N-Q 1 fp0042644_nq.htm

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 Fund

(Exact name of Registrant as specified in charter)

 

818 A1A Hwy

Ponte Vedra Beach, Florida 32082

(Address of principal executive offices) (Zip code)

 

Daniel Wildermuth

Wildermuth Advisory, LLC

818 A1A Hwy

Ponte Vedra Beach, Florida 32082

(Name and address of agent for service)

 

Registrant's telephone number, including area code: (888) 889-8981

 

Date of fiscal year end: December 31

 

Date of reporting period: March 31, 2019

 

 

 

FORM N-Q

 

Item 1. Schedule of Investments.

 

Wildermuth Endowment Fund

Schedule of Investments

March 31, 2019 (Unaudited)

 

Shares, Principal Amount, or Units      Value 
     Common Stocks – 16.3%     
     Advertising – 0.1%     
 1,800   Stroeer SE & Co. KGaA  $105,502 
           
     Airlines – 0.1%     
 35,701   Qantas Airways, Ltd.   143,534 
           
     Auto Manufacturers – 0.1%     
 3,300   Suzuki Motor Corp.   146,031 
           
     Auto Parts & Equipment – 0.1%     
 4,070   Tenneco, Inc.   90,191 
           
     Banks – 1.1%     
 3,970   Bank of New York Mellon Corp.   200,207 
 6,430   Bank OZK   186,341 
 5,510   Cadence BanCorp   102,211 
 7,990   Citizens Financial Group, Inc.   259,675 
 1,892   JPMorgan Chase & Co.   191,527 
 11,185   KeyCorp   176,164 
 2,375   National Bank of Canada   107,213 
 3,650   Raiffeisen Bank International AG   82,008 
 4,600   Sumitomo Mitsui Trust Holdings, Inc.   165,240 
 4,187   Westpac Banking Corp.   77,090 
         1,547,676 
     Beverages – 0.2%     
 2,925   Molson Coors Brewing Co., Class B   174,476 
 700   Pernod Ricard SA   125,758 
         300,234 
     Biotechnology – 0.1%     
 515   Regeneron Pharmaceuticals, Inc.(a)   211,469 
           
     Building Materials – 0.3%     
 6,140   Continental Building Products, Inc.(a)   152,210 
 8,200   CRH PLC, ADR   254,200 
 1,350   HeidelbergCement AG   97,256 
         503,666 
     Chemicals – 0.3%     
 740   Arkema SA   70,510 
 700   FMC Corp.   53,774 
 2,900   Kraton Corp.(a)   93,322 
 1,730   PPG Industries, Inc.   195,265 
         412,871 
     Commercial Services – 0.6%     
 3,580   AMN Healthcare Services, Inc.(a)   168,582 
 3,771   ASGN, Inc.(a)   239,421 

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

 

Shares, Principal Amount, or Units      Value 
     COMMON STOCKS (continued)     
     Commercial Services (Continued)      
 15,046   McMillan Shakespeare, Ltd.  $128,251 
 1,091   S&P Global, Inc.   229,710 
 600   Wirecard AG   75,253 
         841,217 
     Computers – 0.2%     
 2,330   Leidos Holdings, Inc.   149,330 
 5,160   NCR Corp.(a)   140,816 
         290,146 
     Cosmetics/Personal Care – 0.7%     
 9,240   Procter & Gamble Co.   961,422 
           
     Distribution/Wholesale – 0.2%     
 16,407   Inchcape PLC   122,080 
 6,754   Triton International, Ltd./Bermuda   210,049 
         332,129 
     Diversified Financial Services – 0.5%     
 5,950   Ally Financial, Inc.   163,566 
 2,164   Evercore, Inc., Class A   196,924 
 3,086   LPL Financial Holdings, Inc.   214,940 
 32,000   Mitsubishi UFJ Lease & Finance Co., Ltd.   163,057 
         738,487 
     Electrical Components & Equipment – 0.1%     
 2,465   Belden, Inc.   132,371 
           
     Electronics – 0.4%     
 3,860   nVent Electric PLC   104,143 
 2,875   SYNNEX Corp.   274,246 
 3,550   Trimble, Inc.(a)   143,420 
         521,809 
     Energy-Alternate Sources – 0.1%     
 12,000   TransAlta Renewables, Inc.   121,617 
           
     Engineering & Construction – 0.2%     
 9,400   HomeServe PLC   125,554 
 1,150   Vinci SA   111,978 
         237,532 
     Entertainment – 0.1%     
 5,000   Aristocrat Leisure, Ltd.   87,051 
           
     Environmental Control – 0.1%     
 2,630   Pentair PLC   117,061 
           
     Food – 1.1%     
 35,000   Huon Aquaculture Group, Ltd.   117,843 

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

 

Shares, Principal Amount, or Units      Value 
     COMMON STOCKS (continued)     
     Food (Continued)      
 975   JM Smucker Co.  $113,588 
 16,300   Leroy Seafood Group ASA   118,413 
 4,030   Mondelez International, Inc., Class A   201,178 
 1,475   Post Holdings, Inc.(a)   161,365 
 7,920   Sysco Corp.   528,739 
 1,150   TreeHouse Foods, Inc.(a)   74,233 
 1,066   Tyson Foods, Inc., Class A   74,012 
 11,059   United Natural Foods, Inc.(a)   146,200 
         1,535,571 
     Gas – 0.1%     
 26,000   China Resources Gas Group, Ltd.   122,548 
           
     Healthcare-Products – 0.2%     
 6,325   Boston Scientific Corp.(a)   242,753 
           
     Healthcare-Services – 0.5%     
 6,219   Encompass Health Corp.   363,190 
 2,121   Fresenius SE & Co. KGaA   118,505 
 3,710   Medpace Holdings, Inc.(a)   218,779 
         700,474 
     Holding Companies-Diversified – 0.1%     
 7,200   Washington H Soul Pattinson & Co., Ltd.   134,559 
           
