# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0001580642-26-001684
**Filing Date:** 2026-3
**Character Count:** 308271
**Document Hash:** 7f4ad84aa2aab9304d87db9e51423999
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001684.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001684

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New Age Alpha Variable Funds Trust
- **CENTRAL INDEX KEY:** 0002013968

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 26736398

**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 SERIES (Series ID: S000084965)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000249820 | NAA LARGE CORE SERIES |  |
| C000273206 | Class L               |  |

### NAA ALL CAP VALUE SERIES (Series ID: S000087633)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000253501 | NAA ALL CAP VALUE SERIES |  |

### NAA LARGE CAP VALUE SERIES (Series ID: S000087634)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000253502 | NAA LARGE CAP VALUE SERIES |  |

### NAA LARGE GROWTH SERIES (Series ID: S000087635)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000253503 | NAA LARGE GROWTH SERIES |  |
| C000273207 | Class L                 |  |

### NAA MID GROWTH SERIES (Series ID: S000087636)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000253504 | NAA MID GROWTH SERIES |  |

### NAA SMALL CAP VALUE SERIES (Series ID: S000087637)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000253505 | NAA SMALL CAP VALUE SERIES |  |

### NAA SMALL GROWTH SERIES (Series ID: S000087638)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000253506 | NAA SMALL GROWTH SERIES |  |

### NAA SMID-CAP VALUE SERIES (Series ID: S000087639)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000253507 | NAA SMID-CAP VALUE SERIES |  |

### NAA WORLD EQUITY INCOME SERIES (Series ID: S000087640)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000253508 | NAA WORLD EQUITY INCOME SERIES |  |
| C000273208 | Class L                        |  |

?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 <u>811-23944</u>

**New Age Alpha Variable Funds Trust**

(Exact name of registrant as specified in charter)

<u>555 Theodore Fremd Avenue, Suite A-101, Rye, New York</u>   <u>10580</u> <br> (Address of principal executive offices) (Zip code)

Cogency Global Inc.

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

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>212-922-2699</u>

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>12/31/2025</u>

**Item 1. Reports to Stockholders.** 

(a) ![Image](i1bbc5b7cf640a4ecac99d4c6.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA All Cap Value Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $103 | 0.97% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 12.9% and outperformed its benchmark, S&P Composite 1500 Value Index, which returned 12.7%.

The largest positive sector contributions to performance over the period were from Health Care, Industrials and Energy. The largest negative sector contributions over the period were from Communication Services, Information Technology and Real Estate. The largest positive stock contribution to performance over the period was from MICRON TECHNOLOGY INC, while the largest negative stock contribution was from UNITEDHEALTH GROUP INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ieaea8bee8e670661316e245a.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA All Cap Value Series** | **S&P Composite 1500 Value Index TR** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $12271 | $11849 |
| **Dec-2017** | $14084 | $13626 |
| **Dec-2018** | $12588 | $12360 |
| **Dec-2019** | $15576 | $16230 |
| **Dec-2020** | $15869 | $16491 |
| **Dec-2021** | $20146 | $20678 |
| **Dec-2022** | $19909 | $19547 |
| **Dec-2023** | $21606 | $23778 |
| **Dec-2024** | $23820 | $26666 |
| **Dec-2025** | $26885 | $30058 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA All Cap Value Series | 12.87% | 11.12% | 10.40% |
| S&P Composite 1500 Value Index TR | 12.72% | 12.76% | 11.63% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$89,032,672

* Number of Portfolio Holdings203

* Advisory Fee (net of waivers)$455,804

* Portfolio Turnover104%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia7947163fee100d6487cf08f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Equity | 2.0% |
| Materials | 3.4% |
| Communications | 4.3% |
| Real Estate | 4.9% |
| Utilities | 5.4% |
| Energy | 5.5% |
| Consumer Staples | 8.5% |
| Industrials | 8.7% |
| Consumer Discretionary | 10.1% |
| Health Care | 10.6% |
| Financials | 16.7% |
| Technology | 19.3% |

---

Industry comparisons within this Tailored Shareholder Report (TSR) are based on the Bloomberg Industry Classification Standard (BICS), which provides a hierarchical system for classifying companies by their primary source of revenue.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 5.8% |
| Amazon.com, Inc. | 3.0% |
| Exxon Mobil Corporation | 1.5% |
| Walmart, Inc. | 1.4% |
| Tesla, Inc. | 1.4% |
| Costco Wholesale Corporation | 1.1% |
| Bank of America Corporation | 1.1% |
| Home Depot, Inc. (The) | 1.0% |
| Procter & Gamble Company (The) | 1.0% |
| UnitedHealth Group, Inc. | 0.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA All Cap Value Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-ACVS

![Image](i095261587a74768877fe4aa4.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA Large Cap Value Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $95 | 0.89% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 14.2% and outperformed its benchmark, S&P 500 Value Index, which returned 13.2%.

The largest positive sector contributions to performance over the period were from Health Care, Materials and Industrials. The largest negative sector contributions over the period were from Communication Services and Real Estate. The largest positive stock contribution to performance over the period was from MICRON TECHNOLOGY INC, while the largest negative stock contribution was from UNITEDHEALTH GROUP INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ife090d1d416ae982200baeff.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA Large Cap Value Series** | **S&P 500<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $12141 | $11740 |
| **Dec-2017** | $14060 | $13543 |
| **Dec-2018** | $12721 | $12331 |
| **Dec-2019** | $15496 | $16268 |
| **Dec-2020** | $15838 | $16489 |
| **Dec-2021** | $20119 | $20594 |
| **Dec-2022** | $19854 | $19519 |
| **Dec-2023** | $21694 | $23858 |
| **Dec-2024** | $24613 | $26790 |
| **Dec-2025** | $28097 | $30323 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Cap Value Series | 14.16% | 12.15% | 10.88% |
| S&P 500<sup>®</sup> Value Index | 13.19% | 12.96% | 11.73% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$196,097,066

* Number of Portfolio Holdings102

* Advisory Fee (net of waivers)$967,249

* Portfolio Turnover82%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i71c59eb3e99eaebc01fa4d88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Equity | 2.0% |
| Materials | 2.3% |
| Real Estate | 3.3% |
| Communications | 4.8% |
| Energy | 5.4% |
| Utilities | 6.0% |
| Industrials | 7.8% |
| Consumer Staples | 9.4% |
| Consumer Discretionary | 9.7% |
| Health Care | 12.9% |
| Financials | 14.7% |
| Technology | 21.4% |

---

Industry comparisons within this Tailored Shareholder Report (TSR) are based on the Bloomberg Industry Classification Standard (BICS), which provides a hierarchical system for classifying companies by their primary source of revenue.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 7.2% |
| Amazon.com, Inc. | 3.8% |
| Exxon Mobil Corporation | 1.8% |
| Walmart, Inc. | 1.8% |
| Tesla, Inc. | 1.7% |
| Costco Wholesale Corporation | 1.4% |
| Bank of America Corporation | 1.3% |
| Home Depot, Inc. (The) | 1.2% |
| Procter & Gamble Company (The) | 1.2% |
| UnitedHealth Group, Inc. | 1.1% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA Large Cap Value Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-LCVS

![Image](i6db9e7cdaea4da3d1e32a37f.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA Large Core Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $101 | 0.93% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 16.4% and underperformed its benchmark, S&P 500 Index, which returned 17.9%.

