NPORT-EX 2 wildermuth-soi_063025.htm SCHEDULE OF INVESTMENTS

Wildermuth Fund
Schedule of Investments
June 30, 2025 (Unaudited)

Interests, Shares, Principal, Amount, or Units	COMMON STOCK - 0.01%		Fair Value
11,397		AtlasClear Holdings, Inc.^(b)	$	2,188

	TOTAL COMMON STOCK (Cost $3,126,329)			2,188

	COMMODITY & NATURAL RESOURCE INVESTMENTS - 1.26%
1,976,034		Catalyst Resources, LLC^{(a)(b)(c)(e)(f)}		225,995
2,066,031		Thunder Investment Partners, LLC^{(a)(c)(d)(e)(f)}		112,204

	TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $4,042,065)			338,199

	DIRECT PRIVATE EQUITY - 137.12%
41,751		Affinity Beverages, LLC^(a)(b)(c)(e)		174,999
2,500		Clear Guide Medical, Inc. - Series A Preferred Stock^{(a)(b)(c)(d)(e)(f)}		4,894,000
134,898		Clear Guide Medical, Inc. - Series A-2 Preferred Stock^{(a)(b)(c)(d)(e)(f)}		921,000
763,283		Clear Guide Medical, Inc. - Series A-3 Preferred Stock^{(a)(b)(c)(d)(e)(f)}		4,854,000
56,180		Clear Guide Medical, Inc. - Series A-4 Preferred Stock^{(a)(b)(c)(d)(e)(f)}		510,000
157,563		Clear Guide Medical, Inc. - Series A-5 Preferred Stock^{(a)(b)(c)(d)(e)(f)}		1,513,000
2,378,888		Clearsense, LLC - Common Shares^{(a)(b)(c)(d)(e)(f)}		308,000
1,690		Level ATI HoldCo, LLC - Class A^{(a)(b)(c)(d)(e)(f)}		5,550,272
1,880,968		Metro Diner, LLC - Series II Common Units^{(a)(b)(c)(e)(f)}		1,374,000
3,500,000		Metro Diner, LLC - Series B Units^{(a)(b)(c)(e)(f)}		2,897,000
8,800,000		Reach Enterprises, Inc. - Common Units^{(a)(b)(c)(d)(e)(f)}		—
309,150		Reach Enterprises, Inc. - Series Seed-1 Preferred Units^{(a)(b)(c)(d)(e)(f)}		—
1,288,103		Reach Enterprises, Inc. - Series Seed-2 Preferred Units ^{(a)(b)(c)(d)(e)(f)}		—
7,627,254		Waratek, Ltd. - Common Shares^{(a)(b)(c)(d)(e)(f)}		13,814,393
635,838		Waratek, Ltd. - Series B-1^{(a)(b)(c)(d)(e)(f)}		—
756,826		Waratek, Ltd. - Series B-2^{(a)(b)(c)(d)(e)(f)}		—
426,036		WG Pitts Caribbean, LLC - Common Units^{(a)(b)(c)(d)(e)(f)}		—

	TOTAL DIRECT PRIVATE EQUITY (Cost $37,048,630)			36,810,664

	DIRECT REAL ESTATE - 5.04%
—		Brookwood SFL Investor Co-Investment Vehicle, LLC^(a)(b)(c)		1,353,289
1,800,000		LaGrange Senior Living, LLC - Class A Interests^{(a)(c)(d)(e)(f)}		—

	TOTAL DIRECT REAL ESTATE (Cost 2,110,330)			1,353,289

	HEDGE FUND - 0%
—		Rosebrook Opportunities Fund LP^{(a)(b)(c)(d)(g)(h)}		—

	TOTAL HEDGE FUND (Cost $994,053)			—

Wildermuth Fund
Schedule of Investments
June 30, 2025 (Unaudited)

Interests, Shares, Principal, Amount, or Units	PRIVATE EQUITY DEBT - 0%			Fair Value
6,638,250		Reach Enterprises, Inc. - Convertible Note, 8.00%, 9/30/2024^{(a)(b)(c)(d)(e)(f)(i)}	$	—
2,500,000		Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2023^{(a)(b)(c)(d)(e)(f)(i)(j)}		—
2,098,889		Sequin, Inc. - Convertible Note, 8.00%, 12/31/2024^{(a)(b)(c)(d)(e)(f)(i)}		—
250,000		Sequin, Inc. - Promissory Note, 12.00%, 12/31/2025^{(a)(c)(d)(e)(f)}		—
400,000		Sequin, Inc. - Convertible Note, 12.00%, 12/31/2025^{(a)(b)(c)(d)(e)(f)(i)}		—
2,033,611		The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 12/31/2024^{(a)(b)(c)(e)(f)(i)}		—
4,436,896		WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 6/30/2023^{(a)(c)(d)(e)(f)(j)}		—

