Semi-Annual Report by Investment Company (Form N-CSRS)

Page

Portfolio Review

1

Schedule of Investments

2

Statement of Assets and Liabilities

5

Statement of Operations

6

Statements of Changes in Net Assets

7

Statement of Cash Flows

8

Financial Highlights

9

Notes to Financial Statements

11

Notice of Privacy Policy

26

AOG Institutional Fund

PORTFOLIO REVIEW (Unaudited)

March 31, 2026

Annualized

Six Months

One Year

Three Year

Since
Inception
(12/31/2021)

Since
Inception
(11/4/2024)

AOG Institutional Fund - Class A

4.04

%

9.54

%

N/A

N/A

7.73

%

AOG Institutional Fund - Class I

4.10

%

9.54

%

7.71

%

5.81

%

N/A

Bloomberg U.S. Aggregate Bond Index(a)

1.05

%

4.35

%

3.63

%

(0.07

)%

4.64

%

S&P 500 Total Return Index(b)

(1.79

)%

17.80

%

18.32

%

9.29

%

11.42

%

AOG Blended Benchmark Index(c)

(0.64

)%

12.35

%

12.35

%

5.64

%

8.81

%

Holdings By Asset Class as of March 31, 2026

% of
Net Assets

Private Equity and Venture Capital Investments

50.4

%

Private Debt and Credit Investments

25.2

%

Private Real Estate

11.4

%

Short-Term Investments

6.6

%

Closed-End Funds

5.5

%

Loans

4.3

%

Warrants

0.2

%

Liabilities in Excess of Other Assets

(3.6

)%

100.0

%

AOG Institutional Fund

Schedule of Investments (Unaudited)

March 31, 2026

Shares

Fair Value

CLOSED-END FUNDS - 5.5%

DEBT AND CREDIT FUNDS - 0.2%

5,661

Variant Alternative Income Fund, Institutional Class(a)

$

147,458

PRIVATE EQUITY FUNDS - 5.3%

129,504

Ares Private Markets Fund, Institutional Class(a)(c)

4,941,858

TOTAL CLOSED-END FUNDS (Cost - $3,662,205)

5,089,316

PRIVATE DEBT AND CREDIT INVESTMENTS - 25.2%

PRIVATE DEBT AND CREDIT FUNDS - 25.2%

-

Arkview Capital Co-Invest IV, LP(a)(d)(e)(g)

2,357,670

-

GEMS FUND 6, LP(a)(b)(d)(g)

4,028,600

-

LEONID Credit Income Fund, LP(a)(b)(d)(g)

5,726,714

4,000

PayJoy Asset Fund LLC, Class B(a)(d)(e)

4,000,000

-

Symbiotic Capital Healthcare Credit Fund II, LP(a)(b)(d)(g)

553,484

-

Symbiotic Capital Life Science Credit Fund, LP(a)(b)(d)(g)

3,425,296

-

Tiverton AgriFinance III, LP(a)(b)(c)(d)(g)

3,299,023

TOTAL PRIVATE DEBT AND CREDIT INVESTMENTS
(Cost - $22,731,387)

23,390,787

PRIVATE EQUITY AND VENTURE CAPITAL
INVESTMENTS - 50.4%

PRIVATE EQUITY AND VENTURE CAPITAL FUNDS - 31.9%

-

Alpha Partners Fund III, LP(a)(b)(c)(d)(g)

742,054

-

Banner Ridge Secondary Fund VI (Offshore), LP(a)(b)(c)(d)(g)

1,006,197

-

Banner Ridge Small Buyouts I (Offshore) LP(a)(b)(c)(d)(g)

5,229,603

-

iCapital Carlyle Direct Access II, LP(a)(b)(c)(d)(g)

1,557,939

-

Mercer Private Investments Partners VII, LP(a)(b)(c)(d)(g)

5,586,467

-

Noteus Partners Centaur S.L.P.(a)(b)(c)(d)(g)

6,354,838

-

RB Equity Fund III, Class A, LP(a)(b)(c)(d)(g)

2,722,451

-

Springcoast Partners I, LP(a)(b)(c)(d)(g)