The largest positive sector contributions to performance over the period were from Materials, Utilities and Consumer Discretionary. The largest negative sector contributions over the period were from Financials, Health Care and Communication Services. The largest positive stock contribution to performance over the period was from MICRON TECHNOLOGY INC, while the largest negative stock contribution was from APPLE INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibc23219ab645ab61e80e5c26.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA Large Core Series** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11335 | $11196 |
| **Dec-2017** | $13853 | $13640 |
| **Dec-2018** | $12944 | $13042 |
| **Dec-2019** | $16823 | $17149 |
| **Dec-2020** | $19982 | $20304 |
| **Dec-2021** | $25673 | $26132 |
| **Dec-2022** | $20367 | $21399 |
| **Dec-2023** | $25846 | $27025 |
| **Dec-2024** | $32534 | $33786 |
| **Dec-2025** | $37879 | $39827 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Core Series | 16.43% | 13.65% | 14.25% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$260,957,449

* Number of Portfolio Holdings102

* Advisory Fee (net of waivers)$1,315,409

* Portfolio Turnover64%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i55cea2a48fff2becfb3255d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Equity | 2.0% |
| Real Estate | 2.0% |
| Materials | 2.1% |
| Utilities | 2.4% |
| Energy | 2.8% |
| Consumer Staples | 4.7% |
| Industrials | 7.7% |
| Health Care | 8.6% |
| Consumer Discretionary | 9.1% |
| Financials | 10.7% |
| Communications | 11.5% |
| Technology | 36.0% |

---

Industry comparisons within this Tailored Shareholder Report (TSR) are based on the Bloomberg Industry Classification Standard (BICS), which provides a hierarchical system for classifying companies by their primary source of revenue.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 7.3% |
| Apple, Inc. | 6.7% |
| Microsoft Corporation | 6.0% |
| Alphabet, Inc. - Class A | 4.6% |
| Amazon.com, Inc. | 3.7% |
| Broadcom, Inc. | 2.5% |
| Meta Platforms, Inc. - Class A | 2.3% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| JPMorgan Chase & Company | 1.5% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA Large Core Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-LCS

![Image](i810b498c64a60f57914936c7.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA Large Growth Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $110 | 1.01% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 17.0% and underperformed its benchmark, S&P 500 Growth Index, which returned 22.2%.

The largest positive sector contributions to performance over the period were from Industrials, Energy and Consumer Staples. The largest negative sector contributions over the period were from Information Technology, Consumer Discretionary and Communication Services. The largest positive stock contribution to performance over the period was from NVIDIA CORP, while the largest negative stock contribution was from APPLE INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1516994547d441ed9ff564ac.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA Large Growth Series** | **S&P 500<sup>®</sup> Growth Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10872 | $10689 |
| **Dec-2017** | $14145 | $13622 |
| **Dec-2018** | $13631 | $13621 |
| **Dec-2019** | $18255 | $17861 |
| **Dec-2020** | $25168 | $23840 |
| **Dec-2021** | $32159 | $31471 |
| **Dec-2022** | $22289 | $22217 |
| **Dec-2023** | $31185 | $28889 |
| **Dec-2024** | $41221 | $39311 |
| **Dec-2025** | $48235 | $48029 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Growth Series | 17.02% | 13.89% | 17.04% |
| S&P 500<sup>®</sup> Growth Index | 22.18% | 15.04% | 16.99% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$60,571,075

* Number of Portfolio Holdings78

* Advisory Fee (net of waivers)$288,387

* Portfolio Turnover60%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9ce5f814b1e4d83386f3d764.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Energy | 0.2% |
| Utilities | 0.4% |
| Materials | 0.5% |
| Consumer Staples | 0.6% |
| Real Estate | 0.7% |
| Equity | 2.0% |
| Industrials | 5.5% |
| Financials | 6.1% |
| Health Care | 6.1% |
| Consumer Discretionary | 7.5% |
| Communications | 19.2% |
| Technology | 50.8% |

---

Industry comparisons within this Tailored Shareholder Report (TSR) are based on the Bloomberg Industry Classification Standard (BICS), which provides a hierarchical system for classifying companies by their primary source of revenue.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 10.8% |
| Apple, Inc. | 9.8% |
| Microsoft Corporation | 8.3% |
| Broadcom, Inc. | 6.0% |
| Alphabet, Inc. - Class A | 5.2% |
| Meta Platforms, Inc. - Class A | 4.9% |
| Netflix, Inc. | 3.6% |
| Amazon.com, Inc. | 3.6% |
| Berkshire Hathaway, Inc. - Class B | 2.8% |
| Eli Lilly & Company | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA Large Growth Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-LGS

![Image](ic29d0095be200f9411ad1491.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA Mid Growth Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $105 | 1.04% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 2.2% and underperformed its benchmark, S&P MidCap 400 Growth Index, which returned 7.5%.

The largest positive sector contributions to performance over the period were from Consumer Discretionary, Real Estate and Communication Services. The largest negative sector contributions over the period were from Information Technology, Health Care and Financials. The largest positive stock contribution to performance over the period was from COMFORT SYSTEMS USA INC, while the largest negative stock contribution was from SAREPTA THERAPEUTICS INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id1a8f0189d6eaaddba483fe1.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA Mid Growth Series** | **S&P MidCap 400<sup>®</sup> Growth Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10865 | $11477 |
| **Dec-2017** | $13546 | $13764 |
| **Dec-2018** | $12584 | $12341 |
| **Dec-2019** | $16699 | $15585 |
| **Dec-2020** | $22060 | $19133 |
| **Dec-2021** | $25079 | $22749 |
| **Dec-2022** | $18113 | $18436 |
| **Dec-2023** | $22896 | $21660 |
| **Dec-2024** | $26874 | $25113 |
| **Dec-2025** | $27458 | $26986 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Mid Growth Series | 2.17% | 4.48% | 10.63% |
| S&P MidCap 400<sup>®</sup> Growth Index | 7.46% | 7.12% | 10.44% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$162,073,601

* Number of Portfolio Holdings127

* Advisory Fee (net of waivers)$995,507

* Portfolio Turnover104%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id6bd1c70d92355c228cbe80b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Utilities | 1.1% |
| Equity | 2.0% |
| Materials | 3.1% |
| Energy | 3.2% |
| Communications | 3.4% |
| Consumer Staples | 3.9% |
| Real Estate | 4.2% |
| Financials | 8.2% |
| Consumer Discretionary | 8.4% |
| Health Care | 12.9% |
| Technology | 20.9% |
| Industrials | 28.5% |

---

Industry comparisons within this Tailored Shareholder Report (TSR) are based on the Bloomberg Industry Classification Standard (BICS), which provides a hierarchical system for classifying companies by their primary source of revenue.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ciena Corporation | 1.7% |
| Coherent Corp. | 1.6% |
| nVent Electric PLC | 1.6% |
| Woodward, Inc. | 1.5% |
| Guidewire Software, Inc. | 1.5% |
| Curtiss-Wright Corporation | 1.5% |
| BWX Technologies, Inc. | 1.5% |
| Tenet Healthcare Corporation | 1.5% |
| Pure Storage, Inc. - Class A | 1.5% |
| Somnigroup International, Inc. | 1.5% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA Mid Growth Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-MGS

![Image](i1190e443919cf53e98e06a66.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA Small Cap Value Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $117 | 1.15% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 3.3% and underperformed its benchmark, S&P SmallCap 600 Value Index, which returned 6.7%.

The largest positive sector contributions to performance over the period were from Communication Services, Financials and Energy. The largest negative sector contributions over the period were from Information Technology, Materials and Consumer Staples. The largest positive stock contribution to performance over the period was from MR COOPER GROUP INC, while the largest negative stock contribution was from ROBERT HALF INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i047324eaf8f7cc7d8e7a3686.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA Small Cap Value Series** | **S&P SmallCap 600<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $12660 | $13132 |
| **Dec-2017** | $13129 | $14644 |
| **Dec-2018** | $11466 | $12793 |
| **Dec-2019** | $14055 | $15932 |
| **Dec-2020** | $13918 | $16335 |
| **Dec-2021** | $17562 | $21390 |
| **Dec-2022** | $16906 | $19028 |
| **Dec-2023** | $18645 | $21861 |
| **Dec-2024** | $20231 | $23515 |
| **Dec-2025** | $20898 | $25090 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Small Cap Value Series | 3.30% | 8.47% | 7.65% |
| S&P SmallCap 600<sup>®</sup> Value Index | 6.70% | 8.96% | 9.64% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$49,578,269

* Number of Portfolio Holdings127

* Advisory Fee (net of waivers)$300,448

* Portfolio Turnover115%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if5d54e811d007d2c998873e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Equity | 2.0% |
| Utilities | 2.6% |
| Consumer Staples | 2.6% |
| Communications | 3.5% |
| Energy | 6.6% |
| Health Care | 7.4% |
| Real Estate | 8.0% |
| Technology | 9.0% |
| Materials | 9.4% |
| Industrials | 9.6% |
| Consumer Discretionary | 18.0% |
| Financials | 20.9% |

---

Industry comparisons within this Tailored Shareholder Report (TSR) are based on the Bloomberg Industry Classification Standard (BICS), which provides a hierarchical system for classifying companies by their primary source of revenue.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BorgWarner, Inc. | 2.7% |
| LKQ Corporation | 2.2% |
| Lincoln National Corporation | 2.1% |
| Eastman Chemical Company | 2.1% |
| GXO Logistics, Inc. | 1.8% |
| VF Corporation | 1.7% |
| Group 1 Automotive, Inc. | 1.5% |
| Meritage Homes Corporation | 1.4% |
| Atlantic Union Bankshares Corporation | 1.4% |
| Selective Insurance Group, Inc. | 1.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA Small Cap Value Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-SCVS

![Image](i80b18d70312eaca1d606a497.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA Small Growth Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $115 | 1.11% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 6.6% and outperformed its benchmark, S&P SmallCap 600 Growth Index, which returned 5.4%.

