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 811-07074

180 DEGREE CAPITAL CORP.

(Exact Name of Registrant as Specified in Its Charter)

  

7 N. Willow Street, Suite 4B, Montclair NJ		07042
(Address of Principal Executive Offices)		(Zip Code)

Daniel B. Wolfe President and Chief Financial Officer 180 Degree Capital Corp. 7 N. Willow Street, Suite 4B Montclair, NJ 07042

(Name and address of agent for service)

Registrant's telephone number, including area code: (973) 746-4500

Date of fiscal year end: December 31

Date of reporting period: March 31, 2017

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Item 1. Consolidated Schedule of Investments and Schedule 12-14

1

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Unaffiliated Companies (2) -
14.9% of net assets at value
Private Placement Portfolio (Illiquid) (3) -
11.8% of net assets at value
Fleet Health Alliance, LLC (4)(5)			Health Care Technology
Developing software for information transfer amongst healthcare providers and consumers
Unsecured Convertible Bridge Note, 0%, (acquired 4/22/16)	(M)				$	225,000			$	225,000			$	225,000
Mersana Therapeutics, Inc. (4)(5)			Biotechnology
Developing antibody drug conjugates for cancer therapy
Common Stock (acquired 7/27/12)	(H)				3,875,395				350,539				719,586
Series A-1 Convertible Preferred Stock (acquired 7/27/12-4/2/14)	(H)				683,538				635,081				1,342,091
Series B-1 Convertible Preferred Stock (acquired 2/20/15-6/14/16)	(H)				365,820				339,887				734,518
					4,924,753								2,796,195
Muses Labs, Inc. (4)			Life Sciences Tools & Services
Developing a data analytics platform for precision medicine
Unsecured Convertible Bridge Note, 5%, (acquired 5/25/16)	(M)				221,032				$	212,000			221,032
Nanosys, Inc. (4)(5)			Specialty Chemicals
Developing inorganic nanowires and quantum dots for use in LED-backlit devices
Series C Convertible Preferred Stock (acquired 4/10/03)	(I)				1,500,000				803,428				954,169
Series D Convertible Preferred Stock (acquired 11/7/05)	(I)				3,000,003				1,016,950				1,884,869
Series E Convertible Preferred Stock (acquired 8/13/10)	(I)				496,573				433,688				838,333
					4,996,576								3,677,371

2

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Unaffiliated Companies (2) -
14.9% of net assets at value (cont.)
Private Placement Portfolio (Illiquid) (3) -
11.8% of net assets at value (cont.)
NanoTerra, Inc. (4)(5)			Research & Consulting Services
Developing surface chemistry and nano-manufacturing solutions
Warrants for Common Stock expiring on 2/22/21 (acquired 2/22/11)	(I)				$	69,168			4,462				$	1,118
Warrants for Series A-3 Preferred Stock expiring on 11/15/22 (acquired 11/15/12)	(I)				35,403				47,508				124,231
					104,571								125,349
Petra Pharma Corporation (4)(5)			Pharmaceuticals
Developing small molecule inhibitors for treatment of cancer and metabolic diseases
Series A Convertible Preferred Stock (acquired 12/23/15-10/27/16)	(I)				1,525,050				1,525,050				1,531,718
Phylagen, Inc. (4)			Research & Consulting Services
Developing technology to improve human health and business productivity
Secured Convertible Bridge Note, 5%, (acquired 2/5/15)	(M)				221,534				$	200,000			310,148
Secured Convertible Bridge Note, 5%, (acquired 6/5/15)	(M)				10,912				$	10,000			15,277
					232,446								325,425
Xenio Corp. (4)(5)(6)			Technology Hardware, Storage & Peripherals
Developing a smart platform for LED lighting that enables local intelligence and communication capabilities
Common Stock (acquired 8/1/16)	(M)				184,653				221,938				23,303
Total Unaffiliated Private Portfolio (cost: $12,414,081)													$	8,925,393

