# EDGAR Filing Document

**Accession Number:** 0002013853
**File Stem:** 0001580642-25-003618
**Filing Date:** 2025-6
**Character Count:** 464107
**Document Hash:** 38a407c67986ee0970ffaa8721dec3e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003618.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001580642-25-003618

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 110

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New Age Alpha Funds Trust
- **CENTRAL INDEX KEY:** 0002013853

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23945
- **FILM NUMBER:** 251035213

**BUSINESS ADDRESS:**
- **STREET 1:** 555 THEODORE FREMD AVENUE
- **STREET 2:** SUITE A-101
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 212-922-2699

**MAIL ADDRESS:**
- **STREET 1:** 555 THEODORE FREMD AVENUE
- **STREET 2:** SUITE A-101
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

## Series and Classes Contracts Data

### NAA LARGE CORE FUND (Series ID: S000084967)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000249825 | Institutional Class | GILIX           |
| C000249826 | Class A             | SECEX           |
| C000249827 | Class C             | SFECX           |
| C000249828 | Class P             | SFEPX           |

### NAA Allocation Fund (Series ID: S000087625)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253469 | Class C             |  |
| C000253470 | Class P             |  |
| C000253471 | Institutional Class |  |
| C000253472 | Class A             |  |

### NAA Large Cap Value Fund (Series ID: S000087626)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253473 | Class A             |  |
| C000253474 | Class C             |  |
| C000253475 | Class P             |  |
| C000253476 | Institutional Class |  |

### NAA Mid Growth Fund (Series ID: S000087628)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253481 | Institutional Class |  |
| C000253482 | Class P             |  |
| C000253483 | Class C             |  |
| C000253484 | Class A             |  |

### NAA Opportunity Fund (Series ID: S000087629)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253485 | Class C             |  |
| C000253486 | Class P             |  |
| C000253487 | Institutional Class |  |
| C000253488 | Class A             |  |

### NAA Risk Managed Real Estate Fund (Series ID: S000087630)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253489 | Institutional Class |  |
| C000253490 | Class A             |  |
| C000253491 | Class P             |  |
| C000253492 | Class C             |  |

### NAA SMid Cap Value Fund (Series ID: S000087631)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253493 | Institutional Class |  |
| C000253494 | Class C             |  |
| C000253495 | Class A             |  |
| C000253496 | Class P             |  |

### NAA World Equity Income Fund (Series ID: S000087632)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253497 | Class P             |  |
| C000253498 | Class C             |  |
| C000253499 | Institutional Class |  |
| C000253500 | Class A             |  |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission washington, d.c. 20549**

**form n-csr**

 **certified shareholder report of registered**

**management investment companies**

Investment Company Act file number 811-23945

**New Age Alpha Funds Trust**

(Exact name of registrant as specified in charter)

555 Theodore Fremd Avenue, Suite A-101, Rye, New York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10580

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

<u>Cogency Global Inc.</u>

850 New Burton Road, Suite 201, Dover, DE 19904

(Name and address of agent for service)

Registrant's telephone number, including area code: 212-922-2699

Date of fiscal year end: <u>9/30</u> <br>Date of reporting period: <u>3/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) ![Image](id4a305e41702875fc523ffe0.jpg)

#### NAA Allocation Fund - A (TVRAX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $72 | 1.45%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$180,374,676

* Number of Portfolio Holdings142

* Advisory Fee $828,037

* Portfolio Turnover59%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i915021a4e46eddce0be6af69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 58.0% |
| Convertible Bonds | 0.5% |
| Corporate Bonds | 19.0% |
| Exchange-Traded Funds | 22.5% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if706e9f400c47dc6318878dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Equity | 1.6% |
| Materials | 2.5% |
| Utilities | 3.0% |
| Real Estate | 3.3% |
| Consumer Staples | 4.0% |
| Energy | 4.9% |
| Health Care | 6.7% |
| Financials | 7.3% |
| Communications | 8.0% |
| Industrials | 8.5% |
| Consumer Discretionary | 9.8% |
| Technology | 18.8% |
| Fixed Income | 20.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Intermediate-Term Corporate Bond ETF | 10.1% |
| iShares Intermediate Credit Bond Fund | 5.0% |
| SPDR Portfolio Intermediate Term Corporate Bond | 5.0% |
| Apple, Inc. | 4.0% |
| Microsoft Corp. | 3.4% |
| NVIDIA Corp. | 3.2% |
| Amazon.com, Inc. | 2.2% |
| Alphabet, Inc. - Class C | 2.0% |
| Meta Platforms, Inc. - Class A | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Allocation Fund - A (TVRAX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-TVRAX

![Image](i378f05e4bb16805123031002.jpg)

#### NAA Allocation Fund - C (TVRCX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $102 | 2.05%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$180,374,676

* Number of Portfolio Holdings142

* Advisory Fee $828,037

* Portfolio Turnover59%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7d0bf0df822382b423ada7b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 58.0% |
| Convertible Bonds | 0.5% |
| Corporate Bonds | 19.0% |
| Exchange-Traded Funds | 22.5% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i040c491b30d6f1d5d8772fd7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Equity | 1.6% |
| Materials | 2.5% |
| Utilities | 3.0% |
| Real Estate | 3.3% |
| Consumer Staples | 4.0% |
| Energy | 4.9% |
| Health Care | 6.7% |
| Financials | 7.3% |
| Communications | 8.0% |
| Industrials | 8.5% |
| Consumer Discretionary | 9.8% |
| Technology | 18.8% |
| Fixed Income | 20.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Intermediate-Term Corporate Bond ETF | 10.1% |
| iShares Intermediate Credit Bond Fund | 5.0% |
| SPDR Portfolio Intermediate Term Corporate Bond | 5.0% |
| Apple, Inc. | 4.0% |
| Microsoft Corp. | 3.4% |
| NVIDIA Corp. | 3.2% |
| Amazon.com, Inc. | 2.2% |
| Alphabet, Inc. - Class C | 2.0% |
| Meta Platforms, Inc. - Class A | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Allocation Fund - C (TVRCX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-TVRCX

![Image](i3ba69bab5e0a75b9041bb0a1.jpg)

#### NAA Allocation Fund - Institutional (TVRIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$180,374,676

* Number of Portfolio Holdings142

* Advisory Fee $828,037

* Portfolio Turnover59%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iac2198a6b957c1960a3d3b98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 58.0% |
| Convertible Bonds | 0.5% |
| Corporate Bonds | 19.0% |
| Exchange-Traded Funds | 22.5% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i5b6dacf69e77c57a5acf9b59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Equity | 1.6% |
| Materials | 2.5% |
| Utilities | 3.0% |
| Real Estate | 3.3% |
| Consumer Staples | 4.0% |
| Energy | 4.9% |
| Health Care | 6.7% |
| Financials | 7.3% |
| Communications | 8.0% |
| Industrials | 8.5% |
| Consumer Discretionary | 9.8% |
| Technology | 18.8% |
| Fixed Income | 20.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Intermediate-Term Corporate Bond ETF | 10.1% |
| iShares Intermediate Credit Bond Fund | 5.0% |
| SPDR Portfolio Intermediate Term Corporate Bond | 5.0% |
| Apple, Inc. | 4.0% |
| Microsoft Corp. | 3.4% |
| NVIDIA Corp. | 3.2% |
| Amazon.com, Inc. | 2.2% |
| Alphabet, Inc. - Class C | 2.0% |
| Meta Platforms, Inc. - Class A | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Allocation Fund - Institutional (TVRIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-TVRIX

![Image](ia14fe557c4dab9495524961c.jpg)

#### NAA Allocation Fund - P (TVFRX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $65 | 1.30%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$180,374,676

* Number of Portfolio Holdings142

* Advisory Fee $828,037

* Portfolio Turnover59%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i284a15129b4b2d05291f1fcd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 58.0% |
| Convertible Bonds | 0.5% |
| Corporate Bonds | 19.0% |
| Exchange-Traded Funds | 22.5% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0c75f6ccbdf84afcff24a8fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Equity | 1.6% |
| Materials | 2.5% |
| Utilities | 3.0% |
| Real Estate | 3.3% |
| Consumer Staples | 4.0% |
| Energy | 4.9% |
| Health Care | 6.7% |
| Financials | 7.3% |
| Communications | 8.0% |
| Industrials | 8.5% |
| Consumer Discretionary | 9.8% |
| Technology | 18.8% |
| Fixed Income | 20.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Intermediate-Term Corporate Bond ETF | 10.1% |
| iShares Intermediate Credit Bond Fund | 5.0% |
| SPDR Portfolio Intermediate Term Corporate Bond | 5.0% |
| Apple, Inc. | 4.0% |
| Microsoft Corp. | 3.4% |
| NVIDIA Corp. | 3.2% |
| Amazon.com, Inc. | 2.2% |
| Alphabet, Inc. - Class C | 2.0% |
| Meta Platforms, Inc. - Class A | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Allocation Fund - P (TVFRX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-TVFRX

![Image](i07a00b60eba1da8a846028bc.jpg)

#### NAA Large Cap Value Fund - A (SECIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$66,220,900

* Number of Portfolio Holdings102

* Advisory Fee $109,837

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0029f0e6f390aaac0e399d8c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.1% |
| Exchange-Traded Funds | 1.9% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i75ab8e180b1eaa327f8e0fda.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity | 1.9% |
| Materials | 3.1% |
| Real Estate | 3.4% |
| Communications | 4.0% |
| Energy | 5.5% |
| Utilities | 5.9% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 7.7% |
| Industrials | 10.9% |
| Financials | 12.5% |
| Health Care | 15.2% |
| Technology | 22.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 7.4% |
| Microsoft Corp. | 5.5% |
| Amazon.com, Inc. | 3.1% |
| Exxon Mobil Corporation | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| UnitedHealth Group, Inc. | 2.0% |
| Procter & Gamble Co. (The) | 1.6% |
| JPMorgan Chase & Co. | 1.2% |
| CVS Health Corporation | 1.2% |
| Chevron Corporation | 1.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Cap Value Fund - A (SECIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SECIX

![Image](i1f887eec2d1601e9f941529f.jpg)

#### NAA Large Cap Value Fund - C (SEGIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $92 | 1.85%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$66,220,900

* Number of Portfolio Holdings102

* Advisory Fee $109,837

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib3fc3ab82432b38e8e8a9b7b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.1% |
| Exchange-Traded Funds | 1.9% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic41cdc7c6a2d64529e98710c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity | 1.9% |
| Materials | 3.1% |
| Real Estate | 3.4% |
| Communications | 4.0% |
| Energy | 5.5% |
| Utilities | 5.9% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 7.7% |
| Industrials | 10.9% |
| Financials | 12.5% |
| Health Care | 15.2% |
| Technology | 22.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 7.4% |
| Microsoft Corp. | 5.5% |
| Amazon.com, Inc. | 3.1% |
| Exxon Mobil Corporation | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| UnitedHealth Group, Inc. | 2.0% |
| Procter & Gamble Co. (The) | 1.6% |
| JPMorgan Chase & Co. | 1.2% |
| CVS Health Corporation | 1.2% |
| Chevron Corporation | 1.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Cap Value Fund - C (SEGIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEGIX

![Image](if4af2468e85326e0c914ef6a.jpg)

#### NAA Large Cap Value Fund - Institutional (GILCX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$66,220,900

* Number of Portfolio Holdings102

* Advisory Fee $109,837

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i617d727dfb83ddb9ce374b60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.1% |
| Exchange-Traded Funds | 1.9% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7406fa06d69342f5c0f5bda5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity | 1.9% |
| Materials | 3.1% |
| Real Estate | 3.4% |
| Communications | 4.0% |
| Energy | 5.5% |
| Utilities | 5.9% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 7.7% |
| Industrials | 10.9% |
| Financials | 12.5% |
| Health Care | 15.2% |
| Technology | 22.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 7.4% |
| Microsoft Corp. | 5.5% |
| Amazon.com, Inc. | 3.1% |
| Exxon Mobil Corporation | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| UnitedHealth Group, Inc. | 2.0% |
| Procter & Gamble Co. (The) | 1.6% |
| JPMorgan Chase & Co. | 1.2% |
| CVS Health Corporation | 1.2% |
| Chevron Corporation | 1.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Cap Value Fund - Institutional (GILCX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-GILCX

![Image](i524b04cfc9685c9e11584245.jpg)

#### NAA Large Cap Value Fund - P (SEGPX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$66,220,900

* Number of Portfolio Holdings102

* Advisory Fee $109,837

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5241f758cbf19619d93807d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.1% |
| Exchange-Traded Funds | 1.9% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib1cec553a823c1bb34b5b0c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity | 1.9% |
| Materials | 3.1% |
| Real Estate | 3.4% |
| Communications | 4.0% |
| Energy | 5.5% |
| Utilities | 5.9% |
| Consumer Discretionary | 7.2% |
| Consumer Staples | 7.7% |
| Industrials | 10.9% |
| Financials | 12.5% |
| Health Care | 15.2% |
| Technology | 22.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 7.4% |
| Microsoft Corp. | 5.5% |
| Amazon.com, Inc. | 3.1% |
| Exxon Mobil Corporation | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| UnitedHealth Group, Inc. | 2.0% |
| Procter & Gamble Co. (The) | 1.6% |
| JPMorgan Chase & Co. | 1.2% |
| CVS Health Corporation | 1.2% |
| Chevron Corporation | 1.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Cap Value Fund - P (SEGPX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEGPX

![Image](ie824ca54d56b3f94fe35fc65.jpg)

#### NAA Large Core Fund - A (SECEX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $67 | 1.35%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$230,186,977

* Number of Portfolio Holdings103

* Advisory Fee $970,507

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic3ee5adce3349d5e77f0e334.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Exchange-Traded Funds | 2.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9125cf44d160f33ef91e12d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Equity | 2.0% |
| Materials | 2.3% |
| Real Estate | 3.0% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Consumer Staples | 4.8% |
| Health Care | 8.6% |
| Communications | 9.2% |
| Industrials | 9.8% |
| Consumer Discretionary | 10.2% |
| Financials | 11.2% |
| Technology | 31.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.7% |
| NVIDIA Corp. | 5.4% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc. - Class A | 2.7% |
| Meta Platforms, Inc. - Class A | 2.6% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Broadcom, Inc. | 1.6% |
| Tesla, Inc. | 1.5% |
| JPMorgan Chase & Co. | 1.4% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Core Fund - A (SECEX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SECEX

![Image](i4fcf30e8cb894060e06c0c80.jpg)

#### NAA Large Core Fund - C (SFECX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $106 | 2.15%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$230,186,977

* Number of Portfolio Holdings103

* Advisory Fee $970,507

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4a7b491a222b1a58033a92af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Exchange-Traded Funds | 2.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie84de94ea97bd235dc7c071a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Equity | 2.0% |
| Materials | 2.3% |
| Real Estate | 3.0% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Consumer Staples | 4.8% |
| Health Care | 8.6% |
| Communications | 9.2% |
| Industrials | 9.8% |
| Consumer Discretionary | 10.2% |
| Financials | 11.2% |
| Technology | 31.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.7% |
| NVIDIA Corp. | 5.4% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc. - Class A | 2.7% |
| Meta Platforms, Inc. - Class A | 2.6% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Broadcom, Inc. | 1.6% |
| Tesla, Inc. | 1.5% |
| JPMorgan Chase & Co. | 1.4% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Core Fund - C (SFECX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SFECX

![Image](ibce2f992bb3d7205c171ff79.jpg)

#### NAA Large Core Fund - Institutional (GILIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $54 | 1.10%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$230,186,977

* Number of Portfolio Holdings103

* Advisory Fee $970,507

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8c94bac3838ebfa661854838.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Exchange-Traded Funds | 2.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibf5f0e39015750f10d33e926.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Equity | 2.0% |
| Materials | 2.3% |
| Real Estate | 3.0% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Consumer Staples | 4.8% |
| Health Care | 8.6% |
| Communications | 9.2% |
| Industrials | 9.8% |
| Consumer Discretionary | 10.2% |
| Financials | 11.2% |
| Technology | 31.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.7% |
| NVIDIA Corp. | 5.4% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc. - Class A | 2.7% |
| Meta Platforms, Inc. - Class A | 2.6% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Broadcom, Inc. | 1.6% |
| Tesla, Inc. | 1.5% |
| JPMorgan Chase & Co. | 1.4% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Core Fund - Institutional (GILIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-GILIX

![Image](if5889e0d61ee32e5ec5142e2.jpg)

#### NAA Large Core Fund - P (SFEPX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $67 | 1.35%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$230,186,977

* Number of Portfolio Holdings103

* Advisory Fee $970,507

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibba48088267366422d9f3607.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Exchange-Traded Funds | 2.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i522e42added95871254fb8fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Equity | 2.0% |
| Materials | 2.3% |
| Real Estate | 3.0% |
| Utilities | 3.3% |
| Energy | 3.7% |
| Consumer Staples | 4.8% |
| Health Care | 8.6% |
| Communications | 9.2% |
| Industrials | 9.8% |
| Consumer Discretionary | 10.2% |
| Financials | 11.2% |
| Technology | 31.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.7% |
| NVIDIA Corp. | 5.4% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc. - Class A | 2.7% |
| Meta Platforms, Inc. - Class A | 2.6% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |
| Broadcom, Inc. | 1.6% |
| Tesla, Inc. | 1.5% |
| JPMorgan Chase & Co. | 1.4% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Core Fund - P (SFEPX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SFEPX

![Image](i8f789256ce40da0e86a4991a.jpg)

#### NAA Mid Growth Fund - A (SECUX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $78 | 1.60%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$69,390,341

* Number of Portfolio Holdings127

* Advisory Fee $292,345

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i84883c22afc77eca6e2943cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Exchange-Traded Funds | 2.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib48c8f57908b0a2653da02bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Utilities | 1.1% |
| Communications | 1.6% |
| Equity | 2.0% |
| Energy | 2.3% |
| Consumer Staples | 4.5% |
| Materials | 5.0% |
| Real Estate | 5.2% |
| Health Care | 10.6% |
| Consumer Discretionary | 11.7% |
| Financials | 13.7% |
| Technology | 16.7% |
| Industrials | 25.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| RB Global, Inc. | 1.7% |
| Brown & Brown, Inc. | 1.7% |
| Ecolab, Inc. | 1.7% |
| Lennox International, Inc. | 1.7% |
| Interactive Brokers Group, Inc. - Class A | 1.7% |
| Discover Financial Services | 1.6% |
| EMCOR Group, Inc. | 1.6% |
| Simon Property Group, Inc. | 1.6% |
| DocuSign, Inc. | 1.6% |
| Texas Pacific Land Corp. | 1.4% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Mid Growth Fund - A (SECUX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SECUX

![Image](i2e8d12c9f5edc65c486bef1a.jpg)

#### NAA Mid Growth Fund - C (SUFCX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $114 | 2.35%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$69,390,341

* Number of Portfolio Holdings127

* Advisory Fee $292,345

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i57bd43216f90d661b8c890e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Exchange-Traded Funds | 2.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia77fce2b75a1a887422bd619.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Utilities | 1.1% |
| Communications | 1.6% |
| Equity | 2.0% |
| Energy | 2.3% |
| Consumer Staples | 4.5% |
| Materials | 5.0% |
| Real Estate | 5.2% |
| Health Care | 10.6% |
| Consumer Discretionary | 11.7% |
| Financials | 13.7% |
| Technology | 16.7% |
| Industrials | 25.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| RB Global, Inc. | 1.7% |
| Brown & Brown, Inc. | 1.7% |
| Ecolab, Inc. | 1.7% |
| Lennox International, Inc. | 1.7% |
| Interactive Brokers Group, Inc. - Class A | 1.7% |
| Discover Financial Services | 1.6% |
| EMCOR Group, Inc. | 1.6% |
| Simon Property Group, Inc. | 1.6% |
| DocuSign, Inc. | 1.6% |
| Texas Pacific Land Corp. | 1.4% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Mid Growth Fund - C (SUFCX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SUFCX

![Image](i13083c7d5c116528b2d4ff1e.jpg)

#### NAA Mid Growth Fund - Institutional (GIUIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $66 | 1.35%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$69,390,341

* Number of Portfolio Holdings127

* Advisory Fee $292,345

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i90e2cdac43755ff6f0397b60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Exchange-Traded Funds | 2.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id3eb4a883f97960f76290b80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Utilities | 1.1% |
| Communications | 1.6% |
| Equity | 2.0% |
| Energy | 2.3% |
| Consumer Staples | 4.5% |
| Materials | 5.0% |
| Real Estate | 5.2% |
| Health Care | 10.6% |
| Consumer Discretionary | 11.7% |
| Financials | 13.7% |
| Technology | 16.7% |
| Industrials | 25.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| RB Global, Inc. | 1.7% |
| Brown & Brown, Inc. | 1.7% |
| Ecolab, Inc. | 1.7% |
| Lennox International, Inc. | 1.7% |
| Interactive Brokers Group, Inc. - Class A | 1.7% |
| Discover Financial Services | 1.6% |
| EMCOR Group, Inc. | 1.6% |
| Simon Property Group, Inc. | 1.6% |
| DocuSign, Inc. | 1.6% |
| Texas Pacific Land Corp. | 1.4% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Mid Growth Fund - Institutional (GIUIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-GIUIX

![Image](i1eb15f17f3a68638c6cf5792.jpg)

#### NAA Mid Growth Fund - P (SEUPX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $78 | 1.60%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$69,390,341

* Number of Portfolio Holdings127

* Advisory Fee $292,345

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idaf3cb7e9eb373c70ea6dd54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.0% |
| Exchange-Traded Funds | 2.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0b5dee609b4af639fac02bb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Utilities | 1.1% |
| Communications | 1.6% |
| Equity | 2.0% |
| Energy | 2.3% |
| Consumer Staples | 4.5% |
| Materials | 5.0% |
| Real Estate | 5.2% |
| Health Care | 10.6% |
| Consumer Discretionary | 11.7% |
| Financials | 13.7% |
| Technology | 16.7% |
| Industrials | 25.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| RB Global, Inc. | 1.7% |
| Brown & Brown, Inc. | 1.7% |
| Ecolab, Inc. | 1.7% |
| Lennox International, Inc. | 1.7% |
| Interactive Brokers Group, Inc. - Class A | 1.7% |
| Discover Financial Services | 1.6% |
| EMCOR Group, Inc. | 1.6% |
| Simon Property Group, Inc. | 1.6% |
| DocuSign, Inc. | 1.6% |
| Texas Pacific Land Corp. | 1.4% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Mid Growth Fund - P (SEUPX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEUPX

![Image](ic36278df68f165e00c361190.jpg)

#### NAA Opportunity Fund - A (SAOAX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $80 | 1.60%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$37,693,392

* Number of Portfolio Holdings561

* Advisory Fee $135,255

* Portfolio Turnover149%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7484f4f9cdd4b256f6ec846b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 68.4% |
| U.S. Government & Agencies | 31.6% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i321e3a8e9acedefc10b22866.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.1% |
| Marshall Islands | 0.1% |
| Panama | 0.1% |
| Cayman Islands | 0.3% |
| Liberia | 0.3% |
| Netherlands | 0.4% |
| Israel | 0.4% |
| Bermuda | 0.7% |
| Ireland | 0.8% |
| United States | 80.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill | 26.5% |
| National Fuel Gas Company | 0.6% |
| Altria Group, Inc. | 0.6% |
| AT&T, Inc. | 0.6% |
| Telephone & Data Systems, Inc. | 0.6% |
| Duke Energy Corporation | 0.6% |
| Verizon Communications, Inc. | 0.6% |
| GoDaddy, Inc. - Class A | 0.6% |
| Southern Company (The) | 0.6% |
| IDT Corporation - Class B | 0.6% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Opportunity Fund - A (SAOAX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SAOAX

![Image](ib775e4eed6e33166b2ffb528.jpg)

#### NAA Opportunity Fund - C (SAOCX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $117 | 2.35%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$37,693,392

* Number of Portfolio Holdings561

* Advisory Fee $135,255

* Portfolio Turnover149%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i997da079137a778b52c86251.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 68.4% |
| U.S. Government & Agencies | 31.6% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i09aaf73c708b969f0418acee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.1% |
| Marshall Islands | 0.1% |
| Panama | 0.1% |
| Cayman Islands | 0.3% |
| Liberia | 0.3% |
| Netherlands | 0.4% |
| Israel | 0.4% |
| Bermuda | 0.7% |
| Ireland | 0.8% |
| United States | 80.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill | 26.5% |
| National Fuel Gas Company | 0.6% |
| Altria Group, Inc. | 0.6% |
| AT&T, Inc. | 0.6% |
| Telephone & Data Systems, Inc. | 0.6% |
| Duke Energy Corporation | 0.6% |
| Verizon Communications, Inc. | 0.6% |
| GoDaddy, Inc. - Class A | 0.6% |
| Southern Company (The) | 0.6% |
| IDT Corporation - Class B | 0.6% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Opportunity Fund - C (SAOCX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SAOCX

![Image](iad005647fb73a380ec742564.jpg)

#### NAA Opportunity Fund - Institutional (SAOIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $68 | 1.35%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$37,693,392

* Number of Portfolio Holdings561

* Advisory Fee $135,255

* Portfolio Turnover149%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2309dad98fffe70cf2e41021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 68.4% |
| U.S. Government & Agencies | 31.6% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i8a8added4365937067fd1c80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.1% |
| Marshall Islands | 0.1% |
| Panama | 0.1% |
| Cayman Islands | 0.3% |
| Liberia | 0.3% |
| Netherlands | 0.4% |
| Israel | 0.4% |
| Bermuda | 0.7% |
| Ireland | 0.8% |
| United States | 80.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill | 26.5% |
| National Fuel Gas Company | 0.6% |
| Altria Group, Inc. | 0.6% |
| AT&T, Inc. | 0.6% |
| Telephone & Data Systems, Inc. | 0.6% |
| Duke Energy Corporation | 0.6% |
| Verizon Communications, Inc. | 0.6% |
| GoDaddy, Inc. - Class A | 0.6% |
| Southern Company (The) | 0.6% |
| IDT Corporation - Class B | 0.6% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Opportunity Fund - Institutional (SAOIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SAOIX

![Image](ibeb4ec7e88f0b9415d9b7ad1.jpg)

#### NAA Opportunity Fund - P (SAOSX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $80 | 1.60%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$37,693,392

* Number of Portfolio Holdings561

* Advisory Fee $135,255

* Portfolio Turnover149%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i48e200816305d8342f40ec02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 68.4% |
| U.S. Government & Agencies | 31.6% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i8481932880554bf792e6eb09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 12.1% |
| Marshall Islands | 0.1% |
| Panama | 0.1% |
| Cayman Islands | 0.3% |
| Liberia | 0.3% |
| Netherlands | 0.4% |
| Israel | 0.4% |
| Bermuda | 0.7% |
| Ireland | 0.8% |
| United States | 80.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill | 26.5% |
| National Fuel Gas Company | 0.6% |
| Altria Group, Inc. | 0.6% |
| AT&T, Inc. | 0.6% |
| Telephone & Data Systems, Inc. | 0.6% |
| Duke Energy Corporation | 0.6% |
| Verizon Communications, Inc. | 0.6% |
| GoDaddy, Inc. - Class A | 0.6% |
| Southern Company (The) | 0.6% |
| IDT Corporation - Class B | 0.6% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Opportunity Fund - P (SAOSX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SAOSX

![Image](ic38b6219ec9aef8de019e2f7.jpg)

#### NAA Risk Managed Real Estate Fund - A (GURAX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $61 | 1.24%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$234,356,837

* Number of Portfolio Holdings185

* Advisory Fee $933,134

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i18bf69f9aef41d3dc7b507bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.4% |
| U.S. Government & Agencies | 3.6% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2a0bcc5fc8d85a0350edfbeb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.4% |
| U.S. Treasury Obligations | 3.8% |
| Real Estate | 101.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Simon Property Group, Inc. | 5.7% |
| Welltower, Inc. | 5.7% |
| Equinix, Inc. | 5.7% |
| VICI Properties, Inc. | 4.7% |
| Realty Income Corp. | 4.2% |
| Prologis, Inc. | 4.2% |
| Public Storage | 4.2% |
| United States Treasury Bill | 3.8% |
| AvalonBay Communities, Inc. | 3.4% |
| Equity Residential | 3.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Risk Managed Real Estate Fund - A (GURAX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-GURAX

![Image](i99f74496ed50b27888558943.jpg)

#### NAA Risk Managed Real Estate Fund - C (GURCX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $95 | 1.94%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$234,356,837

* Number of Portfolio Holdings185

* Advisory Fee $933,134

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4b5fa2073a2bcd4df04071a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.4% |
| U.S. Government & Agencies | 3.6% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic032f8a23508f3a2a7575239.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.4% |
| U.S. Treasury Obligations | 3.8% |
| Real Estate | 101.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Simon Property Group, Inc. | 5.7% |
| Welltower, Inc. | 5.7% |
| Equinix, Inc. | 5.7% |
| VICI Properties, Inc. | 4.7% |
| Realty Income Corp. | 4.2% |
| Prologis, Inc. | 4.2% |
| Public Storage | 4.2% |
| United States Treasury Bill | 3.8% |
| AvalonBay Communities, Inc. | 3.4% |
| Equity Residential | 3.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Risk Managed Real Estate Fund - C (GURCX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-GURCX

![Image](i6fb981a3b75a80f1b3cd97c4.jpg)

#### NAA Risk Managed Real Estate Fund - Institutional (GURIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $45 | 0.92%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$234,356,837

* Number of Portfolio Holdings185

* Advisory Fee $933,134

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i060e92642aea3a4b7565d771.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.4% |
| U.S. Government & Agencies | 3.6% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9c5a0751adab72250586218e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.4% |
| U.S. Treasury Obligations | 3.8% |
| Real Estate | 101.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Simon Property Group, Inc. | 5.7% |
| Welltower, Inc. | 5.7% |
| Equinix, Inc. | 5.7% |
| VICI Properties, Inc. | 4.7% |
| Realty Income Corp. | 4.2% |
| Prologis, Inc. | 4.2% |
| Public Storage | 4.2% |
| United States Treasury Bill | 3.8% |
| AvalonBay Communities, Inc. | 3.4% |
| Equity Residential | 3.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Risk Managed Real Estate Fund - Institutional (GURIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-GURIX

![Image](ia2006cd7b4f785f36b9425e2.jpg)

#### NAA Risk Managed Real Estate Fund - P (GURPX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $61 | 1.25%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$234,356,837

* Number of Portfolio Holdings185

* Advisory Fee $933,134

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibcf202244664941591e92027.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.4% |
| U.S. Government & Agencies | 3.6% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2224145fff258a9a24d778ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.4% |
| U.S. Treasury Obligations | 3.8% |
| Real Estate | 101.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Simon Property Group, Inc. | 5.7% |
| Welltower, Inc. | 5.7% |
| Equinix, Inc. | 5.7% |
| VICI Properties, Inc. | 4.7% |
| Realty Income Corp. | 4.2% |
| Prologis, Inc. | 4.2% |
| Public Storage | 4.2% |
| United States Treasury Bill | 3.8% |
| AvalonBay Communities, Inc. | 3.4% |
| Equity Residential | 3.2% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Risk Managed Real Estate Fund - P (GURPX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-GURPX

![Image](i0ca960b62877ee7e63d8438b.jpg)

#### NAA SMid Cap Value Fund - A (SEVAX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $56 | 1.15%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$300,341,736

* Number of Portfolio Holdings122

* Advisory Fee $1,173,538

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i561a8bbc88ece8cdae4bf921.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.6% |
| Exchange-Traded Funds | 0.4% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9b7d38af775becb6e1d51499.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Equity | 0.4% |
| Information Technology | 0.4% |
| Communications | 2.9% |
| Energy | 5.6% |
| Utilities | 6.0% |
| Consumer Staples | 6.2% |
| Health Care | 7.9% |
| Technology | 8.0% |
| Consumer Discretionary | 9.8% |
| Materials | 10.4% |
| Industrials | 12.3% |
| Real Estate | 13.5% |
| Financials | 16.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Cardinal Health, Inc. | 1.8% |
| Unum Group | 1.7% |
| OGE Energy Corporation | 1.7% |
| Ecolab, Inc. | 1.7% |
| Reliance Steel & Aluminum Company | 1.7% |
| BioMarin Pharmaceutical, Inc. | 1.6% |
| ConocoPhillips | 1.6% |
| National Retail Properties, Inc. | 1.6% |
| Rexford Industrial Realty, Inc. | 1.6% |
| American Homes 4 Rent - Class A | 1.5% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA SMid Cap Value Fund - A (SEVAX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEVAX

![Image](i51b95d1a3ab6b6f7f4714114.jpg)

#### NAA SMid Cap Value Fund - C (SEVSX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $97 | 2.00%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$300,341,736

* Number of Portfolio Holdings122

* Advisory Fee $1,173,538

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i802be7a619732c831c978c84.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.6% |
| Exchange-Traded Funds | 0.4% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i929468224e317f9246e20e2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Equity | 0.4% |
| Information Technology | 0.4% |
| Communications | 2.9% |
| Energy | 5.6% |
| Utilities | 6.0% |
| Consumer Staples | 6.2% |
| Health Care | 7.9% |
| Technology | 8.0% |
| Consumer Discretionary | 9.8% |
| Materials | 10.4% |
| Industrials | 12.3% |
| Real Estate | 13.5% |
| Financials | 16.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Cardinal Health, Inc. | 1.8% |
| Unum Group | 1.7% |
| OGE Energy Corporation | 1.7% |
| Ecolab, Inc. | 1.7% |
| Reliance Steel & Aluminum Company | 1.7% |
| BioMarin Pharmaceutical, Inc. | 1.6% |
| ConocoPhillips | 1.6% |
| National Retail Properties, Inc. | 1.6% |
| Rexford Industrial Realty, Inc. | 1.6% |
| American Homes 4 Rent - Class A | 1.5% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA SMid Cap Value Fund - C (SEVSX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEVSX

![Image](i15ec9caf68948536132580aa.jpg)

#### NAA SMid Cap Value Fund - Institutional (SVUIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $45 | 0.92%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$300,341,736

* Number of Portfolio Holdings122

* Advisory Fee $1,173,538

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4e1575e69049fed8d4dc7f2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.6% |
| Exchange-Traded Funds | 0.4% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id983690d3adb6d74e0ad2d16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Equity | 0.4% |
| Information Technology | 0.4% |
| Communications | 2.9% |
| Energy | 5.6% |
| Utilities | 6.0% |
| Consumer Staples | 6.2% |
| Health Care | 7.9% |
| Technology | 8.0% |
| Consumer Discretionary | 9.8% |
| Materials | 10.4% |
| Industrials | 12.3% |
| Real Estate | 13.5% |
| Financials | 16.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Cardinal Health, Inc. | 1.8% |
| Unum Group | 1.7% |
| OGE Energy Corporation | 1.7% |
| Ecolab, Inc. | 1.7% |
| Reliance Steel & Aluminum Company | 1.7% |
| BioMarin Pharmaceutical, Inc. | 1.6% |
| ConocoPhillips | 1.6% |
| National Retail Properties, Inc. | 1.6% |
| Rexford Industrial Realty, Inc. | 1.6% |
| American Homes 4 Rent - Class A | 1.5% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA SMid Cap Value Fund - Institutional (SVUIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SVUIX

![Image](i046c4e86a3bbd5fb3b72d8e5.jpg)

#### NAA SMid Cap Value Fund - P (SEVPX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $59 | 1.21%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$300,341,736

* Number of Portfolio Holdings122

* Advisory Fee $1,173,538

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1c7df856ae3775252590d68c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.6% |
| Exchange-Traded Funds | 0.4% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie5852d98f9aa9a8069a0bfc3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Equity | 0.4% |
| Information Technology | 0.4% |
| Communications | 2.9% |
| Energy | 5.6% |
| Utilities | 6.0% |
| Consumer Staples | 6.2% |
| Health Care | 7.9% |
| Technology | 8.0% |
| Consumer Discretionary | 9.8% |
| Materials | 10.4% |
| Industrials | 12.3% |
| Real Estate | 13.5% |
| Financials | 16.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Cardinal Health, Inc. | 1.8% |
| Unum Group | 1.7% |
| OGE Energy Corporation | 1.7% |
| Ecolab, Inc. | 1.7% |
| Reliance Steel & Aluminum Company | 1.7% |
| BioMarin Pharmaceutical, Inc. | 1.6% |
| ConocoPhillips | 1.6% |
| National Retail Properties, Inc. | 1.6% |
| Rexford Industrial Realty, Inc. | 1.6% |
| American Homes 4 Rent - Class A | 1.5% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA SMid Cap Value Fund - P (SEVPX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEVPX

![Image](i2c8b870de54039406669d947.jpg)

#### NAA World Equity Income Fund - A (SEQAX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $58 | 1.17%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$46,322,952

* Number of Portfolio Holdings203

* Advisory Fee $45,102

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7c47a94ffa57d799aede8738.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Exchange-Traded Funds | 0.6% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i41c8581d2fc608a6e1a4b3ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Other Countries | 2.0% |
| Italy | 0.9% |
| Sweden | 1.1% |
| Netherlands | 1.6% |
| Germany | 2.4% |
| France | 2.6% |
| Switzerland | 3.1% |
| Canada | 3.2% |
| United Kingdom | 3.8% |
| Japan | 6.8% |
| United States | 72.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 5.5% |
| Microsoft Corp. | 4.0% |
| Amazon.com, Inc. | 2.3% |
| Exxon Mobil Corporation | 1.6% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| UnitedHealth Group, Inc. | 1.5% |
| Procter & Gamble Co. (The) | 1.2% |
| CVS Health Corporation | 0.9% |
| JPMorgan Chase & Co. | 0.9% |
| Chevron Corporation | 0.9% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA World Equity Income Fund - A (SEQAX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEQAX

![Image](ie972d6c6ef4bea8985665eea.jpg)

#### NAA World Equity Income Fund - C (SFGCX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $95 | 1.92%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$46,322,952

* Number of Portfolio Holdings203

* Advisory Fee $45,102

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i71dccfe76013fab4df32b6fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Exchange-Traded Funds | 0.6% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i182abadb3e3fdc054f854a8b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Other Countries | 2.0% |
| Italy | 0.9% |
| Sweden | 1.1% |
| Netherlands | 1.6% |
| Germany | 2.4% |
| France | 2.6% |
| Switzerland | 3.1% |
| Canada | 3.2% |
| United Kingdom | 3.8% |
| Japan | 6.8% |
| United States | 72.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 5.5% |
| Microsoft Corp. | 4.0% |
| Amazon.com, Inc. | 2.3% |
| Exxon Mobil Corporation | 1.6% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| UnitedHealth Group, Inc. | 1.5% |
| Procter & Gamble Co. (The) | 1.2% |
| CVS Health Corporation | 0.9% |
| JPMorgan Chase & Co. | 0.9% |
| Chevron Corporation | 0.9% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA World Equity Income Fund - C (SFGCX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SFGCX

![Image](i80bcdeb1f28c0d1cb7c678f8.jpg)

#### NAA World Equity Income Fund - Institutional (SEWIX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $46 | 0.92%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$46,322,952

* Number of Portfolio Holdings203

* Advisory Fee $45,102

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iada68c7c18ab76c72cdb3a8a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Exchange-Traded Funds | 0.6% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](ic234f0ed584eca82bd1d79df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Other Countries | 2.0% |
| Italy | 0.9% |
| Sweden | 1.1% |
| Netherlands | 1.6% |
| Germany | 2.4% |
| France | 2.6% |
| Switzerland | 3.1% |
| Canada | 3.2% |
| United Kingdom | 3.8% |
| Japan | 6.8% |
| United States | 72.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 5.5% |
| Microsoft Corp. | 4.0% |
| Amazon.com, Inc. | 2.3% |
| Exxon Mobil Corporation | 1.6% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| UnitedHealth Group, Inc. | 1.5% |
| Procter & Gamble Co. (The) | 1.2% |
| CVS Health Corporation | 0.9% |
| JPMorgan Chase & Co. | 0.9% |
| Chevron Corporation | 0.9% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA World Equity Income Fund - Institutional (SEWIX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEWIX

![Image](i7ee994756972e1e69f885ea1.jpg)

#### NAA World Equity Income Fund - P (SEQPX)

#### Semi-Annual Shareholder Report - March 31, 2025
This semi-annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $58 | 1.17%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$46,322,952

* Number of Portfolio Holdings203

* Advisory Fee $45,102

* Portfolio Turnover41%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia3b3889e1a323e7cb037c8d1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Exchange-Traded Funds | 0.6% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i7c04f86567a4df7f125cd06f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Other Countries | 2.0% |
| Italy | 0.9% |
| Sweden | 1.1% |
| Netherlands | 1.6% |
| Germany | 2.4% |
| France | 2.6% |
| Switzerland | 3.1% |
| Canada | 3.2% |
| United Kingdom | 3.8% |
| Japan | 6.8% |
| United States | 72.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 5.5% |
| Microsoft Corp. | 4.0% |
| Amazon.com, Inc. | 2.3% |
| Exxon Mobil Corporation | 1.6% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| UnitedHealth Group, Inc. | 1.5% |
| Procter & Gamble Co. (The) | 1.2% |
| CVS Health Corporation | 0.9% |
| JPMorgan Chase & Co. | 0.9% |
| Chevron Corporation | 0.9% |

---

## Material Fund Changes
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA World Equity Income Fund - P (SEQPX)

#### Semi-Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.naafunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-SEQPX

(b) Not applicable

**Item 2. Code of Ethics.** Not Applicable.

**Item 3. Audit Committee Financial Expert.** Not Applicable.

**Item 4. Principal Accountant Fees and Services.** Not Applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included Long Form Financial Statements

**NEW AGE ALPHA FUNDS TRUST**

**NAA ALLOCATION FUND**

**NAA LARGE CAP VALUE FUND**

**NAA LARGE CORE FUND**

**NAA MID GROWTH FUND**

**NAA OPPORTUNITY FUND**

**NAA RISK MANAGED REAL ESTATE FUND**

**NAA SMID-CAP VALUE FUND**

**NAA WORLD EQUITY INCOME FUND**

**Semi-Annual Financial Statements and Additional Information**

March 31, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ***SCHEDULE OF INVESTMENTS*** |  |
| &nbsp;&nbsp;&nbsp;NAA ALLOCATION FUND | 1 |
| &nbsp;&nbsp;&nbsp;NAA LARGE CAP VALUE FUND | 8 |
| &nbsp;&nbsp;&nbsp;NAA LARGE CORE FUND | 13 |
| &nbsp;&nbsp;&nbsp;NAA MID GROWTH FUND | 18 |
| &nbsp;&nbsp;&nbsp;NAA OPPORTUNITY FUND | 23 |
| &nbsp;&nbsp;&nbsp;NAA RISK MANAGED REAL ESTATE FUND | 38 |
| &nbsp;&nbsp;&nbsp;NAA SMID-CAP VALUE FUND | 45 |
| &nbsp;&nbsp;&nbsp;NAA WORLD EQUITY INCOME FUND | 50 |
| ***STATEMENTS OF ASSETS AND LIABILITIES*** | 58 |
| ***STATEMENTS OF OPERATIONS*** | 60 |
| ***STATEMENTS OF CHANGES IN NET ASSETS*** | 62 |
| ***FINANCIAL HIGHLIGHTS*** | 70 |
| ***NOTES TO FINANCIAL STATEMENTS*** | 102 |
| ***ADDITIONAL INFORMATION*** | 125 |

---

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.5%** |  |
|  | **Communications - 5.4%** |  |
| 22934 | Alphabet, Inc., Class C | $3582978 |
| 252 | Booking Holdings, Inc. | 1160941 |
| 4752 | Meta Platforms, Inc., Class A | 2738863 |
| 4294 | T-Mobile US, Inc. | 1145253 |
| 15738 | Uber Technologies, Inc.<sup>(a)</sup> | 1146671 |
|  |  | 9774706 |
|  | **Consumer Discretionary - 6.0%** |  |
| 20506 | Amazon.com, Inc.<sup>(a)</sup> | 3901473 |
| 18087 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 908148 |
| 3638 | D.R. Horton, Inc. | 462498 |
| 12626 | General Motors Company | 593801 |
| 3053 | Hilton Worldwide Holdings, Inc.<sup>(a)</sup> | 694710 |
| 3034 | Lennar Corporation, Class A | 348243 |
| 1404 | lululemon athletica, Inc.<sup>(a)</sup> | 397416 |
| 2952 | Marriott International, Inc., Class A | 703166 |
| 723 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1035755 |
| 2609 | PulteGroup, Inc. | 268205 |
| 5968 | Tesla, Inc.<sup>(a)</sup> | 1546667 |
|  |  | 10860082 |
|  | **Consumer Staples - 2.9%** |  |
| 16490 | Coca-Cola Co. (The) | 1181014 |
| 15401 | Keurig Dr. Pepper, Inc. | 527022 |
| 7617 | PepsiCo, Inc. | 1142093 |
| 6835 | Procter & Gamble Co. (The) | 1164821 |
| 13299 | Walmart, Inc. | 1167519 |
|  |  | 5182469 |
|  | **Energy - 2.2%** |  |
| 12400 | Baker Hughes, a GE Company | 544980 |
| 2296 | Diamondback Energy, Inc. | 367084 |
| 10086 | Exxon Mobil Corporation | 1199528 |
| 1458 | First Solar, Inc.<sup>(a)</sup> | 184335 |
| 11055 | Halliburton Company | 280465 |
| 5157 | Phillips 66 | 636787 |

---

See accompanying notes to financial statements.

