UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-22888

Wildermuth Endowment Strategy Fund

(Exact name of Registrant as specified in charter)

11525 Park Woods Circle, Ste. 200

Alpharetta, GA 30005

(Address of principal executive offices) (Zip code)

Daniel Wildermuth

Wildermuth Advisory, LLC

11525 Park Woods Circle, Ste. 200

Alpharetta, GA 30005

 (Name and address of agent for service)

Registrant's telephone number, including area code: (678) 222-1100

Date of fiscal year end: December 31

Date of reporting period: September 30, 2016

FORM N-Q

Item 1. Schedule of Investments.

Wildermuth Endowment Strategy Fund

Schedule of Investments

September 30, 2016 (Unaudited)

Number of Shares			Value
		COMMON STOCKS – 27.3%
		ADVERTISING – 0.2%
	6,934	Havas SA	$	58,633
		AGRICULTURE – 0.6%
	1,233	Bunge, Ltd.		73,031
	997	Sipef SA		57,480
	1,448	Swedish Match AB		53,205
				183,716
		AIRLINES – 0.1%
	18,401	Qantas Airways, Ltd.		43,933
		AUTO MANUFACTURERS – 0.2%
	1,700	Suzuki Motor Corp.		56,406
		AUTO PARTS & EQUIPMENT – 0.8%
	206	Continental AG		43,328
	1,023	Cooper-Standard Holding, Inc.(a)		101,072
	17,562	SORL Auto Parts, Inc.(a)		66,736
	820	Tenneco, Inc.(a)		47,781
				258,917
		BANKS – 2.0%
	7,007	Bendigo & Adelaide Bank, Ltd.		57,748
	1,053	Capital One Financial Corp.		75,637
	2,093	Erste Group Bank AG(a)		62,016
	7,200	Huntington Bancshares, Inc.		70,992
	699	IBERIABANK Corp.		46,917
	789	JPMorgan Chase & Co.		52,540
	10,164	Mitsubishi UFJ Financial Group, Inc., ADR		51,328
	9,200	Oversea-Chinese Banking Corp., Ltd.		58,364
	2,180	Western Alliance Bancorp(a)		81,837
	4,310	Yamaguchi Financial Group, Inc.		45,669
				603,048
		BEVERAGES – 0.2%
	634	Heineken Holding NV		50,860
		BIOTECHNOLOGY – 0.4%
	287	China Biologic Products, Inc.(a)		35,726
	769	United Therapeutics Corp.(a)		90,803
				126,529
		BUILDING MATERIALS – 1.1%
	8,501	Asahi Glass Co., Ltd.		54,566
	5,300	Nihon Flush Co., Ltd.		61,026
	4,126	Owens Corning		220,287
				335,879

Wildermuth Endowment Strategy Fund

Schedule of Investments - Continued

September 30, 2016 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (CONTINUED)
		CHEMICALS – 0.3%
	1,117	Croda International PLC	$	50,554
	2,811	Teijin, Ltd.		54,066
				104,620
		COMMERCIAL SERVICES – 1.5%
	848	Groupe Crit		51,559
	1,818	Intrum Justitia AB		58,716
	5,246	McMillan Shakespeare, Ltd.		47,450
	4,821	Total System Services, Inc.		227,310
	1,174	United Rentals, Inc.(a)		92,147
				477,182
		COMPUTERS – 0.3%
	537	Ingenico Group SA		46,935
	305	International Business Machines Corp.		48,449
				95,384
		DISTRIBUTION/WHOLESALE – 0.3%
	2,619	H&E Equipment Services, Inc.		43,895
	6,217	Inchcape PLC		53,181
				97,076
		DIVERSIFIED FINANCIAL SERVICES – 0.6%
	4,898	Ally Financial, Inc.		95,364
	2,295	KCG Holdings, Inc., Class A(a)		35,642
	11,900	Mitsubishi UFJ Lease & Finance Co., Ltd.		54,056
				185,062
		ELECTRIC – 0.4%
	2,421	Brookfield Infrastructure Partners LP		83,864
	1,449	Huaneng Power International, Inc., ADR		36,384
				120,248
		ELECTRICAL COMPONENTS & EQUIPMENT – 0.2%
	1,098	OSRAM Licht AG		64,488
		ELECTRONICS – 0.1%
	10,528	AU Optronics Corp., ADR		38,427
		ENERGY-ALTERNATE SOURCES – 0.2%
	5,071	Innergex Renewable Energy, Inc.		56,486
		ENGINEERING & CONSTRUCTION – 0.4%
	1,966	Argan, Inc.		116,368
		ENTERTAINMENT – 0.2%
	1,300	Cinemark Holdings, Inc.		49,764
		FOOD – 0.6%
	2,422	Dean Foods Co.		39,721

