Notes to Schedule of Investments March 31, 2017 (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 has three classes of shares registered: Class A, Class C, and Class I.

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.

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 valuations 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 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.

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 March 31, 2017:

				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*	$	-		$	12,625,670	$	-	$	-	$	12,625,670
Exchange Traded Funds*		-			8,103,549		-		-		8,103,549
Absolute Return Investments		1,309,229	^(1)(7)(8)		-		-		-		1,309,229
Commodity & Natural Resource Investments		1,544,798	^(2)(7)(8)		-		-		856,834		2,401,632
Hedge Funds		2,710,745	^(3)(7)(8)		-		-		-		2,710,745
Private Equity		-			-		-		6,004,656		6,004,656
Public Non-Traded Business Development Companies		211,973	^(4)(7)(8)		-		-		736,409		948,382
Private Real Estate Investments		1,874,710	^(5)(7)(8)		-		-		4,110,646		5,985,356
Public Real Estate Investments*		-			-		-		1,467,454		1,467,454
Real Estate Loans		1,200,000	⁽⁶⁾⁽⁸⁾		-		-		-		1,200,000
Short Term Investments		-			2,346,295		-		-		2,346,295
Total	$	8,851,455		$	23,075,514	$	-	$	13,175,999	$	45,102,968

*	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.

(1) Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
Dunn-WMA LP	Monthly	10 days	Capital Gains	Managed Futures	None
Fort Global Offshore Fund, SPC	Weekly	5 days	Capital Gains	Managed Futures - Diversified	None

(2) Security	Withdrawals Permitted		Redemption Notice Period		Investment Objective		Investment Strategy		Lock Up Period
Kayne Anderson Energy Fund VII	Not Applicable		Not Applicable		Capital Gains		Purchase oil and gas companies; extraction and production companies.		None

(3) Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
Direct Lending Income Fund LP	Quarterly	35 days	Current Income	Buying existing small business loans	None
Rosebrook Opportunities Fund LP	Quarterly	Not Applicable	Capital Appreciation	Buying distressed hedge fund assets	None

(4) 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

(5) Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
Harbert Seniors Housing Fund I LP	Quarterly	Not Applicable	Income and Capital Appreciation	Real Estate	None
PCG Select Series I LLC - Series A Preferred Stock	Until Maturity	Not Applicable	Income	Real Estate Loans	None

(6) Security	Withdrawals Permitted	Redemption Notice Period	Investment Objective	Investment Strategy	Lock Up Period
Airport Center Development Partners, LLC	Not Applicable	Not Applicable	Income	Real Estate Loans	None
Dog Wood Park of Northeast Florida, LLC	Not Applicable	Not Applicable	Income	Real Estate Loans	None
Hauiki Hui, LLC	Not Applicable	Not Applicable	Income	Real Estate Loans	None

(7) 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.

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

For the period ended March 31, 2017, there were no transfers in and out of Level 1 and Level 2 or into Level 3. 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. 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, 2017		Transfers into Level 3 during the period		Transfers out of Level 3 during the period			Purchases		(Sales)		Net realized gain		Return of Capital			Tax Basis Adjustments		Change in net unrealized gain			Ending balance March 31, 2017
Wildermuth Endowment Strategy Fund
Commodity & Natural Resource Investments	$	856,834	$	-	$	-		$	-	$	-	$	-	$	-		$	-	$	-		$	856,834
Private Equity		5,089,793		-		-			566,658		-		-		-			-		348,205			6,004,656
Public Non-Traded Business Development Companies		718,716		-		-			-		-		-		-			-		17,693			736,409
Private Real Estate Investments		4,953,388		-		(816,359	)		-		-		-		-			-		(26,383	)		4,110,646
Public Real Estate Investments		1,776,721		-		-			-		-		-		(102,131	)		-		(207,136	)		1,467,454
	$	13,395,452	$	-	$	(816,359	)	$	566,658	$	-	$	-	$	(102,131	)	$	-	$	132,379		$	13,175,999

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 March 31, 2017:

Type of Level 3 Investment	Fair Value as of March 31, 2017		Valuation Technique	Unobservable Inputs
Commodity & Natural Resource Investments	$	856,834	Private Transaction Cost	Not Applicable*
Private Equity	$	6,004,656	Private Transaction Cost, Option Pricing Method**	Not Applicable*
Public Non- Traded Business Development Companies	$	736,409	Current Value Method***	Not Applicable*
Private Real Estate Investments	$	4,110,646	Private Transaction Cost	Not Applicable*
Public Real Estate Investments	$	1,467,454	Current Value Method***	Not Applicable*

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

Relies on financial option theory to allocate value amoung difference classes of members' equity based upon a future option "claim" on value. Under this method, the values of the various classes of stock are estimated as the net value of a series of call options, representing the present value of the expected future returns to the shareholders.