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.5% (Continued)** |  |
|  | **Energy - 2.2% (Continued)** |  |
| 17819 | Schlumberger Ltd. | $744834 |
|  |  | 3958013 |
|  | **Financials - 6.7%** |  |
| 3408 | Allstate Corporation (The) | 705695 |
| 4293 | American Express Co. | 1155032 |
| 7537 | American International Group, Inc. | 655267 |
| 3250 | Arthur J. Gallagher & Co. | 1122030 |
| 27371 | Bank of America Corporation | 1142192 |
| 4003 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2131918 |
| 3780 | Chubb Ltd. | 1141522 |
| 15956 | Citigroup, Inc. | 1132716 |
| 3691 | Hartford Insurance Group, Inc. (The) | 456687 |
| 6103 | JPMorgan Chase & Co. | 1497067 |
| 5043 | PNC Financial Services Group, Inc. (The) | 886408 |
|  |  | 12026534 |
|  | **Health Care - 5.1%** |  |
| 3554 | Amgen, Inc. | 1107249 |
| 3032 | Cardinal Health, Inc. | 417718 |
| 6304 | Centene Corporation<sup>(a)</sup> | 382716 |
| 2536 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 213912 |
| 1712 | Eli Lilly & Co. | 1413958 |
| 10185 | Gilead Sciences, Inc. | 1141229 |
| 859 | Insulet Corporation<sup>(a)</sup> | 225582 |
| 12040 | Merck & Company, Inc. | 1080710 |
| 2280 | UnitedHealth Group, Inc. | 1194150 |
| 2194 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1063695 |
| 5697 | Zoetis, Inc. | 938011 |
|  |  | 9178930 |
|  | **Industrials - 5.8%** |  |
| 15295 | Amphenol Corporation, Class A | 1003199 |
| 3350 | Caterpillar, Inc. | 1104830 |
| 4420 | Cintas Corp. | 908443 |
| 2316 | Deere & Company | 1087015 |
| 7999 | Delta Air Lines, Inc. | 348756 |

---

See accompanying notes to financial statements.

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.5% (Continued)** |  |
|  | **Industrials - 5.8% (Continued)** |  |
| 7264 | Fastenal Company | $563323 |
| 5641 | General Electric, Co. | 1129046 |
| 479 | Huntington Ingalls Industries, Inc. | 97735 |
| 685 | Nordson Corporation | 138178 |
| 1617 | Parker-Hannifin Corporation | 982893 |
| 2595 | Republic Services, Inc. | 628405 |
| 7424 | Southwest Airlines Company | 249298 |
| 4737 | Union Pacific Corporation | 1119069 |
| 828 | United Rentals, Inc.<sup>(a)</sup> | 518908 |
| 565 | W.W. Grainger, Inc. | 558124 |
|  |  | 10437222 |
|  | **Materials - 1.4%** |  |
| 18358 | Amcor plc<sup>(a)</sup> | 178073 |
| 3269 | Ecolab, Inc. | 828757 |
| 3109 | Sherwin-Williams Company (The) | 1085631 |
| 1647 | Vulcan Materials Company | 384245 |
|  |  | 2476706 |
|  | **Real Estate - 1.8%** |  |
| 5194 | American Tower Corp. | 1130214 |
| 3724 | CBRE Group, Inc., Class A<sup>(a)</sup> | 487025 |
| 3725 | Iron Mountain, Inc. | 320499 |
| 11235 | Realty Income Corp. | 651742 |
| 3925 | Simon Property Group, Inc. | 651864 |
|  |  | 3241344 |
|  | **Technology - 18.2%** |  |
| 32651 | Apple, Inc. | 7252767 |
| 10176 | Broadcom, Inc. | 1703768 |
| 18811 | Cisco Systems, Inc. | 1160826 |
| 308 | Fair Isaac Corporation<sup>(a)</sup> | 568001 |
| 5151 | Fiserv, Inc.<sup>(a)</sup> | 1137495 |
| 1012 | Gartner, Inc.<sup>(a)</sup> | 424777 |
| 1881 | Intuit, Inc. | 1154915 |
| 943 | Jack Henry & Associates, Inc. | 172192 |
| 2153 | Mastercard, Inc., Class A | 1180102 |

---

See accompanying notes to financial statements.

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.5% (Continued)** |  |
|  | **Technology - 18.2% (Continued)** |  |
| 16188 | Microsoft Corp. | $6076814 |
| 53238 | NVIDIA Corp. | 5769934 |
| 3231 | NXP Semiconductors N.V. | 614084 |
| 5350 | ON Semiconductor Corporation<sup>(a)</sup> | 217692 |
| 7587 | Oracle Corporation | 1060738 |
| 6065 | Palo Alto Networks, Inc.<sup>(a)</sup> | 1034932 |
| 575 | Paycom Software, Inc.<sup>(a)</sup> | 125626 |
| 12579 | PayPal Holdings, Inc.<sup>(a)</sup> | 820780 |
| 2296 | S&P Global, Inc. | 1166598 |
| 4061 | salesforce.com, Inc. | 1089810 |
| 540 | Tyler Technologies, Inc.<sup>(a)</sup> | 313951 |
|  |  | 33045802 |
|  | **Utilities - 2.0%** |  |
| 2523 | American Water Works Company, Inc. | 372193 |
| 4046 | Constellation Energy Corp. | 815795 |
| 9254 | Duke Energy Corporation | 1128710 |
| 12874 | Exelon Corp. | 593234 |
| 6606 | FirstEnergy Corporation | 267015 |
| 9509 | PPL Corporation | 343370 |
|  |  | 3520317 |
|  | **TOTAL COMMON STOCKS (Cost $97,340,695)** | 103702125 |
|  | **EXCHANGE-TRADED FUNDS — 22.3%** |  |
|  | **Equity - 1.6%** |  |
| 2574 | iShares Core S&P 500 ETF | 1446331 |
| 2600 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | 1454414 |
|  |  | 2900745 |
|  | **Fixed Income - 20.7%** |  |
| 12168 | iShares iBoxx $ High Yield Corporate Bond ETF | 959934 |
| 172996 | iShares Intermediate Credit Bond Fund | 9085750 |
| 273300 | SPDR Portfolio Intermediate Term Corporate Bond | 9084492 |

---

See accompanying notes to financial statements.

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 22.3% (Continued)** |  |
|  | **Fixed Income - 20.7% (Continued)** |  |
| 222282 | Vanguard Intermediate-Term Corporate Bond ETF<sup>(a)</sup> | $18173775 |
|  |  | 37303951 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $40,186,132)** | 40204696 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS — 0.5%** |  |  |  |
|  | **REAL ESTATE — 0.5%** |  |  |  |
| 1000000 | Marriott Vacations Worldwide Corp (Cost $970,342) | 4.7500 | 01/15/28 | 950172 |
|  | **CORPORATE BONDS — 18.8%** |  |  |  |
|  | **COMMUNICATIONS — 2.6%** |  |  |  |
| 1000000 | Boyd Gaming Corporation | 4.7500 | 12/01/27 | 978212 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> | 4.5000 | 06/01/33 | 852088 |
| 1000000 | Cogent Communications GR<sup>(b)</sup> | 3.5000 | 05/01/26 | 974627 |
| 1000000 | Nexstar Broadcasting, Inc<sup>(b)</sup> | 4.7500 | 11/01/28 | 935093 |
| 1000000 | Telecom Italia Capital S.A. | 7.2000 | 07/18/36 | 1004674 |
|  |  |  |  | 4744694 |
|  | **CONSUMER DISCRETIONARY — 3.7%** |  |  |  |
| 1000000 | Builders FirstSource, Inc.<sup>(b)</sup> | 6.3750 | 03/01/34 | 992342 |
| 1000000 | Caesars Entertainment, Inc.<sup>(b)</sup> | 7.0000 | 02/15/30 | 1015101 |
| 1000000 | Light & Wonder International, Inc.<sup>(b)</sup> | 7.2500 | 11/15/29 | 1014551 |
| 1000000 | Nissan Motor Acceptance Company, LLC<sup>(b)</sup> | 2.7500 | 03/09/28 | 919231 |
| 1000000 | Papa Johns International<sup>(b)</sup> | 3.8750 | 09/15/29 | 930409 |
| 1000000 | Six Flags Entertainment Corporation<sup>(b)</sup> | 7.2500 | 05/15/31 | 1004475 |
| 1000000 | Thor Industries, Inc.<sup>(b)</sup> | 4.0000 | 10/15/29 | 900448 |
|  |  |  |  | 6776557 |
|  | **CONSUMER STAPLES — 1.1%** |  |  |  |
| 1000000 | Lamb Weston Holdings, Inc.<sup>(b)</sup> | 4.3750 | 01/31/32 | 914320 |
| 1000000 | Performance Food Group Inc<sup>(b)</sup> | 6.1250 | 09/15/32 | 993998 |
|  |  |  |  | 1908318 |

---

See accompanying notes to financial statements.

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **ENERGY — 2.7%** |  |  | |
| 1000000 | California Resources Corporation<sup>(b)</sup> | 8.2500 | 06/15/29 | $1017025 |
| 1000000 | Matador Resources Company<sup>(b)</sup> | 6.8750 | 04/15/28 | 1012343 |
| 1000000 | Occidental Petroleum Corporation | 3.2000 | 08/15/26 | 977575 |
| 1000000 | Valaris Ltd.<sup>(b)</sup> | 8.3750 | 04/30/30 | 1000018 |
| 1000000 | Valvoline, Inc.<sup>(b)</sup> | 3.6250 | 06/15/31 | 868997 |
|  |  |  |  | 4875958 |
|  | **FINANCIALS — 0.6%** |  |  |  |
| 1000000 | Starwood Property Trust, Inc.<sup>(b)</sup> | 7.2500 | 04/01/29 | 1026464 |
|  | **HEALTH CARE — 1.6%** |  |  |  |
| 1000000 | Encompass Health Corporation | 4.6250 | 04/01/31 | 937304 |
| 1000000 | Perrigo Finance Unlimited Company | 6.1250 | 09/30/32 | 980331 |
| 1000000 | TELEFLEX INC <sup>(b)</sup> | 4.2500 | 06/01/28 | 954244 |
|  |  |  |  | 2871879 |
|  | **INDUSTRIALS — 2.7%** |  |  |  |
| 1000000 | Aramark Services, Inc.<sup>(b)</sup> | 5.0000 | 02/01/28 | 980512 |
| 1000000 | Atkore, Inc.<sup>(b)</sup> | 4.2500 | 06/01/31 | 881402 |
| 1000000 | Berry Global Escrow Corporation<sup>(b)</sup> | 5.6250 | 07/15/27 | 998131 |
| 1000000 | Chart Industries, Inc.<sup>(b)</sup> | 9.5000 | 01/01/31 | 1067330 |
| 1000000 | Dycom Industries, Inc.<sup>(b)</sup> | 4.5000 | 04/15/29 | 936607 |
|  |  |  |  | 4863982 |
|  | **MATERIALS — 1.1%** |  |  |  |
| 1000000 | Advanced Drainage Systems, Inc.<sup>(b)</sup> | 6.3750 | 06/15/30 | 1004299 |
| 1000000 | Cleveland-Cliffs, Inc.<sup>(b)</sup> | 7.0000 | 03/15/32 | 959700 |
|  |  |  |  | 1963999 |
|  | **REAL ESTATE — 1.1%** |  |  |  |
| 1000000 | Iron Mountain Information Management Services<sup>(b)</sup> | 5.0000 | 07/15/32 | 924716 |
| 1000000 | SBA COMMUNICATIONS CORP | 3.8750 | 02/15/27 | 972062 |
|  |  |  |  | 1896778 |
|  | **SOFTWARE — 0.5%** |  |  |  |
| 1000000 | OPEN TEXT HLDGS INC SR GLBL 144A<sup>(b)</sup> | 4.1250 | 02/15/30 | 912034 |

---

See accompanying notes to financial statements.

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br>Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 18.8% (Continued)** |  |  |  |
|  | **UTILITES — 1.1%** |  |  |  |
| 1000000 | NRG Energy, Inc.<sup>(b)</sup> | 6.2500 | 11/01/34 | $985590 |
| 1000000 | Vistra Operations Company, LLC<sup>(b)</sup> | 7.7500 | 10/15/31 | 1049610 |
|  |  |  |  | 2035200 |
|  | **TOTAL CORPORATE BONDS (Cost $34,146,771)** |  |  | 33875863 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $172,643,940)** |  |  | $178732856 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** |  |  | 1641820 |
|  | **NET ASSETS - 100.0%** |  |  | $180374676 |

---

ETF - Exchange-Traded Fund

Ltd. - Limited Company

N.V. - Naamioze Vennootschap

PLC - Public Limited Company

S.A. - Société Anonyme

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2025 the total market value of 144A securities is $28,025,705 or 15.5% of net assets.

See accompanying notes which are an integral part of these financial statements.

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **Communications - 4.0%** |  |
| 8141 | Match Group, Inc.<sup>(a)</sup> | $253999 |
| 6259 | Omnicom Group, Inc. | 518934 |
| 2490 | T-Mobile US, Inc. | 664107 |
| 2609 | VeriSign, Inc.<sup>(a)</sup> | 662347 |
| 5255 | Walt Disney Co. (The) | 518669 |
|  |  | 2618056 |
|  | **Consumer Discretionary - 7.2%** |  |
| 10689 | Amazon.com, Inc.<sup>(a)</sup> | 2033690 |
| 55814 | Ford Motor Company | 559814 |
| 8223 | LKQ Corporation | 349806 |
| 7114 | MGM Resorts International<sup>(a)</sup> | 210859 |
| 7640 | NIKE, Inc., Class B | 484987 |
| 6090 | Starbucks Corp. | 597368 |
| 4632 | TJX Cos., Inc. (The) | 564178 |
|  |  | 4800702 |
|  | **Consumer Staples - 7.7%** |  |
| 10574 | Altria Group, Inc. | 634651 |
| 9466 | Coca-Cola Co. (The) | 677955 |
| 6195 | Colgate-Palmolive Company | 580472 |
| 6935 | McCormick & Company, Inc. | 570820 |
| 5518 | Molson Coors Brewing Company, Class B | 335881 |
| 9451 | Mondelez International, Inc., Class A | 641250 |
| 6369 | Procter & Gamble Co. (The) | 1085405 |
| 6366 | Walmart, Inc. | 558871 |
|  |  | 5085305 |
|  | **Energy - 5.5%** |  |
| 4575 | Chevron Corporation | 765352 |
| 5945 | ConocoPhillips | 624344 |
| 22827 | Coterra Energy, Inc. | 659700 |
| 11937 | Exxon Mobil Corporation | 1419668 |
| 1612 | First Solar, Inc.<sup>(a)</sup> | 203805 |
|  |  | 3672869 |
|  | **Financials - 12.5%** |  |
| 18090 | Bank of America Corporation | 754896 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **Financials - 12.5% (Continued)** |  |
| 2547 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | $1356481 |
| 3195 | Capital One Financial Corporation | 572864 |
| 2163 | Chubb Ltd. | 653204 |
| 8409 | Citigroup, Inc. | 596955 |
| 1348 | Everest Re Group Ltd. | 489769 |
| 9835 | Franklin Resources, Inc. | 189324 |
| 1022 | Goldman Sachs Group, Inc. (The) | 558308 |
| 3308 | JPMorgan Chase & Co. | 811452 |
| 2391 | Travelers Companies, Inc. (The) | 632324 |
| 12853 | Truist Financial Corporation | 528901 |
| 11597 | U.S. Bancorp | 489625 |
| 8547 | Wells Fargo & Company | 613589 |
|  |  | 8247692 |
|  | **Health Care - 15.3%** |  |
| 2491 | AmerisourceBergen Corporation | 692722 |
| 2155 | Amgen, Inc. | 671391 |
| 4986 | Bio-Techne Corporation | 292329 |
| 4835 | Cardinal Health, Inc. | 666118 |
| 9771 | Centene Corporation<sup>(a)</sup> | 593197 |
| 1600 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 240832 |
| 11896 | CVS Health Corporation | 805955 |
| 7130 | DexCom, Inc.<sup>(a)</sup> | 486908 |
| 1568 | Elevance Health Incorporated | 682017 |
| 6461 | Gilead Sciences, Inc. | 723955 |
| 1813 | HCA Healthcare, Inc. | 626482 |
| 2105 | Humana, Inc. | 556983 |
| 2048 | Incyte Corporation<sup>(a)</sup> | 124006 |
| 2878 | IQVIA Holdings, Inc.<sup>(a)</sup> | 507391 |
| 5982 | Merck & Company, Inc. | 536944 |
| 2576 | UnitedHealth Group, Inc. | 1349180 |
| 3303 | Zoetis, Inc. | 543839 |
|  |  | 10100249 |
|  | **Industrials - 10.9%** |  |
| 17116 | CSX Corporation | 503724 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **Industrials - 10.9% (Continued)** |  |
| 1340 | Deere & Company | $628929 |
| 3874 | Jacobs Solutions, Inc. | 468328 |
| 7014 | Johnson Controls International PLC | 561892 |
| 2581 | L3Harris Technologies, Inc. | 540229 |
| 1226 | Northrop Grumman Corporation | 627724 |
| 2782 | Old Dominion Freight Line, Inc. | 460282 |
| 1905 | Rockwell Automation, Inc. | 492214 |
| 3715 | Rollins, Inc. | 200721 |
| 1644 | Snap-on, Inc. | 554044 |
| 16910 | Southwest Airlines Company | 567838 |
| 5886 | Textron, Inc. | 425264 |
| 2565 | Union Pacific Corporation | 605955 |
| 4707 | Xylem, Inc. | 562298 |
|  |  | 7199442 |
|  | **Materials - 3.1%** |  |
| 45420 | Amcor plc<sup>(a)</sup> | 440574 |
| 2299 | Ecolab, Inc. | 582842 |
| 13947 | Freeport-McMoRan, Inc. | 528033 |
| 4387 | Nucor Corporation | 527932 |
|  |  | 2079381 |
|  | **Real Estate - 3.4%** |  |
| 3001 | American Tower Corp. | 653018 |
| 3121 | Digital Realty Trust, Inc. | 447208 |
| 3668 | Extra Space Storage, Inc. | 544661 |
| 17903 | Invitation Homes, Inc. | 623920 |
|  |  | 2268807 |
|  | **Technology - 22.5%** |  |
| 4719 | Akamai Technologies, Inc.<sup>(a)</sup> | 379880 |
| 21944 | Apple, Inc. | 4874422 |
| 1944 | Automatic Data Processing, Inc. | 593950 |
| 10260 | Cisco Systems, Inc. | 633145 |
| 7321 | CoStar Group, Inc.<sup>(a)</sup> | 580042 |
| 659 | FactSet Research Systems, Inc. | 299608 |
| 7126 | Gen Digital, Inc. | 189124 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **Technology - 22.5% (Continued)** |  |
| 28655 | Intel Corp. | $650754 |
| 9314 | Microchip Technology, Inc. | 450891 |
| 6073 | Micron Technology, Inc. | 527683 |
| 9639 | Microsoft Corp. | 3618384 |
| 3385 | NetApp, Inc. | 297338 |
| 2643 | NXP Semiconductors N.V. | 502329 |
| 8519 | ON Semiconductor Corporation<sup>(a)</sup> | 346638 |
| 6394 | PayPal Holdings, Inc.<sup>(a)</sup> | 417209 |
| 3793 | QUALCOMM, Inc. | 582643 |
|  |  | 14944040 |
|  | **Utilities - 5.9%** |  |
| 4383 | American Water Works Company, Inc. | 646580 |
| 5437 | Duke Energy Corporation | 663151 |
| 7003 | Edison International | 412617 |
| 7220 | Evergy, Inc. | 497819 |
| 15662 | Exelon Corporation | 721705 |
| 14010 | FirstEnergy Corporation | 566284 |
| 11261 | PPL Corporation | 406635 |
|  |  | 3914791 |
|  | **TOTAL COMMON STOCKS (Cost $64,362,504)** | 64931334 |
|  | **EXCHANGE-TRADED FUNDS — 1.9%** |  |
|  | **Equity - 1.9%** |  |
| 3394 | iShares Russell 1000 Value Index Fund | 638615 |
| 3185 | iShares S&P 500 Value ETF | 606997 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,240,071)** | 1245612 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $65,602,575)** | $66176946 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 43954 |
|  | **NET ASSETS - 100.0%** | $66220900 |

---

See accompanying notes to financial statements.

ETF - Exchange-Traded Fund

Ltd. - Limited Company

N.V. - Naamioze Vennootschap

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

See accompanying notes to financial statements.

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.1%** |  |
|  | **Communications - 9.2%** |  |
| 39977 | Alphabet, Inc., Class A | $6182043 |
| 9916 | Alphabet, Inc., Class C | 1549177 |
| 540 | Booking Holdings, Inc. | 2487731 |
| 10298 | Meta Platforms, Inc., Class A | 5935355 |
| 9238 | T-Mobile US, Inc. | 2463867 |
| 33866 | Uber Technologies, Inc.<sup>(a)</sup> | 2467477 |
|  |  | 21085650 |
|  | **Consumer Discretionary - 10.2%** |  |
| 44348 | Amazon.com, Inc.<sup>(a)</sup> | 8437651 |
| 38902 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1953269 |
| 7821 | D.R. Horton, Inc. | 994283 |
| 27174 | General Motors Co. | 1277993 |
| 6609 | Hilton Worldwide Holdings, Inc.<sup>(a)</sup> | 1503878 |
| 6461 | Lennar Corporation, Class A | 741594 |
| 3018 | lululemon athletica, Inc.<sup>(a)</sup> | 854275 |
| 6355 | Marriott International, Inc., Class A | 1513761 |
| 1559 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 2233392 |
| 5577 | PulteGroup, Inc. | 573316 |
| 12980 | Tesla, Inc.<sup>(a)</sup> | 3363897 |
|  |  | 23447309 |
|  | **Consumer Staples - 4.8%** |  |
| 35313 | Coca-Cola Co. (The) | 2529117 |
| 33123 | Keurig Dr. Pepper, Inc. | 1133469 |
| 16338 | PepsiCo, Inc. | 2449720 |
| 14636 | Procter & Gamble Co. (The) | 2494267 |
| 28653 | Walmart, Inc. | 2515447 |
|  |  | 11122020 |
|  | **Energy - 3.7%** |  |
| 26658 | Baker Hughes Co. | 1171619 |
| 4949 | Diamondback Energy, Inc. | 791246 |
| 21681 | Exxon Mobil Corporation | 2578521 |
| 3144 | First Solar, Inc.<sup>(a)</sup> | 397496 |
| 23796 | Halliburton Company | 603705 |
| 11089 | Phillips 66 | 1369270 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.1% (Continued)** |  |
|  | **Energy - 3.7% (Continued)** |  |
| 38358 | Schlumberger Ltd. | $1603364 |
|  |  | 8515221 |
|  | **Financials - 11.2%** |  |
| 7333 | Allstate Corporation (The) | 1518444 |
| 9228 | American Express Co. | 2482793 |
| 16205 | American International Group, Inc. | 1408863 |
| 7009 | Arthur J. Gallagher & Co. | 2419787 |
| 58847 | Bank of America Corporation | 2455685 |
| 8607 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 4583916 |
| 8123 | Chubb Ltd. | 2453065 |
| 34316 | Citigroup, Inc. | 2436093 |
| 7930 | Hartford Insurance Group, Inc. (The) | 981179 |
| 13125 | JPMorgan Chase & Co. | 3219563 |
| 10849 | PNC Financial Services Group, Inc. (The) | 1906929 |
|  |  | 25866317 |
|  | **Health Care - 8.6%** |  |
| 7625 | Amgen, Inc. | 2375569 |
| 6535 | Cardinal Health, Inc. | 900327 |
| 13567 | Centene Corporation<sup>(a)</sup> | 823653 |
| 5454 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 460045 |
| 3703 | Eli Lilly & Co. | 3058344 |
| 21918 | Gilead Sciences, Inc. | 2455912 |
| 1851 | Insulet Corporation<sup>(a)</sup> | 486091 |
| 25829 | Merck & Co., Inc. | 2318411 |
| 4880 | UnitedHealth Group, Inc. | 2555900 |
| 4706 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2281563 |
| 12269 | Zoetis, Inc. | 2020091 |
|  |  | 19735906 |
|  | **Industrials - 9.8%** |  |
| 32895 | Amphenol Corporation, Class A | 2157583 |
| 7220 | Caterpillar, Inc. | 2381155 |
| 9533 | Cintas Corp. | 1959318 |
| 4999 | Deere & Company | 2346281 |
| 17301 | Delta Air Lines, Inc. | 754324 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.1% (Continued)** |  |
|  | **Industrials - 9.8% (Continued)** |  |
| 15630 | Fastenal Company | $1212107 |
| 12133 | General Electric, Co. | 2428420 |
| 1031 | Huntington Ingalls Industries, Inc. | 210365 |
| 1477 | Nordson Corporation | 297940 |
| 3475 | Parker-Hannifin Corporation | 2112279 |
| 5594 | Republic Services, Inc. | 1354643 |
| 16011 | Southwest Airlines Company | 537649 |
| 10186 | Union Pacific Corporation | 2406341 |
| 1796 | United Rentals, Inc.<sup>(a)</sup> | 1125553 |
| 1218 | W.W. Grainger, Inc. | 1203177 |
|  |  | 22487135 |
|  | **Materials - 2.3%** |  |
| 39454 | Amcor plc<sup>(a)</sup> | 382704 |
| 7020 | Ecolab, Inc. | 1779710 |
| 6645 | Sherwin-Williams Company (The) | 2320368 |
| 3541 | Vulcan Materials Company | 826115 |
|  |  | 5308897 |
|  | **Real Estate - 3.0%** |  |
| 11161 | American Tower Corp. | 2428634 |
| 8020 | CBRE Group, Inc., Class A<sup>(a)</sup> | 1048856 |
| 8022 | Iron Mountain, Inc. | 690213 |
| 24158 | Realty Income Corp. | 1401405 |
| 8350 | Simon Property Group, Inc. | 1386768 |
|  |  | 6955876 |
|  | **Technology - 31.0%** |  |
| 70657 | Apple, Inc. | 15695039 |
| 22009 | Broadcom, Inc. | 3684967 |
| 40505 | Cisco Systems, Inc. | 2499564 |
| 660 | Fair Isaac Corporation<sup>(a)</sup> | 1217146 |
| 11084 | Fiserv, Inc.<sup>(a)</sup> | 2447680 |
| 2189 | Gartner, Inc.<sup>(a)</sup> | 918811 |
| 4062 | Intuit, Inc. | 2494027 |
| 2037 | Jack Henry & Associates, Inc. | 371956 |
| 4632 | Mastercard, Inc., Class A | 2538892 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.1% (Continued)** |  |
|  | **Technology - 31.0% (Continued)** |  |
| 34926 | Microsoft Corp. | $13110871 |
| 114996 | NVIDIA Corp. | 12463266 |
| 6939 | NXP Semiconductors N.V. | 1318826 |
| 11511 | ON Semiconductor Corp.<sup>(a)</sup> | 468383 |
| 16328 | Oracle Corporation | 2282818 |
| 13135 | Palo Alto Networks, Inc.<sup>(a)</sup> | 2241356 |
| 1236 | Paycom Software, Inc.<sup>(a)</sup> | 270041 |
| 27101 | PayPal Holdings, Inc.<sup>(a)</sup> | 1768340 |
| 4943 | S&P Global, Inc. | 2511538 |
| 8772 | salesforce.com, Inc. | 2354054 |
| 1162 | Tyler Technologies, Inc.<sup>(a)</sup> | 675575 |
|  |  | 71333150 |
|  | **Utilities - 3.3%** |  |
| 5407 | American Water Works Company, Inc. | 797641 |
| 8755 | Constellation Energy Corp. | 1765270 |
| 19843 | Duke Energy Corporation | 2420251 |
| 27687 | Exelon Corp. | 1275817 |
| 14167 | FirstEnergy Corporation | 572630 |
| 20389 | PPL Corporation | 736247 |
|  |  | 7567856 |
|  | **TOTAL COMMON STOCKS (Cost $229,330,911)** | 223425337 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 4100 | iShares Core S&P 500 ETF | 2303790 |
| 4107 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | 2297415 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,664,700)** | 4601205 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $233,995,611)** | $228026542 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | 2160435 |
|  | **NET ASSETS - 100.0%** | $230186977 |

---

ETF - Exchange-Traded Fund

Ltd. - Limited Company

N.V. - Naamioze Vennootschap

PLC - Public Limited Company

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Non-income producing security.

See accompanying notes to financial statements.

