Sp	Not Applicable	Not Applicable	Capital Appreciation and Income	Primary focus is on large, more liquid Western European markets. Seek to invest at the intersection of hard asset and private equity.	N/A
	Cottonwood Residential II, Inc.	Quarterly	Not Applicable	Capital Appreciation and Income	Development, acquisition and financing of multi-family properties	1 year
	Cygnus Property Fund V, LLC	Not Applicable	Not Applicable	Capital Appreciation and Income	Distressed debt/special situation and opportunistic real estate investments.	N/A
	Harbert Seniors Housing Fund I LP	Not Applicable	Not Applicable	Capital Appreciation and Income	Real estate	N/A
	Harbert Seniors Housing Fund II LP	Not Applicable	Not Applicable	Capital Appreciation and Income	Real estate	N/A
	PCG Select Series I LLC - Series A Preferred Stock	Not Applicable	Not Applicable	Income	Real estate loans	N/A
	PRISA III Fund LP	Quarterly	90 days	Capital Appreciation and Income	Diversified value-add real estate portfolio that targets above average real estate returns.	N/A
	RRA Credit Opportunity Fund LP	Not Applicable	Not Applicable	Current Income	Real estate backed lending	N/A
	Shopoff Land Fund III	Not Applicable	Not Applicable	Capital Gains	Value added Real Estate	N/A
	Stonehill Strategic Hotel Credit Opportunity Fund II LP	Not Applicable	Not Applicable	Capital Appreciation and Income	Value added lending to hospitality assets	N/A
	Walton Street Real Estate Fund VIII LP	Not Applicable	Not Applicable	Capital Gains	Value added Real Estate	N/A

⁽⁶⁾ Redemption frequency and redemption notice period reflect general redemption terms, and exclude liquidity restrictions. Different tranches may have different liquidity terms and may be subject to investor level gates.

⁽⁷⁾ These investments are domiciled in the United States.

⁽⁸⁾ These investments are domiciled in the United States with the exception of Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund which is domiciled in Luxembourg and and Committed Advisors Secondary Fund III which is domiciled in France.

⁽⁹⁾ These investments are domiciled in the United States with the exception of Carlyle Europe Realty Fund S.C.Sp. which is domiciled in Luxembourg.

The transfers out of Level 3 in the following table represent securities now being valued using net asset value per share practical expedient, which is not included in the fair value measurement hierarchy, or securities now being valued under Level 1 of the fair value measurement hierarchy due to the availability of observable inputs. There were no transfers into Level 3 during the reporting period.

28

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

The following is a roll forward of the activity in investments in which significant unobservable inputs (Level 3) were used in determining fair value on a recurring basis:

	Beginning balance January 1, 2019		Transfers into Level 3 during the period		Transfers out of Level 3 during the period			Purchases or Conversions		Sales or Conversions			Net realized gain (loss)			Return of Capital			Change in net unrealized appreciation (depreciation)			Ending balance December 31, 2019
Commodity & Natural Resource Investments	$	5,644,811	$	—	$	—		$	—	$	—		$	—		$	(173,966	)	$	(1,889,853	)	$	3,580,992
Direct Private Equity		33,510,130		—		(500,000	)		10,494,060		—			(5,865,315	)		—			17,688,067			55,326,942
Direct Real Estate		4,579,320		—		—			5,850,389		(1,404,000	)		18,520			(18,520	)		457,130			9,482,839
High Yield Loans		1,564,481		—		—			1,298,894		(2,028,414	)		(763,517	)		—			(71,444	)		—
Private Equity Debt		4,073,118		—		—			7,384,450		(1,313,334	)		39,778			(11,111	)		369,517			10,542,418
Private Equity Funds		457,314		—		—			—		—			—			—			(301,476	)		155,838
Private Real Estate Investments		3,287,260		—		(1,086,916	)		1,250,000		(3,205,829	)		370,684			—			(615,199	)		—
Public Real Estate Investments		173,991		—		(25,831	)		—		(135,263	)		12,547			(2,588	)		(22,856	)		—
Real Estate Loans		6,924,604		—		—			—		(708,469	)		28,577			(27,229	)		(1,348	)		6,216,135
Warrants		736,973		—		—			—		—			—			—			1,270,111			2,007,084
	$	60,952,002	$	—	$	(1,612,747	)	$	26,277,793	$	(8,795,309	)	$	(6,158,726	)	$	(233,414	)	$	16,882,649		$	87,312,248

The change in net unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments that were held as of December 31, 2019 is $9,305,632.

The following is a summary of quantitative information about significant unobservable valuation inputs determined by management for Level 3 Fair Measurements for investments held as of December 31, 2019:

Type of Level 3 Investment	Fair Value as of December 31, 2019		Valuation Technique		Unobservable Inputs		Range		Weighted Average
Commodity & Natural Resource Investments	$	3,580,992		Income Approach		NYMEX future strip for WTI crude oil		$49.18/bbl - $57.21/bbl		$50.48
						NYMEX future strip for Henry Hub gas		$1.04/MCF-$3.13/MCF		$4.21
						ICE future strip for NGPL		$13.05/bbl - $19.27/bbl		$18.13
						Discount Rate		10.00%-25.00%		13.55%
						Risk Factor		50.00%-100.00%		63.63%
Direct Real Estate		7,682,839		Income Approach		Discount Rate		18.00%-20.00%		19.41%
				Market Approach		Cap Rate		5.5-5.75		5.67
Private Equity
Direct Private Equity		54,054,942		Income Approach		Discount Rate		20.00%		20.00%
Private Equity Debt		3,735,746		Income Approach		Discount Rate		27.50%-28.00%		27.74%
Private Equity Funds		155,838		Market Approach		Discount Rate		55.00%		55.00%

29

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

Type of Level 3 Investment	Fair Value as of December 31, 2019		Valuation Technique		Unobservable Inputs		Range		Weighted Average
Warrants	$	800,699		Guideline company comparison		Projected revenue mulitple		.13x-5.0x		2.99
						LTM Revenue multiple		5x		5x
				Option pricing method		Time to Liquidity		2-3		2.32
						Volatility		60.00%-70.00%		62.27%
						Risk Free Rate		1.56%-1.65%		1.58%
				Market Yield Approach		Time to Liquidity		2		2
						LIBOR Swap Rate		1.65%		1.65%
						Credit Spread		5.25%		5.25%

The following is a summary of quantative information about significant unobservable valuation inputs not determined by management for Level 3 Fair Measurements for investments held as of December 31, 2019:

Type of Level 3 Investment	Fair Value as of December 31, 2019		Valuation Technique
Direct Real Estate	$	1,800,000		Recent Transaction Value
Direct Private Equity		1,272,000		Recent Transaction Value
Private Equity Debt		6,806,672		Recent Transaction Value
Real Estate Loans		6,216,135		Face Value
Warrants		1,206,385		Recent Transaction Value

Security Transactions and Related Income – Security transactions are accounted for on trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Distributions from underlying investment companies are classified as investment income or realized gains based on the U.S. income tax characteristics of the distribution. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders – Dividends from gross investment income are declared and distributed quarterly. Distributable net realized capital gains are declared and distributed annually. Dividends from gross investment income and distributions from net realized gains are recorded on ex- dividend date and determined in accordance with federal income tax regulations, which may differ from US GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of cost of investment or as a realized gain, respectively. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Fund’s investments in real estate investment trusts (“REITs”) are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates are based on the most recent REIT distribution information available.

LIBOR Transition Risk – Certain instruments in which the Fund may invest rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests

30

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

are not known. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition, as well as other unforeseen effects, may also result in a reduction in the value of certain instruments held by the Fund.

Investment Companies – The Fund may obtain investment exposure to various asset classes by investing in other investment companies, including registered investment companies, such as exchange-traded funds, mutual funds and closed-end funds, as well as hedge funds, private equity funds or other privately offered pooled investment vehicles that are not registered under the 1940 Act (collectively “Investment Funds”). Each Investment Fund is subject to specific risks, depending on the nature of the fund. These risks could include liquidity risk, sector risk, and foreign currency risk, as well as risks associated with fixed income securities and commodities among others. Also, the Fund’s performance depends in part upon the performance of the Investment Fund managers and selected strategies, the adherence by such Investment Fund managers to such selected strategies, the instruments used by such Investment Fund managers and the Adviser’s ability to select Investment Funds and strategies and effectively allocate Fund assets among them. By investing in Investment Funds indirectly through the Fund, the investor bears asset-based fees at the Fund level, in addition to any asset-based fees and/or performance-based fees and allocations at the Investment Fund level. Moreover, an investor in the Fund bears a proportionate share of the fees and expenses of the Fund (including organizational and offering expenses, operating costs, sales charges, brokerage transaction expenses, and administrative fees) and, indirectly, similar expenses of the Investment Funds. Thus, an investor in the Fund may be subject to higher fees and operating expenses than if he or she invested in an Investment Fund directly.

Federal Income Taxes – It is the Fund’s policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken or expected to be taken on returns filed for tax years open for the current and prior three years. The Fund identifies its major tax jurisdictions as U.S. federal, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Redemption Fee – For shares held for 90 days or less, the Fund will deduct a 2% redemption fee from the redemption amount if the shares are sold pursuant to the Fund’s quarterly repurchase program. Shares held longest will be treated as being repurchased first and shares held shortest as being repurchased last. The redemption fee does not apply to shares that were acquired through reinvestment of distributions. Shares held for more than 90 days are not subject to the 2% fee. Redemption fees are paid to the Fund directly and are designed to offset costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading. For the year ended December 31, 2019, the Fund had contributions to capital due to redemption fees in the amount of $16,452.