2,878,481

-

Vistria Agua CV (FT), LP(a)(b)(c)(d)(g)

2,610,849

-

VVC Veterans Fund II L.P.(a)(b)(c)(d)(g)

925,252

29,614,131

PORTFOLIO COMPANIES - 18.5%

-

Alpha Pathfinder Associates, LLC,(a)(b)(c)(d)(g)

482,500

-

Alpha Sentinel Associates, LLC, Series I(a)(b)(c)(d)(g)

787,172

-

Alta Park Private Opportunities Fund, LP Series IV(a)(b)(c)(d)(g)

900,000

-

Capital Factory Alpha Associates LLC, Series II(a)(c)(d)(e)(g)

1,739,804

-

CSPG Nimble Holdings LLC(a)(c)(d)(e)(g)

750,000

-

CSPG Tidal B Holdings LLC(a)(c)(d)(e)(g)

1,089,800

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)

3,450,330

-

ICON Ark Co-Investment LP(a)(b)(c)(d)(g)

111,725

AOG Institutional Fund

Schedule of Investments (Unaudited) (Continued)

March 31, 2026

Shares

Fair Value

PORTFOLIO COMPANIES (Continued)

19,402

Lambda, Inc.(a)(c)(d)(e)

$

999,979

-

Noteus Partners Co-Investment SLP RAI Compartment II(a)(b)(c)(d)(g)

836,594

5

PMG Legal LLC(a)(b)(c)(d)

1,241,299

-

Preservation Capital Partners Strategic Opportunities I LP(a)(b)(c)(d)(g)

2,670,154

-

Rochefort Delos Co-Investment Fund LP(a)(b)(c)(d)(g)

1,003,123

-

VVC SPV II, LLC(a)(b)(c)(d)(g)

642,964

-

VVC SPV III, LLC(a)(b)(c)(d)(g)

460,000

17,165,444

TOTAL PRIVATE EQUITY AND VENTURE CAPITAL INVESTMENTS (Cost - $38,916,633)

46,779,575

PRIVATE REAL ESTATE - 11.4%

PRIVATE REAL ESTATE INVESTMENT TRUSTS - 0.0%(h)

241

Starwood REIT(a)

4,815

PRIVATE REAL ESTATE FUNDS - 11.4%

-

Balbec Commercial Mortgage Opportunities Fund I, L.P.(a)(b)(d)(g)

3,573,210

-

Barings Real Estate Debt Income Fund, LP, Investor Class(a)(b)(d)(g)

1,996,039

-

Peppertree Capital Fund X Feeder, LLC(a)(b)(c)(d)(g)

3,487,998

-

PG-AOGFX BVS CC SIDE CAR, LLC(a)(d)(e)(g)

1,530,412

10,587,659

TOTAL PRIVATE REAL ESTATE (Cost - $9,903,328)

10,592,474

Principal

Rate (%)

Maturity

LOANS - 4.3%

$

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 - 0.2%

11

Frontline HoldCo LLC, Class A(a)(c)(d)(e)

$

216,144

3/8/2034

165,457

TOTAL WARRANTS (Cost - $409,465)

Principal

Rate (%)

Maturity

SHORT-TERM INVESTMENTS - 6.6%

U.S. TREASURY SECURITIES - 4.3%

$

1,008,000

U.S. Treasury Bill

3.63

6/18/2026

1,000,147

1,008,000

U.S. Treasury Bill

3.63

6/25/2026

999,460

1,009,000

U.S. Treasury Bill

3.64

6/30/2026

999,925

1,010,000

U.S. Treasury Bill

3.66

7/7/2026

1,000,184

3,999,716

AOG Institutional Fund

Schedule of Investments (Unaudited) (Continued)

March 31, 2026

Shares

Fair Value

MONEY MARKET FUND - 2.3%

2,140,261

Federated Hermes Treasury Obligations Fund, Institutional Class, 3.62%(f)

$

2,140,261

TOTAL SHORT-TERM INVESTMENTS (Cost - $6,140,309)

6,139,977

TOTAL INVESTMENTS - 103.6% (Cost $85,763,327)