     Home Builders – 0.2%     
 8,875   MDC Holdings, Inc.   257,907 
           
     Home Furnishings – 0.1%     
 12,229   Panasonic Corp.   105,425 
           
     Household Products/Wares – 0.1%     
 792   Henkel AG & Co. KGaA   80,925 
           
     Investment Companies – 0.8%     
 8,300   Apollo Investment Corp.   125,662 
 7,450   Ares Capital Corp.   127,693 
 8,800   BlackRock TCP Capital Corp.   124,784 
 20,000   FS KKR Capital Corp.   121,000 
 9,200   New Mountain Finance Corp.   124,844 
 6,600   Newtek Business Services Corp.   129,624 
 18,000   PennantPark Investment Corp.   124,380 
 19,000   Prospect Capital Corp.   123,880 
 6,350   TPG Specialty Lending, Inc.   127,000 
         1,128,867 
     Iron/Steel – 0.0%     
 2,897   ArcelorMittal   59,041 

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

  

Shares, Principal Amount, or Units      Value 
     COMMON STOCKS (continued)     
     Leisure Time  – 0.7%     
 8,000   Basic-Fit NV(a)  $269,481 
 3,541   Norwegian Cruise Line Holdings, Ltd.(a)   194,613 
 4,330   Planet Fitness, Inc., Class A(a)   297,558 
 2,214   Royal Caribbean Cruises, Ltd.   253,769 
         1,015,421 
     Machinery-Construction & Mining  – 0.1%     
 5,300   ABB, Ltd.   99,571 
           
     Machinery-Diversified  – 0.6%     
 1,025   AGCO Corp.   71,289 
 1,150   Cummins, Inc.   181,550 
 394   Deere & Co.   62,977 
 9,300   Eagle Industry Co., Ltd.   101,583 
 1,550   KION Group AG   81,085 
 91   Wabtec Corp.   6,709 
 1,764   Zebra Technologies Corp., Class A(a)   369,611 
         874,804 
     Metal Fabricate/Hardware  – 0.1%     
 10,235   Atkore International Group, Inc.(a)   220,360 
           
     Mining  – 0.3%     
 1,600   BHP Group, Ltd., ADR   87,472 
 3,500   Boliden AB   99,846 
 29,500   Endeavour Silver Corp.(a)   74,340 
 2,810   Teck Resources, Ltd.   65,136 
 39,053   Yamana Gold, Inc.   101,928 
         428,722 
     Miscellaneous Manufacturing  – 0.1%     
 17,040   General Electric Co.   170,230 
           
     Oil & Gas  – 0.9%     
 7,550   Delek U.S. Holdings, Inc.   274,971 
 1,490   Ecopetrol SA, ADR   31,946 
 1,850   Mammoth Energy Services, Inc.   30,802 
 3,855   Neste Oyj   411,212 
 950   PBF Energy, Inc., Class A   29,583 
 1,500   PDC Energy, Inc.(a)   61,020 
 2,900   Phillips 66   275,993 
 5,862   Repsol SA   100,442 
 475   Royal Dutch Shell PLC, Class A, ADR   29,730 
         1,245,699 
     Pharmaceuticals  – 1.1%     
 1,040   Bayer AG   67,263 
 7,826   Daiichi Sankyo Co., Ltd.   360,596 
 2,900   Dechra Pharmaceuticals PLC   101,957 

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

 

Shares, Principal Amount, or Units      Value 
     COMMON STOCKS (continued)     
     Pharmaceuticals (Continued)      
 1,290   Elanco Animal Health, Inc.(a)  $41,370 
 1,815   Eli Lilly & Co.   235,515 
 2,185   Johnson & Johnson   305,441 
 7,661   Mitsubishi Tanabe Pharma Corp.   102,368 
 1,629   Novartis AG, ADR   156,612 
 2,491   UCB SA   214,138 
         1,585,260 
     Pipelines  – 0.2%     
 1,314   Buckeye Partners LP   44,702 
 2,000   CNX Midstream Partners LP   30,420 
 964   DCP Midstream LP   31,860 
 4,820   Enable Midstream Partners LP   69,022 
 1,220   Enterprise Products Partners LP   35,502 
 1,716   Genesis Energy LP   39,983 
 888   Phillips 66 Partners LP   46,487 
 1,933   Tallgrass Energy LP   48,596 
         346,572 
     Private Equity  – 0.1%     
 9,300   Hercules Capital, Inc.   117,738 
           
     Real Estate  – 0.1%     
 2,000   Atenor   143,724 
 500   Daito Trust Construction Co., Ltd.   69,702 
         213,426 
     Retail  – 0.6%     
 780   Domino's Pizza, Inc.   201,318 
 566   O'Reilly Automotive, Inc.(a)   219,778 
 3,680   Walgreens Boots Alliance, Inc.   232,833 
 7,520   Wendy's Co.   134,533 
         788,462 
     Savings & Loans  – 0.1%     
 3,825   Axos Financial, Inc.(a)   110,772 
           
     Semiconductors  – 2.1%     
 2,230   Broadcom, Ltd.   670,583 
 4,971   Intel Corp.   266,943 
 3,323   KLA-Tencor Corp.   396,829 
 6,359   Micron Technology, Inc.(a)   262,817 
 17,000   NEPES Corp.   235,882 
 809   NXP Semiconductors NV   71,508 
 5,715   ON Semiconductor Corp.(a)   117,558 
 4,950   PSK, Inc.   71,518 
 3,727   Qorvo, Inc.(a)   267,338 
 7,110   SMART Global Holdings, Inc.(a)   136,512 
 2,421   Texas Instruments, Inc.   256,795 

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

 

