UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

☐ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(Dd) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2018~~2019

ORor

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(Dd) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-53504*

Crossroads Liquidating Trust

(Exact Name of Registrant as Specified in its Charter)

Maryland		82-6403908
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.
128 N. 13th Street, Suite #1100, Lincoln, NE		68508
Address of Principal Executive Offices		Zip Code

~~128 N. 13th Street, Suite #1100 Lincoln, Nebraska 68508 (Address of principal executive offices) (402) 261-5345 (~~Registrant’s telephone number, including area code (402) 261-5345

Securities registered pursuant to Section 12(b) of the Act: ~~None~~

~~Securities registered~~Title ~~pursuant~~of toeach ~~Section~~class 12Trading Symbol(gs) Name of ~~the~~each ~~Act: None~~exchange on which registered N/A N/A N/A

Securities registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☐ *

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☐ *

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐ *

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐ *

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer,” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒.

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of ~~June~~the ~~30,~~last ~~2018~~business day of the registrant’s most recently completed second fiscal quarter. Not applicable.*

As of ~~March~~May 2815, ~~2019~~2020, the number of outstanding units of beneficial interest in Crossroads Liquidating Trust was 9,563,130.

DOCUMENTS INCORPORATED BY REFERENCE

None.

Crossroads Capital, Inc. converted to Crossroads Liquidating Trust on June 23, 2017. Accordingly, Crossroads Liquidating Trust files reports under the Commission file number for Crossroads Capital, Inc. Crossroads Capital, Inc. filed a Form N-54C on June 23, 2017, indicating the withdrawal of its election to be subject to sections 55 through 65 of the Investment Company Act of 1940 (the “Act”), pursuant to the provisions of section 54(c) of the Act.

TABLE OF CONTENTS

		Page
	Part I
Item 1.	Business	34
Item 1A.	Risk Factors	45
Item 1B.	Unresolved Staff Comments	89
Item 2.	Properties	89
Item 3.	Legal Proceedings	89
Item 4.	Mine Safety Disclosures	89
	Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	910
Item 6.	Selected Financial Data	910
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	910
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	1213
Item 8.	Financial Statements ~~and Supplementary Data~~	1314
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	1415
Item 9A.	Controls and Procedures	1415
Item 9B.	Other Information	1415
	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	1516
Item 11.	Executive Compensation	1516
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	1516
Item 13.	Certain Relationships and Related Transactions, and Director Independence	1617
Item 14.	Principal Accountant Fees and Services	1617
	Part IV
Item 15.	Exhibits and Financial Statement Schedules	1718
Item 16.	Form 10-K Summary	1718
Signatures		1819

INTRODUCTORY NOTE

As used in this annual report on Form 10-K, unless otherwise indicated, the “Trust”, “Liquidating Trust”, “we”, “us” or “our” refer to Crossroads Liquidating Trust.

Forward-Looking Statements

This annual report on Form 10-K contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements represent our current expectations, assumptions, estimates and projections regarding Crossroads Liquidating Trust, including estimates of the net assets of the Trust, statements about the amount and timing of the payment of additional liquidating distributions and statements about the Trust’s operating costs through termination of the Trust, which will vary with the length of time it operates. These forward-looking statements are subject to substantial risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed in, or implied by, these forward-looking statements.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be materially inaccurate. In light of these and other uncertainties, the inclusion of projections or forward-looking statements in this annual report on Form 10-K should not be regarded as a representation by us that our Plan of Liquidation will be achieved. These risks and uncertainties include those described or identified in “Risk Factors” in this annual report on Form 10-K. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this annual report on Form 10-K. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, to reflect events or circumstances occurring after the date of this annual report on Form 10-K.

PART I

Item 1. Business

Overview

Crossroads Liquidating Trust (the “Liquidating Trust” or the “Trust”) operates as a statutory trust under the general laws of the State of Maryland following the conversion of Crossroads Capital, Inc. (“Crossroads Capital”) into Crossroads Liquidating Trust pursuant to a Plan of Liquidation (the “Plan”). The sole purpose of the Trust is the liquidation of its assets and distribution of its proceeds to the holders of the beneficial interests in the Liquidating Trust.

Prior to conversion, Crossroads Capital, Inc. (“Crossroads Capital”) elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On June 23, 2017, Crossroads Capital and each of the trustees of the Liquidating Trust (the “Trustees”) executed the Liquidating Trust Agreement (the “Liquidating Trust Agreement”) in connection with the conversion of Crossroads Capital into Crossroads Liquidating Trust pursuant to the Plan. On June 23, 2017, Crossroads Capital filed Articles of Conversion with the State of Maryland and all of the assets and liabilities of Crossroads Capital became assets and liabilities of the Trust (the “Conversion”). Stockholders of Crossroads Capital received one unit of beneficial interest for each share of common stock held by such stockholder on the date of conversion.

The Liquidating Trust will terminate upon payment to the holders of the beneficial interests in the Liquidating Trust (“Trust Units”) of all the Liquidating Trust’s assets and in any event upon the third anniversary of the effectiveness of the Conversion. The life of the Liquidating Trust may, however, be extended to more than three years if the Trustees then determine that an extension is reasonably necessary to fulfill the purposes of the Trust. The Trustees are authorized to engage the services of other professionals or service organizations to assist in managing the Liquidating Trust’s affairs. Under the Liquidating Trust Agreement, Trust Units are not transferable or assignable, except for certain exceptions described in the Liquidating Trust Agreement. The Trust Units are not certificated, listed on any exchange or quoted on any quotation system. The Liquidating Trust Agreement provides that neither the Trustees nor anyone associated with the Liquidating Trust may take any action to facilitate or encourage any trading in the Trust Units. The Liquidating Trust’s activities are specifically limited to conserving, protecting and selling its assets and distributing the proceeds therefrom. These activities include holding the Liquidating Trust’s assets for the benefit of the holders of the Trust Units and enforcing their rights, temporarily investing asset sale proceeds and collecting income therefrom, providing for the liabilities of the Liquidating Trust, making liquidating distributions to the holders of Trust Units, and taking such other actions as may be necessary to conserve and protect the assets of the Liquidating Trust.

The Liquidating Trust remains subject to the restrictions under the 1940 Act from engaging in transactions with affiliated parties, except under certain circumstances. The Liquidating Trust is required to file with the U.S. Securities and Exchange Commission (the “SEC”) annual reports showing the assets and liabilities of the Liquidating Trust at the end of each calendar year and its receipts and disbursements for the period. The annual reports will describe the changes in the Liquidating Trust’s assets during the reporting period and the actions taken by the Trustees during the period. The financial statements contained in such reports will be prepared in accordance with generally accepted accounting principles and will be reviewed by the Liquidating Trust’s independent registered public accounting firm. The financial statements, however, will not be audited. The Liquidating Trust will file with the SEC a Form 8-K whenever an event occurs that requires such a report to be filed for or whenever, in the opinion of the Trustees, any other material event relating to the Liquidating Trust has occurred.

Distributions

The Plan provides that liquidating distributions will be made at such times as determined by the Trustees in their sole discretion. Consideration of potential liquidating distributions shall occur no less frequently than annually and in any event within a reasonable period of time following the disposition of the Liquidating Trust’s assets.

The Trust did not make any liquidating distributions during 2018.

On July 12, 2017, the Trust made an initial liquidating distribution of $1.60 per Trust Unit to the holders of beneficial interest in the Trust, pursuant to the Plan. This initial liquidating distribution was apportioned pro rata according to the beneficial unit holders’ respective interest in the Trust.

Tax Treatment

For Federal income tax purposes, the Trust is treated as a “grantor” trust. As such, the Trust itself is not subject to federal or state income tax. Instead, each beneficiary will be treated as having a direct interest in an allocable pro rata share of each asset and liability of the Trust. As a result, an allocable portion of all items of Trust income (including any gains and losses recognized by the Trust), deductions and credits must be reported by beneficiaries on their income tax return(s).

~~The Trust~~PART will issue an annual information statement to its beneficiaries with information for their tax returns. Beneficiaries are urged to consult with their tax advisers as to their own filing requirements and the appropriate tax reporting of this information on their returns.I

~~Employees~~Item 1. Business

We have no employees or executive officers. All of our work is performed by the Trustees directly or through contract services. 1100 Capital Consulting, LLC (the “Administrator”) serves as our administrator, performing the administrative services necessary for our operation, including without limitation, providing equipment, clerical, bookkeeping, accounting and record keeping services.Overview

~~Item 1A~~Crossroads Liquidating Trust (the “Liquidating Trust” or the “Trust”) operates as a statutory trust under the general laws of the State of Maryland following the conversion of Crossroads Capital, Inc. ~~Risk~~(“Crossroads ~~Factors~~Capital”) into Crossroads Liquidating Trust pursuant to a Plan of Liquidation (the “Plan”). The sole purpose of the Trust is the liquidation of its assets and distribution of its proceeds to the holders of the beneficial interests in the Liquidating Trust.

~~In addition~~Pursuant to ~~other~~the ~~information in this annual report on Form 10-K~~Plan, the ~~following~~Liquidating ~~risk~~Trust ~~factors~~is ~~should~~scheduled beto ~~carefully~~complete ~~reviewed~~liquidation ~~because such~~activities ~~factors may have a significant impact~~ on ~~the~~or ~~execution~~before ofJune ~~the~~23, ~~Plan~~2020. On ~~and~~February ~~the timing and amount of future liquidating distributions~~28, if ~~any~~2020, to the ~~holders~~Liquidating ~~of beneficial interest in the~~ Trust~~. As~~ engaged a ~~result~~market ofadvisory ~~the~~firm ~~risk~~to ~~factors~~locate ~~set~~potential ~~forth~~purchasers ~~below~~ and ~~elsewhere in~~assist ~~this~~selling ~~Form~~the ~~10-K,~~remaining ~~actual~~assets ~~results~~of ~~could~~the ~~differ materially from those projected herein~~Trust.

~~Risks Related~~Prior to ~~our~~conversion, ~~Liquidation~~Crossroads Capital, Inc. (“Crossroads Capital”) elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On June 23, 2017, Crossroads Capital and each of the trustees of the Liquidating Trust (the “Trustees”) executed the Liquidating Trust Agreement (the “Liquidating Trust Agreement”) in connection with the conversion of Crossroads Capital into Crossroads Liquidating Trust pursuant to the Plan. On June 23, 2017, Crossroads Capital filed Articles of Conversion with the State of Maryland and all of the assets and liabilities of Crossroads Capital became assets and liabilities of the Trust (the “Conversion”). Stockholders of Crossroads Capital received one unit of beneficial interest for each share of common stock held by such stockholder on the date of conversion.

~~We cannot~~The ~~assure~~Liquidating ~~you~~Trust will terminate upon payment to the holders of the ~~amount~~beneficial orinterests ~~timing~~in the Liquidating Trust (“Trust Units”) of ~~future~~the ~~distributions~~net proceeds realized from all of the Liquidating Trust’s assets and in any event on June 23, 2020, the third anniversary of the effectiveness of the Conversion. The life of the Liquidating Trust may, however, be extended to more than three years if the Trustees then determine that an extension is reasonably necessary to fulfill the purposes of the Trust. The Trustees are authorized to engage the services of other professionals or service organizations to assist in managing the Liquidating Trust’s affairs. Under the Liquidating Trust Agreement, Trust Units are not transferable or assignable, except for certain exceptions described in the Liquidating Trust Agreement. The Trust Units are not certificated, listed on any exchange or quoted on any quotation system. The Liquidating Trust Agreement provides that neither the Trustees nor anyone associated with the Liquidating Trust may take any action to facilitate or encourage any trading in the Trust Units. The Liquidating Trust’s activities are specifically limited to conserving, protecting and selling its assets and distributing the proceeds therefrom. These activities include holding the Liquidating Trust’s assets for the benefit of the holders of the Trust Units and enforcing their rights, temporarily investing asset sale proceeds and collecting income therefrom, providing for the liabilities of the Liquidating Trust, making liquidating distributions to the holders of Trust Units, and taking such other actions as may be necessary to conserve and protect the assets of the Liquidating Trust.

~~Our estimate~~The ofLiquidating ~~net~~Trust ~~assets~~remains insubject ~~liquidation~~to atthe ~~December~~restrictions ~~31,~~under ~~2018~~the of1940 $8Act from engaging in transactions with affiliated parties,~~093,375,~~ orexcept $0under certain circumstances.85 The ~~per~~Liquidating Trust ~~Unit~~ is ~~based~~required onto afile ~~number~~with ofthe ~~estimates~~ U.S. Securities and ~~assumptions.~~Exchange ~~These~~Commission ~~include~~(the ~~asset~~“SEC”) ~~hold~~annual ~~periods,~~reports ~~expected~~showing ~~revenues~~the assets and ~~expenses~~liabilities ~~and~~of ~~other~~the ~~factors~~Liquidating ~~not~~Trust ~~within~~at ~~our~~the ~~control,~~end ~~such as~~of ~~capitalization~~each ~~rates~~calendar year and ~~market~~its ~~conditions~~receipts and disbursements for the period. The Inannual ~~addition,~~reports will describe the ~~liquidation~~changes ~~and~~in ~~dissolution~~the ~~process~~Liquidating isTrust’s ~~subject~~assets toduring ~~numerous~~the ~~uncertainties~~ reporting period and ~~may~~the ~~result~~actions taken by the Trustees during the period. The financial statements contained in ~~smaller~~such ~~distributions~~reports ~~than~~will ~~anticipated~~be orprepared noin ~~capital~~accordance ~~available~~with ~~for~~generally ~~future~~accepted ~~distribution~~accounting toprinciples ~~our~~and ~~beneficial~~will ~~unitholders~~be reviewed by the Liquidating Trust’s independent registered public accounting firm. The ~~precise~~financial ~~nature~~statements, ~~amount~~however, ~~and~~will ~~timing~~not ofbe ~~any~~audited. The ~~future~~Liquidating ~~distribution~~Trust will ~~depend~~file onwith ~~and~~the ~~could~~SEC bea ~~delayed~~Form by8-K whenever an event occurs that requires such a ~~number~~report to be filed for or whenever, in the opinion of ~~factors~~the ~~including:~~ Trustees, any other material event relating to the Liquidating Trust has occurred.

~~● Adverse changes in general and local economic conditions which affect the market for our portfolio companies;~~Distributions

●The ~~Longer~~Plan provides that liquidating distributions will be made at such times as determined by the Trustees in their sole discretion. Consideration of potential liquidating distributions shall occur no less frequently than ~~anticipated~~annually ~~hold~~and ~~periods~~in ~~for~~any ~~our~~event within a reasonable period of time following the disposition of the Liquidating Trust’s assets;.

●On ~~Adverse~~September ~~changes~~10, in2019, the ~~performance~~Trust made a liquidating distribution of ~~our~~$0.35 ~~portfolio~~per ~~companies;~~Trust Unit to the holders of beneficial interest in the Trust, pursuant to the Plan. This liquidating distribution was apportioned pro rata according to the beneficial unit holders’ respective interest in the Trust.

●The ~~Competition~~Trust ~~from~~did ~~other~~not ~~companies;~~make any liquidating distributions during 2018.

●On ~~Fluctuations~~July 12, 2017, the Trust made an initial liquidating distribution of $1.60 per Trust Unit to the holders of beneficial interest in the Trust, pursuant to the Plan. This initial liquidating distribution was apportioned pro rata according to the beneficial unit holders’ respective interest ~~rates;~~in the Trust.

~~● The financial condition of our portfolio companies; or~~4

●Tax ~~Increase in the Trust’s maintenance, insurance and operating costs.~~Treatment

~~There can~~For beFederal noincome ~~guarantee~~tax ~~that~~purposes, the ~~holders~~Trust ofis ~~beneficial~~treated ~~interests~~as a “grantor” trust. As such, the Trust itself is not subject to federal or state income tax. Instead, each beneficiary will ~~realize~~be treated as having a direct interest in an allocable pro rata share of each asset and liability of the ~~current~~Trust. As ~~estimated liquidation~~a ~~values~~result, an allocable portion of ~~our~~all ~~assets~~items ~~under~~of Trust income (including any gains and losses recognized by the ~~Plan~~Trust), deductions and credits must be reported by beneficiaries on their income tax return(s).

~~We cannot~~The ~~accurately estimate the expected proceeds that the Liquidating~~ Trust ~~might~~will ~~realize~~issue ~~from~~an ~~the~~annual ~~sale~~information ofstatement ~~our portfolio investments pursuant~~ to ~~the~~its ~~Plan~~beneficiaries orwith ~~the~~information ~~timing~~for ~~thereof. The~~their ~~amounts~~tax ~~realized may be less than the estimated liquidation values as of December 31, 2018~~returns. It isBeneficiaries ~~possible~~are ~~that~~urged ~~the~~to ~~final~~consult ~~liquidation~~with ~~value~~their ortax ~~the~~advisers proceeds received from the sale of our portfolio investments may be less than the value or proceeds an investor might receive from pursuing a strategy of holding such investments through any potential initial public offering or other sale or liquidity event. It is possible that we will experience substantial differences in the exit prices ultimately achieved by the Liquidating Trust on our portfolio investments as ~~compared~~ to ~~the~~their ~~respective current~~own ~~estimated~~filing ~~liquidation~~requirements ~~values. We~~and ~~cannot provide any assurance as to~~ the ~~proceeds~~appropriate wetax ~~will~~reporting ~~receive from the disposition~~ of ~~our~~this ~~portfolio~~information ~~company~~on ~~investment~~their ~~or the net proceeds, if any, therefrom~~returns.

~~Our period of liquidation may be extended beyond the current three-year liquidation period.~~Employees

We ~~may~~ have tono ~~extend~~employees ~~our~~or ~~period~~executive officers. All of ~~liquidation~~our ~~beyond~~work ~~the~~is ~~three-year~~performed ~~liquidation~~by ~~period~~the ~~permitted~~Trustees ~~under~~directly ~~IRS~~or ~~rules,~~through ~~which~~contract ~~might require us to seek an IRS letter ruling for an extension~~services. ~~Seeking~~ 1100 ~~such~~Capital aConsulting, ~~letter~~LLC ~~ruling~~(the ~~may~~“Administrator”) ~~result~~serves inas anour ~~increase~~administrator, inperforming ~~our~~the administrative ~~expenses. If~~ ~~such~~services anecessary ~~letter~~for ~~ruling~~our ~~is denied~~operation, weincluding ~~may~~without belimitation, ~~required~~providing toequipment, ~~sell~~clerical, ~~our~~bookkeeping, ~~assets~~accounting atand ~~below~~record ~~fair~~keeping ~~market value~~services.