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **Communications - 1.6%** |  |
| 4961 | Expedia Group, Inc.<sup>(a)</sup> | $833944 |
| 5760 | New York Times Company (The), Class A | 285696 |
|  |  | 1119640 |
|  | **Consumer Discretionary - 11.7%** |  |
| 3333 | Abercrombie & Fitch Company, Class A | 254541 |
| 2638 | Boyd Gaming Corporation<sup>(a)</sup> | 173660 |
| 4104 | Burlington Stores, Inc.<sup>(a)</sup> | 978106 |
| 4802 | Churchill Downs, Inc. | 533358 |
| 3798 | Crocs, Inc.<sup>(a)</sup> | 403348 |
| 5681 | Deckers Outdoor Corporation<sup>(a)</sup> | 635192 |
| 2262 | Dick's Sporting Goods, Inc. | 455929 |
| 6091 | Gentex Corporation | 141920 |
| 1869 | Grand Canyon Education, Inc.<sup>(a)</sup> | 323374 |
| 5771 | Light & Wonder, Inc.<sup>(a)</sup> | 499826 |
| 6334 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 827094 |
| 1624 | Ralph Lauren Corporation | 358482 |
| 1028 | Scotts Miracle-Gro Company (The)<sup>(a)</sup> | 56427 |
| 6684 | Tempur Sealy International, Inc. | 400238 |
| 4355 | Texas Roadhouse, Inc. | 725674 |
| 6601 | Toll Brothers, Inc. | 697000 |
| 4459 | Travel + Leisure Company | 206407 |
| 1903 | Wingstop, Inc.<sup>(a)</sup> | 429279 |
|  |  | 8099855 |
|  | **Consumer Staples - 4.5%** |  |
| 4067 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 464045 |
| 1669 | Casey's General Stores, Inc. | 724413 |
| 3672 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 230565 |
| 12461 | Monster Beverage Corporation<sup>(a)</sup> | 729218 |
| 6497 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 991701 |
|  |  | 3139942 |
|  | **Energy - 2.2%** |  |
| 6358 | DT Midstream, Inc. | 613420 |
| 4839 | Matador Resources Company<sup>(a)</sup> | 247225 |
| 41586 | Permian Resources Corporation | 575966 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Energy - 2.2% (Continued)** |  |
| 2273 | Weatherford International plc | $121719 |
|  |  | 1558330 |
|  | **Financials - 13.7%** |  |
| 9605 | Brown & Brown, Inc. | 1194861 |
| 2932 | Cullen/Frost Bankers, Inc. | 367086 |
| 6594 | Discover Financial Services | 1125596 |
| 9058 | East West Bancorp, Inc. | 813046 |
| 2321 | Evercore, Inc., Class A | 463550 |
| 2725 | Hamilton Lane, Inc., Class A<sup>(a)</sup> | 405126 |
| 3501 | HOULIHAN LOKEY, INC. | 565412 |
| 7093 | Interactive Brokers Group, Inc., Class A | 1174530 |
| 1438 | Kinsale Capital Group, Inc. | 699889 |
| 7947 | MGIC Investment Corp. | 196927 |
| 2175 | Primerica, Inc. | 618853 |
| 3384 | RenaissanceRe Holdings Ltd. | 812160 |
| 6952 | Ryan Specialty Group Holdings, Inc.<sup>(a)</sup> | 513544 |
| 7108 | Western Alliance Bancorp. | 546108 |
|  |  | 9496688 |
|  | **Health Care - 10.6%** |  |
| 1822 | DaVita, Inc.<sup>(a)</sup> | 278711 |
| 6789 | DexCom, Inc.<sup>(a)</sup> | 463621 |
| 4692 | Encompass Health Corporation | 475206 |
| 3699 | Ensign Group, Inc. (The) | 478651 |
| 18697 | Exelixis, Inc.<sup>(a)</sup> | 690293 |
| 7424 | Globus Medical, Inc., Class A<sup>(a)</sup> | 543437 |
| 8300 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 529623 |
| 4544 | Lantheus Holdings, Inc.<sup>(a)</sup> | 443494 |
| 1665 | Medpace Holdings, Inc.<sup>(a)</sup> | 507309 |
| 6620 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 732172 |
| 1627 | Penumbra, Inc.<sup>(a)</sup> | 435076 |
| 6221 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 397024 |
| 3778 | Tenet Healthcare Corporation<sup>(a)</sup> | 508141 |
| 2916 | United Therapeutics Corporation<sup>(a)</sup> | 898915 |
|  |  | 7381673 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Industrials - 25.1%** |  |
| 4387 | AAON, Inc. | $342756 |
| 4633 | AECOM<sup>(a)</sup> | 429618 |
| 1865 | Allegion plc | 243308 |
| 42800 | American Airlines Group, Inc. | 451540 |
| 2510 | Applied Industrial Technologies, Inc. | 565603 |
| 5969 | BWX Technologies, Inc. | 588842 |
| 2729 | Chart Industries, Inc.<sup>(a)</sup> | 393958 |
| 3306 | Clean Harbors, Inc.<sup>(a)</sup> | 651613 |
| 2301 | Comfort Systems USA, Inc. | 741681 |
| 7811 | Core & Main, Inc., Class A<sup>(a)</sup> | 377349 |
| 2480 | Curtiss-Wright Corporation | 786829 |
| 4459 | Donaldson Company, Inc. | 299021 |
| 2997 | EMCOR Group, Inc. | 1107781 |
| 3683 | Esab Corp. | 429070 |
| 5405 | Graco, Inc. | 451372 |
| 8934 | H&R Block, Inc. | 490566 |
| 3766 | ITT, Inc. | 486416 |
| 2098 | Lennox International, Inc. | 1176622 |
| 2092 | Lincoln Electric Holdings, Inc. | 395723 |
| 4007 | MasTec, Inc.<sup>(a)</sup> | 467657 |
| 1426 | Novanta, Inc.<sup>(a)</sup> | 182343 |
| 10790 | nVent Electric plc | 565612 |
| 12056 | RB Global, Inc. | 1209217 |
| 2021 | RBC Bearings, Inc.<sup>(a)</sup> | 650296 |
| 1727 | Saia, Inc.<sup>(a)</sup> | 603466 |
| 17508 | Tetra Tech, Inc. | 512109 |
| 1918 | TopBuild Corporation<sup>(a)</sup> | 584894 |
| 4120 | Vontier Corp. | 135342 |
| 1407 | Watsco, Inc. | 715179 |
| 908 | Watts Water Technologies, Inc., Class A | 185159 |
| 3893 | Woodward, Inc. | 710433 |
| 3723 | XPO Logistics, Inc.<sup>(a)</sup> | 400520 |
|  |  | 17331895 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Materials - 5.0%** |  |
| 2294 | AptarGroup, Inc. | $340384 |
| 7683 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 254845 |
| 2187 | Eagle Materials, Inc. | 485361 |
| 4655 | Ecolab, Inc. | 1180136 |
| 4081 | Louisiana-Pacific Corporation | 375370 |
| 4784 | RPM International, Inc. | 553413 |
| 1813 | Simpson Manufacturing Company, Inc. | 284786 |
|  |  | 3474295 |
|  | **Real Estate - 5.2%** |  |
| 7884 | American Homes 4 Rent, Class A | 298094 |
| 6237 | Equity LifeStyle Properties, Inc. | 416008 |
| 7713 | Gaming and Leisure Properties, Inc. | 392592 |
| 3619 | Lamar Advertising Company, Class A | 411770 |
| 6540 | Simon Property Group, Inc. | 1086163 |
| 759 | Texas Pacific Land Corp. | 1005667 |
|  |  | 3610294 |
|  | **Technology - 16.7%** |  |
| 1556 | ANSYS, Inc.<sup>(a)</sup> | 492567 |
| 1504 | AppFolio, Inc., Class A<sup>(a)</sup> | 330730 |
| 2076 | Broadridge Financial Solutions, Inc. | 503347 |
| 2113 | Cirrus Logic, Inc.<sup>(a)</sup> | 210571 |
| 2830 | CommVault Systems, Inc.<sup>(a)</sup> | 446461 |
| 13246 | DocuSign, Inc.<sup>(a)</sup> | 1078224 |
| 8862 | Dropbox, Inc., CLASS A<sup>(a)</sup> | 236704 |
| 2470 | DUOLINGO<sup>(a)</sup> | 767034 |
| 2356 | Fabrinet<sup>(a)</sup> | 465334 |
| 5709 | HealthEquity, Inc.<sup>(a)</sup> | 504504 |
| 4407 | Lattice Semiconductor Corporation<sup>(a)</sup> | 231147 |
| 3969 | Manhattan Associates, Inc.<sup>(a)</sup> | 686796 |
| 1754 | Morningstar, Inc. | 525972 |
| 6078 | Paychex, Inc. | 937714 |
| 1954 | Paycom Software, Inc.<sup>(a)</sup> | 426910 |
| 2836 | Paylocity Holding Corporation<sup>(a)</sup> | 531296 |
| 20318 | Pure Storage, Inc., Class A<sup>(a)</sup> | 899478 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Technology - 16.7% (Continued)** |  |
| 1384 | Qualys, Inc.<sup>(a)</sup> | $174287 |
| 20307 | Super Micro Computer, Inc.<sup>(a)</sup> | 695312 |
| 1724 | Tyler Technologies, Inc.<sup>(a)</sup> | 1002316 |
| 1321 | Universal Display Corporation<sup>(a)</sup> | 184253 |
| 1818 | WEX, Inc.<sup>(a)</sup> | 285462 |
|  |  | 11616419 |
|  | **Utilities - 1.1%** |  |
| 9482 | Public Service Enterprise Group, Inc. | 780369 |
|  | **TOTAL COMMON STOCKS (Cost $73,718,605)** | 67609400 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 5932 | iShares Russell Mid-Cap Growth ETF | 696951 |
| 8226 | iShares S&P MidCap 400 Growth Index | 685061 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,377,686)** | 1382012 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $75,096,291)** | $68991412 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | 398929 |
|  | **NET ASSETS - 100.0%** | $69390341 |

---

ETF - Exchange-Traded Fund

Ltd. - Limited Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.4%** |  |
|  | **Communications - 8.2%** |  |
| 4228 | Anterix, Inc.<sup>(a)</sup> | $154745 |
| 121 | AppLovin Corporation, Class A<sup>(a)</sup> | 32061 |
| 2189 | AST SpaceMobile, Inc.<sup>(a)</sup> | 49778 |
| 8375 | AT&T, Inc. | 236844 |
| 7534 | ATN International, Inc. | 153016 |
| 2826 | Cogent Communications Holdings, Inc. | 173262 |
| 469 | Expedia Group, Inc.<sup>(a)</sup> | 78839 |
| 7186 | Globalstar, Inc.<sup>(a)</sup> | 149900 |
| 1284 | GoDaddy, Inc., Class A<sup>(a)</sup> | 231300 |
| 4486 | IDT Corporation, Class B | 230176 |
| 7180 | Iridium Communications, Inc.<sup>(a)</sup> | 196158 |
| 19749 | Liberty Global Ltd., Class A<sup>(a)</sup> | 227311 |
| 33662 | Liberty Latin America Ltd., C<sup>(a)</sup> | 209041 |
| 7129 | Shenandoah Telecommunications Company | 89612 |
| 10623 | Spok Holdings, Inc. | 174642 |
| 6095 | Telephone & Data Systems, Inc. | 236120 |
| 830 | T-Mobile US, Inc. | 221369 |
| 5113 | Verizon Communications, Inc. | 231926 |
|  |  | 3076100 |
|  | **Consumer Discretionary - 5.5%** |  |
| 567 | Adtalem Global Education, Inc.<sup>(a)</sup> | 57063 |
| 293 | Amazon.com, Inc.<sup>(a)</sup> | 55746 |
| 1196 | Armstrong World Industries, Inc. | 168492 |
| 1367 | Avis Budget Group, Inc.<sup>(a)</sup> | 103755 |
| 640 | Builders FirstSource, Inc.<sup>(a)</sup> | 79962 |
| 2509 | Carnival Corporation | 49001 |
| 1004 | Churchill Downs, Inc. | 111514 |
| 515 | Columbia Sportswear Company | 38980 |
| 1652 | eBay, Inc.<sup>(a)</sup> | 111890 |
| 1117 | Etsy, Inc.<sup>(a)</sup> | 52700 |
| 1130 | Fortune Brands Home & Security, Inc. | 68794 |
| 287 | Grand Canyon Education, Inc.<sup>(a)</sup> | 49657 |
| 6636 | Hanesbrands, Inc.<sup>(a)</sup> | 38290 |
| 1983 | Kontoor Brands, Inc. | 127170 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.4% (Continued)** |  |
|  | **Consumer Discretionary - 5.5% (Continued)** |  |
| 739 | Lowe's Cos., Inc. | $172357 |
| 2745 | Masco Corporation | 190888 |
| 1765 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 33464 |
| 4413 | Peloton Interactive, Inc., Class A<sup>(a)</sup> | 27890 |
| 674 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 65115 |
| 1764 | Prog Holdings, Inc. | 46922 |
| 1262 | PVH Corporation | 81576 |
| 383 | Ralph Lauren Corporation | 84543 |
| 2044 | Red Rock Resorts, Inc., Class A | 88648 |
| 595 | Royal Caribbean Cruises Ltd. | 122238 |
| 1224 | ScanSource, Inc.<sup>(a)</sup> | 41628 |
|  |  | 2068283 |
|  | **Consumer Staples - 1.6%** |  |
| 3967 | Altria Group, Inc. | 238100 |
| 1942 | Colgate-Palmolive Company | 181965 |
| 496 | Ingredion, Inc. | 67064 |
| 524 | Philip Morris International, Inc. | 83175 |
| 1223 | Primo Brands Corp. | 43404 |
|  |  | 613708 |
|  | **Energy - 2.8%** |  |
| 6407 | Antero Midstream Corporation | 115326 |
| 364 | Cheniere Energy, Inc. | 84230 |
| 3950 | Civitas Resources, Inc. | 137816 |
| 3413 | DNOW, Inc.<sup>(a)</sup> | 58294 |
| 1394 | DT Midstream, Inc. | 134493 |
| 357 | EOG Resources, Inc. | 45782 |
| 1773 | Murphy Oil Corporation | 50353 |
| 5000 | Northern Oil and Gas, Inc. | 151149 |
| 1336 | Ovintiv, Inc. | 57181 |
| 1127 | Riley Exploration Permian, Inc. | 32875 |
| 2196 | Williams Companies, Inc. (The) | 131233 |
| 1690 | World Fuel Services Corporation | 47928 |
|  |  | 1046660 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.4% (Continued)** |  |
|  | **Financials - 6.5%** |  |
| 1474 | AerCap Holdings N.V.<sup>(a)</sup> | $150599 |
| 2387 | Air Lease Corporation | 115316 |
| 212 | Ameriprise Financial, Inc. | 102631 |
| 3702 | Annaly Capital Management, Inc. | 75188 |
| 530 | Assured Guaranty Ltd. | 46693 |
| 1078 | Charles Schwab Corp. (The) | 84386 |
| 3086 | Chimera Investment Corporation | 39593 |
| 5085 | Citizens Financial Group, Inc. | 208332 |
| 1371 | Commerce Bancshares, Inc. | 85317 |
| 500 | Cullen/Frost Bankers, Inc. | 62600 |
| 3190 | Fifth Third Bancorp | 125048 |
| 612 | Interactive Brokers Group, Inc., Class A | 101341 |
| 13113 | Invesco Mortgage Capital, Inc. | 103462 |
| 803 | Jackson Financial Corp. | 67275 |
| 1046 | LendingTree, Inc.<sup>(a)</sup> | 52582 |
| 8371 | MFA Financial, Inc. | 85886 |
| 5636 | Navient Corp. | 71183 |
| 616 | PNC Financial Services Group, Inc. (The) | 108274 |
| 643 | QCR Holdings, Inc. | 45859 |
| 9628 | Regions Financial Corporation | 209217 |
| 865 | Reinsurance Group of America, Inc. | 170319 |
| 7333 | Starwood Property Trust, Inc. | 144973 |
| 1417 | Synchrony Financial | 75016 |
| 7009 | TPG RE Finance Trust, Inc. | 57123 |
| 794 | Zions Bancorporation | 39589 |
|  |  | 2427802 |
|  | **Health Care - 4.5%** |  |
| 8235 | BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 61763 |
| 1110 | Biogen, Inc.<sup>(a)</sup> | 151891 |
| 367 | DaVita, Inc.<sup>(a)</sup> | 56140 |
| 3540 | Exelixis, Inc.<sup>(a)</sup> | 130697 |
| 1195 | Gilead Sciences, Inc. | 133900 |
| 685 | Globus Medical, Inc., Class A<sup>(a)</sup> | 50142 |
| 1045 | Incyte Corporation<sup>(a)</sup> | 63275 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.4% (Continued)** |  |
|  | **Health Care - 4.5% (Continued)** |  |
| 1628 | Merck & Company, Inc. | $146130 |
| 5206 | Organon & Co. | 77517 |
| 419 | PerkinElmer, Inc. | 44330 |
| 8448 | Premier, Inc., Class A | 162877 |
| 885 | Tenet Healthcare Corporation<sup>(a)</sup> | 119033 |
| 2816 | Teva Pharmaceutical Industries Ltd. - ADR | 43282 |
| 99 | United Therapeutics Corporation<sup>(a)</sup> | 30519 |
| 301 | Waters Corporation<sup>(a)</sup> | 110940 |
| 696 | Zimmer Biomet Holdings, Inc. | 78773 |
| 1333 | Zoetis, Inc. | 219478 |
|  |  | 1680687 |
|  | **Industrials - 9.5%** |  |
| 1538 | 3M Company | 225871 |
| 792 | A.O. Smith Corporation | 51765 |
| 27617 | ADT, Inc. | 224802 |
| 525 | Allegion plc | 68492 |
| 1222 | Allison Transmission Holdings, Inc. | 116909 |
| 260 | Applied Industrial Technologies, Inc. | 58588 |
| 625 | Atkore International Group, Inc. | 37494 |
| 1167 | C.H. Robinson Worldwide, Inc. | 119501 |
| 1478 | Core & Main, Inc., Class A<sup>(a)</sup> | 71402 |
| 7393 | Costamare, Inc. | 72747 |
| 1536 | CSX Corporation | 45204 |
| 150 | Curtiss-Wright Corporation | 47591 |
| 2379 | Delta Air Lines, Inc. | 103724 |
| 124 | EMCOR Group, Inc. | 45834 |
| 573 | Expeditors International of Washington, Inc. | 68903 |
| 1878 | Flowserve Corporation | 91722 |
| 1298 | Fluor Corporation | 46494 |
| 2578 | Genco Shipping & Trade Ltd.<sup>(a)</sup> | 34442 |
| 429 | Generac Holdings, Inc.<sup>(a)</sup> | 54333 |
| 336 | General Electric, Co. | 67250 |
| 720 | Granite Construction, Inc. | 54288 |
| 1243 | H&R Block, Inc. | 68253 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.4% (Continued)** |  |
|  | **Industrials - 9.5% (Continued)** |  |
| 880 | Herc Holdings, Inc.<sup>(a)</sup> | $118158 |
| 436 | Illinois Tool Works, Inc. | 108132 |
| 936 | Kirby Corporation<sup>(a)</sup> | 94545 |
| 123 | Lennox International, Inc. | 68982 |
| 819 | Otis Worldwide Corporation | 84521 |
| 881 | Pentair plc | 77070 |
| 2165 | REV GROUP, INC. | 68414 |
| 896 | Ryder System, Inc. | 128854 |
| 818 | SkyWest, Inc. | 71469 |
| 237 | Snap-on, Inc. | 79871 |
| 2444 | Toro Company (The) | 177801 |
| 423 | Trane Technologies plc | 142517 |
| 59 | TransDigm Group, Inc.<sup>(a)</sup> | 81614 |
| 2345 | Tutor Perini Corporation<sup>(a)</sup> | 54357 |
| 915 | Union Pacific Corporation | 216160 |
| 1585 | United Airlines Holdings, Inc.<sup>(a)</sup> | 109445 |
| 286 | Valmont Industries, Inc. | 81616 |
| 326 | WESCO International, Inc.<sup>(a)</sup> | 50628 |
|  |  | 3589763 |
|  | **Materials - 0.9%** |  |
| 391 | Carlisle Companies, Inc. | 133136 |
| 5118 | MDU Resources Group, Inc. | 86545 |
| 2406 | Olympic Steel, Inc. | 75837 |
| 529 | Tecnoglass, Inc.<sup>(a)</sup> | 37850 |
|  |  | 333368 |
|  | **Real Estate - 0.1%** |  |
| 5051 | AGNC Investment Corporation | 48389 |
|  | **Technology - 9.9%** |  |
| 1835 | ACI Worldwide, Inc.<sup>(a)</sup> | 100393 |
| 636 | Akamai Technologies, Inc.<sup>(a)</sup> | 51198 |
| 1876 | Avnet, Inc. | 90217 |
| 13640 | Bandwidth, Inc., Class A<sup>(a)</sup> | 178684 |
| 1465 | Benchmark Electronics, Inc.<sup>(a)</sup> | 55714 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.4% (Continued)** |  |
|  | **Technology - 9.9% (Continued)** |  |
| 674 | Bill.com Holdings, Inc.<sup>(a)</sup> | $30930 |
| 601 | Cirrus Logic, Inc.<sup>(a)</sup> | 59893 |
| 2633 | Clear Secure, Inc., Class A | 68221 |
| 1402 | Corning, Inc. | 64184 |
| 3280 | Dropbox, Inc., Class A<sup>(a)</sup> | 87609 |
| 334 | F5, Inc.<sup>(a)</sup> | 88934 |
| 102 | Fair Isaac Corporation<sup>(a)</sup> | 188104 |
| 931 | Fidelity National Information Services, Inc. | 69527 |
| 208 | Fiserv, Inc.<sup>(a)</sup> | 45933 |
| 238 | Gartner, Inc.<sup>(a)</sup> | 99898 |
| 8156 | Gen Digital, Inc. | 216460 |
| 1110 | Global Payments, Inc. | 108691 |
| 2535 | Informatica, Inc., Class A<sup>(a)</sup> | 44236 |
| 222 | Intuit, Inc. | 136306 |
| 198 | Microsoft Corp. | 74327 |
| 236 | Moody's Corp. | 109903 |
| 408 | Motorola Solutions, Inc. | 178627 |
| 385 | MSCI, Inc. | 217717 |
| 1380 | NetApp, Inc. | 121219 |
| 1063 | Nutanix, Inc., Class A<sup>(a)</sup> | 74208 |
| 567 | Oracle Corporation | 79272 |
| 1071 | PayPal Holdings, Inc.<sup>(a)</sup> | 69883 |
| 960 | Pegasystems, Inc. | 66739 |
| 357 | Plexus Corporation<sup>(a)</sup> | 45742 |
| 898 | Progress Software Corporation | 46256 |
| 629 | PTC, Inc.<sup>(a)</sup> | 97464 |
| 536 | QUALCOMM, Inc. | 82334 |
| 4340 | Rapid7, Inc.<sup>(a)</sup> | 115053 |
| 1993 | RingCentral, Inc., Class A<sup>(a)</sup> | 49347 |
| 250 | S&P Global, Inc. | 127025 |
| 305 | Texas Instruments, Inc. | 54809 |
| 296 | Ubiquiti Networks, Inc. | 91802 |
| 674 | Wix.com Limited<sup>(a)</sup> | 110118 |
| 7041 | Yext, Inc.<sup>(a)</sup> | 43373 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 57.4% (Continued)** |  |
|  | **Technology - 9.9% (Continued)** |  |
| 463 | Zebra Technologies Corporation, Class A<sup>(a)</sup> | $130825 |
|  |  | 3771175 |
|  | **Utilities - 7.9%** |  |
| 652 | American Electric Power Company, Inc. | 71244 |
| 1056 | American Water Works Company, Inc. | 155781 |
| 2164 | California Water Service Group | 104868 |
| 4229 | CenterPoint Energy, Inc. | 153217 |
| 729 | CMS Energy Corporation | 54755 |
| 2441 | Consolidated Water Company Ltd. | 59780 |
| 1911 | Duke Energy Corporation | 233085 |
| 1087 | Edison International | 64046 |
| 547 | Entergy Corporation | 46763 |
| 1531 | Essential Utilities, Inc. | 60520 |
| 1866 | Evergy, Inc. | 128661 |
| 3063 | National Fuel Gas Company | 242559 |
| 2756 | NextEra Energy, Inc. | 195373 |
| 4835 | NiSource, Inc. | 193835 |
| 2226 | NRG Energy, Inc. | 212494 |
| 4972 | OGE Energy Corporation | 228512 |
| 1996 | Otter Tail Corporation | 160419 |
| 7203 | PG&E Corporation | 123748 |
| 1726 | Public Service Enterprise Group, Inc. | 142050 |
| 2505 | Southern Company (The) | 230334 |
| 303 | Vistra Energy Corporation | 35584 |
| 596 | WEC Energy Group, Inc. | 64952 |
|  |  | 2962580 |
|  | **TOTAL COMMON STOCKS (Cost $22,628,813)** | 21618515 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| 10000000 United States Treasury Bill<sup>(b)</sup> (Cost $9,991,769) |  | 04/08/25 | 9991752 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 83.9% (Cost $32,620,582)** | $31610267 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.1%** | 6083125 |
| **NET ASSETS - 100.0%** | $37693392 |

---

ADR - American Depositary Receipt

LTD - Limited Company

MSCI - Morgan Stanley Capital International

N.V. - Naamioze Vennootschap

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Zero coupon bond.