Wildermuth Endowment Strategy Fund

Schedule of Investments - Continued

September 30, 2016 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (CONTINUED)
		FOOD (Continued)
	13,272	J Sainsbury PLC	$	42,378
	1,359	Tyson Foods, Inc., Class A		101,476
				183,575
		GAS – 0.2%
	1,932	Enagas SA		58,136
		HEALTHCARE-PRODUCTS – 0.4%
	4,194	Exactech, Inc.(a)		113,364
		HEALTHCARE-SERVICES – 0.6%
	784	Chemed Corp.		110,599
	2,038	HealthSouth Corp.		82,682
				193,281
		HOME FURNISHINGS – 0.2%
	5,829	Panasonic Corp.		57,677
		INSURANCE – 1.2%
	2,909	AmTrust Financial Services, Inc.		78,049
	7,764	State National Cos., Inc.		86,336
	233	Swiss Life Holding AG(a)		60,449
	523	Swiss Re AG		47,288
	431	Travelers Cos., Inc.		49,371
	1,278	Unum Group		45,126
				366,619
		INTERNET – 0.4%
	537	F5 Networks, Inc.(a)		66,932
	303	Iliad SA		63,610
				130,542
		LEISURE TIME – 0.5%
	2,729	Norwegian Cruise Line Holdings, Ltd.(a)		102,883
	2,996	TUI AG		42,711
				145,594
		LODGING – 0.1%
	600	Wyndham Worldwide Corp.		40,398
		MACHINERY-DIVERSIFIED – 0.5%
	428	Cummins, Inc.		54,848
	4,700	Eagle Industry Co., Ltd.		56,809
	1,726	Hollysys Automation Technologies, Ltd.		38,266
				149,923
		OIL & GAS – 0.9%
	7,555	Enerplus Corp.		48,427
	1,723	Murphy Oil Corp.		52,379
	1,730	Neste Oyj		73,765

Wildermuth Endowment Strategy Fund

Schedule of Investments - Continued

September 30, 2016 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (CONTINUED)
		OIL & GAS (Continued)
	1,201	Tesoro Corp.	$	95,552
				270,123
		OIL & GAS SERVICES – 0.6%
	24,238	Gulfmark Offshore, Inc., Class A(a)		40,720
	5,099	Subsea 7 SA(a)		54,739
	5,447	World Point Terminals LP		81,651
				177,110
		PHARMACEUTICALS – 2.0%
	3,400	Astellas Pharma, Inc.		52,831
	530	Bayer AG		53,268
	7,037	BTG PLC(a)		57,956
	2,426	Daiichi Sankyo Co., Ltd.		57,856
	278	Johnson & Johnson		32,840
	184	McKesson Corp.		30,682
	2,861	Mitsubishi Tanabe Pharma Corp.		60,884
	784	Novartis AG, ADR		61,905
	4,385	Omega Protein Corp.(a)		102,478
	735	USANA Health Sciences, Inc.(a)		101,687
				612,387
		PIPELINES – 2.5%
	5,200	Boardwalk Pipeline Partners LP		89,232
	1,306	Buckeye Partners LP		93,510
	2,495	DCP Midstream Partners LP		88,148
	6,540	Energy Transfer Equity LP		109,806
	2,437	Genesis Energy LP		92,533
	1,879	Kinder Morgan, Inc.		43,461
	1,813	Phillips 66 Partners LP		88,112
	1,896	Spectra Energy Partners LP		82,836
	1,655	TC PipeLines LP		94,385
				782,023
		RETAIL – 1.1%
	1,467	Asbury Automotive Group, Inc.(a)		81,668
	609	AutoNation, Inc.(a)		29,665
	2,190	Michaels Cos., Inc.(a)		52,932
	416	Pandora A/S		50,289
	611	Wal-Mart Stores, Inc.		44,065
	1,900	World Fuel Services Corp.		87,894
				346,513
		SEMICONDUCTORS – 1.9%
	377	Broadcom, Ltd.		65,040
	2,860	Cirrus Logic, Inc.(a)		152,009
	1,167	Lam Research Corp.		110,527
	809	NXP Semiconductors NV(a)		82,526
	775	Skyworks Solutions, Inc.		59,008

