The
following
table
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
for
Moderate
Allocation
Fund as
discussed
in
the
Notes
to
Schedule
of
Investments.
*
Located
on
the
Statement
of
Operations,
Change
in
net
unrealized
appreciation/(depreciation)
on
investments.
^
Located
on
the
Statement
of
Operations,
Net
realized
gains/(losses)
on
investments.
#
Transferred
from
Level
2
to
Level
3
because
of
a
lack
of
observable
market
data,
resulting
from
a
decrease
in
market
activity
for
the
securities.
@
Transferred
from
Level
3
to
Level
2
because
observable
market
data
became
available
for
the
securities.
The
reporting
entity's
Asset
Backed
Securities
Level
3
securities'
fair
value
is
calculated
by
a
vendor
using
the
established
policies
and
procedures
of
the
reporting
entity.
Inputs
used
in
valuation
include
the
principal
and
interest
schedules,
bond
equivalent
ratings,
and
U.S.
Treasury
yields.
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments. Significant changes
in
the
inputs
in
isolation
could result
in
a
significantly
lower
or
higher
fair
value
measurement.
**
The
reporting
entity's Private
Equity
Funds
-
Secondary Level
3
securities
are fair
valued using
the
adjusted
reported
Net
Asset
Value
(NAV)
of
the
investment,
adjusted
for
subsequent
investment
activity
and
market
movement
using
inputs
determined
by
the policies
and
procedures
of
the
reporting
entity.
Inputs
used
in
valuation
include index
returns
that
are
adjusted based
on
a
regression
analysis
of
similar
types
of
assets
over
time.
Significant
changes
in
the
inputs
in
isolation
could result
in
a
significantly
lower
or
higher
fair
value
measurement.
Investments
in
Securities
Beginning
Value
10/31/2025
Realized
Gain/
(Loss)%
Change
in
Unrealized
Appreciation/
(Depreciation)
*
Purchases
Sales
Transfers
Into
Level
3 #
Transfers
Out
of
Level
3 @
Ending
Value
07/31/2026
Private
Equity
Funds
Secondary
$73,853,586
$-
$12,155,457
$12,313,952
($4,453,952)
$-
$-
$93,869,043
Total
$73,853,586
$-
$12,155,457
$12,313,952
($4,453,952)
$-
$-
$93,869,043
Investments
in
Securities
Ending
Value 07/31/2026
Valuation
Technique(s)
Unobservable
Input(s)
Range
of Inputs
Private
Equity
Funds
Secondary
$93,869,043
Adjusted
reported
investment
of
net
asset
value
Fair
Value
adjustment
**
N/A
Total
$93,869,043