NPORT-EX 2 fp0059431_nportex.htm 9.30.20 SOI

Wildermuth Endowment Fund

Schedule of Investments

September 30, 2020 (Unaudited)

 

 

Interests,
Shares,
Principal
Amount,
or Units

 
     

Fair Value

 
 
     COMMON STOCKS — 10.0%     
     ADVERTISING — 0.3%     
           
 184,413   National CineMedia, Inc.     $500,681 
           
     AIRLINES — 0.7%     
 35,000   Delta Air Lines, Inc.      1,070,300 
           
     BIOTECHNOLOGY — 0.2%     
 1,043   CSL, Ltd.      214,551 
 273   Regeneron Pharmaceuticals, Inc.(a)      152,820 
         367,371 
     BUILDING MATERIALS — 0.1%     
 4,422   LafargeHolcim, Ltd.(a)      202,089 
           
     COMMERCIAL SERVICES — 0.9%     
 2,300   FleetCor Technologies, Inc.(a)      547,630 
 15,046   McMillan Shakespeare, Ltd.      88,538 
 2,565   S&P Global, Inc.   924,939 
         1,561,107 
     DISTRIBUTION/WHOLESALE — 0.4%     
 15,593   Triton International, Ltd.      634,167 
           
     DIVERSIFIED FINANCIAL SERVICES — 0.5%     
 7,985   LPL Financial Holdings, Inc.      612,210 
 46,619   Mitsubishi UFJ Lease & Finance Co., Ltd.      214,254 
         826,464 
     ELECTRIC — 0.5%     
 15,000   Clearway Energy, Inc. - Class A      370,500 
 14,300   Clearway Energy, Inc. - Class C      385,528 
         756,028 
     ENERGY-ALTERNATE SOURCES — 0.2%     
 27,642   TransAlta Renewables, Inc.      346,198 
           
     ENGINEERING & CONSTRUCTION — 0.1%     
 9,400   HomeServe PLC      150,206 
           
     FOOD — 0.4%        
 4,030   Mondelez International, Inc. - Class A      231,524 
 7,920   Sysco Corp.      492,782 
         724,306 
     HEALTHCARE-SERVICES — 0.1%     
 3,380   Fresenius SE & Co. KGaA      153,899 

 

See accompanying notes to Schedule of Investments.

 

1

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2020 (Unaudited)

 

 

Interests,
Shares,
Principal
Amount,
or Units

 
     

Fair Value

 
 
     COMMON STOCKS (CONTINUED)     
     HOME FURNISHINGS — 0.3%     
 5,930   Sony Corp., ADR     $455,127 
           
     INTERNET — 1.7%     
 546   Alphabet, Inc. - Class A(a)      800,218 
 270   Amazon.com, Inc.(a)      850,157 
 8,070   eBay, Inc.      420,447 
 2,828   Facebook, Inc. - Class A(a)      740,653 
         2,811,475 
     MEDIA — 0.2%        
 30,000   TEGNA, Inc.      352,500 
           
     MINING — 0.2%     
 14,000   Kinross Gold Corp.(a)      123,480 
 39,053   Yamana Gold, Inc.      221,821 
         345,301 
     PHARMACEUTICALS — 0.9%     
 6,220   Dechra Pharmaceuticals PLC      259,254 
 4,082   Johnson & Johnson      607,728 
 3,200   Novartis AG, ADR      278,272 
 2,491   UCB SA      283,334 
         1,428,588 
     PIPELINES — 0.2%     
 13,850   Enbridge, Inc.      404,420 
           
     REAL ESTATE — 0.1%     
 2,000   Atenor      136,492 
           
     REITS — 0.2%        
 41,123   VEREIT, Inc. - REIT      267,299 
           
     SEMICONDUCTORS — 1.4%     
 1,417   Broadcom, Inc.      516,241 
 16,346   Intel Corp.      846,396 
 2,716   NXP Semiconductors NV      338,984 
 4,420   Qorvo, Inc.(a)      570,224 
         2,271,845 
     SOFTWARE — 0.1%     
 1,380   SAP SE      214,832 

 

See accompanying notes to Schedule of Investments.