The largest positive sector contributions to performance over the period were from Consumer Discretionary, Industrials and Communication Services. The largest negative sector contributions over the period were from Information Technology, Health Care and Materials. The largest positive stock contribution to performance over the period was from ATI INC, while the largest negative stock contribution was from DYNATRACE INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7897bb55397e23af6d99c6f4.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA Small Growth Series** | **S&P SmallCap 600<sup>®</sup> Growth Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11345 | $12216 |
| **Dec-2017** | $13885 | $14022 |
| **Dec-2018** | $12454 | $13453 |
| **Dec-2019** | $15652 | $16296 |
| **Dec-2020** | $20633 | $19490 |
| **Dec-2021** | $21982 | $23899 |
| **Dec-2022** | $16132 | $18862 |
| **Dec-2023** | $19522 | $22088 |
| **Dec-2024** | $21998 | $24214 |
| **Dec-2025** | $23446 | $25515 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Small Growth Series | 6.58% | 2.59% | 8.89% |
| S&P SmallCap 600<sup>®</sup> Growth Index | 5.37% | 5.53% | 9.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$24,045,400

* Number of Portfolio Holdings127

* Advisory Fee (net of waivers)$107,848

* Portfolio Turnover75%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib4cd0748aac0b0535246f91b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Communications | 0.5% |
| Consumer Staples | 1.5% |
| Equity | 2.0% |
| Utilities | 2.1% |
| Energy | 3.1% |
| Materials | 5.8% |
| Real Estate | 5.9% |
| Consumer Discretionary | 11.7% |
| Financials | 11.9% |
| Health Care | 16.9% |
| Technology | 19.1% |
| Industrials | 19.3% |

---

Industry comparisons within this Tailored Shareholder Report (TSR) are based on the Bloomberg Industry Classification Standard (BICS), which provides a hierarchical system for classifying companies by their primary source of revenue.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Dynatrace, Inc. | 2.6% |
| Carpenter Technology Corporation | 2.6% |
| ATI, Inc. | 2.5% |
| SPX Technologies, Inc. | 1.9% |
| TTM Technologies, Inc. | 1.7% |
| MKS, Inc. | 1.6% |
| Mirion Technologies, Inc. | 1.6% |
| Armstrong World Industries, Inc. | 1.5% |
| Dycom Industries, Inc. | 1.5% |
| Sterling Infrastructure, Inc. | 1.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA Small Growth Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-SGS

![Image](i4ee0e5677203e485d8aff77c.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA SMid-Cap Value Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $106 | 1.02% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 7.35% and underperformed its benchmark, S&P 1000 Value Index, which returned 7.37%.

The largest positive sector contributions to performance over the period were from Health Care, Consumer Discretionary and Industrials. The largest negative sector contributions over the period were from Financials, Information Technology and Energy. The largest positive stock contribution to performance over the period was from CARDINAL HEALTH INC, while the largest negative stock contribution was from BELLRING BRANDS INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i35b52891c35a42b7be1d9176.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA SMid-Cap Value Series** | **S&P 1000<sup>®</sup> Value Index** |
| **Dec-2015** | $10000 | $9997 |
| **Dec-2016** | $12675 | $12786 |
| **Dec-2017** | $14413 | $14331 |
| **Dec-2018** | $12543 | $12585 |
| **Dec-2019** | $15892 | $15806 |
| **Dec-2020** | $16575 | $16344 |
| **Dec-2021** | $20512 | $21366 |
| **Dec-2022** | $20130 | $19613 |
| **Dec-2023** | $22089 | $22608 |
| **Dec-2024** | $24089 | $24968 |
| **Dec-2025** | $25858 | $26814 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA SMid-Cap Value Series | 7.35% | 9.30% | 9.97% |
| S&P 1000<sup>®</sup> Value Index | 7.37% | 10.41% | 10.37% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$132,596,033

* Number of Portfolio Holdings122

* Advisory Fee (net of waivers)$794,741

* Portfolio Turnover106%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2c703520bcf602f2734f5294.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity | 2.0% |
| Communications | 3.4% |
| Health Care | 3.6% |
| Consumer Staples | 4.8% |
| Utilities | 4.9% |
| Energy | 6.4% |
| Real Estate | 8.8% |
| Materials | 9.2% |
| Industrials | 10.9% |
| Technology | 11.0% |
| Consumer Discretionary | 12.0% |
| Financials | 22.9% |

---

Industry comparisons within this Tailored Shareholder Report (TSR) are based on the Bloomberg Industry Classification Standard (BICS), which provides a hierarchical system for classifying companies by their primary source of revenue.

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alcoa Corporation | 1.7% |
| Cardinal Health, Inc. | 1.5% |
| Jones Lang LaSalle, Inc. | 1.5% |
| Ecolab, Inc. | 1.5% |
| Reinsurance Group of America, Inc. | 1.5% |
| First Horizon Corporation | 1.5% |
| Vulcan Materials Company | 1.5% |
| Unum Group | 1.5% |
| ConocoPhillips | 1.5% |
| Maplebear, Inc. | 1.5% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA SMid-Cap Value Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-SMID

![Image](i82cbff2aec8f54fdb472e4a2.jpg)

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about NAA World Equity Income Series for the period of January 1, 2025 to December 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 year?
(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** |
| VIT | $111 | 1.00% |

---

## How did the Fund perform during the reporting period?
For the period from 1 January 2025 to 31 December 2025, the Fund delivered a return of 22.8% and outperformed its benchmark, S&P Developed BMI Index, which returned 22.3%.

The countries with the largest positive contributions to performance over the period were from United Kingdom, Japan and Spain. The countries with the largest negative contributions over the period were from&nbsp;&nbsp;&nbsp;&nbsp;United States, South Korea and Australia. The largest positive stock contribution to performance over the period was from BROADCOM INC, while the largest negative stock contribution was from APPLE INC.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i77753aa0388f36c7bf859afe.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA World Equity Income Series** | **S&P Developed BMI Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11038 | $10860 |
| **Dec-2017** | $12699 | $13418 |
| **Dec-2018** | $11662 | $12180 |
| **Dec-2019** | $14158 | $15537 |
| **Dec-2020** | $15099 | $18167 |
| **Dec-2021** | $18382 | $21888 |
| **Dec-2022** | $16706 | $17885 |
| **Dec-2023** | $18757 | $22055 |
| **Dec-2024** | $21120 | $25874 |
| **Dec-2025** | $25925 | $31635 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA World Equity Income Series | 22.75% | 11.42% | 9.99% |
| S&P Developed BMI Index | 22.26% | 11.73% | 12.21% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 833-840-3937.***

## **Fund Statistics** 
* Net Assets$132,918,024

* Number of Portfolio Holdings172

* Advisory Fee (net of waivers)$576,473

* Portfolio Turnover119%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6b4d18c7be8b486a70c41e0b.jpg)

