| AOG Institutional Fund |
| Schedule of Investments (Unaudited) |
| June 30, 2024 |
| Shares | | | | | | | | | Fair Value |
| | | CLOSED-END FUNDS - 18.7% | | | | | | | |
| | | DEBT AND CREDIT FUNDS - 8.6% | | | | | | | |
| 42,300 | | Apollo Diversified Credit Fund, Class I (a) | | | | | | | $ 923,411 |
| 40,079 | | CION Ares Diversified Credit Fund, Class I (a) | | | | | | | 1,018,410 |
| 185,529 | | Cliffwater Enhanced Lending Fund, Class I (a) | | | | | | | 2,076,067 |
| 72,952 | | Variant Alternative Income Fund, Institutional Class (a) | | | | | | | 1,983,555 |
| | | | | | | | | | 6,001,443 |
| | | PRIVATE EQUITY FUNDS - 9.7% | | | | | | | |
| 129,504 | | Ares Landmark Private Markets Fund, Institutional Class (a)(c) | | | | | | | 4,285,274 |
| 46,200 | | Stepstone Private Markets Fund, Class I (a)(c) | | | | | | | 2,412,125 |
| 1,581 | | The Private Shares Fund, Class I (a)(c) | | | | | | | 63,544 |
| | | | | | | | | | 6,760,943 |
| | | REAL ESTATE FUNDS - 0.4% | | | | | | | |
| 7,905 | | Bluerock Total Income+ Real Estate Fund, Class I (a) | | | | | | | 220,387 |
| 903 | | KKR Real Estate Select Trust, Inc., Class I (a) | | | | | | | 23,143 |
| | | | | | | | | | 243,530 |
| | | | | | | | | | |
| | | TOTAL CLOSED-END FUNDS (Cost - $11,920,897) | | | | | | | 13,005,916 |
| | | | | | | | | | |
| | | PRIVATE DEBT AND CREDIT INVESTMENTS - 27.9% | | | | |
| | | BUSINESS DEVELOPMENT COMPANIES - 9.7% | | | | | | | |
| 84,842 | | Apollo Debt Solutions BDC, Class I (a) | | | | | | | 2,112,556 |
| 95,585 | | Barings Private Credit Corporation, Investor Class (a)(d) | | | | | | | 2,002,499 |
| 76,309 | | Carlyle Secured Lending III (a)(d) | | | | | | | 1,619,267 |
| 40,984 | | HPS Corporate Lending Fund, Class I (a) | | | | | | | 1,047,131 |
| | | | | | | | | | 6,781,453 |
| | | PRIVATE DEBT AND CREDIT FUNDS - 18.2% | | | | | | | |
| 1 | | Arkview Capital Co-Invest IV, LP (a)(b)(d) | | | | | | | 1,822,429 |
| 1 | | GEMS FUND 6, LP(a)(b)(d) | | | | | | | 1,750,000 |
| 1 | | LEONID Credit Income Fund, LP (a)(b)(d) | | | | | | | 5,058,652 |
| 4,000 | | PayJoy Asset Fund LLC, Class B (a)(d)(e) | | | | | | | 4,000,000 |
| 1 | | Tiverton AgriFinance III(b)(c)(d)(f) | | | | | | | - |
| | | | | | | | | | 12,631,081 |
| | | | | | | | | | |
| | | TOTAL PRIVATE DEBT AND CREDIT INVESTMENTS (Cost - $19,266,197) | | | | | | 19,412,534 |
| | | | | | | | | | |
| | | PRIVATE EQUITY AND VENTURE CAPITAL INVESTMENTS - 21.9% | | | | | | | |
| | | PRIVATE EQUITY AND VENTURE CAPITAL FUNDS - 12.5% | | | |
| 1 | | Alpha Partners Fund III, LP (a)(b)(c)(d) | | | | | | | 306,605 |
| 1 | | iCapital Carlyle Direct Access II, LP (a)(b)(c)(d) | | | | | | | 1,287,413 |
| 1 | | Mercer Private Investments Partners VII, LP (a)(b)(c)(d) | | | | | | | 4,778,599 |
| 146,365 | | Pomona Investment Fund, Class I (a)(c) | | | | | | | 2,328,660 |
| | | | | | | | | | 8,701,277 |
| | | PORTFOLIO COMPANIES - 9.4% | | | | | | | |