***	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 March 31, 2017 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.	$	2,989,100	$	-	$	-	$	-	$	-	$	2,989,100	$	-
Rosebrook Opportunities Fund LP		-		1,020,000		-		-		-		1,020,000		-
	$	2,989,100	$	1,020,000	$	-	$	-	$	-	$	4,009,100	$	-

Shares or Principal Amount			Value

		COMMON STOCKS– 27.6%
		ADVERTISING– 0.1%
	6,934	Havas SA	$	61,924

		AGRICULTURE– 0.7%
	2,309	Bunge, Ltd.		183,011
	997	Sipef SA		67,540
	1,448	Swedish Match AB		47,276
				297,827
		AIRLINES– 0.1%
	18,401	Qantas Airways, Ltd.		54,604

		AUTO MANUFACTURERS– 0.3%
	4,800	Nissan Motor Co., Ltd.		46,243
	1,700	Suzuki Motor Corp.		70,514
				116,757
		AUTO PARTS & EQUIPMENT– 0.6%
	2,600	American Axle & Manufacturing Holdings, Inc.^(a)		48,828
	27,862	SORL Auto Parts, Inc.^(a)		107,547
	1,701	Tenneco, Inc.		106,177
				262,552
		BANKS– 1.6%
	2,018	Bank of the Ozarks, Inc.		104,956
	7,007	Bendigo & Adelaide Bank, Ltd.		64,891
	1,218	Capital One Financial Corp.		105,552
	6,000	Chiba Bank, Ltd.		38,499
	2,093	Erste Group Bank AG		68,330
	1,036	JPMorgan Chase & Co.		91,002
	10,164	Mitsubishi UFJ Financial Group, Inc., ADR		64,440
	9,200	Oversea-Chinese Banking Corp., Ltd.		63,998
	1,300	Sumitomo Mitsui Trust Holdings, Inc.		45,033
	1,586	Wells Fargo & Co.		88,277
				734,978
		BEVERAGES– 0.1%
	634	Heineken Holding NV		50,564

		BIOTECHNOLOGY– 0.5%
	1,152	China Biologic Products, Inc.^(a)		115,350
	769	United Therapeutics Corp.^(a)		104,107
				219,457
		BUILDING MATERIALS– 0.9%
	8,501	Asahi Glass Co., Ltd.		68,814
	5,300	Nihon Flush Co., Ltd.		66,589
	4,126	Owens Corning		253,212
				388,615

Shares or Principal Amount			Value

		COMMON STOCKS (CONTINUED)
		CHEMICALS– 0.3%
	1,117	Croda International PLC	$	49,781
	275	LyondellBasell Industries NV, Class A		25,077
	2,810	Teijin, Ltd.		52,932
				127,790
		COMMERCIAL SERVICES– 1.0%
	848	Groupe Crit		66,099
	1,818	Intrum Justitia AB		68,111
	5,246	McMillan Shakespeare, Ltd.		52,904
	884	S&P Global, Inc.		115,574
	1,294	United Rentals, Inc.^(a)		161,815
				464,503
		COMPUTERS– 0.3%
	537	Ingenico Group SA		50,805
	622	International Business Machines Corp.		108,315
				159,120
		DISTRIBUTION/WHOLESALE– 0.1%
	6,217	Inchcape PLC		65,420

		DIVERSIFIED FINANCIAL SERVICES– 0.6%
	5,700	Ally Financial, Inc.		115,881
	7,840	Enova International, Inc.^(a)		116,424
	11,900	Mitsubishi UFJ Lease & Finance Co., Ltd.		59,270
				291,575
		ELECTRIC– 0.5%
	2,800	Brookfield Renewable Partners LP		83,244
	4,773	Huaneng Power International, Inc., ADR		127,105
				210,349
		ELECTRICAL COMPONENTS & EQUIPMENT– 0.2%
	1,098	OSRAM Licht AG		68,992