Indemnification – The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on industry experience, the risk of loss due to these warranties and indemnities appears to be remote.

Foreign Currency Translations – The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income, and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

31

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at each reporting period, resulting from changes in the exchange rate.

3. INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from the sale of securities, other than short-term investments, for the year ended December 31, 2019, amounted to $81,140,044 and $41,958,126, respectively.

4. ADVISORY FEE AND FUND TRANSACTIONS

Subsequent to December 31, 2019, it was determined that the valuation of the Fund’s investments in several issuers was determined without appropriately observable inputs during the period beginning in March 2019 through at least December 31, 2019. The reduction in value of these positions included in these financial statements from the final daily net asset value struck in December 2019 was approximately $5,000,000. In addition, the Fund erroneously carried duplicative dividend accruals for securities issued by several companies over the period from January 2019 to December 31, 2019. The accrual write-down resulted in a reduction in the Fund’s net assets of approximately $1,400,000.

The Fund has recognized a receivable due from the Investment Manager in the amount of approximately $563,000 for overpayments on share repurchase payments made to investors that redeemed shares during 2019 resulting from these valuations. There is also a receivable of approximately $101,000 for amounts owed to the Fund in connection with subscription underpayments resulting from these valuations. These amounts are included within Due from Investment Adviser on the Statement of Assets and Liabilities. The Investment Manager understands that there may be additional amounts owed to the Fund subsequent to December 31, 2019 related to these same issuers. Additionally, advisory fees that were paid to the Investment Manager and attributable to overstated net assets are due to the Fund, along with amounts needed under the Investment Manager’s expense limitation commitment.

Advisory Fees – The Adviser is entitled to receive a monthly fee equal to the annual rate of 1.50% of the Fund’s average daily net assets. For the year ended December 31, 2019, the Adviser earned $2,240,498 in advisory fees.

Expense limitation agreement – The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the “Expense Limitation Agreement”) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the direct, ordinary operating expenses of the Fund (including offering and organizational expenses but excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expenses on securities sold short), taxes and extraordinary expenses such as litigation), to the extent that they exceed 2.50%, 3.25%, and 2.25% per annum of the Fund’s average daily net assets attributable to Class A, Class C, and Class I shares (the “Expense Limitation”), respectively, through December 31, 2020. In consideration of the Adviser’s agreement to limit the Fund’s expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed. Any waiver or reimbursement of fees by the Adviser is subject to repayment by the Fund within three years following such waiver or reimbursement; provided, however, that (i) the Fund is able to make such repayment without exceeding the expense limitation in place at the time the fees being repaid were waived or the Fund’s current expense limitation, whichever is lower, and (ii) such repayment is approved by the Fund’s Board of Trustees. The Expense Limitation Agreement will remain in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually by the Board of Trustees. The Expense Limitation Agreement may be terminated only by the Fund’s Board on 60 days’ written notice to the Adviser. During the year ended December 31, 2019, the Adviser did not recoup any expenses. As of December 31, 2019, $458,874 is subject to recoupment through December 31, 2020, $695,394 through December 31, 2021, $670,176 through December 31, 2022.

32

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

Distribution Agreement – The Fund has adopted a Distribution Agreement (the “Agreement”). The Agreement provides that a monthly distribution fee is calculated at an annual rate equal to 0.75% of the Fund’s average daily net assets attributable to Class C. Class A and Class I shares are not currently subject to a distribution fee. For the year ended December 31, 2019, $353,489 had been accrued for Class C distribution fees.

Shareholder Services Plan – The Fund has adopted a Shareholder Services Plan and Agreement (the “Plan). The Plan provides that a monthly service fee is calculated up to an annual rate equal to 0.25% of average daily net assets separately attributable to Class A and Class C shares. Class I shares are not included under the Plan and are not subject to a 0.25% average daily net asset fee. For the year ended December 31, 2019, Class A had accrued $203,800 in shareholder service fees and Class C had accrued $117,830.

Trustees – Each Independent Trustee receives a retainer of $5,000 per year, plus $2,500 for each board or board committee meeting the trustee attends in person ($3,000 for attendance by the chairperson of the audit committee at each meeting of the audit committee), or $500 for each meeting the trustee attends telephonically. If there is a meeting of the Board and one or more committees in a single day, the fees will be limited to $3,000 per day ($3,500 for the chairperson of the audit committee if there is a meeting of such committee) for an in person meeting and $750 ($1,000 for the chairperson of the audit committee if there is a meeting of such committee) for meetings attended telephonically. No “interested persons” who serve as Trustees of the Fund received any compensation for their services as Trustees. None of the executive officers received compensation from the Fund.

5. FEDERAL TAX INFORMATION

At December 31, 2019, gross unrealized appreciation and depreciation on investments based on cost for federal income tax purposes were as follows:

Cost of investments	$	132,570,193
Gross unrealized appreciation	$	46,703,092
Gross unrealized depreciation		(8,501,576	)
Net unrealized appreciation on investments	$	38,201,516

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions and investments in partnerships.

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2019, permanent differences in book and tax accounting have been reclassified to paid-in capital and distributable earnings. These reclassifications relate primarily to the differing tax treatment of income from paydowns, net operating losses, distributions and income from partnership investments, and foreign currency gains and losses.

Increase (Decrease)
Paid in Capital			Distributable Earnings
$	(4,993,779	)	$	4,993,779

As of December 31, 2019, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(9,499,596	)
Net unrealized appreciation on investments		38,201,516
Net unrealized depreciation on foreign currency translations		(3,481	)
Total accumulated earnings (deficit)	$	28,698,439

33

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 were as follows:

	2019		2018
Distributions paid from:
Ordinary income	$	—	$	—
Long-term capital gains		—		264,796
Return of capital		4,412,686		2,517,920
Total distributions paid	$	4,412,686	$	2,782,716

As of December 31, 2019, the Fund had net capital loss carryovers as follows:

Not subject to expiration:
Short Term	$	9,499,596
Long Term		—
	$	9,499,596

Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions.

6. REPURCHASE OFFERS

Pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended, the Fund offers shareholders on a quarterly basis the option of redeeming shares, at net asset value, of no less than 5% of the shares outstanding. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase up to and including 5% of such shareholder’s shares in each quarterly repurchase. Limited liquidity will be provided to shareholders only through the Fund’s quarterly repurchases.

During the year ended December 31, 2019, the Fund completed four quarterly repurchase offers. The results of those repurchase offers were as follows:

Repurchase Pricing Date	January 30, 2019			April 30, 2019			July 30, 2019			October 30, 2019
% of Shares Offered - Total Fund		5.00	%		5.00	%		5.42	%*		5.61	%*
Number of Shares Offered - Total Fund		481,624			563,143			649,005			702,065
Pricing Date Net Asset Value - Class A	$	13.28		$	13.59		$	13.66		$	13.79
Pricing Date Net Asset Value - Class C	$	12.98		$	13.25		$	13.29		$	13.39
Pricing Date Net Asset Value - Class I	$	13.39		$	13.70		$	13.79		$	13.94
Number of Shares Tendered - Class A		96,624			309,907			527,605			465,049
Number of Shares Tendered - Class C		25,491			16,118			57,976			97,437
Number of Shares Tendered - Class I		10,416			32,005			63,424			139,579
% of Shares Tendered - Total Fund		1.38	%		3.18	%		5.42	%		5.61	%

* At the sole discretion of the Board, the Fund offered to repurchase up to an additional 2% of the outstanding shares bringing the total eligible Repurchase Offer Amount to 7%.

34

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

7. 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 December 31, 2019 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			—	$	1,173,183	$	1,551,688		0.89%
Aetius Intermediate Company, LLC, LIBOR 1 Month + 9.50%, 12/20/2023	December 26, 2019			1,988,889		1,988,889		1,988,889		1.15%
Airport Center Development Partners, LLC, 10.50%, 4/10/2020	September 28, 2018			1,794,571		1,740,734		1,794,571		1.03%
Altegris Millennium Fund LP	December 20, 2018			—		1,000,000		1,089,134		0.63%
ARCTRUST, Inc.	June 30, 2016			95,075		1,046,310		1,337,396		0.77%
Atlas Fintech Holdings Corp. - Class A Share Interests	December 20, 2016			159		1,506,000		1,272,000		0.73%
Atlas Fintech Holdings Corp. - Convertible Note, 8.00%, 6/20/2020	June 20, 2019			1,500,000		1,500,000		1,500,000		0.86%
Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021	December 20, 2016			100		—		87,955		0.05%
Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022	December 20, 2016			44		—		26,642		0.02%
Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021	December 23, 2019			475		—		1,091,788		0.63%
Auda Capital SCS SICAV SIF- Auda Asia Secondary Fund	April 2, 2018			—		1,988,718		2,043,564		1.18%
Broadstone Net Lease, Inc.	September 12, 2019			23,529		1,979,294		2,000,000		1.15%
Brookwood SFL Investor Co-Investment Vehicle, LLC	November 3, 2017			—		1,017,978		1,630,603		0.94%
Carlyle Europe Realty Fund, S.C.Sp.	December 19, 2018			2,465,209		2,783,240		2,747,625		1.58%
Casillas Petroleum Resource Partners, LLC	October 11, 2016			953		952,711		1,286,160		0.74%
Clear Guide Medical, Inc. - Series A Preferred Stock	April 19, 2016			2,500		2,250,000		4,902,056		2.82%