| 1 | | Alpha Sentinel Associates, LLC, Series I (a)(c)(d)(e) | | | | | | | 483,092 |
| 153,850 | | Aspiration Partners, Inc. (a)(c)(d)(e) | | | | | | | 1,856,970 |
| 1 | | ICON Ark Co-Investment LP (a)(b)(c)(d) | | | | | | | 1,057,526 |
| 5 | | PMG Legal LLC (a)(b)(c)(d) | | | | | | | 1,324,641 |
| 1 | | Preservation Capital Partners Strategic Opportunities I LP (a)(c)(d)(e) | | | | | 1,845,342 |
| | | | | | | | | | 6,567,571 |
| | | | | | | | | | |
| | | TOTAL PRIVATE EQUITY AND VENTURE CAPITAL INVESTMENTS (Cost - $12,037,712) | | | | 15,268,848 |
| AOG Institutional Fund |
| Schedule of Investments (Unaudited)(Continued) |
| June 30, 2024 |
| Shares | | | | | | | | | Fair Value |
| | | PRIVATE REAL ESTATE - 10.1% | | | | | | | |
| | | PRIVATE REAL ESTATE INVESTMENT TRUSTS - 3.8% | | | | | | | |
| 105,419 | | Arctrust III, Inc. (a)(d)(e) | | | | | | | $ 1,291,113 |
| 107,660 | | Cottonwood Communities (a) | | | | | | | 1,366,975 |
| 536 | | Starwood NAV REIT (a) | | | | | | | 12,192 |
| | | | | | | | | | 2,670,280 |
| | | | | | | | | | |
| | | PRIVATE REAL ESTATE FUNDS - 6.3% | | | | | | | |
| 1 | | Baring Real Estate Debt Income Fund, LP, Investor Class (a)(b)(d) | | | | | | | 2,000,000 |
| 1 | | PG-AOGFX BVS CC SIDE CAR, LLC(a)(d)(e) | | | | | | | 2,400,000 |
| | | | | | | | | | 4,400,000 |
| | | | | | | | | | |
| | | TOTAL PRIVATE REAL ESTATE (Cost - $7,414,649) | | | | | | | 7,070,280 |
| | | | | | | | | | |
| Principal | | | | | Rate (%) | | Maturity | | |
| | | LOANS - 12.1% | | | | | | | |
| $ 3,000,000 | | Cadence Group Platform, LLC DBA Percent Technologies Platform, LLC (Series 33) (a)(e) | 16.38 | | 10/31/2024 | | 3,000,000 |
| 1,500,000 | | Cadence Group Platform, LLC DBA Percent Technologies Platform, LLC, SPR1 (a)(e) | 16.38 | | 11/28/2024 | | 1,500,000 |
| 1,500,000 | | Cadence Group Platform, LLC DBA Percent Technologies Platform, LLC (Series 38) (a)(e) | 15.02 | | 3/12/2025 | | 1,500,000 |
| 2,555,556 | | Icon Ark GP, LLC (a)(d)(e) | | | 8.00 | | 3/31/2025 | | 2,387,565 |
| | | TOTAL LOANS (Cost - $8,300,000) | | | | | | | 8,387,565 |
| | | | | | | | | | |
| | | SHORT-TERM INVESTMENTS - 8.1% | | | | | | | |
| | | U.S. TREASURY SECURITIES - 5.8% | | | | | | | |
| 1,014,000 | | U.S. Treasury Bill | | | 5.18 | | 8/6/2024 | | 1,008,706 |
| 1,011,000 | | U.S. Treasury Bill | | | 5.21 | | 8/15/2024 | | 1,004,402 |
| 1,012,000 | | U.S. Treasury Bill | | | 5.24 | | 8/22/2024 | | 1,004,363 |
| 1,015,000 | | U.S. Treasury Bill | | | 5.31 | | 10/8/2024 | | 1,000,444 |
| | | | | | | | | | 4,017,915 |
| Shares | | | | | | | | | |
| | | MONEY MARKET FUND - 2.3% | | | | | | | |
| 1,606,299 | | Federated Hermes Treasury Obligations Fund, Institutional Class, 5.17%(g) | | | | | | | 1,606,299 |
| | | | | | | | | | |
| | | TOTAL SHORT-TERM INVESTMENTS (Cost - $5,624,126) | | | | | | | 5,624,214 |
| | | | | | | | | | |