		ELECTRONICS– 0.6%
	33,176	AU Optronics Corp., ADR		126,732
	16,700	Japan Display, Inc.^(a)		38,966
	4,000	Orbotech, Ltd.^(a)		129,000
				294,698
		ENERGY-ALTERNATE SOURCES– 0.1%
	5,071	Innergex Renewable Energy, Inc.		54,372

		ENGINEERING & CONSTRUCTION– 0.3%
	2,176	Argan, Inc.		143,942

		ENTERTAINMENT– 0.2%
	2,328	Cinemark Holdings, Inc.		103,224

Shares or Principal Amount			Value

		COMMON STOCKS (CONTINUED)
		FOOD– 0.9%
	13,140	Darling Ingredients, Inc.^(a)	$	190,793
	425	Fresh Del Monte Produce, Inc.		25,173
	3,967	Hain Celestial Group, Inc.^(a)		147,572
	13,272	J Sainsbury PLC		43,864
	1,050	Performance Food Group Co.^(a)		24,990
				432,392
		FOREST PRODUCTS & PAPER– 0.1%
	2,200	Mercer International, Inc.		25,740

		GAS– 0.2%
	1,932	Enagas SA		50,315
	510	UGI Corp.		25,194
				75,509
		HEALTHCARE-PRODUCTS– 0.2%
	4,194	Exactech, Inc.^(a)		105,689

		HEALTHCARE-SERVICES– 1.0%
	874	Chemed Corp.		159,671
	7,157	HealthSouth Corp.		306,391
				466,062
		HOME FURNISHINGS– 0.1%
	5,829	Panasonic Corp.		65,807

		INSURANCE– 0.8%
	9,840	State National Cos., Inc.		141,696
	233	Swiss Life Holding AG^(a)		75,230
	523	Swiss Re AG		46,997
	2,117	Unum Group		99,266
				363,189
		INTERNET– 0.2%
	303	Iliad SA		67,940

		LEISURE TIME– 0.3%
	3,044	Norwegian Cruise Line Holdings, Ltd.^(a)		154,422

		LODGING– 0.6%
	1,650	Marriott International, Inc., Class A		155,397
	12,000	Rezidor Hotel Group AB		45,966
	1,119	Wyndham Worldwide Corp.		94,321
				295,684
		MACHINERY-DIVERSIFIED– 1.0%
	648	Cummins, Inc.		97,978
	225	Deere & Co.		24,494
	4,700	Eagle Industry Co., Ltd.		63,732

Shares or Principal Amount			Value

		COMMON STOCKS (CONTINUED)
		MACHINERY-DIVERSIFIED (Continued)
	5,424	Hollysys Automation Technologies, Ltd.	$	91,828
	2,000	Zebra Technologies Corp., Class A^(a)		182,500
				460,532
		MINING– 0.2%
	3,100	Coeur Mining, Inc.^(a)		25,048
	310	Kaiser Aluminum Corp.		24,769
	8,850	Yamana Gold, Inc.		24,426
				74,243
		OIL & GAS– 1.4%
	1,180	CVR Energy, Inc.		23,694
	23,053	EP Energy Corp., Class A^(a)		109,502
	1,595	Marathon Oil Corp.		25,201
	2,529	Murphy Oil Corp.		72,304
	1,730	Neste Oyj		67,646
	9,650	Rowan Cos. Plc, Class A^(a)		150,347
	1,614	Tesoro Corp.		130,831
	1,110	Unit Corp.^(a)		26,818
	645	Valero Energy Corp.		42,757
				649,100
		OIL & GAS SERVICES– 0.4%
	5,099	Subsea 7 SA^(a)		78,840
	5,447	World Point Terminals LP		88,622
				167,462
		PHARMACEUTICALS– 1.5%
	3,400	Astellas Pharma, Inc.		44,731
	530	Bayer AG		61,248
	7,037	BTG PLC^(a)		51,609
	2,426	Daiichi Sankyo Co., Ltd.		54,581
	920	Johnson & Johnson		114,586
	2,861	Mitsubishi Tanabe Pharma Corp.		59,515
	784	Novartis AG, ADR		58,228
	2,809	Novo Nordisk A/S, ADR		96,293
	6,530	Omega Protein Corp.		130,926
				671,717
		PIPELINES– 2.0%
	5,200	Boardwalk Pipeline Partners LP		95,212
	1,306	Buckeye Partners LP		89,539
	2,495	DCP Midstream LP		97,879
	6,540	Energy Transfer Equity LP		129,034
	910	Enterprise Products Partners LP		25,125
	2,437	Genesis Energy LP		79,007
	3,540	Kinder Morgan, Inc.		76,960
	1,813	Phillips 66 Partners LP		93,098
	1,896	Spectra Energy Partners LP		82,779