---

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

---

## What did the Fund invest in?

## Country Weighting (% of net assets)
![Group By Sector Chart](i97e59b61680f1f765fc17804.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.4% |
| Other Countries | 5.5% |
| Italy | 1.7% |
| Sweden | 1.8% |
| Ireland | 2.0% |
| Germany | 3.5% |
| France | 4.3% |
| Canada | 4.6% |
| United Kingdom | 4.9% |
| Switzerland | 5.3% |
| Japan | 9.1% |
| United States | 45.9% |

---

Country weightings within this Tailored Shareholder Report (TSR) are based on the country of risk provided by ICE, the pricing vendor, at the time the security is set up

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 7.6% |
| JPMorgan Chase & Company | 3.1% |
| Mitsubishi UFJ Financial Group, Inc. | 2.4% |
| Sony Group Corporation | 2.2% |
| HSBC Holdings PLC | 2.0% |
| Exxon Mobil Corporation | 1.9% |
| Walmart, Inc. | 1.8% |
| Johnson & Johnson | 1.8% |
| Siemens A.G. | 1.5% |
| Nestle S.A. | 1.4% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# NAA World Equity Income Series - VIT

#### Annual Shareholder Report - December 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-AR 123125-WEI

(b) Not
 applicable

**Item 2. Code of Ethics.** 

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing
 similar functions, regardless of whether these individuals are empl oyed
 by the registrant or a third party.

(b) For purposes of this item, "code
 of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including
 the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and
 understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications
 made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental
 laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of
 violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to
 the code.

(c) Amendments: During the period covered
 by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered
 by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted
 on Registrant' website.

(f) A copy of the Code of Ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.** 

(a)(1)ii The Registrant's board of trustees has determined that Richard C. Butt is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Butt is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) <u>**Audit Fees**</u> 

FYE 2024 - $117,500

FYE 2025 - $113,322

(b) <u>**Audit-Related Fees**</u> 

FYE 2024 - None

FYE 2025 - None

(c) <u>**Tax Fees**</u> 

FYE 2024 - $27,000

FYE 2025 - $37,500

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) <u>**All Other Fees**</u> 

FYE 2024 - None

FYE 2025 - None

(e) (1) <u>**Audit Committee's Pre-Approval Policies**</u> 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>**Percentages of Services Approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X**</u> 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2025** |
| Audit-Related Fees: | 0.00% | 0.00% |
| Tax Fees: | 0.00% | 0.00% |
| All Other Fees: | 0.00% | 0.00% |

---

(f) During
 the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal
 accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) All
 non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended December
 31, 2025, and 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
 principal accountant for the registrant's adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5. Audit Committee of Listed Companies.** 

Not applicable to open-end investment companies.

**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.**

(a) **NEW AGE ALPHA VARIABLE FUNDS TRUST**

**NAA ALL CAP VALUE SERIES**

**NAA LARGE CAP VALUE SERIES**

**NAA LARGE CORE SERIES**

**NAA LARGE GROWTH SERIES**

**NAA MID GROWTH SERIES**

**NAA SMALL CAP VALUE SERIES**

**NAA SMALL GROWTH SERIES**

**NAA SMID-CAP VALUE SERIES**

**NAA WORLD EQUITY INCOME SERIES**

**Annual Financial Statements and Additional Information**

December 31, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ***SCHEDULES OF INVESTMENTS*** |  |
| &nbsp;&nbsp;&nbsp;[NAA ALL CAP VALUE SERIES](#a_001) | 1 |
| &nbsp;&nbsp;&nbsp;[NAA LARGE CAP VALUE SERIES](#a_002) | 9 |
| &nbsp;&nbsp;&nbsp;[NAA LARGE CORE SERIES](#a_003) | 14 |
| &nbsp;&nbsp;&nbsp;[NAA LARGE GROWTH SERIES](#a_004) | 19 |
| &nbsp;&nbsp;&nbsp;[NAA MID GROWTH SERIES](#a_005) | 23 |
| &nbsp;&nbsp;&nbsp;[NAA SMALL CAP VALUE SERIES](#a_006) | 28 |
| &nbsp;&nbsp;&nbsp;[NAA SMALL GROWTH SERIES](#a_007) | 33 |
| &nbsp;&nbsp;&nbsp;[NAA SMID-CAP VALUE SERIES](#a_008) | 38 |
| &nbsp;&nbsp;&nbsp;[NAA WORLD EQUITY INCOME SERIES](#a_009) | 43 |
| [***STATEMENTS OF ASSETS AND LIABILITIES***](#a_010) | 50 |
| [***STATEMENTS OF OPERATIONS***](#a_011) | 52 |
| [***STATEMENTS OF CHANGES IN NET ASSETS***](#a_012) | 54 |
| [***FINANCIAL HIGHLIGHTS***](#a_013) | 59 |
| [***NOTES TO FINANCIAL STATEMENTS***](#a_014) | 68 |
| ***[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#a_015)*** | 80 |
| [***ADDITIONAL INFORMATION***](#a_016) | 81 |