Shares, Principal Amount, or Units      Value 
     COMMON STOCKS (continued)     
     Semiconductors (Continued)      
 10,400   Xperi Corp.  $243,360 
         2,997,643 
     Software  – 0.2%     
 1,450   Amadeus IT Group SA   116,247 
 759   Check Point Software Technologies, Ltd.(a)   96,006 
 6,950   ICT Group NV   96,376 
         308,629 
     Telecommunications  – 0.2%     
 7,000   Deutsche Telekom AG   116,287 
 3,900   GTT Communications, Inc.(a)   135,330 
         251,617 
     Transportation  – 0.0%     
 26,426   Teekay Offshore Partners LP   31,711 
     Total Common Stocks (Cost $22,347,083)   23,016,723 
           
     Exchange Traded Funds  – 9.2%     
     Debt Funds  – 1.7%     
 15,720   Invesco International Corporate Bond   411,392 
 7,165   iShares Emerging Markets High Yield Bond   335,250 
 1,618   iShares iBoxx High Yield Corporate Bond   139,908 
 2,278   iShares iBoxx $ Investment Grade Corporate Bond   271,219 
 3,347   iShares J.P. Morgan Emerging Markets Local Currency Bond   146,732 
 2,450   iShares TIPS Bond   277,022 
 8,680   iShares US & International High Yield Corporate Bond   424,105 
 5,210   SPDR Bloomberg Barclays International Corporate Bond   172,712 
 4,056   SPDR FTSE International Government Inflation-Protected Bond   219,349 
         2,397,689 
     Equity Funds  – 7.5%     
 36,890   Emerging Markets Internet and Ecommerce(a)   1,214,419 
 31,380   Invesco Golden Dragon China   1,270,890 
 28,060   iShares MSCI Brazil    1,150,179 
 26,418   iShares MSCI Chile    1,140,729 
 31,515   iShares MSCI India   1,110,904 
 30,754   iShares MSCI Peru   1,208,325 
 35,456   iShares MSCI Taiwan   1,226,068 
 12,585   SPDR S&P China   1,262,276 
 49,612   VanEck Vectors Russia   1,022,007 
         10,605,797 
     Total Exchange Traded Funds (Cost $13,192,957)   13,003,486 

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

 

Shares, Principal Amount, or Units      Value 
     Commodity & Natural Resource Investments  – 5.4%     
    Casillas Petroleum Resource Partners, LLC(b)(c)(d)(e)(f)  $1,514,196 
    CM Funding, LLC(b)(c)(d)(e)(f)(g)   1,956,706 
    Kayne Anderson Energy Fund VII LP(b)(c)(f)   2,094,929 
    Thunder Investment Partners, LLC(b)(c)(d)(e)(g)(h)   2,080,000 
     Total Commodity & Natural Resource Investments (Cost $6,654,112)   7,645,831 
           
     Direct Real Estate  – 5.4%     
    Brookwood SFL Investor Co-Investment Vehicle, LLC(b)(c)(g)   1,473,959 
    Polara Builder II, LLC(b)(c)(d)(e)(g)   4,810,821 
    RS17 Rexburg Preferred LLC(b)(c)(d)(e)(g)   1,307,300 
     Total Direct Real Estate (Cost $6,806,949)   7,592,080 
           
     Hedge Funds  – 4.8%     
    Altegris Millennium Fund LP(b)(c)(f)   1,016,753 
    Condire Resource Partners LP(b)(c)(f)   1,797,259 
    EJF Trust Preferred Fund LP(b)(c)(f)   1,086,207 
    Rosebrook Opportunities Fund LP(b)(c)(f)(g)   1,999,006 
    Tides Capital Gamma LP(b)(c)(g)(h)   869,987 
     Total Hedge Funds (Cost $6,557,515)   6,769,212 
           
     High Yield Loans  – 3.4%     
$500,000   Atlanta Healthcare Property Consultants, LLC, 18.00%, 12/18/2019(b)(c)(d)(e)(i)   530,000 
    Direct Lending Income Fund LP(b)(c)(f)   1,950,544 
 1,250,000   DLP Lending Fund, LLC - Promissory Note, 9.00%, 3/29/2024(b)(c)(d)(e)(f)   1,250,000 
 974,481   Doctor's Hospice of Georgia, Inc., 18.00%, 12/18/2019(b)(c)(d)(e)(h)(i)   1,034,481 
     Total High Yield Loans (Cost $4,377,949)   4,765,025 
           
     Private Equity  – 33.3%     
    Abbott Secondary Opportunities LP(b)(c)(f)   1,217,468 
 144   Atlas Fintech Holdings Corp.(b)(c)(d)(e)(h)   1,656,000 
    Auda Capital SCS SICAV SIF- Auda Asia Secondary Fund(b)(c)(h)   1,880,050 
 2,500   Clear Guide Medical, Inc. - Series A Preferred Stock(b)(c)(d)(e)(g)(h)   3,802,700 
 134,898   Clear Guide Medical, Inc. - Series A-2 Preferred Stock(b)(c)(d)(e)(g)(h)   724,389 
 362,879   Clear Guide Medical, Inc. - Series A-3 Preferred Stock(b)(c)(d)(e)(g)(h)   1,839,796 
 633,127   Clearsense, LLC - Class C Preferred Shares(b)(c)(d)(e)(g)(h)   2,790,000 
    Committed Advisors Secondary Fund III(b)(c)(f)   1,514,291 
 2,033,849   DSI Digital, LLC - Series A Convertible Preferred Units(b)(c)(d)(e)(g)(h)   3,000,000 
    EJF Sidecar Fund, Series LLC - Small Financial Equities Series(b)(c)(f)   1,155,828 
 10   GPB Automotive Portfolio LP(b)(c)(d)(e)(h)   457,314 
    Gravity Ranch Fund I LP(b)(c)(d)(e)(f)   490,942 
    Greenspring Opportunities V, LP(b)(c)(f)   330,200 
    Level ATI HoldCo, LLC - Class A(b)(c)(d)(e)(g)(h)   2,385,261 

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

 