	TOTAL PRIVATE EQUITY DEBT (Cost $17,931,605)			—

	PRIVATE EQUITY FUNDS - 5.38%
—		Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund^{(a)(b)(c)(e)(g)(h)}		1,035,066
—		EJF Sidecar Fund, Series LLC - Small Financial Equities Series^(a)(c)(g)(h)		118,436
10		GPB Automotive Portfolio LP^{(a)(b)(c)(e)(f)(g)}		291,946
—		Gravity Ranch Fund I LP^{(a)(b)(c)(e)(f)(g)(h)}		—

	TOTAL PRIVATE EQUITY FUNDS (Cost $1,373,821)			1,445,448

	PRIVATE REAL ESTATE INVESTMENTS - 5.05%
92,075		ARCTRUST, Inc.^(a)(c)(g)		935,255
56		Shopoff Land Fund III LP^(a)(b)(c)(g)		50,680
—		Walton Street Real Estate Fund VIII LP^(a)(b)(c)(g)		370,293

	TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $1,104,415)			1,356,228

	PUBLIC REAL ESTATE INVESTMENT DEBT - 0.35%
93,076		Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031^(a)(c)(e)		93,076

	PUBLIC REAL ESTATE INVESTMENT DEBT (Cost $93,075)			93,076

	WARRANTS - 0%
1,442		Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028^{(a)(b)(c)(e)(f)}		—
6,410		Sequin, Inc., Exercise Price $0.001, Expiration Date 3/30/2026^{(a)(b)(c)(d)(e)(f)}		—
172,792		Waratek, Ltd., Exercise Price $0.01 Euro, Expiration Date 1/22/2028^{(a)(b)(c)(d)(e)(f)}		—

		TOTAL WARRANTS (Cost $0)		—

Wildermuth Fund
Schedule of Investments
June 30, 2025 (Unaudited)

Shares	SHORT-TERM INVESTMENT - 1.49%		Fair Value
400,681		Fidelity Institutional Government Portfolio - Institutional Class, 4.23%^(k)	$	400,681

	TOTAL SHORT-TERM INVESTMENT (Cost $400,681)			400,681

	TOTAL INVESTMENTS (Cost $68,225,004) - 155.7%			41,799,773

	LIABILITIES IN EXCESS OF OTHER ASSETS, NET - (55.7%)			(14,953,435)

	NET ASSETS - 100%		$	26,846,338

^(a)	Illiquid Security. As of June 30, 2025, these securities amounted to $41,396,904 representing 154.20% of total net assets.
^(b)	Non-income Producing.
^(c)	Restricted Security. As of June 30, 2025, these securities amounted to $41,396,904 representing 154.20% of total net assets. Please refer to Investments in Restricted Securities section in the Notes to the Schedule of Investments.
^(d)	Denotes an investment in an affiliated entity. Please refer to the Investments in Affiliated Issuers section in the Notes to the Schedule of Investments.
^(e)	Level 3 security in accordance with fair value hierarchy.
^(f)	Security fair valued using method determined in good faith by the Valuation Designee designated by the Board of Trustees. As of June 30, 2025, these securities amounted to $37,265,811 representing 138.81% of total net assets.
^(g)	Private Fund. As of June 30, 2025, these securities amounted to $2,801,676 representing 10.44% of total net assets.
^(h)	Private Investment Company. As of June 30, 2025, these securities amounted to $1,153,502 representing 4.30% of total net assets.
⁽ⁱ⁾	Payment-in-kind (PIK) security in which the issuer makes interest payments in the form of additional securities, as opposed to cash payouts. These additional securities generally have the same terms as the original holdings.
^(j)	Security is in default.
^(k)	Rate shown represents the 7-day effective yield at June 30, 2025, is subject to change and resets daily.


LLC - Limited Liability Company
LP - Limited Partnership
SLP - Special Limited Partnership


The accompanying notes are an integral part of this schedule of investments.