35

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

Security		Initial Acquisition Date	Shares, Principal Amount or Units		Cost		Fair Value		% of Net Assets
Clear Guide Medical, Inc. - Series A-2 Preferred Stock	March 6, 2018			134,898	$	500,000	$	955,816		0.55%
Clear Guide Medical, Inc. - Series A-3 Preferred Stock	July 16, 2018			634,619		2,335,394		4,248,609		2.45%
Clearsense, LLC - Class C Preferred Shares	February 20, 2019			828,254		3,649,865		8,148,270		4.70%
CM Funding, LLC	December 14, 2018			2,050,000		1,876,034		856,643		0.49%
Committed Advisors Secondary Fund III	March 30, 2017			—		1,250,806		1,702,248		0.98%
Content Management Live, LLC	December 17, 2019			250,000		250,000		250,000		0.14%
Cottonwood Residential II, Inc.	June 12, 2019			157,812		2,922,142		3,378,755		1.95%
CRC Bond Opportunity Trading Fund LP	June 7, 2019			—		2,500,000		2,658,089		1.53%
Cygnus Property Fund V, LLC	October 30, 2018			—		1,920,198		1,752,097		1.01%
Dog Wood Park of Northeast Florida, LLC, 9.50%, 12/21/2020	March 21, 2017			439,716		382,000		357,105		0.21%
DSI Digital, LLC - Series A Convertible Preferred Units	November 29, 2017			3,385,201		5,000,000		13,191,310		7.60%
EJF Sidecar Fund, Series LLC - Small Financial Equities Series	October 25, 2017			—		977,661		1,055,628		0.61%
EJF Trust Preferred Fund LP	August 23, 2017			—		611,119		812,800		0.47%
GigaPro, Inc. - Common Units	August 8, 2019			8,800		2,758,800		7,615,550		4.39%
GigaPro, Inc. - Secured Note, 12.00%, 8/7/2021	August 8, 2019			884,450		884,450		884,450		0.51%
GPB Automotive Portfolio LP	March 13, 2015			10		500,000		155,838		0.09%
Gravity Ranch Fund I LP	June 13, 2017			—		500,000		23,043		0.01%
Greenspring Opportunities V, LP	January 18, 2018			—		520,000		612,502		0.35%
GT Operating Company, Inc., 10.50%, 6/8/2020	July 3, 2018			1,741,602		1,663,230		1,741,602		1.00%
Harbert Seniors Housing Fund I LP	February 24, 2017			—		1,145,715		1,339,608		0.77%
Harbert Seniors Housing Fund II LP	September 10, 2019			—		451,516		328,977		0.19%
Hauiki Hui, LLC, 9.50%, 12/21/2019	January 4, 2017			400,000		382,000		230,672		0.13%
Highlands REIT, Inc.	April 28, 2016			136,771		34,827		49,238		0.03%
Inventrust Properties Corp.	March 2, 2015			153,283		341,340		481,308		0.28%
Kayne Anderson Energy Fund VII LP	September 12, 2016			—		1,723,832		1,492,471		0.86%
LaGrange Senior Living, LLC - Class A Interests	September 11, 2019			1,800,000		1,800,000		1,800,000		1.04%
Level ATI HoldCo, LLC - Class A	September 10, 2018			—		1,690,000		3,040,100		1.75%

36

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

Security		Initial Acquisition Date	Shares, Principal Amount or Units		Cost		Fair Value		% of Net Assets
Madryn Health Partners LP	September 28, 2018			—	$	1,750,133	$	1,884,620		1.09%
Metro Diner, LLC - Series B Units	November 16, 2017			3,500,000		2,276,542		2,940,000		1.69%
Metro Diner, LLC - Series II Common Units	November 16, 2017			1,880,968		1,223,458		1,795,894		1.04%
Park City (PCG), 10.50%, 11/26/2020	March 16, 2018			679,962		625,565		679,962		0.39%
PCG Select Series I LLC - Series A Preferred Stock	June 23, 2016			—		610,698		322,785		0.19%
Phillips Edison Grocery Center	February 3, 2016			3,330		24,638		36,961		0.02%
PineBridge Secondary Partners IV SLP	September 19, 2017			—		1,101,326		1,297,257		0.75%
Polara Builder II, LLC	June 15, 2018			—		5,084,603		5,660,763		3.26%
PRISA III Fund LP	September 26, 2017			789		1,315,954		1,490,196		0.86%
Rosebrook Opportunities Fund LP	February 2, 2017			—		1,506,486		1,516,893		0.87%
RRA Credit Opportunity Fund LP	December 12, 2017			—		769,882		975,012		0.56%
RS17 Rexburg Preferred LLC - Series A Preferred Interests	September 21, 2017			—		970,000		1,434,299		0.83%
Schweizer - RSG, LLC - Promissory Note, LIBOR 1 Month + 12.00%, 1/22/2021	February 6, 2018			933,333		913,778		933,333		0.54%
Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028	February 6, 2018			1,442		—		1,846		0.01%
Sequin, Inc. - Convertible Note, 8.00%, 6/28/2022	July 1, 2019			1,000,000		1,000,000		1,000,000		0.57%
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			—		968,070		967,650		0.56%
Star Mountain Diversified Small Business Access Fund II LP	June 2, 2017			—		917,970		1,092,136		0.63%
Stonehill Strategic Hotel Credit Opportunity Fund II LP	July 18, 2016			728,136		728,136		1,011,182		0.58%
The Work Shop Limited T/A RIP Global - Convertible Note, 10.00%, 5/22/2022	November 22, 2019			500,000		500,000		500,000		0.29%
Thunder Investment Partners, LLC	November 2, 2018			2,080,000		2,080,000		1,438,189		0.83%
Tides Capital Gamma LP	November 30, 2018			—		1,000,000		566,324		0.33%
Walton Street Real Estate Fund VIII LP	May 24, 2017			—		519,398		655,431		0.38%
Waratek, Ltd. - Convertible Note, 12.00%, 4/12/2021	March 25, 2019			1,500,000		1,500,000		1,920,001		1.11%
Waratek, Ltd. - Series B-1	June 5, 2018			635,838		2,990,570		3,149,601		1.82%

37

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

Security		Initial Acquisition Date	Shares, Principal Amount or Units		Cost		Fair Value		% of Net Assets
Waratek, Ltd. - Series B-2	December 28, 2017			756,826	$	3,696,940	$	3,817,736		2.20%
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028	June 5, 2018			388,869		—		798,853		0.46%
Westgate at Powers, LLC, 10.50%, 6/21/2021	January 17, 2018			2,000,000		1,890,000		2,000,000		1.15%
WG Pitts Caribbean, LLC - Common Units	October 12, 2018			—		426,040		0		0.00%
WG Pitts Caribbean, LLC - Promissory Note, 5.00%, 10/12/2020	October 12, 2018			2,000,000		1,573,960		1,815,745		1.05%
					$	97,502,336	$	127,248,522

8. INVESTMENTS IN AFFILIATED ISSUERS

Issuers that are considered affiliates, as defined in Section 2(a)(3) of the 1940 Act, of the Fund at period-end are noted in the Fund’s Schedule of Investments. The table below reflects transactions during the period with entities that are affiliates as of December 31, 2019 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, 2019		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 December 31, 2019		Investment Income
Atlas Fintech Holdings Corp. - Class A Share Interests(1)	$	—	$	—	$	—		$	1,506,000		$	(234,000	)	$	—	$	—	$	1,272,000	$	—
Atlas Fintech Holdings Corp - Convertible Note 8.00%, 6/20/2020		—		1,500,000		—			—			—			—		—		1,500,000		64,110
Atlas Fintech Holdings Corp. Exercise Price $13,000 Expiration Date 12/30/2021(1)		—		—		—			—			87,955			—		—		87,955		—
Atlas Fintech Holdings Corp. Exercise Price $14,950 Expiration Date 12/30/2022(1)		—		—		—			—			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(2)		1,551,334		—		—			(1,124,249	)		(427,085	)		—		—		—		—
Casillas Petroleum Resource Parnters, LLC(1)		—		—		—			952,711			333,449			—		—		1,286,160		—
Clear Guide Medical, Inc.- Convertible Note, 10.00%, 1/6/2020		1,032,487		—		(780,000	)		—			(282,487	)		30,000		—		—		3,683
Clear Guide Medical, Inc.- Series A Preferred Stock(3)		3,802,700		—		—			—			1,099,356			—		—		4,902,056		—
Clear Guide Medical, Inc.- Series A-2 Preferred Stock(3)		724,389		—		—			—			231,427			—		—		955,816		—

