AOG Institutional Fund
Schedule of Investments (Unaudited)
June 30, 2026
| Shares | Fair Value | |||||||
| CLOSED-END FUNDS - 2.2% | ||||||||
| DEBT AND CREDIT FUNDS - 0.1% | ||||||||
| 5,013 | Variant Alternative Income Fund, Institutional Class (a) | $ | 129,273 | |||||
| PRIVATE EQUITY FUNDS - 2.1% | ||||||||
| 55,803 | Ares Private Markets Fund, Institutional Class (a)(c) | 2,242,716 | ||||||
| TOTAL CLOSED-END FUNDS (Cost - $1,541,313) | 2,371,989 | |||||||
| PRIVATE DEBT AND CREDIT INVESTMENTS - 22.1% | ||||||||
| - | GEMS FUND 6, LP (a)(b)(d)(g) | 4,018,625 | ||||||
| - | LEONID Credit Income Fund, LP (a)(b)(d)(g) | 5,846,096 | ||||||
| 4,000 | PayJoy Asset Fund LLC, Class B (a)(d)(e) | 4,000,000 | ||||||
| - | Rochefort Delos Co-Investment Fund LP (a)(b)(d)(g) | 1,006,740 | ||||||
| - | Symbiotic Capital Healthcare Credit Fund II, LP (a)(b)(d)(g) | 1,296,049 | ||||||
| - | Symbiotic Capital Life Science Credit Fund, LP (a)(b)(d)(g) | 4,181,916 | ||||||
| - | Tiverton AgriFinance III, LP (a)(b)(d)(g) | 3,359,437 | ||||||
| TOTAL PRIVATE DEBT AND CREDIT INVESTMENTS (Cost - $23,536,363) | 23,708,863 | |||||||
| PRIVATE EQUITY AND VENTURE CAPITAL INVESTMENTS - 48.2% | ||||||||
| PRIVATE EQUITY AND VENTURE CAPITAL FUNDS - 32.8% | ||||||||
| - | Alpha Partners Fund III, LP (a)(b)(c)(d)(g) | 842,054 | ||||||
| - | Archer Capital Group IV-A, LP (a)(b)(c)(d)(g) | 691,486 | ||||||
| - | Banner Ridge Secondary Fund VI (Offshore), LP (a)(b)(c)(d)(g) | 1,877,225 | ||||||
| - | Banner Ridge Small Buyouts I (Offshore) LP (a)(b)(c)(d)(g) | 5,820,865 | ||||||
| - | iCapital Carlyle Direct Access II, LP (a)(b)(c)(d)(g) | 1,682,904 | ||||||
| - | Mercer Private Investments Partners VII, LP (a)(b)(c)(d)(g) | 5,562,656 | ||||||
| - | Noteus Partners Centaur S.L.P. (a)(b)(c)(d)(g) | 6,172,160 | ||||||
| - | RB Equity Fund III, Class A, LP (a)(b)(c)(d)(g) | 3,759,929 | ||||||
| - | Springcoast Partners I, LP (a)(b)(c)(d)(g) | 3,736,203 | ||||||
| - | Vistria Agua CV (FT), LP (a)(b)(c)(d)(g) | 3,860,376 | ||||||
| - | VVC Veterans Fund II L.P. (a)(b)(c)(d)(g) | 1,215,150 | ||||||
| 35,221,008 | ||||||||
| PORTFOLIO COMPANIES - 15.4% | ||||||||
| - | Alpha Pathfinder Associates, LLC, (a)(b)(c)(d)(g) | 482,500 | ||||||
| - | Alpha Sentinel Associates, LLC, Series I (a)(c)(d)(e)(g) | 1,317,862 | ||||||
| - | Alta Park Private Opportunities Fund, LP Series IV (a)(b)(c)(d)(g) | 900,162 | ||||||
| - | Capital Factory Alpha Associates LLC, Series II (a)(c)(d)(e)(g) | 1,739,805 | ||||||
| - | CSPG Nimble Holdings LLC (a)(c)(d)(e)(g) | 750,000 | ||||||
| - | CSPG Tidal B Holdings LLC (a)(c)(d)(e)(g) | 1,009,700 | ||||||