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $338056 | 2307 | 3M Co | OBFR + 45 bps | 12/22/2025 | $(464) | $- | $(464) |
| 17439 | 133400 | 89Bio Inc | OBFR - 35 bps | 12/22/2025 | 7987 |  | 7987 |
| 30872 | 163189 | Abeona Therapeutics | OBFR + 45 bps | 11/26/2025 | 16847 |  | 16847 |
| 148738 | 2753 | Aci Worldwide Inc | OBFR - 35 bps | 12/22/2025 | (36) |  | (36) |
| 23494 | 507026 | Acv Auctions Inc-A | OBFR + 45 bps | 12/22/2025 | 183231 |  | 183231 |
| 291776 | 41426 | Adt Inc | OBFR - 35 bps | 11/21/2025 | 44522 |  | 44522 |
| 83829 | 851 | Adtalem Global Education | OBFR + 45 bps | 11/26/2025 | 1437 |  | 1437 |
| 12517 | 359325 | Advansix Inc | OBFR + 45 bps | 12/22/2025 | 77673 |  | 77673 |
| 216254 | 2211 | Aercap Holdings Nv | OBFR - 35 bps | 12/22/2025 | 6561 |  | 6561 |
| 17374 | 111734 | Aersale Corp | OBFR + 45 bps | 12/22/2025 | (16837) |  | (16837) |
| 73702 | 7576 | Agnc Investment Corp | OBFR - 35 bps | 12/22/2025 | 2214 |  | 2214 |
| 171075 | 3580 | Air Lease Corp | OBFR + 45 bps | 12/22/2025 | 903 |  | 903 |
| 74724 | 954 | Akamai Technologies | OBFR + 45 bps | 12/22/2025 | 1804 |  | 1804 |
| 4410 | 458214 | Albemarle Corp | OBFR + 45 bps | 12/22/2025 | 143542 |  | 143542 |
| 13854 | 165294 | Alignment Healthcare | OBFR - 35 bps | 11/21/2025 | (91186) |  | (91186) |
| 102706 | 787 | Allegion Plc | OBFR - 35 bps | 12/22/2025 | (1) |  | (1) |
| 209081 | 1833 | Allison Transmission | OBFR + 45 bps | 12/22/2025 | (36022) |  | (36022) |
| 329435 | 5950 | Altria Group Inc | OBFR + 45 bps | 12/22/2025 | 33806 |  | 33806 |
| 92217 | 439 | Amazon.Com Inc | OBFR + 45 bps | 11/26/2025 | (9109) |  | (9109) |
| 6221 | 124595 | Amentum Holdings Inc | OBFR + 45 bps | 11/26/2025 | 11841 |  | 11841 |
| 95834 | 977 | American Electric Power | OBFR - 35 bps | 12/22/2025 | 10248 |  | 10248 |
| 9842 | 278685 | American Healthcare | OBFR + 45 bps | 12/22/2025 | (20221) |  | (20221) |
| 198135 | 1584 | American Water Works | OBFR - 35 bps | 11/21/2025 | 33729 |  | 33729 |
| 166291 | 318 | Ameriprise Financial | OBFR + 45 bps | 11/26/2025 | (13095) |  | (13095) |
| 110096 | 5553 | Annaly Capital Management | OBFR + 45 bps | 12/22/2025 | 8379 |  | 8379 |
| 239404 | 6342 | Anterix Inc | OBFR + 45 bps | 11/26/2025 | (8368) |  | (8368) |
| 151817 | 9611 | Antero Midstream Corp | OBFR + 45 bps | 12/22/2025 | 20829 |  | 20829 |
| 18425 | 165353 | Apartment Invt & Mgmt | OBFR + 45 bps | 12/22/2025 | 3781 |  | 3781 |
| 3503 | 115723 | Apogee Therapeutics | OBFR - 35 bps | 11/26/2025 | (14714) |  | (14714) |
| 11170 | 88948 | Applied Digital Corp | OBFR + 45 bps | 11/26/2025 | 26488 |  | 26488 |
| 96704 | 389 | Applied Industrial Technologies | OBFR - 78 bps | 11/21/2025 | (9923) |  | (9923) |
| 71226 | 182 | Applovin Corp. | OBFR + 45 bps | 11/26/2025 | (23322) |  | (23322) |
| 275849 | 1795 | Armstrong World Industries | OBFR - 35 bps | 12/22/2025 | (23406) |  | (23406) |
| 40644 | 279020 | Arq Inc | OBFR + 45 bps | 12/22/2025 | 112645 |  | 112645 |
| 29239 | 379707 | Aspen Aerogels Inc | OBFR - 35 bps | 11/21/2025 | 198111 |  | 198111 |
| 73289 | 795 | Assured Guaranty Ltd | OBFR - 35 bps | 11/26/2025 | (3310) |  | (3310) |
| 86504 | 3283 | Ast Spacemobile Inc | OBFR + 45 bps | 11/26/2025 | (12239) |  | (12239) |
| 28336 | 180176 | Astria Therapeutics | OBFR + 45 bps | 11/26/2025 | 29527 |  | 29527 |
| 291066 | 12563 | At&T Inc | OBFR - 35 bps | 12/22/2025 | 62921 |  | 62921 |
| 59968 | 938 | Atkore Inc | OBFR + 45 bps | 11/26/2025 | (3967) |  | (3967) |
| 9164 | 367731 | Atlanta Braves Holdi | OBFR + 45 bps | 12/22/2025 | 6197 |  | 6197 |
| 202627 | 11301 | Atn International Inc. | OBFR - 35 bps | 11/26/2025 | 28704 |  | 28704 |
| 3665 | 107226 | Avidity Biosciences | OBFR + 45 bps | 11/26/2025 | (562) |  | (562) |
| 173973 | 2050 | Avis Budget Group Inc | OBFR - 35 bps | 11/21/2025 | (19700) |  | (19700) |
| 145384 | 2815 | Avnet Inc | OBFR + 45 bps | 11/26/2025 | (9738) |  | (9738) |
| 6780 | 362708 | Ball Corp | OBFR + 45 bps | 11/21/2025 | 11608 |  | 11608 |
| 342793 | 20460 | Bandwidth Inc | OBFR - 35 bps | 12/22/2025 | (75996) |  | (75996) |
| 4794 | 132342 | Bbb Foods Inc | OBFR + 45 bps | 11/26/2025 | 4936 |  | 4936 |
| 88380 | 2198 | Benchmark Electronic | OBFR - 35 bps | 11/26/2025 | (4815) |  | (4815) |
| 54288 | 1010 | Bill Holdings Inc | OBFR + 45 bps | 11/26/2025 | (8184) |  | (8184) |
| 102883 | 12353 | Biocryst Pharmaceuti | OBFR + 45 bps | 11/26/2025 | (10700) |  | (10700) |
| 251162 | 1665 | Biogen Inc | OBFR + 45 bps | 11/21/2025 | (27263) |  | (27263) |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $17337 | 181938 | Blacksky Technology | OBFR + 45 bps | 12/22/2025 | $50265 | $- | $50265 |
| 27327 | 387137 | Boston Omaha Corp | OBFR - 35 bps | 12/22/2025 | (7021) |  | (7021) |
| 5075 | 98435 | Brt Apartments Corp | OBFR - 35 bps | 12/22/2025 | 11021 |  | 11021 |
| 160849 | 961 | Builders Firstsource | OBFR - 35 bps | 12/22/2025 | (43186) |  | (43186) |
| 174662 | 1751 | C.H. Robinson Worldwide | OBFR + 45 bps | 12/22/2025 | 5099 |  | 5099 |
| 147050 | 3245 | California Water Service | OBFR + 45 bps | 12/22/2025 | 9590 |  | 9590 |
| 258792 | 587 | Carlisle Cos Inc | OBFR + 45 bps | 12/22/2025 | (62545) |  | (62545) |
| 89362 | 3764 | Carnival Corp | OBFR + 45 bps | 11/26/2025 | (16254) |  | (16254) |
| 4435 | 494621 | Casella Waste System | OBFR + 45 bps | 12/22/2025 | 6005 |  | 6005 |
| 3830 | 304028 | Cbiz Inc | OBFR - 35 bps | 12/22/2025 | 17800 |  | 17800 |
| 6110 | 184742 | Ceco Environmental | OBFR - 35 bps | 12/22/2025 | 48051 |  | 48051 |
| 19995 | 231403 | Celcuity Inc | OBFR - 35 bps | 11/21/2025 | 31303 |  | 31303 |
| 16724 | 410401 | Celldex Therapeutics | OBFR - 35 bps | 12/22/2025 | 110885 |  | 110885 |
| 215982 | 6343 | Centerpoint Energy Inc | OBFR - 35 bps | 11/26/2025 | 12850 |  | 12850 |
| 13310 | 332501 | Cg Oncology Inc | OBFR + 45 bps | 11/26/2025 | 7789 |  | 7789 |
| 24485 | 488892 | Chemours Co. | OBFR - 35 bps | 12/22/2025 | 157802 |  | 157802 |
| 122481 | 546 | Cheniere Energy Inc | OBFR + 45 bps | 12/22/2025 | 2772 |  | 2772 |
| 66465 | 4629 | Chimera Investment Corp. | OBFR - 35 bps | 12/22/2025 | (5490) |  | (5490) |
| 172481 | 1505 | Churchill Downs Inc | OBFR + 45 bps | 11/26/2025 | (6099) |  | (6099) |
| 92652 | 901 | Cirrus Logic Inc | OBFR + 45 bps | 12/22/2025 | (4387) |  | (4387) |
| 339738 | 7628 | Citizens Financial Group | OBFR + 45 bps | 11/26/2025 | (28753) |  | (28753) |
| 279176 | 5925 | Civitas Resources Inc. | OBFR + 45 bps | 11/21/2025 | (73504) |  | (73504) |
| 14715 | 118313 | Cleanspark Inc | OBFR + 45 bps | 11/26/2025 | 19847 |  | 19847 |
| 93109 | 3950 | Clear Secure Inc | OBFR + 45 bps | 12/22/2025 | 10462 |  | 10462 |
| 10412 | 286610 | Clearwater Paper Corp | OBFR - 58 bps | 12/22/2025 | 25943 |  | 25943 |
| 75651 | 1093 | Cms Energy Corp | OBFR + 45 bps | 12/22/2025 | 5788 |  | 5788 |
| 336884 | 4238 | Cogent Communication | OBFR - 35 bps | 11/26/2025 | (74312) |  | (74312) |
| 274671 | 2914 | Colgate-Palmolive Co. | OBFR + 45 bps | 12/22/2025 | (4699) |  | (4699) |
| 70890 | 773 | Columbia Sportswear | OBFR + 45 bps | 11/26/2025 | (12469) |  | (12469) |
| 132262 | 2057 | Commerce Bancshares | OBFR + 45 bps | 11/26/2025 | (4286) |  | (4286) |
| 95867 | 3661 | Consolidated Water Co. | OBFR + 45 bps | 11/21/2025 | (7516) |  | (7516) |
| 110693 | 2218 | Core & Main Inc | OBFR + 45 bps | 11/26/2025 | (4042) |  | (4042) |
| 105058 | 2102 | Corning Inc | OBFR + 45 bps | 11/26/2025 | (8714) |  | (8714) |
| 148822 | 11089 | Costamare Inc | OBFR + 45 bps | 12/22/2025 | (40420) |  | (40420) |
| 7624 | 183935 | Coupang Inc | OBFR + 45 bps | 11/26/2025 | 17432 |  | 17432 |
| 1281 | 252520 | Cra International Inc | OBFR + 45 bps | 11/26/2025 | 30973 |  | 30973 |
| 2352 | 236634 | Crh Plc | OBFR - 35 bps | 11/26/2025 | 29747 |  | 29747 |
| 4761 | 153382 | Crinetics Pharmaceuticals | OBFR - 35 bps | 11/26/2025 | (5726) |  | (5726) |
| 74054 | 2304 | Csx Corp | OBFR - 35 bps | 11/26/2025 | (6282) |  | (6282) |
| 103149 | 749 | Cullen/Frost Bankers | OBFR - 35 bps | 11/26/2025 | (9128) |  | (9128) |
| 22533 | 526021 | Curbline Properties | OBFR + 45 bps | 12/22/2025 | (18926) |  | (18926) |
| 70791 | 226 | Curtiss-Wright Corp | OBFR + 45 bps | 12/22/2025 | 705 |  | 705 |
| 90249 | 550 | Davita Inc | OBFR - 35 bps | 12/22/2025 | (7604) |  | (7604) |
| 218589 | 3569 | Delta Air Lines Inc | OBFR + 45 bps | 11/21/2025 | (64195) |  | (64195) |
| 30456 | 250446 | Diamondrock Hospital | OBFR + 45 bps | 11/26/2025 | 13831 |  | 13831 |
| 5344 | 117431 | Dianthus Therapeutic | OBFR + 45 bps | 11/26/2025 | 20906 |  | 20906 |
| 932 | 147318 | Digital Realty Trust | OBFR - 35 bps | 12/22/2025 | 13141 |  | 13141 |
| 2785 | 165123 | Disc Medicine Inc | OBFR - 73 bps | 12/22/2025 | 28526 |  | 28526 |
| 66245 | 5120 | Dnow Inc | OBFR - 35 bps | 11/21/2025 | 20476 |  | 20476 |
| 2381 | 92399 | Dow Inc | OBFR - 35 bps | 11/21/2025 | 8425 |  | 8425 |
| 13927 | 348509 | Dream Finders Homes | OBFR + 45 bps | 11/26/2025 | 35627 |  | 35627 |
| 131888 | 4920 | Dropbox Inc-Class A | OBFR - 35 bps | 11/26/2025 | (1070) |  | (1070) |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $224936 | 2091 | Dt Midstream Inc | OBFR - 35 bps | 12/22/2025 | $(23592) | $- | $(23592) |
| 329123 | 2866 | Duke Energy Corp | OBFR + 45 bps | 12/22/2025 | 18009 |  | 18009 |
| 159952 | 2478 | Ebay Inc | OBFR + 45 bps | 12/22/2025 | 7148 |  | 7148 |
| 107348 | 1630 | Edison International | OBFR + 45 bps | 11/21/2025 | (12929) |  | (12929) |
| 12811 | 231204 | Ehang Holdings Ltd-S | OBFR + 45 bps | 11/21/2025 | (34414) |  | (34414) |
| 83889 | 186 | Emcor Group Inc | OBFR + 45 bps | 11/21/2025 | (16254) |  | (16254) |
| 69697 | 821 | Entergy Corp | OBFR - 68 bps | 11/26/2025 | 175 |  | 175 |
| 70616 | 536 | Eog Resources Inc | OBFR + 45 bps | 11/26/2025 | (2198) |  | (2198) |
| 3206 | 150587 | Eqt Corp | OBFR + 45 bps | 12/22/2025 | (19099) |  | (19099) |
| 87330 | 2297 | Essential Utilities | OBFR + 45 bps | 12/22/2025 | 3157 |  | 3157 |
| 88618 | 1676 | Etsy Inc | OBFR - 35 bps | 11/26/2025 | (9945) |  | (9945) |
| 179947 | 2799 | Evergy Inc | OBFR + 45 bps | 12/22/2025 | 12017 |  | 12017 |
| 183167 | 5310 | Exelixis Inc | OBFR + 45 bps | 12/22/2025 | 10865 |  | 10865 |
| 128629 | 704 | Expedia Group Inc | OBFR + 45 bps | 11/21/2025 | (11408) |  | (11408) |
| 102284 | 860 | Expeditors Intl Washington | OBFR + 45 bps | 12/22/2025 | 764 |  | 764 |
| 123567 | 501 | F5 Inc | OBFR + 45 bps | 12/22/2025 | 7886 |  | 7886 |
| 280784 | 153 | Fair Isaac Corp | OBFR + 45 bps | 11/21/2025 | (747) |  | (747) |
| 96634 | 1396 | Fidelity National Inc | OBFR + 45 bps | 11/26/2025 | 7742 |  | 7742 |
| 206572 | 4785 | Fifth Third Bancorp | OBFR + 45 bps | 11/26/2025 | (18162) |  | (18162) |
| 5466 | 112514 | First Watch Restaurants | OBFR + 45 bps | 11/26/2025 | 21928 |  | 21928 |
| 72259 | 312 | Fiserv Inc | OBFR + 45 bps | 11/26/2025 | (3687) |  | (3687) |
| 153170 | 2816 | Flowserve Corp | OBFR - 35 bps | 11/26/2025 | (15737) |  | (15737) |
| 71262 | 1947 | Fluor Corp | OBFR + 45 bps | 11/26/2025 | (1842) |  | (1842) |
| 5003 | 118694 | Forestar Group Inc | OBFR + 45 bps | 11/26/2025 | 13377 |  | 13377 |
| 112823 | 1695 | Fortune Brands Innovations | OBFR + 45 bps | 12/22/2025 | (10036) |  | (10036) |
| 12938 | 105345 | Frontier Group Holdings | OBFR - 35 bps | 11/21/2025 | 50147 |  | 50147 |
| 176755 | 358 | Gartner Inc | OBFR + 45 bps | 11/21/2025 | (28418) |  | (28418) |
| 340085 | 12234 | Gen Digital Inc | OBFR - 38 bps | 12/22/2025 | (17843) |  | (17843) |
| 63525 | 3866 | Genco Shipping & Trading Ltd. | OBFR + 45 bps | 12/22/2025 | (11705) |  | (11705) |
| 89295 | 643 | Generac Holdings Inc | OBFR + 45 bps | 11/26/2025 | (8263) |  | (8263) |
| 100200 | 504 | General Electric | OBFR + 45 bps | 11/26/2025 | 405 |  | 405 |
| 200152 | 1793 | Gilead Sciences Inc | OBFR + 45 bps | 11/26/2025 | 1266 |  | 1266 |
| 173223 | 1666 | Global Payments Inc | OBFR + 45 bps | 11/26/2025 | (10454) |  | (10454) |
| 211742 | 10779 | Globalstar Inc | OBFR + 45 bps | 11/26/2025 | 12151 |  | 12151 |
| 81464 | 1027 | Globus Medical Inc | OBFR + 45 bps | 11/26/2025 | (6656) |  | (6656) |
| 366219 | 1926 | Godaddy Inc | OBFR + 45 bps | 12/22/2025 | (24658) |  | (24658) |
| 76418 | 430 | Grand Canyon Education | OBFR + 45 bps | 11/26/2025 | (2364) |  | (2364) |
| 88460 | 1080 | Granite Construction | OBFR + 45 bps | 11/26/2025 | (7287) |  | (7287) |
| 6570 | 178525 | Graphic Packaging Holding co. | OBFR + 45 bps | 11/26/2025 | 7917 |  | 7917 |
| 4193 | 254139 | Greif Inc-Cl A | OBFR + 45 bps | 12/22/2025 | 22176 |  | 22176 |
| 11130 | 176367 | Grocery Outlet Holdings | OBFR - 35 bps | 11/26/2025 | 21435 |  | 21435 |
| 101248 | 1864 | H&R Block Inc | OBFR - 35 bps | 12/22/2025 | 1440 |  | 1440 |
| 3800 | 220290 | H.B. Fuller Co. | OBFR - 35 bps | 11/26/2025 | 7862 |  | 7862 |
| 14427 | 179289 | Hallador Energy Co | OBFR + 45 bps | 12/22/2025 | 4325 |  | 4325 |
| 64325 | 9954 | Hanesbrands Inc | OBFR - 35 bps | 11/26/2025 | (7180) |  | (7180) |
| 24443 | 272785 | Healthcare Services | OBFR + 45 bps | 12/22/2025 | 29079 |  | 29079 |
| 18129 | 367439 | Healthpeak Properties | OBFR - 35 bps | 11/26/2025 | 2251 |  | 2251 |
| 239642 | 1320 | Herc Holdings Inc | OBFR - 35 bps | 11/21/2025 | (64098) |  | (64098) |
| 12136 | 200849 | Huntsman Corp | OBFR - 35 bps | 11/21/2025 | 8004 |  | 8004 |
| 1694 | 213031 | Huron Consulting Group | OBFR + 45 bps | 12/22/2025 | (29244) |  | (29244) |
| 13019 | 331880 | Ideaya Biosciences | OBFR - 35 bps | 12/22/2025 | 122304 |  | 122304 |
| 339798 | 6729 | Idt Corp-Class B | OBFR - 35 bps | 12/22/2025 | 2511 |  | 2511 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $173016 | 654 | Illinois Tool Works | OBFR - 35 bps | 12/22/2025 | $(10458) | $- | $(10458) |
| 18177 | 183370 | Immunome Inc | OBFR + 45 bps | 11/21/2025 | 62728 |  | 62728 |
| 6719 | 175586 | Immunovant Inc | OBFR + 45 bps | 12/22/2025 | 63124 |  | 63124 |
| 116763 | 1568 | Incyte Corp | OBFR - 35 bps | 11/26/2025 | (22347) |  | (22347) |
| 91506 | 3803 | Informatica Inc | OBFR - 35 bps | 12/22/2025 | (26326) |  | (26326) |
| 7734 | 347397 | Ingevity Corp | OBFR + 45 bps | 12/22/2025 | 45516 |  | 45516 |
| 101442 | 745 | Ingredion Inc | OBFR + 45 bps | 12/22/2025 | (1748) |  | (1748) |
| 175022 | 918 | Interactive Brokers | OBFR - 35 bps | 11/21/2025 | (24700) |  | (24700) |
| 3580 | 293979 | Intl Flavors & Fragrances | OBFR + 45 bps | 11/21/2025 | 17365 |  | 17365 |
| 186262 | 333 | Intuit Inc | OBFR + 45 bps | 11/26/2025 | 17354 |  | 17354 |
| 161508 | 19670 | Invesco Mortgage Cap | OBFR - 35 bps | 12/22/2025 | (1050) |  | (1050) |
| 12423 | 108464 | Iren Ltd | OBFR + 45 bps | 11/26/2025 | 33216 |  | 33216 |
| 337818 | 10771 | Iridium Communications | OBFR + 45 bps | 11/26/2025 | (43572) |  | (43572) |
| 102354 | 1204 | Jackson Financial Inc. | OBFR - 35 bps | 11/26/2025 | (982) |  | (982) |
| 8252 | 231423 | Jakks Pacific Inc | OBFR + 45 bps | 11/26/2025 | 26654 |  | 26654 |
| 2963 | 219021 | John B. Sanfilippo & Son, Inc. | OBFR + 45 bps | 11/26/2025 | 9886 |  | 9886 |
| 6123 | 214571 | Joyy Inc-Adr | OBFR - 35 bps | 12/22/2025 | (39538) |  | (39538) |
| 16128 | 334038 | Ke Holdings Inc-Adr | OBFR - 35 bps | 12/22/2025 | 12454 |  | 12454 |
| 35513 | 376603 | Kennedy-Wilson Holdings | OBFR - 35 bps | 12/22/2025 | 65730 |  | 65730 |
| 142233 | 1404 | Kirby Corp | OBFR - 35 bps | 11/26/2025 | (1057) |  | (1057) |
| 231520 | 2975 | Kontoor Brands Inc | OBFR + 45 bps | 11/21/2025 | (41211) |  | (41211) |
| 2767 | 186350 | Kura Sushi Usa Inc-C | OBFR + 45 bps | 11/26/2025 | 45316 |  | 45316 |
| 67384 | 1569 | Lendingtree Inc | OBFR - 63 bps | 12/22/2025 | 10454 |  | 10454 |
| 114523 | 184 | Lennox International | OBFR + 45 bps | 11/26/2025 | (11847) |  | (11847) |
| 352311 | 29623 | Liberty Global Ltd-A | OBFR + 45 bps | 12/22/2025 | (13988) |  | (13988) |
| 342287 | 50493 | Liberty Latin America | OBFR + 45 bps | 12/22/2025 | (29954) |  | (29954) |
| 2666 | 189545 | Liberty Media Corp-L | OBFR + 45 bps | 12/22/2025 | 10514 |  | 10514 |
| 603 | 281735 | Linde Plc | OBFR - 35 bps | 11/26/2025 | 1108 |  | 1108 |
| 9711 | 544695 | Lineage Inc | OBFR - 35 bps | 11/21/2025 | (25178) |  | (25178) |
| 51317 | 382742 | Lions Gate Entertain | OBFR - 35 bps | 11/21/2025 | (18389) |  | (18389) |
| 22692 | 296144 | Liquidia Corp | OBFR - 35 bps | 11/21/2025 | (35165) |  | (35165) |
| 269800 | 1108 | Lowe'S Cos Inc | OBFR - 35 bps | 11/26/2025 | (12599) |  | (12599) |
| 24001 | 192068 | Lsb Industries Inc | OBFR + 45 bps | 12/22/2025 | 36066 |  | 36066 |
| 11105 | 218342 | Macerich Co/The | OBFR - 35 bps | 12/22/2025 | 28740 |  | 28740 |
| 7708 | 274025 | Madison Square Garden | OBFR - 35 bps | 12/22/2025 | 24247 |  | 24247 |
| 407 | 127296 | Madrigal Pharmaceuticals | OBFR - 35 bps | 12/22/2025 | (7079) |  | (7079) |
| 1787 | 170362 | Makemytrip Ltd | OBFR - 35 bps | 11/26/2025 | (4106) |  | (4106) |
| 10370 | 129461 | Mara Holdings Inc | OBFR - 35 bps | 11/26/2025 | 10692 |  | 10692 |
| 8809 | 315039 | Marcus & Millichap | OBFR - 58 bps | 12/22/2025 | 12369 |  | 12369 |
| 9900 | 217729 | Marcus Corporation | OBFR - 35 bps | 12/22/2025 | 54144 |  | 54144 |
| 314587 | 4117 | Masco Corp | OBFR - 35 bps | 12/22/2025 | (29419) |  | (29419) |
| 6105 | 116550 | Maui Land & Pineapple | OBFR + 45 bps | 12/22/2025 | 10261 |  | 10261 |
| 128664 | 7676 | Mdu Resources Group | OBFR - 35 bps | 11/26/2025 | 1554 |  | 1554 |
| 22302 | 142615 | Mercer International | OBFR + 45 bps | 12/22/2025 | 4035 |  | 4035 |
| 221944 | 2442 | Merck & Co. | OBFR - 35 bps | 12/22/2025 | (1569) |  | (1569) |
| 4186 | 185830 | Merus Nv | OBFR + 45 bps | 11/26/2025 | 10339 |  | 10339 |
| 135871 | 12557 | Mfa Financial Inc | OBFR - 35 bps | 12/22/2025 | (1252) |  | (1252) |
| 117964 | 296 | Microsoft Corp | OBFR + 45 bps | 11/26/2025 | (7381) |  | (7381) |
| 16091 | 312623 | Montrose Environment | OBFR + 45 bps | 12/22/2025 | 87115 |  | 87115 |
| 177202 | 353 | Moody'S Corp | OBFR - 35 bps | 11/26/2025 | (13614) |  | (13614) |
| 4895 | 200422 | Moonlake Immunotherapy | OBFR + 45 bps | 11/26/2025 | 9928 |  | 9928 |
| 12958 | 334851 | Mosaic Co. | OBFR - 35 bps | 12/22/2025 | (16020) |  | (16020) |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $283884 | 612 | Motorola Solutions Inc | OBFR + 45 bps | 12/22/2025 | $(18194) | $- | $(18194) |
| 336450 | 577 | Msci Inc | OBFR + 45 bps | 11/26/2025 | (11676) |  | (11676) |
| 73817 | 2660 | Murphy Oil Corp | OBFR + 45 bps | 11/26/2025 | 1394 |  | 1394 |
| 12988 | 80581 | National Cinemedia Inc. | OBFR - 35 bps | 11/21/2025 | 5068 |  | 5068 |
| 291877 | 4595 | National Fuel Gas Co | OBFR + 45 bps | 12/22/2025 | 71893 |  | 71893 |
| 114200 | 8454 | Navient Corp | OBFR + 45 bps | 11/21/2025 | (7385) |  | (7385) |
| 259836 | 2071 | Netapp Inc | OBFR + 45 bps | 12/22/2025 | (80947) |  | (80947) |
| 10683 | 134701 | Newmark Group Inc-Cl | OBFR - 35 bps | 11/21/2025 | 6004 |  | 6004 |
| 352 | 198078 | Newmarket Corp | OBFR - 35 bps | 11/26/2025 | (1536) |  | (1536) |
| 310671 | 4134 | Nextera Energy Inc | OBFR + 45 bps | 12/22/2025 | (17641) |  | (17641) |
| 288528 | 7252 | Nisource Inc | OBFR + 45 bps | 12/22/2025 | 1168 |  | 1168 |
| 256139 | 7500 | Northern Oil And Gas | OBFR + 45 bps | 11/21/2025 | (28053) |  | (28053) |
| 65432 | 2648 | Norwegian Cruise Line | OBFR + 45 bps | 11/26/2025 | (15521) |  | (15521) |
| 36975 | 270723 | Npk International Inc | OBFR - 35 bps | 11/21/2025 | 59564 |  | 59564 |
| 323962 | 3339 | Nrg Energy Inc | OBFR + 45 bps | 12/22/2025 | (9079) |  | (9079) |
| 107034 | 1594 | Nutanix Inc - A | OBFR + 45 bps | 11/26/2025 | 3759 |  | 3759 |
| 2736 | 207697 | Nuvalent Inc-A | OBFR - 35 bps | 11/26/2025 | 14440 |  | 14440 |
| 326238 | 7457 | Oge Energy Corp | OBFR + 45 bps | 12/22/2025 | 14220 |  | 14220 |
| 11216 | 144035 | O-I Glass Inc | OBFR - 35 bps | 12/22/2025 | 17447 |  | 17447 |
| 117179 | 3610 | Olympic Steel Inc | OBFR + 45 bps | 12/22/2025 | (4030) |  | (4030) |
| 4579 | 110209 | Onestream Inc | OBFR - 35 bps | 11/26/2025 | 12908 |  | 12908 |
| 138597 | 850 | Oracle Corp | OBFR + 45 bps | 11/21/2025 | (20931) |  | (20931) |
| 117105 | 7809 | Organon & Co | OBFR + 45 bps | 12/22/2025 | (563) |  | (563) |
| 20442 | 340807 | Orion Sa | OBFR - 35 bps | 12/22/2025 | 79400 |  | 79400 |
| 1015 | 203076 | Osi Systems Inc | OBFR - 35 bps | 11/26/2025 | 6584 |  | 6584 |
| 123134 | 1229 | Otis Worldwide Corp | OBFR + 45 bps | 12/22/2025 | 3256 |  | 3256 |
| 226643 | 2994 | Otter Tail Corp | OBFR + 45 bps | 12/22/2025 | 12980 |  | 12980 |
| 85366 | 2004 | Ovintiv Inc | OBFR + 45 bps | 11/26/2025 | 622 |  | 622 |
| 205548 | 10805 | P G & E Corp | OBFR - 35 bps | 11/21/2025 | (22997) |  | (22997) |
| 7448 | 132831 | Pactiv Evergreen Inc | OBFR + 45 bps | 11/26/2025 | (808) |  | (808) |
| 118357 | 1606 | Paypal Holdings Inc | OBFR + 45 bps | 11/26/2025 | (14100) |  | (14100) |
| 112176 | 1440 | Pegasystems Inc | OBFR + 45 bps | 11/26/2025 | (12574) |  | (12574) |
| 55528 | 6619 | Peloton Interactive | OBFR + 45 bps | 11/26/2025 | (13946) |  | (13946) |
| 123165 | 1322 | Pentair Plc | OBFR + 45 bps | 12/22/2025 | (7958) |  | (7958) |
| 95459 | 786 | Philip Morris International | OBFR + 45 bps | 12/22/2025 | 29404 |  | 29404 |
| 91648 | 1011 | Planet Fitness Inc | OBFR + 45 bps | 11/26/2025 | 5611 |  | 5611 |
| 72337 | 536 | Plexus Corp | OBFR + 45 bps | 11/26/2025 | (3986) |  | (3986) |
| 173027 | 924 | Pnc Financial Services | OBFR + 45 bps | 11/26/2025 | (11397) |  | (11397) |
| 8182 | 102707 | Postal Realty Trust | OBFR - 35 bps | 11/26/2025 | (13747) |  | (13747) |
| 6652 | 269314 | Potlatchdeltic Corp | OBFR - 35 bps | 12/22/2025 | (32119) |  | (32119) |
| 231388 | 12672 | Premier Inc-Class A | OBFR + 45 bps | 12/22/2025 | 14759 |  | 14759 |
| 56801 | 1834 | Primo Brands Corp | OBFR + 45 bps | 11/21/2025 | 7535 |  | 7535 |
| 111381 | 2646 | Prog Holdings Inc | OBFR + 45 bps | 12/22/2025 | (41859) |  | (41859) |
| 85461 | 1347 | Progress Software Co | OBFR + 45 bps | 12/22/2025 | (16924) |  | (16924) |
| 178999 | 943 | Ptc Inc | OBFR + 45 bps | 12/22/2025 | (35443) |  | (35443) |
| 213094 | 2589 | Public Service Enterprice Group Inc. | OBFR + 45 bps | 11/26/2025 | 650 |  | 650 |
| 145629 | 1893 | Pvh Corp | OBFR + 45 bps | 11/26/2025 | (23852) |  | (23852) |
| 73452 | 964 | Qcr Holdings Inc | OBFR + 45 bps | 11/26/2025 | (4973) |  | (4973) |
| 127564 | 804 | Qualcomm Inc | OBFR + 45 bps | 11/21/2025 | (4772) |  | (4772) |
| 6772 | 139299 | Quanex Building Products | OBFR - 35 bps | 11/26/2025 | 13390 |  | 13390 |
| 10677 | 238728 | Quinstreet Inc | OBFR - 35 bps | 12/22/2025 | 50665 |  | 50665 |
| 153514 | 575 | Ralph Lauren Corp | OBFR + 45 bps | 12/22/2025 | (26665) |  | (26665) |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $201419 | 6510 | Rapid7 Inc | OBFR + 45 bps | 11/26/2025 | $(29748) | $- | $(29748) |
| 18884 | 96983 | Real Brokerage Inc | OBFR - 63 bps | 11/26/2025 | 20638 |  | 20638 |
| 135550 | 3066 | Red Rock Resorts Inc | OBFR + 45 bps | 11/21/2025 | (4025) |  | (4025) |
| 38464 | 283206 | Redfin Corp | OBFR - 35 bps | 11/21/2025 | (68492) |  | (68492) |
| 342275 | 14442 | Regions Financial Co | OBFR + 45 bps | 11/21/2025 | (28281) |  | (28281) |
| 294472 | 1298 | Reinsurance Group Of America | OBFR + 45 bps | 12/22/2025 | (42054) |  | (42054) |
| 10217 | 117231 | Replimune Group Inc | OBFR - 35 bps | 12/22/2025 | 19198 |  | 19198 |
| 97518 | 3247 | Rev Group Inc | OBFR + 45 bps | 12/22/2025 | 4429 |  | 4429 |
| 72408 | 629 | Revvity Inc | OBFR + 45 bps | 11/26/2025 | (6186) |  | (6186) |
| 55005 | 1691 | Riley Exploration Permian, Inc. | OBFR + 45 bps | 11/26/2025 | (5927) |  | (5927) |
| 86881 | 2989 | Ringcentral Inc | OBFR + 45 bps | 11/26/2025 | (13266) |  | (13266) |
| 14611 | 160487 | Riot Platforms Inc | OBFR - 35 bps | 12/22/2025 | 58057 |  | 58057 |
| 11836 | 216622 | Rmr Group Inc | OBFR - 35 bps | 11/26/2025 | 20338 |  | 20338 |
| 13446 | 185223 | Rocket Cos Inc | OBFR - 178 bps | 11/26/2025 | 12869 |  | 12869 |
| 211474 | 892 | Royal Caribbean Cruises | OBFR + 45 bps | 11/26/2025 | (28508) |  | (28508) |
| 215629 | 1344 | Ryder System Inc | OBFR + 45 bps | 12/22/2025 | (24256) |  | (24256) |
| 200239 | 376 | S&P Global Inc | OBFR + 45 bps | 11/26/2025 | (9737) |  | (9737) |
| 4981 | 146071 | Sable Offshore Corp | OBFR - 35 bps | 11/26/2025 | 20253 |  | 20253 |
| 91530 | 1836 | Scansource Inc | OBFR - 35 bps | 12/22/2025 | (30560) |  | (30560) |
| 13315 | 270245 | Schrodinger Inc | OBFR + 45 bps | 12/22/2025 | 10311 |  | 10311 |
| 128568 | 1617 | Schwab (Charles) Corp | OBFR - 35 bps | 11/26/2025 | (2570) |  | (2570) |
| 16722 | 409125 | Seaport Entertainment | OBFR - 35 bps | 11/21/2025 | 53311 |  | 53311 |
| 118058 | 10693 | Shenandoah Telecommunications | OBFR + 45 bps | 11/26/2025 | 15820 |  | 15820 |
| 1618 | 157043 | Shift4 Payments Inc | OBFR - 53 bps | 11/26/2025 | 25426 |  | 25426 |
| 7567 | 131048 | Sinclair Inc | OBFR - 35 bps | 12/22/2025 | 8553 |  | 8553 |
| 129155 | 1228 | Skywest Inc | OBFR + 45 bps | 12/22/2025 | (23284) |  | (23284) |
| 3810 | 302694 | Sl Green Realty Corp | OBFR - 35 bps | 12/22/2025 | 82331 |  | 82331 |
| 79444 | 1188 | Smith (A.O.) Corp | OBFR - 35 bps | 12/22/2025 | (2082) |  | (2082) |
| 10638 | 587409 | Smurfit Westrock Plc | OBFR + 45 bps | 12/22/2025 | 111148 |  | 111148 |
| 120922 | 356 | Snap-On Inc | OBFR - 35 bps | 12/22/2025 | (1380) |  | (1380) |
| 4001 | 177249 | Soleno Therapeutics | OBFR + 45 bps | 11/26/2025 | (107957) |  | (107957) |
| 331128 | 3757 | Southern Co | OBFR - 35 bps | 12/22/2025 | 11575 |  | 11575 |
| 11369 | 228446 | Spartannash Co | OBFR - 35 bps | 11/26/2025 | (3532) |  | (3532) |
| 3665 | 150331 | Sphere Entertainment | OBFR + 45 bps | 12/22/2025 | 32549 |  | 32549 |
| 268945 | 15935 | Spok Holdings Inc | OBFR - 35 bps | 12/22/2025 | (2951) |  | (2951) |
| 7162 | 145834 | Spyre Therapeutics Inc | OBFR + 45 bps | 11/26/2025 | 30824 |  | 30824 |
| 220560 | 10999 | Starwood Property Trust | OBFR - 35 bps | 12/22/2025 | 1378 |  | 1378 |
| 3867 | 286704 | Stepan Co | OBFR - 35 bps | 12/22/2025 | 74890 |  | 74890 |
| 8337 | 173782 | Structure Therapeutics | OBFR - 35 bps | 11/26/2025 | 30121 |  | 30121 |
| 1600 | 203825 | Sun Communities Inc | OBFR - 35 bps | 12/22/2025 | (2034) |  | (2034) |
| 14982 | 160015 | Sunrun Inc | OBFR + 45 bps | 11/21/2025 | 73685 |  | 73685 |
| 126575 | 2125 | Synchrony Financial | OBFR - 35 bps | 11/26/2025 | (14649) |  | (14649) |
| 11143 | 170112 | Syndax Pharmaceuticals | OBFR - 35 bps | 11/26/2025 | 33860 |  | 33860 |
| 912 | 170150 | Take-Two Interactive | OBFR + 45 bps | 12/22/2025 | (16443) |  | (16443) |
| 54709 | 793 | Tecnoglass Inc | OBFR - 35 bps | 11/26/2025 | 1902 |  | 1902 |
| 36143 | 566014 | Tejon Ranch Co | OBFR + 45 bps | 12/22/2025 | (690) |  | (690) |
| 333033 | 9143 | Telephone And Data Systems | OBFR + 45 bps | 12/22/2025 | 20338 |  | 20338 |
| 171928 | 1327 | Tenet Healthcare Corp | OBFR + 45 bps | 12/22/2025 | 4837 |  | 4837 |
| 70081 | 4224 | Teva Pharmaceutical | OBFR + 45 bps | 11/26/2025 | (5475) |  | (5475) |
| 92081 | 457 | Texas Instruments Inc | OBFR - 35 bps | 11/26/2025 | (10373) |  | (10373) |
| 7726 | 112541 | Thryv Holdings Inc | OBFR - 35 bps | 12/22/2025 | 14709 |  | 14709 |
| 311878 | 1245 | T-Mobile Us Inc | OBFR + 45 bps | 12/22/2025 | 18604 |  | 18604 |

---

See accompanying notes to financial statements.

**NAA OPPORTUNITY FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $297589 | 3666 | Toro Co | OBFR + 45 bps | 11/26/2025 | $(30838) | $- | $(30838) |
| 91858 | 10514 | Tpg Re Finance Trust | OBFR + 45 bps | 12/22/2025 | (3065) |  | (3065) |
| 219098 | 634 | Trane Technologies plc | OBFR + 45 bps | 12/22/2025 | (5681) |  | (5681) |
| 1954 | 161249 | Transcat Inc | OBFR - 35 bps | 11/26/2025 | 16380 |  | 16380 |
| 118096 | 89 | Transdigm Group Inc | OBFR + 45 bps | 12/22/2025 | 4593 |  | 4593 |
| 24916 | 567575 | Trimas Corp | OBFR - 35 bps | 11/21/2025 | (11848) |  | (11848) |
| 12801 | 101091 | Tronox Holdings Plc | OBFR - 35 bps | 11/26/2025 | 9752 |  | 9752 |
| 79304 | 3517 | Tutor Perini Corp | OBFR + 45 bps | 11/26/2025 | 1860 |  | 1860 |
| 149755 | 444 | Ubiquiti Inc | OBFR + 45 bps | 11/21/2025 | (13507) |  | (13507) |
| 337730 | 1372 | Union Pacific Corp | OBFR + 45 bps | 12/22/2025 | (12982) |  | (12982) |
| 230237 | 2377 | United Airlines Holdings | OBFR + 45 bps | 11/21/2025 | (67780) |  | (67780) |
| 54371 | 148 | United Therapeutics | OBFR - 37 bps | 12/22/2025 | (9644) |  | (9644) |
| 54064 | 400970 | Uranium Energy Corp | OBFR + 45 bps | 12/22/2025 | 146760 |  | 146760 |
| 8118 | 115692 | Utz Brands Inc | OBFR - 35 bps | 11/26/2025 | 1826 |  | 1826 |
| 17625 | 99860 | Uwm Holdings Corp | OBFR - 35 bps | 11/21/2025 | 2766 |  | 2766 |
| 133977 | 429 | Valmont Industries | OBFR + 45 bps | 11/21/2025 | (13241) |  | (13241) |
| 1783 | 142457 | Vaxcyte Inc | OBFR - 35 bps | 11/26/2025 | 75667 |  | 75667 |
| 7250 | 197380 | Vera Therapeutics Inc | OBFR - 35 bps | 11/26/2025 | 23976 |  | 23976 |
| 12217 | 225046 | Veris Residential Inc | OBFR - 35 bps | 12/22/2025 | 19555 |  | 19555 |
| 327263 | 7670 | Verizon Communications | OBFR + 45 bps | 12/22/2025 | 20360 |  | 20360 |
| 2990 | 189237 | Verona Pharma Plc | OBFR - 35 bps | 11/26/2025 | 112 |  | 112 |
| 11252 | 196344 | Viridian Therapeutic | OBFR - 35 bps | 11/21/2025 | 46463 |  | 46463 |
| 72044 | 455 | Vistra Corp | OBFR + 45 bps | 11/21/2025 | (19659) |  | (19659) |
| 3771 | 434601 | Vse Corp | OBFR - 35 bps | 12/22/2025 | (12184) |  | (12184) |
| 171210 | 452 | Waters Corp | OBFR + 45 bps | 11/26/2025 | (5390) |  | (5390) |
| 94918 | 894 | Wec Energy Group Inc | OBFR + 45 bps | 12/22/2025 | 2170 |  | 2170 |
| 1194 | 181172 | Welltower Inc | OBFR - 35 bps | 12/22/2025 | (1139) |  | (1139) |
| 89535 | 489 | Wesco International | OBFR + 45 bps | 11/21/2025 | (14348) |  | (14348) |
| 2359 | 293554 | Westlake Corp | OBFR - 35 bps | 12/22/2025 | 58906 |  | 58906 |
| 196992 | 3295 | Williams Cos Inc | OBFR + 45 bps | 12/22/2025 | (121) |  | (121) |
| 200234 | 1010 | Wix.Com Ltd | OBFR + 45 bps | 11/26/2025 | (36124) |  | (36124) |
| 71235 | 2535 | World Kinect Corp | OBFR + 45 bps | 12/22/2025 | 348 |  | 348 |
| 10094 | 132662 | Xenia Hotels & Resorts | OBFR - 35 bps | 11/26/2025 | 13043 |  | 13043 |
| 3426 | 125791 | Xometry Inc-A | OBFR - 35 bps | 11/21/2025 | 41561 |  | 41561 |
| 68993 | 10561 | Yext Inc | OBFR + 45 bps | 11/21/2025 | (4688) |  | (4688) |
| 215775 | 694 | Zebra Technologies Corp | OBFR + 45 bps | 11/26/2025 | (20653) |  | (20653) |
| 107716 | 1044 | Zimmer Biomet Holdings | OBFR + 45 bps | 11/21/2025 | 9330 |  | 9330 |
| 62926 | 1191 | Zions Bancorp Na | OBFR + 45 bps | 11/26/2025 | (3827) |  | (3827) |
| 336177 | 2000 | Zoetis Inc | OBFR + 45 bps | 11/26/2025 | (8394) | - | (8394) |
|  |  |  |  |  | $1609061 | $- | $1609061 |

---

# The counterparty for all swap contracts is Morgan Stanley. <br> ^ Pays at maturity date.

LTD - Limited Company

PLC - Public Limited Company

REIT - Real Estate

OBFR - Overnight Bank Funding Rate. The OBFR was 4.33% on March 31, 2025.

See accompanying notes to financial statements.

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 101.6%** | |
| | **Real Estate - 101.6%** | |
| 44476 | Agree Realty Corporation | $3433102 |
| 38497 | Alexander & Baldwin, Inc. | 663303 |
| 40653 | Alexandria Real Estate Equities, Inc. | 3760809 |
| 911 | Alpine Income Property Trust, Inc.<sup>(a)</sup> | 15232 |
| 42883 | American Assets Trust, Inc. | 863664 |
| 56334 | American Homes 4 Rent, Class A | 2129989 |
| 9715 | Apartment Investment and Management Company<sup>(a)</sup> | 85492 |
| 18745 | Armada Hoffler Properties, Inc. | 140775 |
| 36675 | AvalonBay Communities, Inc. | 7871189 |
| 89074 | Brixmor Property Group, Inc. | 2364915 |
| 3830 | Camden Property Trust | 468409 |
| 163625 | CareTrust REIT, Inc. | 4676403 |
| 32708 | CBL & Associates Properties Inc | 869379 |
| 38888 | Corporate Office Properties Trust | 1060476 |
| 15949 | Cousins Properties, Inc. | 470496 |
| 55418 | CubeSmart | 2366903 |
| 1323 | Cyberspace | 85664 |
| 18909 | Digital Realty Trust, Inc. | 2709471 |
| 65141 | Douglas Emmett, Inc. | 1042256 |
| 117874 | Easterly Government Properties, Inc. | 1249464 |
| 3431 | EastGroup Properties, Inc. | 604371 |
| 26487 | Empire State Realty Trust, Inc., Class A | 207128 |
| 5501 | EPR Properties | 289408 |
| 16240 | Equinix, Inc. | 13241283 |
| 50622 | Equity LifeStyle Properties, Inc. | 3376487 |
| 104067 | Equity Residential | 7449116 |
| 144401 | Essential Properties Realty Trust, Inc. | 4713249 |
| 22192 | Essex Property Trust, Inc. | 6803401 |
| 48242 | Extra Space Storage, Inc. | 7163455 |
| 9800 | Farmland Partners, Inc. | 109270 |
| 7827 | Federal Realty Investment Trust | 765637 |
| 75092 | Gaming and Leisure Properties, Inc. | 3822183 |
| 2547 | Gladstone Land Corporation | 26794 |
| 41469 | Global Medical REIT, Inc. | 362854 |

---

See accompanying notes to financial statements.

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 101.6% (Continued)** | |
| | **Real Estate - 101.6% (Continued)** | |
| 116566 | Healthpeak Properties, Inc. | $2356965 |
| 118247 | Highwoods Properties, Inc. | 3504841 |
| 9926 | Industrial Logistics Properties Trust | 34145 |
| 54005 | Innovative Industrial Properties, Inc. | 2921130 |
| 109207 | Invitation Homes, Inc. | 3805864 |
| 76530 | Iron Mountain, Inc. | 6584641 |
| 57568 | iStar, Inc. | 1077673 |
| 59605 | JBG SMITH Properties | 960237 |
| 203076 | Kimco Realty Corporation | 4313334 |
| 17860 | Kite Realty Group Trust | 399528 |
| 29805 | Lamar Advertising Company, Class A | 3391213 |
| 64925 | Lexington Realty Trust | 561601 |
| 55662 | LTC Properties, Inc. | 1973218 |
| 102319 | Medical Properties Trust, Inc. | 616984 |
| 2967 | Mid-America Apartment Communities, Inc. | 497210 |
| 25291 | National Health Investors, Inc. | 1867993 |
| 126043 | National Retail Properties, Inc. | 5375734 |
| 100885 | National Storage Affiliates Trust | 3974869 |
| 170667 | Netstreit Corporation | 2705072 |
| 1339 | NexPoint Residential Trust, Inc. | 52931 |
| 108884 | Omega Healthcare Investors, Inc. | 4146303 |
| 3697 | One Liberty Properties, Inc. | 97120 |
| 3725 | Orion Properties, Inc.<sup>(a)</sup> | 7972 |
| 116803 | Outfront Media Inc | 1885200 |
| 117267 | Park Hotels & Resorts, Inc. | 1252412 |
| 2740 | Peakstone Realty Trust | 34524 |
| 9669 | Piedmont Office Realty Trust, Inc., Class A | 71261 |
| 4965 | Postal Realty Trust, Inc., Class A | 70900 |
| 89000 | Prologis, Inc. | 9949310 |
| 32618 | Public Storage | 9762241 |
| 171654 | Realty Income Corp. | 9957649 |
| 13140 | Regency Centers Corporation | 969206 |
| 82145 | Rexford Industrial Realty, Inc. | 3215977 |
| 45255 | Ryman Hospitality Properties, Inc. | 4138117 |

---

See accompanying notes to financial statements.

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 101.6% (Continued)** | |
| | **Real Estate - 101.6% (Continued)** | |
| 183271 | Sabra Health Care REIT, Inc. | $3201744 |
| 10212 | Saul Centers, Inc. | 368347 |
| 81076 | Simon Property Group, Inc. | 13465101 |
| 224809 | SITE Centers Corp | 2886547 |
| 13394 | STAG Industrial, Inc. | 483791 |
| 930 | Sun Communities, Inc. | 119635 |
| 15170 | Sunstone Hotel Investors, Inc. | 142750 |
| 125525 | Tanger Inc. | 4241490 |
| 23666 | UDR, Inc. | 1068993 |
| 17341 | Uniti Group, Inc. | 87399 |
| 21634 | Urban Edge Properties | 411046 |
| 48165 | Ventas, Inc. | 3311825 |
| 335905 | VICI Properties, Inc. | 10957221 |
| 31217 | Vornado Realty Trust | 1154717 |
| 76348 | W.P. Carey, Inc. | 4818322 |
| 87426 | Welltower, Inc. | 13394537 |
| 1878 | Whitestone REIT | 27362 |
|  | **TOTAL COMMON STOCKS (Cost $228,378,459)** | 237936229 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 3.8%** |  |  |  |
|  | **U.S. TREASURY BILLS — 3.8%** |  |  |  |
| 9000000 | United States Treasury Bill<sup>(b)</sup> (Cost $8,992,592) |  | 04/08/25 | 8992577 |
|  | **TOTAL INVESTMENTS - 105.4% (Cost $237,371,051)** |  |  | $246928806 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.4)%** |  |  | (12571969) |
|  | **NET ASSETS - 100.0%** |  |  | $234356837 |

---

See accompanying notes to financial statements.

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — (20.4)%** | |
| | **REAL ESTATE - (20.4)%** | |
| (31222) | Acadia Realty Trust | $(654101) |
| (3149) | Alexander's, Inc. | (658645) |
| (143985) | American Healthcare REIT, Inc. | (4362747) |
| (118524) | Americold Realty Trust | (2543525) |
| (21843) | Apple Hospitality REIT, Inc. | (281993) |
| (42706) | Boston Properties, Inc. | (2869416) |
| (393768) | Brandywine Realty Trust | (1756205) |
| (6855) | BRT Apartments Corporation | (116535) |
| (60802) | Chatham Lodging Trust | (433518) |
| (42878) | City Office REIT, Inc. | (222537) |
| (47996) | Community Healthcare Trust, Inc. | (871607) |
| (31817) | CTO Realty Growth, Inc. | (614386) |
| (174423) | Curbline Properties Corporation | (4219292) |
| (85853) | DiamondRock Hospitality Company | (662785) |
| (1662) | Elme Communities | (28919) |
| (121713) | Four Corners Property Trust, Inc. | (3493163) |
| (40005) | Getty Realty Corporation | (1247356) |
| (10925) | Gladstone Commercial Corporation | (163657) |
| (190933) | Global Net Lease, Inc. | (1535101) |
| (177391) | Healthcare Realty Trust, Inc. | (2997908) |
| (36737) | Host Hotels & Resorts, Inc. | (522033) |
| (113295) | Independence Realty Trust, Inc. | (2405253) |
| (19494) | Kilroy Realty Corporation | (638623) |
| (5646) | Lineage Inc | (331025) |
| (157192) | Macerich Company (The) | (2698987) |
| (51010) | Mack-Cali Realty Corporation | (863089) |
| (60701) | Paramount Group, Inc. | (261014) |
| (40841) | Pebblebrook Hotel Trust | (413719) |
| (59287) | Plymouth Industrial REIT, Inc. | (966378) |
| (167237) | RLJ Lodging Trust | (1319500) |
| (21912) | SL Green Realty Corporation | (1264322) |
| (131969) | Summit Hotel Properties, Inc. | (713952) |
| (40050) | Terreno Realty Corporation | (2531961) |
| (29175) | UMH Properties, Inc. | (545573) |

---

See accompanying notes to financial statements.

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — (20.4)% (Continued)** | |
| | **REAL ESTATE - (20.4)% (Continued)** | |
| (12577) | Universal Health Realty Income Trust | $(515154) |
| (177283) | Xenia Hotels & Resorts, Inc. | (2084848) |
|  |  | (47808827) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $49,861,165)** | $(47808827) |

---

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Zero coupon bond.

See accompanying notes to financial statements.

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $252403 | 12977 | Alexander & Baldwin | OBFR + 45 bps | 12/26/2025 | $(26840) | $- | $(26840) |
| 1186385 | 10588 | Alexandria Real Estate Equities | OBFR + 45 bps | 12/26/2025 | (197104) |  | (197104) |
| 3854 | 228 | Alpine Income Properties | OBFR + 45 bps | 11/26/2025 | (15) |  | (15) |
| 263926 | 10721 | American Assets Trust | OBFR + 45 bps | 11/26/2025 | (46953) |  | (46953) |
| 535999 | 14083 | American Homes 4 Rent | OBFR + 45 bps | 12/26/2025 | (3866) |  | (3866) |
| 49343 | 1183739 | Americold Realty Trust | OBFR - 35 bps | 12/26/2025 | 118888 |  | 118888 |
| 21953 | 2429 | Apartment Invt & Mgmt | OBFR + 45 bps | 11/26/2025 | (793) |  | (793) |
| 34810 | 567751 | Apple Hospitality Reit | OBFR - 35 bps | 12/26/2025 | 110474 |  | 110474 |
| 46100 | 4686 | Armada Hoffler Properties | OBFR + 45 bps | 11/26/2025 | (10705) |  | (10705) |
| 2069532 | 9169 | Avalonbay Communities | OBFR + 45 bps | 12/26/2025 | (102549) |  | (102549) |
| 1106998 | 40906 | Caretrust Reit Inc | OBFR + 45 bps | 11/26/2025 | 64924 |  | 64924 |
| 234146 | 8177 | Cbl & Associates Properties | OBFR + 45 bps | 11/26/2025 | (9289) |  | (9289) |
| 20385 | 331 | Centerspace | OBFR + 45 bps | 11/26/2025 | 1102 |  | 1102 |
| 288927 | 9722 | Copt Defense Properties | OBFR + 45 bps | 11/26/2025 | (23682) |  | (23682) |
| 572986 | 13854 | Cubesmart | OBFR + 45 bps | 11/26/2025 | 13088 |  | 13088 |
| 339577 | 29469 | Easterly Government | OBFR + 45 bps | 11/26/2025 | (22733) |  | (22733) |
| 443679 | 2559 | Eastgroup Properties | OBFR + 45 bps | 12/26/2025 | 7442 |  | 7442 |
| 285540 | 25632 | Empire State Realty | OBFR + 45 bps | 12/26/2025 | (87681) |  | (87681) |
| 62755 | 1375 | Epr Properties | OBFR + 45 bps | 12/26/2025 | 10591 |  | 10591 |
| 856476 | 12655 | Equity Lifestyle Properties inc. | OBFR + 45 bps | 12/26/2025 | (13088) |  | (13088) |
| 1870112 | 26017 | Equity Residential | OBFR + 45 bps | 12/26/2025 | (4318) |  | (4318) |
| 1146157 | 36100 | Essential Properties | OBFR + 45 bps | 11/26/2025 | 31536 |  | 31536 |
| 1720503 | 5557 | Essex Property Trust | OBFR + 45 bps | 12/26/2025 | (15382) |  | (15382) |
| 1820788 | 11596 | Extra Space Storage | OBFR + 45 bps | 12/26/2025 | (93843) |  | (93843) |
| 28935 | 2450 | Farmland Partners Inc | OBFR + 45 bps | 11/26/2025 | (1901) |  | (1901) |
| 5652 | 307808 | First Industrial Realty | OBFR - 35 bps | 12/26/2025 | 2441 |  | 2441 |
| 119865 | 2509 | Gaming And Leisure Properties | OBFR + 45 bps | 11/26/2025 | 8564 |  | 8564 |
| 6898 | 637 | Gladstone Land Corp | OBFR + 45 bps | 11/26/2025 | (175) |  | (175) |
| 143029 | 16125 | Global Medical Reit | OBFR + 45 bps | 12/26/2025 | 2646 |  | 2646 |
| 573147 | 26064 | Healthpeak Properties | OBFR + 45 bps | 12/26/2025 | (46978) |  | (46978) |
| 881397 | 29562 | Highwoods Properties | OBFR + 45 bps | 11/26/2025 | 942 |  | 942 |
| 35487 | 653316 | Host Hotels & Resort | OBFR - 35 bps | 12/26/2025 | 140252 |  | 140252 |
| 8934 | 2481 | Industrial Logistics | OBFR + 45 bps | 11/26/2025 | (463) |  | (463) |
| 901639 | 13501 | Innovative Industrial Properties | OBFR + 45 bps | 11/26/2025 | (154580) |  | (154580) |
| 122654 | 4465 | Kite Realty Group Trust | OBFR + 45 bps | 12/26/2025 | (23445) |  | (23445) |
| 901928 | 7451 | Lamar Advertising Co | OBFR + 45 bps | 11/26/2025 | (51473) |  | (51473) |
| 510924 | 13915 | Ltc Properties Inc | OBFR + 45 bps | 12/26/2025 | (14540) |  | (14540) |
| 534481 | 56739 | Lxp Industrial Trust | OBFR + 45 bps | 12/26/2025 | (36554) |  | (36554) |
| 102353 | 25580 | Medical Properties Trust | OBFR + 45 bps | 11/26/2025 | 52933 |  | 52933 |
| 437199 | 6323 | Natl Health Investor | OBFR + 45 bps | 11/26/2025 | 31213 |  | 31213 |
| 13210 | 335 | Nexpoint Residential | OBFR + 45 bps | 11/26/2025 | 73 |  | 73 |
| 1023175 | 27221 | Omega Healthcare Investors Inc | OBFR + 45 bps | 11/26/2025 | 21517 |  | 21517 |
| 24041 | 924 | One Liberty Properties | OBFR + 45 bps | 11/26/2025 | 413 |  | 413 |
| 521430 | 28788 | Ont Media Inc | OBFR + 45 bps | 11/26/2025 | (61918) |  | (61918) |
| 3720 | 931 | Orion Office Reit Inc | OBFR + 45 bps | 11/26/2025 | (1745) |  | (1745) |
| 1183863 | 76329 | Park Hotels & Resort | OBFR + 45 bps | 12/26/2025 | (318135) |  | (318135) |
| 7835 | 685 | Peakstone Realty Trust | OBFR + 45 bps | 11/26/2025 | 873 |  | 873 |
| 21128 | 2417 | Piedmont Office Realty Trust | OBFR + 45 bps | 11/26/2025 | (3221) |  | (3221) |
| 16209 | 1241 | Postal Realty Trust | OBFR + 45 bps | 11/26/2025 | 1654 |  | 1654 |
| 1441993 | 12212 | Prologis Inc | OBFR + 45 bps | 12/26/2025 | (74871) |  | (74871) |
| 985241 | 3313 | Public Storage | OBFR + 45 bps | 11/26/2025 | 6576 |  | 6576 |
| 1405394 | 25839 | Realty Income Corp | OBFR + 45 bps | 11/26/2025 | 93346 |  | 93346 |
| 879516 | 20536 | Rexford Industrial Realty Inc | OBFR + 45 bps | 12/26/2025 | (71667) |  | (71667) |
| 1236961 | 11314 | Ryman Hospitality Properties | OBFR + 45 bps | 12/26/2025 | (198097) |  | (198097) |
| 783524 | 45818 | Sabra Health Care Reit | OBFR + 45 bps | 11/26/2025 | 22965 |  | 22965 |

---

See accompanying notes to financial statements.