Shares, Principal Amount, or Units      Value 
     PRIVATE EQUITY (continued)     
    Madryn Health Partners LP(b)(c)(f)  $1,176,887 
 3,500,000   Metro Diner, LLC - Series B Units(b)(c)(d)(e)(h)   2,870,000 
 1,880,968   Metro Diner, LLC - Series II Common Units(b)(c)(d)(e)(h)   2,821,452 
    PineBridge Secondary Partners IV SLP(b)(c)(f)   862,980 
    Star Mountain Diversified Small Business Access Fund II LP(b)(c)(f)   1,098,844 
 5,208,791   Tout, Inc. - New Preferred Shares(b)(c)(d)(e)(g)(h)   7,900,001 
 635,838   Waratek Ltd. - Series B-1 Shares(b)(c)(d)(e)(g)(h)   2,912,889 
 756,826   Waratek Ltd. - Series B-2 Shares(b)(c)(d)(e)(g)(h)   3,730,593 
    WG Pitts Caribbean, LLC(b)(c)(d)(e)(g)(h)   426,036 
     Total Private Equity (Cost $38,962,306)   47,043,921 
           
     Private Equity Debt  – 4.2%     
$1,333,333   Schweizer RSG, LLC - Promissory Note, 12.09%, 1/22/2021(b)(c)(d)(e)   1,333,333 
 1,200,000   Tout, Inc. - Promissory Note, 12.00%, 3/25/2020(b)(c)(d)(e)(h)   2,945,763 
 150,000   Waratek Ltd. - Promissory Note, 12.00%, 3/25/2021(b)(c)(d)(e)(h)   150,000 
 2,000,000   WG Pitts Caribbean, LLC - Promissory Note, 10.00%, 10/12/2020(b)(c)(d)(e)(h)   1,573,960 
     Total Private Equity Debt (Cost $4,230,627)   6,003,056 
           
     Private Real Estate Investments  – 8.5%     
 95,075   ARCTRUST, Inc.(b)(c)(d)(e)   1,361,478 
 1,322,164   Carlyle Europe Realty Fund, S.C.Sp.(b)(c)(f)   1,277,766 
 101,470   Cottonwood Residential, Inc.(b)(c)(d)(e)(f)   10,147 
    Cygnus Property Fund V, LLC(b)(c)(f)(g)   1,961,728 
    DLP Lending Fund, LLC(b)(c)(f)   1,250,000 
    Harbert Seniors Housing Fund I LP(b)(c)(f)   1,598,498 
    PCG Select Series I LLC - Series A Preferred Stock(b)(c)(f)   747,384 
 650   PRISA III Fund LP(b)(c)(f)   1,172,997 
    RRA Credit Opportunity Fund LP(b)(c)(f)(g)   900,724 
 56   Shopoff Land Fund III LP(b)(c)(f)   37,357 
    Stonehill Strategic Hotel Credit Opportunity Fund II LP(b)(c)(f)   1,009,750 
    Walton Street Real Estate Fund VIII LP(b)(c)(f)   658,293 
     Total Private Real Estate Investments (Cost $11,238,870)   11,986,122 
           
     Public Real Estate Investments  – 0.4%     
     Public Non-Traded Real Estate Investment Trusts  – 0.4%     
 136,771   Highlands REIT, Inc.(b)(c)   47,870 
 153,283   Inventrust Properties Corp.(b)(c)   481,308 
 3,330   Phillips Edison Grocery Center(b)(c)(d)(e)   36,795 
         565,973 
     Total Public Real Estate Investments (Cost $410,925)   565,973 

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

 

Shares, Principal Amount, or Units      Value 
     Real Estate Loans  – 5.4%     
$2,000,000   Airport Center Development Partners, LLC, 10.50%, 4/5/2020(b)(c)(d)(e)  $2,000,000 
 400,000   Dog Wood Park of Northeast Florida, LLC, 9.50%, 6/21/2019(b)(c)(d)(e)(i)   400,000 
 1,741,602   GT Operating Company, Inc., 10.50%, 6/4/2019(b)(c)(d)(e)   1,741,602 
 400,000   Hauiki Hui, LLC, 9.50%, 1/1/2020(b)(c)(d)(e)   400,000 
 683,002   Park City (PCG), 10.50%, 6/12/2019(b)(c)(d)(e)   683,002 
 500,000   Saratoga Springs Partners, LLC, 9.50%, 1/1/2020(b)(c)(d)(e)   500,000 
 2,000,000   Westgate at Powers, LLC, 10.50%, 6/21/2019(b)(c)(d)(e)   2,000,000 
     Total Real Estate Loans (Cost $7,390,650)   7,724,604 
           
     Warrants  – 0.5%     
 100   Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/20/2021(a)(b)(c)(d)(e)(h)   253,805 
 44   Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 8/9/2022(a)(b)(c)(d)(e)(h)   85,751 
 1,442   Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/22/2028(a)(b)(c)(d)(e)(g)   15,270 
 172,792   Waratek, Ltd. - Series B-1 Shares, Exercise Price 0.01 Euro, Expiration Date 01/22/2028(b)(c)(d)(e)(g)(h)   376,395 
     Total Warrants (Cost $0)   731,221 
           
     Short-Term Investments  – 2.3%     
 3,284,012   Fidelity Institutional Government Portfolio - Institutional Class, 2.30%(j)   3,284,012 
     Total Short-Term Investments (Cost $3,284,012)   3,284,012 
           
     Total Investments – 99.1% (Cost $125,453,955)   140,131,266 
     Other assets less liabilities – 0.9%   1,275,534 
     Total Net Assets –100.0%  $141,406,800 

 

ADR – American Depositary Receipt

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

REIT – Real Estate Investment Trust

SLP – Special Limited Partnership

US – United States

 

(a)Non-income Producing
(b)Restricted Security. As of March 31, 2019 these securities amounted to $100,827,045 representing 71.30% of total net assets. Please refer to the Notes to the Schedule of Investments, subsection Investments in Restricted Securities.
(c)Illiquid Security. As of March 31, 2019 these securities amounted to $100,827,045 representing 71.30% of total net assets.