~~Our units~~Item ~~are~~1A. ~~not~~Risk ~~transferable or assignable except for certain exceptions and lack liquidity.~~Factors

~~The Trust~~In ~~Units~~addition ~~are~~to ~~not~~other ~~certificated,~~information ~~listed~~in onthis ~~any~~annual ~~exchange~~report ~~or quoted~~ on ~~any~~Form ~~quotation~~10-K, ~~system. The~~the ~~Liquidating~~following ~~Trust~~risk ~~Agreement provides~~factors ~~that~~should ~~neither~~be ~~the~~carefully ~~Trustees~~reviewed ~~nor~~because ~~anyone~~such ~~associated~~factors ~~with the Liquidating Trust~~ may ~~take~~have ~~any~~a ~~action~~significant toimpact ~~facilitate~~on orthe ~~encourage any~~execution ~~trading~~of in the ~~Trust~~Plan ~~Units. Under~~and the ~~Liquidating~~timing ~~Trust~~and ~~Agreement,~~amount ~~Trust~~of ~~Units~~future ~~are~~liquidating ~~not~~distributions, ~~transferable~~if ~~or assignable~~any, ~~except for~~to ~~certain~~the ~~exceptions~~holders ~~described~~of beneficial interest in the ~~Liquidating~~ Trust ~~Agreement~~. ~~Thus,~~As ~~our~~a ~~beneficiaries~~result doof ~~not~~the ~~have~~risk ~~authority~~factors orset ~~power to~~forth ~~sell~~below orand elsewhere in ~~any~~this ~~other~~Form ~~manner~~10-K, ~~dispose~~actual ofresults ~~their~~could ~~beneficial~~differ ~~interests~~materially from those projected herein.

4Risks Related to our Liquidation

We ~~may~~ becannot ~~delayed~~assure inyou ~~completing~~of ~~our~~the ~~liquidation~~amount or timing of future distributions, if any.

Our ~~ability~~ toestimate ~~accomplish~~of ~~the~~net ~~Plan~~assets isin ~~contingent~~liquidation ~~upon~~at ~~the~~December ~~disposition~~31, 2019 of ~~our~~$1,593,812, ~~portfolio~~or ~~company investments~~$0. ~~Our~~17 ~~current~~per ~~timeframe for~~Trust ~~liquidating~~Unit is tobased ~~conclude~~on ~~within~~a ~~three~~number ~~years~~of ~~from~~estimates ~~our~~and ~~conversion~~assumptions. toThese ainclude ~~liquidating~~asset ~~trust. Remaining~~hold ~~contingent~~periods, ~~liabilities~~ expected revenues and expenses and other factors ~~could~~not ~~cause~~within usour tocontrol, ~~extend~~such ~~liquidation~~as ~~beyond~~capitalization ~~this~~rates ~~period~~and market conditions. If In addition, the liquidation and dissolution process is ~~delayed,~~subject ~~your~~to numerous uncertainties and may result in smaller distributions than anticipated or no capital available for future distribution to our beneficial ~~interests~~ unitholders. The precise nature, amount and timing of any future distribution will ~~continue~~depend toon and could be ~~illiquid.~~delayed by a number of factors including:

~~If our~~● ~~liquidation~~Adverse ~~costs~~changes orin ~~unpaid~~general ~~liabilities~~and ~~are~~local ~~greater~~economic ~~than~~conditions wewhich ~~expect,~~affect ~~our~~the ~~liquidating~~market ~~distributions~~for to our ~~beneficiaries~~portfolio ~~may be delayed or reduced.~~companies;

~~Before making~~● ~~the~~Longer final liquidating distribution to our beneficiaries, we will need to pay or arrange for the payment of all of our transaction costs in the liquidation, and all other costs and all valid claims of our creditors. The total amount of transaction costs in the Plan is not yet known and, therefore, we have used estimates of these costs in calculating the amount of our projected liquidating distributions to our beneficiaries. Estimates are based on assumptions regarding costs to be incurred in executing the Plan. The actual costs incurred during liquidation may differ, which could reduce net assets available for distribution. To the extent that we have underestimated these costs in calculating our projections, our actual net liquidation values may be lower than ~~our estimates. In addition, if the claims of our creditors are greater than we have~~ anticipated, ~~payment~~hold ofperiods ~~liquidating~~for ~~distributions to~~ our ~~beneficiaries~~ ~~may be delayed, reduced and/or eliminated.~~assets;

~~The disposition~~● ofAdverse ~~our~~changes ~~portfolio~~in ~~investments~~the ~~will~~performance beof ~~subject~~our toportfolio ~~contingent liabilities.~~companies;

~~We continue~~● toCompetition ~~incur liabilities and expenses~~ from ~~operations~~other as we complete the liquidation of our assets. To the extent that these expenses and liabilities exceed our current estimates, they will reduce the amount of assets available for future distribution to beneficiaries. While we anticipate that our existing cash and cash equivalents will be sufficient to fund our cash needs for expenses related to completion of the Plan, we cannot provide any assurances that this will be the case.companies;

~~Liquidation basis~~● ~~accounting~~Fluctuations ~~requires certain assumptions that may result~~ in ~~actual~~interest ~~results being materially different from those that have been estimated.~~rates;

● The ~~Liquidating~~ ~~Trust presents its~~ financial ~~statements~~condition ~~in accordance with liquidation basis accounting, which requires us to make estimates and judgments that affect the reported amounts~~ of ~~assets~~our (including net assets in liquidation), liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. Valuation of assets requires management to make difficult estimates and judgments with incomplete information. Estimates necessarily require assumptions, and changes in such assumptions could materially affect reported results. Estimates are made and evaluated on an on-going basis using information that is currently available, as well as various other assumptions believed to be reasonable under the circumstances. Due to the inherently uncertain nature of estimates and the underlying assumptions, the actual values realized for assets and settlement of liabilities may differ materially, perhaps in adverse ways, from the estimated amounts. The determination of the estimated liquidation value of a portfolio ~~company~~companies; ~~may be based on an analysis of available financial results, public market comparables, market conditions and/~~or other factors related to such portfolio company. Additionally, because of uncertainty in the timing and proceeeds of any anticipated sale, actual results may differ materially from estimated amounts.

~~We depend~~● onIncrease ~~our~~in ~~Trustees and Administrator and~~ the ~~loss of our Trustees or our Administrator~~Trust’s ~~key~~maintenance, ~~personnel~~insurance ~~could harm our operations~~ and ~~adversely~~operating ~~affect the value of our Trust Units~~costs.

~~We have~~There nocan ~~employees~~be ~~or executive officers. All of our work is performed by the Trustees directly, through contract services or through our Administrator. We have~~ no ~~separate~~guarantee ~~facilities~~that ~~and are completely reliant on our Trustees who have significant discretion as to~~ the ~~sale~~holders of ~~our~~beneficial ~~assets.~~interests ~~We are subject to the risk that the Administrator may terminate its Administrator Consulting Agreement with us and that no suitable replacement~~ will berealize ~~found. Furthermore, we are dependent on~~ the ~~efforts,~~current ~~diligence,~~estimated ~~skill,~~liquidation ~~network of~~values ~~business contacts and close supervision~~ of ~~all aspects of~~ our ~~business~~assets byunder ~~our Trustees and our Administrator. While we believe that we could find replacements for these key personnel,~~ the ~~loss of their services could have a negative impact on our operations and the value of the Trust Units~~Plan.

~~Payment~~ We cannot accurately estimate the expected proceeds that the Liquidating Trust might realize from the sale of ~~fees~~our remaining portfolio investments pursuant to the Plan or the timing thereof. The amounts realized may be more or less than the estimated liquidation values as of December 31, 2019. It is possible that the final liquidation value or the proceeds received from the sale of our ~~Trustees~~portfolio ~~and~~investments ~~Administrator~~may be less than the value or proceeds an investor might receive from holding such investments through any potential initial public offering or other sale or liquidity event. It is possible that we will ~~reduce~~experience ~~cash~~substantial ~~available~~differences ~~for~~in ~~distribution~~the exit prices ultimately achieved by the Liquidating Trust on our portfolio investments as compared to the respective current estimated liquidation values. We cannot provide any assurance as to the amount of proceeds, if any, we will receive from the disposition of our portfolio company investments.

Our ~~Trustees~~ ~~and~~period ~~Administrator~~of ~~will perform services for us in connection with the~~ liquidation ofmay ~~our assets. They will~~ be ~~paid~~extended ~~fees for~~beyond ~~these services, which will reduce~~ the ~~amount~~current ofthree-year ~~cash~~liquidation ~~available for distribution to our beneficiaries~~period.

5We may determine to attempt to extend our period of liquidation beyond the three-year liquidation period permitted under IRS rules, which might require us to seek an IRS letter ruling for an extension. Seeking such a letter ruling may result in an increase in our administrative expenses. If such a letter ruling is denied, we may be required to sell our assets at below fair market value.

~~Risks Related to Existing Trust Assets~~5

Our ~~portfolio~~ ~~companies~~units are ~~subject~~not totransferable ~~many~~or ~~risks,~~assignable ~~including~~except ~~volatility,~~for ~~intense~~certain ~~competition,~~exceptions ~~current operating losses, shortened product life cycles~~ and ~~periodic~~lack ~~downturns~~liquidity.

~~Our portfolio~~The ~~companies~~Trust ~~consist~~Units ~~primarily~~are ofnot ~~investments in companies in industries that our former investment adviser believed were poised to grow at above-average rates relative to other sectors~~certificated, ~~which~~listed ~~may~~on ~~have~~any ~~relatively~~exchange ~~limited~~or ~~operating~~quoted ~~histories~~on ~~and~~any ~~may be~~quotation ~~particularly vulnerable to fluctuations in U~~system.S. The ~~and~~Liquidating ~~foreign~~Trust ~~economic~~Agreement ~~environments.These~~provides ~~companies~~that ~~may~~neither ~~experience~~the ~~operating losses,~~Trustees ~~have~~nor ~~limited~~anyone ~~access~~associated to capital and higher funding costs, have a weaker financial position and may need additional capital to expand, complete their business plans or remain in business. They may face intense competition, including from larger, more established companies with ~~greater~~the ~~financial,~~Liquidating ~~technical~~Trust ~~and marketing resources. These companies generally have less predictable operating results,~~ may ~~from~~take ~~time~~any toaction ~~time be parties~~ to ~~litigation,~~facilitate ~~may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and require substantial additional capital to support their operations, finance expansion~~ or ~~maintain~~encourage ~~their~~any ~~competitive~~trading ~~position.~~in ~~The~~the ~~revenues,~~Trust ~~income (or losses) and valuations of these companies can and often do fluctuate suddenly and dramatically~~Units. Under ~~For~~the ~~these~~Liquidating ~~reasons,~~Trust ~~our portfolio companies~~Agreement, ifTrust ~~rated~~Units byare ~~one~~not transferable or ~~more ratings agencies~~assignable, ~~would~~ ~~typically~~except ~~be rated below “investment grade.” In addition, the companies that were selected~~ for ~~investment~~certain ~~by the~~exceptions ~~former~~described ~~investment adviser were~~ in ~~industries generally characterized by abrupt business cycles and intense competition, and~~ the ~~competitive~~Liquidating ~~environment~~Trust ~~can change abruptly due to rapidly evolving technology~~Agreement. ~~Therefore~~ Thus, ~~these~~our ~~portfolio~~beneficiaries ~~companies~~do ~~may~~not ~~face considerably~~have ~~more~~authority ~~risk~~or ~~than~~power ~~companies~~to insell ~~other industry sectors. Accordingly, these factors could impair their cash flow~~ or ~~result~~ in any other ~~events,~~manner ~~such~~dispose asof ~~bankruptcy, which could limit~~ their ~~ability~~beneficial ~~to repay their obligations to us and may materially adversely affect the return on, or the recovery of, our investments in these businesses~~interests.

~~Because of~~We ~~rapid technological change, the average selling prices of products and some services provided by our portfolio companies~~ may ~~decrease~~ ~~with~~be ~~corresponding~~delayed rapid speed over their productive lives. These decreases could adversely affect their operating results and cash flow, their ability to meet obligations under their debt securities and the value of their equity securities. This could, in ~~turn,~~completing ~~materially adversely affect~~ our ~~ability to sell the Trust’s assets and ability to make distributions to holders of beneficial interests~~liquidation.

Our ~~investments~~ inability ~~private~~to ~~companies~~accomplish ~~present~~the ~~certain~~Plan ~~challenges,~~is ~~including~~contingent upon the ~~lack~~disposition of ~~available~~our portfolio company ~~information,~~investments ~~a dependence on the talents~~ and ~~efforts~~all ofliabilities. Our ~~only~~current atimeframe ~~few~~for ~~key~~liquidating ~~personnel~~is atto aconclude ~~given~~by ~~portfolio~~June ~~company~~23, ~~a lack of a diversified product line~~2020, awhich ~~dependence on~~is ~~several~~the ~~key~~end ~~customers~~of ~~and~~the athree ~~greater~~year ~~vulnerability~~period to ~~fluctuating~~liquidate ~~economic~~the ~~conditions~~Trust.

~~The value~~If of our ~~portfolio~~liquidation ~~companies~~costs isor ~~dependent~~unpaid inliabilities ~~large part, upon the abilities of the key management personnel of our portfolio companies, who~~ are ~~responsible~~greater ~~for~~than ~~their day-to-day operations. Competition for qualified personnel is intense at any stage of a company’s development, particularly so in the growth industries in which~~ we hold investments. The loss of one or more key managers can hinder or delay a company’s implementation of its business plan and harm its financial condition. Our portfolio companies may not be able to attract and retain qualified managers and personnel. Any inability to do so may negatively affect the value of the companiesexpect, our ~~ability~~liquidating distributions to ~~sell~~ our ~~interest~~beneficiaries inmay ~~such~~be ~~companies,~~delayed and ~~thus the amount of cash available to distribute to our holders of beneficial interests~~reduced.

Before making the final liquidating distribution to our beneficiaries, we will need to pay or arrange for the payment of all of our transaction costs in the liquidation, and all other costs and all valid claims of our creditors. The total amount of ~~cash~~transaction costs in the Plan is not yet known and, therefore, we have used estimates of these costs in calculating the amount of our projected liquidating distributions to our beneficiaries. Estimates are based on assumptions regarding costs to be incurred in executing the Plan. The actual costs incurred during liquidation may differ, which could reduce net assets available for distribution. ~~could~~To the extent that we have underestimated these costs in calculating our projections, our actual net liquidation values may be ~~negatively~~lower ~~affected~~than our estimates. In addition, if athe ~~significant~~claims ~~portfolio~~of ~~investment~~our ~~fails~~creditors are greater than we have anticipated, payment of liquidating distributions to ~~perform as~~our ~~expected~~beneficiaries may be delayed, reduced and/or eliminated.

~~Our total~~The ~~investment~~disposition inof ~~companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected,~~ our ~~financial~~portfolio ~~results~~investments ~~could~~will be ~~negatively~~subject ~~affected~~to ~~and~~contingent ~~the magnitude of the loss could be more significant than if we had smaller investments in more companies~~liabilities.

We ~~cannot~~ ~~assure~~continue ~~you~~to ~~that~~incur ~~any~~liabilities and expenses from operations as we complete the liquidation of our ~~investments~~assets. inTo ~~our~~the ~~portfolio~~extent ~~companies~~that ~~will~~these beexpenses ~~successful.~~and ~~There~~liabilities ~~can~~exceed beour nocurrent ~~assurance~~estimates, asthey towill reduce the ~~levels~~ amount of ~~defaults~~assets oravailable ~~recoveries~~to fund future distribution to beneficiaries. While we anticipate that ~~may~~our existing cash and cash equivalents will be ~~experienced~~sufficient onto fund our ~~debt~~cash ~~investments.~~needs Wefor ~~may~~expenses ~~lose~~related ~~our~~to ~~entire~~completion ~~investment~~of inthe Plan, we cannot provide any ~~or all~~assurances ofthat ~~our~~this ~~portfolio~~will ~~companies~~be the case.

~~Most of~~Liquidation ~~our~~basis ~~portfolio~~accounting ~~companies~~requires ~~will~~certain ~~need~~assumptions ~~additional~~that ~~capital,~~may ~~which~~result ~~may~~in ~~not~~actual beresults ~~readily~~being ~~available~~materially different from those that have been estimated.

~~Most of~~The ~~the~~Liquidating ~~portfolio~~Trust ~~companies~~presents ~~targeted~~its ~~under~~financial ~~our~~statements ~~former~~in ~~investment~~accordance ~~strategy~~with ~~may~~liquidation ~~have~~basis ~~limited~~accounting, ~~financial~~which ~~resources~~requires ~~and~~us ~~typically~~to ~~require substantial~~make ~~additional~~estimates ~~financing~~and tojudgments ~~satisfy~~that ~~their~~affect ~~continuing~~the ~~working~~reported ~~capital~~amounts ~~and~~of ~~other~~assets ~~capital~~(including ~~requirements.~~net Weassets ~~cannot~~in ~~predict the~~liquidation), ~~circumstances~~liabilities, orrevenues ~~market~~and ~~conditions~~expenses, ~~under~~and ~~which~~related ~~these~~disclosure ~~portfolio~~of ~~companies~~contingent ~~will~~assets ~~seek~~and ~~additional capital~~liabilities. ~~Each~~Valuation ~~round~~ of ~~institutional equity~~assets ~~financing~~requires ismanagement ~~typically~~to ~~intended~~make todifficult ~~provide~~estimates aand ~~company~~judgments with ~~only~~incomplete ~~enough~~information. ~~capital~~Estimates tonecessarily ~~reach~~require ~~the~~assumptions, ~~next~~and ~~stage~~changes ofin ~~development.~~such ~~It is~~assumptions ~~possible~~could ~~that~~materially ~~one~~affect orreported ~~more~~results. ofEstimates ~~our~~are ~~portfolio~~made ~~companies~~and ~~will~~evaluated ~~not~~on bean ~~able~~on-going tobasis ~~raise~~using ~~additional~~information ~~financing~~that oris ~~may~~currently beavailable, ~~able~~as towell doas ~~so only~~various atother aassumptions ~~price~~believed orto onbe ~~terms~~reasonable ~~that~~under ~~are~~the ~~unfavorable~~circumstances. Due to the ~~portfolio~~inherently ~~company,~~uncertain ~~either~~nature of ~~which~~estimates ~~would~~and ~~negatively~~the ~~impact~~underlying ~~our~~assumptions, ~~ability to~~the ~~make~~actual ~~distributions~~values torealized ~~our~~for ~~beneficiaries.~~assets Inand ~~some~~settlement ~~cases,~~of ~~financing~~liabilities may bediffer ~~arranged~~materially, perhaps in aadverse ~~manner~~ways, ~~that~~from ~~would~~the ~~have~~estimated ~~the~~amounts. The ~~interests~~ determination of ~~current~~the ~~shareholders~~estimated ~~reduced~~liquidation ifvalue ~~they~~of doa ~~not~~portfolio ~~participate~~company inmay ~~the~~be ~~financing.~~based ~~Some~~on ofan ~~these~~analysis ~~companies~~of ~~may~~available befinancial ~~unable~~results, topublic ~~obtain~~market ~~sufficient financing~~comparables, ~~from~~prevailing ~~any~~discounts ~~provider~~in ofthe ~~capital~~secondary ~~under~~market ~~any~~for ~~terms~~comparable assets, ~~thereby~~market ~~requiring~~conditions ~~these~~and/or ~~companies~~other tofactors ~~cease~~related orto ~~curtail~~such ~~operations.~~portfolio ~~Accordingly~~company. Additionally, ~~investments~~ inbecause ~~these types~~ of ~~companies~~uncertainty ~~generally~~in ~~entails~~the atiming ~~higher~~and ~~risk~~proceeeds of ~~loss~~any ~~than~~anticipated ~~investments~~sale, inactual ~~companies~~results ~~that~~may ~~have~~differ ~~the~~materially ~~ability to~~from ~~raise~~estimated ~~capital~~amounts.