Wildermuth Endowment Strategy Fund

Schedule of Investments - Continued

September 30, 2016 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (CONTINUED)
		SEMICONDUCTORS (Continued)
	17,689	Telit Communications PLC	$	62,042
	943	Texas Instruments, Inc.		66,180
				597,332
		SOFTWARE – 1.4%
	1,810	Cerner Corp.(a)		111,768
	1,713	Changyou.com, Ltd., ADR(a)		46,679
	759	Check Point Software Technologies, Ltd.(a)		58,906
	681	Dassault Systemes		59,107
	938	Fiserv, Inc.(a)		93,303
	1,008	Open Text Corp.		65,379
				435,142
		TELECOMMUNICATIONS – 1.2%
	11,546	CenturyLink, Inc.		316,707
	1,081	Millicom International Cellular SA		56,148
				372,855
		TRANSPORTATION – 0.6%
	5,355	Ship Finance International, Ltd.		78,879
	15,426	Teekay Offshore Partners LP		97,492
				176,371
		TRUCKING & LEASING – 0.3%
	2,500	Greenbrier Cos., Inc.		88,250
		TOTAL COMMON STOCKS (Cost $8,001,823)		8,420,241
		EXCHANGE TRADED FUNDS – 14.8%
		ASSET ALLOCATION FUNDS – 0.6%
	4,296	SPDR Barclays Convertible Securities		199,163
		CLOSED-END FUNDS – 0.7%
	20,484	PIMCO High Income Fund		204,021
		DEBT FUNDS – 3.1%
	3,941	iShares Core U.S. Aggregate Bond		443,047
	1,294	iShares iBoxx $ Investment Grade Corporate Bond		159,395
	1,500	iShares JP Morgan USD Emerging Markets Bond		175,815
	5,835	PowerShares Emerging Markets Sovereign Debt Portfolio		178,726
				956,983
		EQUITY FUNDS – 10.4%
	4,172	iShares MSCI All Peru Capped		138,510
	4,326	iShares MSCI Chile Capped		159,586
	5,231	iShares MSCI India		153,844
	19,213	iShares MSCI Malaysia		155,817
	3,537	iShares MSCI Philippines		131,789

Wildermuth Endowment Strategy Fund

Schedule of Investments - Continued

September 30, 2016 (Unaudited)