 

 

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

March 31, 2019 (Unaudited)

 

(d)Level 3 security in accordance with fair value hierarchy.
(e)Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. As of March 31, 2019 these securities amounted to $68,158,178 representing 48.20% of total net assets.
(f)Private Fund. As of March 31, 2019 these securities amounted to $33,137,684 representing 23.43% of total net assets.
(g)Denotes an investment in an affiliated entity. Please refer to the Notes to the Schedule of Investments, subsection Investments in Affiliated Issuers.
(h)Private Investment Company. As of March 31, 2019 these securities amounted to $48,566,623 representing 34.35% of total net assets.
(i)Security is in default
(j)Represents the current rate as of March 31, 2019.

 

See accompanying Notes to Schedule of Investments.

 

 

 

Wildermuth Endowment Fund

Notes to Schedule of Investments
March 31, 2019 (Unaudited)

 

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

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

 

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

 

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

 

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, 2019:

 

      Fair Value Measurements at the End of the Reporting Period Using   
                
         Level 2  Level 3   
     Practical  Level 1  Other Significant  Significant   
Investment in Securities  Expedient**  Quoted Prices  Observable Inputs  Unobservable Inputs  Total
Security Type                         
Common Stock*  $-   $23,016,723   $-   $-   $23,016,723 
Exchange Traded Funds*   -    13,003,486    -    -    13,003,486 
Commodity & Natural Resource Investments   2,094,929(1)(8)(9)   -    -    5,550,902    7,645,831 
Direct Real Estate   1,473,959(2)(8)(9)   -    -    6,118,121    7,592,080 
Hedge Funds   6,769,212(3)(8)(9)   -    -    -    6,769,212 
High Yield Loans   1,950,544(4)(8)(9)   -    -    2,814,481    4,765,025 
Private Equity   9,236,548(5)(8)(10)   -    -    37,807,373    47,043,921 
Private Equity Debt   -    -    -    6,003,056    6,003,056 
Private Real Estate Investments   10,614,497(6)(8)(11)   -    -    1,371,625    11,986,122 
Public Real Estate Investments   529,178(7)(8)(9)   -    -    36,795    565,973 
Real Estate Loans   -    -    -    7,724,604    7,724,604 
Warrants   -    -    -    731,221    731,221 
Short-Term Investments   -    3,284,012    -    -    3,284,012 
Total  $32,668,867   $39,304,221   $-   $68,158,178   $140,131,266 

 

*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
Kayne Anderson Energy Fund VII LP Not Applicable Not Applicable Capital Gains Purchase oil and gas companies; extraction and production companies. N/A

 

(2) Security Withdrawals Permitted Redemption Notice Period Investment Objective Investment Strategy Lock Up Period
Brookwood SFL Investor Co-Investment Vehicle, LLC Not Applicable Not Applicable Capital Gains and Current Income Real Estate N/A

 

(3) Security Withdrawals Permitted Redemption Notice Period Investment Objective Investment Strategy Lock Up Period
Altegris Millennium Fund LP Quarterly Not Applicable Capital Gains and Income Multistrategy Hedge Fund N/A
Condire Resource Partners LP Quarterly 45 days Capital Gains Long/short mining and energy 12 months
EJF Trust Preferred Fund LP Not Applicable Not Applicable Capital Gains and Income Event driven with focus on financials 3 years
Rosebrook Opportunities Fund LP Quarterly Not Applicable Capital Appreciation Buying distressed hedge fund assets N/A
Tides Capital Gamma LP Not Applicable Not Applicable Capital Appreciation Highly concentrated in public equity positions - Small Cap N/A

 

(4) Security Withdrawals Permitted Redemption Notice Period Investment Objective Investment Strategy Lock Up Period
Direct Lending Income Fund LP Quarterly 35 days Current Income Buying existing small business loans N/A

 

(5) Security Withdrawals Permitted Redemption Notice Period Investment Objective Investment Strategy Lock Up Period
Abbot Secondary Opportunities LP Not Applicable Not Applicable Capital Gains Purchase private equity funds on secondary market N/A
Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund Not Applicable Not Applicable Capital Gains and Dividends Luxembourg Limited Partnership by interest qualifying as an investment fund with variable capital - specialized investment fund N/A
Committed Advisors Secondary Fund III Not Applicable Not Applicable Capital Gains Private equity fund with a global focus N/A
           
EJF Sidecar Fund, Series LLC - Small Financial Equities Series Not Applicable Not Applicable Capital Gains and Dividends Invests in equity of small depository institutions, including without limitation financial institutions that are impacted directly or indirectly by: (1) bank and thrift recapitalizations and/or restructurings; (2) merger and acquisition activity; and (3) government financial reform related policies. N/A
Greenspring Opportunities V, LP Not Applicable Not Applicable Capital Gains Direct investments in growth stage companies N/A
Madryn Health Partners LP Not Applicable Not Applicable Capital Gains Invests in commercial-stage healthcare companies N/A
Pinebridge Secondary Partners IV SLP Not Applicable Not Applicable Capital Appreciation Private equity fund of funds N/A
Star Mountain Diversified Small Business Access Fund II LP Not Applicable Not Applicable Capital Appreciation Structured Credit N/A

 

 

 