3

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Rights to Milestone Payments (Illiquid) (7) -
3.0% of net assets at value
Amgen, Inc. (4)(5)(8)			Biotechnology
Rights to Milestone Payments from Acquisition of BioVex Group, Inc. (acquired 3/4/11)	(I)				$	548,998			$	548,998			$	2,264,025
Canon, Inc. (4)(5)(9)			Semiconductor Equipment
Rights to Milestone Payments from Acquisition of Molecular Imprints, Inc. (acquired 4/18/14)	(I)				232,865				$	232,865			0
Laird Technologies, Inc. (4)(5)(10)			Electronic Components
Rights to Milestone Payments from Merger & Acquisition of Nextreme Thermal Solutions, Inc. (acquired 2/13/13)	(I)				0				$	0			0
Total Unaffiliated Rights to Milestone Payments (cost: $781,863)													$	2,264,025
Publicly Traded Portfolio (11) -
0.1% of net assets at value
Champions Oncology, Inc. (5)			Life Sciences Tools & Services
Developing its TumorGraftTM platform for personalized medicine and drug development
Warrants for Common Stock expiring 1/28/19 (acquired 1/28/13)	(I)				$	400			5,500				$	5,621
OpGen, Inc. (5)			Biotechnology
Developing tools for genomic sequence assembly and analysis
Warrants for the Purchase of Common Stock expiring 5/8/20 (acquired 5/5/15)	(M)				425,579				300,833				23,615
Warrants for the Purchase of Common Stock expiring 2/17/25 (acquired 5/5/15)	(I)				785				31,206				27,099
					426,364								50,714
Total Unaffiliated Publicly Traded Portfolio (cost: $426,764)													$	56,335
Total Investments in Unaffiliated Companies (cost: $13,622,708)													$	11,245,753

4

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Non-Controlled Affiliated Companies (2) -
65.9% of net assets at value
Private Placement Portfolio (Illiquid) (12) -
54.8% of net assets at value
ABSMaterials, Inc. (4)			Specialty Chemicals
Developing nano-structured absorbent materials for water remediation and consumer applications
Series A Convertible Preferred Stock (acquired 2/17/10-10/24/11)	(I)				$	435,000			390,000				$	199,251
Series B Convertible Preferred Stock (acquired 11/8/13-6/25/14)	(I)				1,217,644				1,037,751				889,504
Secured Convertible Bridge Note, 8%, (acquired 1/20/16)	(M)				109,578				$	100,000			109,578
Secured Convertible Bridge Note, 8%, (acquired 3/28/17)	(M)				25,022				$	25,000			25,022
					1,787,244								1,223,355
AgBiome, LLC (4)(5)			Fertilizers & Agricultural Chemicals
Providing early-stage research and discovery for agriculture and utilizing the crop microbiome to identify products that reduce risk and improve yield
Series A-1 Convertible Preferred Stock (acquired 1/30/13)	(I)				2,000,000				2,000,000				6,953,194
Series A-2 Convertible Preferred Stock (acquired 4/9/13-10/15/13)	(I)				521,740				417,392				1,499,980
Series B Convertible Preferred Stock (acquired 8/7/15)	(I)				500,006				160,526				766,873
					3,021,746								9,220,047
AgTech Accelerator Corporation (4)(5)(13)			Research & Consulting Services
Identifying and managing emerging agriculture technologies companies
Common Stock (acquired 5/4/16-11/17/16)	(M)				300,000				300,000				300
Class B Common Stock (acquired 11/17/16)	(M)				0				138,000				138
					300,000								438