Number of Shares			Value
		EXCHANGE TRADED FUNDS (CONTINUED)
		EQUITY FUNDS (Continued)
	8,418	iShares MSCI Poland Capped	$	153,376
	9,158	iShares MSCI Taiwan		143,781
	3,709	Market Vectors Vietnam		56,006
	55,977	Vanguard FTSE Emerging Markets		2,106,414
				3,199,123
		TOTAL EXCHANGE TRADED FUNDS (Cost $4,259,240)		4,559,290
		EXCHANGE TRADED NOTES – 2.3%
		SPECIALTY FUNDS – 2.3%
	19,000	iPATH S&P 500 VIX Mid-Term Futures(a)		718,390
		TOTAL EXCHANGE TRADED NOTES (Cost $732,682)		718,390
		ABSOLUTE RETURN INVESTMENTS – 4.5%
		MANAGED FUTURES – 4.5%
	900	Fort Global Offshore Fund, SPC(b)		900,000
	500,000	Dunn-WMA LP(b)		500,000
		TOTAL ABSOLUTE RETURN INVESTMENTS (Cost $1,400,000)		1,400,000
		COMMODITY & NATURAL RESOURCE INVESTMENTS – 4.4%
	1,354,825	Kayne Anderson Energy Fund VII(b)		1,354,825
		TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $1,354,825)		1,354,825
		HEDGE FUNDS – 4.6%
	700,000	Direct Lending Income Fund LP(b)		718,179
	700,000	PHI Single Index Option Fund LP(b)		704,876
		TOTAL HEDGE FUNDS (Cost $1,400,000)		1,423,055
		PRIVATE EQUITY – 12.8%
	2,500	Clear Guide Medical, Inc.(b)(c)		2,927,954
	10	GPB Automotive Portfolio LP(b)		500,695
	153,276	Tout, Inc. - Series C Preferred Stock(b)		500,000
		TOTAL PRIVATE EQUITY (Cost $3,500,000)		3,928,649
		PUBLIC NON-TRADED BUSINESS DEVELOPMENT COMPANIES – 4.1%
	23,217	CION Investment Corp.(b)		208,723
	22,462	Corporate Capital Trust, Inc.(b)		197,887
	95,638	Franklin Square Energy & Power Fund(b)		710,108

Wildermuth Endowment Strategy Fund

Schedule of Investments - Continued

September 30, 2016 (Unaudited)

Number of Shares			Value
		PUBLIC NON-TRADED BUSINESS DEVELOPMENT COMPANIES (CONTINUED)
	18,605	HMS Income Fund, Inc.(b)	$	147,349
		TOTAL PUBLIC NON-TRADED BUSINESS DEVELOPMENT COMPANIES (Cost $1,225,300)		1,264,067
		PRIVATE REAL ESTATE INVESTMENTS – 13.4%
	95,075	ARC Property Trust, Inc.(b)		1,278,763
	89,790	Cottonwood Residential, Inc.(b)		1,481,535
	800	PCG Select Series I LLC - Series A Preferred Stock(b)		800,097
	56	Shopoff Land Fund III LP(b)		50,680
	500,000	Stonehill Strategic Hotel Credit Opportunity Fund II LP(b)		500,000
		TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $3,896,363)		4,111,075
		PUBLIC REAL ESTATE INVESTMENTS – 6.7%
		PUBLIC NON-TRADED REAL ESTATE INVESTMENT TRUSTS – 6.2%
	111,521	Behringer Harvard Opportunity(b)		399,245
	135,025	CNL Lifestyle Properties(b)		411,827
	18,060	Dividend Capital Diversified(b)		135,093
	136,771	Highlands REIT, Inc.(b)		49,238
	153,283	Inventrust Properties Corp.(b)		481,308
	102,130	KBS REIT II, Inc.(b)		402,394
	3,330	Phillips Edison Grocery Center(b)		33,964
				1,913,069
		PUBLIC NON-TRADED REAL ESTATE LIMITED PARTNERSHIP – 0.1%
	1,725	Uniprop Manufactured Housing Communities Income Fund II(b)		21,287
		PUBLICLY TRADED REAL ESTATE INVESTMENT TRUSTS – 0.4%
	964	Befimmo SA		58,254
	4,037	Tier REIT, Inc.		62,331
				120,585
		TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $1,646,662)		2,054,941
		SHORT-TERM INVESTMENTS – 3.9%
	1,191,821	Fidelity Institutional Government Portfolio - Institutional Class, 0.31%(d)		1,191,821
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,191,821)		1,191,821
		TOTAL INVESTMENTS – 98.8% (Cost $28,608,716)		30,426,354
		Other assets less liabilities – 1.2%		362,044
		TOTAL NET ASSETS –100.0%	$	30,788,398

ADR – American Depositary Receipt

LP – Limited Partnership

Wildermuth Endowment Strategy Fund

Schedule of Investments - Continued

September 30, 2016 (Unaudited)

PLC – Public Limited Company

REIT – Real Estate Investment Trust

SPC – Segregated Portfolio Company

^(a) Non-income Producing

^(b) Illiquid Security. Total illiquid securities represent 50.07% of net assets as of September 30, 2016.