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> March 31,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate to Pay** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/**<br> **receipts** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| $244648 | 14392 | Safehold Inc | OBFR + 45 bps | 11/26/2025 | $24915 | $- | $24915 |
| 94423 | 2553 | Saul Centers Inc | OBFR + 45 bps | 11/26/2025 | (3264) |  | (3264) |
| 44571 | 3792 | Sunstone Hotel Investors Inc | OBFR + 45 bps | 11/26/2025 | (8985) |  | (8985) |
| 269697 | 5917 | Udr Inc | OBFR + 45 bps | 12/26/2025 | (4050) |  | (4050) |
| 25317 | 4335 | Uniti Group Inc | OBFR + 45 bps | 11/26/2025 | (3717) |  | (3717) |
| 110139 | 5409 | Urban Edge Properties | OBFR + 45 bps | 11/26/2025 | (7422) |  | (7422) |
| 114880 | 7736 | Whitestone Reit | OBFR + 45 bps | 12/26/2025 | (2565) |  | (2565) |
| 1088899 | 19087 | Wp Carey Inc | OBFR + 45 bps | 12/26/2025 | 130651 | - | 130651 |
|  |  |  |  |  | $(848588) | $- | $(848588) |

---

# The counterparty for all swap contracts is Morgan Stanley. <br> ^ Pays at maturity date.

REIT - Real Estate Investment Trust

OBFR - Overnight Bank Funding Rate. The OBFR was 4.33% on March 31, 2025.

See accompanying notes to financial statements.

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.7%** | |
| | **Communications - 2.9%** | |
| 53518 | Match Group, Inc.<sup>(a)</sup> | $1669762 |
| 41651 | Omnicom Group, Inc. | 3453284 |
| 91447 | Telephone & Data Systems, Inc. | 3542657 |
|  |  | 8665703 |
|  | **Consumer Discretionary - 9.8%** |  |
| 67024 | Advance Auto Parts, Inc. | 2628011 |
| 43645 | Autoliv, Inc. | 3860400 |
| 39906 | Century Communities, Inc. | 2677693 |
| 14273 | Darden Restaurants, Inc. | 2965358 |
| 13956 | Dick's Sporting Goods, Inc. | 2812971 |
| 57465 | Etsy, Inc.<sup>(a)</sup> | 2711199 |
| 69012 | Harley-Davidson, Inc. | 1742553 |
| 32723 | Lear Corporation | 2886823 |
| 48125 | MGM Resorts International<sup>(a)</sup> | 1426425 |
| 99801 | MillerKnoll, Inc. | 1910191 |
| 71813 | Mister Car Wash, Inc.<sup>(a)</sup> | 566605 |
| 11259 | Penske Automotive Group, Inc. | 1621071 |
| 25530 | Shoe Carnival, Inc. | 561405 |
| 21118 | Sonic Automotive, Inc., Class A | 1202881 |
|  |  | 29573586 |
|  | **Consumer Staples - 6.2%** |  |
| 41891 | BellRing Brands, Inc.<sup>(a)</sup> | 3119204 |
| 101735 | Conagra Brands, Inc. | 2713272 |
| 33170 | Five Below, Inc.<sup>(a)</sup> | 2485262 |
| 118108 | Flowers Foods, Inc. | 2245233 |
| 22364 | Ingredion, Inc. | 3023837 |
| 20221 | MGP Ingredients, Inc. | 594093 |
| 12534 | Post Holdings, Inc.<sup>(a)</sup> | 1458456 |
| 33387 | PriceSmart, Inc. | 2933048 |
|  |  | 18572405 |
|  | **Energy - 5.6%** |  |
| 46057 | ConocoPhillips | 4836906 |
| 54328 | Innovex International, Inc.<sup>(a)</sup> | 975731 |
| 82612 | Murphy Oil Corporation | 2346181 |

---

See accompanying notes to financial statements.

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.7% (Continued)** | |
| | **Energy - 5.6% (Continued)** | |
| 234924 | Nov, Inc. COM<sup>(a)</sup> | $3575543 |
| 362091 | Patterson-UTI Energy, Inc. | 2976388 |
| 114623 | ProPetro Holding Corporation<sup>(a)</sup> | 842479 |
| 22701 | Weatherford International plc | 1215639 |
|  |  | 16768867 |
|  | **Financials - 16.6%** |  |
| 24320 | American Financial Group, Inc. | 3194189 |
| 48540 | Ameris Bancorp | 2794448 |
| 183953 | Apollo Commercial Real Estate Finance, Inc. | 1760430 |
| 51515 | Cathay General Bancorp | 2216690 |
| 62140 | CNO Financial Group, Inc. | 2588131 |
| 9169 | Everest Re Group Ltd. | 3331373 |
| 74358 | EZCORP, Inc., Class A<sup>(a)</sup> | 1094550 |
| 77748 | First Commonwealth Financial Corporation | 1208204 |
| 229983 | First Horizon National Corporation | 4466271 |
| 139569 | Fulton Financial Corporation | 2524803 |
| 21671 | Hanover Insurance Group, Inc. (The) | 3769670 |
| 16842 | Lakeland Financial Corp. | 1001088 |
| 37972 | NBT Bancorp, Inc. | 1628999 |
| 27213 | OFG Bancorp | 1089064 |
| 21223 | Reinsurance Group of America, Inc. | 4178809 |
| 36617 | Selective Insurance Group, Inc. | 3351920 |
| 17887 | Stifel Financial Corporation<sup>(a)</sup> | 1686029 |
| 28808 | StoneX Group, Inc.<sup>(a)</sup> | 2200317 |
| 63670 | Unum Group | 5186557 |
| 17332 | Westamerica BanCorporation | 877519 |
|  |  | 50149061 |
|  | **Health Care - 7.9%** |  |
| 153392 | AdaptHealth Corp.<sup>(a)</sup> | 1662769 |
| 9791 | Addus HomeCare Corporation<sup>(a)</sup> | 968232 |
| 69616 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 4921155 |
| 39007 | Cardinal Health, Inc. | 5373995 |
| 47513 | DexCom, Inc.<sup>(a)</sup> | 3244663 |
| 17594 | Encompass Health Corporation | 1781920 |

---

See accompanying notes to financial statements.

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.7% (Continued)** | |
| | **Health Care - 7.9% (Continued)** | |
| 139076 | Premier, Inc., Class A | $2681385 |
| 22328 | Tenet Healthcare Corporation<sup>(a)</sup> | 3003116 |
|  |  | 23637235 |
|  | **Industrials - 12.3%** |  |
| 59456 | ABM Industries, Inc. | 2815836 |
| 22412 | Albany International Corporation, Class A | 1547324 |
| 84857 | Avista Corporation | 3552963 |
| 21285 | FTI Consulting, Inc.<sup>(a)</sup> | 3492443 |
| 111587 | GATES INDUSTRIAL CORP PLC<sup>(a)</sup> | 2054317 |
| 13492 | Heidrick & Struggles International, Inc. | 577862 |
| 26441 | Jacobs Solutions, Inc. | 3196452 |
| 85276 | Knight-Swift Transportation Holdings, Inc. | 3708653 |
| 26736 | MSC Industrial Direct Company, Inc., Class A | 2076585 |
| 86499 | NEXTracker, Inc., Class A<sup>(a)</sup> | 3645068 |
| 39173 | Oshkosh Corporation | 3685397 |
| 29276 | Regal Beloit Corporation | 3333073 |
| 25144 | Rollins, Inc. | 1358530 |
| 11948 | UniFirst Corporation | 2078952 |
|  |  | 37123455 |
|  | **Information Technology - 0.4%** |  |
| 52864 | Photronics, Inc.<sup>(a)</sup> | 1097457 |
|  | **Materials - 10.4%** |  |
| 25032 | Albemarle Corp. | 1802805 |
| 16477 | Alpha Metallurgical Resources, Inc. | 2063744 |
| 308031 | Amcor plc<sup>(a)</sup> | 2987901 |
| 18821 | AptarGroup, Inc. | 2792660 |
| 54982 | Avient Corp. | 2043131 |
| 60433 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 2004563 |
| 20051 | Ecolab, Inc. | 5083329 |
| 17270 | Reliance Steel & Aluminum Company | 4986713 |
| 33281 | RPM International, Inc. | 3849945 |
| 121565 | SunCoke Energy, Inc.<sup>(a)</sup> | 1118398 |

---

See accompanying notes to financial statements.

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.7% (Continued)** | |
| | **Materials - 10.4% (Continued)** | |
| 10700 | Vulcan Materials Company | $2496310 |
|  |  | 31229499 |
|  | **Real Estate - 13.6%** |  |
| 36678 | Agree Realty Corporation | 2831175 |
| 28015 | American Assets Trust, Inc. | 564222 |
| 118389 | American Homes 4 Rent, Class A | 4476288 |
| 115890 | CareTrust REIT, Inc. | 3312136 |
| 74902 | CoreCivic, Inc. | 1519762 |
| 62674 | CubeSmart | 2676807 |
| 45621 | EPR Properties | 2400121 |
| 57510 | Equity LifeStyle Properties, Inc. | 3835917 |
| 64206 | Four Corners Property Trust, Inc. | 1842712 |
| 41332 | Getty Realty Corporation | 1288732 |
| 78753 | HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. | 2302738 |
| 13464 | Jones Lang LaSalle, Inc. | 3337860 |
| 113028 | National Retail Properties, Inc. | 4820643 |
| 119135 | Rexford Industrial Realty, Inc. | 4664135 |
| 68238 | SITE Centers Corp<sup>(a)</sup> | 876176 |
|  |  | 40749424 |
|  | **Technology - 8.0%** |  |
| 31994 | Akamai Technologies, Inc.<sup>(a)</sup> | 2575517 |
| 48751 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 1225113 |
| 13892 | Broadridge Financial Solutions, Inc. | 3368254 |
| 5406 | CACI International, Inc., Class A<sup>(a)</sup> | 1983570 |
| 51069 | Calix, Inc.<sup>(a)</sup> | 1809885 |
| 34801 | Ciena Corp.<sup>(a)</sup> | 2103025 |
| 21506 | Digi International, Inc.<sup>(a)</sup> | 598512 |
| 89166 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 1192149 |
| 10180 | Euronet Worldwide, Inc.<sup>(a)</sup> | 1087733 |
| 45197 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 1181450 |
| 36170 | MAXIMUS, Inc. | 2466432 |
| 72925 | ON Semiconductor Corporation<sup>(a)</sup> | 2967318 |
| 78921 | SolarWinds Corp.<sup>(a)</sup> | 1454514 |
|  |  | 24013472 |

---

See accompanying notes to financial statements.

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.7% (Continued)** | |
| | **Utilities - 6.0%** | |
| 69322 | California Water Service Group | $3359344 |
| 49002 | Evergy, Inc. | 3378688 |
| 111829 | OGE Energy Corporation | 5139661 |
| 19039 | Ormat Technologies, Inc. | 1347390 |
| 24188 | Pinnacle West Capital Corporation | 2303907 |
| 43639 | SJW Group | 2386617 |
|  |  | 17915607 |
|  | **TOTAL COMMON STOCKS (Cost $307,893,562)** | 299495771 |
|  | **EXCHANGE-TRADED FUNDS — 0.4%** |  |
|  | **Equity - 0.4%** |  |
| 3560 | Ishares Russell Midcap Value | 448453 |
| 3253 | Vanguard Small-Cap Value ETF | 606002 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,127,628)** | 1054455 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $309,021,190)** | $300550226 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (208490) |
|  | **NET ASSETS - 100.0%** | $300341736 |

---

ETF - Exchange-Traded Fund

Ltd. - Limited Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.2%** | |
| | **Communications - 4.4%** | |
| 7990 | Comcast Corp., Class A | $294831 |
| 6808 | KDDI Corporation | 107561 |
| 27323 | Koninklijke KPN N.V. | 115795 |
| 3403 | Omnicom Group, Inc. | 282143 |
| 12453 | Orange S.A. | 161408 |
| 86436 | SoftBank Corporation | 120603 |
| 9146 | Tele2 AB, B Shares | 123355 |
| 9452 | TELUS Corporation | 135586 |
| 1327 | T-Mobile US, Inc. | 353924 |
| 1307 | VeriSign, Inc.<sup>(a)</sup> | 331808 |
|  |  | 2027014 |
|  | **Consumer Discretionary - 8.1%** |  |
| 5502 | Amazon.com, Inc.<sup>(a)</sup> | 1046810 |
| 3973 | Cie Generale des Etablissements Michelin | 139715 |
| 378 | Fast Retailing Company Limited | 112553 |
| 743 | Games Workshop Group plc | 135017 |
| 5627 | General Motors Company | 264638 |
| 863 | InterContinental Hotels Group plc | 92928 |
| 2124 | Lennar Corporation, Class A | 243793 |
| 4449 | LKQ Corporation | 189260 |
| 214 | LVMH Moet Hennessy Louis Vuitton SE | 132599 |
| 1026 | McDonald's Corp. | 320491 |
| 2743 | McDonald's Holding NPV | 104448 |
| 2255 | Mercedes-Benz Group AG | 133281 |
| 3989 | MGM Resorts International<sup>(a)</sup> | 118234 |
| 1062 | Millrose Properties, Inc.<sup>(a)</sup> | 28154 |
| 2412 | Restaurant Brands International, Inc. | 160810 |
| 4662 | Sekisui House Ltd | 104369 |
| 10119 | Suzuki Motor Corporation | 124240 |
| 2421 | TJX Cos., Inc. (The) | 294878 |
|  |  | 3746218 |
|  | **Consumer Staples - 9.7%** |  |
| 4823 | Aeon Co. Ltd. | 120988 |
| 5466 | Altria Group, Inc. | 328069 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.2% (Continued)** | |
| | **Consumer Staples - 9.7% (Continued)** | |
| 3192 | British American Tobacco plc | $130962 |
| 4918 | Coca-Cola Co. (The) | 352227 |
| 1468 | Coca-Cola European Partners plc | 127760 |
| 3204 | Colgate-Palmolive Company | 300215 |
| 1871 | Danone S.A. | 143183 |
| 2294 | Essity Aktiebolag AB, Class B - Series B | 65186 |
| 3601 | Imperial Brands plc | 133256 |
| 4350 | Japan Tobacco, Inc.<sup>(a)</sup> | 119592 |
| 2226 | Kimberly-Clark Corp. | 316582 |
| 2689 | Koninklijke Ahold Delhaize N.V. | 100503 |
| 1820 | Nestle S.A. | 183963 |
| 2022 | PepsiCo, Inc. | 303179 |
| 2434 | Philip Morris International, Inc. | 386349 |
| 3286 | Procter & Gamble Co. (The) | 560001 |
| 9289 | The Kraft Heinz Company | 282664 |
| 2019 | Unilever plc | 120479 |
| 12140 | Walgreens Boots Alliance, Inc. | 135604 |
| 3303 | Walmart, Inc. | 289970 |
|  |  | 4500732 |
|  | **Energy - 5.1%** |  |
| 2397 | Chevron Corporation | 400994 |
| 690 | DCC plc | 46118 |
| 2258 | Enphase Energy, Inc.<sup>(a)</sup> | 140109 |
| 6156 | Exxon Mobil Corporation | 732134 |
| 881 | First Solar, Inc.<sup>(a)</sup> | 111385 |
| 2026 | Marathon Petroleum Corporation | 295168 |
| 2501 | Phillips 66 | 308823 |
| 2313 | Valero Energy Corp. | 305478 |
|  |  | 2340209 |
|  | **Financials - 18.2%** |  |
| 384 | Allianz SE | 147042 |
| 3087 | Assicurazioni Generali SpA | 108504 |
| 3737 | AXA S.A. | 159755 |
| 35276 | Banco Santander S.A. | 237783 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.2% (Continued)** | |
| | **Financials - 18.2% (Continued)** | |
| 9328 | Bank of America Corporation | $389258 |
| 3683 | Bank of New York Mellon Corporation (The) | 308893 |
| 2753 | Bank of Nova Scotia (The) | 130545 |
| 1308 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 696615 |
| 2233 | BNP Paribas | 186736 |
| 1629 | Capital One Financial Corporation | 292080 |
| 1093 | Chubb Ltd. | 330074 |
| 4228 | Citigroup, Inc. | 300146 |
| 1931 | Danske Bank A/S | 63212 |
| 554 | Deutsche Boerse AG | 163554 |
| 4666 | DNB Bank ASA | 122793 |
| 693 | Everest Re Group Ltd. | 251788 |
| 846 | Exor N.V. | 76871 |
| 5511 | Franklin Resources, Inc. | 106087 |
| 519 | Goldman Sachs Group, Inc. (The) | 283525 |
| 472 | Hannover Rueck SE | 140761 |
| 12009 | HSBC Holdings plc | 136153 |
| 5001 | ING Groep N.V. | 98030 |
| 24056 | Intesa Sanpaolo SpA | 124045 |
| 11537 | JAPAN POST HOLDINGS CO LT | 114865 |
| 1691 | JPMorgan Chase & Co. | 414803 |
| 9930 | Mitsubishi UFJ Financial Group, Inc. | 135415 |
| 4634 | Mizuho Financial Group, Inc. | 127203 |
| 1767 | National Bank of Canada | 145856 |
| 1860 | Nn Group Nv | 103559 |
| 8599 | Nordea Bank Abp | 109698 |
| 2733 | Northern Trust Corporation | 269610 |
| 3837 | Poste Italiane S.P.A. | 68491 |
| 4161 | Sompo Holdings, Inc. | 126736 |
| 9255 | Standard Chartered plc | 137351 |
| 4728 | Sumitomo Mitsui Financial Group, Inc. | 121606 |
| 8623 | Svenska Handelsbanken AB, A Share | 97469 |
| 4529 | SWEDBANK AB - A SHARES, Class A | 103162 |
| 184 | Swiss Life Holding AG | 167901 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.2% (Continued)** | |
| | **Financials - 18.2% (Continued)** | |
| 3121 | Tokio Marine Holdings, Inc. | $121443 |
| 1210 | Travelers Companies, Inc. (The) | 319997 |
| 6642 | Truist Financial Corporation | 273318 |
| 2569 | TRYG A/S | 61120 |
| 2344 | UniCredit SpA | 131647 |
| 4256 | Wells Fargo & Company | 305539 |
| 161 | Zurich Insurance Group AG | 112403 |
|  |  | 8423442 |
|  | **Health Care - 12.2%** |  |
| 1130 | Amgen, Inc. | 352051 |
| 514 | Ascendis Pharma A/S - ADR<sup>(a)</sup> | 80112 |
| 4609 | Centene Corporation<sup>(a)</sup> | 279812 |
| 866 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 130350 |
| 6410 | CVS Health Corporation | 434278 |
| 3972 | Daiichi Sankyo Company Ltd. | 94610 |
| 797 | Elevance Health Incorporated | 346663 |
| 3277 | Gilead Sciences, Inc. | 367188 |
| 7628 | GlaxoSmithKline plc | 145787 |
| 951 | HCA Healthcare, Inc. | 328618 |
| 1081 | Incyte Corporation<sup>(a)</sup> | 65455 |
| 1452 | IQVIA Holdings, Inc.<sup>(a)</sup> | 255988 |
| 510 | McKesson Corporation | 343225 |
| 3097 | Merck & Company, Inc. | 277987 |
| 841 | Merck KGaA | 115794 |
| 1612 | Novartis AG | 179083 |
| 897 | Novo Nordisk A/S | 61342 |
| 410 | Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 260034 |
| 1394 | Sanofi S.A. | 154432 |
| 809 | Stryker Corp. | 301151 |
| 5296 | Terumo Corporation | 99672 |
| 1288 | UnitedHealth Group, Inc. | 674590 |
| 1802 | Zoetis, Inc. | 296699 |
|  |  | 5644921 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.2% (Continued)** | |
| | **Industrials - 9.2%** | |
| 2261 | 3M Company | $332051 |
| 2883 | ABB Ltd.<sup>(a)</sup> | 148788 |
| 1885 | Ashtead Group plc | 101926 |
| 2258 | Diploma PLC | 113045 |
| 325 | DSV Panalpina A/S | 62856 |
| 1111 | General Dynamics Corporation | 302836 |
| 9330 | Hexagon AB | 99752 |
| 1145 | Illinois Tool Works, Inc. | 283972 |
| 7944 | Isuzu Motors Ltd. | 108044 |
| 618 | Lockheed Martin Corp. | 276067 |
| 6620 | Mitsubishi Electric Corporation<sup>(a)</sup> | 120078 |
| 7282 | Mitsubishi Heavy Industries Ltd. | 122665 |
| 2704 | PACCAR, Inc. | 263288 |
| 2035 | Rollins, Inc. | 109951 |
| 526 | Schneider Electric SA | 121492 |
| 3026 | Secom Company Ltd. | 103086 |
| 622 | Siemens AG | 143728 |
| 901 | Snap-on, Inc. | 303646 |
| 8384 | Southwest Airlines Company | 281535 |
| 5107 | Sumitomo Corporation | 116556 |
| 1296 | Union Pacific Corporation | 306167 |
| 850 | Waste Connections, Inc. | 165912 |
| 2429 | Xylem, Inc. | 290168 |
|  |  | 4277609 |
|  | **Materials - 3.1%** |  |
| 2261 | Albemarle Corp. | 162837 |
| 47862 | B2Gold Corporation | 136049 |
| 1229 | Ecolab, Inc. | 311576 |
| 1432 | Lafarge Holcim - Reclaim | 154135 |
| 515 | Martin Marietta Materials, Inc. | 246237 |
| 5769 | Nippon Steel & Sumitomo Metal Corp.<sup>(a)</sup> | 123491 |
| 766 | Packaging Corporation of America | 151683 |
| 634 | Sika AG<sup>(a)</sup> | 154466 |
|  |  | 1440474 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.2% (Continued)** | |
| | **Real Estate - 2.8%** | |
| 596 | Aena SME, S.A. | $139902 |
| 1331 | AvalonBay Communities, Inc. | 285659 |
| 568 | Essex Property Trust, Inc. | 174132 |
| 673 | FirstService Corporation | 111610 |
| 13840 | Segro Plc | 123794 |
| 76295 | Tritax Big Box REIT PLC | 138461 |
| 9727 | VICI Properties, Inc. | 317294 |
|  |  | 1290852 |
|  | **Technology - 21.8%** |  |
| 2405 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 247090 |
| 2612 | Akamai Technologies, Inc.<sup>(a)</sup> | 210266 |
| 1385 | Analog Devices, Inc. | 279313 |
| 11436 | Apple, Inc. | 2540279 |
| 1734 | Applied Materials, Inc. | 251638 |
| 1202 | CGI, Inc.<sup>(a)</sup> | 120011 |
| 5144 | Cisco Systems, Inc. | 317436 |
| 3955 | CoStar Group, Inc.<sup>(a)</sup> | 313355 |
| 1230 | Descartes Systems Group<sup>(a)</sup> | 123841 |
| 351 | FactSet Research Systems, Inc. | 159579 |
| 4019 | Gen Digital, Inc. | 106664 |
| 14405 | Intel Corp. | 327137 |
| 3961 | Lam Research Corporation | 287965 |
| 4965 | Microchip Technology, Inc. | 240356 |
| 3325 | Micron Technology, Inc. | 288909 |
| 4993 | Microsoft Corp. | 1874322 |
| 1370 | NXP Semiconductors N.V. | 260382 |
| 3310 | Obic Company Ltd. | 95459 |
| 4455 | ON Semiconductor Corporation<sup>(a)</sup> | 181274 |
| 5198 | Open Text Corpation | 131209 |
| 3972 | OTSUKA CORP. | 86019 |
| 2025 | Paychex, Inc. | 312417 |
| 3256 | PayPal Holdings, Inc.<sup>(a)</sup> | 212454 |
| 1906 | QUALCOMM, Inc. | 292781 |
| 541 | SAP SE | 145041 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| | **COMMON STOCKS — 99.2% (Continued)** | |
| | **Technology - 21.8% (Continued)** | |
| 4445 | SCSK Corporation | $109939 |
| 2611 | Skyworks Solutions, Inc. | 168749 |
| 5201 | Sony Corporation | 131631 |
| 5863 | Sumito Electric Ind<sup>(a)</sup> | 97876 |
| 8606 | TDK Corporation | 90203 |
| 8840 | TeamViewer S.E.<sup>(a)</sup> | 114290 |
|  |  | 10117885 |
|  | **Utilities - 4.6%** |  |
| 3151 | American Electric Power Company, Inc. | 344309 |
| 2748 | Duke Energy Corporation | 335174 |
| 7571 | Exelon Corporation | 348871 |
| 7066 | FirstEnergy Corporation | 285608 |
| 2499 | FORTIS INC | 113847 |
| 5852 | PPL Corporation | 211316 |
| 4194 | Severn Trent plc | 137316 |
| 3613 | Southern Company (The) | 332215 |
|  |  | 2108656 |
|  | **TOTAL COMMON STOCKS (Cost $45,644,670)** | 45918012 |
|  | **EXCHANGE-TRADED FUNDS — 0.6%** |  |
|  | **Equity - 0.6%** |  |
| 1269 | iShares MSCI EAFE ETF | 103715 |
| 347 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF | 194109 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $302,989)** | 297824 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $45,947,659)** | $46215836 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 107116 |
|  | **NET ASSETS - 100.0%** | $46322952 |

---

See accompanying notes to financial statements.

ADR - American Depositary Receipt

A/S - Anonim Sirketi

ETF - Exchange-Traded Fund

Ltd. - Limited Company

MSCI - Morgan Stanley Capital International

N.V. - Naamioze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S.A. - Société Anonyme

S.E. - Société Européene

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Non-income producing security.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Assets and Liabilities (Unaudited)**

**March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NAA Allocation<br> Fund** | **NAA Large Cap<br> Value Fund** | **NAA Large<br> Core Fund** | **NAA Mid<br> Growth Fund** | **NAA Opportunity<br> Fund** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $172643940 | $65602575 | $233995611 | $75096291 | $32620582 |
| Investments in securities, at value | $178732856 | $66176946 | $228026542 | $68991412 | $31610267 |
| Cash | 1653211 | 207644 | 2415092 | 547422 | 3738855 |
| Cash at Broker for Swaps |  |  |  |  | 751045 |
| Receivable for securities sold |  |  |  |  | 37816 |
| Receivable for Portfolio shares sold | 195 | 25 | 35556 | 1868 | 11501 |
| Interest receivable | 541228 | 47 | 322 | 46 | 16522 |
| Dividends receivable | 69591 | 72769 | 128278 | 28278 | 21599 |
| Unrealized appreciation on swap agreements |  |  |  |  | 4690885 |
| Prepaid expenses | 7821 | 5461 | 26216 | 15984 | - |
| **Total Assets** | 181004902 | 66462892 | 230632006 | 69585010 | 40878490 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Portfolio shares redeemed | 182216 | 14194 | 37895 | 36612 | 937 |
| Accrued investment advisory fees | 135762 | 26344 | 152641 | 46255 | 29177 |
| Accrued distribution (12b-1) fees | 56773 | 21920 | 136133 | 37961 | 1908 |
| Accrued administrative fees | 25485 | 15703 | 30692 | 12825 | 8032 |
| Foreign Cash Due to Broker | 20850 |  |  |  |  |
| Unrealized depreciation on swap agreements |  |  |  |  | 3081824 |
| Accrued miscellaneous fees | 209140 | 163831 | 87668 | 61016 | 63220 |
| **Total Liabilities** | 630226 | 241992 | 445029 | 194669 | 3185098 |
| **Net Assets** | $180374676 | $66220900 | $230186977 | $69390341 | $37693392 |
| **Components of Net Assets:** |  |  |  |  |  |
| Paid-in capital | $156273320 | $61924092 | $231166238 | $77664959 | $57886893 |
| Accumulated earnings (losses) | 24101356 | 4296808 | (979261) | (8274618) | (20193501) |
| **Net Assets** | $180374676 | $66220900 | $230186977 | $69390341 | $37693392 |
| **Class A Shares:** |  |  |  |  |  |
| Net assets | $114427622 | $42905553 | $222508975 | $67596183 | $2875235 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 7157616 | 968048 | 11360561 | 1956760 | 131712 |
| Net asset value and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $15.99 | $44.32 | $19.59 | $34.54 | $21.83 |
| Maximum offering price per share (net asset value plus maximum sales charge of 4.75%) | $16.79 | $46.53 | $20.57 | $36.26 | $22.92 |
| **Class C Shares:** |  |  |  |  |  |
| Net assets | $7599207 | $1753166 | $692011 | $393619 | $79372 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 536974 | 45348 | 96323 | 33368 | 4149 |
| Net asset value, offering and redemption price per share (a) (Net assets ÷ Total shares of beneficial interest outstanding) | $14.15 | $38.66 | $7.18 | $11.80 | $19.13 |
| **Institutional Class Shares:** |  |  |  |  |  |
| Net assets | $54022067 | $20595356 | $6932314 | $1345751 | $33951340 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3215278 | 475671 | 361038 | 38972 | 1048076 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $16.80 | $43.30 | $19.20 | $34.53 | $32.39 |
| **Class P Shares** |  |  |  |  |  |
| Net assets | $4325780 | $966825 | $53677 | $54788 | $787445 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 266963 | 21863 | 2822 | 1621 | 35701 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $16.20 | $44.22 | $19.02 | $33.80 | $22.06 |

---

(a) Subject
 to a maximum contingent deferred sales charge ("CDSC") of 1.00% if shares are redeemed within 12 months of purchase.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Assets and Liabilities (Unaudited) (Continued)**

**March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Risk Managed<br> Real Estate Fund** | **NAA SMid Cap<br> Value Fund** | **NAA World Equity<br> Income Fund** |
| **Assets:** |  |  |  |
| Investments in securities, at cost | $237371051 | $309021190 | $45947659 |
| Investments in securities, at value | $246928806 | $300550226 | $46215836 |
| Cash | 10422761 | 92558 | 46215 |
| Foreign Cash (Cost $-, -, -,16,363) |  |  | 16362 |
| Cash at Broker for Swaps | 1533951 |  |  |
| Cash at Broker for Short Sales | 24085939 |  |  |
| Receivable for securities sold |  |  | 7008 |
| Receivable for Portfolio shares sold | 50035 | 4538 | 185 |
| Interest receivable | 300515 | 427 | 109 |
| Dividends receivable | 755688 | 421704 | 118870 |
| Unrealized appreciation on swap agreements | 900019 |  |  |
| Reclaims receivable |  | 302 | 84947 |
| Prepaid expenses | 18201 | 51121 | 5713 |
| **Total Assets** | 284995915 | 301120876 | 46495245 |
| **Liabilities:** |  |  |  |
| Securities sold short, at value (proceeds $49,861,165,-,-) | 47808827 |  |  |
| Payable for Portfolio shares redeemed | 336894 | 343527 | 40272 |
| Payable for securities purchased |  |  | 7005 |
| Accrued investment advisory fees | 138545 | 176885 | 8358 |
| Accrued distribution (12b-1) fees | 9022 | 102869 | 23571 |
| Accrued administrative fees | 40708 | 41614 | 9634 |
| Accrued fund accounting fees |  |  |  |
| Accrued transfer agency fees | 36737 | 24366 | 5592 |
| Due to Broker for Short Sales | 52544 |  |  |
| Unrealized depreciation on swap agreements | 1748607 |  |  |
| Accrued miscellaneous fees | 116952 | 89879 | 77861 |
| Dividends payable from short positions | 350242 | - | - |
| **Total Liabilities** | 50639078 | 779140 | 172293 |
| **Net Assets** | $234356837 | $300341736 | $46322952 |
| **Components of Net Assets:** |  |  |  |
| Paid-in capital | $226073734 | $257909416 | $39149224 |
| Accumulated earnings | 8283103 | 42432320 | 7173728 |
| **Net Assets** | $234356837 | $300341736 | $46322952 |
| **Class A Shares:** |  |  |  |
| Net assets | $3809287 | $253170826 | $42299617 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 119165 | 7103097 | 2590883 |
| Net asset value and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $31.97 | $35.64 | $16.33 |
| Maximum offering price per share (net asset value plus maximum sales charge of 4.75%) | $33.56 | $37.42 | $17.14 |
| **Class C Shares:** |  |  |  |
| Net assets | $3817039 | $2381042 | $1499474 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 120392 | 119913 | 114060 |
| Net asset value, offering and redemption price per share (a) (Net assets ÷ Total shares of beneficial interest outstanding) | $31.71 | $19.86 | $13.15 |
| **Institutional Class Shares:** |  |  |  |
| Net assets | $218788445 | $41050086 | $2448879 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 6741105 | 8796305 | 151092 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $32.46 | $4.67 | $16.21 |
| **Class P Shares** |  |  |  |
| Net assets | $7942066 | $3739782 | $74982 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 246908 | 105912 | 4546 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $32.17 | $35.31 | $16.49 |

---

(a) Subject
 to a maximum contingent deferred sales charge ("CDSC") of 1.00% if shares are redeemed within 12 months of purchase.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Operations (Unaudited)**

**For the Six Months Ended March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NAA Allocation<br> Fund** | **NAA Large Cap<br> Value Fund** | **NAA Large<br> Core Fund** | **NAA Mid<br> Growth Fund** | **NAA Opportunity<br> Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $1477861 | $660241 | $1671970 | $330645 | $310068 |
| Affiliated dividend income |  |  | 493617 | 141893 |  |
| Interest income | 640946 | 18374 | 77594 | 29067 | 177481 |
| Foreign taxes withheld | (7286) | (402) | - | (1689) | (564) |
| **Total Investment Income** | 2111521 | 678213 | 2243181 | 499916 | 486985 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 934868 | 209995 | 964020 | 291906 | 167658 |
| Distribution 12b-1 fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 155658 | 55583 | 312354 | 94871 | 3640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 43972 | 9040 | 3932 | 2464 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P | 5726 | 1136 | 72 | 69 | 998 |
| Registration & filing fees | 82668 | 66699 | 59588 | 81277 | 37611 |
| Administration fees | 59867 | 19144 | 68555 | 28461 | 18631 |
| Networking Fees | 42230 | 14780 | 55509 | 16791 | 8007 |
| Transfer agent fees | 30037 | 26634 | 52751 | 24606 | 13948 |
| Legal Fees | 17528 | 2638 | 12675 | 4257 | 2449 |
| Audit fees | 11780 | 2308 | 15314 | 4581 | 1683 |
| Chief compliance officer fees | 11044 | 5022 | 7206 | 2156 | 5192 |
| Insurance Expense | 10460 | 4194 | 9202 | 5077 | 3985 |
| Custody Fees | 8467 | 3471 | 6301 | 4736 | 7383 |
| Trustee fees | 7761 | 7051 | 13052 | 12551 | 8563 |
| Printing and postage expenses | 5377 | 12377 | 13502 | 10127 | 5378 |
| Short sales dividend expense |  |  | 94873 | 14437 |  |
| Miscellaneous fees and expenses | 1998 | 1646 | 3241 | 3541 | 3899 |
| **Total Expenses** | 1429441 | 441718 | 1692147 | 601908 | 289666 |
| Expenses waived/reimbursed | (107102) | (100789) |  |  | (33196) |
| Expenses Recouped | 271 | 631 | 6487 | 439 | 793 |
| **Net Expenses** | 1322610 | 341560 | 1698634 | 602347 | 257263 |
| **Net Investment Income (Loss)** | 788911 | 336653 | 544547 | (102431) | 229722 |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | 1696571 | 861384 | (2532) |
| &nbsp;&nbsp;&nbsp;Investments | 22859454 | 14320462 | 7879260 | 2574399 | 2745085 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  | 78168 | 22858 |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | - | - | 36365296 | 8984753 | 524904 |
|  | 22859454 | 14320462 | 46019295 | 12443394 | 3267457 |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | (1793796) | (876684) | 2530 |
| &nbsp;&nbsp;&nbsp;Investments | (23724722) | (15009077) | (16963777) | (8306840) | (4364001) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  | (62524) |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | - | - | (33863475) | (7028514) | 880336 |
|  | (23724722) | (15009077) | (52683572) | (16212038) | (3481135) |
| **Net Realized and Unrealized Loss on Investments** | (865268) | (688615) | (6664277) | (3768644) | (213678) |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $(76357) | $(351962) | $(6119730) | $(3871075) | $16044 |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Operations (Unaudited) (Continued)**