 

2

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2020 (Unaudited)

 

 

Interests,
Shares,
Principal
Amount,
or Units

 
     

Fair Value

 
 
     COMMON STOCKS (CONTINUED)     
     TELECOMMUNICATIONS — 0.3%     
 11,538   NTT DOCOMO, Inc.     $424,762 
     TOTAL COMMON STOCKS (Cost $14,016,165)      16,405,457 
           
     EXCHANGE TRADED FUNDS — 4.3%     
     COMMODITY FUND — 0.5%     
 4,830   SPDR Gold Shares(a)    855,489 
           
     DEBT FUNDS — 0.4%     
 15,720   Invesco International Corporate Bond      441,699 
 1,618   iShares iBoxx High Yield Corporate Bond      135,750 
         577,449 
     EQUITY FUNDS — 3.4%     
 22,194   Emerging Markets Internet and Ecommerce      1,159,193 
 7,469   iShares MSCI Brazil      206,592 
 36,530   iShares MSCI India      1,236,906 
 14,425   iShares MSCI Indonesia      249,120 
 34,400   iShares MSCI Malaysia      900,936 
 16,540   iShares MSCI Taiwan      742,646 
 10,302   VanEck Vectors Russia      215,827 
 7,650   WisdomTree China ex-State-Owned Enterprises Fund      859,095 
         

5,570,315

 
     TOTAL EXCHANGE TRADED FUNDS (Cost $6,242,331)      7,003,253 
           
     COMMODITY & NATURAL RESOURCE INVESTMENTS — 1.9%     
 953   Casillas Petroleum Resource Partners, LLC(b)(c)(d)      381,085 
 1,876,034   CM Funding, LLC(b)(c)(d)(e)    856,643 
    Kayne Anderson Energy Fund VII LP(b)(d)(f)    593,990 
 2,080,000   Thunder Investment Partners, LLC(b)(c)(d)(e)      1,316,232 
     TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $6,782,345)      3,147,950 
           
     DIRECT PRIVATE EQUITY — 40.1%     
 41,751   Affinity Beverages, LLC(b)(c)(d)    174,999 
 684   Atlas Fintech Holdings Corp. - Class A Share Interests(b)(c)(d)(e)    3,239,837 
 2,500   Clear Guide Medical, Inc. - Series A Preferred Stock(b)(c)(d)(e)      3,747,664 
 134,898   Clear Guide Medical, Inc. - Series A-2 Preferred Stock(b)(c)(d)(e)      747,554 
 770,489   Clear Guide Medical, Inc. - Series A-3 Preferred Stock(b)(c)(d)(e)      4,036,274 
 1,543,074   Clearsense, LLC - Class C Preferred Shares(b)(c)(d)(e)      13,031,423 
 298,200   Content Management Live, LLC(b)(c)(d)(e)    250,000 
 4,711,751   DSI Digital, LLC - Series A Convertible Preferred Units(b)(c)(d)(e)    14,450,300 
 8,800,000   GigaPro, Inc. - Common Units(b)(c)(d)(e)      9,747,374 

 

See accompanying notes to Schedule of Investments.

 

3

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2020 (Unaudited)

 

 

Interests,
Shares,
Principal
Amount,
or Units

 
     

Fair Value

 
 
     DIRECT PRIVATE EQUITY (CONTINUED)     
 309,150   GigaPro, Inc. - Series Seed-1 Preferred Units(b)(c)(d)(e)   $429,019 
 1,288,103   GigaPro, Inc. - Series Seed-2 Preferred Units(b)(c)(d)(e)    1,787,549 
    Level ATI HoldCo, LLC - Class A(b)(c)(d)(e)      3,268,309 
 3,500,000   Metro Diner, LLC - Series B Units(b)(c)(d)    2,617,790 
 1,880,968   Metro Diner, LLC - Series II Common Units(b)(c)(d)      1,534,279 
 635,838   Waratek, Ltd. - Series B-1(b)(c)(d)(e)      2,853,301 
 756,826   Waratek, Ltd. - Series B-2(b)(c)(d)(e)    3,792,064 
    WG Pitts Caribbean, LLC - Common Units(b)(c)(d)(e)      0 
     TOTAL DIRECT PRIVATE EQUITY (Cost $39,981,785)      65,707,736 
           