| 153,850 | CTN Holdings, Inc. (f/k/a Aspiration Partners, Inc.) (a)(c)(d)(e) | - | ||||||
| 3,000,000 | Frontline HoldCo LLC (a)(c)(d)(e) | 3,464,028 | ||||||
| - | ICON Ark Co-Investment LP (a)(b)(c)(d)(g) | 120,948 | ||||||
| 19,402 | Lambda, Inc. (a)(c)(d)(e) | 999,979 | ||||||
| - | Noteus Partners Co-Investment SLP RAI Compartment II (a)(b)(c)(d)(g) | 792,174 | ||||||
| 5 | PMG Legal LLC (a)(b)(c)(d) | 1,231,858 | ||||||
| - | Preservation Capital Partners Strategic Opportunities I LP (a)(b)(c)(d)(g) | 2,652,575 | ||||||
| - | VVC SPV II, LLC (a)(b)(c)(d)(g) | 642,964 | ||||||
| - | VVC SPV III, LLC (a)(b)(c)(d)(g) | 453,906 | ||||||
| 16,558,461 | ||||||||
| TOTAL PRIVATE EQUITY AND VENTURE CAPITAL INVESTMENTS (Cost - $42,237,479) | 51,779,469 | |||||||
AOG Institutional Fund
Schedule of Investments (Unaudited)(Continued)
June 30, 2026
| Shares | Fair Value | |||||||||||
| PRIVATE REAL ESTATE - 13.1% | ||||||||||||
| - | Arkview Capital Co-Invest IV, LP (a)(d)(e)(g) | $ | 2,387,300 | |||||||||
| - | Balbec Commercial Mortgage Opportunities Fund I, L.P. (a)(b)(d)(g) | 4,013,243 | ||||||||||
| - | Barings Real Estate Debt Income Fund, LP, Investor Class (a)(b)(d)(g) | 1,992,941 | ||||||||||
| - | Peppertree Capital Fund X Feeder, LLC (a)(b)(c)(d)(g) | 4,187,408 | ||||||||||
| - | PG-AOGFX BVS CC SIDE CAR, LLC (a)(d)(e)(g) | 1,542,988 | ||||||||||
| TOTAL PRIVATE REAL ESTATE (Cost - $12,813,785) | 14,123,880 | |||||||||||
| Principal | Rate (%) | Maturity | ||||||||||
| LOANS - 3.7% | ||||||||||||
| $ | 4,000,000 | Cadence Group Platform, LLC DBA Percent Technologies Platform, LLC, SPR 2026-2 (a)(e) | 17.29 | 1/31/2027 | 4,000,000 | |||||||
| TOTAL LOANS (Cost - $4,000,000) | ||||||||||||
| Shares | Exercise Price | Expiration Date | ||||||||||
| WARRANTS - 0.5% | ||||||||||||
| 11 | Frontline HoldCo LLC, Class A (a)(c)(d)(e) | $ | 216,144 | 3/8/2034 | 526,000 | |||||||
| TOTAL WARRANTS (Cost - $409,465) | ||||||||||||
| Principal | Rate (%) | Maturity | ||||||||||
| U.S. TREASURY NOTES - 2.8% | ||||||||||||
| $ | 1,000,000 | U.S. Treasury Note | 1.50 | 8/15/2026 | 997,021 | |||||||
| 1,000,000 | U.S. Treasury Note | 0.75 | 8/31/2026 | 995,020 | ||||||||
| 1,000,000 | U.S. Treasury Note | 3.57 | 8/31/2026 | 999,922 | ||||||||
| TOTAL U.S. TREASURY NOTES (Cost - $2,992,687) | 2,991,963 | |||||||||||
| Principal | Rate (%) | Maturity | ||||||||||
| SHORT-TERM INVESTMENTS - 7.0% | ||||||||||||
| U.S. TREASURY SECURITIES - 4.6% | ||||||||||||
| $ | 1,000,000 | U.S. Treasury Bill | 3.60 | 8/11/2026 | 995,877 | |||||||
| 1,000,000 | U.S. Treasury Bill | 3.65 | 8/20/2026 | 994,931 | ||||||||