---

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **Communications - 4.3%** |  |
| 26582 | AT&T, Inc. | $660297 |
| 4479 | GoDaddy, Inc., Class A<sup>(a)</sup> | 555754 |
| 7130 | Maplebear, Inc.<sup>(a)</sup> | 320707 |
| 8161 | Match Group, Inc. | 263519 |
| 557 | Nexstar Media Group, Inc. | 113099 |
| 7328 | Omnicom Group, Inc. | 591736 |
| 3208 | T-Mobile US, Inc. | 651352 |
| 5879 | Walt Disney Company (The) | 668854 |
|  |  | 3825318 |
|  | **Consumer Discretionary - 10.1%** |  |
| 11714 | Amazon.com, Inc.<sup>(a)</sup> | 2703825 |
| 2613 | Autoliv, Inc. | 310163 |
| 3234 | Carter's, Inc. | 104879 |
| 2523 | Champion Homes, Inc.<sup>(a)</sup> | 213194 |
| 46848 | Ford Motor Company | 614646 |
| 1155 | Green Brick Partners, Inc.<sup>(a)</sup> | 72372 |
| 532 | Group 1 Automotive, Inc. | 209236 |
| 2551 | Home Depot, Inc. (The) | 877798 |
| 2140 | Lear Corporation | 245244 |
| 8357 | Mattel, Inc.<sup>(a)</sup> | 165802 |
| 6712 | MGM Resorts International<sup>(a)</sup> | 244921 |
| 7871 | Mister Car Wash, Inc.<sup>(a)</sup> | 43763 |
| 818 | Penske Automotive Group, Inc. | 129481 |
| 3517 | PROG Holdings, Inc. | 103716 |
| 2915 | Service Corp International | 227283 |
| 1339 | Sonic Automotive, Inc., Class A | 82831 |
| 7507 | Starbucks Corporation | 632164 |
| 2736 | Tesla, Inc.<sup>(a)</sup> | 1230434 |
| 4082 | TJX Companies, Inc. (The) | 627036 |
| 4389 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | 51220 |
| 3087 | YETI Holdings, Inc.<sup>(a)</sup> | 136353 |
|  |  | 9026361 |
|  | **Consumer Staples - 8.5%** |  |
| 17393 | Albertsons Companies, Inc., Class A | 298638 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Consumer Staples - 8.5% (Continued)** |  |
| 10827 | Altria Group, Inc. | $624285 |
| 3424 | BellRing Brands, Inc.<sup>(a)</sup> | 91524 |
| 9156 | Coca-Cola Company (The) | 640096 |
| 7874 | Colgate-Palmolive Company | 622203 |
| 1135 | Costco Wholesale Corporation | 978755 |
| 4701 | Dollar Tree, Inc.<sup>(a)</sup> | 578270 |
| 7725 | McCormick & Company Inc | 526150 |
| 11774 | Mondelez International, Inc., Class A | 633794 |
| 5989 | Procter & Gamble Company (The) | 858285 |
| 3517 | Quanex Building Products Corporation | 54091 |
| 7811 | Simply Good Foods Company (The)<sup>(a)</sup> | 156845 |
| 2710 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 215906 |
| 11236 | Walmart, Inc. | 1251802 |
|  |  | 7530644 |
|  | **Energy - 5.5%** |  |
| 13737 | Baker Hughes Company | 625584 |
| 4374 | Chevron Corporation | 666641 |
| 2688 | Chord Energy Corporation | 249178 |
| 6776 | ConocoPhillips | 634301 |
| 10811 | Exxon Mobil Corporation | 1300996 |
| 2131 | Innovex International, Inc.<sup>(a)</sup> | 46605 |
| 5989 | Noble Corp plc | 169129 |
| 16875 | Nov, Inc. COM | 263756 |
| 32937 | Patterson-UTI Energy, Inc. | 201245 |
| 16270 | SLB Ltd. | 624443 |
| 1940 | Weatherford International PLC | 151824 |
|  |  | 4933702 |
|  | **Financials - 16.7%** |  |
| 1802 | American Financial Group, Inc. | 246297 |
| 2423 | Ameris Bancorp | 179956 |
| 11610 | Apollo Commercial Real Estate Finance, Inc. | 112385 |
| 6413 | Arch Capital Group Ltd.<sup>(a)</sup> | 615135 |
| 3661 | Ares Management Corporation, Class A | 591727 |
| 17231 | Bank of America Corporation | 947704 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Financials - 16.7% (Continued)** |  |
| 4608 | Bank OZK | $212060 |
| 2053 | Chubb Ltd. | 640781 |
| 5840 | Citigroup, Inc. | 681470 |
| 4002 | CNO Financial Group, Inc. | 169965 |
| 2575 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 582311 |
| 1089 | Enact Holdings, Inc. | 43168 |
| 1309 | Everest Group Ltd. | 444209 |
| 13654 | First Horizon Corporation | 326331 |
| 15599 | FNB Corp | 266743 |
| 10065 | Franklin Resources, Inc. | 240453 |
| 10675 | Fulton Financial Corporation | 206348 |
| 653 | GATX Corporation | 110749 |
| 733 | Goldman Sachs Group, Inc. (The) | 644307 |
| 748 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 55090 |
| 888 | Hanover Insurance Group, Inc. (The) | 162300 |
| 1173 | Houlihan Lokey, Inc. | 204325 |
| 2075 | JPMorgan Chase & Company | 668607 |
| 2865 | Moelis & Company, Class A | 196940 |
| 3647 | Morgan Stanley | 647451 |
| 2107 | OFG Bancorp | 86345 |
| 638 | Piper Sandler Companies | 216735 |
| 10372 | Provident Financial Services, Inc. | 204847 |
| 3812 | Raymond James Financial, Inc. | 612170 |
| 1599 | Reinsurance Group of America, Inc. | 325333 |
| 1690 | SEI Investments Company | 138614 |
| 2531 | Selective Insurance Group, Inc. | 211769 |
| 2087 | Stifel Financial Corporation | 261334 |
| 5817 | T Rowe Price Group, Inc. | 595544 |
| 2159 | Travelers Companies, Inc. (The) | 626240 |
| 12512 | Truist Financial Corporation | 615716 |
| 1040 | Trupanion, Inc.<sup>(a)</sup> | 38865 |
| 4177 | Unum Group | 323718 |
| 11843 | US Bancorp | 631942 |
| 3102 | Walker & Dunlop, Inc. | 186585 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Financials - 16.7% (Continued)** |  |
| 7061 | Wells Fargo & Company | $658085 |
|  |  | 14930654 |
|  | **Health Care - 10.6%** |  |
| 8717 | AdaptHealth Corporation<sup>(a)</sup> | 86821 |
| 1917 | Amgen, Inc. | 627453 |
| 3864 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 229638 |
| 5307 | Bio-Techne Corporation | 312105 |
| 3129 | Cardinal Health, Inc. | 643010 |
| 1841 | Cencora, Inc. | 621798 |
| 15087 | Centene Corporation<sup>(a)</sup> | 620830 |
| 8230 | CVS Health Corporation | 653133 |
| 6361 | Dexcom, Inc.<sup>(a)</sup> | 422179 |
| 1828 | Elevance Health, Inc. | 640805 |
| 5208 | Gilead Sciences, Inc. | 639230 |
| 2357 | Humana, Inc. | 603698 |
| 2792 | IQVIA Holdings, Inc.<sup>(a)</sup> | 629345 |
| 3097 | Johnson & Johnson | 640924 |
| 6573 | Merck & Company, Inc. | 691874 |
| 2322 | UnitedHealth Group, Inc. | 766516 |
| 5087 | Zoetis, Inc. | 640046 |
|  |  | 9469405 |
|  | **Industrials - 8.7%** |  |
| 4505 | ABM Industries, Inc. | 190561 |
| 1877 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 95765 |
| 1585 | Arcosa, Inc. | 168517 |
| 1338 | Deere & Company | 622932 |
| 8885 | Delta Air Lines, Inc. | 616619 |
| 1039 | Exponent, Inc. | 72169 |
| 1840 | General Dynamics Corporation | 619454 |
| 2209 | General Electric Company | 680438 |
| 9243 | Hayward Holdings, Inc.<sup>(a)</sup> | 142804 |
| 5223 | Johnson Controls International plc | 625455 |
| 2238 | L3Harris Technologies, Inc. | 657010 |
| 1747 | Matson, Inc. | 215842 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Industrials - 8.7% (Continued)** |  |
| 2412 | NEXTracker, Inc., Class A<sup>(a)</sup> | $210109 |
| 1541 | Oshkosh Corporation | 193596 |
| 5285 | Resideo Technologies, Inc.<sup>(a)</sup> | 185610 |
| 14497 | RXO, Inc.<sup>(a)</sup> | 183242 |
| 1976 | SkyWest, Inc.<sup>(a)</sup> | 198410 |
| 15909 | Southwest Airlines Company | 657519 |
| 5585 | Textron, Inc. | 486844 |
| 783 | UniFirst Corp | 151041 |
| 8510 | WillScot Holdings Corporation | 160243 |
| 4499 | Xylem Inc. | 612674 |
|  |  | 7746854 |
|  | **Materials - 3.4%** |  |
| 6963 | Alcoa Corporation | 370014 |
| 2623 | AptarGroup, Inc. | 319901 |
| 914 | Eagle Materials, Inc. | 188906 |
| 2409 | Ecolab, Inc. | 632411 |
| 13193 | Freeport-McMoRan, Inc. | 670072 |
| 1094 | Greif, Inc., Class A | 74064 |
| 8324 | LyondellBasell Industries N.V., A | 360429 |
| 2852 | Owens Corning | 319167 |
| 457 | WD-40 Company | 89983 |
|  |  | 3024947 |
|  | **Real Estate - 4.9%** |  |
| 2429 | Agree Realty Corporation | 174961 |
| 2802 | American Assets Trust, Inc. | 53042 |
| 7526 | American Homes 4 Rent, Class A | 241585 |
| 3569 | American Tower Corporation, A | 626609 |
| 5562 | CubeSmart | 200510 |
| 4209 | Digital Realty Trust, Inc. | 651174 |
| 1683 | EPR Properties | 83982 |
| 3594 | Equity LifeStyle Properties, Inc. | 217832 |
| 4633 | Extra Space Storage, Inc. | 603309 |
| 2616 | Four Corners Property Trust, Inc. | 60325 |
| 2350 | Getty Realty Corporation | 64320 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Real Estate - 4.9% (Continued)** |  |
| 17763 | Invitation Homes, Inc. | $493634 |
| 976 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 328395 |
| 4718 | NNN REIT, Inc. | 186974 |
| 7906 | Rexford Industrial Realty, Inc. | 306120 |
|  |  | 4292772 |
|  | **Technology - 19.3%** |  |
| 2968 | ACI Worldwide, Inc.<sup>(a)</sup> | 141900 |
| 4647 | Akamai Technologies, Inc.<sup>(a)</sup> | 405451 |
| 18929 | Apple, Inc. | 5146038 |
| 2420 | Automatic Data Processing, Inc. | 622497 |
| 2666 | Broadridge Financial Solutions, Inc. | 594971 |
| 1967 | Cadence Design Systems, Inc.<sup>(a)</sup> | 614845 |
| 8505 | Cisco Systems, Inc. | 655140 |
| 7394 | Cognizant Technology Solutions Corporation, Class A<sup>(a)</sup> | 613702 |
| 9459 | CoStar Group, Inc.<sup>(a)</sup> | 636024 |
| 2214 | CTS Corporation | 94914 |
| 4787 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 54763 |
| 1701 | Euronet Worldwide, Inc.<sup>(a)</sup> | 129463 |
| 1201 | FactSet Research Systems, Inc. | 348518 |
| 343 | Fair Isaac Corporation<sup>(a)</sup> | 579883 |
| 17954 | Intel Corporation<sup>(a)</sup> | 662504 |
| 2125 | International Business Machines Corporation | 629446 |
| 5825 | KBR, Inc. | 234165 |
| 3343 | Leidos Holdings, Inc. | 603077 |
| 1578 | MAXIMUS, Inc. | 136213 |
| 552 | Morningstar, Inc. | 119955 |
| 5467 | NetApp, Inc. | 585461 |
| 2910 | NetScout Systems, Inc.<sup>(a)</sup> | 78745 |
| 5454 | Nutanix, Inc., A<sup>(a)</sup> | 281917 |
| 8581 | Payoneer Global, Inc.<sup>(a)</sup> | 48225 |
| 10419 | PayPal Holdings, Inc. | 608261 |
| 4125 | Photronics, Inc.<sup>(a)</sup> | 132000 |
| 2078 | Q2 Holdings, Inc.<sup>(a)</sup> | 149948 |
| 3768 | QUALCOMM, Inc. | 644516 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Technology - 19.3% (Continued)** |  |
| 4041 | ServiceNow, Inc.<sup>(a)</sup> | $619041 |
| 5939 | Teradata Corporation<sup>(a)</sup> | 180783 |
| 4392 | Veeco Instruments, Inc.<sup>(a)</sup> | 125523 |
| 2834 | Workday, Inc., Class A<sup>(a)</sup> | 608687 |
|  |  | 17086576 |
|  | **Utilities - 5.4%** |  |
| 6193 | Ameren Corporation | 618433 |
| 4544 | American Water Works Company, Inc. | 592992 |
| 3836 | Avista Corporation | 147839 |
| 5428 | Duke Energy Corporation | 636215 |
| 7583 | Evergy, Inc. | 549692 |
| 14023 | Exelon Corporation | 611263 |
| 13593 | FirstEnergy Corporation | 608559 |
| 2785 | H2O America | 136437 |
| 6498 | OGE Energy Corporation | 277465 |
| 17722 | PPL Corporation | 620624 |
|  |  | 4799519 |
|  | **TOTAL COMMON STOCKS (Cost $82,228,787)** | 86666752 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 3004 | iShares Russell 1000 Value ETF | 631861 |
| 2974 | iShares S&P 500 Value ETF | 630696 |
| 2507 | Vanguard Small-Cap Value ETF | 530958 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,779,437)** | 1793515 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $84,008,224)** | $88460267 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | 572405 |
|  | **NET ASSETS - 100.0%** | $89032672 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