     DIRECT REAL ESTATE — 7.1%     
    Brookwood SFL Investor Co-Investment Vehicle, LLC(b)(d)(e)      1,548,531 
 439,716   Dog Wood Park of Northeast Florida, LLC(b)(c)(d)(e)    415,969 
 1,741,602   GT Operating Company, Inc.(b)(c)(d)(e)      1,741,602 
 400,000   Hauiki Hui, LLC(b)(c)(d)(e)    172,015 
 1,800,000   LaGrange Senior Living, LLC - Class A Interests(b)(c)(d)(e)    1,827,490 
    Polara Builder II, LLC(b)(c)(d)(e)    4,676,597 
    RS17 Rexburg Preferred, LLC - Series A Preferred Interests(b)(c)(d)(e)      1,213,795 
     TOTAL DIRECT REAL ESTATE (Cost $10,195,113)      11,595,999 
           
     HEDGE FUNDS — 3.3%     
    Altegris Millennium Fund LP(b)(d)(f)(g)    1,215,858 
    CRC Bond Opportunity Trading Fund LP(b)(d)(f)(g)      2,709,945 
    EJF Trust Preferred Fund LP(b)(d)(f)(g)      701,877 
    Rosebrook Opportunities Fund LP(b)(d)(f)(g)    725,156 
     TOTAL HEDGE FUNDS (Cost $5,247,429)      5,352,836 
           
     PRIVATE EQUITY DEBT — 6.6%     
$1,900,000   Aetius Intermediate Company, LLC, LIBOR 1 Month + 9.66%, 12/20/2023(b)(c)(d)(h)    1,900,000 
 264,412   EJF Trust Preferred Master Fund LP, 16.00%, 4/16/2022(b)(c)(d)      264,412 
 2,098,889   Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023(b)(c)(d)(e)      2,098,889 
 2,033,611   The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023(b)(c)(d)(e)    2,033,611 
 2,191,374   Waratek, Ltd. - Convertible Note, 12.00%, 4/9/2021(b)(c)(d)(e)    2,997,644 
 2,623,158   WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(b)(c)(d)(e)      1,449,387 
     TOTAL PRIVATE EQUITY DEBT (Cost $10,685,404)      10,743,943 
           
     PRIVATE EQUITY FUNDS — 7.6%     
    Abbott Secondary Opportunities LP(b)(d)(f)(g)      1,452,615 
    Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(b)(d)(f)(g)      2,103,204 
    Committed Advisors Secondary Fund III(b)(d)(f)(g)      1,569,831 
    EJF Sidecar Fund, Series LLC - Small Financial Equities Series(b)(d)(f)(g)      754,920 

 

See accompanying notes to Schedule of Investments.

 

4

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2020 (Unaudited)

 

 

Interests,
Shares,
Principal
Amount,
or Units

 
     

Fair Value

 
 
     PRIVATE EQUITY FUNDS (CONTINUED)     
 10   GPB Automotive Portfolio LP(b)(c)(d)(f)     $155,838 
    Gravity Ranch Fund I LP(b)(d)(e)(f)(g)      136,049 
    Greenspring Opportunities V LP(b)(d)(f)(g)      690,431 
    Madryn Health Partners LP(b)(d)(f)(g)      2,125,974 
    PineBridge Secondary Partners IV SLP(b)(d)(f)(g)    1,180,819 
    Star Mountain Diversified Credit Income Fund III LP(b)(d)(f)(g)    1,218,844 
    Star Mountain Diversified Small Business Access Fund II LP(b)(d)(f)(g)      980,292 
     TOTAL PRIVATE EQUITY FUNDS (Cost $11,932,485)      12,368,817 
           
     PRIVATE REAL ESTATE INVESTMENTS — 11.3%     
 95,075   ARCTRUST, Inc.(b)(d)(f)      1,224,541 
 94,117   Broadstone Net Lease, Inc.(b)(d)(f)    1,579,283 
 2,781,996   Carlyle Europe Realty Fund, S.C.Sp.(b)(d)(f)(g)    2,799,068 
 157,812   Cottonwood Residential II, Inc.(b)(d)(f)      3,378,755 
    Cygnus Property Fund V, LLC(b)(d)(f)      2,002,631 
    Harbert Seniors Housing Fund I LP(b)(d)(f)    1,405,230 
    Harbert Seniors Housing Fund II LP(b)(d)(f)      800,820 
    PCG Select Series I, LLC - Series A Preferred Stock(b)(d)(f)      255,536 
 789   PRISA III Fund LP(b)(d)(f)      1,541,011 
    RRA Credit Opportunity Fund LP(b)(d)(f)      1,759,900 
 56   Shopoff Land Fund III LP(b)(d)(f)      33,053 
 702,851   Stonehill Strategic Hotel Credit Opportunity Fund II LP(b)(d)(f)      1,034,212 
    Walton Street Real Estate Fund VIII LP(b)(d)(f)      636,112 
     TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $17,432,178)      18,450,152 
           