| 1,000,000 | U.S. Treasury Bill | 3.66 | 8/25/2026 | 994,416 | ||||||||
| 1,000,000 | U.S. Treasury Bill | 3.69 | 9/8/2026 | 992,973 | ||||||||
| 1,000,000 | U.S. Treasury Bill | 3.67 | 9/10/2026 | 992,821 | ||||||||
| 4,971,018 | ||||||||||||
| Shares | ||||||||||||
| MONEY MARKET FUND - 2.4% | ||||||||||||
| 2,608,167 | Federated Hermes Treasury Obligations Fund, Institutional Class, 3.52%(f) | 2,608,167 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost - $7,580,114) | 7,579,185 | |||||||||||
| TOTAL INVESTMENTS - 99.6% (Cost $95,111,206) | $ | 107,081,349 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% | 414,603 | |||||||||||
| NET ASSETS - 100.0% | $ | 107,495,952 | ||||||||||
| LLC | - | Limited Liability Company | |
| LP | - | Limited Partnership | |
| REIT | - | Real Estate Investment Trust |
| (a) | Illiquid security. | ||
| (b) | Investment is valued using net asset value per share (or its equivalent) as a practical expedient. | ||
| (c) | Non-income producing security. | ||
| (d) | Denotes an illiquid and restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. The total of these illiquid and restricted securities represents 83.85% of Net Assets. The total value of these securities is $90,138,212. | ||
| (e) | Level 3 security fair valued using significant unobservable inputs. | ||
| (f) | Represents seven day yield as of June 30, 2026. | ||
| (g) | Investment does not issue shares. |
AOG Institutional Fund
Schedule of Investments (Unaudited)(Continued)
June 30, 2026
Additional information on each restricted investment held by the Fund at June 30, 2026 is as follows:
| Security Description | Acquisition Date | Cost | Value | % of Net Assets | ||||||||
| Alpha Partners Fund III, LP | 4/11/2022 | $ | 792,938 | $ | 842,054 | 0.78% | ||||||
| Alpha Pathfinder Associates, LLC | 9/4/2025 | 500,000 | 482,500 | 0.45% | ||||||||
| Alpha Sentinel Associates, LLC, Series I | 9/28/2023 | 500,000 | 1,317,862 | 1.23% | ||||||||
| Alta Park Private Opportunities Fund, LP Series IV | 12/11/2025 | 909,000 | 900,162 | 0.84% | ||||||||
| Archer Capital Group IV-A, LP | 5/25/2026 | 703,701 | 691,486 | 0.64% | ||||||||
| Arkview Capital Co-Invest IV, LP | 4/22/2024 | 1,766,197 | 2,387,300 | 2.22% | ||||||||
| Balbec Commercial Mortgage Opportunities Fund I, L.P. | 5/29/2025 | 3,994,896 | 4,013,243 | 3.73% | ||||||||
| Banner Ridge Secondary Fund VI (Offshore), LP | 10/15/2025 | 1,628,440 | 1,877,225 | 1.75% | ||||||||
| Banner Ridge Small Buyouts I (Offshore) LP | 9/26/2024 | 5,015,017 | 5,820,865 | 5.41% | ||||||||
| Barings Real Estate Debt Income Fund, LP, Investor Class | 3/27/2024 | 2,000,000 | 1,992,941 | 1.85% | ||||||||