~~Risks Related~~We todepend ~~Our~~on ~~Business~~our inTrustees ~~General~~and Administrator and the loss of our Trustees or our Administrator’s key personnel could harm our operations and adversely affect the value of our Trust Units.

~~Global economic~~We ~~conditions~~have ~~may~~no ~~affect~~employees or executive officers. All of our ~~operations~~work ~~and~~is ~~financial~~performed ~~condition~~by the Trustees directly, ~~including~~through contract services or through our ~~ability~~Administrator. We have no separate facilities and are completely reliant on our Trustees who have significant discretion as to ~~make~~the ~~distributions~~sale of our assets. We are subject to ~~beneficial interest~~the ~~holders~~risk that the Administrator may terminate its Administrator Consulting Agreement with us and that no suitable replacement will be found. Furthermore, we are dependent on the efforts, diligence, skill, network of business contacts and close supervision of all aspects of our business by our Trustees and our Administrator. While we believe that we could find replacements for these key personnel, the loss of their services could have a negative impact on our operations and the value of the Trust Units.

~~Our business~~Payment ~~is subject to a number~~ of ~~general~~fees ~~econocmic conditions and uncertainties that are largely out of our control and may contribute~~ to ~~increased market volatility and instability, which could have a material adverse effect on~~ our ~~business,~~Trustees ~~results of operations~~ and ~~financial~~Administrator ~~condition.~~will ~~These~~reduce ~~include~~cash ~~the~~available ~~current~~for ~~worldwide financial markets, recessionary economic cycles, various changes in U~~distribution.S. regulatory conditions, tariff and trade discussions and various social, regulatory and political uncertainites in the U.S. and around the world. In addition, the fiscal and monetary policies of foreign nations may have a severe impact on the U.S. and worldwide financial markets. These conditions may adversely affect the value of our portfolio companies and our ability to sell them at acceptable prices.

6Our Trustees and Administrator will perform services for us in connection with the liquidation of our assets. They will be paid fees for these services, which will reduce the amount of cash available for distribution to our beneficiaries.

~~We face cyber-security risks.~~6

~~Our business~~Risks ~~operations~~Related rely upon secure information technology systems for data processing, storage and reporting. Despite our security controls, hardware and implementation and updating of security programs, our information and data systems or the similar systems of our vendors and agents could become subject to ~~cyber-attacks.~~Existing ~~Network,~~Trust system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition.Assets

~~The failure~~Our inportfolio ~~cyber~~companies ~~security~~are ~~systems,~~subject asto ~~well~~many asrisks, ~~the~~including ~~occurrence~~volatility, ofintense ~~events~~competition, ~~unanticipated~~current inoperating ~~our~~losses, ~~disaster~~shortened ~~recovery~~product ~~systems~~life cycles and ~~management continuity~~periodic ~~planning could impair our ability to conduct business effectively~~downturns.

~~The occurrence~~Our portfolio companies consist primarily of ainvestments ~~disaster~~in ~~such~~companies asin aindustries ~~cyber~~that our former investment adviser believed were poised to grow at above-~~attack~~average rates relative to other sectors, awhich ~~natural~~may ~~catastrophe~~have relatively limited operating histories and may be particularly vulnerable to fluctuations in U.S. and foreign economic environments.These companies may experience operating losses, anhave ~~industrial~~limited ~~accident~~access to capital and higher funding costs, have a ~~terrorist~~weaker ~~attack~~financial orposition ~~war,~~and ~~events unanticipated~~may inneed ~~our~~additional ~~disaster~~capital ~~recovery~~to ~~systems~~expand, complete their business plans or aremain ~~support~~in ~~failure~~business. They may face intense competition, including from ~~external~~larger, ~~providers~~more established companies with greater financial, ~~could~~technical and marketing resources. These companies generally have anless ~~adverse~~predictable ~~effect~~operating ~~on our~~results, ~~ability~~may from time to ~~conduct~~time ~~business~~be ~~and~~parties onto ~~our~~litigation, ~~results~~may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and require substantial additional capital to support their operations, finance expansion or maintain their competitive position. The revenues, income (or losses) and ~~financial~~valuations ~~condition~~of these companies can and often do fluctuate suddenly and dramatically. For these reasons, ~~particularly~~our portfolio companies, if ~~those~~rated ~~events~~by ~~affect our~~one ~~computer-based~~or ~~data~~more ~~processing~~ratings agencies, ~~transmission~~would typically be rated below “investment grade.” In addition, ~~storage~~the companies that were selected for investment by the former investment adviser were in industries generally characterized by abrupt business cycles and intense competition, and ~~retrieval~~the ~~systems~~competitive orenvironment ~~destroy~~can ~~data~~change abruptly due to rapidly evolving technology. IfTherefore, athese ~~significant~~portfolio ~~number~~companies ofmay ~~our professional~~face ~~staff~~considerably ~~were~~more ~~unavailable~~risk than companies in ~~the~~other ~~event~~industry ofsectors. aAccordingly, ~~disaster~~these factors could impair their cash flow or result in other events, ~~our~~such as bankruptcy, which could limit their ability to ~~effectively~~repay ~~conduct~~their obligations to us and may materially adversely affect the return on, or the recovery of, our ~~business~~investments ~~could~~in bethese ~~severely compromised~~businesses.

~~We depend~~Because ~~upon~~of ~~computer~~rapid ~~systems~~technological tochange, ~~perform~~the ~~necessary~~average ~~business~~selling ~~functions.~~prices ~~Despite~~of ~~our~~products ~~implementation~~and ofsome aservices ~~variety~~provided ofby ~~security measures,~~ our ~~computer~~portfolio ~~systems~~companies ~~could~~may bedecrease ~~subject~~with tocorresponding ~~cyber-attacks~~rapid ~~and~~speed ~~unauthorized~~over ~~access,~~their ~~such~~productive ~~as physical and electronic break-ins or unauthorized tampering~~lives. ~~Like~~These ~~other~~decreases ~~companies,~~could weadversely ~~may~~affect ~~experience~~their ~~threats~~operating toresults ~~our data~~ and ~~systems~~cash flow, ~~including~~their ~~malware~~ability ~~and~~to ~~computer~~meet ~~virus~~obligations ~~attacks, unauthorized~~under ~~access,~~their ~~system~~debt ~~failures~~securities and ~~disruptions.~~the Ifvalue ~~one or more~~ of ~~these~~their ~~events~~equity ~~occurs,~~securities. itThis could ~~potentially jeopardize the confidential~~, ~~proprietary and other information processed and stored~~ in, ~~and transmitted through~~turn, ~~our~~materially ~~computer~~adversely ~~systems~~affect ~~and networks, or otherwise cause interruptions or malfunctions in~~ our ~~operations,~~ability ~~which could result in damage~~ to ~~our~~sell ~~reputation,~~the ~~financial losses,~~Trust’s ~~litigation,~~assets ~~increased~~and ~~costs,~~ability ~~regulatory~~to ~~penalties~~make ~~and/or~~distributions ~~customer~~to ~~dissatisfaction~~holders orof ~~loss~~beneficial interests.

~~We are~~The ~~dependent~~recent onglobal ~~information~~outbreak ~~systems~~of ~~and~~COVID-19 ~~systems~~may ~~failures~~negatively ~~could~~affect ~~significantly~~the ~~disrupt~~marketability ~~our~~and ~~business,~~sales ~~which~~price ~~may,~~of ~~in turn, negatively affect~~ our ~~ability~~portfolio ~~to make distributions~~investments.

~~Our business~~The isrecent ~~dependent~~global onoutbreak ~~our~~of ~~and~~COVID-19 ~~third~~has ~~parties’~~disrupted ~~communications~~economic markets and ~~information~~the ~~systems.~~prolonged ~~Any~~economic ~~failure~~impact oris ~~interruption~~uncertain. ofThe ~~those systems,~~operational ~~including~~and asfinancial aperformance ~~result~~ of the ~~termination~~companies ofin anwhich ~~agreement~~we ~~with~~hold ~~any~~investments ~~third-party~~depends ~~service~~on ~~providers~~future developments, ~~could~~including ~~cause~~the ~~delays~~duration ~~or other~~and ~~problems~~spread inof ~~our~~the ~~activities. Our financial~~outbreak, ~~accounting,~~and ~~data~~such ~~processing,~~uncertainty ~~backup or other operating systems and facilities~~ may ~~fail~~in toturn ~~operate~~impact ~~properly~~the ormarketability ~~become~~and ~~disabled~~proceeds, orif ~~damaged~~any, asreceived afrom ~~result~~the ofsale ~~a number~~ of ~~factors including events that are wholly or partially beyond~~ our ~~control~~portfolio ~~and adversely affect our business~~assets. ~~For example, there could be:~~

●Our ~~sudden~~investments ~~electrical~~in orprivate ~~telecommunication~~companies ~~outages;~~present certain challenges, including the lack of available company information, a dependence on the talents and efforts of only a few key personnel at a given portfolio company, a lack of a diversified product line, a dependence on several key customers and a greater vulnerability to fluctuating economic conditions.

●The ~~natural~~value ~~disasters~~of ~~such~~our asportfolio ~~earthquakes~~companies is dependent in large part, ~~tornadoes~~upon the abilities of the key management personnel of our portfolio companies, who are responsible for their day-to-day operations. Competition for qualified personnel is intense at any stage of a company’s development, particularly so in the growth industries in which we hold investments. The loss of one or more key managers can hinder or delay a company’s implementation of its business plan and ~~hurricanes;~~harm its financial condition. Our portfolio companies may not be able to attract and retain qualified managers and personnel. Any inability to do so may negatively affect the value of the companies, our ability to sell our interest in such companies, and thus the amount of cash available to distribute to our holders of beneficial interests.

●The ~~disease~~amount ~~pandemics;~~of cash available for distribution could be negatively affected if a significant portfolio investment fails to perform as expected.

●Our ~~events~~total ~~arising~~investment ~~from~~in ~~local~~companies may be significant individually or ~~larger~~in ~~scale~~the ~~political~~aggregate. As a result, if a significant investment in one or ~~social~~more ~~matters~~companies fails to perform as expected, ~~including~~our ~~terrorist~~financial ~~acts;~~results could be negatively affected and the magnitude of the loss could be more significant than if we had smaller investments in more companies.

●We ~~cyber-attacks~~cannot assure you that any of our investments in our portfolio companies will be successful. There can be no assurance as to the levels of defaults or recoveries that may be experienced on our debt investments. We may lose our entire investment in any or all of our portfolio companies.

~~These events,~~Most inof ~~turn,~~our ~~could~~portfolio ~~negatively~~companies ~~affect~~will ~~our~~need ~~ability~~additional tocapital, ~~make~~which ~~distributions~~may tonot ~~our~~be ~~holders~~readily ~~of beneficial interest~~available.

Most of the portfolio companies targeted under our former investment strategy may have limited financial resources and typically require substantial additional financing to satisfy their continuing working capital and other capital requirements. We ~~incur~~ ~~public~~cannot ~~reporting~~predict ~~costs~~the circumstances or market conditions under which these portfolio companies will seek additional capital. Each round of institutional equity financing is typically intended to provide a company with only enough capital to reach the next stage of development. It is possible that one or more of our portfolio companies will not be able to raise additional financing or may be able to do so only at a price or on terms that are unfavorable to the portfolio company, either of which would negatively impact our ability to make distributions to our beneficiaries. In some cases, financing may be arranged in a manner that would have the interests of current shareholders reduced if they do not participate in the financing. Some of these companies may be unable to obtain sufficient financing from any provider of capital under any terms, thereby requiring these companies to cease or curtail operations. Accordingly, investments in these types of companies generally entails a higher risk of loss than investments in companies that have the ability to raise capital.

The Liquidating Trust is subject to certain disclosure requirements. Consequently, we incur legal, accounting and other expenses, including costs associated with reporting requirements applicable to a company whose securities were registered under the Exchange Act, as well as additional corporate governance requirements and other rules implemented by the SEC, including those imposed by the SEC staff in connection with our plan to convert into a liquidating trust.7

~~Our operations~~Risks ~~could~~Related ~~be negatively affected if we become subject~~ to ~~any~~Our ~~material~~Business ~~legal~~in ~~proceedings, which could cause us to incur significant expense, hinder execution of the Plan and impair the amount of any distributions made to holders of beneficial interests.~~General

~~We and~~An ~~our~~occurrence ~~Trustees~~of ~~are~~an ~~not~~uncontrollable ~~currently~~event asuch ~~party~~as tothe ~~any~~COVID-19 ~~material~~pandemic ~~legal proceedings. However, from time to time, we~~ may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies, which could cause us to incur substantial expense and negatively ~~impact~~affect our operations ~~by distracting the Trustees, hinder the execution of the Plan and reduce the amount of any distributions made to holders of beneficial interests~~.

7The occurrence of an uncontrollable event, such as the COVID-19 pandemic, could have a material adverse effect on the marketability and sales price of the Trust assets. An uncontrollable event may also limit the ability of our operations team to gather, meet, and conduct business for the Trust. Likewise, it may substantially hamper our efforts to provide the Trust’s beneficiaries with timely information and to comply with our filing obligations with the U.S. Securities and Exchange Commission.

~~Federal Income~~Global ~~Tax~~economic ~~Risks~~conditions may affect our operations and financial condition, including our ability to make distributions to beneficial interest holders.

~~Investors~~ Our business is subject to a number of general econocmic conditions and uncertainties that are largely out of our control and may ~~realize~~contribute ~~taxable~~to ~~income~~increased ~~without~~market ~~cash~~volatility ~~distributions~~and instability, which could have a material adverse effect on our business, results of operations and financial condition. These include the current worldwide financial markets, recessionary economic cycles, various changes in U.S. regulatory conditions, tariff and trade discussions and various social, regulatory and political uncertainites in the U.S. and around the world. In addition, the fiscal and monetary policies of foreign nations may have toa ~~use~~severe ~~funds~~impact ~~from~~on ~~other~~the ~~sources~~U.S. and worldwide financial markets. These conditions may adversely affect the value of our portfolio companies and our ability to ~~pay~~sell ~~their~~them ~~tax~~at ~~liabilities~~acceptable prices.

For Federal income tax purposes, the Trust is treated as a “grantor” trust. As such, the Trust itself is not subject to federal or state income tax. Instead, each beneficiary is treated as having a direct interest in an allocable pro rata share of each asset and liability of the Trust. As a result, an allocable portion of all items of Trust income (including any gains and losses recognized by the Trust), deductions and credits must be reported by beneficiaries on their income tax return(s). Beneficiaries will be required to report their allocable share of our taxable income on their personal income tax return regardless of whether they have received any cash distributions from us. It is possible that units of beneficial interest will be allocated taxable income in excess of their cash distributions. We ~~cannot~~face ~~assure~~cyber-security ~~beneficiaries that cash flow will be available for distribution in any year~~risks. ~~As a result, beneficiaries may have to use funds from other sources to pay their tax liability.~~

~~Item 1B~~Our business operations rely upon secure information technology systems for data processing, storage and reporting. ~~Unresolved~~ ~~Staff~~Despite ~~Comments~~our security controls, hardware and implementation and updating of security programs, our information and data systems or the similar systems of our vendors and agents could become subject to cyber-attacks. Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition.

~~Not applicable~~The failure in cyber security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.

~~Item 2~~The occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in our disaster recovery systems, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data. ~~Properties~~ If a significant number of our professional staff were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised.

We do ~~not~~depend ~~own~~upon ~~any~~computer ~~real~~systems ~~estate~~to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems could be subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Like other ~~physical~~companies, ~~properties~~we may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. ~~Our~~ ~~principal~~If ~~office~~one isor ~~located~~more atof ~~128~~these ~~North~~events ~~13th Street~~occurs, ~~Suite~~it ~~1100~~could potentially jeopardize the confidential, ~~Lincoln~~proprietary and other information processed and stored in, ~~Nebraska~~and ~~68508~~transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory penalties and/or customer dissatisfaction or loss.

~~Item 3.~~We ~~Legal~~are ~~Proceedings~~dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our ability to make distributions.

~~We are~~Our ~~not~~business ~~currently~~is ~~subject~~dependent toon ~~any~~our ~~material~~and ~~legal~~third ~~proceedings~~parties’ communications and information systems. Any failure or interruption of those systems, ~~nor~~including as a result of the termination of an agreement with any third-party service providers, tocould cause delays or other problems in our ~~knowledge~~activities. Our financial, isaccounting, ~~any~~data ~~material~~processing, ~~legal~~backup ~~proceeding~~or ~~threatened against~~other usoperating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. For example, there could be:

~~Item 4.~~● ~~Mine~~sudden ~~Safety~~electrical ~~Disclosures~~or telecommunication outages;

~~Not applicable.~~● natural disasters such as earthquakes, tornadoes and hurricanes;

8● disease pandemics;

~~PART II~~8

~~Item 5. Market~~● ~~for~~events ~~Registrant’s~~arising ~~Common~~from ~~Equity,~~local ~~Related~~or ~~Stockholder~~larger ~~Matters~~scale ~~and~~political ~~Issuer~~or ~~Purchases~~social ofmatters, ~~Equity~~including ~~Securities~~terrorist acts; and

~~Market Information~~● cyber-attacks.

~~The Trust~~These ~~Units~~events, ~~are~~in ~~not certificated~~turn, ~~listed~~could onnegatively ~~any~~affect ~~exchange~~our orability ~~quoted~~to onmake ~~any~~distributions ~~quotation system. The Liquidating Trust Agreement provides that neither the Trustees nor anyone associated with the Liquidating Trust may take any action~~ to ~~facilitate~~our orholders ~~encourage any~~of ~~trading~~beneficial ~~in the Trust Units~~interest. ~~The Trust Units are not transferable or assignable, except for certain exceptions described in the Liquidating Trust Agreement.~~

~~Beneficiaries~~We incur public reporting costs.

~~As of~~The ~~March~~Liquidating 28Trust is subject to certain disclosure requirements. Consequently, ~~2019~~we incur legal, ~~there~~accounting and other expenses, including costs associated with reporting requirements applicable to a company whose securities were ~~approximately~~registered ~~700~~under ~~record~~the ~~holders~~Exchange ofAct, ~~beneficial~~as ~~interest~~well inas additional corporate governance requirements and other rules implemented by the ~~Trust~~SEC, including those imposed by the SEC staff in connection with our plan to convert into a liquidating trust.