     PUBLIC REAL ESTATE INVESTMENTS — 0.3%     
 136,771   Highlands REIT, Inc.(b)(d)    49,238 
 153,283   Inventrust Properties Corp.(b)(d)      481,308 
 3,330   Phillips Edison Grocery Center(b)(d)    29,136 
     TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $391,448)      559,682 
           
     REAL ESTATE LOANS — 2.5%     
$1,645,229   Airport Center Development Partners, LLC, 12.00%, 9/10/2021(b)(c)(d)      1,645,229 
 679,962   Park City (PCG), 12.00%, 1/1/2021(b)(c)(d)(i)    679,962 
 1,851,568   Westgate at Powers, LLC, 12.00%, 6/20/2021(b)(c)(d)      1,851,567 
     TOTAL REAL ESTATE LOANS (Cost $3,887,847)      4,176,758 
           
     WARRANTS — 0.5%     
 100   Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date,12/30/2021(a)(b)(c)(d)(e)    0 
 44   Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date,12/30/2022(a)(b)(c)(d)(e)    0 
 475   Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date,12/30/2021(a)(b)(c)(d)(e)    0 

 

See accompanying notes to Schedule of Investments.

 

5

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2020 (Unaudited)

 

 

Interests,
Shares,
Principal
Amount,
or Units

 
     

Fair Value

 
 
     WARRANTS (CONTINUED)     
 1,442   Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date,1/21/2028(a)(b)(c)(d)   $1,846 
 492,609   Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date,1/22/2028(a)(b)(c)(d)(e)    879,445 
     TOTAL WARRANTS (Cost $0)      881,291 
           
     SHORT-TERM INVESTMENTS — 3.2%     
 5,228,648   Fidelity Institutional Government Portfolio - Institutional Class, 0.01%(j)(k)      5,228,648 
     TOTAL SHORT-TERM INVESTMENTS (Cost $5,228,648)      5,228,648 
           
     TOTAL INVESTMENTS — 98.7% (Cost $132,023,178)      161,622,522 
     Other assets less liabilities — 1.3%      2,096,430 
     TOTAL NET ASSETS — 100.0%     $163,718,952 

 

Contracts

 
        
     WRITTEN OPTIONS CONTRACTS — (0.0)%     
     PUT OPTIONS — (0.0)%     
 (100)  Fidelity National Financial, Inc.
Exercise Price: $30, Notional Amount: $(300,000), Expiration Date: October 16, 2020(a)
  $(4,250)
 (35)  Encompass Health Corp.
Exercise Price: $60, Notional Amount: $(210,000), Expiration Date: October 16, 2020(a)
   (5,250)
 (5)  Ameriprise Financial, Inc.
Exercise Price: $135, Notional Amount: $(67,500), Expiration Date: October 16, 2020(a)
   (288)
 (50)  Restaurant Brands International, Inc.
Exercise Price: $50, Notional Amount: $(250,000), Expiration Date: October 16, 2020(a)
   (625)
 (50)  Ciena Corp.
Exercise Price: $38, Notional Amount: $(190,000), Expiration Date: October 16, 2020(a)
   (2,250)
 (15)  Visa, Inc.
Exercise Price: $185, Notional Amount: $(277,500), Expiration Date: October 16, 2020(a)
   (1,065)
 (20)  Jazz Pharmaceuticals PLC
Exercise Price: $125, Notional Amount: $(250,000), Expiration Date: October 16, 2020(a)
   (2,340)
 (60)  Citigroup, Inc.
Exercise Price: $45, Notional Amount: $(270,000), Expiration Date: October 23, 2020(a)
   (16,200)
 (5)  O’Reilly Automotive, Inc.
Exercise Price: $440, Notional Amount: $(220,000), Expiration Date: October 16, 2020(a)
   (1,545)
 (10)  Cigna Corp.
Exercise Price: $160, Notional Amount: $(160,000), Expiration Date: October 16, 2020(a)
   (1,250)
 (10)  Alibaba Group Holding, Ltd., ADR
Exercise Price: $245, Notional Amount: $(245,000), Expiration Date: October 16, 2020(a)
   (240)
         