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

ETF – Exchange Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7%** |  |
|  | **Communications - 4.8%** |  |
| 73231 | AT&T, Inc. | $1819058 |
| 12340 | GoDaddy, Inc., Class A<sup>(a)</sup> | 1531147 |
| 22462 | Match Group, Inc. | 725298 |
| 20166 | Omnicom Group, Inc. | 1628405 |
| 8842 | T-Mobile US, Inc. | 1795280 |
| 16182 | Walt Disney Company (The) | 1841026 |
|  |  | 9340214 |
|  | **Consumer Discretionary - 9.7%** |  |
| 32293 | Amazon.com, Inc.<sup>(a)</sup> | 7453870 |
| 129057 | Ford Motor Company | 1693228 |
| 7028 | Home Depot, Inc. (The) | 2418335 |
| 18487 | MGM Resorts International<sup>(a)</sup> | 674591 |
| 20669 | Starbucks Corporation | 1740536 |
| 7539 | Tesla, Inc.<sup>(a)</sup> | 3390439 |
| 11239 | TJX Companies, Inc. (The) | 1726423 |
|  |  | 19097422 |
|  | **Consumer Staples - 9.4%** |  |
| 29828 | Altria Group, Inc. | 1719882 |
| 25221 | Coca-Cola Company (The) | 1763200 |
| 21704 | Colgate-Palmolive Company | 1715050 |
| 3129 | Costco Wholesale Corporation | 2698262 |
| 12949 | Dollar Tree, Inc.<sup>(a)</sup> | 1592856 |
| 21286 | McCormick & Company, Inc. | 1449789 |
| 32427 | Mondelez International, Inc., Class A | 1745546 |
| 16490 | Procter & Gamble Company (The) | 2363182 |
| 30960 | Walmart, Inc. | 3449254 |
|  |  | 18497021 |
|  | **Energy - 5.4%** |  |
| 37838 | Baker Hughes Company | 1723143 |
| 12049 | Chevron Corporation | 1836388 |
| 18664 | ConocoPhillips | 1747137 |
| 29784 | Exxon Mobil Corporation | 3584206 |
| 44827 | SLB Ltd. | 1720460 |
|  |  | 10611334 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Financials - 14.7%** |  |
| 17666 | Arch Capital Group Ltd.<sup>(a)</sup> | $1694523 |
| 10087 | Ares Management Corporation, Class A | 1630362 |
| 47480 | Bank of America Corporation | 2611401 |
| 5658 | Chubb Ltd. | 1765975 |
| 16081 | Citigroup, Inc. | 1876492 |
| 7102 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 1606046 |
| 3606 | Everest Group Ltd. | 1223696 |
| 27706 | Franklin Resources, Inc. | 661896 |
| 2018 | Goldman Sachs Group, Inc. (The) | 1773822 |
| 5708 | JPMorgan Chase & Company | 1839232 |
| 10043 | Morgan Stanley | 1782934 |
| 10491 | Raymond James Financial, Inc. | 1684749 |
| 16025 | T Rowe Price Group, Inc. | 1640640 |
| 5947 | Travelers Companies, Inc. (The) | 1724987 |
| 34468 | Truist Financial Corporation | 1696170 |
| 32601 | US Bancorp | 1739589 |
| 19441 | Wells Fargo & Company | 1811901 |
|  |  | 28764415 |
|  | **Health Care - 12.9%** |  |
| 5286 | Amgen, Inc. | 1730161 |
| 14609 | Bio-Techne Corporation | 859155 |
| 8623 | Cardinal Health, Inc. | 1772027 |
| 5072 | Cencora, Inc. | 1713068 |
| 41573 | Centene Corporation<sup>(a)</sup> | 1710729 |
| 22689 | CVS Health Corporation | 1800599 |
| 17527 | Dexcom, Inc.<sup>(a)</sup> | 1163267 |
| 5046 | Elevance Health, Inc. | 1768875 |
| 14344 | Gilead Sciences, Inc. | 1760583 |
| 6483 | Humana, Inc. | 1660491 |
| 7676 | IQVIA Holdings, Inc.<sup>(a)</sup> | 1730247 |
| 8533 | Johnson & Johnson | 1765904 |
| 18085 | Merck & Company, Inc. | 1903626 |
| 6395 | UnitedHealth Group, Inc. | 2111054 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Health Care - 12.9% (Continued)** |  |
| 14018 | Zoetis, Inc. | $1763745 |
|  |  | 25213531 |
|  | **Industrials - 7.8%** |  |
| 3689 | Deere & Company | 1717487 |
| 24490 | Delta Air Lines, Inc. | 1699606 |
| 5069 | General Dynamics Corporation | 1706530 |
| 6087 | General Electric Company | 1874979 |
| 14381 | Johnson Controls International plc | 1722125 |
| 6164 | L3Harris Technologies, Inc. | 1809565 |
| 43749 | Southwest Airlines Company | 1808146 |
| 15373 | Textron, Inc. | 1340064 |
| 12382 | Xylem Inc. | 1686181 |
|  |  | 15364683 |
|  | **Materials - 2.3%** |  |
| 6632 | Ecolab, Inc. | 1741033 |
| 36298 | Freeport-McMoRan, Inc. | 1843575 |
| 22894 | LyondellBasell Industries N.V., A | 991310 |
|  |  | 4575918 |
|  | **Real Estate - 3.3%** |  |
| 9826 | American Tower Corporation, A | 1725151 |
| 11609 | Digital Realty Trust, Inc. | 1796028 |
| 12749 | Extra Space Storage, Inc. | 1660175 |
| 48909 | Invitation Homes, Inc. | 1359181 |
|  |  | 6540535 |
|  | **Technology - 21.4%** |  |
| 12787 | Akamai Technologies, Inc.<sup>(a)</sup> | 1115666 |
| 52168 | Apple, Inc. | 14182392 |
| 6661 | Automatic Data Processing, Inc. | 1713409 |
| 7346 | Broadridge Financial Solutions, Inc. | 1639407 |
| 5424 | Cadence Design Systems, Inc.<sup>(a)</sup> | 1695434 |
| 23429 | Cisco Systems, Inc. | 1804736 |
| 20371 | Cognizant Technology Solutions Corporation, Class A<sup>(a)</sup> | 1690793 |
| 26030 | CoStar Group, Inc.<sup>(a)</sup> | 1750257 |
| 3297 | FactSet Research Systems, Inc. | 956756 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Technology - 21.4% (Continued)** |  |
| 946 | Fair Isaac Corporation<sup>(a)</sup> | $1599327 |
| 49586 | Intel Corporation<sup>(a)</sup> | 1829723 |
| 5857 | International Business Machines Corporation | 1734902 |
| 9207 | Leidos Holdings, Inc. | 1660943 |
| 15058 | NetApp, Inc. | 1612561 |
| 28674 | PayPal Holdings, Inc. | 1673988 |
| 10375 | QUALCOMM, Inc. | 1774644 |
| 11145 | ServiceNow, Inc.<sup>(a)</sup> | 1707303 |
| 7807 | Workday, Inc., Class A<sup>(a)</sup> | 1676787 |
|  |  | 41819028 |
|  | **Utilities - 6.0%** |  |
| 17076 | Ameren Corporation | 1705209 |
| 12526 | American Water Works Company, Inc. | 1634643 |
| 14975 | Duke Energy Corporation | 1755221 |
| 20907 | Evergy, Inc. | 1515548 |
| 38667 | Exelon Corporation | 1685495 |
| 37481 | FirstEnergy Corporation | 1678024 |
| 48857 | PPL Corporation | 1710972 |
|  |  | 11685112 |
|  | **TOTAL COMMON STOCKS (Cost $178,970,721)** | 191509213 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 9456 | iShares Russell 1000 Value ETF | 1988975 |
| 9365 | iShares S&P 500 Value ETF | 1986036 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,869,520)** | 3975011 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $182,840,241)** | $195484224 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 612842 |
|  | **NET ASSETS - 100.0%** | $196097066 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