~~Item 6. Selected~~Our ~~Financial~~operations ~~Data~~could be negatively affected if we become subject to any material legal proceedings, which could cause us to incur significant expense, hinder execution of the Plan and impair the amount of any distributions made to holders of beneficial interests.

~~Not applicable~~We and our Trustees are not currently a party to any material legal proceedings. However, from time to time, we may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies, which could cause us to incur substantial expense and negatively impact our operations by distracting the Trustees, hinder the execution of the Plan and reduce the amount of any distributions made to holders of beneficial interests.

~~Item 7.~~Federal ~~Management’s~~Income ~~Discussion~~Tax ~~and Analysis of Financial Condition and Results of Operations~~Risks

~~The following~~Investors ~~discussion~~may ~~should~~realize betaxable ~~read~~income inwithout ~~conjunction~~cash ~~with~~distributions, ~~our financial statements~~ and ~~notes~~may ~~and~~have ~~other~~to ~~information~~use ~~contained~~funds ~~elsewhere in~~from ~~this~~other ~~annual~~sources ~~report~~to onpay ~~Form~~their ~~10-K~~tax liabilities.

~~Overview~~For Federal income tax purposes, the Trust is treated as a “grantor” trust. As such, the Trust itself is not subject to federal or state income tax. Instead, each beneficiary is treated as having a direct interest in an allocable pro rata share of each asset and liability of the Trust. As a result, an allocable portion of all items of Trust income (including any gains and losses recognized by the Trust), deductions and credits must be reported by beneficiaries on their income tax return(s). Beneficiaries will be required to report their allocable share of our taxable income on their personal income tax return regardless of whether they have received any cash distributions from us. It is possible that units of beneficial interest will be allocated taxable income in excess of their cash distributions. We cannot assure beneficiaries that cash flow will be available for distribution in any year. As a result, beneficiaries may have to use funds from other sources to pay their tax liability.

~~On June~~Item 23, 2017, Crossroads Capital converted into Crossroads Liquidating Trust and all of the assets and liabilities of Crossroads Capital, including eight portfolio company investments, became assets and liabilities of the Trust pursuant to the Plan and the Liquidating Trust Agreement1B. ~~Crossroads~~ ~~Liquidating~~Unresolved ~~Trust~~Staff ~~is responsible for liquidating its assets and distributing the proceeds to the holders of beneficial interests in the Trust.~~ Comments

~~Portfolio Company~~Not ~~Activity~~applicable.

~~We did~~Item ~~not have any portfolio company dispositions during the year ended December 31, 2018~~2. ~~During~~ the year ended December 31, 2018, we received the proceeds from our sale of Harvest Power, which was completed during the prior year and held as a receivable for investments sold as of December 31, 2017. See also “Recent Developments” below.Properties

~~The following~~We ~~table~~do ~~summarizes~~not ~~the~~own ~~estimated~~any ~~liquidation~~real ~~value~~estate ofor ~~our~~other ~~portfolio~~physical ~~company~~properties. Our ~~holdings~~principal asoffice ofis ~~December~~located ~~31,~~at ~~2018~~128 ~~and~~North ~~2017 and~~13th ~~the~~Street, ~~change~~Suite ~~in estimated liquidation value~~1100, ~~proceeds received and the net change in net assets in liquidation for our portfolio company investments for the year ended December 31~~Lincoln, ~~2018.~~Nebraska 68508.

	Estimated Liquidation Value				For the Year Ended December 31, 2018
	As ofDecember 31, 2017		As of December 31, 2018		Net Change in Estimated Liquidation Value			Total ProceedsReceived		Net Change in Net Assets in Liquidation
Portfolio Company Investments	$	6,650,687	$	6,027,000	$	(623,687	)	$	—	$	(623,687	)

Item 3. Legal Proceedings

We ~~had~~ ~~the~~are ~~following~~not ~~portfolio~~currently ~~company~~subject ~~activity~~to ~~during~~any ~~the~~material ~~period~~legal ~~June~~proceedings, 23nor, ~~2017~~ to ~~December~~our 31knowledge, ~~2017:~~is any material legal proceeding threatened against us.

~~On August~~Item ~~29, 2017, we acquired a $13,902 senior secured promissory note in BrightSource Energy, Inc~~4. asMine ~~part~~Safety of a rights offering to BrightSource Energy’s Series 1 Preferred Stock and note holders. The maturity date of the note is March 1, 2018 or a later date as approved by a majority of the noteholders, or upon the consummation of certain actions as detailed therein.Disclosures

~~On November~~Not ~~13, 2017, Harvest Power, Inc~~applicable. ~~completed a merger transaction that resulted in our receipt of $7,044 in total proceeds in exchange for the cancellation of our Series B convertible preferred and Series A-2 preferred shares.~~

~~On December 8, 2017, funds held in escrow from the sale of our prior Xtime investment totaling $103,148 were released to us without any offset for indemnity claims.~~9

9PART II

	Estimated Liquidation Value				For the Period June 23, 2017 through December 31, 2017
	As ofJune 23, 2017		As of December 31, 2017		Net Change in Estimated Liquidation Value			Total ProceedsReceived		Net Change in Net Assets in Liquidation
Portfolio Company Investments	$	8,060,505	$	6,650,687	$	(1,409,818	)	$	7,044	$	(1,402,774	)
Funds Held in Escrow from Sale of Investment		95,768		—		(95,768	)		103,148		7,380
Total		8,156,273		6,650,687		(1,505,586	)		110,192		(1,395,394	)

Market Information

~~Changes~~ The Trust Units are not certificated, listed on any exchange or quoted on any quotation system. The Liquidating Trust Agreement provides that neither the Trustees nor anyone associated with the Liquidating Trust may take any action to facilitate or encourage any trading in ~~Net~~the ~~Assets~~Trust Units. The Trust Units are not transferable or assignable, except for certain exceptions described in ~~Liquidation~~the Liquidating Trust Agreement.

~~Net assets in liquidation were $8,093,375 and $8,684,201 as of December 31, 2018 and 2017, respectively.~~Beneficiaries

~~Assets~~As of May 15, 2020, there were approximately 700 record holders of beneficial interest in the Trust.

~~As of~~Item ~~December 31, 2018, the Trust held seven portfolio company investments and had total assets of $9,303,072 which were comprised of $~~6~~,027,000~~. inSelected ~~portfolio~~Financial ~~company investments at estimated liquidation value, $3,246,072 in cash and cash equivalents and $30,000 in prepaid expenses and other assets.~~Data

~~As of~~Not December 31, 2017, the Trust held seven portfolio company investments and had total assets of $10,367,865 which were comprised of $6,650,687 in portfolio company investments at estimated liquidation value, $3,697,634 in cash and cash equivalents and $19,544 in prepaid expenses and other assetsapplicable.

~~Liabilities~~Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

~~As of~~The ~~December~~following ~~31,~~discussion ~~2018,~~should ~~the~~be ~~Trust~~read ~~had $1,209,697~~ in ~~total~~conjunction ~~liabilities,~~with ~~comprised~~our offinancial ~~$26,373~~statements ~~in accounts payable~~ and ~~accrued~~notes ~~expenses~~ and ~~$1,183,324 in estimated costs related to the liquidation, including legal expenses, portfolio selling costs, accounting expenses, tax reporting expenses, contractor services, and miscellaneous~~ other ~~expected~~information ~~future~~contained ~~costs. As~~elsewhere ofin ~~December~~this ~~31,~~annual ~~2018,~~report ~~the liability~~on ~~for~~Form ~~estimated costs during liquidation included a total of $90,000 of fees to be paid to our Board of Trustees over the remaining liquidation period~~10-K.

As of December 31, 2017, the Trust had $1,683,664 in total liabilities, comprised of $41,324 in accounts payable and accrued expenses and $1,642,340 in estimated costs related to the liquidation. As of December 31, 2017, the liability for estimated costs during liquidation included a total of $150,000 of fees to be paid to our Board of Trustees over the remaining liquidation period.Overview

~~Changes~~ On June 23, 2017, Crossroads Capital converted into Crossroads Liquidating Trust and all of the assets and liabilities of Crossroads Capital, including eight portfolio company investments, became assets and liabilities of the Trust pursuant to the Plan and the Liquidating Trust Agreement. Crossroads Liquidating Trust is responsible for liquidating its assets and distributing the proceeds to the holders of beneficial interests in ~~Net~~the ~~Assets~~Trust.

~~Net assets~~Portfolio inCompany liquidation decreased $590,826, or $0.06 per Trust Unit, for the year ended December 31, 2018. This decrease in our net assets was due primarily to: (i) a net decrease of $623,687, or $0.06 per Trust Unit, in the net estimated liquidation value of our portfolio company investments during the period, and (ii) an increase of $32,861, or a de minimis amount per Trust Unit, as a result of current operating expenses and other operating activities.Activity

~~Net assets~~We inhad ~~liquidation~~the ~~decreased~~following ~~$16,885,510,~~portfolio orcompany ~~$1.76~~activity ~~per Trust Unit,~~ during the ~~period~~year ~~June~~ended ~~23, 2017 to~~ December 31, ~~2017. This decrease in our net assets was due primarily to~~2019: (i) a liquidating distribution of $15,301,008, or $1.60 per Trust Unit, in July 2017, (ii) a net decrease of $1,505,586, or $0.16 per Trust Unit, in the net estimated liquidation value of our portfolio company investments during the period and a decrease of $78,916, or a de minimis amount per Trust Unit, as a result of current operating expenses and other operating activities.

~~The following~~On ~~table~~January ~~sets~~28, ~~forth~~2019, ~~the~~Deem, ~~net~~Inc. ~~assets~~completed ina ~~liquidation~~merger transaction and ~~net~~our ~~asset~~46,461 ~~value~~shares ~~per~~of ~~Trust~~common ~~Unit~~stock were canceled. We did not receive any proceeds as ofa ~~December~~result ~~31,~~of ~~2018~~the ~~and~~this ~~2017~~transaction.

	December 31, 2018		December 31, 2017
Net assets in liquidation	$	8,093,375	$	8,684,201
Number of beneficial units outstanding		9,563,130		9,563,130
Net asset value per unit	$	0.85	$	0.91

On April 10, 2019, our 2,844 shares of Class A Common Stock in Suniva, Inc. were deemed canceled and extinguished pursuant to an approved plan of liquidation. We did not receive any proceeds as a result of the liquidation.

10On July 1, 2019, Zoosk, Inc. (“Zoosk”) completed a merger transaction with Spark Networks SE (NYSE American: LOV)(“Spark”). In the merger transaction, our 715,171 shares of Series E Preferred Stock in Zoosk were cancelled in exchange for 193,793 American Depository Shares (“ADSs”) in Spark and $1,624,093 in cash, $146,987 of which is subject to holdback and escrow restrictions until December 31, 2020. See also “Commitments and Contingencies” below. During the fourth quarter of 2019, we sold our entire position of Spark ADSs in open market sales for total net proceeds of $972,702.

~~Liquidity and Capital Resources~~10

~~Cash~~ The following table summarizes the estimated liquidation value of our portfolio company holdings as of December 31, 2019 and ~~Cash~~2018 ~~Equivalents~~and the change in estimated liquidation value, proceeds received and the net change in net assets in liquidation related to portfolio company activity for the year ended December 31, 2019.

As of December 31, 2018, we had cash and cash equivalents of $3,246,072. Our ability to accomplish the Plan is contingent upon the disposition of our portfolio company investments. While we anticipate that our existing cash and cash equivalents will be sufficient to fund our cash needs for expenses related to the completion of the Plan, we cannot provide any assurances that this will be the case. Further, we cannot provide any assurance as to the proceeds, if any, we will receive from the disposition of our portfolio company investments.

	Estimated Liquidation Value				For the Year Ended December 31, 2019
	As of December 31, 2018		As of December 31, 2019		Net Change in Estimated Liquidation Value			Total Proceeds Received		Net Change in Net Assets in Liquidation from Portfolio Activity
Portfolio Company Investments	$	6,027,000	$	160,000	$	(5,867,000	)	$	2,449,709	$	(3,417,291	)
Funds Held in Escrow from Sale of Investment		—		120,000		120,000			—		120,000
Total		6,027,000		280,000		(5,747,000	)		2,449,709		(3,297,291	)

~~As of~~We did not have any portfolio company dispositions during the year ended December 31, 2018. During the year ended December 31, ~~our~~2018, ~~cash~~we ~~and~~received ~~cash~~the ~~equivalents~~proceeds ~~were~~from ~~held~~our insale ~~bank~~of ~~deposit~~Harvest ~~accounts. We~~Power, ~~expect~~which towas ~~continue~~completed toduring ~~hold~~the ~~our cash~~prior year and ~~cash~~held ~~equivalents~~as ~~primarily~~a inreceivable ~~bank~~for ~~deposit~~investments ~~accounts~~sold ~~while~~as weof ~~execute~~December ~~the~~31, ~~Plan~~2017.

~~Commitments~~ The following table summarizes the estimated liquidation value of our portfolio company holdings as of December 31, 2018 and ~~Contingencies~~2017 and the change in estimated liquidation value, proceeds received and the net change in net assets in liquidation related to portfolio company activity for the year ended December 31, 2018.

On November 13, 2017, Harvest Power completed a merger transaction with a third party. In connection with the merger transaction, we entered into a Contingent Payment and Release Agreement with the company, the acquirers and certain other stockholders entitling us to our pro rata interest of certain contingent payments over a four-year period in consideration of and as a condition to the release of certain actions and claims related to Harvest Power.

	Estimated Liquidation Value				For the Year Ended December 31, 2018
	As of December 31, 2017		As of December 31, 2018		Net Change in Estimated Liquidation Value			Total Proceeds Received		Net Change in Net Assets in Liquidation from Portfolio Activity
Portfolio Company Investments	$	6,650,687	$	6,027,000	$	(623,687	)	$	—	$	(623,687	)

~~We maintain~~Changes ain ~~directors~~Net ~~and~~Assets officers liability insurance policy that provides liability insurance coverage for our Trustees and other specified parties. We have also agreed to indemnify our Trustees to the maximum extent permitted by Maryland law subject to the restrictions in ~~the 1940 Act.~~Liquidation

~~As of~~Net ~~December~~assets ~~31,~~in ~~2018,~~liquidation wewere ~~and our Trustees are not a party to any material legal proceedings. However~~$1,593,812 ~~from~~and ~~time to time~~$8, we093,375 ~~may~~as ~~be party to certain legal proceedings incidental to the normal course~~ of ~~our~~December ~~business~~31, ~~including~~2019 ~~the~~and ~~enforcement~~2018, ~~of our rights under contracts with our portfolio companies~~respectively.

~~Recent Developments~~ Assets

~~Portfolio Company~~As ~~Activity~~of December 31, 2019, the Trust held four portfolio company investments and had total assets of $2,208,346 which were comprised of $1,917,786 in cash and cash equivalents, $280,000 in remaining portfolio company investments and funds held in escrow at estimated liquidation value and $10,560 in prepaid expenses and other assets. See also “Recent Developments” below.

~~On January~~As ~~28,~~of ~~2019~~December 31, ~~Deem~~2018, ~~Inc.~~the ~~completed~~Trust aheld ~~merger~~seven ~~transaction~~portfolio company invesetments and ~~our~~had ~~46,461~~total ~~shares~~assets of ~~common~~$9,303,072, ~~stock~~which were ~~canceled. We~~comprised ~~did not~~of ~~receive~~$6,027,000 ~~any~~in ~~proceeds~~portfolio orcompany ~~have~~investments ~~any~~at ~~realized~~estimated ~~gain~~liquidation orvalue, ~~loss~~$3,246,072 asin acash ~~result~~and ofcash ~~the~~equivalents ~~merger~~and ~~transaction~~$30,000 in prepaid expenses and other assets.

On March 21, 2019, Zoosk, Inc. (“Zoosk”) entered into a definitive agreement for its acquisition by Spark Networks SE (“Spark”) (NYSE: LOV) (the “Transaction”). The Transaction, which is expected to close early in the third quarter of 2019, would provide the Trust a combination of cash and Spark American Depository Shares (“ADSs”) in exchange for its Series E convertible preferred stock in Zoosk, in addition to a deferred, contingent cash payment expected to be paid on or around December 31, 2020. The total value of the consideration expected to be received by the Trust as a result of the Transaction, if the Transaction closes, will not be known until receipt of the cash and ADS consideration at closing, and the receipt of the deferred cash payment, if any. Because a portion of the expected consideration is in the form of Spark ADSs, the value of the consideration is materially dependent upon the market performance of Spark between now and the ultimate liquidation of the ADSs once received, in addition to other factors, including: (i) the amount of cash on Zoosk’s balance sheet at closing, and (ii) other payments related to the Transaction, which may be material. Liabilities

~~Tabular~~As of December ~~Disclosure~~31, 2019, the Trust had $614,534 in total liabilities, comprised of ~~Contractual~~$27,873 ~~Obligations~~in accounts payable and $586,661 in estimated costs related to the liquidation, including legal expenses, portfolio selling costs, accounting expenses, tax reporting expenses, contractor services, and miscellaneous other expected future costs. As of December 31, 2019, the liability for estimated costs during liquidation included at total of $30,000 of fees to be paid to our Board of Trustees over the remaining liquidation period.

~~We are~~As ~~currently~~of ~~not~~December 31, a2018, ~~party~~the toTrust ~~any~~had ~~long-term~~$1,209,697 ~~debt~~in ~~obligations~~total liabilities, ~~purchase~~comprised ~~obligations~~of or$26,373 ~~other~~in ~~long-term~~accounts ~~liabilities~~payable and ~~thus~~$1,183,324 ~~have~~in estimated costs ~~omitted~~related to the ~~tabular~~liquidation. ~~disclosure~~As of ~~contractual~~December ~~obligations.~~31, 2018, the liability for estimated costs during liquidation included a total of $90,000 of fees to be paid to our Board of Trustees over the remaining liquidation period.

~~Off Balance~~Changes ~~Sheet~~in ~~Arrangements~~Net Assets

~~As of~~Net assets in liquidation decreased $6,499,563, or $0.68 per Trust Unit, during the year ended December 31, ~~2018~~2019. This decrease in our net assets was due primarily to: (i) a net decrease of $5,747,000, weor ~~had~~$0.60 noper ~~off-balance~~Trust ~~sheet~~Unit, ~~arrangements~~in the net estimated liquidation value of our portfolio company investments and funds held in escrow during the period, and (ii) a liquidating distribution of $3,347,096, or $0.35 per Trust Unit, in September 2019; partially offset by: (i) an increase of $2,449,709, or $0.26 per Trust Unit, from proceeds related to the sale of portfolio investments, and (ii) an increase of $144,824, or $0.01 per Trust Unit, as a result of current operating expenses and other activities.