     TOTAL WRITTEN OPTIONS CONTRACTS (Cost $(44,685))      (35,303)

 

ADR – American Depositary Receipt

 

See accompanying notes to Schedule of Investments.

 

6

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2020 (Unaudited)

 

  

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

REIT – Real Estate Investment Trusts

SLP – Special Limited Partnership

 

(a) Non-income Producing
(b) Illiquid Security. As of September 30, 2020 these securities amounted to $132,985,164 representing 81.23% of total net assets.
(c) Level 3 security in accordance with fair value hierarchy.
(d) Restricted Security. As of September 30, 2020 these securities amounted to $132,985,164 representing 81.23% of total net assets. Please refer to Investments in Restricted Securities, in the Notes to the Schedule of Investments.
(e) Denotes an investment in an affiliated entity. Please refer to Investments in Affiliated Issuers, in the Notes to the Schedule of Investments.
(f) Private Fund. As of September 30, 2020 these securities amounted to $36,765,795 representing 22.46% of total net assets.
(g) Private Investment Company. As of September 30, 2020 these securities amounted to $20,364,883 representing 12.44% of total net assets.
(h) Denotes a floating rate security. Floating rate securities are securities whose yields vary with a designated market index or market rate.
(i) Security is in default.
(j) Represents the current rate as of September 30, 2020.
(k) A portion of this security is pledged as collateral for written options contracts.

 

See accompanying notes to Schedule of Investments.

 

7

 

 

 

Wildermuth Endowment Fund

 

Notes to the Schedule of Investments

September 30, 2020 (Unaudited)

 

Investments in Restricted Securities - Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

 

Additional information on each restricted security held by the Fund on September 30, 2020 is as follows:

 