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

ETF – Exchange-Traded Fund

Ltd. – Limited Company

N.V. – Naamioze Vennootschap

PLC – Public Limited Company

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6%** |  |
|  | **Communications - 11.5%** |  |
| 38534 | Alphabet, Inc., Class A | $12061142 |
| 142846 | AT&T, Inc. | 3548295 |
| 544 | Booking Holdings, Inc. | 2913300 |
| 9125 | Meta Platforms, Inc., Class A | 6023321 |
| 11477 | T-Mobile US, Inc. | 2330290 |
| 36896 | Uber Technologies, Inc.<sup>(a)</sup> | 3014772 |
|  |  | 29891120 |
|  | **Consumer Discretionary - 9.1%** |  |
| 41994 | Amazon.com, Inc.<sup>(a)</sup> | 9693056 |
| 23852 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 882524 |
| 5322 | DR Horton, Inc. | 766527 |
| 17692 | General Motors Company | 1438713 |
| 4227 | Hilton Worldwide Holdings, Inc. | 1214206 |
| 4454 | Lennar Corporation, Class A | 457871 |
| 1872 | Lululemon Athletica, Inc.<sup>(a)</sup> | 389020 |
| 4035 | Marriott International Inc, Class A | 1251818 |
| 16953 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1546283 |
| 3860 | PulteGroup, Inc. | 452624 |
| 12414 | Tesla, Inc.<sup>(a)</sup> | 5582825 |
|  |  | 23675467 |
|  | **Consumer Staples - 4.7%** |  |
| 41634 | Coca-Cola Company (The) | 2910633 |
| 27852 | Keurig Dr Pepper, Inc. | 780135 |
| 19518 | PepsiCo, Inc. | 2801223 |
| 20008 | Procter & Gamble Company (The) | 2867346 |
| 25690 | Walmart, Inc. | 2862123 |
|  |  | 12221460 |
|  | **Energy - 2.8%** |  |
| 20569 | Baker Hughes Company | 936712 |
| 3780 | Diamondback Energy, Inc. | 568247 |
| 25290 | Exxon Mobil Corporation | 3043398 |
| 2116 | First Solar, Inc.<sup>(a)</sup> | 552763 |
| 8449 | Phillips 66 | 1090259 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Energy - 2.8% (Continued)** |  |
| 29404 | SLB Ltd. | $1128526 |
|  |  | 7319905 |
|  | **Financials - 10.7%** |  |
| 4978 | Allstate Corporation (The) | 1036171 |
| 7786 | American Express Company | 2880431 |
| 4855 | Arthur J Gallagher & Company | 1256425 |
| 54280 | Bank of America Corporation | 2985400 |
| 7952 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3997073 |
| 6971 | Chubb Ltd. | 2175789 |
| 26250 | Citigroup, Inc. | 3063113 |
| 3370 | Goldman Sachs Group, Inc. (The) | 2962230 |
| 5184 | Hartford Insurance Group, Inc. (The) | 714355 |
| 12050 | JPMorgan Chase & Company | 3882750 |
| 16778 | Morgan Stanley | 2978598 |
|  |  | 27932335 |
|  | **Health Care - 8.6%** |  |
| 8920 | Amgen, Inc. | 2919605 |
| 3745 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 306940 |
| 2854 | Eli Lilly & Company | 3067137 |
| 24131 | Gilead Sciences, Inc. | 2961839 |
| 1586 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 1072977 |
| 1413 | Insulet Corporation<sup>(a)</sup> | 401631 |
| 29593 | Merck & Company, Inc. | 3114959 |
| 6747 | Stryker Corporation | 2371368 |
| 8894 | UnitedHealth Group, Inc. | 2935998 |
| 4880 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2212397 |
| 8255 | Zoetis, Inc. | 1038644 |
|  |  | 22403495 |
|  | **Industrials - 7.7%** |  |
| 23019 | Amphenol Corporation, Class A | 3110788 |
| 5241 | Caterpillar, Inc. | 3002412 |
| 6608 | Cintas Corporation | 1242766 |
| 12409 | Delta Air Lines, Inc. | 861185 |
| 21892 | Fastenal Company | 878526 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Industrials - 7.7% (Continued)** |  |
| 10104 | General Electric Company | $3112334 |
| 11952 | Honeywell International, Inc. | 2331715 |
| 752 | Huntington Ingalls Industries, Inc. | 255733 |
| 2496 | Parker-Hannifin Corporation | 2193884 |
| 3888 | Republic Services, Inc. | 823984 |
| 9527 | Southwest Airlines Company | 393751 |
| 1253 | United Rentals, Inc. | 1014078 |
| 813 | WW Grainger, Inc. | 820358 |
|  |  | 20041514 |
|  | **Materials - 2.1%** |  |
| 4879 | Ecolab, Inc. | 1280835 |
| 20425 | Newmont Corporation | 2039436 |
| 4466 | Sherwin-Williams Company (The) | 1447119 |
| 2665 | Vulcan Materials Company | 760111 |
|  |  | 5527501 |
|  | **Real Estate - 2.0%** |  |
| 9316 | American Tower Corporation, A | 1635611 |
| 5651 | CBRE Group, Inc., Class A<sup>(a)</sup> | 908624 |
| 11891 | Host Hotels & Resorts, Inc. | 210827 |
| 6271 | Iron Mountain, Inc. | 520179 |
| 17979 | Realty Income Corporation | 1013476 |
| 6344 | Simon Property Group, Inc. | 1174338 |
|  |  | 5463055 |
|  | **Technology - 36.0%** |  |
| 64595 | Apple, Inc. | 17560797 |
| 7786 | Automatic Data Processing, Inc. | 2002793 |
| 19076 | Broadcom, Inc. | 6602204 |
| 38898 | Cisco Systems, Inc. | 2996313 |
| 5469 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 2563648 |
| 468 | Fair Isaac Corporation<sup>(a)</sup> | 791210 |
| 1301 | Gartner, Inc.<sup>(a)</sup> | 328216 |
| 4413 | Intuit, Inc. | 2923259 |
| 1371 | Jack Henry & Associates, Inc. | 250180 |
| 5241 | Mastercard, Inc., Class A | 2991982 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Technology - 36.0% (Continued)** |  |
| 13066 | Micron Technology, Inc. | $3729167 |
| 32239 | Microsoft Corporation | 15591426 |
| 102154 | NVIDIA Corporation | 19051721 |
| 16609 | Oracle Corporation | 3237260 |
| 14400 | Palo Alto Networks, Inc.<sup>(a)</sup> | 2652480 |
| 942 | Paycom Software, Inc. | 150117 |
| 18703 | PayPal Holdings, Inc. | 1091881 |
| 16955 | QUALCOMM, Inc. | 2900153 |
| 5684 | S&P Global, Inc. | 2970402 |
| 11380 | Salesforce, Inc. | 3014676 |
| 854 | Tyler Technologies, Inc.<sup>(a)</sup> | 387673 |
|  |  | 93787558 |
|  | **Utilities - 2.4%** |  |
| 3691 | American Water Works Company, Inc. | 481676 |
| 6504 | Constellation Energy Corporation | 2297667 |
| 15098 | Duke Energy Corporation | 1769637 |
| 19781 | Exelon Corporation | 862254 |
| 10352 | FirstEnergy Corporation | 463459 |
| 14408 | PPL Corporation | 504568 |
|  |  | 6379261 |
|  | **TOTAL COMMON STOCKS (Cost $218,086,325)** | 254642671 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 3827 | iShares Core S&P 500 ETF | 2621266 |
| 3833 | SPDR S&P 500 ETF | 2613799 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $5,196,969)** | 5235065 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.6% (Cost $223,283,294)** | $259877736 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 1079713 |
| **NET ASSETS - 100.0%** | $260957449 |