~~Critical Accounting Policies~~ 11

~~Use~~ Net assets decreased $590,826, or $0.06 per Trust Unit, during the year ended December 31, 2018. This decrease in our net assets was due primarily to: (i) a net decrease of ~~Estimates~~$623,687, or $0.06 per Trust Unit, in the net estimated liquidation value of our portfolio company investments during the period, and (ii) an increase of $32,861, as a result of current operating expenses and other activities.

11The following table sets forth the net assets in liquidation and net asset value per Trust Unit as of December 31, 2019 and 2018.

The preparation of financial statements in accordance with GAAP and under the liquidation basis of accounting requires us to make estimates and judgments that affect the reported amounts of assets (including net assets in liquidation), liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We believe that our critical accounting policies are those that require significant judgments and estimates. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could vary from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions.

	December 31, 2019		December 31, 2018
Net assets in liquidation	$	1,593,812	$	8,093,375
Number of beneficial units outstanding		9,563,130		9,563,130
Net asset value per unit	$	0.17	$	0.85

~~Liquidation Basis~~Liquidity ofand ~~Accounting~~Capital Resources

~~Under the~~Cash ~~liquidation basis of accounting, all assets are stated at their estimated liquidation values. Liabilities, including estimated costs associated with implementing~~ and ~~completing~~Cash our plan of liquidation, are stated at their estimated settlement amounts. These amounts are presented in the accompanying statement of net assets in liquidation. The net assets in liquidation represent the estimated liquidation value of our assets available to our beneficiaries upon liquidation. The actual values realized for assets and settlement of liabilities may differ materially, perhaps in adverse ways, from the estimated amounts. The determination of the estimated liquidation value of a portfolio company may be based on an analysis of available financial results, public market comparables and other factors of such portfolio company. Due to the uncertainty in the timing of any anticipated sale date and the proceeds, if any, therefrom, results may differ materially from estimated amounts. Our portfolio company investments are continually evaluated and we adjust our net estimated liquidation value accordingly. Equivalents

~~Estimated Costs~~As ~~During~~of ~~Liquidation~~December 31, 2019, we had cash and cash equivalents of $1,917,786. Our ability to accomplish the Plan is contingent upon the disposition of our portfolio company investments. While we anticipate that our existing cash and cash equivalents will be sufficient to fund our cash needs for expenses related to the completion of the Plan, we cannot provide any assurances that this will be the case. Further, we cannot provide any assurance as to the proceeds, if any, we will receive from the disposition of our portfolio company investments.

~~Under the~~As ~~liquidation~~of ~~basis~~December of31, ~~accounting~~2019, weour ~~are~~cash ~~required~~and ~~to estimate the~~ cash ~~flows~~equivalents ~~from~~were ~~operations~~held ~~and~~in ~~accrue~~bank ~~the~~deposit ~~costs~~accounts. We ~~associated with~~expect ~~implementing~~to ~~and~~continue ~~completing~~to hold our ~~plan~~cash ofand ~~liquidation. These~~cash ~~costs~~equivalents ~~are~~primarily ~~estimated~~in ~~and~~bank ~~are~~deposit ~~expected~~accounts towhile bewe ~~paid~~execute ~~over~~ the ~~remaining~~ ~~liquidation period~~Plan.

~~Item 7A.~~Commitments ~~Quantitative~~ and ~~Qualitative Disclosures about Market Risk~~Contingencies

~~Market risks~~On ~~include~~July ~~risks~~1, ~~that~~2019, ~~arise~~Zoosk ~~from~~completed ~~changes~~a inmerger ~~interest~~transaction ~~rates,~~with ~~foreign~~Spark ~~currency~~Networks ~~exchange~~SE ~~rates~~(NYSE American: LOV). At the closing of the merger, ~~commodity~~we ~~prices~~were required to set aside $146,987 ~~equity~~as ~~prices~~ security for the indemnity and other ~~market~~obligations ~~changes~~of ~~that~~the ~~affect~~stockholders ~~market~~under ~~sensitive~~the ~~instruments~~merger ~~that~~agreement (“Escrowed Funds”). The Escrowed Funds are ~~beyond~~subject ~~our~~to ~~control~~escrow and holdback restrictions until December 31, 2020. WeAs ~~are~~of ~~exposed~~December 31, 2019, the Escrowed Funds had an estimated liquidation value of $120,000. On February 14, 2020, Escrowed Funds totaling $19,983 were released to ~~interest rate~~us ~~risk~~from ~~through~~the Zoosk escrow without any offset for indemnity claims. Although recovery under the stockholder indemnity and other obligations is generally limited to the escrow, holdback and expense funds, we may be liable for our ~~portfolio~~pro rata amount of ~~cash~~any ~~and~~damages ~~cash~~for ~~equivalents.~~certain Astypes of ~~December~~indemnity 31claims not to exceed the cash consideration received by us, ~~2018~~provided, wehowever, ~~had~~in nothe ~~debt~~case of the Trust’s fraud or ~~borrowed~~intentional ~~money~~misrepresentation, there is no limitation on liability. ~~Additionally~~ Our indemnity obligations under the merger agreement continue until July 1, ~~none~~2024, or the fifth anniversary of ~~our~~the ~~income-bearing~~merger ~~debt~~closing ~~investments~~date. We inhave ~~portfolio~~not ~~companies~~been ~~bore~~notified ~~interest~~of ~~based~~any onstockholder ~~floating~~indemnity ~~rates~~claims.

12On November 13, 2017, Harvest Power completed a merger transaction with a third party. In connection with the merger transaction, we entered into a Contingent Payment and Release Agreement with the company, the acquirers and certain other stockholders entitling us to our pro rata interest of certain contingent payments over a four-year period in consideration of and as a condition to the release of certain actions and claims related to Harvest Power. We have not been notified of and do not expect any payments in connection with this agreement prior to the termination date of the Trust.

~~Item 8~~We maintain a directors and officers liability insurance policy that provides liability insurance coverage for our Trustees and other specified parties. We ~~Financial~~have ~~Statements~~also agreed to indemnify our Trustees to the maximum extent permitted by Maryland law subject to the restrictions in the 1940 Act.

~~CROSSROADS CAPITAL~~As of December 31, ~~INC~~2019, we and our Trustees are not a party to any material legal proceedings. However, from time to time, we may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies.

~~INDEX TO FINANCIAL STATEMENTS~~12

Financial Statements	Page
Unaudited Statement of Net Assets in Liquidation as of December 31, 2018 and 2017	F-1
Unaudited Statement of Changes in Net Assets for the year ended December 31, 2018 and for the period June 23, 2017 to December 31, 2017	F-2
Notes to Unaudited Financial Statements	F-3

Recent Developments

13On January 6, 2020, Agilyx Corporation (“Agilyx”) redeemed our entire position of 16 shares of common stock for a total purchase price of $1,600.

~~Crossroads Liquidating~~On ~~Trust~~February 14, 2020, Escrowed Funds totaling $19,983 were released to us from the Zoosk escrow without any offset for indemnity claims. The released funds included a positive working capital adjustment of $6,741 which will be recognized as a short-term capital gain.

~~Statement~~ The recent global outbreak of ~~Net~~COVID-19 ~~Assets~~has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of our portfolio companies depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in ~~Liquidation~~turn ~~(Unaudited)~~impact the proceeds, if any, received from the sale of our portfolio assets. The COVID-19 pandemic has impacted our ability to dispose of our remaining portfolio company investments and, as such, it may be necessary to extend the life of the Trust.

~~Liquidation Basis~~Tabular Disclosure of Contractual Obligations

	As of December 31,
	2018		2017
Assets
Investments in portfolio company securities	$	6,027,000	$	6,650,687
Cash and cash equivalents		3,246,072		3,697,634
Prepaid expenses and other assets		30,000		12,500
Receivable for investments sold		—		7,044
Total assets		9,303,072		10,367,865
Liabilities
Accounts payable and accrued expenses		26,373		41,324
Liability for estimated costs during liquidation		1,183,324		1,642,340
Total liabilities		1,209,697		1,683,664
Commitments and contingencies (Note 7)
Net assets in liquidation	$	8,093,375	$	8,684,201

We are currently not a party to any long-term debt obligations, purchase obligations or other long-term liabilities and thus have omitted the tabular disclosure of contractual obligations.

~~The accompanying~~Off ~~notes~~Balance ~~are~~Sheet ~~an integral part of these statements.~~Arrangements

FAs of December 31, 2019, we had no off-1balance sheet arrangements.

~~Crossroads Liquidating~~Critical ~~Trust~~Accounting Policies

~~Statement~~ Use of ~~Changes in Net Assets (Unaudited)~~Estimates

The preparation of financial statements in accordance with GAAP and under the liquidation basis of accounting requires us to make estimates and judgments that affect the reported amounts of assets (~~Liquidation Basis~~including net assets in liquidation), liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We believe that our critical accounting policies are those that require significant judgments and estimates. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could vary from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions.

	Year EndedDecember 31, 2018			Period from June 23, 2017 through December 31, 2017
Net assets in liquidation, beginning of period	$	8,684,201		$	25,569,711
Cash receipts:
Proceeds from sales of portfolio investments		7,044			—
Release of funds held in escrow from sale of investment		—			103,148
Interest income		32,860			37,610
Total cash receipts		39,904			140,758
Cash disbursements:
Liquidating distributions to beneficiaries		—			(15,301,008	)
Operating expenses		(491,466	)		(526,390	)
Total cash disbursements		(491,466	)		(15,827,398	)
Changes in portfolio assets:
Change in portfolio investment cost basis		—			(1,326,098	)
Change in estimated liquidation value		(623,687	)		(83,720	)
Change in funds held in escrow from sale of investment		—			(95,768	)
Total changes in portfolio assets		(623,687	)		(1,505,586	)
Other items:
Change in receivable for investments sold		(7,044	)		7,044
Change in estimated costs during liquidation		459,016			230,808
Changes in other assets/liabilities		32,451			68,864
Total other items		484,423			306,716
Total changes in net assets in liquidation		(590,826	)		(16,885,510	)
Net assets in liquidation, end of period	$	8,093,375		$	8,684,201

Liquidation Basis of Accounting

~~The accompanying~~Under ~~notes~~the liquidation basis of accounting, all assets are stated at their estimated liquidation values. Liabilities, including estimated costs associated with implementing and completing our plan of liquidation, are stated at their estimated settlement amounts. These amounts are presented in the accompanying statement of net assets in liquidation. The net assets in liquidation represent the estimated liquidation value of our assets available to our beneficiaries upon liquidation. The actual values realized for assets and settlement of liabilities may differ materially, perhaps in adverse ways, from the estimated amounts. The determination of the estimated liquidation value of a portfolio company may be based on an ~~integral~~analysis ~~part~~of available financial results, public market comparables, prevailing discounts in the secondary market for comparable assets, and other factors of ~~these~~such ~~statements~~portfolio company. Due to the uncertainty in the timing of any anticipated sale date and the proceeds, if any, therefrom, results may differ materially from estimated amounts. Our portfolio company investments are continually evaluated and we adjust our net estimated liquidation value accordingly.

~~F-2~~Estimated Costs During Liquidation

~~Crossroads Liquidating~~Under ~~Trust~~the liquidation basis of accounting, we are required to estimate the cash flows from operations and accrue the costs associated with implementing and completing our plan of liquidation. These costs are estimated and are expected to be paid over the remaining liquidation period.

~~Notes to~~Item ~~Financial~~7A. ~~Statements~~Quantitative and Qualitative Disclosures about Market Risk

~~(Unaudited)~~Market risks include risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments that are beyond our control. We are exposed to interest rate risk through our portfolio of cash and cash equivalents. As of December 31, 2019, we had no debt or borrowed money. Additionally, none of our income-bearing debt investments in portfolio companies bore interest based on floating rates.

~~Note 1 - Description of Business~~ 13

~~Crossroads Liquidating~~Item ~~Trust (the “Liquidating Trust” or the “Trust”) operates as a statutory trust under the general laws of the State of Maryland following the conversion of Crossroads Capital, Inc~~8. ~~(“Crossroads~~Financial Capital”) into Crossroads Liquidating Trust pursuant to a Plan of Liquidation (the “Plan”). The sole purpose of the Trust is the liquidation of its assets and distribution of its proceeds to the holders of the beneficial interests in the Liquidating Trust. Statements

~~Prior to~~CROSSROADS ~~conversion~~CAPITAL, ~~Crossroads Capital, Inc~~INC. (“Crossroads Capital”) elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On June 23, 2017, Crossroads Capital and each of the trustees of the Liquidating Trust (the “Trustees”) executed the Liquidating Trust Agreement (the “Liquidating Trust Agreement”) in connection with the conversion of Crossroads Capital into Crossroads Liquidating Trust pursuant to the Plan. On June 23, 2017, Crossroads Capital filed Articles of Conversion with the State of Maryland and all of the assets and liabilities of Crossroads Capital became assets and liabilities of the Trust (the “Conversion”). Stockholders of Crossroads Capital received one unit of beneficial interest for each share of common stock held by such stockholder on the date of conversion.

~~The Liquidating~~INDEX ~~Trust~~TO ~~will~~FINANCIAL terminate upon payment to the holders of the beneficial interests in the Liquidating Trust (“Trust Units”) of all the Liquidating Trust’s assets and in any event upon the third anniversary of the effectiveness of the Conversion. The life of the Liquidating Trust may, however, be extended to more than three years if the Trustees then determine that an extension is reasonably necessary to fulfill the purposes of the Trust. The Trustees are authorized to engage the services of other professionals or service organizations to assist in managing the Liquidating Trust’s affairs. Under the Liquidating Trust Agreement, Trust Units are not transferable or assignable, except for certain exceptions described in the Liquidating Trust Agreement. The Trust Units are not certificated, listed on any exchange or quoted on any quotation system. The Liquidating Trust Agreement provides that neither the Trustees nor anyone associated with the Liquidating Trust may take any action to facilitate or encourage any trading in the Trust Units. The Liquidating Trust’s activities are specifically limited to conserving, protecting and selling its assets and distributing the proceeds therefrom. These activities include holding the Liquidating Trust’s assets for the benefit of the holders of the Trust Units and enforcing their rights, temporarily investing asset sale proceeds and collecting income therefrom, providing for the liabilities of the Liquidating Trust, making liquidating distributions to the holders of Trust Units, and taking such other actions as may be necessary to conserve and protect the assets of the Liquidating Trust. STATEMENTS

The Liquidating Trust remains subject to the restrictions under the 1940 Act from engaging in transactions with affiliated parties, except under certain circumstances. The Liquidating Trust is required to file with the U.S. Securities and Exchange Commission (the “SEC”) annual reports showing the assets and liabilities of the Liquidating Trust at the end of each calendar year and its receipts and disbursements for the period. The annual reports will describe the changes in the Liquidating Trust’s assets during the reporting period and the actions taken by the Trustees during the period. The financial statements contained in such reports will be prepared in accordance with generally accepted accounting principles and will be reviewed by the Liquidating Trust’s independent registered public accounting firm; the financial statements, however, will not be audited. The Liquidating Trust will file with the SEC a Form 8-K whenever an event occurs that requires such a report to be filed or whenever, in the opinion of the Trustees, any other material event relating to the Liquidating Trust has occurred.

Financial Statements	Page
Unaudited Statement of Net Assets in Liquidation as of December 31, 2019 and 2018	F-1
Unaudited Statement of Changes in Net Assets for the years ended December 31, 2019 and 2018	F-2
Notes to Unaudited Financial Statements	F-3

The Trust has entered into agreements with MidFirst Bank to be the custodian of its portfolio securities and Frontier Bank to be the custodian of the majority of its cash and cash equivalent assets. 1100 Capital Consulting, LLC (the “Administrator”) serves as the Trust’s administrator, performing the administrative services necessary for its operation, including without limitation providing it with equipment, clerical, bookkeeping, accounting and record keeping services.14

~~Note 2~~Crossroads -Liquidating ~~Summary of Significant Accounting Policies~~Trust

~~Basis~~ Statement of ~~Presentation~~Net Assets in Liquidation (Unaudited)

~~The accompanying~~Liquidation ~~financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (“U.S. GAAP”).~~Basis

Liquidation Basis of Accounting

	As of December 31,
	2019		2018
Assets
Investments in portfolio company securities	$	160,000	$	6,027,000
Funds held in escrow from sales of investments		120,000		—
Cash and cash equivalents		1,917,786		3,246,072
Prepaid expenses and other assets		10,000		30,000
Receivable for investments sold		560		—
Total assets		2,208,346		9,303,072

Liabilities
Accounts payable and accrued expenses		27,873		26,373
Liability for estimated costs during liquidation		586,661		1,183,324
Total liabilities		614,534		1,209,697
Commitments and contingencies (Note 7)
Net assets in liquidation	$	1,593,812	$	8,093,375

~~Under the~~The ~~liquidation~~accompanying ~~basis~~notes ~~of accounting, all assets~~ are ~~stated~~an atintegral ~~their~~part estimated liquidation value and liabilities, including estimated costs associated with implementing the Plan, are stated at their estimated settlement amounts over the remaining liquidation period. The net assets in liquidation represent the estimated liquidation value of ~~our~~these ~~remaining assets available to our beneficiaries upon liquidation~~statements. ~~The actual amounts realized for assets and settlement of liabilities may differ materially, perhaps in adverse ways, from the estimated amounts.~~

F-3 1

Crossroads Liquidating Trust

~~Notes to~~Statement ~~Financial~~of ~~Statements~~Changes in Net Assets (Unaudited)

(~~Unaudited~~Liquidation Basis)

The determination of the estimated liquidation value of a portfolio company may be based on an analysis of available financial results, public market comparables and other factors relating to such portfolio company. The Trust may also consider other events, including the transaction in which the securities were acquired, subsequent equity sales by the portfolio company or mergers, acquisitions or other exit events affecting the portfolio company. The Trust considers the rights, preferences and limitations of the securities owned in each portfolio company. Due to the uncertainty in the timing of any anticipated sales dates of the Trust’s portfolio company investments and the proceeds, if any, therefrom, results may differ materially from estimated amounts.

	Year Ended December 31, 2019			Year Ended December 31, 2018
Net assets in liquidation, beginning of period	$	8,093,375		$	8,684,201

Cash receipts:
Proceeds from sales of portfolio investments		2,449,709			7,044
Release of funds held in escrow from sale of investment		—			—
Interest income		24,886			32,860
Total cash receipts		2,474,595			39,904

Cash disbursements:
Liquidating distributions to beneficiaries		(3,347,096	)		—
Operating expenses		(455,785	)		(491,466	)
Total cash disbursements		(3,802,881	)		(491,466	)

Changes in portfolio assets:
Change in portfolio investment cost basis		(3,560,000	)		—
Change in estimated liquidation value		(2,307,000	)		(623,687	)
Change in funds held in escrow from sale of investment		120,000			—
Total changes in portfolio assets		(5,747,000	)		(623,687	)

Other items:
Change in receivable for investments sold		560			(7,044	)
Change in estimated costs during liquidation		596,663			459,016
Changes in other assets/liabilities		(21,500	)		32,451
Total other items		575,723			484,423

Total changes in net assets in liquidation		(6,499,563	)		(590,826	)

Net assets in liquidation, end of period	$	1,593,812		$	8,093,375

~~An independent valuation firm assisted the Trust in its determination of the estimated liquidation value of two investments as of December 31, 2018.~~ The ~~Administrator~~accompanying ~~assisted~~notes ~~the~~are ~~Trust~~an inintegral ~~its~~part ~~determination~~ of ~~the~~these ~~estimated liquidation value of all of the Trust’s portfolio company investments as of December 31, 2018~~statements.