5

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Non-Controlled Affiliated Companies (2) -
65.9% of net assets at value (cont.)
Private Placement Portfolio (Illiquid) (12) -
54.8% of net assets at value (cont.)
D-Wave Systems, Inc. (4)(5)(14)			Technology Hardware, Storage & Peripherals
Developing high-performance quantum computing systems
Series 1 Class B Convertible Preferred Stock (acquired 9/30/08)	(H)				$	1,002,074			1,144,869				$	2,164,901
Series 1 Class C Convertible Preferred Stock (acquired 9/30/08)	(H)				487,804				450,450				854,427
Series 1 Class D Convertible Preferred Stock (acquired 9/30/08)	(H)				748,473				855,131				1,622,037
Series 1 Class E Convertible Preferred Stock (acquired 11/24/10)	(H)				248,049				269,280				516,663
Series 1 Class F Convertible Preferred Stock (acquired 11/24/10)	(H)				238,323				258,721				496,404
Series 1 Class H Convertible Preferred Stock (acquired 6/27/14)	(H)				909,088				460,866				945,258
Series 2 Class D Convertible Preferred Stock (acquired 9/30/08)	(H)				736,019				678,264				1,286,550
Series 2 Class E Convertible Preferred Stock (acquired 6/1/12-3/22/13)	(H)				659,493				513,900				990,642
Series 2 Class F Convertible Preferred Stock (acquired 6/1/12-3/22/13)	(H)				633,631				493,747				951,793
Warrants for Common Stock expiring 5/12/19 (acquired 5/12/14)	(I)				26,357				20,415				12,736
					5,689,311								9,841,411
EchoPixel, Inc. (4)(5)			Health Care Equipment
Developing virtual reality 3-D visualization software for life sciences and health care applications
Series Seed Convertible Preferred Stock (acquired 6/21/13-6/30/14)	(I)				1,250,000				4,194,630				936,685
Series Seed-2 Convertible Preferred Stock (acquired 1/22/16)	(I)				500,000				1,476,668				334,570
Series A-2 Convertible Preferred Stock (acquired 3/23/17)	(I)				350,000				1,471,577				411,425
					2,100,000								1,682,680

6

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Non-Controlled Affiliated Companies (2) -
65.9% of net assets at value (cont.)
Private Placement Portfolio (Illiquid) (12) -
54.8% of net assets at value (cont.)
Ensemble Therapeutics Corporation (4)(5)			Pharmaceuticals
Developing DNA-Programmed ChemistryTM for the discovery of new classes of therapeutics
Series B Convertible Preferred Stock (acquired 6/6/07)	(I)				$	2,000,000			1,449,275				$	0
Series B-1 Convertible Preferred Stock (acquired 4/21/14)	(I)				679,754				492,575				877,642
					2,679,754								877,642
Essential Health Solutions, Inc. (4)(5)			Health Care Technology
Developing software for information transfer amongst healthcare providers and consumers
Common Stock (acquired 11/18/16)	(I)				20				200,000				116,425
Series A Convertible Preferred Stock (acquired 11/18/16)	(I)				2,750,000				2,750,000				2,756,884
					2,750,020								2,873,309
Genome Profiling, LLC (4)			Life Sciences Tools & Services
Developing a platform to analyze and understand the epigenome
Unsecured Convertible Bridge Note, 8%, (acquired 8/4/16)	(M)				230,000				$	230,000			230,000
HZO, Inc. (4)			Semiconductor Equipment
Developing novel industrial coatings that protect electronics against damage from liquids
Common Stock (acquired 6/23/14)	(I)				666,667				405,729				456,857
Series I Convertible Preferred Stock (acquired 6/23/14)	(I)				5,709,835				2,266,894				4,115,858
Series II Convertible Preferred Stock (acquired 6/23/14-8/3/15)	(I)				2,500,006				674,638				1,760,011
Series II-A Convertible Preferred Stock (acquired 9/9/16)	(I)				226,070				69,053				258,342
Warrants for Series II-A Convertible Preferred Stock expiring 7/15/23 (acquired 7/15/16)	(I)				29,820				6,577				24,546
					9,132,398								6,615,614