^(c) Denotes an investment in an affiliated entity. Please refer to the Notes to Schedule of Investments, subsection Investments in Affiliated Issuers.

^(d) Represents the current rate as of September 30, 2016.

See accompanying Notes to Schedule of Investments.

Notes to Schedule of Investments September 30, 2016 (Unaudited)

Organization - Wildermuth Endowment Strategy 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 will operate as an interval fund that will offer to make quarterly repurchases of shares at the Fund’s net asset value (“NAV”). The Fund currently offers two different classes of shares: Class A and Class C shares. In addition, the Fund has registered Class I shares, which are not currently offered.

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-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.

Investments in privately placed 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.

Investment Funds that are Private Funds and Non-Traded REITs (“Non-Traded Funds”) will be difficult to value, particularly to the extent that their underlying investments are not publicly traded. 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 premium or discount.

There is no single standard for determining fair value of a security. Rather, the Fair Value Committee’s fair value calculations will involve significant professional judgment in the application of both observable and unobservable attributes. In determining the fair value of a security for which there are no readily available market quotations, the Fair Value Committee, acting under the Valuation Committee and ultimately the Board’s supervision and pursuant to policies implemented by the Board, may consider several factors, including, but not limited to: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the portfolio manager of the Fund with respect to the valuation of the security; (v) whether the same or similar securities are held by other accounts managed by the Adviser and the method used to price the security in those accounts; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Fund; and (vii) the liquidity or illiquidity of the market for the security. Based on its review of all relevant information, the Fair Value Committee may conclude in certain circumstances that the information provided by the asset manager and/or issuer of a Non-Traded Fund does not represent the fair value of the Fund’s investment in such security.

Because any Corporate Subsidiary through which the Fund invests in private equity investments or private oil and gas funds is treated as a regular taxable corporation, for U.S. federal income tax purposes any Corporate Subsidiary will incur tax expenses. Any Corporate Subsidiary used by the Fund will accrue, in accordance with generally accepted accounting principles, a deferred income tax liability balance at the currently effective maximum statutory U.S. federal income tax rate (currently 35%) plus an assumed state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received on equity securities considered to be return of capital. In calculating its Daily NAV, the Fund will, among other things, account for any Corporate Subsidiary’s deferred tax liability and/or asset balances. Any deferred tax liability balance of any Corporate Subsidiary used by the Fund will reduce the Fund’s NAV.

Generally accepted accounting principles in the United States of America ("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.

• 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.

In May 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Unit (or Its Equivalent), modifying ASC 820. ASU 2015-07 became effective for interim and annual reporting periods beginning after December 15, 2015, and as such, the period ended September 30, 2016 is the first period for which the Fund is subject to the update. Under the modifications, certain investments valued at net asset value are no longer included in the fair value hierarchy. The value of these investments is $3,377,014 and are excluded from the fair value hierarchy as of September 30, 2016.

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 September 30, 2016:

				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
Common Stock*	$	-		$	8,420,241	$	-	$	-	$	8,420,241
Exchange Traded Funds*		-			4,559,290		-		-		4,559,290
Exchange Traded Notes*		-			718,390		-		-		718,390
Absolute Return Investments*		1,400,000	(1)(4)(5)		-		-		-		1,400,000
Commodity & Natural Resource Investments		-			-		-		1,354,825		1,354,825
Hedge Funds		1,423,055	(2)(4)(5)		-		-		-		1,423,055
Private Equity		-			-		-		3,928,649		3,928,649
Public Non-Traded Business Development Companies		553,959	(3)(4)(5)		-		-		710,108		1,264,067
Private Real Estate Investments		-			-		-		4,111,075		4,111,075
Public Real Estate Investments*		-			120,585		-		1,934,356		2,054,941
Short Term Investments		-			1,191,821		-				1,191,821
Total	$	3,377,014		$	15,010,327	$	-	$	12,039,013	$	30,426,354

* 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 the this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the schedule of investments.