~~Use of Estimates~~F-2

~~The preparation~~Crossroads ofLiquidating ~~financial statements in conformity with U.S. GAAP and under the liquidation basis of accounting requires the~~ Trust to make estimates and assumptions that affect the reported amounts of assets (including net assets in liquidation) and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Such estimates and judgments could change in the future as more information becomes known, and actual results could differ from these estimates and the differences could be material.

~~Cash and~~Notes ~~Cash~~to ~~Equivalents~~Financial Statements

Cash and cash equivalents include short-term liquid investments in demand deposit accounts and money market funds. Cash and cash equivalents are carried at amortized cost which approximates market value. (Unaudited)

~~Costs to~~Note be1 ~~Incurred~~- ~~During~~Description ~~Liquidation~~of Business

~~Under~~ Crossroads Liquidating Trust (the ~~liquidation~~“Liquidating ~~basis~~Trust” ofor ~~accounting,~~the an“Trust”) ~~accrual~~operates isas ~~made~~a ~~for~~statutory trust under the ~~estimated~~general ~~remaining~~laws ~~costs~~of tothe beState ~~incurred~~of ~~during liquidation,~~Maryland ~~including~~following ~~legal~~the ~~expenses,~~conversion ~~portfolio~~of ~~selling~~Crossroads ~~costs~~Capital, ~~accounting~~Inc. ~~expenses,~~(“Crossroads ~~tax~~Capital”) ~~reporting~~into ~~expenses,~~Crossroads ~~contractor services,~~Liquidating ~~and~~Trust ~~miscellaneous~~pursuant ~~other~~to ~~expected~~a ~~future~~Plan ~~costs. Estimates~~of ~~are~~Liquidation ~~based~~(the on“Plan”). ~~assumptions~~The ~~regarding~~sole ~~costs~~purpose toof ~~be incurred~~the inTrust ~~executing~~is the ~~Liquidating~~liquidation ~~Trust~~of ~~Agreement. The~~its ~~actual~~assets ~~costs~~and ~~incurred~~distribution ~~during~~of ~~liquidation~~its ~~may~~proceeds ~~differ,~~to ~~which could~~the ~~reduce~~holders ~~net~~of ~~assets~~the ~~available~~beneficial interests in ~~liquidation~~the Liquidating Trust.

~~Interest~~ Prior to conversion, Crossroads Capital, Inc. (“Crossroads Capital”) elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On June 23, 2017, Crossroads Capital and ~~Dividend~~each ~~Income~~of the trustees of the Liquidating Trust (the “Trustees”) executed the Liquidating Trust Agreement (the “Liquidating Trust Agreement”) in connection with the conversion of Crossroads Capital into Crossroads Liquidating Trust pursuant to the Plan. On June 23, 2017, Crossroads Capital filed Articles of Conversion with the State of Maryland and all of the assets and liabilities of Crossroads Capital became assets and liabilities of the Trust (the “Conversion”). Stockholders of Crossroads Capital received one unit of beneficial interest for each share of common stock held by such stockholder on the date of conversion.

~~Interest income~~The ~~from~~Liquidating ~~certificates~~Trust ofwill ~~deposit~~terminate ~~and~~upon ~~other~~payment ~~short-term~~to ~~investments~~the isholders ~~recorded~~of onthe anbeneficial ~~accrual~~interests ~~basis~~in to the ~~extent~~Liquidating ~~such~~Trust ~~amounts are~~(“Trust ~~expected~~Units”) toof bethe ~~collected~~net ~~and~~proceeds ~~accrued~~realized ~~interest~~from ~~income~~all isof ~~evaluated~~the ~~periodically~~Liquidating ~~for~~Trust’s ~~collectability. Payment-in-kind~~assets ~~(“PIK”) interest~~and ~~represents~~in ~~contractually~~any ~~deferred~~event ~~interest~~on ~~computed~~June at23, a2020, ~~contractual~~the ~~rate~~third ~~specified~~anniversary inof the ~~loan~~effectiveness ~~agreement~~of the Conversion. ~~PIK interest~~ The life of the Liquidating Trust may, however, be ~~prepaid~~extended byto ~~either~~more ~~contract~~than orthree years if the ~~portfolio~~Trustees ~~company’s~~then ~~election,~~determine ~~but~~that ~~generally~~an extension is ~~paid~~reasonably atnecessary to fulfill the ~~end~~purposes of the ~~loan~~ ~~term~~Trust. ~~PIK~~The ~~interest~~Trustees isare ~~added~~authorized to engage the ~~principal~~services ~~balance~~ of ~~the~~other ~~loan~~professionals ~~and~~or isservice ~~generally~~organizations ~~recorded~~to asassist ~~interest~~in ~~income~~managing onthe ~~an accrual~~Liquidating ~~basis~~Trust’s toaffairs. Under the ~~extent~~Liquidating ~~such~~Trust ~~PIK~~Agreement, ~~interest~~Trust isUnits ~~expected~~are tonot betransferable ~~collected~~or assignable, except for certain exceptions described in the Liquidating Trust Agreement. The Trust ~~did~~Units are not ~~accrue~~certificated, ~~PIK~~listed ~~interest~~on any exchange or quoted on any of ~~its~~quotation ~~notes~~system. The ~~for~~Liquidating Trust Agreement provides that neither the ~~year~~Trustees ~~ended~~nor ~~December~~anyone ~~31,~~associated ~~2018~~with the Liquidating Trust may take any action to facilitate or ~~for~~encourage any trading in the ~~period~~Trust ~~June~~Units. The ~~23,~~Liquidating ~~2017~~Trust’s toactivities ~~December~~are 31specifically limited to conserving, ~~2017~~protecting and selling its assets and distributing the proceeds therefrom. AsThese activities include holding the Liquidating Trust’s assets for the benefit of ~~December~~the 31holders of the Trust Units and enforcing their rights, ~~2018~~ temporarily investing asset sale proceeds and collecting income therefrom, ~~all~~providing for the liabilities of the Liquidating Trust’s, ~~notes~~making ~~were~~liquidating ondistributions ~~non-accrual~~to ~~status~~the holders of Trust Units, and taking such other actions as may be necessary to conserve and protect the assets of the Liquidating Trust.

~~Income Taxes~~The Liquidating Trust remains subject to the restrictions under the 1940 Act from engaging in transactions with affiliated parties, except under certain circumstances. The Liquidating Trust is required to file with the U.S. Securities and Exchange Commission (the “SEC”) annual reports showing the assets and liabilities of the Liquidating Trust at the end of each calendar year and its receipts and disbursements for the period. The annual reports will describe the changes in the Liquidating Trust’s assets during the reporting period and the actions taken by the Trustees during the period. The financial statements contained in such reports will be prepared in accordance with generally accepted accounting principles and will be reviewed by the Liquidating Trust’s independent registered public accounting firm; the financial statements, however, will not be audited. The Liquidating Trust will file with the SEC a Form 8-K whenever an event occurs that requires such a report to be filed or whenever, in the opinion of the Trustees, any other material event relating to the Liquidating Trust has occurred.

The Trust ishas ~~treated~~entered asinto aagreements ~~grantor~~with ~~trust~~MidFirst ~~for~~Bank ~~federal~~to ~~income tax purposes and accordingly, will not~~ be ~~subject~~the tocustodian ~~federal~~of orits ~~state~~portfolio ~~income tax~~securities onand ~~any~~Frontier ~~income~~Bank ~~earned~~to ~~or gain recognized. The Trust beneficiaries will~~ be ~~treated as~~ the ~~owner~~custodian of athe ~~pro~~majority ~~rata portion~~ of ~~each~~its ~~asset~~cash ~~held~~and bycash usequivalent ~~and~~assets. 1100 ~~will~~Capital beConsulting, ~~required~~LLC to(the ~~report~~“Administrator”) onserves ~~his~~as orthe ~~her~~Trust’s ~~federal~~administrator, ~~state~~performing orthe ~~foreign~~administrative ~~tax~~services ~~return~~necessary ~~his~~for orits ~~her pro rata share of taxable income~~operation, including ~~any~~without ~~gains~~limitation ~~and~~providing ~~losses~~it ~~recognized~~with byequipment, ~~the~~clerical, ~~Trust. Accordingly~~bookkeeping, ~~there~~accounting isand norecord ~~provision~~keeping ~~for federal or state income taxes in the accompanying financial statements~~services.

~~Recently Issued~~Note 2 - Summary of Significant Accounting ~~Pronouncements~~Policies

~~There are~~Basis noof ~~previously issued or new accounting pronouncements or changes in accounting pronouncements that have had or are expected to have a material impact on the Trust’s financial statements.~~Presentation

~~F-4~~The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (“U.S. GAAP”).

~~Crossroads Liquidating~~Liquidation ~~Trust~~Basis of Accounting

~~Notes~~Under the liquidation basis of accounting, all assets are stated at their estimated liquidation value and liabilities, including estimated costs associated with implementing the Plan, are stated at their estimated settlement amounts over the remaining liquidation period. The net assets in liquidation represent the estimated liquidation value of the Trust’s remaining assets available to ~~Financial~~its ~~Statements~~beneficiaries upon liquidation. The actual amounts realized for assets and settlement of liabilities may differ materially, perhaps in adverse ways, from the estimated amounts. The Trust has determined that its liquidation is imminent.

~~(Unaudited)~~F-3

~~Note 3~~Crossroads -Liquidating ~~Portfolio Investments~~ Trust

~~The following~~Notes ~~table~~to ~~outlines~~Financial ~~the type of securities held in each of the Trust’s seven portfolio companies as of December 31, 2018. See Note 7 – Subsequent Events.~~Statements

Portfolio Company		Shares / Principal	Type of Investment
Agilyx Corporation		16	Common Stock
BrightSource Energy, Inc.		132,972	Common Stock
		2,134,523	Series 1A Preferred Stock
		108,136	Series 1 Convertible Preferred Stock
	$	205,193	Subordinated Convertible Bridge Notes; PIK interest 11.5%, compounded annually
	$	107,977	Subordinated Secured Notes; PIK interest 11.5%, compounded annually
	$	44,361	Senior Secured Notes; PIK interest 11.5%, compounded annually
Deem, Inc.(1)		46,461	Common Stock
Metabolon, Inc.		890,719	Series D Convertible Preferred Stock
Mode Media Corporation(2)		1,196,315	Series F Convertible Preferred Stock
Suniva, Inc.(3)		2,844	Class A Common Stock
Zoosk, Inc.(4)		715,171	Series E Convertible Preferred Stock

(Unaudited)

(1)	On January 28, 2019, Deem completed a merger transaction and the Trust’s 46,461 shares of common stock were canceled.
(2)	Mode Media ceased operations and subsequently announced the assignment of substantially all the assets of Mode Media to its liquidating agent in September 2016.
(3)	Suniva filed for Chapter 11 bankruptcy in April 2017.
(4)	On March 21, 2019, Zoosk entered into a definitive agreement for its acquisition by Spark Networks SE (NYSE: LOV).

The determination of the estimated liquidation value of a portfolio company may be based on an analysis of available financial results, public market comparables, prevailing discounts in the secondary market for comparable assets and other factors relating to such portfolio company. The Trust may also consider other events, including the transaction in which the securities were acquired, subsequent equity sales by the portfolio company or mergers, acquisitions or other exit events affecting the portfolio company. The Trust considers the rights, preferences and limitations of the securities owned in each portfolio company. Due to the uncertainty in the timing of any anticipated sales dates of the Trust’s portfolio company investments and the proceeds, if any, therefrom, results may differ materially from estimated amounts.

~~The~~An independent valuation firm assisted the Trust ~~did~~in ~~not~~its ~~have~~determination ~~any~~of the estimated liquidation value of one investment as of December 31, 2019. The Administrator assisted the Trust in its determination of the estimated liquidation value of all of the Trust’s portfolio company ~~activity~~investments ~~during~~and ~~the~~funds ~~year~~held ~~ended~~in escrow as of December 31, ~~2018~~2019.

~~The following~~Use ~~table summarizes the estimated liquidation value~~ of our portfolio company holdings as of December 31, 2018 and 2017 and the change in estimated liquidation value, proceeds received and the net change in net assets in liquidation for our portfolio company investments for the year ended December 31, 2018. Estimates

	Estimated Liquidation Value				For the Year Ended December 31, 2018
	As ofDecember 31, 2017		As of December 31, 2018		Net Change in Estimated Liquidation Value			Total ProceedsReceived		Net Change in Net Assets in Liquidation
Portfolio Company Investments	$	6,650,687	$	6,027,000	$	(623,687	)	$	—	$	(623,687	)

The preparation of financial statements in conformity with U.S. GAAP and under the liquidation basis of accounting requires the Trust to make estimates and assumptions that affect the reported amounts of assets (including net assets in liquidation) and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Such estimates and judgments could change in the future as more information becomes known, and actual results could differ from these estimates and the differences could be material.

~~The Trust~~Cash ~~had~~and ~~the~~Cash ~~following portfolio company activity during the period June 23, 2017 to December 31, 2017:~~Equivalents

~~On August~~Cash ~~29,~~and ~~2017,~~cash ~~the~~equivalents ~~Trust~~include ~~acquired~~short-term aliquid ~~$13,902~~investments ~~senior secured promissory note~~ in ~~BrightSource~~demand ~~Energy,~~deposit ~~Inc.~~accounts ~~as part of a rights offering to BrightSource Energy’s Series 1 Preferred Stock~~ and ~~note~~money ~~holders~~market funds. ~~The~~Cash ~~maturity~~and ~~date~~cash ofequivalents ~~the~~are ~~note~~carried isat ~~March 1,~~amortized ~~2018~~cost orwhich aapproximates ~~later~~market ~~date as approved by a majority of the noteholders, or upon the consummation of certain actions as detailed therein~~value.

~~On November~~Costs ~~13,~~to ~~2017,~~be ~~Harvest~~Incurred ~~Power,~~During Inc. completed a merger transaction that resulted in the receipt of $7,044 in total proceeds in exchange for the cancellation of the Trust’s Series B convertible preferred and Series A-2 preferred shares.Liquidation

~~On December~~Under 8,the ~~2017~~liquidation basis of accounting, ~~funds~~an ~~held~~accrual inis ~~escrow~~made ~~from~~for the ~~sale~~estimated ofremaining ~~the~~costs ~~prior~~to ~~Xtime~~be ~~investment~~incurred ~~totaling~~during ~~$103~~liquidation,~~148~~ ~~were~~including ~~released~~legal expenses, portfolio selling costs, accounting expenses, tax reporting expenses, contractor services, and miscellaneous other expected future costs. Estimates are based on assumptions regarding costs to be incurred in executing the Liquidating Trust ~~without~~ ~~any~~Agreement ~~offset~~through ~~for~~June ~~indemnity~~23, ~~claims~~2020, the termination date of the Trust. The actual costs incurred during liquidation may differ, which could reduce net assets available in liquidation.

~~F-5~~Interest and Dividend Income

~~Crossroads Liquidating~~Interest income from certificates of deposit and other short-term investments is recorded on an accrual basis to the extent such amounts are expected to be collected and accrued interest income is evaluated periodically for collectability. Payment-in-kind (“PIK”) interest represents contractually deferred interest computed at a contractual rate specified in the loan agreement. PIK interest may be prepaid by either contract or the portfolio company’s election, but generally is paid at the end of the loan term. PIK interest is added to the principal balance of the loan and is generally recorded as interest income on an accrual basis to the extent such PIK interest is expected to be collected. The Trust did not accrue PIK interest on any of its notes for the years ended December 31, 2019 or 2018. As of December 31, 2019, all of the Trust’s notes were on non-accrual status.

~~Notes to~~Income ~~Financial Statements~~Taxes

~~(Unaudited)~~The Trust is treated as a grantor trust for federal income tax purposes and accordingly, will not be subject to federal or state income tax on any income earned or gain recognized. The Trust beneficiaries will be treated as the owner of a pro rata portion of each asset held by us and will be required to report on his or her federal, state or foreign tax return his or her pro rata share of taxable income, including any gains and losses recognized by the Trust. Accordingly, there is no provision for federal or state income taxes in the accompanying financial statements.

~~The following~~Recently ~~table~~Issued ~~summarizes~~Accounting the estimated liquidation value of the Trust’s portfolio company holdings as of June 23, 2017 and December 31, 2017 and the change in estimated liquidation value, proceeds received and the net change in net assets in liquidation for the Trust’s portfolio company investments for the period June 23, 2017 through December 31, 2017.Pronouncements

	Estimated Liquidation Value				For the Period June 23, 2017 through December 31, 2017
	As ofJune 23, 2017		As of December 31, 2017		Net Change in Estimated Liquidation Value			Total ProceedsReceived		Net Change in Net Assets in Liquidation
Portfolio Company Investments	$	8,060,505	$	6,650,687	$	(1,409,818	)	$	7,044	$	(1,402,774	)
Funds Held in Escrow from Sale of Investment		95,768		—		(95,768	)		103,148		7,380
Total		8,156,273		6,650,687		(1,505,586	)		110,192		(1,395,394	)

There are no previously issued or new accounting pronouncements or changes in accounting pronouncements that have had or are expected to have a material impact on the Trust’s financial statements.

~~Note 4~~ F- ~~Distributions~~ 4

~~The Plan~~Crossroads provides that liquidating distributions will be made at such times as determined by the Trustees in their sole discretion. Consideration of potential liquidating distributions shall occur no less frequently than annually and in any event within a reasonable period of time following the disposition of the Liquidating Trust~~’s assets.~~

~~The Trust~~Notes ~~did~~to ~~not~~Financial ~~make any liquidating distributions during 2018.~~Statements

Note 5 3 - ~~Net~~Portfolio ~~Assets~~Investments ~~in Liquidation~~

~~Net assets~~The following table outlines the type of securities held in ~~liquidation~~each ~~were~~of ~~$8,093,375~~the ~~and~~Trust’s ~~$8,684,201~~four portfolio companies as of December 31, ~~2018~~2019. See ~~and~~Note ~~2017,~~8 ~~respectively~~– Subsequent Events.