7

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Non-Controlled Affiliated Companies (2) -
65.9% of net assets at value (cont.)
Private Placement Portfolio (Illiquid) (12) -
54.8% of net assets at value (cont.)
Laser Light Engines, Inc. (4)(5)(15)			Technology Hardware, Storage & Peripherals
Manufactured solid-state light sources for digital cinema and large-venue projection displays
Series A Convertible Preferred Stock (acquired 5/6/08)	(M)				$	2,000,000			7,499,062				$	0
Series B Convertible Preferred Stock (acquired 9/17/10)	(M)				3,095,802				13,571,848				0
Secured Convertible Bridge Note, 12%, (acquired 10/7/2011)	(M)				200,000				$	200,000			0
Secured Convertible Bridge Note, 12%, (acquired 11/17/2011)	(M)				95,652				$	95,652			0
Secured Convertible Bridge Note, 12%, (acquired 12/21/2011)	(M)				82,609				$	82,609			0
Secured Convertible Bridge Note, 12%, (acquired 3/5/2012)	(M)				434,784				$	434,784			0
Secured Convertible Bridge Note, 12%, (acquired 7/26/2012)	(M)				186,955				$	186,955			0
Secured Convertible Bridge Note, 20%, (acquired 4/29/2013)	(M)				166,667				$	166,667			0
Secured Convertible Bridge Note, 20%, (acquired 7/22/2013)	(M)				166,667				$	166,667			0
Secured Convertible Bridge Note, 10%, (acquired 10/30/2013)	(M)				80,669				$	80,669			0
Secured Convertible Bridge Note, 10%, (acquired 2/5/2014)	(M)				19,331				$	19,331			0
Secured Convertible Bridge Note, 10%, (acquired 6/24/2014)	(M)				13,745				$	13,745			0
					6,542,881								0
Lodo Therapeutics Corporation (4)(5)			Pharmaceuticals
Developing and commercializing novel therapeutics derived from a metagenome-based Natural Product Discovery Platform
Series A Convertible Preferred Stock (acquired 12/21/15-4/22/16)	(I)				658,190				658,190				660,337

8

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Non-Controlled Affiliated Companies (2) -
65.9% of net assets at value (cont.)
Private Placement Portfolio (Illiquid) (12) -
54.8% of net assets at value (cont.)
NGX Bio, Inc. (4)(16)			Research & Consulting Services
Developing translational genomics solutions
Series Seed Convertible Preferred Stock (acquired 6/6/14-1/10/16)	(I)				$	500,002			666,667				$	355,823
Series A Convertible Preferred Stock (acquired 8/20/15-9/30/15)	(I)				499,999				329,989				226,628
Unsecured Convertible Bridge Note, 6% (acquired 4/6/16)	(M)				529,589				$	500,000			296,946
					1,529,590								879,397
ORIG3N, Inc. (4)(5)			Health Care Technology
Developing precision medicine applications for induced pluripotent stems cells
Series 1 Convertible Preferred Stock (acquired 2/5/15-8/5/15)	(I)				500,000				1,195,315				1,002,378
Series A Convertible Preferred Stock (acquired 11/25/15-9/7/16)	(I)				1,500,000				1,364,666				1,329,521
					2,000,000								2,331,899
Produced Water Absorbents, Inc. (4)(17)			Oil & Gas Equipment & Services
Providing integrated process separation solutions to the global oil and gas industries, enabling onsite treatment of produced and flowback water
Common Stock (acquired 4/30/16)	(M)				7,670,281				50,243,350				0
Warrants for Common Stock expiring upon liquidation event (acquired 4/30/16)	(I)				65,250				450,000				0
Senior Secured Debt, 15% commencing on 4/1/16, maturing on 12/31/19 (acquired 4/1/16)	(I)				2,017,334				$	2,533,766			1,304,300
					9,752,865								1,304,300