38

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

Security Description	Beginning balance January 1, 2019		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 December 31, 2019		Investment Income
Clear Guide Medical, Inc.- Series A-3 Preferred Stock(3)	$	688,328	$	1,835,394	$	—		$	—		$	1,724,887		$	—		$	—		$	4,248,609	$	—
Clearsense, LLC - Class C Preferred Shares		—		3,649,865		—			—			4,498,405			—			—			8,148,270		—
Content Management Live, LLC(3)		—		250,000		—			—			—			—			—			250,000		—
CM Funding, LLC(3)		2,050,000		—		—			—			(1,019,392	)		—			(173,965	)		856,643		100,445
Cygnus Property Fund V, LLC		2,000,000		—		—			—			(168,100	)		—			(79,803	)		1,752,097		—
DSI Digital, LLC - Series A Convertible Preferred Units(3)		3,000,000		2,000,000		—			—			8,191,310			—			—			13,191,310		—
GigaPro, Inc. - Common Units(3)		—		2,758,800		—			—			4,856,750			—			—			7,615,550		—
GigaPro, Inc. LLC - Secured Note, 8.00%, 8/7/2021(3)		—		884,450		—			—			—			—			—			884,450		33,828
Gravity Ranch Fund I LP(1)		—		—		—			500,000			(476,957	)		—			—			23,043		—
Hauiki Hui, LLC, 9.50%, 12/21/2019(1)		—		—		—			382,000			(151,328	)		—			—			230,672		38,302
LaGrange Senior Living, LLC - Class A Interests(3)		—		1,800,000		—			—			—			—			—			1,800,000		—
Level ATI HoldCo, LLC - Class A(3)		2,385,261		—		—			—			654,839			—			—			3,040,100		—
Polara Builder II, LLC(3)		2,471,990		4,050,389		(1,404,000	)		—			542,384			18,520			(18,520	)		5,660,763		523,692
Rosebrook Opportunities Fund LP(2)		1,283,000		—		—			(1,830,810	)		547,810			—			—			—		—
RS17 Rexburg Preferred LLC - Series A Preferred Interests	$	1,307,330		—		—			—			126,969			—			—			1,434,299		—
RRA Credit Opportunity Fund LP		456,870		1,450,299		—			—			139,258			—			(1,071,415	)		975,012		3,691
Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/22/2028 (2)		15,270		—		—			—			(15,270	)		—			—			—		—
Sequin, Inc. - Convertible Note, 8.00%, 6/28/2022		—		1,000,000		—			—			—			—			—			1,000,000		32,444
The Work Shop Limited T/A RIP Global - Convertible Note, 10.00%, 5/22/2022		—		500,000		—			—			—			—			—			500,000		5,556
Tides Capital Gamma LP(3)		856,821		—		—			—			(290,497	)		—			—			566,324		—
Thunder Investment Partners, LLC(3)		2,080,000		—		—			—			(641,811	)		—			—			1,438,189		190,874
Tout, Inc. - New Preferred Shares		7,900,001		—		—			—			(2,034,686	)		(5,865,315	)		—			—		—
Waratek, Ltd. - Series B-1		2,957,410		—		—			—			192,191			—			—			3,149,601		—
Waratek, Ltd. - Series B-2		3,787,611		—		—			—			30,125			—			—			3,817,736		—
Waratek, Ltd. - Convertible Note, 12.00%, 4/12/2021		—		1,500,000		—			—			420,001			—			—			1,920,001		—
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028		382,147		—		—			—			416,706			—			—			798,853		—
WG Pitts Caribbean, LLC - Common Units(3)		426,036		—		—			—			(426,036	)		—			—			—		—
WG Pitts Caribbean, LLC - Promissory Note, 5.00%, 10/12/2020(1)		—		—		—			1,573,960			241,785			—			—			1,815,745		177,261
	$	41,158,985	$	23,179,197	$	(2,184,000	)	$	1,959,612		$	19,286,388		$	(5,816,795	)	$	(1,343,703	)	$	76,239,684	$	1,173,886

⁽¹⁾ Security was held in the portfolio as of December 31, 2018 but did not meet the definition of an affiliated investment.

39

Wildermuth Endowment Fund

Notes to Financial Statements - Continued
December 31, 2019

⁽²⁾ Affiliated security as December 31, 2018, but no longer meeting the 5% ownership in voting securities definition for the period ended December 31, 2019. The inclusion in the table above is to provide the net change for affiliated securities as a whole. The security is held in the portolio, see the Schedule of Investments for the current value.

⁽³⁾ Affiliated investments for which ownership exceeds 25% of the Investment Fund’s Capital.

9. OFFERING PRICE PER SHARE

Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price, while Class C shares and Class I shares are not subject to a sales charge. Class C shares are subject to a 1% contingent deferred sales charges on shares redeemed during the first 365 days after purchase, while Class A shares and Class I shares are not subject to a contingent deferred sales charge. For the year ended December 31, 2019, the various broker dealers received $850,102 in underwriting commissions for sales of shares. For the year ended December 31, 2019, contingent deferred sales charges in the amount of $3,551 were applied to Class C shareholders.

10. COMMITMENTS

The Fund is required to provide financial support in the form of investment commitments to certain investees as part of the conditions for entering into such investments. As of December 31, 2019, the Fund had unfunded commitments in the amount of $21,478,774. The Adviser monitors capital call activity and regularly reviews the Fund’s cash position. In the event the Fund receives a capital call in excess of the Fund’s cash position and the Fund has not received enough incoming shareholder subscriptions to meet the capital call requirement, the Adviser would liquidate public security positions held in the Fund’s portfolio to satisfy the capital commitment.

11. SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued.

The Fund completed a quarterly repurchase offer on January 30, 2020. 136,866 shares of Class A, 33,815 shares of Class C, and 145,202 shares of Class I were tendered. The shares tendered represented 2.40% of the Fund’s outstanding shares on the Repurchase Pricing Date.

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may be short term or may last for an extended period of time and result in a substantial economic downturn. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could negatively affect the worldwide economy, as well as the economies of individual countries, individual companies and the market in general in significant and unforeseen ways. Any such impact could adversely affect the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

40

Wildermuth Endowment Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Wildermuth Endowment Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments of Wildermuth Endowment Fund (the Fund) as of December 31, 2019, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets, including the related notes, and the financial highlights for each of the three years in the period then ended (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations and its cash flows for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for the year ended December 31, 2016 and for the period from January 2, 2015 (commencement of operations) to December 31, 2015 for the Fund were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated February 28, 2017.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian, counterparties, underlying fund advisors or by other audit procedures, where replies were not received. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more Wildermuth Advisory, LLC’s advised investment companies since 2018.

Boston, Massachusetts
June 29, 2020

41

Wildermuth Endowment Fund

Trustees and Officers
December 31, 2019 (Unaudited)

Trustees

Following is a list of the trustees of the Trust and their principal occupation over the last five years.

Independent Trustees
Name, Age, Address*	Position/Term of Office**	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen in Fund Complex***	Other Directorships Held by Trustee During Last 5 Years
Anthony Lewis, Age 73	Trustee, Since December 2013	Chairman and CEO of The Lewis Group USA (executive consulting firm)	1	Director, Torotel Inc. (Magnetics, Aerospace and Defense); Member of Special Committee, Risk committee, Past Chairman of the Compensation Committee, and Past member of the audit committee: Trustee, and Alternate Lead Trustee, Northern Lights Fund Trust II (mutual fund complex)
R. Martel Day, Age 70	Trustee, Since December 2013	Principal of NLR Advisory Services, LLC (since 2013)	1	Director, and Member of the Audit Committee, Jones Lang LaSalle Income Property Trust; Director, Inland Bancorp, Inc.; Former Director and Past Chairman, Investment Program Association; Director, SFA Holdings
Randall D. Fretz, Age 67	Trustee, Since December 2013	Principal, Aperio Advisory Services, LLC (since 2017); Consultant/Chief of Staff, Kids II (design/manufacture children’s products)(2014-2016)	1	None

42

Wildermuth Endowment Fund

Trustees and Officers - Continued
December 31, 2019 (Unaudited)

Interested Trustees and Officers
Name, Age, Address*	Position/Term of Office**	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen in Fund Complex***	Other Directorships Held by Trustee During Last 5 Years
Daniel Wildermuth^, Age 56	Trustee, Chairman of the Board, President and Chief Executive Officer	President and CEO, Wildermuth Advisory, LLC from 2013 to present; CEO, Kalos Capital and associated Kalos companies from 2001 to present; CEO, Wildermuth Asset Management from 2016 to present; CEO, Wildermuth Securities from 2017 to present.	1	Director, Waratek Inc, 2017 to present; Chairman and Director, ClearGuide Medical, Inc. 2016 to present; Director, DSI Digital, 2017 to present; Director, Gigapro, 2019 to present; Director, Kingdom Investments, 2018 to present; Director, Clearsense, 2019 to present.
Carol Wildermuth^, Age 55	Trustee and Executive Vice President	CFO, Wildermuth Advisory 2013 to present; President, Wildermuth Securities 2017 to present; President, Kalos Companies, 2016 to 2019; CFO, Kalos Companies, 2019 to present.	1	None
Gerard Scarpati, Age 64	Treasurer and Chief Financial Officer	Director, Vigilant Compliance, LLC (an investment management services company) from February 2010 to present.	N/A	N/A
Bernadette Murphy, Age 55	Chief Compliance Officer	Director, Vigilant Compliance, LLC from July 2018 to present; Director of Compliance and Operations, B. Riley Dialectic Capital Management, LLC from April 2017 to July 2018; Chief Compliance Officer, Dialectic Capital Management, LP from October 2015 to April 2017; Vice President Administration/Compliance Manager from 2013-2015, Dialectic Capital Management, LLC	N/A	N/A
Candice Lightfoot^, Age 38	Secretary	COO, Wildermuth Advisory, LLC from Dec 2016 to present; Vice President of Operations from 2015 to 2016; Operations Manager from 2013 to 2015; Project Manager, Kalos Financial, Kalos Capital & Kalos Management from 2012 to 2016	N/A	Director, ClearGuide Medical, Inc., 2018 to present

43

Wildermuth Endowment Fund

Trustees and Officers - Continued
December 31, 2019 (Unaudited)

Interested Trustees and Officers (continued)
Name, Age, Address*	Position/Term of Office**	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen in Fund Complex***	Other Directorships Held by Trustee During Last 5 Years
Amanda Coetzee^, Age 59	Assistant Secretary	Chief Compliance Officer, Wildermuth Advisory, LLC from 2013 to present.	N/A	N/A

* The address for the trustee and officer listed is 818 A1A Hwy, Suite 301, Ponte Vedra Beach, FL 32082.