| | | TOTAL INVESTMENTS - 98.8% (Cost $64,563,581) | | | | | | | $ 68,769,357 |
| | | ASSETS IN EXCESS OF OTHER LIABILITIES - 1.2% | | | | | | | 836,044 |
| | | NET ASSETS - 100.0% | | | | | | | $ 69,605,401 |
| | | | | | | | | | |
| | | | | | | | | | |
| BDC | - | Business Development Company | | | | | | | |
| 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 53.55% of Net Assets. The total value of these securities is $37,271,713. Please refer to Restricted Securities Table below. |
| (e) | Level 3 security fair valued using significant unobservable inputs. | | | | | | | |
| (f) | As of June 30, 2024, $10,000,000 has been committed for this investment but has not yet been funded by the Fund. There is an unrealized loss of $36,814 allocated to this investment due to expenses applied in advance of called capital. The unrealized loss is reflected in the Assets in Excess of Other Liabilities section of this schedule. |
| (g) | Represents seven day yield as of June 30, 2024. | | | | | | | |
Additional information on each restricted investment held by the Fund at June 30, 2024 is as follows:
| | | | | | | | | | |
| | Security | | Acquisition Date | | Cost | | Value | | % of Net Assets |
| | Alpha Partners Fund III, LP | | 4/11/2022 | | $ 380,000 | | $ 306,605 | | 0.4% |
| | Alpha Sentinel Associates, LLC, Series I | | 9/28/2023 | | 500,000 | | 483,092 | | 0.7% |
| | Arctrust III, Inc. | | 3/15/2022 | | 1,000,000 | | 1,291,113 | | 1.9% |
| | Arkview Capital Co-Invest IV, LP | | 4/22/2024 | | 1,766,197 | | 1,822,429 | | 2.6% |
| | Aspiration Partners, Inc. | | 6/30/2023 | | 1,000,025 | | 1,856,970 | | 2.7% |
| | Baring Real Estate Debt Income Fund, LP,
Investor Class | | 3/27/2024 | | 2,000,000 | | 2,000,000 | | 2.9% |
| | Barings Private Credit Corporation, Investor Class | | 5/2/2022 | | 2,000,000 | | 2,002,499 | | 2.9% |
| | Carlyle Secured Lending III | | 1/27/2023 | | 1,550,000 | | 1,619,267 | | 2.3% |
| | GEMS Fund 6, LP | | 3/27/2024 | | 1,750,000 | | 1,750,000 | | 2.5% |
| | iCapital Carlyle Direct Access II, LP | | 10/14/2022 | | 1,178,771 | | 1,287,413 | | 1.8% |
| | ICON Ark Co-Investment LP | | 5/24/2023 | | 505,888 | | 1,057,526 | | 1.5% |
| | Icon Ark GP, LLC | | 10/31/2023 | | 2,300,000 | | 2,387,565 | | 3.4% |
| | LEONID Credit Income Fund, LP | | 2/16/2024 | | 5,150,000 | | 5,058,652 | | 7.3% |
| | Mercer Private Investments Partners VII, LP | | 7/21/2023 | | 4,147,103 | | 4,778,599 | | 6.9% |
| | PayJoy Asset Fund LLC, Class B | | 7/15/2023 | | 4,050,000 | | 4,000,000 | | 5.7% |
| | PG-AOGFX BVS CC SIDE CAR, LLC | | 3/6/2024 | | 2,400,000 | | 2,400,000 | | 3.4% |
| | PMG Legal LLC | | 7/19/2023 | | 500,000 | | 1,324,641 | | 1.9% |
| | Preservation Capital Partners Strategic Opportunities I LP | | 11/2/2023 | | 1,665,986 | | 1,845,342 | | 2.7% |
| | Tiverton AgriFinance III | | N/A | | - | | - | | 0.0% |
| | | | | | $ 33,843,970 | | $ 37,271,713 | | 53.5% |