9

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Non-Controlled Affiliated Companies (2) -
65.9% of net assets at value (cont.)
Private Placement Portfolio (Illiquid) (12) -
54.8% of net assets at value (cont.)
Senova Systems, Inc. (4)(15)(18)			Life Sciences Tools & Services
Developing next-generation sensors to measure pH
Series B-1 Convertible Preferred Stock (acquired 8/1/13-1/15/14)	(I)				$	1,083,960			2,759,902				$	0
Series C Convertible Preferred Stock (acquired 10/24/14-4/1/15)	(I)				1,208,287				1,611,049				224,868
Warrants for Series B Preferred Stock expiring 10/15/17 (acquired 10/15/12)	(I)				131,538				164,423				0
Warrants for Series B Preferred Stock expiring 4/24/18 (acquired 4/24/13)	(I)				20,000				25,000				0
					2,443,785								224,868
TARA Biosystems, Inc. (4)			Specialty Chemicals
Developing human tissue models for toxicology and drug discovery applications
Common Stock (acquired 8/20/14)	(I)				20				2,000,000				671,914
Series A Convertible Preferred Stock (acquired 3/31/17)	(I)				2,545,493				6,878,572				2,751,429
					2,545,513								3,423,343
Total Non-Controlled Affiliated Private Portfolio (cost: $53,163,297)													$	41,388,640
Publicly Traded Portfolio (19) -
11.1% of net assets at value
Adesto Technologies Corporation (5)			Semiconductors
Developing low-power, high-performance memory devices
Common Stock (acquired 10/27/15)	(M)				$	11,482,417			1,769,868				$	7,344,952

10

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Publicly Traded Portfolio (19) -
11.1% of net assets at value (cont.)
Enumeral Biomedical Holdings, Inc. (5)			Biotechnology
Developing therapeutics and diagnostics through functional assaying of single cells
Common Stock (acquired 7/31/14)	(M)				$	4,993,357			7,966,368				$	1,005,356
Warrants to purchase Common Stock expiring 2/2/2024 (acquired 7/31/14)	(I)				57,567				255,120				23,138
Warrants to purchase Common Stock expiring 7/30/2019 (acquired 7/31/14)	(I)				360,250				1,000,000				5,236
					5,411,174								1,033,730
Total Non-Controlled Affiliated Publicly Traded Portfolio (cost: $16,893,591)													$	8,378,682
Total Investments in Non-Controlled Affiliated Companies (cost: $70,056,888)													$	49,767,322
Investments in Controlled Affiliated Companies (2) -
5.7% of net assets at value
Private Placement Portfolio (Illiquid) (20) -
5.7% of net assets at value
Black Silicon Holdings, Inc. (4)(15)(21)			Semiconductors
Holding company for interest in a company that develops silicon-based optoelectronic products
Series A Convertible Preferred Stock (acquired 8/4/15)	(I)				$	750,000			233,499				$	0
Series A-1 Convertible Preferred Stock (acquired 8/4/15)	(I)				890,000				2,966,667				0
Series A-2 Convertible Preferred Stock (acquired 8/4/15)	(I)				2,445,000				4,207,537				0
Series B-1 Convertible Preferred Stock (acquired 8/4/15)	(I)				1,169,561				1,892,836				0
Series C Convertible Preferred Stock (acquired 8/4/15)	(I)				1,171,316				1,674,030				0
Secured Convertible Bridge Note, 8%, (acquired 8/25/16)	(I)				1,340,671				$	1,278,453			369,763
					7,766,548								369,763