** The term of office for each trustee and officer listed above will continue indefinitely. The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-888-445-6032.

*** The term “Fund Complex” refers to all present and future funds advised by Wildermuth Advisory, LLC.

^ “Interested persons” of the Trust as that term is defined under the 1940 Act because of their affiliation with Wildermuth Advisory, LLC, the Fund’s Adviser.

44

Wildermuth Endowment Fund

Additional Information

December 31, 2019 (Unaudited)

Proxy Voting Policy — Information regarding how the Fund votes proxies relating to portfolio securities for the most recent period ended June 30, as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-888-445-6032 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. A description of the policies and procedures is also included in the Fund’s Statement of Additional Information, which is available on the SEC’s website at http://www.sec.gov.

Portfolio Holdings — The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-888-445-6032.

Factors Considered by the Trustees in Approval of the Renewal of the Investment Management Agreement — At a regular meeting (the “Meeting”) of the Board of Trustees (the “Board”) of the Wildermuth Endowment Fund (the “Fund”) held on November 19, 2019, the Board, including the disinterested Trustees (the “Independent Trustees”), considered the renewal of the Investment Management Agreement (the “Management Agreement”) between the Fund and Wildermuth Advisory, LLC (the “Adviser”) for an additional one-year term.

Based on their evaluation of the information provided by the Adviser, the Board, by a unanimous vote (including by a separate vote of the Independent Trustees), approved renewal of the Management Agreement.

In advance of the Meeting, the Board requested and received materials to assist them in considering the Management Agreement. The materials provided contained information with respect to the factors enumerated below, including the Management Agreement, a memorandum prepared by Independent Trustee counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the continuation of the Management Agreement and comparative information relating to the advisory fee and other expenses of the Fund. The materials also included due diligence materials relating to the Adviser (including a due diligence questionnaire completed by the Adviser, select financial information of the Adviser, bibliographic information regarding the Adviser’s key management and investment advisory personnel, and comparative fee information relating to the Fund) and other pertinent information. At the Meeting, the Independent Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of fund management and met with such counsel separately from fund management.

The Board then reviewed and discussed the written materials that were provided in advance of the Meeting and deliberated on the renewal of the Management Agreement. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreement and the weight to be given to each such factor. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Management Agreement. In considering the renewal of the Management Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

Nature, Extent and Quality of Services. The Board reviewed information and materials provided by the Adviser relating to the Management Agreement with the Fund, including the Management Agreement, the Adviser’s Form ADV, a description of the firm and its organizational and management structure, its history and the manner in which investment decisions have been and would be made and executed, the financial condition of the Adviser and its ability to provide the services required under the Management Agreement, an overview of the personnel that perform services for the Fund, the Adviser’s compliance policies, and its regulatory history. The Board considered that the Adviser is responsible for the management of the day-to-day operations of the Fund, including but not limited to, monitoring and reviewing the activities of the Fund’s third-party service providers. The Board noted the qualifications, experience and background of the senior and investment personnel of the Adviser. The Board considered the Adviser’s level of staffing and its overall resources.

The Board also considered the Adviser’s investment processes and philosophies. The Board took into account that the Adviser’s responsibilities include the development and maintenance of an investment program for the Fund that is consistent with the Fund’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to the performance of these services. The Board also received information with respect to the Adviser’s brokerage policies and practices, including with respect to best execution and soft dollars.

45

Wildermuth Endowment Fund

Additional Information - Continued
December 31, 2019 (Unaudited)

The Board then reviewed the capitalization of the Adviser based on financial information provided by and representations made by the Adviser and concluded that, although the Adviser’s balance sheet reflected substantial inter-company debt owed to affiliates, the Adviser was sufficiently well-capitalized and that its principals had the ability to make additional contributions in order to meet its obligations to the Fund. The Board also reviewed and noted the insurance coverage in place for the Adviser noting that the Adviser shares insurance coverage with the Fund and that the Adviser pays its proportionate share of the premium for the coverage.

The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures required to perform its duties under the Management Agreement and that the Adviser may reasonably be expected to provide a high quality of services under the Management Agreement with respect to the Fund.

Performance. The Board reviewed information provided by the Adviser relating to the Fund’s performance since the Fund’s inception through September 30, 2019, as compared to its peer group, Morningstar category and benchmark. The Board noted that the Fund had outperformed its peer group and Morningstar category for the one-year, three-year and since inception periods and outperformed its benchmark, the S&P 500, for the one-year period but underperformed the benchmark for the three-year and since inception periods ended September 30, 2019. The Board acknowledged the relative difficulty in determining a peer group for the Fund in light of the Fund’s relatively unique strategy, the multiple asset classes that it holds and the structure of the Fund. After further discussion, the Board concluded that the Fund’s past performance was acceptable.

Fees and Expenses. As to the costs of the services provided by the Adviser, the Board discussed the comparison of advisory fees and total operating expenses as compared to a peer group prepared by the Adviser and contained in the Meeting Materials. The Board noted that its advisory fee was generally within the range of those in its peer group although on the higher end. The Board also noted the current expense limitation agreement in effect until at least December 31, 2020, under which the Adviser had agreed to waive or limit its advisory fee and/or reimburse expenses in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 2.25%, 2.50% and 3.25%, of Fund’s average net assets for Class I, Class A and Class C shares, respectively. The Board concluded that based on the Adviser’s experience, expertise and services provided to the Fund and the unique nature of the Fund’s strategy, the advisory fee charged by the Adviser, although on the higher end of the Fund’s peers, was reasonable. While considering potential “fall-out” benefits, the Board noted that Wildermuth Securities, the Adviser’s affiliate, is a co-principal underwriter for the Fund’s shares. The Board also noted that while the Adviser does receive shareholder servicing fees from the Fund pursuant to the shareholder servicing plan, a significant portion of these fees are in turn paid out to other financial intermediaries for the provision of services to shareholders. The Board noted that the Adviser does retain a portion of those fees as compensation for the shareholder services that it provides to the Fund’s shareholders. The Board reviewed and considered those arrangements as part of its evaluation in regard to the renewal of the Management Agreement.

Profitability. The Board also considered the level of profits accrued and that could be expected to accrue to the Adviser with respect to the Fund based on the profitability analysis and selected financial information of the Adviser provided in the Meeting Materials. The Board also considered the advisory fees paid to the Adviser under the Management Agreement for a twelve month period ended September 30, 2019, and noted that, while the Adviser had earned a profit with respect to managing the Fund, it had not realized any profit from the Fund since its inception. The Board discussed the services provided by the Adviser and the Adviser’s commitment to the Fund and concluded that profits realized and that could be expected to be realized from the Adviser’s relationship with the Fund were not excessive.

Economies of Scale. As to the extent to which the Fund will realize economies of scale as it grows, and whether the fee levels reflect these economies of scale for the benefit of investors, the Board discussed the current size of the Fund and the Adviser’s expectations for growth of the Fund, and concluded that any material economies of scale would not be achieved in the near term. Conclusion. Based on the Board’s evaluation of all factors that it deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, concluded that (a) the terms of the Management Agreement are reasonable; (b) the advisory fee is reasonable; and (c) renewing the Management Agreement is in the best interests of the Fund and its shareholders.

Conclusion. Based on the Board’s evaluation of all factors that it deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, concluded that (a) the terms of the Management Agreement are reasonable; (b) the advisory fee is reasonable; and (c) renewing the Management Agreement is in the best interests of the Fund and its shareholders.

46

Wildermuth Endowment Fund

Privacy Policy

1. POLICY

Wildermuth Endowment Fund (the “Fund”) is committed to protecting your privacy. This privacy notice, which is required by state and federal law, explains the Fund’s privacy policy (the “Policy”). This Policy’s terms apply both to our current shareholders and to former shareholders as well.

2. HOW WE PROTECT YOUR INFORMATION

We are committed to maintaining the privacy of our shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

3. WHAT KIND OF INFORMATION WE COLLECT

The Fund may collect nonpublic personal information regarding investors from sources such as the following:

● Account Applications and other forms, which may include a shareholder’s name, address, social security number and/or personally identifiable financial information;

● Account History, including information about a shareholder’s losses or gains; and

● Correspondence and Communication, with the Fund’s representatives and their affiliates.

4. WHO HAS ACCESS TO SHAREHOLDER INFORMATION

We do not disclose any non-public personal information about our shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to provide services to shareholders (for example, to a transfer agent, investment adviser or third party administrator). We restrict access to non-public personal information about our shareholders to Fund personnel and employees of Fund service providers with a legitimate business need for the information. We will maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of our shareholders.