Security  Initial Acquisition Date  Interests, Shares, Principal Amount, or Units   Cost   Fair Value   % of Net Assets 
Abbott Secondary Opportunities LP  April 13, 2017   -   $878,338   $1,452,615    0.89%
Aetius Intermediate Company, LLC, LIBOR 1 Month + 9.66%, 12/20/2023  December 26, 2019   1,900,000    1,900,000    1,900,000    1.16%
Affinity Beverages, LLC  February 21, 2020   41,751    175,000    174,999    0.11%
Airport Center Development Partners, LLC, 12.00%, 9/10/2021  September 28, 2018   1,645,229    1,595,872    1,645,229    1.00%
Altegris Millennium Fund LP  December 20, 2018   -    1,000,000    1,215,858    0.74%
ARCTRUST, Inc.  June 30, 2016   95,075    932,653    1,224,541    0.75%
Atlas Fintech Holdings Corp. - Class A Share Interests  December 20, 2016   684    3,126,329    3,239,837    1.98%
Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021  December 20, 2016   100    -    -    0.00%
Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022  December 20, 2016   44    -    -    0.00%
Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021  December 23, 2019   475    -    -    0.00%
Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund  April 2, 2018   -    2,148,469    2,103,204    1.28%
Broadstone Net Lease, Inc.  September 12, 2019   94,117    2,000,000    1,579,283    0.96%
Brookwood SFL Investor Co-Investment Vehicle, LLC  November 3, 2017   -    947,495    1,548,531    0.96%
Carlyle Europe Realty Fund, S.C.Sp.  December 19, 2018   2,781,996    3,156,810    2,799,068    1.71%
Casillas Petroleum Resource Partners, LLC  October 11, 2016   953    952,711    381,085    0.23%
Clear Guide Medical, Inc. - Series A Preferred Stock  April 19, 2016   2,500    2,250,000    3,747,664    2.29%
Clear Guide Medical, Inc. - Series A-2 Preferred Stock  March 6, 2018   134,898    500,000    747,554    0.46%
Clear Guide Medical, Inc. - Series A-3 Preferred Stock  July 16, 2018   770,489    2,835,394    4,036,274    2.47%
Clearsense, LLC - Class C Preferred Shares  February 20, 2019   1,543,074    6,799,865    13,031,423    7.96%
CM Funding, LLC  December 14, 2018   1,876,034    1,876,034    856,643    0.52%
Committed Advisors Secondary Fund III  March 30, 2017   -    1,194,375    1,569,831    0.96%
Content Management Live, LLC  December 17, 2019   298,200    298,200    250,000    0.15%
Cottonwood Residential II, Inc.  June 12, 2019   157,812    2,817,188    3,378,755    2.06%
CRC Bond Opportunity Trading Fund LP  June 7, 2019   -    2,500,000    2,709,945    1.66%
Cygnus Property Fund V, LLC  October 30, 2018   -    1,798,405    2,002,631    1.22%
Dog Wood Park of Northeast Florida, LLC  March 21, 2017   439,716    382,000    415,969    0.25%
DSI Digital, LLC - Series A Convertible Preferred Units  November 29, 2017   4,711,751    6,950,000    14,450,300    8.83%
EJF Sidecar Fund, Series LLC - Small Financial Equities Series  October 25, 2017   -    977,661    754,920    0.46%
EJF Trust Preferred Fund LP  August 23, 2017   -    579,861    701,877    0.43%
EJF Trust Preferred Master Fund LP, 16.00%, 4/16/2022  April 16, 2020   264,412    264,412    264,412    0.16%
GigaPro, Inc. - Common Units  August 8, 2019   8,800,000    2,758,800    9,747,374    5.95%
GigaPro, Inc. - Series Seed-1 Preferred Units  August 5, 2020   309,150    458,001    429,019    0.26%
GigaPro, Inc. - Series Seed-2 Preferred Units  July 15, 2020   1,288,103    1,526,647    1,787,549    1.09%
GPB Automotive Portfolio LP  March 13, 2015   10    500,000    155,838    0.10%
Gravity Ranch Fund I LP  June 13, 2017   -    500,000    136,049    0.08%
Greenspring Opportunities V LP  January 18, 2018   -    572,000    690,431    0.42%