11

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Investments in Controlled Affiliated Companies (2) -
5.7% of net assets at value (cont.)
Private Placement Portfolio (Illiquid) (20) -
5.7% of net assets at value (cont.)
HALE.life Corporation (4)(22)			Health Care Technology
Developing a platform to facilitate precision health and medicine
Common Stock (acquired 3/1/16)	(M)				$	10			1,000,000				$	10
Series Seed Convertible Preferred Stock (acquired 3/28/17)	(M)				1,896,920				11,000,000				1,896,920
Unsecured Convertible Bridge Note, 0%, (acquired 3/28/17)	(M)				2,000,000				$	2,000,000			2,000,000
					3,896,930								3,896,930
ProMuc, Inc. (4)(15)			Biotechnology
Developing synthetic mucins for the nutritional, food and health care markets
Common Stock (acquired 12/18/13)	(I)				1				1,000				0
Secured Convertible Bridge Note, 8%, (acquired 12/18/13)	(I)				350,000				$	350,000			6,035
Secured Convertible Bridge Note, 8%, (acquired 8/13/14)	(I)				100,000				$	100,000			1,724
Secured Convertible Bridge Note, 8%, (acquired 8/5/15)	(I)				75,000				$	75,000			1,293
Secured Convertible Bridge Note, 8%, (acquired 12/7/15)	(I)				55,000				$	55,000			948
					580,001								10,000
SynGlyco, Inc. (4)(15)			Specialty Chemicals
Developed synthetic carbohydrates for pharmaceutical applications
Common Stock (acquired 12/13/11)	(I)				2,729,817				57,463				0
Series A' Convertible Preferred Stock (acquired 12/13/11-6/7/12)	(I)				4,855,627				4,855,627				0
Secured Convertible Bridge Note, 8%, (acquired 2/26/16)	(I)				73,770				$	67,823			30,000
					7,659,214								30,000
Total Controlled Private Placement Portfolio (cost: $19,902,693)													$	4,306,693
Total Investments in Controlled Affiliated Companies (cost: $19,902,693)													$	4,306,693

12

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)
	Method of Valuation (1)		Industry		Cost		Shares/ Principal		Value

Total Investments in Private Placement and Publicly Traded Portfolio (cost: $103,582,289)													$	65,319,768
Private Placement Portfolio (Illiquid) (23) -
0.2% of net assets at value
Private Placement Portfolio (Illiquid) (23) -
0.2% of net assets at value
Accelerator IV-New York Corporation (4)(5)(24)			Research & Consulting Services
Identifying and managing emerging biotechnology companies
Series A Common Stock (acquired 7/21/14-1/29/16)	(E)				$	172,522			581,907				$	172,522
Total Equity Method Investments (cost: $172,522)													$	172,522
Total Investments (cost: $103,754,811)													$	65,492,290
OTHER ASSETS (INCLUDING CASH) IN EXCESS OF LIABILITIES													$	9,979,571
NET ASSETS (equivalent to $2.43 per share based on 31,121,562 shares of common stock outstanding)													$	75,471,861

13

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180 DEGREE CAPITAL CORP. CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2017 (UNAUDITED)

Notes to Consolidated Schedule of Investments

(1)	See "Note 1. Investment Valuation Procedures" on page 16 for a description of the "Valuation Procedures."

(2)

Investments in unaffiliated companies consist of investments in which we own less than five percent of the voting shares of the portfolio company. Investments in non-controlled affiliated companies consist of investments in which we own five percent or more, but less than 25 percent, of the voting shares of the portfolio company, or where we hold one the right to appoint or more seats on the portfolio company’s board of directors but do not control the company. Investments in controlled affiliated companies consist of investments in which we own 25 percent or more of the voting shares of the portfolio company or otherwise control the company, including control of a majority of the seats on the board of directors, or more than 25 percent of the seats on the board of directors, with no other entity or person in control of more director seats than us. Among our controlled affiliated companies, ProMuc, Inc., and HALE.life Corporation, were 100 percent owned by us at March 31, 2017.

(3)	The aggregate cost for federal income tax purposes of investments in unaffiliated privately held companies is $12,414,081. The gross unrealized appreciation based on the tax cost for these securities is $120,425. The gross unrealized depreciation based on the tax cost for these securities is $3,609,113.

(4)	We are subject to legal restrictions on the sale of our investment(s) in this company.

(5)	Represents a non-income producing investment. Investments that have not paid dividends or interest within the last 12 months are considered to be non-income producing.

(6)	We received shares of Xenio Corporation as part of the consideration distributed to shareholders of Bridgelux, Inc., for the sale of Bridgelux, Inc., to an investment group led by China Electronics Corporation and ChongQing Linkong Development Investment Company. The close of this transaction occurred on August 1, 2016.