Third parties that handle this information shall agree to follow the standards the Fund has established.

5. UPDATING YOUR INFORMATION

To help us keep your information up-to-date and accurate, please contact the Fund if there is any change in your personal information.

Adopted December 2013

47

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Investment Adviser

Wildermuth Advisory, LLC
818 A1A Hwy, Suite 301
Ponte Vedra Beach, Florida 32082

Co-Distributors

Wildermuth Securities, LLC
818 A1A Hwy, Suite 301
Ponte Vedra Beach, Florida 32082

UMB Distribution Services, LLC
235 West Galena Street
Milwaukee, Wisconsin 53212

This material must be preceded or accompanied by a prospectus. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund. This and other important information is contained within the Fund’s Prospectus, which can be obtained by calling (888) 445-6032, or by visiting our website www.wildermuthendowmentfund.com. The Fund’s Prospectus should be read carefully before investing.

Wildermuth Endowment Fund’s principal underwriters and co-distributors are: Wildermuth Securities, LLC 818 A1A, Suite 301, Ponte Vedra Beach, FL 32082 and UMB Distribution Services, LLC 235 W Galena St Milwaukee, WI 53212

Principal underwriters and co-distributors are
Wildermuth Securities, LLC and UMB Distribution Services, LLC
Members of FINRA

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics (the “Code”), as that term is defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. A copy of the Code is attached as an exhibit.

(c) There have been no substantive amendments during the period covered by this report, to a provision of the code of ethics that applies to Registrant’s principal executive officer, principal financial offer, principal accounting officer, or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(d) The Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to Registrant’s principal executive officer, principal financial offer, principal accounting officer, or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

Item 3. Audit Committee Financial Expert.

(a) (1) The Board of Trustees of the Registrant (the “Board”) has determined that the Registrant has at least one Board member serving on the Audit Committee that possesses the attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2) Randall D. Fretz is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3(a)(2) to Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The aggregate fees for professional services by RSM US, LLP during the fiscal year 2018 and 2019, were as follows:

(a) Audit Fees.

Fiscal year ended December 31, 2019:	$92,500
Fiscal year ended December 31, 2018:	$84,000

(b) Audit-Related Fees. These are fees by the Registrant’s independent auditors for assurance and related services that were reasonably related to the performance of the audit of the Registrant’s financial statements that are not reported under “Audit Fees”.

Fiscal year ended December 31, 2019:	$165,000
Fiscal year ended December 31, 2018:	$0

(c) Tax Fees. These are fees billed for professional services rendered by the Registrant’s independent auditors for tax compliance, tax advice, and tax planning.

Fiscal year ended December 31, 2019	$28,500
Fiscal year ended December 31, 2018	$8,500

(d) All Other Fees.

Fiscal year ended December 31, 2019	$0
Fiscal year ended December 31, 2018	$0

(e) Audit Committee’s pre-approval policies and procedures.

(1) The Registrant’s Audit Committee has adopted, and the Registrant’s Board has approved an Audit and Non-Audit Services Preapproval Policy (the “Policy”), which is intended to comply with Regulation S-X Rule 2-01, and sets forth guidelines and procedures to be followed by the Registrant when retaining the Auditor to perform audit-related services, tax services and other non-audit services. The Policy permits such services to be pre-approved in one of two ways: (1) pursuant to a general pre-approval (“General Pre-Approval”), or (2) pursuant to specific pre-approval (“Specific Pre- Approval”). Unless a type of service provided by the Auditor and the maximum estimated fees therefor has received General Pre-Approval, it will require Specific Pre-Approval by the Audit Committee.

(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: 100% of these fees were approved by the Audit Committee as required pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(f) None.

(g) During the last two fiscal years, there were no other non-audit services rendered by the Registrant’s independent auditors to the Registrant, its investment adviser or any entity controlling, controlled by or under the common control with the investment adviser that provides ongoing services to the Registrant.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The Registrant’s Proxy Voting Policies and Procedures is attached hereto as Exhibit 13(c).

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

The following tables provide biographical information about the portfolio managers who are primarily responsible for the day-to-day portfolio management of the Registrant as of December 31, 2019:

The Investment Adviser (Wildermuth Advisory, LLC)

Portfolio Manager	Title	Length of Time of Service to Registrant	Business Experience During the Past 5 Years	Role of Portfolio Manager
Daniel Wildermuth	Trustee, Chairman of the Board, President and Chief Executive Officer.	Since September 2013	Mr. Wildermuth has over 25 years of experience in the financial services industry. As a Chief Investment Officer (“CIO”) for the past 17 years, Mr. Wildermuth has created and managed multiple domestic and international equity and fixed income investment portfolios. As CIO of an advisory firm and Chief Executive Officer of a brokerage firm, Mr. Wildermuth has analyzed and invested in securities and has also completed due diligence and made investment recommendations on various alternative investments, but he has no prior experience managing a publicly registered, closed-end fund. Mr. Wildermuth received a B.S. in engineering from Stanford University and an M.B.A. in Finance from the Anderson School at the University of California, Los Angeles.	Daniel Wildermuth serves as the Portfolio Manager of the Fund, with primary responsibility for overseeing the overall allocation of the Fund’s portfolio.

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

The following tables provide information about portfolios and accounts, other than the Registrant, for which the portfolio managers are primarily responsible for the day-to-day portfolio management as of December 31, 2019:

The Investment Adviser (Wildermuth Advisory, LLC)

Name	Type of Accounts	Total Number of Accounts Managed	Total Assets	Number of Accounts Managed for Which Advisory Fees is Based on Performance	Total Assets for Which Advisory Fees is Based on Performance
Daniel Wildermuth	Registered Investment Companies	Zero	Zero	Zero	Zero
	Other Pooled Investment Vehicles	Zero	Zero	Zero	Zero
	Other Accounts	526	$90,804,075	Zero	Zero

Potential Conflicts of Interests

The Investment Adviser (Wildermuth Advisory, LLC)

Daniel Wildermuth is responsible for managing other accounts, including registered investment companies, separate accounts and other pooled investment vehicles. He may manage separate accounts and other pooled investment vehicles that may have materially higher, lower or different fee arrangements than the Registrant and may in the future also be subject to performance-based fees. The side-by-side management of these separate accounts and/or pooled investment vehicles may raise potential conflicts of interest relating to cross trading and the allocation of investment opportunities. The investment adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The investment adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and timely manner. To this end, the investment adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

(a)(3) Compensation Structure of Portfolio Manager(s) or Management Team Members

The portfolio managers receive a salary, retirement plan benefits and discretionary bonuses from the investment adviser and/or the sub-adviser, as applicable.

(a)(4) Disclosure of Securities Ownership

The following tables set forth the dollar range of equity securities beneficially owned by each of the portfolio managers in the Registrant as of December 31, 2019:

The Investment Adviser (Wildermuth Advisory, LLC)

Portfolio Manager	Dollar Range of Registrant Shares Beneficially Owned
Daniel Wildermuth	$500,001 - $1,000,000 through Wildermuth Advisory, LLC

(b) Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Class A:	(a) Total Number of Shares (or Units) Purchased		(b) Average Price Paid per Share (of Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Period
Jan. 1-31, 2019 (1)		96,624	$	13.28		0		0
Feb. 1-29, 2019		0		0		0		0
Mar. 1-31, 2019		0		0		0		0
Apr. 1-30, 2019 (2)		309,907	$	13.59		0		0
May. 1-31, 2019		0		0		0		0
Jun. 1-30, 2019		0		0		0		0
Jul. 1-31, 2019 (3)		527,605	$	13.66		0		0
Aug. 1-31, 2019		0		0		0		0
Sep. 1-30, 2019		0		0		0		0
Oct. 1-31, 2019 (4)		465,049	$	13.79		0		0
Nov. 1-30, 2019		0		0		0		0
Dec. 1-31, 2019		0		0		0		0
Total		1,399,185	$	13.66		0		0

Class C:	(a) Total Number of Shares (or Units) Purchased		(b) Average Price Paid per Share (of Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Period
Jan. 1-31, 2019 (1)		25,491	$	12.98		0		0
Feb. 1-29, 2019		0		0		0		0
Mar. 1-31, 2019		0		0		0		0
Apr. 1-30, 2019 (2)		16,118	$	13.25		0		0
May. 1-31, 2019		0		0		0		0
Jun. 1-30, 2019		0		0		0		0
Jul. 1-31, 2019 (3)		57,976	$	13.29		0		0
Aug. 1-31, 2019		0		0		0		0
Sep. 1-30, 2019		0		0		0		0
Oct. 1-31, 2019 (4)		97,437	$	13.39		0		0
Nov. 1-30, 2019		0		0		0		0
Dec. 1-31, 2019		0		0		0		0
Total		197,022	$	13.30		0		0

Class I:	(a) Total Number of Shares (or Units) Purchased		(b) Average Price Paid per Share (of Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
Period
Jan. 1-31, 2019 (1)		10,416	$	13.39		0		0
Feb. 1-29, 2019		0		0		0		0
Mar. 1-31, 2019		0		0		0		0
Apr. 1-30, 2019 (2)		32,005	$	13.70		0		0
May. 1-31, 2019		0		0		0		0
Jun. 1-30, 2019		0		0		0		0
Jul. 1-31, 2019 (3)		63,424	$	13.79		0		0
Aug. 1-31, 2019		0		0		0		0
Sep. 1-30, 2019		0		0		0		0
Oct. 1-31, 2019 (4)		139,579	$	13.94		0		0
Nov. 1-30, 2019		0		0		0		0
Dec. 1-31, 2019		0		0		0		0
Total		245,424	$	13.85		0		0

(1) On December 28, 2018 the Registrant offered to repurchase up to 5% of the Registrant’s total outstanding shares as of January 30, 2019 ( the "Repurchase Request Deadline"). On the Repurchase Request Deadline, 481,624 shares represented 5% of the Registrant's total outstanding shares.