GT Operating Company, Inc.  July 3, 2018   1,741,602    1,663,230    1,741,602    1.06%
Harbert Seniors Housing Fund I LP  February 24, 2017   -    1,155,507    1,405,230    0.86%
Harbert Seniors Housing Fund II LP  September 10, 2019   -    942,168    800,820    0.49%
Hauiki Hui, LLC  January 4, 2017   400,000    382,000    172,015    0.11%
Highlands REIT, Inc.  April 28, 2016   136,771    34,827    49,238    0.03%
Inventrust Properties Corp.  March 2, 2015   153,283    332,875    481,308    0.29%
Kayne Anderson Energy Fund VII LP  September 12, 2016   -    1,873,600    593,990    0.36%
LaGrange Senior Living, LLC - Class A Interests  September 11, 2019   1,800,000    1,800,000    1,827,490    1.12%
Level ATI HoldCo, LLC - Class A  September 10, 2018   -    1,690,000    3,268,309    2.00%
Madryn Health Partners LP  September 28, 2018   -    1,998,611    2,125,974    1.30%
Metro Diner, LLC - Series B Units  November 16, 2017   3,500,000    2,276,542    2,617,790    1.60%
Metro Diner, LLC - Series II Common Units  November 16, 2017   1,880,968    1,223,458    1,534,279    0.94%
Park City (PCG), 12.00%, 1/1/2021  March 16, 2018   679,962    625,565    679,962    0.42%
PCG Select Series I, LLC - Series A Preferred Stock  June 23, 2016   -    543,448    255,536    0.16%
Phillips Edison Grocery Center  February 3, 2016   3,330    23,745    29,136    0.02%
PineBridge Secondary Partners IV SLP  September 19, 2017   -    1,139,683    1,180,819    0.72%
Polara Builder II, LLC  June 15, 2018   -    4,050,389    4,676,597    2.86%
PRISA III Fund LP  September 26, 2017   789    1,315,954    1,541,011    0.94%
Rosebrook Opportunities Fund LP  February 2, 2017   -    1,167,567    725,156    0.44%
RRA Credit Opportunity Fund LP  December 12, 2017   -    1,478,239    1,759,900    1.07%
RS17 Rexburg Preferred, LLC - Series A Preferred Interests  September 21, 2017   -    970,000    1,213,795    0.74%
Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028  February 6, 2018   1,442    -    1,846    0.00%
Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023  July 22, 2020   2,098,889    2,098,889    2,098,889    1.28%
Shopoff Land Fund III LP  April 28, 2015   56    40,203    33,053    0.02%
Star Mountain Diversified Credit Income Fund III LP  June 20, 2019   -    1,204,634    1,218,844    0.74%
Star Mountain Diversified Small Business Access Fund II LP  June 2, 2017   -    818,716    980,292    0.60%
Stonehill Strategic Hotel Credit Opportunity Fund II LP  July 18, 2016   702,851    702,850    1,034,212    0.63%
The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023  July 22, 2020   2,033,611    2,033,611    2,033,611    1.24%
Thunder Investment Partners, LLC  November 2, 2018   2,080,000    2,080,000    1,316,232    0.80%
Walton Street Real Estate Fund VIII LP  May 24, 2017   -    548,751    636,112    0.39%
Waratek Ltd. - Convertible Note, 12.00%, 4/9/2021  March 25, 2019   2,191,374    2,191,374    2,997,644    1.83%
Waratek, Ltd. - Series B-1  June 5, 2018   635,838    2,990,569    2,853,301    1.74%
Waratek, Ltd. - Series B-2  December 28, 2017   756,826    3,696,940    3,792,064    2.32%
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028  June 5, 2018   492,609    -    879,445    0.54%
Westgate at Powers, LLC, 12.00%, 6/20/2021  January 17, 2018   1,851,568    1,666,411    1,851,567    1.13%
WG Pitts Caribbean, LLC - Common Units  October 12, 2018   -    426,040    -    0.00%
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023  August 14, 2020   2,623,158    2,197,118    1,449,387    0.89%
           $106,536,034   $132,985,164      