$

96,157,586

LIABILITIES IN EXCESS OF OTHER ASSETS - (3.6)%

(3,395,756

)

NET ASSETS - 100.0%

$

92,761,830

AOG Institutional Fund

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2026

Assets:

Total Investments, at Cost

$

85,763,327

Total Investments, at Value

$

96,157,586

Dividends and Interest Receivable

618,341

Receivable for Securities Sold

498

Prepaid Expenses and Other Assets

24,180

Total Assets

96,800,605

Liabilities:

Payable for Fund Shares Redeemed

3,713,719

Accrued advisory fees

141,213

Accrued legal fees

63,888

Accrued audit fees

45,210

Other accrued expenses

74,745

Total Liabilities

4,038,775

Net Assets

$

92,761,830

Composition of Net Assets:

Paid-in-Capital

$

81,975,094

Accumulated Earnings

10,786,736

Net Assets

$

92,761,830

Contingencies and Commitments (see Note 3)

Net Asset Value Per Share

Class A Shares:

Net Assets

$

10,470

Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]

605

Net asset value, offering price and redemption price per share

$

17.31

Class I Shares:

Net Assets

$

92,751,360

Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]

5,359,410

Net asset value, offering price and redemption price per share

$

17.31

AOG Institutional Fund

STATEMENT OF OPERATIONS (Unaudited)

For The Six Months Ended March 31, 2026

Investment Income:

Dividend Income

$

1,833,407

Interest Income

438,511

Total Investment Income

2,271,918

Fund Expenses:

Investment Advisory Fees (see Note 4)

663,219

Administration Fees

113,183

Legal Fees

93,072

Chief Compliance Officer and Chief Financial Officer Fees

71,231

Audit Fees

45,513

Trustees' Fees

34,809

Transfer Agent Fees

34,404

Printing Expenses

32,258

Fund Accounting Fees

29,868

Registration & Filing Fees

27,794

Custody Fees

4,989

Miscellaneous Expenses

19,238

Total Expenses

1,169,578

Plus: Recapture of fees previously waived by the Adviser (see Note 4)

82,085

Net Expenses

1,251,663

Net Investment Income

1,020,255

Net Realized and Unrealized Gain/(Loss) on Investments:

Net Realized Loss on Investments

(94,110

)

Net Realized Loss on Currency Translations

(7,639

)

Distributions of Realized Gains by Underlying Investments

68,961

Net Realized Loss

(32,788

)

Net Change in Unrealized Appreciation on Investments

2,066,439

Net Realized and Unrealized Gain on Investments

2,033,651

Net Increase in Net Assets Resulting From Operations

$

3,053,906

AOG Institutional Fund

STATEMENTS OF CHANGES IN NET ASSETS

Six Months
Ended
March 31,
2026
(Unaudited)

Year Ended
September 30,
2025

Operations:

Net Investment Income

$

1,020,255

$

1,756,358

Net Realized Gain/(Loss) on Investments and Currency Translations

(101,749

)

233,358

Distributions of Realized Gains by Underlying Investments

68,961

84,594

Net Change in Unrealized Appreciation on Investments

2,066,439

4,755,249

Net Increase in Net Assets Resulting From Operations

3,053,906

6,829,559

Distributions to Shareholders From:

Distributions Paid from Earnings

Class A*

(223

)

(312

)

Class I

(1,949,133

)

(2,433,410

)

Return of Capital

-

(380,771

)

Total Distributions to Shareholders

(1,949,356

)

(2,814,493

)

Beneficial Interest Transactions:

Proceeds from Shares Issued

Class A*

-

19,730

Class I

17,684,746

13,946,860

Distributions Reinvested

Class I

7,124

36,301

Cost of Shares Redeemed

Class A*

-

(9,691

)

Class I

(6,673,122

)

(6,064,201

)

Capital Contribution from Adviser (see Note 4)

-

3,204

Net Increase in Net Assets

Resulting From Beneficial Interest Transactions

11,018,748

7,932,203

Net Increase in Net Assets

12,123,298

11,947,269

Net Assets:

Beginning of Year/Period

80,638,532

68,691,263

End of Year/Period

$

92,761,830

$

80,638,532

Class A*

Shares Issued

-

1,210

Shares Redeemed

-

(605

)

Net Increase in Total Shares Outstanding

-

605

Class I

Shares Issued

1,037,009

840,516

Shares Reinvested

419

2,242

Shares Redeemed

(388,114

)

(363,780

)

Net Increase in Total Shares Outstanding

649,314

478,978

AOG Institutional Fund

STATEMENT OF CASH FLOWS (Unaudited)

For The Six Months Ended March 31, 2026

Cash Flows From Operating Activities:

Net Increase in Net Assets Resulting From Operations

$

3,053,906

Adjustments to Reconcile Net Increase in Net Assets Resulting From Operations to Net Cash Used for Operating Activities:

Purchases of Long-Term Portfolio Investments

(14,706,617

)

Proceeds From Sale of Long-Term Portfolio Investments

4,474,229

Capital Adjustments from Investments

(3,272,277

)

Net Short Term Investment Sales, net of amortization and accretion

1,954,505

Net Realized Gain on Investments and Currency Translations

101,749

Change in Unrealized Appreciation on Investments

(2,066,439

)

Net Accretion of Discounts

(82,903

)

Changes in Assets and Liabilities:

(Increase)/Decrease in Assets:

Receivable for Securities Sold

(240

)

Dividends and Interest Receivable

109,444

Prepaid Expenses and Other Assets

(6,126

)

Increase/(Decrease) in Liabilities:

Accrued Advisory Fees

193,432

Payable for Securities Purchased

(52,267

)

Payable for Fund Shares Redeemed

1,359,809

Accrued Miscellaneous Fees

(129,597

)

Net Cash Used for Operating Activities

(9,069,392

)

Cash Flows From Financing Activities:

Proceeds from Shares Issued

17,684,746

Payment on Shares Redeemed

(6,673,122

)

Cash Distributions Paid to Shareholders, Net of Reinvestments

(1,942,232

)

Net Cash Provided by Financing Activities

9,069,392

Net Increase in Cash

-

Cash at Beginning of Period

-

Cash at End of Period

$

-

Supplemental Disclosure of Non-Cash Activity:

Non-cash Financing Activities not Included Above Consists of Reinvestment of Fund Distributions to Shareholders

$

7,124

AOG Institutional Fund

FINANCIAL HIGHLIGHTS

Class A

Six Months
Ended
March 31,
2026
(Unaudited)

Period Ended
September 30,
2025*

Net Asset Value, Beginning of Period

$

17.13

$

16.53

Income From Operations:

Net investment income(a)

0.20

0.34

Net gain from investments (both realized and unrealized)

0.35

0.86

Total from operations

0.55

1.20

Less Distributions:

From net investment income

(0.37

)

(0.51

)

From realized gains on investments

-

(0.01

)

From return of capital

-

(0.08

)

Total Distributions

(0.37

)

(0.60

)

Net Asset Value, End of Period(b)

$

17.31

$

17.13

Total Return(b)(c)(d)

3.25

%

7.51

%

Ratios/Supplemental Data

Net assets, end of period (in 000's)

$

10

$

10

Ratio of Expenses to Average Net Assets(e)(f)

2.76

%

2.95

%

Ratio of Expenses to Average Net Assets (excluding waivers and recoupments)(e)(f)

2.63

%

3.64

%

Ratio of Net Investment Income to Average Net Assets(e)(g)

2.31

%

2.29

%

Portfolio turnover rate(d)

5

%

29

%

AOG Institutional Fund

FINANCIAL HIGHLIGHTS (Continued)

Class I

Six Months
Ended
March 31,
2026
(Unaudited)

Year Ended
September 30,
2025

Year Ended
September 30,
2024

Year Ended
September 30,
2023

Period Ended
September 30,
2022*

Net Asset Value, Beginning of Year/Period

$

17.12

$

16.23

$

15.50

$

15.37

$

15.00

Income From Operations:

Net investment income/(loss)(a)

0.20

0.40

0.47

0.12

(0.06

)

Net gain from investments (both realized and unrealized)