(2) On March 29, 2019 the Registrant offered to repurchase up to 5% of the Registrant’s total outstanding shares as of April 30, 2019 ( the "Repurchase Request Deadline"). On the Repurchase Request Deadline, 563,143 shares represented 5% of the Registrant's total outstanding shares.

(3) On June 28, 2019 the Registrant offered to repurchase up to 7% of the Registrant’s total outstanding shares as of July 30, 2019 ( the "Repurchase Request Deadline"). On the Repurchase Request Deadline, 838,165 shares represented 7% of the Registrant's total outstanding shares.

(4) On September 27 , 2019 the Registrant offered to repurchase up to 7% of the Registrant’s total outstanding shares as of October 30, 2019 ( the "Repurchase Request Deadline"). On the Repurchase Request Deadline, 876,465 shares represented 7% of the Registrant's total outstanding shares.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.   The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the PEO and the PFO, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. During the course of the audit of the Registrant’s December 31, 2019 financial statements, certain material errors were identified, which resulted in misstatements of the Registrant’s net asset value and net asset value per share during the period February through December 2019, as reported in the Registrant’s financial statements for the semi-annual period ended June 30, 2019 and the fiscal year ended December 31, 2019. The Registrant has concluded that the Fund’s disclosure controls and procedures were not effective due to a material weakness relating to the determination of “fair value” for certain securities held by the Registrant during 2019. A material weakness (as defined under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Registrant’s annual or interim financial statements will not be prevented or detected on a timely basis. This material weakness resulted in the misstatement of the Registrant’s net asset value and net asset value per share in the Registrant’s financial statements for the semi-annual period ended June 30, 2019 and its financial statements for the fiscal year ended December 31, 2019, which includes a material adjustment to the Fund’s financial statements for the year ended December 31. 2019. Management’s Remediation Plan   Subsequent to the identification of the issue described above, the Registrant’s management developed a plan to remediate the weakness described herein. Management will strengthen the Fund’s internal control over financial reporting by enhancing the training for those operating the controls, with particular regard to accruals on payment0in-kind securities issued by non-revenue issuers, and adding resources to the valuation process, including the engagement of a subject matter expert to help assess the conclusions reached by the Registrant’s Fair Value Committee.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

The Fund has not engaged in Security Lending Activities.

Item 13. Exhibits.

(a) (1) Code of Ethics. Filed herewith.

(a) (2) Certifications required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(a) (3) Not applicable.

(a) (4) Change in the registrant’s independent public accountant. Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(c) The Registrant’s Proxy Voting Policies and Procedures is attached hereto in response to Item 7.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wildermuth Endowment Fund

/s/ Daniel Wildermuth

By: Daniel Wildermuth

Trustee, Chairman of the Board, President and Chief Executive Officer

June 29, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ Daniel Wildermuth

By: Daniel Wildermuth

Trustee, Chairman of the Board, President and Chief Executive Officer

(Principal Executive Officer)

June 29, 2020

/s/ Gerard Scarpati

By: Gerard Scarpati

Treasurer and Chief Financial Officer

(Principal Financial Officer)

June 29, 2020

EX-99.CODE ETH

SUPPLEMENTAL CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

1. CO VERED OFFICERS / PURPOSE OF THE CODE

The Board of Trustees (the “Board”) of the Wildermuth Endowment Fund (the “Fund”) has adopted this Supplemental Code of Ethics for Principal Executive and Senior Financial Officers (this “Code”) to apply to the Fund’s principal executive officer and principal financial officer, respectively (the “Covered Officers,” each of whom are set forth in Exhibit A), for the purpose of promoting:

a. honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

b. full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (the “SEC”) and in other public communications made by the Fund;

c. compliance with applicable laws and governmental rules and regulations;

d. the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

e. accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

2. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”), and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund.

The Fund’s, and the Adviser’s¹ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

¹ The term “Adviser” when used in this Code refers to Wildermuth Advisory, LLC and/or any other investment adviser or sub-adviser for the Fund, as the context may require, and any affiliate of Wildermuth Advisory, LLC.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between (i) the Fund and the Adviser of which the Chief Executive Officer is also an officer, and (ii) the Fund and Vigilant Compliance, LLC (“Vigilant”) of which the Chief Financial Officer is an employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund, the Adviser, or Vigilant, as applicable), be involved in establishing policies and implementing decisions that will have different effects on the Adviser, Vigilant and/or the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and the Fund and Vigilant and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and, if applicable, the Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions of the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

a. not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

b. not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund;

c. not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

d. not retaliate against any other Covered Officer of any employee or officer of the Fund or their affiliated persons for reports of potential violations that are made in good faith.

There are some conflict of interest situations that may be discussed with the Fund’s legal counsel if material. Examples of these include:

a. service as a director on the board on any private company;

b. the receipt of any gifts in excess of $250.00, in connection with the management, operations, sale or distribution of a series of the Fund (each, a “Fund,” and, collectively, the “Funds”);

c. the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

d. any ownership interest in, or any consulting or employment relationship with, any of the Fund’s service providers, other than the Adviser, principal underwriter, administrator or any affiliated person thereof; and

e. a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

3. DISCLOSURE AND COMPLIANCE

a. Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund.

b. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s Trustees and auditors, and to governmental regulators and self-regulatory organizations.

c. Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund.

d. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

4. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

a. upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing (using the form attached as Exhibit B) to the Board that he has received, read, and understands the Code;

b. annually thereafter affirm in writing (using the form attached as Exhibit C) to the Board that he has complied with the requirements of the Code;

c. not retaliate against any other Covered Officer or any employee of the Fund or their affiliated persons for reports of potential violations that are made in good faith;

d. report at least annually on the Fund’s Trustee and Officer Questionnaire affiliations or other relationships related to conflicts of interest; and

e. notify the Chief Compliance Office (the “CCO”) promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situations. The CCO is authorized and encouraged to consult, as appropriate, with the Board, counsel to the Fund, and counsel to the Trustees who are not “interested persons” of the Fund, as that term is defined in the 1940 Act (the “Independent Trustees”). However, any approvals or waivers sought by a Covered Officer will be considered by the Board.

The Fund will follow these procedures in investigating and enforcing this Code:

a. The CCO will take all appropriate action to investigate any potential violations reported to him.

b. If, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action.

c. Any matter that the CCO believes is a violation will be reported to the Board.

d. If the Board concurs that a violation has occurred, the Board will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser [or its board]; or a recommendation to dismiss the Covered Officer.

e. The Board will be responsible for granting waivers, as appropriate.

f. Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

5. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund’s Adviser, administrator, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund and the Adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the 1940 Act and the Adviser’s more detailed compliance policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

6. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

7. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Fund’s counsel or counsel to the Independent Trustees, as appropriate.

8. INTERNAL USE

The Code is intended solely for internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Adopted December 2013

Reviewed October 2016

Reviewed May 2018

Reviewed May 2019

WILDERMUTH ENDOWMENT FUND

SUPPLEMENTAL CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

COVERED PERSONS

Persons covered by this Supplemental Code of Ethics for Principal Executive and Senior

Financial Officers are:

Name	Title
Daniel Wildermuth	Principal Executive Officer
Gerard Scarpati	Principal Financial Officer

EX-99.CERT

Wildermuth Endowment Fund

Exhibit 13(a)(2) to Form N-CSR

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Daniel Wildermuth, certify that:

1. I have reviewed this report on Form N-CSR of the Wildermuth Endowment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 29, 2020

/s/ Daniel Wildermuth

Daniel Wildermuth

Trustee, Chairman of the Board, President and Chief Executive Officer

(Principle Executive Officer)

I, Gerard Scarpati, certify that:

1. I have reviewed this report on Form N-CSR of the Wildermuth Endowment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 29, 2020

/s/ Gerard Scarpati

Gerard Scarpati

Treasurer and Chief Financial Officer

(Principle Financial Officer)

EX-99.906 CERT

Wildermuth Endowment Fund

Exhibit 13(b) to Form N-CSR

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Daniel Wildermuth, Principal Executive Officer of the Wildermuth Endowment Fund, certify to my knowledge that:

1. The N-CSR of the registrant for the period ended December 31, 2019 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant for the stated period.

/s/ Daniel Wildermuth

Daniel Wildermuth

Trustee, Chairman of the Board, President and Chief Executive Officer

(Principal Executive Officer)

Date: June 29, 2020

I, Gerard Scarpati, Principal Financial Officer of the Wildermuth Endowment Fund, certify to my knowledge that:

1. The N-CSR of the registrant for the period ended December 31, 2019 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant for the stated period.