**For the Six Months Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Risk Managed<br> Real Estate Fund** | **NAA SMid Cap<br> Value Fund** | **NAA World Equity<br> Income Fund** |
| **Investment Income:** |  |  |  |
| Dividend income | $5418712 | $3335156 | $627735 |
| Interest income | 304966 | 63492 | 3931 |
| Foreign taxes withheld | - | - | (30317) |
| **Total Investment Income** | 5723678 | 3398648 | 601349 |
| **Expenses:** |  |  |  |
| Investment advisory fees | 1012980 | 1259369 | 169112 |
| Distribution 12b-1 fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 5149 | 295131 | 54693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 22183 | 12262 | 9333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P | 10889 | 4670 | 95 |
| Short sales dividend expense | 879807 |  |  |
| Administration fees | 71142 | 70516 | 21218 |
| Transfer agent fees | 55227 | 117759 | 28736 |
| Legal Fees | 16045 | 18622 | 2977 |
| Audit fees | 18623 | 20903 | 2694 |
| Trustee fees | 11313 | 11286 | 8136 |
| Printing and postage expenses | 7716 | 18177 | 11645 |
| Insurance Expense | 10922 | 11698 | 4355 |
| Networking Fees | 56636 | 71883 | 9361 |
| Custody Fees | 12763 | 13624 | 8155 |
| Registration & filing fees | 63935 | 62754 | 72224 |
| Margin Receivable | 1079 |  |  |
| Chief compliance officer fees | 8764 | 9836 | 8038 |
| Miscellaneous fees and expenses | 2816 | 3597 | 554 |
| **Total Expenses** | 2267989 | 2002087 | 411326 |
| Expenses waived/reimbursed | (79846) | (85831) | (124194) |
| Expenses Recouped | - | - | 184 |
| **Net Expenses** | 2188143 | 1916256 | 287316 |
| **Net Investment Income** | 3535535 | 1482392 | 314033 |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |
| Net realized gain/(loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  | (2532) |  |
| &nbsp;&nbsp;&nbsp;Investments | 7166992 | 75206454 | 6793700 |
| &nbsp;&nbsp;&nbsp;Investments sold short | (188) |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | 3255890 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | - | - | (22425) |
|  | 10422694 | 75203922 | 6771275 |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  | 2530 |  |
| &nbsp;&nbsp;&nbsp;Investments | (27899016) | (92151333) | (7963772) |
| &nbsp;&nbsp;&nbsp;Investments sold short | 4717720 |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | (3297303) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | - | - | (2206) |
|  | (26478599) | (92148803) | (7965978) |
| **Net Realized and Unrealized Loss on Investments** | (16055905) | (16944881) | (1194703) |
| **Net Decrease in Net Assets Resulting from Operations** | $(12520370) | $(15462489) | $(880670) |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** |
|  | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income (loss) | $788911 | $(363030) | $336653 | $465176 |
| Net realized gain on investments | 22859454 | 24352158 | 14320462 | 1125722 |
| Net change in unrealized appreciation (depreciation) on investments | (23724722) | 35413934 | (15009077) | 6300481 |
| Net increase (decrease) in net assets resulting from operations | (76357) | 59403062 | (351962) | 7891379 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (17699918) | (1985508) | (4831600) | (3614984) |
| &nbsp;&nbsp;&nbsp;Class C | (1381988) | (124629) | (202881) | (133562) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8130642) | (1275935) | (1711890) | (215928) |
| &nbsp;&nbsp;&nbsp;Class P | (639492) | (77623) | (87996) | (9665) |
| Total distributions to shareholders | (27852040) | (3463695) | (6834367) | (3974139) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2183882 | 4655019 | 19087649 | 822724 |
| &nbsp;&nbsp;&nbsp;Class C | 437899 | 55823 | 1173913 | 96923 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2032864 | 1903271 | 19349549 | 1637823 |
| &nbsp;&nbsp;&nbsp;Class P | 67183 | 60986 | 1031647 | 645 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 15966752 | 1793021 | 4742848 | 3537482 |
| &nbsp;&nbsp;&nbsp;Class C | 1377351 | 124341 | 202881 | 133562 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 7732897 | 1226048 | 1707117 | 215928 |
| &nbsp;&nbsp;&nbsp;Class P | 633027 | 76734 | 87996 | 9665 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (14272767) | (23069675) | (11809423) | (3861275) |
| &nbsp;&nbsp;&nbsp;Class C | (2729224) | (5075017) | (568853) | (388459) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (9351918) | (22260703) | (1617220) | (1141930) |
| &nbsp;&nbsp;&nbsp;Class P | (385821) | (1111314) | (137413) | (23068) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 3692125 | (41621466) | 33250691 | 1040020 |
| **Total Increase/(Decrease) In Net Assets** | (24236272) | 14317901 | 26064362 | 4957260 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 204610948 | 190293047 | 40156538 | 35199278 |
| End of year/period | $180374676 | $204610948 | $66220900 | $40156538 |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** |
|  | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares Sold | 121763 | 279154 | 393724 | 17707 |
| Shares Reinvested | 951535 | 117575 | 104601 | 80968 |
| Shares Redeemed | (803182) | (1426867) | (243568) | (83236) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 270116 | (1030138) | 254757 | 15439 |
| **Class C** |  |  |  |  |
| Shares Sold | 30061 | 3771 | 27337 | 2411 |
| Shares Reinvested | 92564 | 8991 | 5165 | 3449 |
| Shares Redeemed | (172713) | (337058) | (13503) | (9626) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (50088) | (324296) | 18999 | (3766) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 108865 | 109757 | 411021 | 36005 |
| Shares Reinvested | 438870 | 77207 | 39240 | 5048 |
| Shares Redeemed | (500995) | (1330967) | (35795) | (25018) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 46740 | (1144003) | 414466 | 16035 |
| **Class P** |  |  |  |  |
| Shares Sold | 3656 | 3751 | 21296 | 13 |
| Shares Reinvested | 37237 | 4983 | 1987 | 222 |
| Shares Redeemed | (21196) | (68841) | (2997) | (495) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 19697 | (60107) | 20286 | (260) |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** |
|  | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income (loss) | $544547 | $7294680 | $(102431) | $1972163 |
| Net realized gain on investments | 46019295 | 41786691 | 12443394 | 12812573 |
| Net change in unrealized appreciation (depreciation) on investments | (52683572) | 26059317 | (16212038) | 4802149 |
| Net increase/(decrease) in net assets resulting from operations | (6119730) | 75140688 | (3871075) | 19586885 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (47830317) | (5405491) | (1895782) | (1599572) |
| &nbsp;&nbsp;&nbsp;Class C | (303545) | (36849) | (29994) | (35883) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1505871) | (182850) | (47087) | (25329) |
| &nbsp;&nbsp;&nbsp;Class P | (11131) | (5396) | (1353) | (1001) |
| Total distributions to shareholders | (49650864) | (5630586) | (1974216) | (1661785) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1139604 | 6210855 | 958300 | 1127898 |
| &nbsp;&nbsp;&nbsp;Class C | 10429 | 69462 | 7706 | 54595 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2586385 | 1830970 | 911163 | 242286 |
| &nbsp;&nbsp;&nbsp;Class P | 229 | 1460 | 10381 | 8666 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 45689049 | 5134767 | 1798324 | 1520104 |
| &nbsp;&nbsp;&nbsp;Class C | 303545 | 36186 | 29638 | 35883 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1497370 | 181876 | 47000 | 25262 |
| &nbsp;&nbsp;&nbsp;Class P | 11131 | 5396 | 1353 | 1001 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (25569193) | (25109528) | (5441285) | (7500936) |
| &nbsp;&nbsp;&nbsp;Class C | (141563) | (283343) | (206334) | (155959) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (3628206) | (2050837) | (569826) | (316333) |
| &nbsp;&nbsp;&nbsp;Class P | (31837) | (195305) | (23762) | (2851) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 21866943 | (14168041) | (2477342) | (4960384) |
| **Total Increase/(Decrease) In Net Assets** | (33903651) | 55342061 | (8322633) | 12964716 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 264090628 | 208748567 | 77712974 | 64748258 |
| End of year/period | $230186977 | $264090628 | $69390341 | $77712974 |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** |
|  | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares Sold | 52009 | 291700 | 24467 | 33254 |
| Shares Reinvested | 2179821 | 257382 | 48045 | 47135 |
| Shares Redeemed | (1191163) | (1161333) | (142899) | (223835) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 1040667 | (612251) | (70387) | (143446) |
| **Class C** |  |  |  |  |
| Shares Sold | 1174 | 6735 | 586 | 4488 |
| Shares Reinvested | 39422 | 3730 | 2314 | 3096 |
| Shares Redeemed | (14830) | (26945) | (15359) | (12835) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 25766 | (16480) | (12459) | (5251) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 109411 | 87396 | 22696 | 7128 |
| Shares Reinvested | 72936 | 9265 | 1257 | 784 |
| Shares Redeemed | (156848) | (99766) | (15150) | (9222) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 25499 | (3105) | 8803 | (1310) |
| **Class P** |  |  |  |  |
| Shares Sold | 10 | 65 | 279 | 258 |
| Shares Reinvested | 547 | 276 | 37 | 32 |
| Shares Redeemed | (1339) | (8169) | (654) | (87) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (782) | (7828) | (338) | 203 |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** |
|  | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $229722 | $280300 | $3535535 | $8563694 |
| Net realized gain on investments | 3267457 | 2733753 | 10422694 | 7466542 |
| Net change in unrealized appreciation (depreciation) on investments | (3481135) | 2135471 | (26478599) | 68437312 |
| Net increase/(decrease) in net assets resulting from operations | 16044 | 5149524 | (12520370) | 84467548 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (30372) | (17013) | (119788) | (124087) |
| &nbsp;&nbsp;&nbsp;Class C |  |  | (117108) | (100127) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (295577) | (170951) | (7597072) | (9703511) |
| &nbsp;&nbsp;&nbsp;Class P | (6439) | (11717) | (253390) | (258942) |
| Total distributions to shareholders | (332388) | (199681) | (8087358) | (10186667) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 165472 | 521179 | 145831 | 975223 |
| &nbsp;&nbsp;&nbsp;Class C | 2434 | 28394 | 187469 | 449159 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 51799 | 162832 | 12837529 | 56496605 |
| &nbsp;&nbsp;&nbsp;Class P | 22 | 93001 | 288479 | 1668346 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 25420 | 14054 | 108308 | 113706 |
| &nbsp;&nbsp;&nbsp;Class C |  |  | 106394 | 96964 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 295576 | 170951 | 7288264 | 9267091 |
| &nbsp;&nbsp;&nbsp;Class P | 6439 | 11717 | 253390 | 258942 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (335949) | (706294) | (964805) | (1535282) |
| &nbsp;&nbsp;&nbsp;Class C | (112593) | (55553) | (1144341) | (1316770) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (26023) | (1056198) | (100367036) | (152743720) |
| &nbsp;&nbsp;&nbsp;Class P | (52068) | (1355753) | (2006381) | (2686041) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 20529 | (2171670) | (83266899) | (88955777) |
| **Total Increase/(Decrease) In Net Assets** | (295815) | 2778173 | (103874627) | (14674896) |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 37989207 | 35211034 | 338231464 | 352906360 |
| End of year/period | $37693392 | $37989207 | $234356837 | $338231464 |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** |
|  | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares Sold | 7643 | 24797 | 4455 | 31903 |
| Shares Reinvested | 1193 | 732 | 3429 | 3567 |
| Shares Redeemed | (15497) | (33883) | (29063) | (50152) |
| Net decrease in shares of beneficial interest outstanding | (6661) | (8354) | (21179) | (14682) |
| **Class C** |  |  |  |  |
| Shares Sold | 130 | 1567 | 5790 | 15361 |
| Shares Reinvested |  |  | 3399 | 3077 |
| Shares Redeemed | (5940) | (3081) | (35306) | (42364) |
| Net decrease in shares of beneficial interest outstanding | (5810) | (1514) | (26117) | (23926) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 1658 | 5415 | 386721 | 1826925 |
| Shares Reinvested | 9360 | 6030 | 227336 | 286640 |
| Shares Redeemed | (792) | (34432) | (2975196) | (4977917) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 10226 | (22987) | (2361139) | (2864352) |
| **Class P** |  |  |  |  |
| Shares Sold | 1 | 4366 | 8680 | 53565 |
| Shares Reinvested | 299 | 605 | 7972 | 8075 |
| Shares Redeemed | (2383) | (63484) | (60273) | (85912) |
| Net decrease in shares of beneficial interest outstanding | (2083) | (58513) | (43621) | (24272) |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund** | **NAA World Equity Fund** | **NAA World Equity Fund** |
|  | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $1482392 | $2702586 | $314033 | $840399 |
| Net realized gain on investments | 75203922 | 26188659 | 6771275 | 2743773 |
| Net change in unrealized appreciation (depreciation) on investments | (92148803) | 42714503 | (7965978) | 7508430 |
| Net increase (decrease) in net assets resulting from operations | (15462489) | 71605748 | (880670) | 11092602 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (26932897) | (4519035) | (2326755) | (768591) |
| &nbsp;&nbsp;&nbsp;Class C | (460313) | (90028) | (105341) | (29760) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (26724429) | (6882413) | (138379) | (54773) |
| &nbsp;&nbsp;&nbsp;Class P | (433101) | (83545) | (4023) | (1703) |
| Total distributions to shareholders | (54550740) | (11575021) | (2574498) | (854827) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2403086 | 5756207 | 1474697 | 1607596 |
| &nbsp;&nbsp;&nbsp;Class C | 39343 | 209657 | 6139 | 203517 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2483081 | 14895834 | 638979 | 1388085 |
| &nbsp;&nbsp;&nbsp;Class P | 4013 | 79097 | 25 | 1064 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 26152208 | 4392317 | 2237780 | 739598 |
| &nbsp;&nbsp;&nbsp;Class C | 455273 | 83920 | 105341 | 29760 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 21015786 | 5463438 | 137375 | 54443 |
| &nbsp;&nbsp;&nbsp;Class P | 433101 | 83545 | 4022 | 1299 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (26490235) | (42061906) | (4259349) | (4592926) |
| &nbsp;&nbsp;&nbsp;Class C | (1084009) | (1536349) | (1063453) | (875233) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (25683214) | (37727972) | (1506212) | (1475557) |
| &nbsp;&nbsp;&nbsp;Class P | (939513) | (1466108) | (22493) | (18515) |
| Net decrease in net assets from share transactions of beneficial interest | (1211080) | (51828320) | (2247149) | (2936869) |
| **Total Increase (Decrease) In Net Assets** | (71224309) | 8202407 | (5702317) | 7300906 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 371566045 | 363363638 | 52025269 | 44724363 |
| End of year/period | $300341736 | $371566045 | $46322952 | $52025269 |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund** | **NAA World Equity Fund** | **NAA World Equity Fund** |
|  | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Six Months Ended<br> March 31, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
|  | **(Unaudited)** | | **(Unaudited)** | |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares Sold | 62278 | 152442 | 88593 | 101178 |
| Shares Reinvested | 708732 | 118391 | 139481 | 45106 |
| Shares Redeemed | (680258) | (1112216) | (253288) | (291196) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 90752 | (841383) | (25214) | (144912) |
| **Class C** |  |  |  |  |
| Shares Sold | 1745 | 9107 | 455 | 17189 |
| Shares Reinvested | 22101 | 3758 | 8159 | 2243 |
| Shares Redeemed | (47795) | (68315) | (75882) | (66359) |
| Net decrease in shares of beneficial interest outstanding | (23949) | (55450) | (67268) | (46927) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 357936 | 1804887 | 38474 | 85631 |
| Shares Reinvested | 4351094 | 677006 | 8625 | 3346 |
| Shares Redeemed | (3872122) | (4483828) | (88384) | (95637) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 836908 | (2001935) | (41285) | (6660) |
| **Class P** |  |  |  |  |
| Shares Sold | 101 | 2074 | 1 | 67 |
| Shares Reinvested | 11846 | 2271 | 249 | 78 |
| Shares Redeemed | (24609) | (39748) | (1282) | (1157) |
| Net decrease in shares of beneficial interest outstanding | (12662) | (35403) | (1032) | (1012) |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Allocation Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $18.64 | $14.04 | $14.23 | $18.11 | $14.00 | $16.50 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.06 | (0.04) | 0.26 | (0.01) | (0.06) | 0.02 |
| Net realized and unrealized gain (loss) on investments | (0.03) | 4.90 | (0.40) | (1.27) | 4.18 | 0.07 (i) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.03 | 4.86 | (0.14) | (1.28) | 4.12 | 0.09 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.26) | (0.05) |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (2.66) | - | - | (2.60) | - | (2.59) |
| Total distributions | (2.68) | (0.26) | (0.05) | (2.60) | (0.01) | (2.59) |
| Net asset value, end of period/year | $15.99 | $18.64 | $14.04 | $14.23 | $18.11 | $14.00 |
| Total return (b) | (0.51)%(e) | 35.05% | (0.97)% | (9.40)% | 29.42% | (0.38)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $114428 | $128383 | $111157 | $135504 | $152598 | $106549 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.71 %(f) | (0.25)% | 1.81% | (0.03)% | (0.38)% | 0.16% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.50 %(f) | 1.54% | 1.58% | 1.48% | 1.44% | 1.43% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.45 %(f) | 1.43 %(g) | 1.47 %(g) | 1.39 %(g) | 1.42 %(g) | 1.40 %(g) |
| Portfolio turnover rate | 59 %(e)(h) | 125% | 130% | 149% | 131% | 313% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.43% | 1.46% | 1.38% | 1.41% | 1.40% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because
 of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Allocation Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $16.83 | $12.67 | $12.87 | $16.72 | $13.01 | $15.59 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.01 | (0.13) | 0.16 | (0.12) | (0.16) | (0.07) |
| Net realized and unrealized gain (loss) on investments | (0.03) | 4.44 | (0.36) | (1.13) | 3.87 | 0.08 (i) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.02) | 4.31 | (0.20) | (1.25) | 3.71 | 0.01 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (2.66) | - | - | (2.60) | - | (2.59) |
| Total distributions | (2.66) | (0.15) | - | (2.60) | - | (2.59) |
| Net asset value, end of period/year | $14.15 | $16.83 | $12.67 | $12.87 | $16.72 | $13.01 |
| Total return (b) | (0.88)%(e) | 34.24% | (1.55)% | (10.08)% | 28.52% | (0.99)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $7599 | $9878 | $11548 | $20835 | $60153 | $98656 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.08 %(f) | (0.91)% | 1.25% | (0.82)% | (1.02)% | (0.53)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.10 %(f) | 2.25% | 2.21% | 2.21% | 2.15% | 2.15% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.05 %(f) | 2.08 %(g) | 2.08 %(g) | 2.08 %(g) | 2.09 %(g) | 2.10 %(g) |
| Portfolio turnover rate | 59 %(e)(h) | 125% | 130% | 149% | 131% | 313% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 2.07% | 2.07% | 2.08% | 2.08% | 2.10% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because
 of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Allocation Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $19.47 | $14.66 | $14.85 | $18.74 | $14.48 | $16.93 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | 0.02 | 0.33 | 0.04 | (0.01) | 0.07 |
| Net realized and unrealized gain (loss) on investments | (0.04) | 5.12 | (0.42) | (1.33) | 4.32 | 0.07 (i) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.06 | 5.14 | (0.09) | (1.29) | 4.31 | 0.14 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.33) | (0.10) |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (2.66) | - | - | (2.60) | - | (2.59) |
| Total distributions | (2.73) | (0.33) | (0.10) | (2.60) | (0.05) | (2.59) |
| Net asset value, end of period/year | $16.80 | $19.47 | $14.66 | $14.85 | $18.74 | $14.48 |
| Total return (b) | (0.35)%(e) | 35.55% | (0.58)% | (9.11)% | 29.81% | (0.03)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $54022 | $61690 | $63225 | $93219 | $137682 | $152083 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 1.09 %(f) | 0.10% | 2.22% | 0.25% | (0.04)% | 0.47% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.24 %(f) | 1.21% | 1.22% | 1.20% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.05 %(f) | 1.07 %(g) | 1.08 %(g) | 1.08 %(g) | 1.09 %(g) | 1.10 %(g) |
| Portfolio turnover rate | 59 %(e)(h) | 125% | 130% | 149% | 131% | 313% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.07% | 1.07% | 1.08% | 1.09% | 1.10% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because
 of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Allocation Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $18.85 | $14.19 | $14.36 | $18.25 | $14.10 | $16.59 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.08 | (0.03) | 0.28 | 0.00 (j) | (0.05) | 0.03 |
| Net realized and unrealized gain (loss) on investments | (0.05) | 4.97 | (0.39) | (1.29) | 4.20 | 0.07 (i) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.03 | 4.94 | (0.11) | (1.29) | 4.15 | 0.10 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.28) | (0.06) |  | 0.00 (j) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (2.66) | - | - | (2.60) | - | (2.59) |
| Total distributions | (2.68) | (0.28) | (0.06) | (2.60) | - | (2.59) |
| Net asset value, end of period/year | $16.20 | $18.85 | $14.19 | $14.36 | $18.25 | $14.10 |
| Total return (b) | (0.51)%(e) | 35.26% | (0.80)% | (9.38)% | 29.45% | (0.30)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $4326 | $4660 | $4363 | $5424 | $8533 | $9143 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.85 %(f) | (0.16)% | 1.96% | (0.01)% | (0.28)% | 0.22% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.50 %(f) | 1.47% | 1.47% | 1.43% | 1.38% | 1.40% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.30 %(f) | 1.32 %(g) | 1.33 %(g) | 1.33 %(g) | 1.34 %(g) | 1.35 %(g) |
| Portfolio turnover rate | 59 %(e)(h) | 125% | 130% | 149% | 131% | 313% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.32% | 1.32% | 1.33% | 1.34% | 1.35% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because
 of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the fund.

(j) Less
 than $0.01 per share.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Large Cap Value Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $50.31 | $45.66 | $43.75 | $50.08 | $38.17 | $43.56 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.23 | 0.58 | 0.61 | 0.56 | 0.41 | 0.97 |
| Net realized and unrealized gain (loss) on investments | (1.43)(i) | 9.37 | 5.55 | (3.40) | 14.51 | (2.97) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.20) | 9.95 | 6.16 | (2.84) | 14.92 | (2.00) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.70) | (0.52) | (0.43) | (1.30) | (0.70) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (4.73) | (4.60) | (3.73) | (3.06) | (1.71)(e) | (2.69) |
| Total distributions | (4.79) | (5.30) | (4.25) | (3.49) | (3.01) | (3.39) |
| Net asset value, end of period/year | $44.32 | $50.31 | $45.66 | $43.75 | $50.08 | $38.17 |
| Total return (b) | (0.91)%(e) | 23.55% | 14.19% | (6.43)% | 40.59% | (5.58)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $42906 | $35888 | $31862 | $30733 | $36678 | $28548 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.00 %(f) | 1.25% | 1.32% | 1.11% | 0.88% | 2.40% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.48 %(f) | 1.52% | 1.47% | 1.41% | 1.47% | 1.46% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.10 %(f) | 1.12 %(g) | 1.12 %(g) | 1.13 %(g) | 1.15 %(g) | 1.15 %(g) |
| Portfolio turnover rate | 41 %(e)(h) | 13% | 19% | 33% | 19% | 25% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.12% | 1.12% | 1.13% | 1.14% | 1.15% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due
 to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the
 Fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Large Cap Value Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $44.33 | $40.68 | $39.44 | $45.43 | $34.79 | $39.77 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.05 | 0.21 | 0.24 | 0.18 | 0.05 | 0.62 |
| Net realized and unrealized gain (loss) on investments | (0.95)(i) | 8.30 | 5.00 | (3.07) | 13.23 | (2.74) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.90) | 8.51 | 5.24 | (2.89) | 13.28 | (2.12) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.26) | (0.27) | (0.04) | (0.93) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (4.73) | (4.60) | (3.73) | (3.06) | (1.71)(e) | (2.69) |
| Total distributions | (4.77) | (4.86) | (4.00) | (3.10) | (2.64) | (2.86) |
| Net asset value, end of period/year | $38.66 | $44.33 | $40.68 | $39.44 | $45.43 | $34.79 |
| Total return (b) | (1.27)%(e) | 22.63% | 13.33% | (7.13)% | 39.55% | (6.30)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $1753 | $1168 | $1225 | $1653 | $1191 | $911 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.25 %(f) | 0.50% | 0.57% | 0.39% | 0.12% | 1.69% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.96 %(f) | 2.36% | 2.28% | 2.29% | 2.36% | 2.43% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.85 %(f) | 1.87 %(g) | 1.87 %(g) | 1.88 %(g) | 1.89 %(g) | 1.90 %(g) |
| Portfolio turnover rate | 41 %(e)(h) | 13% | 19% | 33% | 19% | 25% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.87% | 1.87% | 1.88% | 1.89% | 1.90% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due
 to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the
 Fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Large Cap Value Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,**<br> **2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $49.36 | $44.90 | $43.11 | $49.39 | $37.71 | $43.08 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.28 | 0.68 | 0.74 | 0.71 | 0.52 | 0.98 |
| Net realized and unrealized gain (loss) on investments | (1.49)(i) | 9.21 | 5.43 | (3.38) | 14.31 | (2.84) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.21) | 9.89 | 6.17 | (2.67) | 14.83 | (1.86) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.83) | (0.65) | (0.55) | (1.44) | (0.82) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (4.73) | (4.60) | (3.73) | (3.06) | (1.71)(e) | (2.69) |
| Total distributions | (4.85) | (5.43) | (4.38) | (3.61) | (3.15) | (3.51) |
| Net asset value, end of period/year | $43.30 | $49.36 | $44.90 | $43.11 | $49.39 | $37.71 |
| Total return (b) | (0.79)%(e) | 23.89% | 14.48% | (6.20)% | 40.93% | (5.35)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $20595 | $3021 | $2028 | $5246 | $1364 | $477 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.24 %(f) | 1.48% | 1.61% | 1.46% | 1.10% | 2.50% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.04 %(f) | 1.29% | 1.21% | 1.15% | 1.24% | 1.35% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 0.85 %(f) | 0.87 %(g) | 0.87 %(g) | 0.88 %(g) | 0.89 %(g) | 0.90 %(g) |
| Portfolio turnover rate | 41 %(e)(h) | 13% | 19% | 33% | 19% | 25% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 Annualized

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 0.87% | 0.87% | 0.88% | 0.89% | 0.90% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due
 to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the
 Fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Large Cap Value Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,**<br> **2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $50.16 | $45.53 | $43.59 | $49.91 | $38.06 | $43.46 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.23 | 0.58 | 0.62 | 0.53 | 0.41 | 0.83 |
| Net realized and unrealized gain (loss) on investments | (1.35)(i) | 9.35 | 5.52 | (3.34) | 14.46 | (2.82) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.12) | 9.93 | 6.14 | (2.81) | 14.87 | (1.99) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.70) | (0.47) | (0.45) | (1.31) | (0.72) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (4.73) | (4.60) | (3.73) | (3.06) | (1.71) | (2.69) |
| Total distributions | (4.82) | (5.30) | (4.20) | (3.51) | (3.02) | (3.41) |
| Net asset value, end of period/year | $44.22 | $50.16 | $45.53 | $43.59 | $49.91 | $38.06 |
| Total return (b) | (0.91)%(e) | 23.56% | 14.19% | (6.44)% | 40.60% | (5.58)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $967 | $79 | $84 | $97 | $194 | $170 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.86 %(f) | 1.26% | 1.33% | 1.05% | 0.87% | 2.12% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.26 %(f) | 1.71% | 1.70% | 1.67% | 1.71% | 1.72% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.10 %(f) | 1.12 %(g) | 1.12 %(g) | 1.14 %(g) | 1.15 %(g) | 1.15 %(g) |
| Portfolio turnover rate | 41 %(e)(h) | 13% | 19% | 33% | 19% | 25% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.12% | 1.12% | 1.13% | 1.14% | 1.15% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due
 to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the
 Fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Large Core Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $24.71 | $18.44 | $21.18 | $27.35 | $23.01 | $20.48 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.06 | 0.66 | 0.56 | 0.18 | 0.06 | 0.17 |
| Net realized and unrealized gain (loss) on investments | (0.41) | 6.11 | 3.32 | (5.02) | 6.46 | 2.70 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.35) | 6.77 | 3.88 | (4.84) | 6.52 | 2.87 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.66) | (0.50) | (0.22) | (0.08) | (0.19) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (4.11) | - | (6.40) | (1.25) | (1.99) | (0.03) |
| Total distributions | (4.77) | (0.50) | (6.62) | (1.33) | (2.18) | (0.34) |
| Net asset value, end of period/year | $19.59 | $24.71 | $18.44 | $21.18 | $27.35 | $23.01 |
| Total return (b) | (2.70)%(e) | 37.38% | 21.81% | (18.94)% | 29.91% | 14.18% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $222509 | $254992 | $201587 | $186957 | $247243 | $204428 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.53 %(f) | 3.04% | 3.01% | 0.68% | 0.23% | 0.79% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.35 %(f) | 1.62% | 1.48% | 1.20% | 1.23% | 1.32% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.35 %(f) | 1.59% | 1.44% | 1.15% | 1.17% | 1.28% |
| Portfolio turnover rate | 44 %(e)(g) | 56% | 56% | 62% | 25% | 69% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Large Core Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $11.93 | $9.16 | $13.57 | $18.03 | $15.87 | $14.22 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.01)(h) | 0.23 | 0.21 | (0.02) | (0.11) | (0.02) |
| Net realized and unrealized gain (loss) on investments | (0.05) | 2.98 | 1.93 | (3.20) | 4.34 | 1.87 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.06) | 3.21 | 2.14 | (3.22) | 4.23 | 1.85 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.58) | (0.44) | (0.15) |  | (0.08) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (4.11) | - | (6.40) | (1.24) | (1.99) | (0.03) |
| Total distributions | (4.69) | (0.44) | (6.55) | (1.24) | (2.07) | (0.20) |
| Net asset value, end of period/year | $7.18 | $11.93 | $9.16 | $13.57 | $18.03 | $15.87 |
| Total return (b) | (3.15)%(e) | 36.17% | 20.81% | (19.69)% | 28.69% | 13.11% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $692 | $842 | $797 | $999 | $869 | $1019 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.21)%(f) | 2.15% | 2.14% | (0.10)% | (0.67)% | (0.15)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.15 %(f) | 2.51% | 2.32% | 2.10% | 2.15% | 2.24% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.15 %(f) | 2.48% | 2.28% | 2.04% | 2.09% | 2.20% |
| Portfolio turnover rate | 44 %(e)(g) | 56% | 56% | 62% | 25% | 69% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(h) The
 amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due
 to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the
 Fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Large Core Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $24.35 | $18.18 | $20.98 | $27.10 | $22.83 | $20.31 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.08 | 0.69 | 0.60 | 0.23 | 0.10 | 0.21 |
| Net realized and unrealized gain (loss) on investments | (0.40) | 6.03 | 3.27 | (4.97) | 6.40 | 2.70 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.32) | 6.72 | 3.87 | (4.74) | 6.50 | 2.91 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.72) | (0.55) | (0.27) | (0.14) | (0.24) | (0.36) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (4.11) | - | (6.40) | (1.24) | (1.99) | (0.03) |
| Total distributions | (4.83) | (0.55) | (6.67) | (1.38) | (2.23) | (0.39) |
| Net asset value, end of period/year | $19.20 | $24.35 | $18.18 | $20.98 | $27.10 | $22.83 |
| Total return (b) | (2.61)%(e) | 37.71% | 22.06% | (18.78)% | 30.12% | 14.44% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $6932 | $8170 | $6158 | $4878 | $6260 | $3344 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.80 %(f) | 3.25% | 3.23% | 0.88% | 0.38% | 1.01% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.10 %(f) | 1.41% | 1.27% | 1.00% | 1.06% | 1.08% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.10 %(f) | 1.38% | 1.23% | 0.95% | 0.99% | 1.04% |
| Portfolio turnover rate | 44 %(e)(g) | 56% | 56% | 62% | 25% | 69% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Large Core Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $24.16 | $18.03 | $20.83 | $26.93 | $22.69 | $20.21 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.04 | 0.63 | 0.53 | 0.13 | 0.02 | 0.14 |
| Net realized and unrealized gain (loss) on investments | (0.41) | 5.97 | 3.25 | (4.94) | 6.38 | 2.67 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.37) | 6.60 | 3.78 | (4.81) | 6.40 | 2.81 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.66) | (0.47) | (0.18) | (0.05) | (0.17) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (4.11) | - | (6.40) | (1.24) | (1.99) | (0.03) |
| Total distributions | (4.77) | (0.47) | (6.58) | (1.29) | (2.16) | (0.33) |
| Net asset value, end of period/year | $19.02 | $24.16 | $18.03 | $20.83 | $26.93 | $22.69 |
| Total return (b) | (2.89)%(e) | 37.29% | 21.62% | (19.09)% | 29.79% | 13.98% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $54 | $87 | $206 | $255 | $347 | $224 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.36 %(f) | 2.99% | 2.83% | 0.53% | 0.09% | 0.67% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.35 %(f) | 1.68% | 1.64% | 1.36% | 1.36% | 1.46% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.35 %(f) | 1.65% | 1.59% | 1.31% | 1.30% | 1.42% |
| Portfolio turnover rate | 44 %(e)(g) | 56% | 56% | 62% | 25% | 69% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Mid Growth Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $37.44 | $29.13 | $34.22 | $52.73 | $45.98 | $39.64 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.05) | 0.91 | 0.76 | 0.16 | (0.02) | 0.19 |
| Net realized and unrealized gain (loss) on investments | (1.90) | 8.15 | 5.07 | (15.32) | 13.67 | 7.06 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.95) | 9.06 | 5.83 | (15.16) | 13.65 | 7.25 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (0.75) | (0.19) |  | (0.20) | (0.45) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | (10.73) | (3.35) | (6.70) | (0.46) |
| Total distributions | (0.95) | (0.75) | (10.92) | (3.35) | (6.90) | (0.91) |
| Net asset value, end of period/year | $34.54 | $37.44 | $29.13 | $34.22 | $52.73 | $45.98 |
| Total return (b) | (5.39)%(e) | 31.52% | 19.84% | (30.68)% | 31.07% | 18.57% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $67596 | $75899 | $63225 | $67014 | $107983 | $89469 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.24)%(f) | 2.72% | 2.52% | 0.36% | (0.04)% | 0.46% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.60 %(f) | 1.69% | 1.66% | 1.32% | 1.34% | 1.45% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.60 %(f) | 1.68% | 1.65% | 1.30% | 1.28% | 1.40% |
| Portfolio turnover rate | 36 %(e)(g) | 80% | 82% | 72% | 44% | 82% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Mid Growth Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $13.36 | $10.89 | $18.92 | $30.92 | $29.40 | $25.66 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.06) | 0.21 | 0.20 | (0.15) | (0.29) | (0.10) |
| Net realized and unrealized gain (loss) on investments | (0.63) | 2.98 | 2.50 | (8.50) | 8.51 | 4.53 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.69) | 3.19 | 2.70 | (8.65) | 8.22 | 4.43 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.87) | (0.72) |  |  |  | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | (10.73) | (3.35) | (6.70) | (0.46) |
| Total distributions | (0.87) | (0.72) | (10.73) | (3.35) | (6.70) | (0.69) |
| Net asset value, end of period/year | $11.80 | $13.36 | $10.89 | $18.92 | $30.92 | $29.40 |
| Total return (b) | (5.71)%(e) | 30.26% | 18.85% | (31.33)% | 29.88% | 17.53% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $394 | $612 | $556 | $688 | $1327 | $1510 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.99)%(f) | 1.77% | 1.66% | (0.59)% | (0.94)% | (0.39)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.35 %(f) | 2.64% | 2.49% | 2.25% | 2.26% | 2.32% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.35 %(f) | 2.63% | 2.48% | 2.23% | 2.20% | 2.28% |
| Portfolio turnover rate | 36 %(e)(g) | 80% | 82% | 72% | 44% | 82% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Mid Growth Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $37.47 | $29.13 | $34.25 | $52.71 | $45.98 | $39.64 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.01) | 0.99 | 0.82 | 0.22 | 0.07 | 0.24 |
| Net realized and unrealized gain (loss) on investments | (1.89) | 8.15 | 5.05 | (15.33) | 13.65 | 7.09 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.90) | 9.14 | 5.87 | (15.11) | 13.72 | 7.33 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.04) | (0.80) | (0.26) |  | (0.29) | (0.53) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | (10.73) | (3.35) | (6.70) | (0.46) |
| Total distributions | (1.04) | (0.80) | (10.99) | (3.35) | (6.99) | (0.99) |
| Net asset value, end of period/year | $34.53 | $37.47 | $29.13 | $34.25 | $52.71 | $45.98 |
| Total return (b) | (5.28)%(e) | 31.84% | 20.02% | (30.60)% | 31.26% | 18.79% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $1346 | $1130 | $917 | $884 | $1390 | $1311 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.03)%(f) | 2.95% | 2.72% | 0.50% | 0.14% | 0.58% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.35 %(f) | 1.46% | 1.49% | 1.20% | 1.17% | 1.26% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.35 %(f) | 1.46% | 1.49% | 1.18% | 1.11% | 1.22% |
| Portfolio turnover rate | 36 %(e)(g) | 80% | 82% | 72% | 44% | 82% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Mid Growth Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $36.60 | $28.38 | $33.58 | $51.96 | $45.45 | $39.17 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.05) | 0.83 | 0.64 |  | (0.07) | 0.15 |
| Net realized and unrealized gain (loss) on investments | (1.86) | 7.96 | 4.96 | (15.03) | 13.51 | 6.99 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.91) | 8.79 | 5.60 | (15.03) | 13.44 | 7.14 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.89) | (0.57) | (0.07) |  | (0.23) | (0.40) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | (10.73) | (3.35) | (6.70) | (0.46) |
| Total distributions | (0.89) | (0.57) | (10.80) | (3.35) | (6.93) | (0.86) |
| Net asset value, end of period/year | $33.80 | $36.60 | $28.38 | $33.58 | $51.96 | $45.45 |
| Total return (e) | (5.43)%(e) | 31.28% | 19.40% | (30.90)% | 30.92% | 18.48% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $55 | $72 | $50 | $109 | $237 | $116 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.27)%(f) | 2.51% | 2.09% | 0.01% | (0.14)% | 0.36% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.60 %(f) | 1.90% | 1.97% | 1.56% | 1.43% | 1.54% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.60 %(f) | 1.89% | 1.96% | 1.54% | 1.37% | 1.50% |
| Portfolio turnover rate | 36 %(e)(g) | 80% | 82% | 72% | 44% | 82% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Opportunity Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $22.07 | $19.37 | $16.73 | $18.05 | $16.89 | $17.42 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.11 | 0.10 | 0.07 | 0.07 | 0.10 | 0.11 |
| Net realized and unrealized gain (loss) on investments | (0.13) | 2.72 | 2.70 | (1.23) | 1.27 | (0.48) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.02) | 2.82 | 2.77 | (1.16) | 1.37 | (0.37) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.12) | (0.13) | (0.16) | (0.21) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | - | - | - |
| Total distributions | (0.22) | (0.12) | (0.13) | (0.16) | (0.21) | (0.16) |
| Net asset value, end of period/year | $21.83 | $22.07 | $19.37 | $16.73 | $18.05 | $16.89 |
| Total return (b) | (0.05)%(e) | 14.64% | 16.62% | (6.55)% | 8.17% | -2.15% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $2875 | $3054 | $2842 | $2610 | $3042 | $3429 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.03 %(f) | 0.49% | 0.39% | 0.39% | 0.56% | 0.65% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.80 %(f) | 1.95% | 1.94% | 1.91% | 1.94% | 1.73% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.60 %(f) | 1.73 %(g) | 1.74 %(g) | 1.76 %(g) | 1.76 %(g) | 1.69 %(g) |
| Portfolio turnover rate | 149 %(e)(h) | 306% | 309% | 283% | 169% | 209% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.73% | 1.74% | 1.76% | 1.76% | 1.69% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Opportunity Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $19.22 | $16.88 | $14.59 | $15.76 | $14.71 | $15.16 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.03 | (0.05) | (0.06) | (0.06) | (0.03) | (0.02) |
| Net realized and unrealized gain (loss) on investments | (0.12) | 2.39 | 2.35 | (1.08) | 1.11 | (0.43) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.09) | 2.34 | 2.29 | (1.14) | 1.08 | (0.45) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.03) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | - | - | - |
| Total distributions | - | - | - | (0.03) | (0.03) | - |
| Net asset value, end of period/year | $19.13 | $19.22 | $16.88 | $14.59 | $15.76 | $14.71 |
| Total return (b) | (0.47)%(e) | 13.86% | 15.70% | (7.25)% | 7.37% | (2.97)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $79 | $191 | $194 | $195 | $277 | $354 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.35 %(f) | (0.27)% | (0.36)% | (0.37)% | (0.19)% | (0.15)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.60 %(f) | 2.77% | 2.77% | 2.75% | 2.75% | 2.72% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.35 %(f) | 2.48 %(g) | 2.50 %(g) | 2.51 %(g) | 2.51 %(g) | 2.51 %(g) |
| Portfolio turnover rate | 149 %(e)(h) | 306% | 309% | 283% | 169% | 209% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 2.48% | 2.49% | 2.51% | 2.51% | 2.51% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Opportunity Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $32.67 | $28.56 | $24.59 | $26.44 | $24.65 | $25.37 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.20 | 0.24 | 0.17 | 0.17 | 0.22 | 0.25 |
| Net realized and unrealized gain (loss) on investments | (0.20) | 4.03 | 3.97 | (1.81) | 1.85 | (0.72) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.00 | 4.27 | 4.14 | (1.64) | 2.07 | (0.47) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.16) | (0.17) | (0.21) | (0.28) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | - | - | - |
| Total distributions | (0.28) | (0.16) | (0.17) | (0.21) | (0.28) | (0.25) |
| Net asset value, end of period/year | $32.39 | $32.67 | $28.56 | $24.59 | $26.44 | $24.65 |
| Total return (b) | 0.04 %(e) | 15.04% | 16.89% | (6.31)% | 8.46% | (1.87)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $33951 | $33903 | $30296 | $25632 | $29778 | $32260 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.27 %(f) | 0.80% | 0.64% | 0.64% | 0.82% | 1.00% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.54 %(f) | 1.54% | 1.56% | 1.54% | 1.58% | 1.36% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.35 %(f) | 1.42 %(g) | 1.49 %(g) | 1.51 %(g) | 1.50 %(g) | 1.36 %(g) |
| Portfolio turnover rate | 149 %(e)(h) | 306% | 309% | 283% | 169% | 209% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.42% | 1.48% | 1.50% | 1.50% | 1.36% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Opportunity Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $22.25 | $19.52 | $16.87 | $18.21 | $17.06 | $17.56 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.11 | 0.09 | 0.07 | 0.07 | 0.10 | 0.12 |
| Net realized and unrealized gain (loss) on investments | (0.12) | 2.76 | 2.71 | (1.24) | 1.28 | (0.49) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.01) | 2.85 | 2.78 | (1.17) | 1.38 | (0.37) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.12) | (0.13) | (0.17) | (0.23) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | - | - | - |
| Total distributions | (0.18) | (0.12) | (0.13) | (0.17) | (0.23) | (0.13) |
| Net asset value, end of period/year | $22.06 | $22.25 | $19.52 | $16.87 | $18.21 | $17.06 |
| Total return (b) | (0.04)%(e) | 14.65% | 16.60% | (6.54)% | 8.17% | (2.11)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/yea (in 000's) | $787 | $841 | $1880 | $1650 | $1855 | $1161 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.04 %(f) | 0.45% | 0.39% | 0.39% | 0.54% | 0.70% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.80 %(f) | 1.84% | 1.87% | 1.82% | 1.96% | 1.67% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.60 %(f) | 1.73 %(g) | 1.74 %(g) | 1.76 %(g) | 1.76 %(g) | 1.64 %(g) |
| Portfolio turnover rate | 149 %(e)(h) | 306% | 309% | 283% | 169% | 209% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.73% | 1.74% | 1.76% | 1.76% | 1.64% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Risk Managed Real Estate Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br> March 31, <br> 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** | **Year Ended<br> September 30, <br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30, <br> 2021** | **Year Ended<br> September 30, <br> 2020** |
| Net asset value, beginning of period/year | $34.46 | $27.61 | $29.48 | $36.87 | $29.97 | $34.11 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.50 | 0.71 | 0.56 | 0.23 | 0.32 | 0.31 |
| Net realized and unrealized gain (loss) on investments | (2.01) | 7.01 | (0.31) | (5.35) | 8.86 | (2.53) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.51) | 7.72 | 0.25 | (5.12) | 9.18 | (2.22) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.87) | (0.63) | (0.55) | (0.54) | (0.63) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  | (0.20) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.56) | - | (1.29) | (1.72) | (1.74) | (1.29) |
| Total distributions | (0.98) | (0.87) | (2.12) | (2.27) | (2.28) | (1.92) |
| Net asset value, end of period/year | $31.97 | $34.46 | $27.61 | $29.48 | $36.87 | $29.97 |
| Total return (b) | (4.34)%(e) | 28.31% | 0.58% | (15.31)% | 32.13% | (6.73)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $3809 | $4837 | $4280 | $9043 | $10098 | $15857 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 3.07 %(f) | 2.31% | 1.86% | 0.62% | 0.95% | 0.99% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.26 %(f) | 1.73% | 1.72% | 1.62% | 1.39% | 1.71% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.24 %(f) | 1.70 %(g) | 1.66 %(g) | 1.58 %(g) | 1.38 %(g) | 1.70 %(g) |
| Portfolio turnover rate | 29 %(e)(h) | 72% | 21% | 47% | 80% | 180% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.22% | 1.27% | 1.22% | 1.21% | 1.23% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Risk Managed Real Estate Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> March 31, <br> 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** | **Year Ended<br> September 30, <br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30, <br> 2021** | **Year Ended<br> September 30, <br> 2020** |
| Net asset value, beginning of period/year | $34.18 | $27.38 | $29.23 | $36.55 | $29.76 | $33.88 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.37 | 0.47 | 0.42 | (0.01) | 0.05 | 0.08 |
| Net realized and unrealized gain (loss) on investments | (1.99) | 6.97 | (0.38) | (5.30) | 8.76 | (2.53) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.62) | 7.44 | 0.04 | (5.31) | 8.81 | (2.45) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.64) | (0.40) | (0.29) | (0.28) | (0.38) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  | (0.20) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.56) | - | (1.29) | (1.72) | (1.74) | (1.29) |
| Total distributions | (0.85) | (0.64) | (1.89) | (2.01) | (2.02) | (1.67) |
| Net asset value, end of period/year | $31.71 | $34.18 | $27.38 | $29.23 | $36.55 | $29.76 |
| Total return (b) | (4.70)%(e) | 27.44% | (0.10)% | (15.93)% | 31.05% | (7.48)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $3817 | $5007 | $4667 | $5382 | $5029 | $2446 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 2.32 %(f) | 1.56% | 1.40% | (0.03)% | 0.16% | 0.26% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.97 %(f) | 2.47% | 2.36% | 2.34% | 2.21% | 2.54% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.94 %(f) | 2.43 %(g) | 2.32 %(g) | 2.31 %(g) | 2.20 %(g) | 2.51 %(g) |
| Portfolio turnover rate | 29 %(e)(h) | 72% | 21% | 47% | 80% | 180% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.95% | 1.93% | 1.95% | 2.04% | 2.05% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Risk Managed Real Estate Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six Months Ended<br> March 31, <br> 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** | **Year Ended<br> September 30, <br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30, <br> 2021** | **Year Ended<br> September 30, <br> 2020** |
| Net asset value, beginning of period/year | $34.97 | $28.01 | $29.88 | $37.34 | $30.34 | $34.51 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.55 | 0.79 | 0.74 | 0.34 | 0.41 | 0.41 |
| Net realized and unrealized gain (loss) on investments | (2.04) | 7.16 | (0.39) | (5.42) | 8.98 | (2.58) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.49) | 7.95 | 0.35 | (5.08) | 9.39 | (2.17) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.46) | (0.99) | (0.73) | (0.66) | (0.65) | (0.71) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  | (0.20) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.56) | - | (1.29) | (1.72) | (1.74) | (1.29) |
| Total distributions | (1.02) | (0.99) | (2.22) | (2.38) | (2.39) | (2.00) |
| Net asset value, end of period/year | $32.46 | $34.97 | $28.01 | $29.88 | $37.34 | $30.34 |
| Total return (b) | (4.21)%(e) | 28.74% | 0.91% | (15.05)% | 32.52% | (6.48)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $218788 | $318313 | $335217 | $409719 | $465267 | $290551 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 3.31 %(f) | 2.56% | 2.43% | 0.92% | 1.18% | 1.31% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.00 %(f) | 1.43% | 1.34% | 1.30% | 1.10% | 1.43% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 0.92 %(f) | 1.40 %(g) | 1.29 %(g) | 1.28 %(g) | 1.10 %(g) | 1.43 %(g) |
| Portfolio turnover rate | 29 %(e)(h) | 72% | 21% | 47% | 80% | 180% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 0.92% | 0.90% | 0.92% | 0.94% | 0.96% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA Risk Managed Real Estate Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br> March 31, <br> 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** | **Year Ended<br> September 30, <br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30, <br> 2021** | **Year Ended<br> September 30, <br> 2020** |
| Net asset value, beginning of period/year | $34.68 | $27.77 | $29.63 | $37.04 | $30.12 | $34.30 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.50 | 0.70 | 0.60 | 0.18 | 0.29 | 0.22 |
| Net realized and unrealized gain (loss) on investments | (2.03) | 7.07 | (0.36) | (5.35) | 8.91 | (2.48) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (1.53) | 7.77 | 0.24 | (5.17) | 9.20 | (2.26) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.86) | (0.61) | (0.52) | (0.54) | (0.63) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  | (0.20) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.56) | - | (1.29) | (1.72) | (1.74) | (1.29) |
| Total distributions | (0.98) | (0.86) | (2.10) | (2.24) | (2.28) | (1.92) |
| Net asset value, end of period/year | $32.17 | $34.68 | $27.77 | $29.63 | $37.04 | $30.12 |
| Total return (b) | (4.37)%(e) | 28.30% | 0.55% | (15.35)% | 32.03% | (6.81)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $7942 | $10074 | $8743 | $12716 | $14830 | $12152 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 3.07 %(f) | 2.26% | 1.99% | 0.48% | 0.86% | 0.70% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.26 %(f) | 1.79% | 1.73% | 1.69% | 1.47% | 1.84% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.25 %(f) | 1.75 %(g) | 1.66 %(g) | 1.64 %(g) | 1.45 %(g) | 1.78 %(g) |
| Portfolio turnover rate | 29 %(e)(h) | 72% | 21% | 47% | 80% | 180% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.27% | 1.27% | 1.28% | 1.29% | 1.30% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA SMid Cap Value Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br> March 31, <br> 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** | **Year Ended<br> September 30, <br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30, <br> 2021** | **Year Ended<br> September 30, <br> 2020** |
| Net asset value, beginning of period/year | $41.51 | $34.78 | $32.58 | $38.00 | $26.27 | $30.52 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.17 | 0.26 | 0.37 | 0.36 | 0.19 | 0.46 |
| Net realized and unrealized gain (loss) on investments | (6.04) | 7.06 | 3.75 | (3.16) | 11.54 | (3.37) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (5.87) | 7.32 | 4.12 | (2.80) | 11.73 | (2.91) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.09) | (0.22) | (0.10) |  | (0.26) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | (0.50) | (1.70) | (2.52) | - | (1.04) |
| Total distributions | - | (0.59) | (1.92) | (2.62) | - | (1.34) |
| Net asset value, end of period/year | $35.64 | $41.51 | $34.78 | $32.58 | $38.00 | $26.27 |
| Total return (b) | (4.85)%(e) | 21.25% | 12.65% | (8.08)% | 44.65% | (10.25)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $253171 | $291071 | $273173 | $262943 | $315323 | $243072 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.87 %(f) | 0.68% | 1.05% | 0.96% | 0.53% | 1.64% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.23 %(f) | 1.24% | 1.20% | 1.19% | 1.20% | 1.25% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.15 %(f) | 1.20 %(g) | 1.15 %(g) | 1.18 %(g) | 1.19 %(g) | 1.24 %(g) |
| Portfolio turnover rate | 36 % (e)(h) | 25% | 28% | 39% | 34% | 41% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.20% | 1.15% | 1.18% | 1.19% | 1.24% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA SMid Cap Value Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> March 31, <br> 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** | **Year Ended<br> September 30, <br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30, <br> 2021** | **Year Ended<br> September 30, <br> 2020** |
| Net asset value, beginning of period/year | $24.82 | $21.10 | $20.41 | $24.85 | $17.32 | $20.48 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.01 | (0.03) | 0.04 | 0.01 | (0.06) | 0.16 |
| Net realized and unrealized gain (loss) on investments | (4.97) | 4.25 | 2.35 | (1.93) | 7.59 | (2.22) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (4.96) | 4.22 | 2.39 | (1.92) | 7.53 | (2.06) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | (0.50) | (1.70) | (2.52) | - | (1.04) |
| Total distributions | - | (0.50) | (1.70) | (2.52) | - | (1.10) |
| Net asset value, end of period/year | $19.86 | $24.82 | $21.10 | $20.41 | $24.85 | $17.32 |
| Total return (b) | (5.22)%(e) | 20.27% | 11.67% | (8.85)% | 43.48% | (10.95)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $2381 | $3570 | $4205 | $5256 | $10015 | $14276 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.02 %(f) | (0.15)% | 0.18% | 0.04% | (0.27)% | 0.86% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.00 %(f) | 2.10% | 2.10% | 2.09% | 2.05% | 2.14% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.00 %(f) | 2.02 %(g) | 2.02 %(g) | 2.02 %(g) | 2.02 %(g) | 2.07 %(g) |
| Portfolio turnover rate | 36 %(e)(h) | 25% | 28% | 39% | 34% | 41% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 2.02% | 2.02% | 2.02% | 2.01% | 2.07% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA SMid Cap Value Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six Months Ended<br> March 31, <br> 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** | **Year Ended<br> September 30, <br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30, <br> 2021** | **Year Ended<br> September 30, <br> 2020** |
| Net asset value, beginning of period/year | $9.05 | $8.10 | $8.98 | $12.42 | $8.57 | $10.20 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.03 | 0.08 | 0.11 | 0.12 | 0.08 | 0.11 |
| Net realized and unrealized gain (loss) on investments | (4.41) | 1.58 | 1.04 | (0.82) | 3.77 | (1.74) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (4.38) | 1.66 | 1.15 | (0.70) | 3.85 | (1.63) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.21) | (0.33) | (0.22) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | (0.50) | (1.70) | (2.52) | - | - |
| Total distributions | - | (0.71) | (2.03) | (2.74) | - | - |
| Net asset value, end of period/year | $4.67 | $9.05 | $8.10 | $8.98 | $12.42 | $8.57 |
| Total return (b) | (4.65)%(e) | 21.52% | 12.91% | (7.93)% | 44.92% | (15.98)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $41050 | $72044 | $80679 | $81792 | $96973 | $60783 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.04 %(f) | 0.94% | 1.26% | 1.14% | 0.70% | 1.87% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 0.98 %(f) | 0.99% | 0.98% | 1.03% | 1.06% | 1.09% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 0.92 %(f) | 0.94 %(g) | 0.94 %(g) | 1.01 %(g) | 1.02 %(g) | 1.03 %(g) |
| Portfolio turnover rate | 36 % (e)(h) | 25% | 28% | 39% | 34% | 41% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Amount
 represents less than $0.01 per share.