0.36

1.14

0.67

0.16

0.43

Total from operations

0.56

1.54

1.14

0.28

0.37

Less Distributions:

From net investment income

(0.37

)

(0.56

)

(0.19

)

(0.08

)

-

From realized gains on investments

-

(0.01

)

-

-

-

From return of capital

-

(0.08

)

(0.22

)

(0.07

)

-

Total Distributions

(0.37

)

(0.65

)

(0.41

)

(0.15

)

-

Net Asset Value, End of Year/Period(b)

$

17.31

$

17.12

$

16.23

$

15.50

$

15.37

Total Return(b)(c)

3.31

%(d)

9.73

%

7.43

%

1.86

%

2.47

%(d)

Ratios/Supplemental Data

Net assets, end of year/period (in 000's)

$

92,751

$

80,628

$

68,691

$

62,891

$

49,451

Ratio of Expenses to Average Net Assets(e)

2.75

%(f)

2.95

%

2.95

%

2.89

%

2.65

%(f)

Ratio of Expenses to Average Net Assets (excluding waivers and recoupments)(e)

2.63

%(f)

3.58

%

3.03

%

2.89

%

2.71

%(f)

Ratio of Net Investment Income/(Loss)
to Average Net Assets(g)

2.35

%(f)

2.42

%

2.94

%

0.77

%

(0.49

)%(f)

Portfolio turnover rate

5

%(d)

29

%

57

%

43

%

7

%(d)

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)

March 31, 2026

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Level 1 -

Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 -

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 -

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Assets

Level 1

Level 2

Level 3

Investments
Valued at
NAV*

Total

Closed-End Funds

$

147,458

$

4,941,858

$

-

$

-

$

5,089,316

Private Debt and Credit Investments

-

-

6,357,670

17,033,117

23,390,787

Private Equity and Venture Capital Investments

-

-

8,029,913

38,749,662

46,779,575

Private Real Estate

-

4,815

1,530,412

9,057,247

10,592,474

Loans

-

-

4,000,000

-

4,000,000

Warrants

-

-

165,457

-

165,457

Short-Term Investments

2,140,261

3,999,716

-

-

6,139,977

Total

$

2,287,719

$

8,946,389

$

20,083,452

$

64,840,026

$

96,157,586

Beginning
Balance

Cost of
purchases

Proceeds
from
sales and
return of
capital

Net
realized
gain

Change in
unrealized
appreciation/
(depreciation)

Transfers
into
Level 3

Transfers
out of
Level 3

Ending
Balance
3/31/26

Unrealized
Appreciation/
(Depreciation)

Investments

Private Real Estate

$

1,558,637

$

-

$

-

$

-

$

(28,225

)

$

-

$

-

$

1,530,412

$

204,097

Private Debt and Credit Investments

6,202,903

-

-

-

154,767

-

-

6,357,670

541,473

Private Equity and Venture Capital Investments

4,300,787

1,768,605

-

-

220,717

1,739,804

-

8,029,913

920,748

Loans

4,000,000

4,000,000

(4,000,000

)

-

-

-

-

4,000,000

-

Warrants

165,457

-

-

-

-

-

-

165,457

(244,008

)

Total Investments

$

16,227,784

$

5,768,605

$

(4,000,000

)

$

-

$

347,259

$

1,739,804

$

-

$

20,083,452

$

1,422,310

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Investment Type

Fair Value
as of
3/31/26

Valuation
Technique(s)

Unobservable
Input(s)

Single Input or
Range of Unobservable
Inputs/(Weighted Average)*

Loans

$

4,000,000

Cost Approach

Transaction Price

N/A

Portfolio Companies

8,029,913

Market Approach

Transaction Price

N/A

Market Approach

Per Share Transaction Price

$36.97

Market Approach

EV/Forward Revenue Multiple

4.50x - 5.00x/(4.75x)

Income Approach

Yield

21.28% - 23.28%/(22.28%)

Income Approach

EV/LTM EBITDA Multiple

13.50x - 14.50x/(14.00x)

Income Approach (Probability-Weighted Recovery Analysis)