(6) Security Withdrawals Permitted Redemption Notice Period Investment Objective Investment Strategy Lock Up Period
Carlyle Europe Realty Fund, S.C.Sp Not Applicable Not Applicable Capital Appreciation and Income Primary focus is on large, more liquid Western European markets. Seek to invest at the intersection of hard asset and private equity. N/A
Cygnus Property Fund V, LLC Not Applicable Not Applicable Capital Appreciation and Current Income Distressed debt/special situation and opportunistic real estate investments. N/A
DLP Lending Fund LLC Not Applicable 15 days Current Income Fix and Flip Low LTV Loans N/A
Harbert Seniors Housing Fund I LP Quarterly Not Applicable Capital Appreciation and Income Real estate N/A
PCG Select Series I LLC - Series A Preferred Stock Not Applicable Not Applicable Income Real estate loans N/A
PRISA III Fund LP Quarterly 15 days Capital Appreciation and Income Diversified value-add real estate portfolio that targets above average real estate returns. N/A
RRA Credit Opportunity Fund LP Not Applicable Not Applicable Current Income Real estate backed lending N/A
Shopoff Land Fund III LP Not Applicable Not Applicable Capital Gains Value added Real Estate N/A
Stonehill Strategic Hotel Credit Opportunity Fund II LP Not Applicable Not Applicable Current Income Value added lending to hospitality assets N/A
Walton Street Real Estate Fund VIII LP Not Applicable Not Applicable Capital Gains Value added Real Estate N/A

 

(7) Security Withdrawals Permitted Redemption Notice Period Investment Objective Investment Strategy Lock Up Period
Highlands REIT, Inc. Not Applicable Not Applicable Capital Gains and Current Income Real Estate Investment Trust N/A
Inventrust Properties Corp. Not Applicable Not Applicable Capital Gains and Current Income Real Estate Investment Trust N/A

 

(8)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.

 

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

 

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

 

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

 

For the period ended March 31, 2019, there were no transfers into or 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 roll forward of the activity in investments in which significant unobservable inputs (Level 3) were used in determining fair value on a recurring basis:

 

   Beginning balance January 1, 2019   Transfers into Level 3 during the period   Transfers out of Level 3 during the period   Purchases or Conversions   Sales or Conversions   Net realized gain (loss)   Return of Capital   Change in net unrealized appreciation (depreciation)   Ending balance March 31, 2019 
Commodity & Natural Resource Investments  $5,644,811   $-   $-   $-   $-   $-   $(93,294)  $(615)  $5,550,902 
Direct Real Estate   3,779,320    -    -    2,338,831    -    -    (35,821)   35,791    6,118,121 
High Yield Loans   1,564,481    -    -    1,250,000    -    -    -    -    2,814,481 
Private Equity   33,967,444    -    -    3,625,394    -    -    -    214,535    37,807,373 
Private Equity Debt   4,073,118    -    -    1,350,000    (780,000)   30,000    (133,334)   1,463,272    6,003,056 
Private Real Estate Investments   3,287,260    -    -    -    (1,897,489)   312,344    -    (330,490)   1,371,625 
Public Real Estate Investments   173,991    -    -    -    (135,263)   12,547    (2,588)   (11,892)   36,795 
Real Estate Loans   7,724,604    -    -    -    -    -    -    -    7,724,604 
Warrants   736,973    -    -    -    -    -    -    (5,752)   731,221 
   $60,952,002   $-   $-   $8,564,225   $(2,812,752)  $354,891   $(265,037)  $1,364,849   $68,158,178 

 

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

 

Type of Level 3 Investment

Fair Value as of March 31, 2019

Valuation
Technique

Unobservable
Inputs

Range

Weighted
Average

Commodity & Natural
Resource Investments
$1,514,196 Discounted Cash Flow NYMEX future strip
for WTI crude oil
$46.09/bbl - $51.25/bbl $49.63
      NYMEX future strip
for Henry Hub gas
$1.10/MMBTU - $2.89/MMBTU $1.38
      Discount Rate 10%-25% 11.8%
Direct Real Estate $1,307,300 Income Approach Discount Rate 20% 20%

 

 

 

Type of Level 3 Investment

Fair Value as of March 31,
2019

Valuation
Technique

Unobservable
Inputs

Range

Weighted
Average

Private Equity          
Private Equity $33,890,395 Income Approach Growth Rate 4% - 324% 153.50%
Private Equity Debt $4,429,096   Discount Rate 20%-25% 23.01%
Warrants $731,221   Terminal Multiple 2.5x-6.5x 4.1x
    Guideline transaction comparison Projected EBITDA mulitple 10x-12x 11x
      LTM Revenue multiple 3.1x 3.1x
      Discount Rate 20% 20%
      Control Discount 13% 13%
    Guideline company comparison Projected revenue mulitple 1.04x-3x 2.2x
      Projected EBITDA mulitple 9x-10x 9.5x
      Discount Rate 20% 20%
    Option pricing method Time to Liquidity 1-3 1.88
      Volatility 46%-75.3% 65.69%
      Risk Free Rate 2.45%-2.98% 2.79%
    Market Yield Approach Time to Liquidity 2 2
      LIBOR Swap Rate 2.96% 2.96%
      Credit Spread 7.75% 7.75%

 

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

 

Type of Level 3 Investment  Fair Value as of March 31, 2019   Valuation Technique
Commodity & Natural Resource Investments  $4,036,706   Recent Transaction Value
Direct Real Estate  $4,810,821   Recent Transaction Value
High Yield Loans  $2,814,481   Face Value
Private Equity  $3,916,978   Recent Transaction Value
Private Equity Debt  $1,573,960   Recent Transaction Value
Private Real Estate Investments  $1,371,625   Recent Transaction Value
Public Real Estate Investments  $36,795   Share Price
Real Estate Loans  $7,724,604   Face Value

 

 

 

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 March 31, 2019 is as follows:

 