/s/ Gerard Scarpati

Gerard Scarpati

Treasurer and Chief Financial Officer

(Principal Financial Officer)

Date: June 29, 2020

These statements accompany this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Wildermuth Endowment Fund for purposes of the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 has been provided to Wildermuth Endowment Fund and will be retained by the Wildermuth Endowment Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.13.C

PROXY VOTING POLICIES AND PROCEDURES

1. Background

The act of managing assets for Wildermuth Endowment Fund (“client”) may include the voting of proxies related to such managed assets. Where the power to vote in person or by proxy has been delegated, directly or indirectly, to the investment adviser, the investment adviser has the fiduciary responsibility for (a) voting in a manner that is in the best interests of the client, and (b) properly dealing with potential conflicts of interest arising from proxy proposals being voted upon.

The policies and procedures of Wildermuth Advisory, LLC (“WA”) for voting proxies received for accounts managed by WA are set forth below and applicable if:

· The underlying client agreement entered into with the client expressly provides that WA shall be responsible to vote proxies received in connection with the client’s account; or

· The underlying client agreement entered into with the client is silent as to whether or not WA shall be responsible to vote proxies received in connection with the client’s account and WA has discretionary authority over investment decisions for the client’s account.

These Proxy Voting Policies and Procedures are designed to ensure that proxies are voted in an appropriate manner and should complement WA’s policies and procedures regarding its general responsibility to monitor the performance and/or corporate events of companies that are issuers of securities held in managed accounts. Any questions about these policies and procedures should be directed to the Chief Compliance officer (CCO).

2. Proxy Voting Policies

WA will vote proxies in a manner that is believed to be in the best interest of the client. WA believes that voting proxies in accordance with the following policies is in the best interests of its client.

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A) Specific Voting Policies

1. Routine items:

· WA will generally vote for the election of directors (where no corporate governance issues are implicated).

· WA will generally vote for the selection of independent auditors.

· WA will generally vote for increases in or reclassification of common stock.

· WA will generally vote for management recommendations adding or amending indemnification provisions in charter or by-laws.

· WA will generally vote with management regarding changes in the board of directors.

· WA will generally vote with management regarding outside director compensation.

· WA will generally vote for proposals that maintain or strengthen the shared interests of shareholders and management.

· WA will generally vote for proposals that will maintain or increase shareholder value.

· WA will generally vote with management’s recommendations regarding compensation proposals if proposal is for 1 year.

2. Non-Routine and Conflict of Interest Items:

· WA will generally vote for management proposals for merger or reorganization if the transaction appears to offer fair value.

· WA will generally vote against shareholder resolutions that consider non-financial impacts of mergers.

· WA will generally vote with management’s recommendations regarding shareholder proposals that deal with cumulative voting, the environment, political issues and social policies.

B) General Voting Policy

If the proxy includes a Routine Item that implicates corporate governance changes, a Non-Routine item where no specific policy applies or a Conflict of Interest Item where no specific policy applies, then WA may engage an independent third party to determine how the proxies should be voted.

In voting on each and every issue, WA and its employees shall vote in a prudent and timely fashion.

In exercising its voting discretion, WA and its employees shall avoid any direct or indirect conflict of interest raised by such voting decision. WA will provide adequate disclosure to the client if any substantive aspect or foreseeable result of the subject matter to be voted upon raises an actual or potential conflict of interest to WA or:

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· any affiliate of WA. For purposes of these Proxy Voting Policies and Procedures, an affiliate means:

o any person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control with WA;

o any officer, director, principal, partner, employer, or direct or indirect beneficial owner of any 10% or greater equity of voting interest of WA; or

o any other person for which a person described in second clause (above) acts in any such capacity;

· any issuer of a security for which WA (or any affiliate of WA) acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity; or

· any person with whom WA (or any affiliate of WA) has an existing, material contract or business relationship that was not entered into in the ordinary course of WA’s (or its affiliate’s) business.

(Each of the above persons being an “Interested Person.”)

After informing the client of any potential conflicts of interest, WA will take other appropriate action as required under these Proxy Voting Policies and Procedures, as provided below.

WA shall, through its nominated vendor, keep certain records required by applicable law in connection with its proxy voting activities for its client and shall provide proxy voting information to clients upon their written or oral request.

Consistent with SEC Rule 206(4)-6, as amended, WA shall take reasonable measures to inform its client of its proxy voting policies and procedures, and the process its client must follow to obtain information regarding how WA voted with respect to assets held in its account. This information may be provided to its client by separate notice to the client as requested.

3) Proxy Voting Procedures

A) WA, (the “Responsible Party”) shall be responsible for voting the proxies related to all discretionary accounts. The Responsible Party should assume that he or she has the power to vote all proxies related to the client’s account if any one of the two circumstances set forth in Section A above regarding proxy-voting powers is applicable.

B) WA currently uses the Proxy Edge automated voting system provided by Broadridge and receives and votes ballots electronically in those accounts and for those equity assets for which WA has authority. The Proxy Edge system is updated nightly. Proxies are voted in advance of deadlines. Inasmuch as Proxy Edge includes adequate history and reporting capabilities, ballots voted electronically are not logged. All paper proxies and ballots received by mail will be voted via the internet at www.proxyvote.com. The voted paper ballot will be retained with a copy of the proxy materials. In the rare instance that a paper ballot cannot be voted via the internet, a copy of the mailed and executed proxy ballot will be retained with a copy of the proxy materials. Paper ballots should only exist in the short term when an account is in transition, i.e. initial setup with the Custodian and Broadridge, or if the account should transfer from one custodian to another.

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C) Prior to voting, WA will verify whether an actual or potential conflict of interest with WA or any Interested Person exists in connection with the subject proposal(s) to be voted upon. The determination regarding the presence or absence of any actual or potential conflict of interest shall be adequately documented (i.e., comparing the apparent parties affected by the proxy proposal being voted upon against WA’s internal list of Interested Persons and, for any matches found, describing the process taken to determine the anticipated magnitude and possible probability of any conflict of interest being present), which shall be reviewed and signed off on by the CCO.

D) If an actual or potential conflict is found to exist, notification of the conflict (the “Conflict Notice”) shall be given to the client or the client’s designee in sufficient detail and with sufficient time to reasonably inform the client of the actual or potential conflict involved.

The Conflict Notice will either request the client’s consent to WA’s vote recommendation or may request the client to vote the proxy directly or through another designee of the client. The Conflict Notice and consent thereto may be sent or received, as the case may be, by mail, fax, electronic transmission or any other reliable form of communication that may be recalled, retrieved, produced, or printed in accordance with the record keeping policies and procedures of WA. If the client is unreachable or has not affirmatively responded before the response deadline for the matter being voted upon, WA may:

· engage a non-interested Party to independently review WA’s vote recommendation if the vote recommendation would fall in favor of WA’s interest (or in the interest of an Interested Person) to confirm that WA’s vote recommendation is in the best interest of the client under the circumstances;

· cast its vote as recommended if the vote recommendation would fall against WA’s interest (or in the interest of an interested Person) and such vote recommendation is in the best interest of the client under the circumstances; or

· abstain from voting if such action is determined by WA to be in the best interest of the client under the circumstances.

E) WA will promptly vote proxies received in a manner consistent with the Proxy Voting Policies and Procedures stated above and guidelines.

F) In accordance with SEC Rule 204-2(c)(2), as amended, the Responsible Party shall retain the following:

· A copy of the proxy statement received (unless retained by a third party for the benefit of WA or the proxy statement is available from the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system);

· A record of the vote case (unless this record is retained by a third party for the benefit of WA and the third party is able to promptly provide WA with a copy of the voting record upon its request);

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· A copy of any document created by WA or its employees that was material in making the decision on how to vote the subject proxy; and,

· A copy of any Conflict Notice, conflict consent or any other written communication (including emails or other electronic communications) to or from the client (or in the case of an employee benefit plan, the plans trustee or other fiduciaries) regarding the subject proxy vote cast by, or the vote recommendation of WA.

The above copies and records shall be retained for a period not less than five (5) years, which shall be maintained at the appropriate office of WA.

G) Periodically, but no less than annually, WA will:

· Verify that each proxy received has been voted in a manner consistent with the proxy Voting Policies and Procedures;

· Review the files to verify that records of the voting of proxies have been properly maintained;

· Maintain an internal list of Interested Persons.

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List of “Interested Persons”

For the year 2020:

Kalos Capital, LLC

Kalos Management, LLC

Wildermuth Securities, LLC

Wildermuth Asset Management, LLC

Daniel Wildermuth

Carol Wildermuth

Revised October 2018

Reviewed August 2019

Revised March 2020

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COVER

 UMB FUND SERVICES, INC.

235 West Galena Street

Milwaukee, Wisconsin 53212

(414) 299-2000

VIA EDGAR

Securities and Exchange Commission

100 F. Street N.E.

Washington, D.C. 20549

Re: Wildermuth Endowment Fund

Registration No: 333-191152; 811-22888

Filing Pursuant to Rule 30b2-1 and Section 24(b) under the Investment Company Act of 1940

Ladies and Gentlemen:

On behalf of the above-referenced registered investment company, transmitted herewith for filing pursuant to Rule 30b2-1 and Section 24(b) under the Investment Company Act of 1940, as amended, is the Fund’s Form N-CSR for the semi-annual period ended December 31, 2019. Questions regarding this filing may be directed to the undersigned at (414) 299-2000.

Sincerely,

/s/Constance Dye Shannon

Executive Vice President and General Counsel

Encl.