Wildermuth Fund

Notes to Schedule of Investments
June 30, 2025 (Unaudited)

Investments in Restricted Securities – Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. Investments in restricted securities are valued at fair value as determined in good faith by the Valuation Designee 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.

Security	Initial Acquisition Date	Shares, Principal Amount, or Units		Cost
Affinity Beverages, LLC	February 21, 2020		41,751	$	175,000
ARCTRUST, Inc.	June 30, 2016		92,075		980,360
Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund	April 2, 2018		—		221,252
Brookwood SFL Investor Co - Investment Vehicle, LLC	November 3, 2017		—		310,330
Clear Guide Medical, Inc. - Series A Preferred Stock	April 19, 2016		2,500		2,250,000
Clear Guide Medical, Inc. - Series A-2 Preferred Stock	March 6, 2018		134,898		500,000
Clear Guide Medical, Inc. - Series A-3 Preferred Stock	July 16, 2018		763,283		3,085,394
Clear Guide Medical, Inc. - Series A-4 Preferred Stock	January 6, 2022		56,180		250,000
Clear Guide Medical, Inc. - Series A-5 Preferred Stock	August 15, 2022		157,563		750,000
Clearsense, LLC - Common Shares	February 20, 2019		2,378,888		9,799,865
Catalyst Resources,, LLC	December 14, 2018		1,976,034		1,976,034
Cottonwood Communities, Inc. - Promissory Note, 7.00%, 01/01/2031	June 22, 2021		93,076		93,075
EJF Sidecar Fund, Series LLC - Small Financial Equities Series	October 25, 2017		—		152,569
GPB Automotive Portfolio LP	March 13, 2015		10		500,000
Gravity Ranch Fund I LP	June 13, 2017		—		500,000
LaGrange Senior Living, LLC - Class A Interests	September 11, 2019		1,800,000		1,800,000

Wildermuth Fund

Notes to Schedule of Investments
June 30, 2025 (Unaudited)

Investments in Restricted Securities (continued)

Security	Initial Acquisition Date	Shares, Principal Amount, or Units		Cost
Level ATI HoldCo, LLC - Class A	September 10, 2018		1,690	$	1,690,000
Metro Diner, LLC - Series B Units	November 16, 2017		3,500,000		2,276,542
Metro Diner, LLC - Series II Common Units	November 16, 2017		1,880,968		1,223,458
Reach Enterprises, Inc. - Common Units	August 8, 2019		8,800,000		2,758,800
Reach Enterprises, Inc. - Convertible Note, 8.00%, 09/30/2024	April 30, 2021		6,638,250		6,638,250
Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/01/2023	October 2,2020		2,500,000		2,500,000
Reach Enterprises, Inc. - Series Seed-1 Preferred Units	August 5, 2020		309,150		458,000
Reach Enterprises, Inc. - Series Seed-2 Preferred Units	July 15, 2020		1,288,103		1,526,647
Rosebrook Opportunities Fund LP	November 29, 2017		—		994,053
Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 01/21/2028	February 28, 2023		1,442		—
Sequin, Inc. - Convertible Note, 8.00%, 12/31/2024			2,098,889		2,098,889
Sequin, Inc. - Convertible Note, 12.00%, 12/31/2025	October 25, 2017		400,000		400,000
Sequin, Inc., Exercise Price $0.001, Expiration Date 03/30/2026	March 13, 2015		6,410		—
Sequin, Inc. - Promissory Note, 12.00%, 12/31/2025	June 13, 2017		250,000		250,000
Shopoff Land Fund III LP	September 11, 2019		56		34,846
The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 12/31/2024	September 10, 2018		2,033,611		2,033,611
Thunder Investment Partners, LLC	November 2, 2018		2,066,031		2,066,031

Wildermuth Fund

Notes to Schedule of Investments
June 30, 2025 (Unaudited)

Investments in Restricted Securities (continued)

Security	Initial Acquisition Date	Shares, Principal Amount, or Units		Cost
Walton Street Real Estate Fund VIII LP	May 24, 2017		—	$	89,209
Waratek, Ltd. - Common Shares	November 24, 2021		7,627,254		3,191,374
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028	June 5, 2018		172,792		—
Waratek, Ltd. - Series B-1	June 5, 2018		635,838		2,990,569
Waratek, Ltd. - Series B-2	December 28, 2017		756,826		3,696,940
WG Pitts Caribbean, LLC - Common Units	October 12, 2018		426,036		426,040
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 6/30/2023	August 14, 2020		4,436,896		4,010,856
				$	64,697,994