Shares or Principal Amount			Value

		COMMON STOCKS (CONTINUED)
		PIPELINES (Continued)
	2,065	TC PipeLines LP	$	123,198
				891,831
		RETAIL– 1.0%
	1,687	Asbury Automotive Group, Inc.^(a)		101,389
	850	CVS Health Corp.		66,725
	4,242	Michaels Cos., Inc.^(a)		94,979
	1,300	MTY Food Group, Inc.		48,639
	1,202	Target Corp.		66,338
	1,312	Wal-Mart Stores, Inc.		94,569
				472,639
		SAVINGS & LOANS– 0.5%
	10,102	Banc of California, Inc.		209,111

		SEMICONDUCTORS– 2.2%
	501	Broadcom, Ltd.		109,699
	3,131	Cirrus Logic, Inc.^(a)		190,020
	2,940	Intel Corp.		106,046
	1,513	Lam Research Corp.		194,209
	809	NXP Semiconductors NV^(a)		83,732
	1,473	Skyworks Solutions, Inc.		144,325
	17,689	Telit Communications PLC		77,584
	1,424	Texas Instruments, Inc.		114,717
				1,020,332
		SOFTWARE– 1.5%
	2,280	Cerner Corp.^(a)		134,178
	5,671	Changyou.com, Ltd., ADR^(a)		159,015
	759	Check Point Software Technologies, Ltd.^(a)		77,919
	681	Dassault Systemes		59,098
	1,540	Fiserv, Inc.^(a)		177,577
	3,057	Synchronoss Technologies, Inc.^(a)		74,591
				682,378
		TELECOMMUNICATIONS– 1.3%
	23,007	CenturyLink, Inc.		542,275
	1,081	Millicom International Cellular SA		60,501
				602,776
		TRANSPORTATION– 0.6%
	2,050	Golar LNG Partners LP		45,797
	8,490	Ship Finance International, Ltd.		124,803
	1,480	Teekay LNG Partners LP		25,974
	15,426	Teekay Offshore Partners LP		78,210
				274,784
		TRUCKING & LEASING– 0.5%
	5,222	Greenbrier Cos., Inc.		225,068

Shares or Principal Amount			Value

		HEDGE FUNDS (CONTINUED)
	1,020,000	Rosebrook Opportunities Fund LP^(b)(c)	$	1,020,000

		TOTAL HEDGE FUNDS (Cost $2,645,000)		2,710,745

		PRIVATE EQUITY– 13.2%
	100	Atlas Fintech Holdings Corp.^(b)		1,000,000
	2,500	Clear Guide Medical, Inc.^(b)		2,989,100
	62,000	Committed Advisors Secondary Fund III^(b)		66,679
	10	GPB Automotive Portfolio LP^(b)		500,696
	337,207	Tout, Inc. - Series C Preferred Stock^(b)		1,448,181

		TOTAL PRIVATE EQUITY (Cost $4,921,731)		6,004,656

		PUBLIC NON-TRADED BUSINESS DEVELOPMENT COMPANIES– 2.1%
	23,217	CION Investment Corp.^(b)		211,973
	95,638	Franklin Square Energy & Power Fund^(b)		736,409

		TOTAL PUBLIC NON-TRADED BUSINESS DEVELOPMENT COMPANIES (Cost $853,848)		948,382

		PRIVATE REAL ESTATE INVESTMENTS– 13.1%
	95,075	ARCTRUST, Inc.^(b)		1,348,167
	101,470	Cottonwood Residential, Inc.^(b)		1,711,799
	1,000,000	Harbert Seniors Housing Fund I LP^(b)		1,067,401
	800	PCG Select Series I LLC - Series A Preferred Stock^(b)		807,309
	56	Shopoff Land Fund III LP^(b)		50,680
	1,000,000	Stonehill Strategic Hotel Credit Opportunity Fund II LP^(b)		1,000,000

		TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $5,577,206)		5,985,356

		PUBLIC REAL ESTATE INVESTMENTS– 3.2%
		PUBLIC NON-TRADED REAL ESTATE INVESTMENT TRUSTS– 3.2%
	111,521	Behringer Harvard Opportunity^(b)		209,660
	135,025	CNL Lifestyle Properties^(b)		283,553
	18,060	Dividend Capital Diversified^(b)		135,815
	136,771	Highlands REIT, Inc.^(b)		47,870
	153,283	Inventrust Properties Corp.^(b)		481,308
	102,130	KBS REIT II, Inc.^(b)		252,773
	3,330	Phillips Edison Grocery Center^(b)		33,964
				1,444,943
		PUBLIC NON-TRADED REAL ESTATE LIMITED PARTNERSHIP– 0.0%
	1,725	Uniprop Manufactured Housing Communities Income Fund II^(b)		22,511

		TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $1,312,129)		1,467,454

Shares or Principal Amount			Value

		REAL ESTATE LOANS– 2.6%
$	400,000	Airport Center Development Partners, LLC 9.500%, 9/17/2018^(b)	$	400,000
	400,000	Dog Wood Park of Northeast Florida, LLC 9.500%, 3/21/2018^(b)		400,000
	400,000	Hauiki Hui, LLC 9.500%, 1/1/2018^(b)		400,000

		TOTAL REAL ESTATE LOANS (Cost $1,182,000)		1,200,000

		SHORT-TERM INVESTMENTS– 5.1%
	2,346,295	Fidelity Institutional Government Portfolio - Institutional Class, 0.60%^(d)		2,346,295

		TOTAL SHORT-TERM INVESTMENTS (Cost $2,346,295)		2,346,295

		TOTAL INVESTMENTS – 98.7% (Cost $41,643,070)		45,102,968
		Other assets less liabilities – 1.3%		574,363

		TOTAL NET ASSETS –100.0%	$	45,677,331

Cost of investments	$	33,164,338

Gross unrealized appreciation	$	3,454,348
Gross unrealized depreciation		(696,005	)

Net unrealized depreciation on investments	$	2,758,343

Wildermuth Endowment Strategy Fund

By:	/s/ Daniel Wildermuth
	Daniel Wildermuth
	Trustee, Chairman of the Board, President and Chief Executive Officer

Date:	May 26, 2017

By:	/s/ Gerard Scarpati
	Gerard Scarpati
	Treasurer and Chief Financial Officer
	(Principal Financial Officer)

Date:	May 25, 2017

Shares or Principal Amount			Value

		COMMON STOCKS (CONTINUED)
		TOTAL COMMON STOCKS (Cost $11,570,783)	$	12,625,670

		EXCHANGE TRADED FUNDS– 17.7%
		CLOSED-END FUNDS– 0.4%
	20,484	PIMCO High Income Fund		178,211

		DEBT FUNDS– 2.2%
	5,031	iShares Core U.S. Aggregate Bond		545,813
	1,294	iShares iBoxx $Investment Grade Corporate Bond		152,576
	1,500	iShares JP Morgan USD Emerging Markets Bond		170,550
	5,835	PowerShares Emerging Markets Sovereign Debt Portfolio		169,565
				1,038,504
		EQUITY FUNDS– 15.1%
	44,500	Global X MSCI Colombia		422,305
	17,229	iShares MSCI All Peru Capped		587,164
	15,697	iShares MSCI Brazil Capped		588,009
	14,838	iShares MSCI Chile Capped		646,343
	6,695	iShares MSCI EAFE		417,031
	19,890	iShares MSCI India		626,237
	16,632	iShares MSCI Philippines		568,149
	29,746	iShares MSCI Poland Capped		641,919
	21,616	iShares MSCI Taiwan		718,300
	7,728	iShares MSCI Thailand Capped		602,707
	28,642	VanEck Vectors Russia		592,030
	12,000	Vanguard FTSE Emerging Markets		476,640
				6,886,834
		TOTAL EXCHANGE TRADED FUNDS (Cost $7,750,884)		8,103,549

		ABSOLUTE RETURN INVESTMENTS– 2.9%
		MANAGED FUTURES– 2.9%
	500,000	Dunn-WMA LP^(b)		456,007
	900	Fort Global Offshore Fund, SPC^(b)		853,222

		TOTAL ABSOLUTE RETURN INVESTMENTS (Cost $1,400,000)		1,309,229

		COMMODITY & NATURAL RESOURCE INVESTMENTS– 5.3%
	857	Casillas Petroleum Resource Partners, LLC^(b)		856,834