| Capital Factory Alpha Associates LLC, Series II | 2/13/2025 | 750,000 | 1,739,805 | 1.62% | ||||||||
| CSPG Nimble Holdings LLC | 10/16/2025 | 750,000 | 750,000 | 0.70% | ||||||||
| CSPG Tidal B Holdings LLC | 7/19/2024 | 1,000,000 | 1,009,700 | 0.94% | ||||||||
| CTN Holdings, Inc. (f/k/a Aspiration Partners, Inc.) | 6/30/2023 | 1,000,025 | - | 0.00% | ||||||||
| Frontline HoldCo LLC | 9/25/2024 | 2,590,535 | 3,464,028 | 3.22% | ||||||||
| Frontline HoldCo LLC, Class A | 9/25/2024 | 409,465 | 526,000 | 0.49% | ||||||||
| GEMS FUND 6, LP | 3/27/2024 | 4,000,000 | 4,018,625 | 3.74% | ||||||||
| iCapital Carlyle Direct Access II, LP | 10/14/2022 | 1,541,758 | 1,682,904 | 1.57% | ||||||||
| ICON Ark Co-Investment LP | 5/24/2023 | 5,888 | 120,948 | 0.11% | ||||||||
| Lambda, Inc. | 1/7/2026 | 1,018,605 | 999,979 | 0.93% | ||||||||
| LEONID Credit Income Fund, LP | 2/16/2024 | 5,500,000 | 5,846,096 | 5.44% | ||||||||
| Mercer Private Investments Partners VII, LP | 7/21/2023 | 3,784,603 | 5,562,656 | 5.17% | ||||||||
| Noteus Partners Centaur S.L.P. | 4/3/2025 | 5,223,135 | 6,172,160 | 5.74% | ||||||||
| Noteus Partners Co-Investment SLP RAI Compartment II | 10/28/2025 | 586,810 | 792,174 | 0.74% | ||||||||
| PayJoy Asset Fund LLC, Class B | 7/15/2023 | 4,050,000 | 4,000,000 | 3.72% | ||||||||
| Peppertree Capital Fund X Feeder, LLC | 8/9/2024 | 3,726,377 | 4,187,408 | 3.89% | ||||||||
| PG-AOGFX BVS CC SIDE CAR, LLC | 3/6/2024 | 1,326,315 | 1,542,988 | 1.43% | ||||||||
| PMG Legal LLC | 7/19/2023 | 500,000 | 1,231,858 | 1.15% | ||||||||
| Preservation Capital Partners Strategic Opportunities I LP | 11/2/2023 | 1,971,149 | 2,652,575 | 2.47% | ||||||||
| RB Equity Fund III, Class A, LP | 8/28/2025 | 2,934,590 | 3,759,929 | 3.50% | ||||||||
| Rochefort Delos Co-Investment Fund LP | 2/12/2026 | 1,000,000 | 1,006,740 | 0.94% | ||||||||
| Springcoast Partners I, LP | 2/4/2026 | 3,425,141 | 3,736,203 | 3.48% | ||||||||
| Symbiotic Capital Healthcare Credit Fund II, LP | 12/31/2025 | 1,295,591 | 1,296,049 | 1.21% | ||||||||
| Symbiotic Capital Life Science Credit Fund, LP | 8/8/2024 | 4,343,134 | 4,181,916 | 3.89% | ||||||||
| Tiverton AgriFinance III, LP | 8/27/2024 | 3,347,638 | 3,359,437 | 3.12% | ||||||||
| Vistria Agua CV (FT), LP | 1/14/2026 | 2,796,144 | 3,860,376 | 3.59% | ||||||||
| VVC SPV II, LLC | 7/10/2025 | 650,000 | 642,964 | 0.60% | ||||||||
| VVC SPV III, LLC | 12/12/2025 | 460,000 | 453,906 | 0.42% | ||||||||
| VVC Veterans Fund II L.P. | 5/5/2025 | 1,200,000 | 1,215,150 | 1.13% | ||||||||
| $ | 78,997,092 | $ | 90,138,212 | 83.85% | ||||||||