  Initial Shares, Principal       Fair   % of Net 
Security Acquisition Date Amount or Units   Cost   Value   Assets 
Abbott Secondary Opportunities LP April 13, 2017  -    1,079,530   $1,217,468    0.86% 
Airport Center Development Partners, LLC, 10.50%, 4/5/2020 September 28, 2018  2,000,000    1,940,000    2,000,000    1.41% 
Altegris Milennium Fund LP December 20, 2018  -    1,000,000    1,016,753    0.72% 
ARCTRUST, Inc. June 30, 2016  95,075    1,064,615    1,361,478    0.96% 
Atlanta Healthcare Property Consultants, LLC, 18.00%, 12/18/2019 May 19, 2017  500,000    506,926    530,000    0.37% 
Atlas Fintech Holdings Corp. December 20, 2016  144    1,506,000    1,656,000    1.17% 
Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/20/2021 December 20, 2016  100    -    253,805    0.18% 
Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 8/9/2022 December 20, 2016  44    -    85,751    0.06% 
Auda Capital SCS SICAV SIF- Auda Asia Secondary Fund April 2, 2018  -    1,848,684    1,880,050    1.33% 
Brookwood SFL Investor Co-Investment Vehicle, LLC November 3, 2017  -    1,095,725    1,473,959    1.04% 
Carlyle Europe Realty Fund, S.C.Sp. December 19, 2018  1,322,164    1,506,808    1,277,766    0.90% 
Casillas Petroleum Resource Partners, LLC October 11, 2016  -    952,711    1,514,196    1.07% 
Clear Guide Medical, Inc. - Series A Preferred Stock April 19, 2016  2,500    2,250,000    3,802,700    2.69% 
Clear Guide Medical, Inc. - Series A-2 Preferred Stock March 6, 2018  134,898    500,000    724,389    0.51% 
Clear Guide Medical, Inc. - Series A-3 Preferred Stock July 16, 2018  362,879    1,335,394    1,839,796    1.30% 
Clearsense, LLC - Class C Preferred Shares February 20, 2019  633,127    2,790,000    2,790,000    1.97% 
CM Funding, LLC December 14, 2018  -    1,956,706    1,956,706    1.38% 
Committed Advisors Secondary Fund III March 30, 2017  -    1,189,867    1,514,291    1.07% 
Condire Resource Partners LP May 30, 2017  -    1,845,000    1,797,259    1.27% 
Cottonwood Residential, Inc. February 17, 2015  101,470    -    10,147    0.01% 
Cygnus Property Fund V, LLC October 30, 2018  -    2,000,000    1,961,728    1.39% 
Direct Lending Income Fund LP April 29, 2016  -    1,625,000    1,950,544    1.38% 
DLP Lending Fund, LLC March 28, 2019  -    1,250,000    1,250,000    0.88% 
DLP Lending Fund, LLC - Promissory Note, 9.00%, 3/29/2024 March 28, 2019  1,250,000    1,250,000    1,250,000    0.88% 
Doctor's Hospice of Georgia, Inc., 18.00%, 12/18/2019 June 13, 2017  974,481    996,023    1,034,481    0.73% 
Dog Wood Park of Northeast Florida, LLC, 9.50%, 6/21/2019 March 21, 2017  400,000    382,000    400,000    0.28% 
DSI Digital, LLC - Series A Convertible Preferred Units November 29, 2017  2,033,849    3,000,000    3,000,000    2.12% 
EJF Sidecar Fund, Series LLC - Small Financial Equities Series October 25, 2017  -    1,171,870    1,155,828    0.82% 
EJF Trust Preferred Fund LP August 23, 2017  -    881,705    1,086,207    0.77% 
GPB Automotive Portfolio LP March 13, 2015  10    500,000    457,314    0.32% 
Gravity Ranch Fund I LP June 13, 2017  -    500,000    490,942    0.35% 
Greenspring Opportunities V, LP January 18, 2018  -    312,000    330,200    0.23% 
GT Operating Company, Inc., 10.50%, 6/4/2019 July 3, 2018  1,741,602    1,663,230    1,741,602    1.23% 
Harbert Seniors Housing Fund I LP February 24, 2017  -    1,344,593    1,598,498    1.13% 
Hauiki Hui, LLC, 9.50%, 1/1/2020 January 4, 2017  400,000    382,000    400,000    0.28% 
Highlands REIT, Inc. April 28, 2016  136,771    34,827    47,870    0.03% 
Inventrust Properties Corp. March 2, 2015  153,283    350,507    481,308    0.34% 
Kayne Anderson Energy Fund VII LP September 12, 2016  -    1,664,695    2,094,929    1.48% 
Level ATI HoldCo, LLC - Class A September 10, 2018  -    1,690,000    2,385,261    1.69% 
Madryn Health Partners LP September 28, 2018  -    1,022,934    1,176,887    0.83% 
Metro Diner, LLC - Series B Units November 16, 2017  3,500,000    3,500,000    2,870,000    2.03% 
Metro Diner, LLC - Series II Common Units November 16, 2017  1,880,968    -    2,821,452    2.00% 
Park City (PCG), 10.50%, 6/12/2019 March 16, 2018  683,002    655,682    683,002    0.48% 
PCG Select Series I LLC - Series A Preferred Stock June 23, 2016  -    744,139    747,384    0.53% 
Phillips Edison Grocery Center February 3, 2016  3,330    25,590    36,795    0.03% 
PineBridge Secondary Partners IV SLP September 19, 2017  -    789,806    862,980    0.61% 
Polara Builder II, LLC June 15, 2018  -    4,741,225    4,810,821    3.40% 
PRISA III Fund LP September 26, 2017  528    1,085,192    1,172,997    0.83% 
Rosebrook Opportunities Fund LP February 2, 2017  -    1,830,810    1,999,006    1.41% 
RRA Credit Opportunity Fund LP December 12, 2017  -    870,261    900,724    0.64% 
RS17 Rexburg Preferred LLC September 21, 2017  -    970,000    1,307,300    0.93% 
Saratoga Springs Partners, LLC, 9.50%, 1/1/2020 May 5, 2017  500,000    477,738    500,000    0.36% 
Schweizer - RSG, LLC - Promissory Note, 12.09%, 1/22/2021 February 6, 2018  1,466,667    1,306,667    1,333,333    0.94% 
Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/22/2028 February 6, 2018  1,442    -    15,270    0.01% 
Shopoff Land Fund III LP April 28, 2015  56    44,206    37,357    0.03% 
Star Mountain Diversified Small Business Access Fund II LP June 2, 2017  -    997,358    1,098,844    0.78% 
Stonehill Strategic Hotel Credit Opportunity Fund II LP July 18, 2016  -    753,858    1,009,750    0.72% 
Thunder Investment Partners, LLC November 2, 2018  -    2,080,000    2,080,000    1.47% 
Tides Capital Gamma LP November 30, 2018  -    1,000,000    869,987    0.62% 
Tout, Inc. - New Preferred Shares June 2, 2018  5,208,791    5,865,315    7,900,001    5.59% 
Tout, Inc. - Promissory Note, 12.00%, 3/25/2020 February 4, 2019  1,200,000    1,200,000    2,945,763    2.08% 
Walton Street Real Estate Fund VIII LP May 24, 2017  -    575,197    658,293    0.47% 
Waratek Ltd. - Promissory Note, 12.00%, 3/25/2021 March 25, 2019  150,000    150,000    150,000    0.11% 
Waratek Ltd. - Series B-1 Shares June 5, 2018  636,436    2,990,569    2,912,889    2.06% 
Waratek Ltd. - Series B-2 Shares December 28, 2017  756,826    3,696,940    3,730,593    2.64% 
Waratek, Ltd. - Series B-1 Shares, Exercise Price 0.01 Euro, Expiration Date 01/22/2028 June 5, 2018  172,792    -    376,395    0.27% 
Westgate at Powers, LLC, 10.50%, 6/21/2019 January 17, 2018  2,000,000    1,890,000    2,000,000    1.42% 
WG Pitts Caribbean, LLC October 12, 2018  -    426,040    426,036    0.30% 
WG Pitts Caribbean, LLC - Promissory Note, 10.00%, 10/12/2020 October 12, 2018  2,000,000    1,573,960    1,573,960    1.11% 
         $86,629,903   $100,827,045      