Recovery Probability

0.00%

Private Debt and Credit Funds

6,357,670

Income Approach

Preferred Distribution Rate

16.00%

Income Approach

PIK Interest Rate

9.00%

Income Approach

Liquidation Premium

1.45x

Private Real Estate Funds

1,530,412

Income Approach

Preferred Return Rate

10.00%

Carried Interest Rate

15.00%

Warrants

165,457

Option Pricing Model

Volatility

35.00%

Risk-Free Rate

3.78%

Term to Liquidity

1.8 years

Total

$

20,083,452

Investment in Securities(a)

Investment Strategy

Fair Value

Unfunded
Commitments

Redemption
Frequency

Notice
Period
(In Days)

Alpha Partners Fund III, LP

Private Equity

$

742,054

$

200,000

N/A

N/A

Alpha Pathfinder Associates, LLC

Private Equity

482,500

-

N/A

N/A

Alpha Sentinel Associates, LLC, Series I

Private Equity

787,172

-

N/A

N/A

Alta Park Private Opportunities Fund, LP Series IV

Private Equity

900,000

-

N/A

N/A

Balbec Commercial Mortgage Opportunities Fund I, L.P.

Private Real Estate

3,573,210

1,600,000

N/A

N/A

Banner Ridge Secondary Fund VI (Offshore), LP

Private Equity

1,006,197

14,239,977

N/A

N/A

Banner Ridge Small Buyouts I (Offshore), LP

Private Equity

5,229,603

2,857,596

N/A

N/A

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Investment in Securities(a)

Investment Strategy

Fair Value

Unfunded
Commitments

Redemption
Frequency

Notice
Period
(In Days)

Barings Real Estate Debt Income Fund, LP, Investor Class

Private Real Estate

$

1,996,039

$

-

Quarterly, after 3 year lockup

90 days

GEMS Fund 6, LP

Private Debt/Credit

4,028,600

1,375,000

N/A

N/A

iCapital Carlyle Direct Access II, LP

Private Equity

1,557,939

503,303

N/A

N/A

ICON Ark Co-Investment LP

Private Equity

111,725

-

N/A

N/A

Leonid Credit Income Fund, LP

Private Debt/Credit

5,726,714

-

Quarterly

60 days

Mercer Private Investments Partners VII, LP

Private Equity

5,586,467

931,250

N/A

N/A

Noteus Partners Centaur S.L.P.

Private Equity

6,354,838

166,492

N/A

N/A

Noteus Partners Co-Investment SLP RAI Compartment II

Private Equity

836,594

-

N/A

N/A

Peppertree Capital Fund X Feeder, LLC

Private Real Estate

3,487,998

1,950,000

N/A

N/A

PMG Legal LLC

Private Equity

1,241,299

-

N/A

N/A

Preservation Capital Partners Strategic Opportunities I LP

Private Equity

2,670,154

40,910

N/A

N/A

RB Equity Fund III, Class A, LP

Private Equity

2,722,451

3,144,884

N/A

N/A

Rochefort Delos Co-Investment Fund LP

Private Equity

1,003,123

-

N/A

N/A

Springcoast Partners I, LP

Private Equity

2,878,481

2,397,161

N/A

N/A

Symbiotic Capital Healthcare Credit Fund II, LP

Private Debt/Credit

553,484

4,393,358

N/A

N/A

Symbiotic Capital Life Science Credit Fund, LP

Private Debt/Credit

3,425,296

1,457,069

N/A

N/A

Tiverton AgriFinance III, LP

Private Debt/Credit

3,299,023

6,650,000

N/A

N/A

Vistria Agua CV (FT), LP

Private Equity

2,610,849

3,319,234

N/A

N/A

VVC SPV II, LLC

Private Equity

642,964

2,100,000

N/A

N/A

VVC SPV III, LLC

Private Equity

460,000

-

N/A

N/A

VVC Veterans Fund II L.P.