(f) Not
 Annualized

(g) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 0.94% | 0.94% | 1.01% | 1.02% | 1.03% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA SMid Cap Value Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $41.16 | $34.46 | $32.30 | $37.67 | $26.06 | $30.25 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.15 | 0.26 | 0.34 | 0.33 | 0.15 | 0.46 |
| Net realized and unrealized gain (loss) on investments | (6.00) | 6.99 | 3.71 | (3.12) | 11.46 | (3.37) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (5.85) | 7.25 | 4.05 | (2.79) | 11.61 | (2.91) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) | (0.19) | (0.06) |  | (0.20) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | (0.50) | (1.70) | (2.52) | - | (1.04) |
| Total distributions | - | (0.55) | (1.89) | (2.58) | - | (1.28) |
| Net asset value, end of period/year | $35.31 | $41.16 | $34.46 | $32.30 | $37.67 | $26.06 |
| Total return (b) | (4.85)%(e) | 21.24% | 12.57% | (8.16)% | 44.55% | (10.30)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $3740 | $4881 | $5306 | $5584 | $6907 | $7662 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.81 %(f) | 0.69% | 0.96% | 0.90% | 0.43% | 1.64% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.23 %(f) | 1.23% | 1.27% | 1.30% | 1.32% | 1.33% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.21 %(f) | 1.19 %(g) | 1.24 %(g) | 1.26 %(g) | 1.28 %(g) | 1.31 %(g) |
| Portfolio turnover rate | 36 % (e)(h) | 25% | 28% | 39% | 34% | 41% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.19% | 1.23% | 1.25% | 1.28% | 1.30% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA World Equity Income Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $17.57 | $14.19 | $12.49 | $18.73 | $15.03 | $15.26 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.11 | 0.28 | 0.26 | 0.29 | 0.28 | 0.20 |
| Net realized and unrealized gain(loss) on investments | (0.43) | 3.39 | 1.70 | (1.97) | 3.79 | (0.12)(i) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.32) | 3.67 | 1.96 | (1.68) | 4.07 | 0.08 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.29) | (0.25) | (0.34) | (0.34) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.72) | - | (0.01) | (4.22) | (0.03) | (0.04) |
| Total distributions | (0.92) | (0.29) | (0.26) | (4.56) | (0.37) | (0.31) |
| Net asset value, end of period/year | $16.33 | $17.57 | $14.19 | $12.49 | $18.73 | $15.03 |
| Total return (b) | (1.73)%(e) | 26.03% | 15.69% | (13.44)% | 27.13% | 0.60% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $42300 | $45969 | $39183 | $35905 | $44337 | $37911 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.33 %(f) | 1.78% | 1.84% | 1.87% | 1.55% | 1.36% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.71 %(f) | 1.57% | 1.50% | 1.39% | 1.45% | 1.48% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.17 %(f) | 1.19 %(g) | 1.19 %(g) | 1.20 %(g) | 1.21 %(g) | 1.22 %(g) |
| Portfolio turnover rate | 41 %(e)(h) | 122% | 156% | 162% | 191% | 192% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.19% | 1.18% | 1.20% | 1.21% | 1.22% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding throughout the year does not agree with the aggregate net gain on investments for the year because
 of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA World Equity Income Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $14.34 | $11.59 | $10.20 | $16.03 | $12.87 | $13.06 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.03 | 0.13 | 0.13 | 0.14 | 0.13 | 0.08 |
| Net realized and unrealized gain (loss) on investments | (0.35) | 2.76 | 1.39 | (1.56) | 3.24 | (0.10)(i) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.32) | 2.89 | 1.52 | (1.42) | 3.37 | (0.02) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.14) | (0.12) | (0.19) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.72) | - | (0.01) | (4.22) | (0.03) | (0.04) |
| Total distributions | (0.87) | (0.14) | (0.13) | (4.41) | (0.21) | (0.17) |
| Net asset value, end of period/year | $13.15 | $14.34 | $11.59 | $10.20 | $16.03 | $12.87 |
| Total return (b) | (2.13)%(e) | 25.05% | 14.87% | (14.11)% | 26.22% | (0.13)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $1499 | $2600 | $2645 | $2518 | $3230 | $2893 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.51 %(f) | 1.03% | 1.10% | 1.12% | 0.81% | 0.67% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.20 %(f) | 2.28% | 2.25% | 2.20% | 2.28% | 2.40% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.92 %(f) | 1.94 %(g) | 1.94 %(g) | 1.95 %(g) | 1.96 %(g) | 1.97 %(g) |
| Portfolio turnover rate | 41 %(e)(h) | 122% | 156% | 162% | 191% | 192% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.94% | 1.93% | 1.95% | 1.96% | 1.97% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding throughout the year does not agree with the aggregate net gain on investments for the year because
 of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA World Equity Income Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $17.45 | $14.08 | $12.40 | $18.61 | $14.94 | $15.16 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.13 | 0.31 | 0.28 | 0.36 | 0.33 | 0.25 |
| Net realized and unrealized gain (loss) on investments | (0.43) | 3.37 | 1.70 | (1.98) | 3.75 | (0.13)(i) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.30) | 3.68 | 1.98 | (1.62) | 4.08 | 0.12 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.31) | (0.29) | (0.37) | (0.38) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.72) | - | (0.01) | (4.22) | (0.03) | (0.04) |
| Total distributions | (0.94) | (0.31) | (0.30) | (4.59) | (0.41) | (0.34) |
| Net asset value, end of period/year | $16.21 | $17.45 | $14.08 | $12.40 | $18.61 | $14.94 |
| Total return (b) | (1.61)%(e) | 26.28% | 15.97% | (13.18)% | 27.38% | 0.92% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $2449 | $3357 | $2802 | $5736 | $2985 | $2513 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.56 %(f) | 1.95% | 1.99% | 2.36% | 1.82% | 1.66% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.43 %(f) | 1.30% | 1.24% | 1.13% | 1.21% | 1.50% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 0.92 %(f) | 0.94 %(g) | 0.94 %(g) | 0.95 %(g) | 0.96 %(g) | 0.97 %(g) |
| Portfolio turnover rate | 41 %(e)(h) | 122% | 156% | 162% | 191% | 192% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 0.94% | 0.93% | 0.95% | 0.96% | 0.97% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding throughout the year does not agree with the aggregate net gain on investments for the year because
 of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the fund.

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Financial Highlights**

**NAA World Equity Income Fund**

Selected data based on a share outstanding throughout each period/year indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** | **Year Ended<br> September 30,<br> 2020** |
| Net asset value, beginning of period/year | $17.75 | $14.33 | $12.60 | $18.91 | $15.17 | $15.38 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.11 | 0.28 | 0.26 | 0.29 | 0.30 | 0.20 |
| Net realized and unrealized gain (loss) on investments | (0.45) | 3.43 | 1.71 | (1.99) | 3.80 | (0.11)(i) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.34) | 3.71 | 1.97 | (1.70) | 4.10 | 0.09 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.29) | (0.23) | (0.39) | (0.33) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (0.72) | - | (0.01) | (4.22) | (0.03) | (0.04) |
| Total distributions | (0.92) | (0.29) | (0.24) | (4.61) | (0.36) | (0.30) |
| Net asset value, end of period/year | $16.49 | $17.75 | $14.33 | $12.60 | $18.91 | $15.17 |
| Total return (b) | (1.77)%(e) | 26.06% | 15.65% | (13.44)% | 27.10% | 0.66% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $75 | $99 | $94 | $62 | $118 | $94 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.33 %(f) | 1.75% | 1.80% | 1.82% | 1.61% | 1.36% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.77 %(f) | 1.67% | 1.74% | 1.62% | 1.53% | 1.56% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.17 %(f) | 1.19 %(g) | 1.19 %(g) | 1.20 %(g) | 1.21 %(g) | 1.22 %(g) |
| Portfolio turnover rate | 41 %(e)(h) | 122% | 156% | 162% | 191% | 192% |

---

(a) Net
 investment income (loss) per share was computed using average shares outstanding throughout the period.

(b) Total
 returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.

(c) Does
 not include the expenses of the underlying investment companies in which the Fund invests.

(d) Net
 expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

(e) Not
 annualized.

(f) Annualized.

(g) Net
 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios
 for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** | **9/30/2020** |
| 1.19% | 1.18% | 1.20% | 1.21% | 1.22% |

---

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements.

(i) The
 amount shown for a share outstanding throughout the year does not agree with the aggregate net gain on investments for the year because
 of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the fund.

See accompanying notes to financial statements.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

**1.** **ORGANIZATION** 

New Age Alpha Funds Trust (the "Trust"), a Delaware statutory trust organized on February 20, 2024, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company of the series. Each series, in effect, is representing a separate fund (each, a "Fund" and collectively, the "Funds"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. On March 31, 2025, the Trust consisted of eight funds.

This report covers the following funds (collectively, the "Funds" or "Acquired Funds"):

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Inception Date** | **Investment Objective** |
| NAA Allocation Fund | June 18, 2012 | Long-term capital growth |
| NAA Large Cap Value Fund | August 7, 1944 | Long-term capital growth |
| NAA Large Core Fund | September 10, 1962 | Long-term capital growth |
| NAA Mid Growth Fund | September 17, 1969 | Long-term capital growth |
| NAA Opportunity Fund | July 7, 2003 | Long-term capital growth |
| NAA Risk Managed Real Estate Fund | March 28, 2014 | Total return comprised of capital appreciation and current income |
| NAA SMid Cap Value Fund | May 1, 1997 | Long-term capital appreciation |
| NAA World Equity Income Fund | October 1, 1993 | Total return comprised of capital appreciation and current income |

---

The Funds currently offer four classes of shares: Class A, Class C, Institutional Class, and Class P shares. Class C, Institutional Class, and Class P shares are offered at net asset value ("NAV"). Class A shares are offered at NAV plus a maximum sales charge of 4.75%. Each class of shares of the Funds has identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Funds' share classes differ in the fees and expenses charged to shareholders. The Funds' income, expenses (other than class-specific distribution fees), and realized and unrealized gains and losses are allocated proportionately each day based on the relative net assets of each class.

The Funds were established as "shell" funds for purposes of the Reorganization (as defined below). Each Acquired Fund reorganized into an Acquiring Fund October 25, 2024 (except for NAA World Equity Income Fund which reorganized into an Acquiring Fund November 8, 2024), from a series of Guggenheim Funds Trust and Transparent Value Trust (the "Acquired Funds Trusts") to a series of the Trust, as noted below (the "Reorganization").

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| Guggenheim Directional Allocation Fund\*\* | NAA Allocation Fund |
| Guggenheim Large Cap Value Fund\* | NAA Large Cap Value Fund |
| Guggenheim RBP<sup>®</sup> Dividend Fund\*\* |  |
| Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund\*\* |  |
| Guggenheim RBP<sup>®</sup> Large-Cap Value Fund\*\* |  |
| Guggenheim Alpha Opportunity Fund\* | NAA Opportunity Fund |
| Guggenheim Risk Managed Real Estate Fund\* | NAA Risk Managed Real Estate Fund |
| Guggenheim SMid Cap Value Fund\* | NAA SMid Cap Value Fund |
| Guggenheim StylePlus—Large Core Fund\* | NAA Large Core Fund |
| Guggenheim StylePlus—Mid Growth Fund\* | NAA Mid Growth Fund |
| Guggenheim World Equity Income Fund\* | NAA World Equity Income Fund |

---

\* *Part of the Guggenheim Funds Trust*

\*\* *Part of the Transparent Value Trust*

The Acquired Funds Trust's Board of Trustees (the "Acquired Funds Board") held a Special Meeting of the Shareholders of the Acquired Funds on October 24, 2024, to approve an Agreement and Plan of Reorganization and Termination, under which all of the assets of the Acquired Funds were transferred to a correspondingly named series of the Trust. The transfer (a) exchanged shares of each Acquired Fund for shares of the corresponding Acquiring Fund equivalent in value to the outstanding shares of the Acquired Fund; and (b) each Acquiring Fund assumed the liabilities of the relevant Acquired Fund. Neither the Acquired Funds nor the Funds paid any costs related to the Reorganization. The costs of proxy solicitation; proxy printing, postage and processing; fund start-up costs; conversion fees; legal fees, the cost of preparing the Agreement and the proxy statement on Form N-14 and any other Reorganization costs were borne by Guggenheim Investments ("Guggenheim") and the New Age Alpha Advisors, LLC (the "Adviser").

On October 24, 2024, the Acquired Funds Board also approved an Agreement and Plan of Reorganization and Termination for the Guggenheim RBP<sup>®</sup> Dividend Fund, Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund and Guggenheim RBP<sup>®</sup> Large-Cap Value Fund into the Guggenheim Large Cap Value Fund, all part of a series of one of the Acquired Funds Trust (Transparent Value Trust). The transfer (a) exchanged shares of each Acquired Fund for shares of the corresponding Acquiring Fund equivalent in value to the outstanding shares of the Acquired Fund; and (b) each Acquiring Fund assumed

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

the liabilities of the relevant Acquired Fund. Neither the Acquired Funds nor the Funds paid any costs related to the Reorganization. The costs of proxy solicitation; proxy printing, postage and processing; fund start-up costs; conversion fees; legal fees, the cost of preparing the Agreement and the proxy statement on Form N-14 and any other Reorganization costs were borne by Guggenheim and the Adviser.

The details of the Reorganization for Guggenheim Large Cap Value Fund at the close of business on October 25, 2024 is shown below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Net Assets** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Cost of<br> Investments** | **Market Value of<br> Investments** | **Conversion<br> Ratio** | **<br>Shares<br> Outstanding** | **Net Asset<br> Value Per<br> Share** |
| **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** |  |  |
| Class A | $7698669 | $2833024 | $5911031 | $8744055 | 1 : .333085436 | 476097 | $16.17 |
| Class C | 729343 | 654603 | 552941 | 1207544 | 1 : .381187785 | 44536 | 16.38 |
| Institutional Class | 7513012 | (517633) | 5996897 | 5479264 | 1 : .32752121 | 483013 | 15.55 |
| Class P | 664053 | 583041 | 503626 | 1086667 | 1 : .337897084 | 40564 | 16.37 |
| **Fund Total** | 16605077 | 3553035 | 12964495 | 16517530 |  | 1044210 |  |
| **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** |  |  |
| Class A | 1568936 | (416834) | 1261603 | 844769 | 1 : .23492472 | 137566 | 11.40 |
| Class C | 220796 | (162163) | 193864 | 31701 | 1 : 243130278 | 21139 | 10.45 |
| Institutional Class | 4483253 | (344640) | 3382281 | 3037641 | 1 : .255963908 | 368806 | 12.16 |
| Class P | 213110 | 2356487 | 163600 | 2520087 | 1 : .246584184 | 17839 | 11.95 |
| **Fund Total** | 6486095 | 1432850 | 5001348 | 6434198 |  | 545350 |  |
| **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** |  |  |
| Class A | 2005513 | (26777) | 1315625 | 1288848 | 1 : .229883586 | 179702 | 11.16 |
| Class C | 213328 | 61386 | 142367 | 203753 | 1 : .255352198 | 19446 | 10.97 |
| Institutional Class | 4150153 | 609412 | 2626367 | 3235779 | 1 : .243596676 | 358737 | 11.57 |
| Class P | 150806 | 15910 | 101156 | 117066 | 1 : .225279907 | 13817 | 10.91 |
| **Fund Total** | 6519800 | 659931 | 4185515 | 4845446 |  | 571702 |  |
| **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** |  |  |
| Class A | 35566366 | 9860010 | 25510710 | 35370720 |  | 732614 | 48.55 |
| Class C | 974710 | 91308 | 790030 | 881338 |  | 22688 | 42.96 |
| Institutional Class | 2949843 | (182889) | 2162867 | 1979978 |  | 62113 | 47.49 |
| Class P | 55764 | 61429 | 40080 | 101509 | - | 1151 | 48.45 |
| **Fund Total** | 39546683 | 9829858 | 28503687 | 38333545 |  | 818566 |  |

---

The Acquiring Funds are the successors to the Acquired Funds and each has substantially the same investment objectives and strategies as the Acquired Funds. The Reorganization was accomplished through tax-free exchanges of the respective shares and for the respective fair values, costs and unrealized appreciation/depreciation, as noted below. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value. However, the cost basis of the investments received from the Acquired Funds were carried forward to align to ongoing reporting of the Acquiring Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

The details of the Reorganization at the close of business on October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund) is shown below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | | **Net Assets** | **Shares<br> Outstanding** | **Net Asset<br> Value Per Share** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Guggenheim Directional Allocation Fund** | **Guggenheim Directional Allocation Fund** | **Guggenheim Directional Allocation Fund** | **Guggenheim Directional Allocation Fund** | **Guggenheim Directional Allocation Fund** |  |
|  | Class A | $127470139 | 6744305 | $18.90 |  |
|  | Class C | 9436738 | 553415 | 17.05 |  |
|  | Institutional Class | 60259846 | 3051882 | 19.75 |  |
|  | Class P | 4653319 | 243519 | 19.11 |  |
|  | **Fund Total** | $201820042 | 10593121 |  | $31317730 |
| **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** |  |
|  | Class A | $35566366 | 732614 | $48.55 |  |
|  | Class C | 974710 | 22688 | 42.96 |  |
|  | Institutional Class | 2949843 | 62113 | 47.49 |  |
|  | Class P | 55764 | 1151 | 48.45 |  |
|  | **Fund Total** | $39546683 | 818566 |  | $9829858 |
| **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** |  |
|  | Class A | $1568936 | 137566 | $11.40 |  |
|  | Class C | 220796 | 21139 | 10.44 |  |
|  | Institutional Class | 4483253 | 368806 | 12.16 |  |
|  | Class P | 213110 | 17839 | 11.95 |  |
|  | **Fund Total** | $6486095 | 545350 |  | $1432850 |
| **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** |  |
|  | Class A | $7698669 | 476097 | $16.17 |  |
|  | Class C | 729343 | 44536 | 16.38 |  |
|  | Institutional Class | 7513012 | 483013 | 15.55 |  |
|  | Class P | 664053 | 40564 | 16.37 |  |
|  | **Fund Total** | $16605077 | 1044210 |  | $3553035 |
| **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** |  |
|  | Class A | $2005513 | 179702 | $11.16 |  |
|  | Class C | 213328 | 19446 | 10.97 |  |
|  | Institutional Class | 4150153 | 358737 | 11.57 |  |
|  | Class P | 150806 | 13817 | 10.91 |  |
|  | **Fund Total** | $6519800 | 571702 |  | $659931 |
| **Guggenheim StylePlus—Large Core Fund** | **Guggenheim StylePlus—Large Core Fund** | **Guggenheim StylePlus—Large Core Fund** | **Guggenheim StylePlus—Large Core Fund** | **Guggenheim StylePlus—Large Core Fund** |  |
|  | Class A | $254192259 | 10219258 | $24.87 |  |
|  | Class C | 838748 | 69892 | 12.00 |  |
|  | Institutional Class | 6833490 | 278771 | 24.51 |  |
|  | Class P | 56671 | 2334 | 24.28 |  |
|  | **Fund Total** | $261921168 | 10570255 |  | $8908505 |
| **Guggenheim StylePlus—Mid Growth Fund** | **Guggenheim StylePlus—Mid Growth Fund** | **Guggenheim StylePlus—Mid Growth Fund** | **Guggenheim StylePlus—Mid Growth Fund** | **Guggenheim StylePlus—Mid Growth Fund** |  |
|  | Class A | $76587746 | 2007530 | $38.15 |  |
|  | Class C | 530784 | 39013 | 13.61 |  |
|  | Institutional Class | 1221513 | 31993 | 38.18 |  |
|  | Class P | 48671 | 1306 | 37.28\* |  |
|  | **Fund Total** | $78388714 | 2079842 |  | $1471750 |
| **Guggenheim Alpha Opportunity Fund** | **Guggenheim Alpha Opportunity Fund** | **Guggenheim Alpha Opportunity Fund** | **Guggenheim Alpha Opportunity Fund** | **Guggenheim Alpha Opportunity Fund** |  |
|  | Class A | $2999729 | 137023 | $21.89 |  |
|  | Class C | 185813 | 9755 | 19.05 |  |
|  | Institutional Class | 33605807 | 1037092 | 32.40 |  |
|  | Class P | 820869 | 37194 | 22.07 |  |
|  | **Fund Total** | $37612218 | 1221064 |  | $1541293 |
| **Guggenheim Risk Managed Real Estate Fund** | **Guggenheim Risk Managed Real Estate Fund** | **Guggenheim Risk Managed Real Estate Fund** | **Guggenheim Risk Managed Real Estate Fund** | **Guggenheim Risk Managed Real Estate Fund** |  |
|  | Class A | $4724884 | 138488 | $34.12 |  |
|  | Class C | 4723541 | 139689 | 33.81 |  |
|  | Institutional Class | 303274176 | 8758801 | 34.63 |  |
|  | Class P | 9711928 | 282929 | 34.33 |  |
|  | **Fund Total** | $322434529 | 9319907 |  | $28335398 |
| **Guggenheim SMid Cap Value Fund** | **Guggenheim SMid Cap Value Fund** | **Guggenheim SMid Cap Value Fund** | **Guggenheim SMid Cap Value Fund** | **Guggenheim SMid Cap Value Fund** |  |
|  | Class A | $282878204 | 6858177 | $41.25 |  |
|  | Class C | 3299519 | 133873 | 24.65 |  |
|  | Institutional Class | 66812436 | 7426913 | 9.00 |  |
|  | Class P | 4570726 | 111739 | 40.91 |  |
|  | **Fund Total** | $357560885 | 14530702 |  | $79504682 |
| **Guggenheim World Equity Income Fund** | **Guggenheim World Equity Income Fund** | **Guggenheim World Equity Income Fund** | **Guggenheim World Equity Income Fund** | **Guggenheim World Equity Income Fund** |  |
|  | Class A | $45679162 | 2571841 | $17.76 |  |
|  | Class C | 2292518 | 158320 | 14.48 |  |
|  | Institutional Class | 2648946 | 150125 | 17.64 |  |
|  | Class P | 79470 | 4432 | 17.93 |  |
|  | **Fund Total** | $50700096 | 2884718 |  | $7837962 |

---

\* NAV does not recalculate due to rounding of shares outstanding.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

Because each of the combined funds for the Reorganization has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Funds' Statement of Operations for the Acquiring Fund since the Reorganization was consummated.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies conform to U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of a fund is calculated by dividing the market value of a fund's securities and other assets, less all liabilities, by the number of outstanding shares of that fund.

The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**a. Investment Valuation** – The Funds' Board of Trustees (the "Board" or "Trustees") has adopted policies and procedures for the valuation of the Funds' investments (the "Valuation Procedures"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the respective valuation designee to perform fair valuation determinations for each Fund with respect to all Fund investments and/or other assets. As the Funds' valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures ("Valuation Designee Procedures") reasonably designed to prevent violations of the requirements of Rule 2a- 5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from the Advisor, fund administration, legal and compliance departments (the "Valuation Committee"), in determining the fair value of the Funds' securities and other assets. The Valuation Procedures and Valuation Designee Procedures permit the Funds to use a variety of valuation methodologies in connection with valuing the Funds' investments. The methodology used for a specific type of investment may vary based on available market data or other relevant considerations. As a general matter, valuing securities and assets accurately is difficult and can be based on inputs and assumptions, which may not always be accurate.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations ("NASDAQ") National Market System are generally valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded Funds ("ETFs") and closed-end investment companies are generally valued at the last quoted sale price.

Futures contracts are valued based on the last sale price as of 4:00 p.m. on the valuation date. If the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if a fair valuation would be more accurate.

The values of swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third party pricing service.

**Fair Valuation Process –** In general, portfolio securities and assets of a Fund will be valued based on readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures and Valuation Designee Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models that derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, that the fair value for a security determined in good faith following the Valuation Procedures and Valuation Designee Procedures may differ from valuations for the same security determined by other funds using their valuation procedures. Although the Valuation Procedures and Valuation Designee Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities.

**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 on 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 Funds' 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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities do not necessarily indicate the risk associated with investing in those securities.

The following tables summarize the inputs used for the six months ended as of March 31, 2025, for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Allocation Fund** |
| Common Stocks | $103702125 | $- | $- | $103702125 |
| Exchange-Traded Funds | 40204696 |  |  | 40204696 |
| Convertible Bonds |  | 950172 |  | 950172 |
| Corporate Bonds | - | 33875863 | - | 33875863 |
| Total | $143906821 | $34826035 | $- | $178732856 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** |
| Common Stocks | $64931334 | $- | $- | $64931334 |
| Exchange-Traded Funds | 1245612 | - | - | 1245612 |
| Total | $66176946 | $- | $- | $66176946 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Large Core Fund** |
| Common Stocks | $223425337 | $- | $- | $223425337 |
| Exchange-Traded Funds | 4601205 | - | - | 4601205 |
| Total | $228026542 | $- | $- | $228026542 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Mid Growth Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** |
| Common Stocks | $67609400 | $- | $- | $67609400 |
| Exchange-Traded Funds | 1382012 | - | - | 1382012 |
| Total | $68991412 | $- | $- | $68991412 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value (Assets)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** |
| Common Stocks | $21618515 | $- | $- | $21618515 |
| U.S. Government & Agencies |  | 9991752 |  | 9991752 |
| Total Return Swaps |  | 4690885 |  | 4690885 |
| Total | $21618515 | $14682637 | $- | $36301152 |
| Investments in Securities at Value (Liabilities) |  |  |  |  |
| Total Return Swaps | $- | $3081824 | $- | $3081824 |
| Total | $- | $3081824 | $- | $3081824 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value (Assets)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** |
| Common Stocks | $237936229 | $- | $- | $237936229 |
| U.S. Government & Agencies |  | 8992577 |  | 8992577 |
| Total Return Swaps |  | 900019 |  | 900019 |
| Total | $237936229 | $9892596 | $- | $247828825 |
| Investments in Securities at Value (Liabilities) |  |  |  |  |
| Common Stocks | $47808827 | $- | $- | $47808827 |
| Total Return Swaps | - | 1748607 | - | 1748607 |
| Total | $47808827 | $1748607 | $- | $49557434 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Smid-Cap Value Fund** | **NAA Smid-Cap Value Fund** | **NAA Smid-Cap Value Fund** | **NAA Smid-Cap Value Fund** | **NAA Smid-Cap Value Fund** |
| Common Stocks | $299495771 | $- | $- | $299495771 |
| Exchange-Traded Funds | 1054455 | - | - | 1054455 |
| Total | $300550226 | $- | $- | $300550226 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA World Equity Income Fund** | **NAA World Equity Income Fund** | **NAA World Equity Income Fund** | **NAA World Equity Income Fund** | **NAA World Equity Income Fund** |
| Common Stocks | $45918012 | $- | $- | $45918012 |
| Exchange-Traded Funds | 297824 | - | - | 297824 |
| Total | $46215836 | $- | $- | $46215836 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

**b. Exchange Traded Funds –** The Funds may invest in ETFs, which are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity in an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**c. Security Transactions and Related Income** – Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued daily. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are unavailable. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

**d. Foreign Securities Risk** – Several risks are associated with exposure to foreign currencies, foreign issuers and emerging markets. A fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as American depository receipts ("ADRs") and ETFs, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

**e. Foreign Currency Translations** – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**f. Futures Contracts –** Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

value of the contract at the time it was opened and the value at the time it was closed. The Funds did not hold any futures contracts as of March 31, 2025.