 

 

 

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, 2019 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

  

Security
Description
  Beginning balance January 1, 2019   Purchases   Sales Proceeds   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 balance March 31, 2019   Investment Income 
Brookwood SFL Investor Co-Investment Vehicle, LLC  $1,551,334   $-   $-   $-   $(48,851)  $-   $(28,524)  $1,473,959   $- 
Clear Guide Medical, Inc. - Convertible Note, 10.00%, 1/6/2020   1,032,487    -    (780,000)   -    (282,487)   30,000    -    -    3,683 
Clear Guide Medical, Inc. - Series A Preferred Stock(1)   3,802,700    -    -    -    -    -    -    3,802,700    - 
Clear Guide Medical, Inc. - Series A-2 Preferred Stock(1)   724,389    -    -    -    -    -    -    724,389    - 
Clear Guide Medical, Inc. - Series A-3 Preferred Stock(1)   688,328    835,394    -    -    316,074    -    -    1,839,796    - 
Clearsense, LLC - Class C Preferred Shares   -    2,790,000    -    -    -    -    -    2,790,000    24,460 
CM Funding, LLC(1)   2,050,000    -    -    -    -    -    (93,294)   1,956,706    52,115 
Cygnus Property Fund V, LLC(1)   2,000,000    -    -    -    (38,272)   -    -    1,961,728    - 
DSI Digital, LLC - Series A Convertible Preferred Units   3,000,000    -    -    -    -    -    -    3,000,000    73,971 
Level ATI Holdco, LLC - Class A   2,385,261    -    -    -    -    -    -    2,385,261    - 
Polara Builder II, LLC(1)   2,471,990    2,338,831    -    -    35,821    -    (35,821)   4,810,821    100,840 
Rosebrook Opportunities Fund LP(1)   1,283,000    -    -    -    -    -    716,006    1,999,006    - 
RS17 Rexburg Preferred LLC(1)   1,307,330    -    -    -    (30)   -    -    1,307,300    158,163 
RRA Credit Opportunity Fund LP(1)   456,870    499,453    -    -    (35,408)   -    (20,191)   900,724    - 
Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/22/2028   15,270    -    -    -    -    -    -    15,270    - 
Tides Capital Gamma LP(1)   856,821    -    -    -    13,166    -    -    869,987    - 
Thunder Investment Partners, LLC (1)   2,080,000    -    -    -    -    -    -    2,080,000    68,953 
Tout, Inc. - New Preferred Shares   7,900,001    -    -    -    -    -    -    7,900,001    - 
Waratek Ltd. - Series B-1 Shares   2,957,410    -    -    -    (44,521)   -    -    2,912,889    - 
Waratek Ltd. - Series B-2 Shares   3,787,611    -    -    -    (57,018)   -    -    3,730,593    19,071 
Waratek, Ltd. - Series B-1 Shares, Exercise Price 0.01 Euro, Expiration Date 01/22/2028   382,147    -    -    -    (5,752)   -    -    376,395    - 
WG Pitts Caribbean, LLC(1)   426,036    -    -    -    -    -    -    426,036    - 
   $41,158,985   $6,463,678   $(780,000)  $-   $(147,278)  $30,000   $538,176   $47,263,561   $501,256 

 

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

 

 

 

Federal Income Tax Information - At December 31, 2018, gross unrealized appreciation and depreciation on investments based on cost for federal income tax purposes were as follows:

 

Cost of investments  $104,842,783 
Gross unrealized appreciation  $21,852,476 
Gross unrealized depreciation   (11,107,274)
Net unrealized appreciation on investments  $10,745,202 

 

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

 

 

 

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 Fund  
     
By: /s/ Daniel Wildermuth  
  Daniel Wildermuth  
  Trustee, Chairman of the Board, President and Chief Executive Officer
     
Date: May 28, 2019  

 

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.

 

By: /s/ Daniel Wildermuth  
  Daniel Wildermuth  
  Trustee, Chairman of the Board, President and Chief Executive Officer
  (Principal Executive Officer)  
     
Date: May 28, 2019  
     
By: /s/ Gerard Scarpati  
  Gerard Scarpati  
  Treasurer and Chief Financial Officer  
  (Principal Financial Officer)  
     
Date: May 28, 2019  

 

 

 

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)