 

 

 

 

Investments in Affiliated Issuers - An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain security shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of September 30, 2020 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

 

Security Description  Beginning balance January 1, 2020   Purchases or Conversions   Sales or Conversions   Change in securities meeting the definition of an affiliated investment   Change in Unrealized Appreciation (Depreciation)   Net Realized Gain (Loss)   Tax Basis or Return of Capital Adjustments   Ending Value September 30, 2020   Investment Income 
Atlas Fintech Holdings Corp. - Class A Share Interests  $1,272,000   $1,620,329   $-   $-   $347,508   $-   $-   $3,239,837   $- 
Atlas Fintech Holdings Corp. - Convertible Note, 8.00%, 6/20/2020   1,500,000    -    (1,500,000)   -    -    -    -    -    56,219 
Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021   87,955    -    -    -    (87,955)   -    -    -    - 
Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022   26,642    -    -    -    (26,642)   -    -    -    - 
Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021   1,091,788    -    -    -    (1,091,788)   -    -    -    - 
Brookwood SFL Investor Co-Investment Vehicle, LLC(1)   -    -    -    1,017,978    601,037    -    (70,484)   1,548,531    - 
Casillas Petroleum Resource Partners, LLC(2)   1,286,160    -    -    (952,711)   (333,449)   -    -    -    - 
Clear Guide Medical, Inc. - Series A Preferred Stock(3)   4,902,056    -    -    -    (1,154,392)   -    -    3,747,664    - 
Clear Guide Medical, Inc. - Series A-2 Preferred Stock(3)   955,816    -    -    -    (208,262)   -    -    747,554    - 
Clear Guide Medical, Inc. - Series A-3 Preferred Stock(3)   4,248,609    500,000    -    -    (712,335)   -    -    4,036,274    - 
Clearsense, LLC - Class C Preferred Shares   8,148,270    3,150,000    -    -    1,733,153    -    -    13,031,423    - 
CM Funding, LLC(3)   856,643    -    -    -    -    -    -    856,643    - 
Content Management Live, LLC(3)   250,000    48,200    -    -    (48,200)   -    -    250,000    - 
Cygnus Property Fund V, LLC(2)   1,752,097    -    -    (1,920,198)   168,101    -    -    -    - 
Dog Wood Park of Northeast Florida, LLC(4)   -    -    -    382,000    33,969    -    -    415,969    33,384 
DSI Digital, LLC
- Series A Convertible Preferred Units(3)
   13,191,310    1,950,000    -    -    (691,010)   -    -    14,450,300    - 
GigaPro, Inc. - Common Units(3)   7,615,550    -    -    -    2,131,824    -    -    9,747,374    - 
GigaPro, Inc. - Series Seed-1 Preferred Units (3)   -    458,000    -    -    (28,981)   -    -    429,019    - 
GigaPro, Inc. - Series Seed-2 Preferred Units (3)   -    1,526,647    -    -    260,902    -    -    1,787,549    - 
GigaPro, Inc. - Secured Note
- 8.00%, 8/7/2021
   884,450    556,000    (1,440,450)   -    -    -    -    -    52,369 
GT Operating Company, Inc.(1)(3)(4)   -    -    -    1,663,230    78,372    -    -    1,741,602    92,450 
Gravity Ranch Fund I LP   23,043    -    -    -    113,006    -    -    136,049    - 
Hauiki Hui, LLC(4)   230,672    -    -    -    (58,657)   -    -    172,015    19,211 
LaGrange Senior Living, LLC - Class A Interests(3)   1,800,000    -    -    -    27,490    -    -    1,827,490    227,827 
Level ATI HoldCo, LLC - Class A(3)   3,040,100    -    -    -    228,209    -    -    3,268,309    - 
Polara Builder II, LLC(3)   5,660,763    -    (1,067,990)   -    50,048    33,776    -    4,676,597    181,968 
RS17 Rexburg Preferred, LLC
- Series A Preferred Interests(3)
   1,434,299    -    -    -    (220,504)   -    -    1,213,795    - 
RRA Credit Opportunity Fund LP(2)   975,012    -    (769,882)   -    (205,130)   -    -    -    - 
Sequin, Inc. - Convertible Note, 8.00%, 6/28/2022   1,000,000    500,000    (1,500,000)   -    -    -    -    -    66,445 
Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023   -    2,098,889    -    -    -    -    -    2,098,889    34,049 
The Work Shop Limited T/A RIP Global - Convertible Note, 10.00%, 5/22/2022   500,000    -    (500,000)   -    -    -    -    -    28,056 
The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023   -    2,033,611    -    -    -    -    -    2,033,611    49,485 
Tides Capital Gamma LP   566,324    -    (832,682)   -    433,676    (167,318)   -    -    - 
Thunder Investment Partners, LLC(3)   1,438,189    -    -    -    (121,957)   -    -    1,316,232    - 
Waratek, Ltd. - Series B-1   3,149,601    -    -    -    (296,300)   -    -    2,853,301    - 
Waratek, Ltd. - Series B-2   3,817,736    -    -    -    (25,672)   -    -    3,792,064    - 
Waratek, Ltd. - Convertible Note, 12.00%, 4/9/2021   1,920,001    691,374    -    -    386,269    -    -    2,997,644    - 
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028   798,853    -    -    -    80,592    -    -    879,445    - 
WG Pitts Caribbean, LLC - Common Units(3)   -    -    -    -    -    -    -    -    - 
WG Pitts Caribbean, LLC - Promissory Note, 5.00%, 10/12/2020   1,815,745    -    (1,573,960)   -    (241,785)   -    -    -    141,513 
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023   -    2,197,118    -    -    (747,731)   -    -    1,449,387    42,258 
   $76,239,684   $17,330,168   $(9,184,964)  $190,299   $373,406   $(133,542)  $(70,484)  $84,744,567   $1,025,234 

 

(1)Security was held in the portfolio as of December 31, 2019 but did not meet the definition of an affiliated investment.
(2)Affiliated security as of December 31, 2019, but no longer meeting the criteria to be considered an affiliated investment for the period ended September 30, 2020. The inclusion in the table above is to provide the net change for affiliated securities as a whole. The security is held in the portfolio, see the Schedule of Investments for current value.
(3)Affliated investments for which ownership exceeds 25% of the Investment Fund's Capital.
(4)At December 31, 2019 this holding was considered a debt security but has since converted into a direct real estate interest.