Assets

Portfolio Company	Shares / Principal		Type of Investment
Agilyx Corporation⁽¹⁾		16	Common Stock
BrightSource Energy, Inc.		132,972	Common Stock
		2,134,523	Series 1A Preferred Stock
		108,136	Series 1 Convertible Preferred Stock
	$	205,193	Subordinated Convertible Bridge Notes; PIK interest 11.5%, compounded annually
	$	107,977	Subordinated Secured Notes; PIK interest 11.5%, compounded annually
	$	44,361	Senior Secured Notes; PIK interest 11.5%, compounded annually
Metabolon, Inc.		890,719	Series D Convertible Preferred Stock
Mode Media Corporation⁽²⁾		1,196,315	Series F Convertible Preferred Stock

~~As of~~(1) ~~December~~On 31January 6, ~~2018~~2020, ~~the~~Agilyx ~~Trust~~Corporation ~~held~~redeemed ~~seven~~the ~~portfolio~~Trust’s ~~company~~entire ~~invesetments~~position ~~and had total assets~~ of ~~$9,303,072~~16 ~~which~~shares ~~were comprised~~ of ~~$6,027,000~~common ~~in portfolio company investments at estimated liquidation value, $3,246,072 in cash and cash equivalents and $30,000 in prepaid expenses and other assets~~stock.

~~As of~~(2) ~~December~~Mode ~~31,~~Media ~~2017,~~ceased ~~the~~operations ~~Trust~~and ~~held~~subsequently ~~seven~~announced ~~portfolio~~the ~~company~~assignment ~~invesetments~~of ~~and~~substantially ~~had~~all ~~total~~the assets of ~~$10,367,865~~Mode ~~which~~Media ~~were~~to ~~comprised of~~its ~~$3,697,634~~liquidating inagent ~~cash and cash equivalents, $6,650,687~~ in ~~portfolio~~September ~~company investments at estimated liquidation value and $19,544 in prepaid expenses and other assets~~2016.

~~Liabilities~~ The Trust had the following portfolio company activity during the year ended December 31, 2019:

~~As of~~On ~~December~~January 3128, ~~2018~~2019, ~~the Trust had $1~~Deem,~~209,697~~ inInc. ~~total~~completed ~~liabilities,~~a ~~comprised~~merger oftransaction ~~$26,373 in accounts payable~~ and ~~accrued expenses and $1,183,324 in estimated costs related to~~ the ~~liquidation,~~Trust’s ~~including legal expenses~~46,461 ~~portfolio~~shares ~~selling~~of ~~costs,~~common ~~accounting~~stock ~~expenses, tax~~were ~~reporting expenses, contractor services, and miscellaneous other expected future costs~~canceled. AsThe ofTrust ~~December~~did ~~31,~~not ~~2018,~~receive ~~the liability~~any ~~for~~proceeds ~~estimated~~as ~~costs during liquidation included~~ a ~~total~~result of ~~$90,000 of fees to be paid to our Board of Trustees over~~ the ~~remaining~~merger ~~liquidation period~~transaction.

~~As of~~On ~~December~~April 3110, ~~2017~~2019, the Trust’s ~~had $1~~2,~~683,664~~844 inshares ~~total~~of ~~liabilities,~~Class ~~comprised~~A ofCommon ~~$41,324~~Stock in ~~accounts~~Suniva, ~~payable~~Inc. ~~and accrued~~were ~~expenses~~deemed canceled and ~~$1,642,340~~extinguished inpursuant ~~estimated~~to ~~costs~~an ~~related~~approved toplan ~~the~~of liquidation. AsThe ofTrust ~~December~~did ~~31,~~not ~~2017,~~receive ~~the~~any ~~liability for~~proceeds ~~estimated~~as ~~costs during liquidation included~~ a ~~total~~result of ~~$150,000 of fees to be paid to~~ the ~~Board of Trustees over the remaining~~ liquidation ~~period~~.

~~Changes~~On July 1, 2019, Zoosk, Inc. (“Zoosk”) completed a merger transaction with Spark Networks SE (NYSE American: LOV)(“Spark”). In the merger transaction, the Trust’s 715,171 shares of Series E Preferred Stock in ~~Net~~Zoosk ~~Assets~~were cancelled in exchange for 193,793 American Depository Shares (“ADSs”) in Spark and $1,624,093 in cash, $146,987 of which is subject to holdback and escrow restrictions until December 31, 2020. See Note 7 – Commitments and Contingencies. During the fourth quarter of 2019, the Trust sold its entire position of Spark ADSs in open market sales for total net proceeds of $972,702.

~~Net assets~~The infollowing ~~liquidation~~table ~~decreased~~summarizes ~~$590,826,~~the orestimated ~~$0.06~~liquidation ~~per~~value ~~Trust~~of ~~Unit,~~the ~~for~~Trust’s ~~the~~remaining ~~year~~portfolio ~~ended~~company ~~December~~holdings ~~31,~~and ~~2018. This~~funds ~~decrease~~held in ~~our~~ ~~net~~escrow ~~assets~~as ~~was due primarily to: (i) a net decrease~~ of ~~$623~~December 31,~~687,~~ or2019 ~~$0.06~~and ~~per~~2018 ~~Trust~~and ~~Unit, in~~ the ~~net~~change in estimated liquidation value, ofproceeds ~~our~~received ~~portfolio~~and ~~company investments during~~ the ~~period,~~net ~~and~~change ~~(ii)~~in annet ~~increase~~assets ofin ~~$32,861,~~liquidation orfor athe deTrust’s ~~minimis~~portfolio ~~amount~~company ~~per~~investments ~~Trust Unit,~~and asfunds aheld ~~result~~in ofescrow ~~current~~for ~~operating~~the ~~expenses~~year ~~and~~ended ~~other~~December ~~operating~~31, ~~activities~~2019.

Net assets in liquidation decreased $16,885,510, or $1.76 per Trust Unit, during the period June 23, 2017 to December 31, 2017. This decrease in our net assets was due primarily to a liquidating distribution of $15,301,008, or $1.60 per Trust Unit, in July 2017, a decrease of $1,505,586, or $0.16 per Trust Unit, in the net estimated liquidation value of the Trust’s portfolio company investments during the period and a decrease of $78,916, a de minimis amount per Trust Unit, as a result of the payment of current operating expenses and other operating activities.

	Estimated Liquidation Value				For the Year Ended December 31, 2019
	As of December 31, 2018		As of December 31, 2019		Net Change in Estimated Liquidation Value			Total Proceeds Received		Net Change in Net Assets in Liquidation from Portfolio Activity
Portfolio Company Investments	$	6,027,000	$	160,000	$	(5,867,000	)	$	2,449,709	$	(3,417,291	)
Funds Held in Escrow from Sale of Investment		—		120,000		120,000			—		120,000
Total		6,027,000		280,000		(5,747,000	)		2,449,709		(3,297,291	)

~~F-6~~The Trust did not have any portfolio company dispositions during the year ended December 31, 2018. During the year ended December 31, 2018, the Trust received the proceeds from its sale of Harvest Power, which was completed during the prior year and held as a receivable for investments sold as of December 31, 2017.

~~Crossroads Liquidating Trust~~F-5

~~Notes to~~Crossroads ~~Financial~~Liquidating ~~Statements~~Trust

~~(Unaudited)~~Notes to Financial Statements

~~Note 6 – Estimated Costs of Liquidation~~ (Unaudited)

~~Under the~~The ~~liquidation~~following ~~basis~~table ofsummarizes ~~accounting,~~ the ~~Trust~~estimated isliquidation ~~required~~value toof ~~estimate~~ the ~~cash~~Trust’s ~~flows from operations and accrue the costs associated with completing the Plan, including legal expenses,~~ portfolio ~~selling~~company ~~costs,~~holdings ~~accounting~~as ~~expenses,~~of ~~tax reporting expenses, contractor services, and miscellaneous other expected future costs. For the year ended~~ December 31, 2018 and ~~for~~2017 and the ~~period~~change ~~June~~in ~~23, 2017~~estimated toliquidation ~~December 31~~value, ~~2017,~~proceeds ~~the~~received ~~Trust completed cash payments,~~ and ~~therefore reversed~~ the ~~related~~net ~~accrual,~~change ~~for~~in ~~$459,016~~net ~~and~~assets ~~$230,808, respectively,~~in of liquidation ~~costs. The~~for ~~Trustees believe that~~ the ~~estimated~~Trust’s ~~costs~~portfolio ofcompany ~~liquidation~~investments ~~determined~~for ~~upon~~the ~~Conversion are~~year ~~still~~ended ~~applicable as of~~ December 31, 2018. ~~As a result, the Trust estimates that $1,183,324 of liquidation expenses are expected to be paid over the remaining liquidation period.~~

Note 7 - Commitments and Contingencies

	Estimated Liquidation Value				For the Year Ended December 31, 2018
	As of December 31, 2017		As of December 31, 2018		Net Change in Estimated Liquidation Value			Total Proceeds Received		Net Change in Net Assets in Liquidation from Portfolio Activity
Portfolio Company Investments	$	6,650,687	$	6,027,000	$	(623,687	)	$	—	$	(623,687	)

~~On November~~Note ~~13,~~4 2017, Harvest Power completed a merger transaction with a third party. In connection with the merger transaction, the Trust entered into a Contingent Payment and Release Agreement with the company, the acquirers and certain other stockholders entitling the Trust to its pro rata interest of certain contingent payments over a four-~~year~~ ~~period~~Distributions ~~in consideration of and as a condition to the release of certain actions and claims related to Harvest Power.~~

The ~~Trust~~ ~~maintains~~Plan aprovides ~~directors~~that ~~and~~liquidating ~~officers~~distributions ~~liability~~will ~~insurance~~be ~~policy~~made ~~which~~at ~~provides~~such ~~liability~~times ~~insurance~~as ~~coverage~~determined ~~for~~by ~~its~~the Trustees ~~and~~ ~~other~~in ~~specified~~their ~~parties~~sole discretion. ~~The~~ ~~Trust~~Consideration ~~has~~of ~~also~~potential ~~agreed~~liquidating todistributions ~~indemnify~~shall ~~its~~occur ~~Trustees~~no toless ~~the~~frequently ~~maximum~~than ~~extent~~annually ~~permitted~~and byin ~~Maryland law~~any ~~subject~~event towithin a reasonable period of time following the ~~restrictions~~disposition inof the ~~1940~~Liquidating ~~Act~~Trust’s assets.

~~As of~~On ~~December~~September 3110, ~~2018~~2019, ~~neither~~ the Trust ~~nor~~made ~~its Trustees was~~ a ~~party~~liquidating todistribution ~~any~~of ~~material~~$0.35 ~~legal~~per ~~proceedings. However,~~Trust ~~from~~Unit ~~time~~ to ~~time,~~ the ~~Trust~~holders ~~may~~of bebeneficial ~~party~~interest toin ~~certain~~the ~~legal~~Trust, ~~proceedings~~pursuant ~~incidental~~ to the ~~normal~~Plan. The ~~course~~liquidating ofdistribution ~~its~~was ~~business~~apportioned ~~including~~pro ~~the~~rata ~~enforcement of~~according ~~its~~to ~~rights~~the ~~under~~beneficial ~~contracts~~unit ~~with~~holders’ ~~its~~respective ~~portfolio~~interest ~~companies.~~in the Trust.

~~Note 8~~The -Trust ~~Subsequent~~did ~~Events~~not make any liquidating distributions during 2018.

~~In preparing~~On ~~these~~July ~~financial~~12, ~~statements~~2017, the Trust ~~has~~made ~~evaluated~~an ~~events~~initial ~~after~~liquidating ~~December 31,~~distribution ~~2018~~of $1. ~~Except~~60 asper ~~set~~Trust ~~forth~~Unit ~~below, there~~to ~~were~~the noholders ~~subsequent~~of ~~events~~beneficial ~~since~~interest ~~December 31~~in the Trust, ~~2018~~pursuant ~~that~~to ~~would~~the ~~require~~Plan. This ~~adjustment~~initial liquidating distribution was apportioned pro rata according to orthe ~~additional~~beneficial ~~disclosure~~unit holders’ respective interest in ~~these financial~~the ~~statements~~Trust.

~~Portfolio Company~~Note ~~Activity~~5 - Net Assets in Liquidation

~~On January~~Net ~~28,~~assets ~~2019,~~in ~~Deem~~liquidation ~~completed~~were a$1,593,812 ~~merger transaction~~ and ~~the 46~~$8,~~461~~093,375 ~~shares~~as of ~~common~~December ~~stock~~31, ~~held~~2019 byand ~~the~~2018, ~~Trust were canceled~~respectively. ~~The Trust did not receive any proceeds or recognize any realized gain or loss as a result of the merger transaction.~~

~~F-7~~As of December 31, 2019, the Trust held four portfolio company investments and had total assets of $2,208,346 which were comprised of $1,917,786 in cash and cash equivalents, $280,000 in portfolio company investments and funds held in escrow at estimated liquidation value and $10,560 in prepaid expenses and other assets. See Note 8 – Subsequent Events.

~~Item~~ As of December 31, 2018, the Trust held seven portfolio company invesetments and had total assets of $9~~. Changes~~,303,072 which were comprised of $6,027,000 in portfolio company investments at estimated liquidation value, $3,246,072 in cash and ~~Disagreements~~cash ~~with~~equivalents ~~Accountants~~and on$30,000 ~~Accounting~~in prepaid expenses and ~~Financial~~other ~~Disclosure~~assets.

~~None.~~Liabilities

~~Item 9A.~~As ~~Controls~~of December 31, 2019, the Trust had $614,534 in total liabilities, comprised of $27,873 in accounts payable and ~~Procedures~~$586,661 in estimated costs related to the liquidation, including legal expenses, portfolio selling costs, accounting expenses, tax reporting expenses, contractor services, and miscellaneous other expected future costs. As of December 31, 2019, the liability for estimated costs during liquidation included at total of $30,000 of fees to be paid to the Board of Trustees over the remaining liquidation period.

~~Evaluation~~ As of ~~Disclosure~~December ~~Controls~~31, 2018, the Trust had $1,209,697 in total liabilities, comprised of $26,373 in accounts payable and ~~Procedures~~accrued expenses and $1,183,324 in estimated costs related to the liquidation. As of December 31, 2018, the liability for estimated costs during liquidation included a total of $90,000 of fees to be paid to the Board of Trustees over the remaining liquidation period.

~~As of~~Changes ~~December 31, 2018 (the end of the period covered by this annual report), we evaluated the effectiveness of our disclosure controls and procedures as defined~~ in ~~Rule~~Net 13a-15(e) of the Exchange Act. Based on that evaluation, we concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, we believe that a controls system, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within an entity have been detected.Assets

~~Management’s Report~~Net onassets ~~Internal~~in ~~Control~~liquidation ~~over~~decreased ~~Financial~~$6,499,563, ~~Reporting~~or $0.68 per Trust Unit, during the year ended December 31, 2019. This decrease in our net assets was due primarily to: (i) a net decrease of $5,747,000, or $0.60 per Trust Unit, in the net estimated liquidation value of our portfolio company investments and funds held in escrow during the period, and (ii) a liquidating distribution of $3,347,096, or $0.35 per Trust Unit, in September 2019; partially offset by: (i) an increase of $2,449,709, or $0.26 per Trust Unit, from proceeds related to the sale of portfolio investments, and (ii) an increase of $144,824, or $0.01 per Trust Unit, as a result of current operating expenses and other activities.

The Trustees, with the Administrator, are responsible for establishing and maintaining adequate internal control over financial reporting and performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2018 based upon the criteria set forth in Internal Control F- Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management determined that our internal control over financial reporting was effective as of December 31, 2018.6

~~Changes in~~Crossroads ~~Internal~~Liquidating ~~Control over Financial Reporting~~ Trust

~~There has~~Notes ~~been no change in internal control over financial reporting that occurred during the year ended December 31, 2018 that has materially affected, or is reasonably likely~~ to ~~materially~~Financial ~~affect, our internal control over financial reporting.~~Statements

~~Item 9B. Other Information~~(Unaudited)

~~None~~Net assets in liquidation decreased $590,826, or $0.06 per Trust Unit, during the year ended December 31, 2018. This decrease in the Trust’s net assets was due primarily to: (i) a net decrease of $623,687, or $0.06 per Trust Unit, in the net estimated liquidation value of our portfolio company investments during the period, and (ii) an increase of $32,861 as a result of current operating expenses and other activities.

14Note 6 – Estimated Costs of Liquidation

~~PART III~~Under the liquidation basis of accounting, the Trust is required to estimate the cash flows from operations and accrue the costs associated with completing the Plan, including legal expenses, portfolio selling costs, accounting expenses, tax reporting expenses, contractor services, and miscellaneous other expected future costs. For the year ended December 31, 2019, estimated costs of liquidation decreased $596,663 which consisted of: (i) the completion of cash payments, and therefore a reversal of the related accrual of $476,725 for liquidation costs, and (ii) a reassessment of the estimated portfolio selling costs for the Trust’s remaining portfolio, which resulted in a $119,938 reversal of the related accrual. For the year ended December 31, 2018, the Trust completed cash payments, and therefore reversed the related accrual, for $459,016 of liquidation costs. The Trustees believe that the estimated costs of liquidation represent the remaining costs to be incurred during liquidation as of December 31, 2019. As a result, the Trust estimates that $586,661 of liquidation expenses are expected to be paid over the remaining liquidation period.

~~Item 10. Directors,~~Note ~~Executive~~7 ~~Officers~~- Commitments and ~~Corporate~~Contingencies ~~Governance~~

~~We have~~On noJuly ~~directors~~1, or2019, ~~executive~~Zoosk ~~officers~~completed a merger transaction with Spark Networks SE (NYSE American: LOV). At the closing of the merger, the Trust was required to set aside $146,987 as security for the indemnity and other obligations of the stockholders under the merger agreement (“Escrowed Funds”). The ~~Trustees~~Escrowed ~~manage~~Funds are subject to escrow and holdback restrictions until December 31, 2020. As of December 31, 2019, the ~~business~~Escrowed ~~affairs~~Funds had an estimated liquidation value of $120,000. On February 14, 2020, Escrowed Funds totaling $19,983 were released to the Trust from the Zoosk escrow without any offset for indemnity claims. Although recovery under the stockholder indemnity and ~~assets~~other obligations is generally limited to the escrow, holdback and expense funds, the Trust may be liable for our pro rata amount of any damages for certain types of indemnity claims not to exceed the cash consideration received by the Trust, provided, however, in the case of the Trust’s fraud or intentional misrepresentation, there is no limitation on liability. The Trust’s indemnity obligations under the merger agreement continue until July 1, 2024, or the fifth anniversary of the merger closing date. The Trust has not been notified of any stockholder indemnity claims.

~~Responsibilities~~ On November 13, 2017, Harvest Power completed a merger transaction with a third party. In connection with the merger transaction, the Trust entered into a Contingent Payment and Release Agreement with the company, the acquirers and certain other stockholders entitling the Trust to its pro rata interest of ~~our~~certain ~~Trustees~~contingent payments over a four-year period in consideration of and as a condition to the release of certain actions and claims related to Harvest Power.