Private Equity

925,252

-

N/A

N/A

$

64,840,026

$

47,326,234

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Security Description

Acquisition
Date

Cost

Value

% of
Net Assets

Alpha Partners Fund III, LP

4/11/2022

$

692,938

$

742,054

0.80

%

Alpha Pathfinder Associates, LLC

9/4/2025

500,000

482,500

0.52

%

Alpha Sentinel Associates, LLC, Series I

9/28/2023

500,000

787,172

0.85

%

Alta Park Private Opportunities Fund, LP Series IV

12/11/2025

909,000

900,000

0.97

%

Arkview Capital Co-Invest IV, LP

4/22/2024

1,766,197

2,357,670

2.54

%

Balbec Commercial Mortgage Opportunities Fund I, L.P.

5/29/2025

3,494,896

3,573,210

3.85

%

Banner Ridge Secondary Fund VI (Offshore), LP

10/15/2025

762,119

1,006,197

1.08

%

Banner Ridge Small Buyouts I (Offshore) LP

9/26/2024

4,261,453

5,229,603

5.64

%

Barings Real Estate Debt Income Fund, LP, Investor Class

3/27/2024

2,000,000

1,996,039

2.15

%

Capital Factory Alpha Associates LLC, Series II

2/13/2025

750,000

1,739,804

1.88

%

CSPG Nimble Holdings LLC

10/16/2025

750,000

750,000

0.81

%

CSPG Tidal B Holdings LLC

7/19/2024

1,000,000

1,089,800

1.17

%

CTN Holdings, Inc. (f/k/a Aspiration Partners, Inc.)

6/30/2023

$

1,000,025

$

-

0.00

%

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Security Description

Acquisition
Date

Cost

Value

% of
Net Assets

Frontline HoldCo LLC

9/25/2024

2,590,535

3,450,330

3.72

%

Frontline HoldCo LLC, Class A

9/25/2024

409,465

165,457

0.18

%

GEMS FUND 6, LP

3/27/2024

3,875,000

4,028,600

4.34

%

iCapital Carlyle Direct Access II, LP

10/14/2022

1,541,758

1,557,939

1.68

%

ICON Ark Co-Investment LP

5/24/2023

5,888

111,725

0.12

%

Lambda, Inc.

1/7/2026

1,018,605

999,979

1.08

%

LEONID Credit Income Fund, LP

2/16/2024

5,500,000

5,726,714

6.17

%

Mercer Private Investments Partners VII, LP

7/21/2023

3,878,353

5,586,467

6.02

%

Noteus Partners Centaur S.L.P.

4/3/2025

5,186,508

6,354,838

6.85

%

Noteus Partners Co-Investment SLP RAI Compartment II

10/28/2025

586,810

836,594

0.90

%

PayJoy Asset Fund LLC, Class B

7/15/2023

4,050,000

4,000,000

4.31

%

Peppertree Capital Fund X Feeder, LLC

8/9/2024

3,076,377

3,487,998

3.76

%

PG-AOGFX BVS CC SIDE CAR, LLC

3/6/2024

1,326,315

1,530,412

1.65

%

PMG Legal LLC

7/19/2023

500,000

1,241,299

1.34

%

Preservation Capital Partners Strategic Opportunities I LP

11/2/2023

1,961,678

2,670,154

2.88

%

RB Equity Fund III, Class A, LP

8/28/2025

2,080,188

2,722,451

2.93

%

Rochefort Delos Co-Investment Fund LP

2/12/2026

1,000,000

1,003,123

1.08

%

Springcoast Partners I, LP

2/4/2026

2,750,008

2,878,481

3.10

%

Symbiotic Capital Healthcare Credit Fund, LP

12/31/2025

606,642

553,484

0.60

%

Symbiotic Capital Life Science Credit Fund, LP

8/8/2024

3,585,910

3,425,296

3.69

%

Tiverton AgriFinance III, LP

8/27/2024

3,347,638

3,299,023

3.55

%

Vistria Agua CV (FT), LP

1/14/2026

2,680,767

2,610,849

2.81

%

VVC SPV II, LLC

7/10/2025

650,000

642,964

0.69

%

VVC SPV III, LLC

12/12/2025

460,000

460,000

0.50

%

VVC Veterans Fund II L.P.