Investments in Affiliated Issuers – Issuers that are considered affiliates, as defined in Section 2(a)(3) of the 1940 Act, of the Fund at period-end are noted in the Fund’s Schedule of Investments. The table below reflects transactions during the period with entities that are affiliates as of June 30, 2025 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 April 1, 2025		Purchases or Conversions		Sales or Conversions		Change in Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)		Tax Basis or Return of Capital Adjustments		Ending Value June 30, 2025		Investment Income
Clear Guide Medical, Inc. Series A Preferred Stock	$	5,173,000	$	—	$	—	$	(279,000	)	$	—	$	—	$	4,894,000	$	—
Clear Guide Medical, Inc. Series A-2 Preferred Stock		988,000		—		—		(67,000	)		—		—		921,000
Clear Guide Medical, Inc. - Series A-3 Preferred Stock		5,257,000		—		—		(403,000	)		—		—		4,854,000		—
Clear Guide Medical, Inc. Series A-4 Preferred Stock		507,000		—		—		3,000			—		—		510,000
Clear Guide Medical, Inc. Series A-5 Preferred Stock		1,498,000		—		—		15,000			—		—		1,513,000		—

Wildermuth Fund

Notes to Schedule of Investments
June 30, 2025 (Unaudited)

Investments in Affiliated Issuers (continued)

Security Description	Beginning balance April 1, 2025		Purchases or Conversions		Sales or Conversions		Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Tax Basis or Return of Capital Adjustments		Ending Value June 30, 2025		Investment Income
Clearsense, LLC - Common Shares	$	308,000	$	—	$	—	$	—	$	—	$	—	$	308,000	$	—
LaGrange Senior Living, LLC - Class A Interests⁽¹⁾		—		—		—		—		—		—		—		—
Level ATI HoldCo, LLC - Class A⁽¹⁾		4,610,000		—		—		940,272		—		—		5,550,272		—
Reach Enterprises, Inc. - Common Units⁽¹⁾		—		—		—		—		—		—		—		—
Reach Enterprises, Inc. - Convertible Note - 8.00%, 09/30/2024⁽¹⁾		—		—		—		—		—		—		—		—
Reach Enterprises, Inc. - Convertible Note - 12.00%, 10/01/2023⁽¹⁾		—		—		—		—		—		—		—		—
Reach Enterprises, Inc. - Series Seed-1 Preferred Units⁽¹⁾	—		—		—		—		—		—		—		—
Reach Enterprises, Inc. - Series Seed-2 Preferred Units⁽¹⁾	—		—		—		—		—		—		—		—
Rosebrook Opportunities Fund LP⁽¹⁾	—		—		—		—		—		—		—		—
Sequin, Inc. - Convertible Note, 8.00%, 12/31/2024		—		—		—		—		—		—		—		—
?Sequin, Inc. - Promissory Note, 12.00%, 12/31/2025		—		—		—		—		—		—		—		—
Sequin, Inc., Convertible Note, 12.00%, 12/31/2025		—		—		—		—		—		—		—		—
Sequin, Inc., Exercise Price $0.001, Expiration Date 03/30/2026		—		—		—		—		—		—		—		—
Thunder Investment Partners, LLC⁽¹⁾		112,204		—		—		—		—		—		112,204		—
Waratek, Ltd. - Common Shares⁽¹⁾		3,702,714		—		—		10,111,679		—		—		13,814,393		—

Wildermuth Fund

Notes to Schedule of Investments
June 30, 2025 (Unaudited)

Investments in Affiliated Issuers (continued)

Security Description	Beginning balance April 1, 2025			Purchases or Conversions		Sales or Conversions		Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Tax Basis or Return of Capital Adjustments		Ending Value June 30, 2025		Investment Income
Waratek, Ltd. - Series B-1⁽¹⁾	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—
Waratek, Ltd. - Series B-2⁽¹⁾	—			—		—		—		—		—		—		—
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028⁽¹⁾	—			—		—		—		—		—		—		—
WG Pitts Caribbean, LLC - Common Units⁽¹⁾	—			—		—		—		—		—		—		—
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 6/30/2023⁽¹⁾			—		—		—		—		—		—		—	—
		$	22,155,918	$	—	$	—	$	10,320,951	$	—	$	—	$	32,476,869	$	—