~~Pursuant to~~The ~~the~~Trust ~~Liquidating~~maintains ~~Trust~~a ~~Agreement,~~directors ~~the~~and ~~Trustees~~officers ~~shall~~liability beinsurance ~~responsible~~policy ~~for~~that ~~the~~provides ~~general~~liability ~~policies~~insurance ofcoverage ~~the~~for ~~Trust~~its Trustees and ~~for~~other ~~the~~specified ~~general supervision~~parties. The ofTrust ~~the~~has ~~activities~~also ofagreed ~~the~~to ~~Trust. The~~indemnify its Trustees ~~shall~~to ~~have~~ the ~~power~~maximum toextent ~~contract~~permitted ~~third~~by ~~parties~~Maryland law subject to ~~assist~~the ~~with~~restrictions ~~management of~~in ~~our~~the ~~operations~~1940 Act.

~~Audit Committee~~As of December 31, 2019, neither the Trust nor its Trustees was a party to any material legal proceedings. However, from time to time, the Trust may be party to certain legal proceedings incidental to the normal course of its business including the enforcement of its rights under contracts with its portfolio companies.

~~The Trust~~Note ~~does~~8 ~~not~~- ~~have~~Subsequent anEvents ~~audit committee or other committee that performs similar functions and, consequently, has not designated an audit committee financial expert.~~

~~Sections 16(a)~~In ~~Beneficial~~preparing ~~Ownership~~these ~~Reporting~~financial ~~Compliance~~statements, the Trust has evaluated events after December 31, 2019. Except as set forth below, there were no subsequent events since December 31, 2019 that would require adjustment to or additional disclosure in these financial statements.

~~Section 16(a)~~On ofJanuary ~~the Exchange Act requires that each director~~6, ~~officer~~2020, ~~and~~Agilyx ~~individual~~Corporation ~~beneficially~~(“Agilyx”) ~~owning~~redeemed ~~more than 10% of a registered security report their ownership of such securities and any subsequent changes in that ownership to~~ the ~~SEC. Based~~Trust’s ~~solely on~~entire aposition ~~review~~ of ~~the~~16 ~~written~~shares ~~statements and copies~~ of ~~such~~common ~~reports~~stock ~~furnished~~for ~~to us pursuant to Section 16(~~a) oftotal ~~the~~purchase ~~Exchange~~price ~~Act, to the best~~ of ~~our knowledge~~$1, ~~we believe that all Section 16(a) filing requirements applicable to the Trust, if any, were timely satisfied~~600.

~~Code of Ethics~~F-7

~~We have~~Crossroads ~~not~~Liquidating adopted a code of ethics nor do we currently intend to due to the fact that we have no employees and our Trustees manage our business and affairs subject to fiduciary duties. Our Trustees intend to promote honest and ethical conduct, full and fair disclosure in our reports to the SEC and compliance with applicable governmental laws and regulations.Trust

~~Item 11. Executive~~Notes ~~Compensation~~to Financial Statements

As of December 31, 2018, we had no directors or executive officers. The Trustees manage the business affairs and assets of the Trust. Pursuant to the Liquidating Trust Agreement, the Trustees are entitled to receive fees and compensation for their services as Trustees. The following table sets forth compensation to the Trustees for the year ended December 31, 2018.(Unaudited)

Trustee	Fees Earned or Paid in Cash		All Other Compensation		Total
Andrew Dakos	$	20,000	$	—	$	20,000
Phillip Goldstein	$	20,000	$	—	$	20,000
Gerald Hellerman	$	20,000	$	—	$	20,000

On February 14, 2020, Escrowed Funds totaling $19,983 were released to the Trust from the Zoosk escrow without any offset for indemnity claims. The released funds included a positive working capital adjustment of $6,741 which will be recognized by the Trust as a short-term capital gain.

~~Item~~Pursuant to the 12Plan, the Liquidating Trust is scheduled to complete liquidation activities on or before June 23, 2020. ~~Security~~ ~~Ownership~~On February 28, 2020, the Liquidating Trust engaged a market advisory firm to locate potential purchasers and assist selling the remaining assets of ~~Certain~~the Trust. ~~Beneficial~~The ~~Owners~~recent global outbreak of COVID-19 has disrupted economic markets and ~~Management~~the prolonged economic impact is uncertain. The operational and ~~Related~~financial ~~Stockholder~~performance ~~Matters~~of the Trust’s portfolio companies depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the proceeds, if any, received from the sale of the Trust’s portfolio assets. The COVID-19 pandemic has impacted the Trust’s ability to dispose of its remaining portfolio company investments and, as such, it may be necessary to extend the life of the Trust.

~~Principal Beneficiaries~~F-8

~~The Trust~~Item ~~does~~9. ~~not~~Changes ~~have~~in ~~any~~and ~~“voting~~Disagreements ~~securities”~~with ~~within~~Accountants ~~the~~on ~~meaning~~Accounting ~~of the Exchange Act~~ and ~~the~~Financial ~~regulations thereunder applicable to the disclosure of 5% holders of voting securities.~~Disclosure

~~The following table sets forth information as of December 31, 2018 regarding the beneficial ownership of units by each of our Trustees~~None. ~~The percentage of beneficial ownership is calculated based on 9,563,130 units of beneficial interest.~~

Beneficial Owner	Beneficial Interest Units Owned Beneficially		Percentage of Class
Trustees
Phillip Goldstein(1)		1,119,008		11.70	%
Andrew Dakos(1)		1,119,008		11.70	%
Gerald Hellerman		—		—	%

Item 9A. Controls and Procedures

15Evaluation of Disclosure Controls and Procedures

~~(1)~~ As of December 31, ~~2018,~~2019 ~~Bulldog~~(the ~~Investors,~~end ~~LLC~~of isthe ~~deemed~~period tocovered beby ~~the~~this ~~beneficial~~annual ~~owner~~report), ofwe ~~1,119,008~~evaluated ~~units~~the effectiveness of ~~the~~our ~~Trust.~~disclosure ~~These~~controls ~~1,119,008~~and ~~units~~procedures as defined in Rule 13a-15(e) of the ~~Trust~~Exchange ~~include~~Act. Based ~~596~~on that evaluation,~~438~~ ~~units~~we concluded that ~~are~~our ~~beneficially~~disclosure ~~owned~~controls byand ~~the~~procedures ~~following~~were ~~entities~~effective ~~over~~and ~~which~~provided ~~Messrs.~~reasonable ~~Goldstein,~~assurance ~~Dakos~~that ~~and~~information ~~Samuels~~required ~~exercise~~to ~~control:~~be ~~Opportunity~~disclosed ~~Partners~~by ~~LP,~~us ~~Calapasas~~in ~~West~~the ~~Partners~~reports ~~LP,~~filed ~~Full~~or ~~Value~~submitted ~~Special~~by ~~Situations~~us ~~Fund,~~under ~~LP,~~the ~~Full~~Exchange ~~Value~~Act ~~Partners~~is recorded, LPprocessed, summarized and ~~MCM~~reported ~~Opportunity~~within ~~Partners,~~the LPtime ~~(collectively,~~periods ~~“Bulldog~~specified ~~Investors~~in ~~Group~~the ofSEC’s ~~Funds”).~~rules ~~Bulldog~~and ~~Investors~~forms, ~~Group~~and ofthat ~~Funds~~such ~~may~~information beis ~~deemed~~accumulated and communicated to ~~constitute~~our amanagement, ~~group.~~as ~~All~~appropriate, ~~other~~to ~~units~~allow ~~included~~timely indecisions ~~the~~regarding ~~aforementioned~~required 1disclosure. However,~~119,008~~ ~~units~~in ofevaluating the ~~Trust~~disclosure ~~beneficially~~controls ~~owned~~and byprocedures, ~~Bulldog~~we ~~Investors~~believe that a controls system, ~~LLC~~no ~~are~~matter ~~also~~how ~~beneficially~~well ~~owned~~designed byand ~~clients~~operated, can provide only reasonable assurance of ~~Bulldog~~achieving ~~Investors,~~the ~~LLC~~desired ~~who~~control ~~are~~objectives, ~~not~~and ~~members~~no evaluation of ~~any~~controls ~~group.~~can ~~The~~provide ~~total~~absolute ~~number~~assurance that all control issues and instances of ~~these~~fraud ~~“non-group”~~or ~~units~~error, isif ~~522~~any,~~570~~ ~~units~~within an entity have been detected.

~~Equity Compensation~~Management’s ~~Plan~~Report ~~Information~~on Internal Control over Financial Reporting

The ~~Trust~~ ~~does~~Trustees, ~~not~~with ~~have~~the ~~any~~Administrator, ~~equity~~are ~~compensation~~responsible ~~plans~~for establishing and maintaining adequate internal control over financial reporting and performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2019 based upon the criteria set forth in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, management determined that our internal control over financial reporting was effective as of December 31, 2019.

~~Item 13. Certain~~Changes ~~Relationships~~in ~~and~~Internal ~~Related~~Control ~~Transactions,~~over ~~and~~Financial ~~Director~~Reporting ~~Independence~~

~~Transactions with~~There ~~Related~~has ~~Persons~~been no change in internal control over financial reporting that occurred during the year ended December 31, 2019 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

~~Pursuant to~~Item the Liquidating Trust Agreement, the Trustees are entitled to receive fees and compensation for their services as Trustees comparable to that paid by Crossroads Capital to its independent directors prior to the Conversion9B. ~~Each~~ ~~Trustee~~Other previously served on the Board of Directors of Crossroads Capital, Inc. For the year ended December 31, 2018 and for the period June 23, 2017 to December 31, 2017, we paid a total of $60,000 and $30,000, respectively, in trustee fees to the Trustees. We had no payables to related parties as of December 31, 2018 or 2017. As of December 31, 2018, the liability for estimated costs during liquidation included a total of $90,000 of fees to be paid to the Board of Trustees over the remaining liquidation period.Information

~~Trustee Indemnification~~None.

Pursuant to the Liquidating Trust Agreement, the Trust shall, to the maximum extent permitted by law, indemnify the Trustees against, and hold the Trustees harmless as to, any and all claims, actions, liabilities and expenses (including reasonable attorneys’ fees), arising out of or in connection with their service as trustee under the Liquidating Trust Agreement or any acts or omissions taken or omitted to be taken as trustee under the Liquidating Trust Agreement, except to the extent that it is finally determined that the Trustee did not act in good faith or such actions or omissions constitute gross negligence or willful misconduct on the part of the Trustee. 15

~~Item14. Principal Accountant~~PART ~~Fees and Services~~III

~~Not applicable~~Item 10. Directors, Executive Officers and Corporate Governance

16We have no directors or executive officers. The Trustees manage the business affairs and assets of the Trust.

~~PART IV~~Responsibilities of our Trustees

~~Item 15. Exhibits~~Pursuant to the Liquidating Trust Agreement, the Trustees shall be responsible for the general policies of the Trust and ~~Financial~~for ~~Statement~~the ~~Schedules~~general supervision of the activities of the Trust. The Trustees shall have the power to contract third parties to assist with management of our operations.

~~The following~~Audit ~~exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K for the year ended December 31, 2018 (and are numbered in accordance with Item 601 of Regulation S-K).~~Committee

~~a. Financial~~The ~~Statement~~Trust ~~Schedules~~does not have an audit committee or other committee that performs similar functions and, consequently, has not designated an audit committee financial expert.

~~See the~~Sections ~~Index~~16(a) toBeneficial ~~the~~Ownership ~~Financial~~Reporting ~~Statements at page 13 of this report.~~Compliance

bSection 16(a) of the Exchange Act requires that each director, officer, and individual beneficially owning more than 10% of a registered security report their ownership of such securities and any subsequent changes in that ownership to the SEC. ~~Exhibits~~ Based solely on a review of the written statements and copies of such reports furnished to us pursuant to Section 16(a) of the Exchange Act, to the best of our knowledge, we believe that all Section 16(a) filing requirements applicable to the Trust, if any, were timely satisfied.

~~The following~~Code ~~exhibits are filed as part~~ of ~~this Annual Report or hereby incorporated by reference to exhibits previously filed with the SEC:~~Ethics

Exhibit No.		Description
2.1		Plan of Liquidation, dated May 3, 2016 (Incorporated by reference to Current Report on Form 8-K filed on June 23, 2017)
3.1		Articles of Conversion, as filed with the State Department of Assessments and Taxation of the State of Maryland on June 23, 2017 (Incorporated by reference to Current Report on Form 8-K filed on June 23, 2017)
3.2		Certificate of Trust, as filed with the State Department of Assessments and Taxation of the State of Maryland on June 23, 2017 (Incorporated by reference to Current Report on Form 8-K filed on June 23, 2017)
10.1		Liquidating Trust Agreement, dated June 23, 2017 (Incorporated by reference to Current Report on Form 8-K filed on June 23, 2017)
31.1*		Certification of Trustee pursuant to Section 302 of The Sarbanes-Oxley Act of 2002
31.2*		Certification of Trustee pursuant to Section 302 of The Sarbanes-Oxley Act of 2002
31.3*		Certification of Trustee pursuant to Section 302 of The Sarbanes-Oxley Act of 2002
32.1*		Certification of Trustee pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

We have not adopted a code of ethics nor do we currently intend to due to the fact that we have no employees and our Trustees manage our business and affairs subject to fiduciary duties. Our Trustees intend to promote honest and ethical conduct, full and fair disclosure in our reports to the SEC and compliance with applicable governmental laws and regulations.

*Filed herewithItem 11. Executive Compensation

cAs of December 31, 2019, we had no directors or executive officers. ~~Financial~~ The ~~statement~~Trustees ~~schedules~~manage the business affairs and assets of the Trust. Pursuant to the Liquidating Trust Agreement, the Trustees are entitled to receive fees and compensation for their services as Trustees. The following table sets forth compensation to the Trustees for the year ended December 31, 2019.

No financial statement schedules are filed herewith because (i) such schedules are not required, or (ii) the information has been presented in the aforementioned financial statements.

Trustee	Fees Earned or Paid in Cash		All Other Compensation		Total
Andrew Dakos	$	20,000	$	—	$	20,000
Phillip Goldstein	$	20,000	$	—	$	20,000
Gerald Hellerman	$	20,000	$	—	$	20,000

Item 16 12. ~~Form~~ ~~10-K~~Security ~~Summary~~Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

~~None.~~Principal Beneficiaries

17The Trust does not have any “voting securities” within the meaning of the Exchange Act and the regulations thereunder applicable to the disclosure of 5% holders of voting securities.

~~SIGNATURES~~The following table sets forth information as of December 31, 2019 regarding the beneficial ownership of units by each of our Trustees. The percentage of beneficial ownership is calculated based on 9,563,130 units of beneficial interest.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Beneficial Owner	Beneficial Interest Units Owned Beneficially		Percentage of Class
Trustees
Phillip Goldstein⁽¹⁾		1,029,736		10.77	%
Andrew Dakos⁽¹⁾		1,029,736		10.77	%
Gerald Hellerman		—		—	%

	CROSSROADS LIQUIDATING TRUST
March 28, 2019	/s/ Andrew Dakos
	Andrew Dakos Trustee

⁽¹⁾

As of December 31, 2019, Bulldog Investors, LLC is deemed to be the beneficial owner of 1,029,736 units of the Trust. These 1,029,736 units of the Trust include 596,438 units that are beneficially owned by the following entities over which Messrs. Goldstein and Dakos exercise control: Opportunity Partners LP, Calapasas West Partners LP, Full Value Special Situations Fund, LP, Full Value Partners, LP, and MCM Opportunity Partners, LP (collectively, “Bulldog Investors Group of Funds”). Bulldog Investors Group of Funds may be deemed to constitute a group. All other units included in the aforementioned 1,029,736 units of the Trust beneficially owned by Bulldog Investors, LLC are also beneficially owned by clients of Bulldog Investors, LLC who are not members of any group. The total number of these “non-group” units is 433,298 units.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated.16

	/s/ Andrew Dakos
March 28, 2019	Andrew Dakos Trustee
	/s/ Phillip Goldstein
March 28, 2019	Phillip Goldstein Trustee
	/s/ Gerald Hellerman
March 28, 2019	Gerald Hellerman Trustee

Equity Compensation Plan Information

18The Trust does not have any equity compensation plans.

Transactions with Related Persons

Pursuant to the Liquidating Trust Agreement, the Trustees are entitled to receive fees and compensation for their services as Trustees comparable to that paid by Crossroads Capital to its independent directors prior to the Conversion. Each Trustee previously served on the Board of Directors of Crossroads Capital, Inc. For each of the years ended December 31, 2019 and 2018, we paid a total of $60,000 in trustee fees. We had no payables to related parties as of December 31, 2019 or 2018. As of December 31, 2019, the liability for estimated costs during liquidation included a total of $30,000 of fees to be paid to the Board of Trustees over the remaining liquidation period.

Trustee Indemnification

Item14. Principal Accountant Fees and Services

Not applicable.

PART IV

Item 15. Exhibits and Financial Statement Schedules

The following exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K for the year ended December 31, 2018 (and are numbered in accordance with Item 601 of Regulation S-K).

a. Financial Statement Schedules

See the Index to the Financial Statements at page 13 of this report.

b. Exhibits

The following exhibits are filed as part of this Annual Report or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit No.		Description
2.1		Plan of Liquidation, dated May 3, 2016 (Incorporated by reference to Current Report on Form 8-K filed on June 23, 2017)
3.1		Articles of Conversion, as filed with the State Department of Assessments and Taxation of the State of Maryland on June 23, 2017 (Incorporated by reference to Current Report on Form 8-K filed on June 23, 2017)
3.2		Certificate of Trust, as filed with the State Department of Assessments and Taxation of the State of Maryland on June 23, 2017 (Incorporated by reference to Current Report on Form 8-K filed on June 23, 2017)
4.1*		Description of Registrant’s Securities pursuant to Item 601 of Regulation S-K
10.1		Liquidating Trust Agreement, dated June 23, 2017 (Incorporated by reference to Current Report on Form 8-K filed on June 23, 2017)
31.1*		Certification of Trustee pursuant to Section 302 of The Sarbanes-Oxley Act of 2002
31.2*		Certification of Trustee pursuant to Section 302 of The Sarbanes-Oxley Act of 2002
31.3*		Certification of Trustee pursuant to Section 302 of The Sarbanes-Oxley Act of 2002
32.1*		Certification of Trustee pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

*Filed herewith.

c. Financial statement schedules

No financial statement schedules are filed herewith because (i) such schedules are not required, or (ii) the information has been presented in the aforementioned financial statements.

Item 16. Form 10-K Summary

None.

SIGNATURES


	CROSSROADS LIQUIDATING TRUST

May 15, 2020	/s/ Andrew Dakos
	Andrew Dakos Trustee

	/s/ Andrew Dakos
May 15, 2020	Andrew Dakos Trustee

	/s/ Phillip Goldstein
May 15, 2020	Phillip Goldstein Trustee

	/s/ Gerald Hellerman
May 15, 2020	Gerald Hellerman Trustee

Filing Compare · CROSSROADS LIQUIDATING TRUST