**g. Short Sales –** When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

**h. Swap Agreements –** Swap agreements are marked-to-market daily and any change is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Swap agreements are contracts between a Fund and, typically, a brokerage firm, bank, or other institutional buyer (the swap counterparty) for periods ranging from a few days to multiple years. In a basic swap transaction, a Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, fixed or variable interest rate, non-U.S. currency, or a "basket" of securities representing a particular index. A Fund customarily will enter into swap agreements based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter ("OTC") derivatives markets that has developed standardized contracts used by participants who have agreed to be bound by such standardized contracts.

A Fund will enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the Fund and its counterparty are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. A Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will be the net amount to be paid or received under the agreement based on the relative values of each party's obligations upon termination of the agreement or at set valuation dates. A Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of the Fund's accrued obligations under the swap agreement over the accrued amount the Fund is entitled to receive under the agreement. If the swap agreement does not provide for that type of netting, the full amount of a Fund's obligations will be accrued daily. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a value equal to the full amount of the Fund's accrued obligations under the agreement.

During the term of a swap agreement, a Fund is usually required to pledge to the swap counterparty, from time to time, an amount of cash and other assets equal to the total net amount (if any) that would be payable by the Fund to the counterparty if the swap were terminated on the date in question, including any early termination payments. Periodically, changes in the amount pledged are made to recognize changes in the value of the contract resulting from, among other things, interest on the contract's notional value, market value changes in the underlying investment, and dividends paid by the issuer of the underlying instrument. Likewise, the counterparty may be required to pledge cash or other assets to cover its obligations to a Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to a Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund, and the Fund may sustain a loss.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

The following table presents the Fund's asset and liability derivatives available for offset under a master netting arrangement along with collateral pledged for these contracts as of March 31, 2025.

**NAA Opportunity Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in<br> the Statement of Assets & Liabilities** | **Gross Amounts Not Offset in<br> the Statement of Assets & Liabilities** | |
| <br>**Description** | **Gross Amounts of**<br>**Recognized<br> Assets/<br> Liabilities** | **Gross Amounts<br> Offset in the**<br>**Statement of<br> Assets and<br> Liabilities** | **Net Amount<br> of Assets/<br> Liabilities<br> Present in the**<br>**Statement of<br> Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Pledged** |<br>**Total** |
| Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $4690885 | $- | $4690885 | $(3081824) | $- | $1609061 |
| Liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $(3081824) | $- | $(3081824 | $3081824 | $- | $- |

---

**NAA Risk Managed Real Estate Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in<br> the Statement of Assets & Liabilities** | **Gross Amounts Not Offset in<br> the Statement of Assets & Liabilities** |  | |
| <br>**Description** | **Gross Amounts of**<br>**Recognized<br> Assets/<br> Liabilities** | **Gross Amounts<br> Offset in the**<br>**Statement of<br> Assets and<br> Liabilities** | **Net Amount<br> of Assets/<br> Liabilities<br> Present in the**<br>**Statement of<br> Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Pledged** |  |<br>**Total** |
| Assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $900019 | $- | $900019 | $(900019) | $- |  | $- |
| Liabilities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $(1748607) | $- | $(1748607 | $900019 | $(848588 |)(2) | $- |

---

(1) Net
 unrealized appreciation as presented in the Schedules of Investments.

(2) The
 actual collateral pledged (received) may be more than the amounts shown.

The notional value of the derivative instruments outstanding as of March 31, 2025 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period ended March 31, 2025, as disclosed above and within the Statement of Operations, serve as indicators of the volume of derivative activity for the Fund.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

The following is a summary of the location of derivative investments on Funds' Statements of Assets and Liabilities for the six months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| ***NAA Opportunity Fund*** | ***NAA Opportunity Fund*** | ***NAA Opportunity Fund*** |
| **Contract Type/<br> Primary Risk Exposure** | **Statement of Assets and<br> Liabilities Location** | **Unrealized<br> Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps/Equity Risk | Unrealized appreciation on swap agreements | $4690885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps/Equity Risk | Unrealized depreciation on swap agreements | (3081824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $1609061 |

---

---

| | | |
|:---|:---|:---|
| ***NAA Risk Managed Real Estate Fund*** | |  |
| **Contract Type/<br> Primary Risk Exposure** | **Statement of Assets and<br> Liabilities Location** | **Unrealized<br> Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps/Equity Risk | Unrealized appreciation on swap agreements | $900019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps/Equity Risk | Unrealized depreciation on swap agreements | (1748607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $(848588) |

---

The following is a summary of the location of derivative investments on Funds' Statements of Operations for the six months ended March 31, 2025:

***NAA Large Core Fund***

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Derivative Investment Type** | **Primary Risk Exposure** | **Location of<br> Gain (Loss) on Derivatives<br> recognized in income**  | **Realized and<br> Unrealized<br> Gain (Loss)<br> on Derivatives recognized<br> in income** |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Equity Risk | Net realized gain on futures contracts | $78168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps | Equity Risk | Net realized gain on swap agreements | 36365296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $36443464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on futures contracts | $(62524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on swap agreements | (33863475) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $(33925999) |

---

***NAA Mid Growth Fund***

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Derivative Investment Type** | **Primary Risk Exposure** | **Location of<br> Gain (Loss) on Derivatives<br> recognized in income**  | **Realized and<br> Unrealized<br> Gain (Loss)<br> on Derivatives recognized<br> in income** |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | Equity Risk | Net realized gain on futures contracts | $22858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps | Equity Risk | Net realized gain on swap agreements | 8984753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $9007611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on swap agreements | $(7028514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $(7028514) |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

***NAA Opportunity Fund***

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Investment Type** | **Primary Risk Exposure** | **Location of<br> Gain (Loss) on Derivatives<br> recognized in income** | **Realized and<br> Unrealized<br> Gain (Loss)<br> on Derivatives recognized<br> in income** |
| Total Return Swaps | Equity Risk | Net realized gain on swap agreements | $524904 |
| Total |  |  | $524904 |
| Total Return Swaps | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on swap agreements | $880336 |
| Total |  |  | $880336 |

---

***NAA Risk Managed Real Estate Fund***

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Investment<br> Type** | **Primary Risk Exposure** | **Location of<br> Gain (Loss) on Derivatives<br> recognized in income**  | **Realized and<br> Unrealized<br> Gain (Loss)<br> on Derivatives recognized<br> in income** |
| Total Return Swaps | Equity Risk | Net realized gain on swap agreements | $3255890 |
| Total |  |  | $3255890 |
| Total Return Swaps | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on swap agreements | $(3297303) |
| Total |  |  | $(3297303) |

---

The notional value of the derivative instruments outstanding as of March 31, 2025 as disclosed in the above and within the Statements of Operations serve as indicators of the volume of derivative activity for each Fund.

**i. Cash Management Transactions –** The Funds subscribe to the Brown Brothers Harriman & Co. ("BBH") Cash Management Service ("CMS"), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. is subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included in the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of March 31, 2025, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| **Fund** | **Cash Balance** |
| NAA Allocation Fund | $1653211 |
| NAA Large Cap Value Fund | 207644 |
| NAA Large Core Fund | 2415092 |
| NAA Mid Growth Fund | 547422 |
| NAA Opportunity Fund | 3738855 |
| NAA Risk Managed Real Estate Fund | 10422761 |
| NAA SMid Cap Value Fund | 92558 |
| NAA World Equity Income Fund | 46215 |

---

As of March 31, 2025, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

---

| | |
|:---|:---|
| **Fund** | **Foreign<br> Cash Balance** |
| NAA World Equity Income Fund | $16362 |

---

**j. Federal Income Taxes** – The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

Tax positions taken or expected to be taken while preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended September 30, 2022 through September 30, 2024 or expected to be taken in the Funds' September 30, 2025 year-end tax return. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

**k. Dividends and Distributions** – Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for U.S. federal income tax purposes. Dividends from net investment income are declared quarterly in the World Equity Income Fund and Risk Managed Real Estate Fund. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions of net investment income in the remaining Equity Funds and distributions of net realized gains, if any, in all Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

**l. Foreign Taxes –** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**m. Indemnification** – Under the Funds' organizational documents, the Trustees and Officers are indemnified against certain liabilities arising from performing their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts containing various representations and warranties that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**n. Expenses –** Expenses directly attributable to a Fund are charged directly to the Fund. Other expenses common to various funds within the fund complex are generally allocated amongst such funds based on average net assets.

**o. Sales Charges (loads) –** Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. Class A share purchases of $1 million or more are exempt from the front-end sales charge but have a 1.00% contingent deferred sales charge ("CDSC"), if shares are redeemed within 12 months of purchase. Class C shares have a 1.00% CDSC fee if shares are redeemed within 12 months of purchase. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. For the six months ended March 31, 2025, there were the following CDSC fees paid to the distributor:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class A** | **Class C** |
| NAA Allocation Fund | $– $| 14 |
| NAA Large Cap Value Fund | – | 18 |
| NAA Mid Growth Fund | – | 12 |
| NAA SMid Cap Value Fund | – | 31 |

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**3.** **RISKS** 

**a. Equity Securities Risk** – Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in.

**b. Investment Company Risk** – Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles' expenses, reducing the Fund's performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the NAV of the shares, and the listing exchange may halt trading of the shares.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

**c. Preferred Stock Risk –** Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.

**d. Convertible Securities Risk –** Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**e. Warrants Risk -** Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.

**f. Foreign Securities Risk –** Since the Fund's investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in.

**g. Depositary Receipt Risk –** The Funds may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund's portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund's portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

**h. REITs Risk –** REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund's REIT investments also subject it to management and tax risks.

**i. Options Risk –** Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position on a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser's ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund's strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.

**j. Futures Contracts Risk –** Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a specific price and date or cash settlement of the terms of the contract. The risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund's strategies. Futures markets are highly volatile, and using futures may increase the volatility of the Fund's NAV. Futures are also subject to leverage and liquidity risks.

**k. Swap Agreements Risk –** Swap agreements are contracts between the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Risks associated with swap agreements differ from those associated with ordinary portfolio securities transactions because they could be considered illiquid, and many swaps trade on the OTC market. Swaps are subject to counterparty credit, correlation, valuation, liquidity, and leverage risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing specific margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

**l. Sector Exposure Risk –** Sector exposure risk is the possibility that securities within the same sector will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.

**m. Market Risk –** The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

**a. Management Fees –** The Adviser serves as each Fund's investment adviser. Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, the Adviser, subject to the oversight of the Board and in conformity with the stated policies of the Funds, manages all business activities of the Funds (the "Advisory Agreement"). As compensation for its services, each Fund pays the Adviser an annual management fee based on its average daily net assets, accrued daily and paid monthly.

Under the Advisory Agreement effective October 25, 2024, for its services, the NAA Large Core Fund pays the Adviser a monthly investment advisory fee (the "Management Fee") computed at the annual rate of 0.75% of average daily net assets up to $500 million, 0.725% of average daily net assets over $500 million up to $1 billion, 0.70% of average daily net assets over $1 billion up to $1.5 billion, 0.65% of average daily net assets over $1.5 billion up to $2 billion, 0.60% of average daily net assets over $2 billion up to $2.5 billion, 0.55% of average daily net assets over $2.5 billion up to $3 billion, and 0.50% of average daily net assets over $3 billion. The amount paid to the Adviser for the period October 26, 2024 through March 31, 2025 was $828,437.

Each other Fund pays the Adviser a monthly Management Fee computed at the annual rate as a percentage of its average daily net assets listed in the table below for the period October 26, 2024 (November 8, 2024, for NAA World Equity Income Fund) through March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Advisory<br> Fee %** | **Advisory<br> Fee $** |
| NAA Allocation Fund | 0.95% | $802357 |
| NAA Large Cap Value Fund | 0.65% | 192187 |
| NAA Mid Growth Fund | 0.75% | 251579 |
| NAA Opportunity Fund | 0.90% | 144117 |
| NAA Risk Managed Real Estate Fund | 0.75% | 843995 |
| NAA SMid Cap Value Fund | 0.75% | 1070797 |
| NAA World Equity Income Fund | 0.70% | 131049 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

Before the Reorganization, under the terms of an investment advisory contract, the Acquired Funds paid Guggenheim management fees calculated at the annualized rates below, based on the average daily net assets of the Acquired Fund. Each Acquired Fund paid Guggenheim for October 1, 2024 through October 25, 2024 (November 8, 2024 for NAA World Equity Income Fund) the following:

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| | | |
|:---|:---|:---|
| **Acquired Fund** | **Advisory<br> Fee %** | **Advisory<br> Fee $** |
| Guggenheim Directional Allocation Fund | 0.95% | $132511 |
| Guggenheim Large Cap Value Fund | 0.65% | 2468 |
| Guggenheim RBP<sup>®</sup> Dividend Fund | 0.75% | 8933 |
| Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund | 0.75% | 3828 |
| Guggenheim RBP<sup>®</sup> Large-Cap Value Fund | 0.75% | 2579 |
| Guggenheim StylePlus—Large Core Fund | 0.75% | 135583 |
| Guggenheim StylePlus—Mid Growth Fund | 0.75% | 40327 |
| Guggenheim Alpha Opportunity Fund | 0.90% | 23541 |

---

Under an amended Expense Limitation Agreement between the Trust and the Adviser (the "Expense Limitation Agreement"), the Adviser has contractually agreed, until January 31, 2027, to reduce the Management Fee and reimburse other expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund's business) to an amount not exceeding the percentage of the average daily net assets of each Fund in the table below:

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| | | |
|:---|:---|:---|
| **Fund** | **Expense Cap** | |
| NAA Allocation Fund | Class A | 1.45% |
|  | Class C | 2.05% |
|  | Institutional Class | 1.05% |
|  | Class P | 1.30% |
| NAA Large Cap Value Fund | Class A | 1.10% |
|  | Class C | 1.85% |
|  | Institutional Class | 0.85% |
|  | Class P | 1.10% |
| NAA Large Core Fund | Class A | 1.40% |
|  | Class C | 2.15% |
|  | Institutional Class | 1.15% |
|  | Class P | 1.40% |
| NAA Mid Growth Fund | Class A | 1.60% |
|  | Class C | 2.35% |
|  | Institutional Class | 1.35% |
|  | Class P | 1.60% |
| NAA Opportunity Fund | Class A | 1.71% |
|  | Class C | 2.46% |
|  | Institutional Class | 1.41% |
|  | Class P | 1.71% |
| NAA Risk Managed Real Estate Fund | Class A | 1.24% |
|  | Class C | 1.94% |
|  | Institutional Class | 0.92% |
|  | Class P | 1.25% |
| NAA SMid Cap Value Fund | Class A | 1.15% |
|  | Class C | 2.00% |
|  | Institutional Class | 0.92% |
|  | Class P | 1.21% |
| NAA World Equity Income Fund | Class A | 1.17% |
|  | Class C | 1.92% |
|  | Institutional Class | 0.92% |
|  | Class P | 1.17% |

---

For the period October 26, 2024 through March 31, 2025, the fee waivers/reimbursements attributed to the Adviser were as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees<br> Waived/<br> Reimbursed<br> By Adviser** |
| NAA Allocation Fund | $37283 |
| NAA Large Cap Value Fund | 40601 |
| NAA Risk Managed Real Estate Fund | 46293 |
| NAA Smid Cap Value Fund | 26117 |
| NAA World Equity Income Fund | 47385 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by a Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. As of March 31, 2025, the Adviser has waived/reimbursed expenses that may be recovered no later than September 30 of the years indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 2025** | **Expires 2026** | **Expires 2027** | **Total** |
| NAA Allocation Fund | $– $|  | $37283 | $37283 |
| NAA Large Cap Value Fund | – |  | 40601 | 40601 |
| NAA Risk Managed Real Estate Fund | – |  | 46293 | 46293 |
| NAA SMid Cap Value Fund | – |  | 26117 | 26117 |
| NAA World Equity Income Fund | – |  | 47385 | 47385 |

---

Before the Reorganization, contractual expense limitation agreements for the following Acquired Funds provide that the total expenses be limited to a percentage of average net assets for the Acquired Funds, exclusive of brokerage costs, dividends or interest on securities sold short, expenses of other investment companies in which the Acquired Fund invests, interest, taxes, litigation, indemnification and extraordinary expenses. From October 1, 2024 through October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund) the limits are listed below:

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Expense Cap** | |
| Guggenheim Directional Allocation Fund | Class A | 1.50% |
|  | Class C | 2.10% |
|  | Institutional Class | 1.10% |
|  | Class P | 1.35% |
| Guggenheim Large Cap Value Fund | Class A | 1.15% |
|  | Class C | 1.90% |
|  | Institutional Class | 0.90% |
|  | Class P | 1.15% |
| Guggenheim RBP<sup>®</sup> Dividend Fund | Class A | 1.20% |
|  | Class C | 1.95% |
|  | Institutional Class | 0.95% |
|  | Class P | 1.20% |
| Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund | Class A | 1.20% |
|  | Class C | 1.95% |
|  | Institutional Class | 0.95% |
|  | Class P | 1.20% |
| Guggenheim RBP<sup>®</sup> Large-Cap Value Fund | Class A | 1.20% |
|  | Class C | 1.95% |
|  | Institutional Class | 0.95% |
|  | Class P | 1.20% |
| Guggenheim StylePlus—Large Core Fund | Class A |  |
|  | Class C |  |
|  | Institutional Class |  |
|  | Class P |  |
| Guggenheim StylePlus—Mid Growth Fund | Class A |  |
|  | Class C |  |
|  | Institutional Class |  |
|  | Class P |  |
| Guggenheim Alpha Opportunity Fund | Class A | 1.76% |
|  | Class C | 2.51% |
|  | Institutional Class | 1.51% |
|  | Class P | 1.76% |
| Guggenheim Risk Managed Real Estate Fund | Class A | 1.30% |
|  | Class C | 2.05% |
|  | Institutional Class | 1.10% |
|  | Class P | 1.30% |
| Guggenheim SMid Cap Value Fund | Class A | 1.30% |
|  | Class C | 2.05% |
|  | Institutional Class | 1.05% |
|  | Class P | 1.30% |
| Guggenheim World Equity Income Fund | Class A | 1.22% |
|  | Class C | 1.97% |
|  | Institutional Class | 0.97% |
|  | Class P | 1.22% |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

For the period October 1, 2024 through October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund), the fee waivers/reimbursements and/or recoupments attributed to Guggenheim were as follows:

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Fees<br> Waived/<br> Reimbursed<br> By Adviser** | **Recoupment of<br> Previously<br> Waived Fees<br> by Adviser** |
| Guggenheim Directional Allocation Fund | $69819 | $272 |
| Guggenheim Large Cap Value Fund | 60188 | 86 |
| Guggenheim Alpha Opportunity Fund | 33196 | 793 |
| Guggenheim Risk Managed Real Estate Fund | 33553 | 1087 |
| Guggenheim SMid Cap Value Fund | 59714 |  |
| Guggenheim World Equity Income Fund | 76809 | 184 |

---

Neither Guggenheim nor the Adviser can recoup previously waived fees by Guggenheim. Guggenheim paid operating expenses on behalf of the Funds, such as audit and accounting-related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses were allocated to various Funds within the complex based on relative net assets.

Before the Reorganization, the Funds had advisory and expense limitation agreements with the Acquired Funds Trust. The Funds' Management Fee did not change as a result of the Reorganization. The Funds' expense limits are the same or lower than the applicable Acquired Fund's expense limit.

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund's adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended October 25, 2024, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Acquired Fund** | **Amount<br> Waived** |
| NAA Large Core Fund | $4183 |
| NAA Mid Growth Fund | 283 |

---

**b. Distributor** – The Funds' Distributor is Ultimus Fund Distributors, LLC (the "Distributor"). The Funds have adopted a Distribution Plan (the "Plan") under Rule 12b-1 under the 1940 Act. The Plan provides that the Funds will compensate the Distributor for distribution and other services provided to the Funds, its activities and expenses related to the sale and distribution of the Funds and ongoing services to the investors in the Funds. Under the Plan, the Fund pays its distributor an annual fee for distribution and shareholder servicing expenses up to 0.25% of the Fund's average daily net assets attributable to Class A and P shares and 1.00% for Class C shares. The Distributor may pay up to the full amount of this fee to third parties that make available Fund shares and/or provide services to the Funds and their shareholders. The fee paid to a third party is based on the level of such services provided. Third parties may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing. Before the Reorganization, Guggenheim Funds Distributors, LLC ("GFD") acted as the Acquired Funds' distributor. GFD is an affiliate of GI.

The following table reflects the Funds incurred distribution fees for the period October 26, 2024 through March 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class P** |
| NAA Allocation Fund | $133711 | $37326 | $4929 |
| NAA Large Cap Value Fund | 49432 | 8327 | 1126 |
| NAA Large Core Fund | 268624 | 3855 | 62 |
| NAA Mid Growth Fund | 81734 | 2077 | 61 |
| NAA Opportunity Fund | 3115 | 511 | 855 |
| NAA Risk Managed Real Estate Fund | 4341 | 18870 | 9206 |
| NAA SMid Cap Value Fund | 245710 | 9903 | 3857 |
| NAA World Equity Income Fund | 42538 | 6758 | 74 |

---

Before the Reorganization, the Acquired Funds' Board had adopted a separate Distribution and Shareholder Services Plan pursuant to Rule 12b-1 under the 1940 Act that allows those Acquired Funds to pay distribution and shareholder services fees to GFD. The Acquired Funds will pay distribution and shareholder services fees to GFD at an annual rate not to exceed 0.25% for Class A and Class P and 1.00% for Class C of average daily net assets. Contractual expense limitation agreements for the following Funds provide that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends or interest on securities sold short, expenses of other investment companies in which a Fund invests, interest, taxes, litigation, indemnification and extraordinary expenses.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

The following table reflects the Acquired Funds' incurred distribution fees from October 1, 2024 through October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund).

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class P** |
| Guggenheim Directional Allocation Fund | $21947 | $6646 | $797 |
| Guggenheim Large Cap Value Fund | 6151 | 713 | 10 |
| Guggenheim StylePlus—Large Core Fund | 43730 | 77 | 10 |
| Guggenheim StylePlus—Mid Growth Fund | 13137 | 387 | 8 |
| Guggenheim Alpha Opportunity Fund | 525 | 130 | 143 |
| Guggenheim Risk Managed Real Estate Fund | 808 | 3313 | 1683 |
| Guggenheim SMid Cap Value Fund | 49421 | 2359 | 813 |
| Guggenheim World Equity Income Fund | 12155 | 2575 | 21 |

---

**c. Administration, Fund Accounting and Transfer Agency Fees**

**Administrator Fees and Expenses**

Ultimus Fund Solutions, LLC ("UFS") – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agency services to the Trust. Pursuant to a separate servicing agreement with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

For the period of October 26, 2024 through March 31, 2025, the Funds paid UFS the following:

---

| | | |
|:---|:---|:---|
| **Fund** | **Administration<br> and<br> Fund Accounting<br> Fees** | **Transfer Agent<br> Fees** |
| NAA Allocation Fund | $53806 | $24815 |
| NAA Large Cap Value Fund | 17414 | 15868 |
| NAA Large Core Fund | 66398 | 51052 |
| NAA Mid Growth Fund | 26150 | 16403 |
| NAA Opportunity Fund | 16949 | 11775 |
| NAA Risk Managed Real Estate Fund | 80100 | 35687 |
| NAA SMid Cap Value Fund | 58650 | 94180 |
| NAA World Equity Income Fund | 19185 | 16026 |

---

Before the Reorganization, MUFG Investor Services (US), LLC ("MUIS") acted as the Acquired Funds' administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Acquired Funds' securities and cash. Before October 26, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund), The Bank of New York Mellon Corp. ("BNY") acts as the Acquired Funds' custodian. As custodian, BNY is responsible for the custody of the Acquired Funds' assets. For providing the aforementioned administrative and accounting services, MUIS received a monthly fee equal to a percentage of the Funds' average daily net assets and out-of-pocket expenses. For providing the aforementioned transfer agent and custodian services, MUIS and BNY were entitled to receive a monthly fee based on the number of transactions during the month and the number of accounts under management, subject to certain minimum monthly fees, and out-of-pocket expenses.

For the period October 26, 2024 (November 8, 2024 for NAA World Equity Income Fund) through March 31, 2025, the Trustees received fees in the amount of $5,273 on behalf of each Fund.

Before the Reorganization on October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund), Funds were allocated a portion of Trustee fees and expenses as part of the Acquired Funds Trust and the Independent Trustees were paid $14,397.

Certain trustees and officers of the Trust were also officers of Guggenheim or GFD. The Trust did not compensate its officers or trustees who are officers, directors and/or employees of Guggenheim or GFD.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

**Printing Services**

BluGiant, LLC ("BluGiant") – BluGiant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For these services, BluGiant receives customary fees from the Funds. These services were provided for the period October 26, 2024 (November 8, 2024 for NAA World Equity Income Fund) through March 31, 2025.

**Compliance Services**

Under the terms of a Compliance Consulting Agreement with the Trust, CCO Technology, LLC (d/b/a Joot) provides an individual with the requisite background and familiarity with the federal securities laws to serve as the Trust's chief compliance officer and to administer the Trust's compliance policies and procedures. Joot is a subsidiary of FinTech Law which serves as legal counsel of the Trust.

**5.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the six months ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds From<br> Sales of<br> Securities** |
| NAA Allocation Fund | $115253294 | $136179896 |
| NAA Large Cap Value Fund | 45099052 | 25967514 |
| NAA Large Core Fund | 112812341 | 133932259 |
| NAA Mid Growth Fund | 28860113 | 27400605 |
| NAA Opportunity Fund | 37004565 | 47079897 |
| NAA Risk Managed Real Estate Fund | 67197159 | 70287824 |
| NAA SMid Cap Value Fund | 119873872 | 158812483 |
| NAA World Equity Income Fund | 19669318 | 22728103 |

---

The cost of purchases and the proceeds from sales of portfolio securities that occurred in the effort to realign a combined fund's portfolio after a merger should be excluded in the portfolio turnover calculation. The amount of excluded purchases and sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds From<br> Sales of<br> Securities** |
| NAA Allocation Fund | $97204929 | $100705979 |
| NAA Large Cap Value Fund | 57722520 | 54243261 |
| NAA Large Core Fund | 413013875 | 404068533 |
| NAA Mid Growth Fund | 153452043 | 151404807 |
| NAA Opportunity Fund | 17559860 | 21211482 |
| NAA Risk Managed Real Estate Fund | 2230752 | 73543772 |
| NAA SMid Cap Value Fund | 276334776 | 276122973 |
| NAA World Equity Income Fund | 30188967 | 31465394 |

---

**6.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of the control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, ownership percentages of the holders of the voting securities of each Fund that may be deemed to control the Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Owner** | **Percentage of<br> Interest** |
| NAA Allocation Fund | Morgan Stanley Smith Barney LLC | 27.9% |
| NAA Opportunity Fund | Guggenheim Macro Opportunities Fund | 84.6% |
| NAA World Equity Income Fund | UMB Bank Custodian Security Financial Services | 48.0% |

---

The Trust does not know if all or any portion of the shares owned of record are also owned beneficially.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

**7.** **DISTRIBUTIONS AND TAX COMPONENTS OF CAPITAL** 

The Statement of Assets and Liabilities represents cost for financial reporting purposes. The aggregate cost for federal tax purposes is listed in the table below and differs from market value by net unrealized appreciation/depreciation which consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost for Federal**<br> **Tax purposes** | **Gross Unrealized**<br> **Appreciation** | **Gross Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| NAA Allocation Fund | $172796475 | $8369778 | $(2433397) | $5936381 |
| NAA Large Cap Value Fund | 65611170 | 4398211 | (3832435) | 565776 |
| NAA Large Core Fund | 234706659 | 4737629 | (11417746) | (6680117) |
| NAA Mid Growth Fund | 75702300 | 1485802 | (8196690) | (6710888) |
| NAA Opportunity Fund | 32773533 | 395533 | (1558799) | (1163266) |
| NAA Risk Managed Real Estate Fund | 234158929 | 20300454 | (7530577) | 12769877 |
| NAA SMid Cap Value Fund | 309088963 | 19136078 | (27674815) | (8538737) |
| NAA World Equity Income Fund | 46011242 | 3111563 | (2906969) | 204594 |

---

The tax character of fund distributions paid for the fiscal years ended September 30, 2023, and September 30, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 9/30/2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| NAA Allocation Fund | $3463695 | $- | $– $| 3463695 |
| NAA Large Cap Value Fund | 674731 | 3299408 | – | 3974139 |
| NAA Large Core Fund | 5630586 |  | – | 5630586 |
| NAA Mid Growth Fund | 1661785 |  | – | 1661785 |
| NAA Opportunity Fund | 199681 |  | – | 199681 |
| NAA Risk Managed Real Estate Fund | 10186667 |  | – | 10186667 |
| NAA SMid Cap Value Fund | 2717162 | 8857859 | – | 11575021 |
| NAA World Equity Income Fund | 854827 |  | – | 854827 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> 9/30/2023** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| NAA Allocation Fund | $1117716 | $- | $- | $1117716 |
| NAA Large Cap Value Fund | 537701 | 3093835 |  | 3631536 |
| NAA Large Core Fund | 1947148 | 57379626 |  | 59326774 |
| NAA Mid Growth Fund | 326968 | 18747109 |  | 19074077 |
| NAA Opportunity Fund | 205930 |  |  | 205930 |
| NAA Risk Managed Real Estate Fund | 9734314 | 18153953 | 2638803 | 30527070 |
| NAA SMid Cap Value Fund | 5582517 | 28323495 |  | 33906012 |
| NAA World Equity Income Fund | 792315 | 23830 |  | 816145 |

---

As of September 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/<br> (Deficits)** |
| NAA Allocation Fund | $17131610 | $3805681 | $- | $- | $29661102 | $50598393 |
| NAA Large Cap Value Fund | 777524 | 536395 |  |  | 9930648 | 11244567 |
| NAA Large Core Fund | 8416845 |  |  |  | 45940930 | 54357775 |
| NAA Mid Growth Fund | 1972163 |  | (13902640) |  | 9501149 | (2429328) |
| NAA Opportunity Fund | 284107 |  | (24088197) |  | 3926931 | (19877159) |
| NAA Risk Managed Real Estate Fund | 3007949 | 1277517 | (1435653) | (2092791) | 28173578 | 28930600 |
| NAA SMid Cap Value Fund | 2767083 | 21951214 |  |  | 83610068 | 108328365 |
| NAA World Equity Income Fund | 749222 | 1743662 |  | (136212) | 8169647 | 10526319 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

The difference between book and tax-basis accumulated net realized gains/ losses, and unrealized appreciation/ depreciation from investments is primarily attributable to the tax deferral of losses on wash sales.

On September 30, 2024, the below Funds had capital loss carryforwards for federal income tax purposes available to offset future capital gains and capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| NAA Allocation Fund | $- | $- | $- | $1526340 |
| NAA Large Core Fund |  |  |  | 40316747 |
| NAA Mid Growth Fund | (5717769) | (8184871) | (13902640) | 12946804 |
| NAA Opportunity Fund | (19333798) | (4754399) | (24088197) | 2757331 |
| NAA Risk Managed Real Estate Fund |  |  |  | 812563 |
| NAA World Equity Income Fund |  |  |  | 143482 |

---

During the fiscal year ended September 30, 2024, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to adjustments for tax return updates and the use of tax equalization credits, resulted in reclassifications as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Distributable<br> Earnings/<br> (Losses)** |
| NAA Allocation Fund | $1431358 | $(1431358) |
| NAA Large Cap Value Fund | 238568 | (238568) |
| NAA Large Core Fund | 433560 | (433560) |
| NAA Risk Managed Real Estate Fund | (39770) | 39770 |
| NAA SMid Cap Value Fund | 4117184 | (4117184) |
| NAA World Equity Income Fund | 102577 | (102577) |

---

**8.** **AFFILIATED INVESTMENTS** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under GI, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Funds invested in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Short Term Investment Vehicles"), each of which were open-end management investment companies managed by Guggenheim. The Short Term Investment Vehicles, which launched on March 11, 2014, were offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim and/or its affiliates, and were not available to the public. The Short Term Investment Vehicles paid no investment management fees. Their annual report on Form N-CSR dated September 30, 2024, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Funds invested in certain of the underlying series of Guggenheim Funds Trust, which were open-end management investment companies managed by Guggenheim, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

As of March 31, 2025, the Funds did not invest in any affiliated securities.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

Transactions during the period ended March 31, 2025, which the company is an affiliated issuer, were as follows:

**NAA Large Core Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 9/30/2024** | **Purchases** | **Sales** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 3/31/2025** | **Shares<br> 3/31/2025** | **Investment<br> Income** |
| Guggenheim Strategy Fund II | $72483129 | $195060 | $(72648964) | $1334571 | $(1363796) | $– |  | $195060 |
| Guggenheim Strategy Fund III | 83507185 | 213893 | (83721079) | 200200 | (200199) | – |  | 213894 |
| Guggenheim Ultra Short Duration Fund - Institutional Class | 34069259 | 84662 | (34085920) | 161800 | (229801) | – |  | 84663 |

---

**NAA Mid Growth Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 9/30/2024** | **Purchases** | **Sales** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 3/31/2025** | **Shares<br> 3/31/2025** | **Investment<br> Income** |
| Guggenheim Strategy Fund II | $26907363 | $1439865 | $(28335280) | $574117 | $(586065) | $– |  | $75865 |
| Guggenheim Strategy Fund III | 22974985 | 3170299 | (26146534) | 275917 | (274667) | – |  | 60299 |
| Guggenheim Ultra Short Duration Fund - Institutional Class | 2305552 | 5729 | (2306679) | 11350 | (15952) | – |  | 5729 |

---

**NAA SMid Cap Value Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 9/30/2024** | **Purchases** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 3/31/2025** | **Investment<br> Income** |
| HydroGen Corp.\* | $2 | $– $– $| (2532) | $2530 | $– – $|  |

---

\* No longer affiliated at year end.

**9.** **LINE OF CREDIT** 

For the period January 1, 2024 through September 29, 2024, the Acquired Funds Trust, along with other affiliated trusts, secured a 364-day committed, $1,165,000,000 line of credit from a syndicated bank group led by Citibank, N.A., which was in place through September 29, 2024 at which time the line of credit was renewed as a 364-day committed $1,115,000,000 line of credit. The Acquired Funds could draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Acquired Fund's investment objective and program. For example, it may be advantageous for the Acquired Funds to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank's "base rate", SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Acquired Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Acquired Funds based on the respective net assets of each participating Acquired Fund and is referenced in the Funds' Statements of Operations under "Line of credit fees". The Funds did not have any borrowings under this agreement as of and for the period ended October 25, 2024. As of October 26, 2024, the Funds were no longer part of the Citibank line of credit.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> March 31, 2025

**10.** **SUBSEQUENT EVENTS** 

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no material events that would require adjustment to or disclosure in the Funds' financial statements.

At a meeting on April 1, 2025, the Trust's Board approved the conversion of Class P shares into Class A shares for each Fund. The conversion will take effect at the close of business on Monday, April 28, 2025 (the "Conversion Date"). Effective at the close of business on April 4, 2025, the Funds will no longer offer Class P shares for sale to new investors. Existing shareholders of the Funds' Class P shares can purchase additional shares until the Conversion Date.

The conversion is intended to be tax-free, meaning that the Funds' Class P shareholders will become Class A shareholders without realizing any gain or loss for federal tax purposes. The Funds will complete the share class conversion using the share classes' relative net asset values on the Conversion Date, without imposing any fees or expenses.

The Board also approved a reverse share split of the issued and outstanding shares of the Funds and classes, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund Name** | <br>**Share Class** | **Split Ratio**<br>**(New to Old Shares)** |
| NAA Opportunity Fund | A | 1 for 1.5 |
| NAA Opportunity Fund | C | 1 for 2 |
| NAA Opportunity Fund | P | 1 for 1.5 |
| NAA Large Core Fund | C | 1 for 3 |
| NAA Mid Growth Fund | C | 1 for 3 |
| NAA SMid Cap Value Fund | C | 1 for 2 |
| NAA SMid Cap Value Fund | Institutional | 1 for 8 |

---

Shareholders of record in the above share classes of each Fund participated in the reverse stock split at the close of business on April 1, 2025.

As a result of the reverse share split, a multiple of shares owned by each Fund, as specified in the above chart (*i.e.*, one-and-a-half, two, three, or eight), were exchanged for one share. Accordingly, the reverse share split reduced the number of each Fund's issued and outstanding shares in such class and proportionately increased its NAV per share. The market value of each Fund's issued and outstanding shares will remain the same. The reverse share split provides shareholders of the share class of each Fund with fewer shares of the Fund, but the value of a shareholder's investment in the Fund will not change due to the reverse share split. In addition, the reverse share split did not affect any shareholder's rights, preferences, or privileges associated with each Fund's issued and outstanding shares. The reverse stock split was a non-taxable event and did not impact the Fund's holdings or performance.

<u>New Age Alpha Funds</u> <u>Additional Information (Unaudited)</u> <br> March 31, 2025

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Disclosures**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling 1-833-840-3937 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not Applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not Applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially
 affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto](newagealpha_ex99-cert.htm)

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](newagealpha_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) New
 Age Alpha Funds Trust

---

| | |
|:---|:---|
| By | (Signature and Title) |
|  | /s/ Keith D. Kemp |
|  | Keith D. Kemp, Principal Executive Officer/President/Principal Financial Officer/Treasurer |

---

Date <u>6/6/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | (Signature and Title) |
|  | /s/ Keith D. Kemp |
|  | Keith D. Kemp, Principal Executive Officer/President/Principal Financial Officer/Treasurer |

---

Date <u>6/6/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATIONS**

I, Keith D. Kemp, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of New Age Alpha Funds (a series of New Age Alpha Funds Trust).

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/6/2025 | /s/ Keith D. Kemp |
|  |  | Keith D. Kemp<br> Principal Executive Officer /President/Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**<u>certification</u>**

Keith D. Kemp, Principal Executive Officer/President/Principal Financial Officer/Treasurer of New Age Alpha Funds Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Form N-CSR") fully complies
with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| |
|:---|
| Principal Executive Officer/President/Principal Financial Officer/Treasurer<br> New Age Alpha Funds Trust |
| /s/ Keith D. Kemp |
| Keith D. Kemp |

---

Date: <u>6/6/2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to New Age Alpha Funds Trust and will be retained by New Age Alpha Funds Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.