(1)	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	Fort Global Offshore Fund, SPC	Weekly	5 days	Capital Gains	Managed Futures - Diversified	None
	Dunn-WMA LP	Monthly	10 days	Capital Gains	Managed Futures	None
(2)	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	PHI Single Index Option Fund LP	Monthly	90 days	LT Capital Appreciation	Sell options on market indexes with a downward bias hedge	None
	Direct Lending Income Fund LP	Quarterly	35 days	Current Income	Buying existing small business loans	None
(3)	Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
	CION Investment Corp.	Quarterly	45 days	Current Income	Middle market private business loans	None
	Corporate Capital Trust, Inc.	Quarterly	45 days	Current Income	Middle market private business loans	None
	HMS Income Fund, Inc.	Quarterly	45 days	Current Income	Middle market private business loans	None

(4) 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.

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

For the period ended September 30, 2016, there were no transfers in and out of Level 1, Level 2 and Level 3. It is the Fund’s policy to recognize transfers into and out of all Levels at the end of the reporting period.

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

	Beginning balance January 1, 2016		Transfers into Level 3 during the period		Transfers out of Level 3 during the period		Purchases		(Sales)			Net realized gain		Prior Year Tax Adjustment		Change in net unrealized gain		Ending balance September 30, 2016
Wildermuth Endowment Strategy Fund
Commodity & Natural Resource Investments	$	-	$	-	$	-	$	1,354,825	$	-		$	-	$	-	$	-	$	1,354,825
Private Equity		500,000		-		-		3,000,000		-			-		-		428,649		3,928,649
Public Non-Traded Business Development Companies		-		-		-		645,280		-			-		-		64,828		710,108
Private Real Estate Investments		580,712		-		-		3,355,387		-			-		-		174,976		4,111,075
Public Real Estate Investments		1,609,645						308,291		(8,150	)		2,181				22,389		1,934,356
	$	2,690,357	$	-	$	-	$	8,663,783	$	(8,150	)	$	2,181	$	-	$	690,842	$	12,039,013

The following is a summary of quantitative information about the significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of September 30, 2016:

Type of Level 3 Investment	Fair Value as of September 30, 2016		Valuation Technique	Unobservable Inputs
Commodity & Natural Resource Investments	$	1,354,825	Private Transaction Cost	Not Applicable*
Private Equity	$	3,928,649	Private Transaction Cost	Not Applicable*
Public Non- Traded Business Development Companies	$	710,108	Current Value Method**	Not Applicable*
Private Real Estate Investments	$	4,111,075	Private Transaction Cost	Not Applicable*
Public Real Estate Investments	$	1,934,356	Current Value Method**	Not Applicable*

* Financial information is not prepared in accordance with GAAP or ASC Topic 946

** The Current Value Method, also referred to as the “Waterfall Method,” is based on allocating the Enterprise Value (individual assets net of liabilities) across the various classes of securities, in conformance with liquidation preferences and conversion values.

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, 2016 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	Value Beginning of Period		Purchases		Sales Proceeds		Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Value End of Period		Dividends Credited to Income
Clear Guide Medical, Inc.	$	-	$	2,500,000	$	-	$	427,954	$	-	$	2,927,954	$	-

Federal Income Tax Information

At December 31, 2015, gross unrealized appreciation/depreciation of investments based on cost for federal income tax purposes were as follows:

Cost of investments	$	14,509,784
Gross unrealized appreciation	$	618,801
Gross unrealized depreciation		(625,525	)
Net unrealized depreciation on investments	$	(6,724	)

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

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

Exhibit No. Description of Exhibit

99.1 Certification of Principal Executive Officer

99.2 Certification of Principal Financial Officer

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 Strategy Fund
By:	/s/ Daniel Wildermuth
Daniel Wildermuth
Trustee, Chairman of the Board, President and Chief Executive Officer
Date:	November 21, 2016

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)
Date:	November 21, 2016

/s/ Gerard Scarpati
By: Gerard Scarpati
Treasurer and Chief Financial Officer
(Principal Financial Officer)
Date:	November 21, 2016

EXHIBIT INDEX

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)