5/5/2025

900,000

925,252

1.00

%

$

71,955,073

$

80,923,478

87.21

%

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Investments

Fair
Value

Unfunded
Commitment

PG-AOGFX BVS CC SIDE CAR, LLC

$

1,530,412

$

800,000

Investments valued at NAV as a practical expedient(a)

64,840,026

47,326,234

$

66,370,438

$

48,126,234

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Fiscal Year of Waiver

Amount
Originally
Subject to
Recoupment

Cumulative
Amount
Recouped
Through
March 31, 2026

Remaining
Amount
Subject to
Recoupment

Expiration Date

Fiscal Year Ended September 30, 2024

$

52,527

$

(52,527

)

$

-

September 30, 2027

Fiscal Year Ended September 30, 2025

509,151

(82,085

)

427,066

September 30, 2028

Total

$

561,678

$

(134,612

)

$

427,066

Commencement
Date

Repurchase
Request
Deadline

Repurchase
Pricing
Date

Net Asset
Value as of
Repurchase
Offer Date

Amount
Repurchased

Percentage of
Outstanding
Shares
Repurchased

Repurchase Offer #1

November 21, 2025

December 31, 2025

December 31, 2025

$

17.05

$

2,959,404

3.21

%

Repurchase Offer #2

February 20, 2026

March 31, 2026

March 31, 2026

$

17.31

$

3,713,719

3.85

%

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Tax Cost

Gross
Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net
Unrealized
Appreciation

$

84,408,961

$

13,447,090

$

(1,698,465

)

$

11,748,625

Fiscal Year
Ended
September 30,
2025

Fiscal Year
Ended
September 30,
2024

Ordinary Income

$

1,667,475

$

785,014

Long-Term Capital Gain

766,247

-

Return of Capital

380,771

908,510

$

2,814,493

$

1,693,524

Undistributed
Ordinary
Income

Undistributed
Long-Term
Gains

Post October
Loss and Late
Year Loss

Capital
Loss Carry
Forwards

Other
Book/Tax
Differences

Unrealized
Appreciation/
(Depreciation)

Total
Distributable
Earnings/
(Accumulated
Deficit)

$

-

$

-

$

-

$

-

$

-

$

9,682,186

$

9,682,186

Paid In
Capital

Distributable
Earnings

$

(31,381)

$

31,381

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

AOG Institutional Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Class A

Class I

Shares

Dollars

Shares

Dollars

Shares issued

-

$

-

1,037,009

$

17,684,746

Shares reinvested

-

-

419

7,124

Shares redeemed

-

-

(388,114

)

(6,673,122

)

Net Capital Share Transactions

-

$

-

649,314

$

11,018,748

FACTS

WHAT DOES THE AOG INSTITUTIONAL FUND (THE "FUND") DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

• Social Security number

• Assets

• Checking Account Information

• Purchase History

• Account Balances

• Account Transactions

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information

Does the Fund?

Can you limit this sharing?

For our everyday business purposes -
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

Yes

No

For our marketing purposes -
to offer our products and services to you

No

We don't share

For joint marketing with other financial companies

No

We don't share

For our affiliates' everyday business purposes - information about your transactions and experiences

No

We don't share

For our affiliates' everyday business purposes - Information about your creditworthiness

No

We don't share

For nonaffiliates to market to you

No

We don't share

Questions?

Call us at 877-600-3573

Who are we

Page 2

Who is providing this notice?

AOG Institutional Fund

What we do

How does the Fund protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does the Fund collect my personal information?

We collect your personal information, for example, when detail is disclosed via an application, in conversation, or regarding your transactions which may include, but is not limited to

• Name, phone number, social security number, assets, income, and date of birth; and

• Account number, balance, payments, parties to transactions, or cost basis information

We also collect your personal information from other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only

• sharing for affiliates' everyday business purposes- information about your creditworthiness

• affiliates from using your information to market to you

• sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

• The Fund does not share with affiliates.

Nonaffiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

• The Fund does not share with nonaffiliates so they can market to you.

Joint marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

• The Fund does not jointly market.

Administrator
Ultimus Fund Solutions, LLC
4221 North 203rd Street, Suite 100
Elkhorn, NE 68022