---

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

ETF – Exchange-Traded Fund

Ltd. – Limited Company

SPDR – Standard & Poor's Depositary Receipt

See accompanying notes to financial statements.

**NAA LARGE GROWTH SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6%** |  |
|  | **Communications - 19.2%** |  |
| 10140 | Alphabet, Inc., Class A | $3173820 |
| 4847 | Alphabet, Inc., Class C | 1520989 |
| 1096 | AppLovin Corporation, Class A<sup>(a)</sup> | 738507 |
| 87 | Booking Holdings, Inc. | 465914 |
| 298 | Expedia Group, Inc. | 84426 |
| 4480 | Meta Platforms, Inc., Class A | 2957203 |
| 23244 | Netflix, Inc.<sup>(a)</sup> | 2179357 |
| 6433 | Uber Technologies, Inc.<sup>(a)</sup> | 525640 |
|  |  | 11645856 |
|  | **Consumer Discretionary - 7.5%** |  |
| 9359 | Amazon.com, Inc.<sup>(a)</sup> | 2160244 |
| 836 | Las Vegas Sands Corporation | 54415 |
| 560 | Marriott International Inc, Class A | 173735 |
| 2357 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 214982 |
| 152 | Ralph Lauren Corporation | 53749 |
| 544 | Tapestry, Inc. | 69507 |
| 3197 | Tesla, Inc.<sup>(a)</sup> | 1437755 |
| 1662 | TJX Companies, Inc. (The) | 255300 |
| 443 | Wynn Resorts Ltd. | 53306 |
| 362 | Yum! Brands, Inc. | 54763 |
|  |  | 4527756 |
|  | **Consumer Staples - 0.6%** |  |
| 2272 | Philip Morris International, Inc. | 364429 |
|  | **Energy - 0.2%** |  |
| 394 | First Solar, Inc.<sup>(a)</sup> | 102925 |
|  | **Financials - 6.1%** |  |
| 975 | American Express Company | 360701 |
| 3358 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1687900 |
| 332 | Cincinnati Financial Corporation | 54222 |
| 4078 | JPMorgan Chase & Company | 1314013 |
| 899 | Progressive Corporation (The) | 204720 |

---

See accompanying notes to financial statements.

**NAA LARGE GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Financials - 6.1% (Continued)** |  |
| 804 | W R Berkley Corporation | $56376 |
|  |  | 3677932 |
|  | **Health Care - 6.1%** |  |
| 969 | Amgen, Inc. | 317163 |
| 845 | Dexcom, Inc.<sup>(a)</sup> | 56083 |
| 1458 | Eli Lilly & Company | 1566883 |
| 453 | HCA Healthcare, Inc. | 211488 |
| 197 | Insulet Corporation<sup>(a)</sup> | 55995 |
| 978 | Intuitive Surgical, Inc.<sup>(a)</sup> | 553901 |
| 3716 | Johnson & Johnson | 769026 |
| 227 | ResMed, Inc. | 54677 |
| 394 | Stryker Corporation | 138479 |
|  |  | 3723695 |
|  | **Industrials - 5.5%** |  |
| 4922 | Amphenol Corporation, Class A | 665159 |
| 143 | Axon Enterprise, Inc.<sup>(a)</sup> | 81214 |
| 107 | Comfort Systems USA, Inc. | 99862 |
| 255 | Cummins, Inc. | 130165 |
| 128 | EMCOR Group, Inc. | 78309 |
| 367 | General Dynamics Corporation | 123554 |
| 1473 | General Electric Company | 453728 |
| 1109 | Howmet Aerospace, Inc. | 227367 |
| 1103 | Johnson Controls International plc | 132084 |
| 453 | Quanta Services, Inc. | 191193 |
| 923 | Rollins, Inc. | 55398 |
| 3577 | RTX Corporation | 656023 |
| 338 | Trane Technologies PLC | 131550 |
| 162 | TransDigm Group, Inc.<sup>(a)</sup> | 215436 |
| 98 | United Rentals, Inc. | 79313 |
|  |  | 3320355 |
|  | **Materials - 0.5%** |  |
| 2838 | Newmont Corporation | 283374 |

---

See accompanying notes to financial statements.

**NAA LARGE GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Real Estate - 0.7%** |  |
| 362 | Simon Property Group, Inc. | $67010 |
| 1953 | Welltower, Inc. | 362496 |
|  |  | 429506 |
|  | **Technology - 50.8%** |  |
| 6685 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 1431660 |
| 21820 | Apple, Inc. | 5931986 |
| 3146 | Applied Materials, Inc. | 808491 |
| 4030 | Arista Networks, Inc.<sup>(a)</sup> | 528051 |
| 10501 | Broadcom, Inc. | 3634396 |
| 8023 | Cisco Systems, Inc. | 618012 |
| 1015 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 475791 |
| 43 | Fair Isaac Corporation<sup>(a)</sup> | 72697 |
| 1540 | Fortinet, Inc.<sup>(a)</sup> | 122291 |
| 1827 | International Business Machines Corporation | 541176 |
| 570 | Intuit, Inc. | 377579 |
| 504 | KLA Corporation | 612400 |
| 1436 | Mastercard, Inc., Class A | 819784 |
| 4614 | Micron Technology, Inc. | 1316882 |
| 10456 | Microsoft Corporation | 5056732 |
| 185 | Monolithic Power Systems, Inc. | 167677 |
| 34967 | NVIDIA Corporation | 6521345 |
| 1499 | Palo Alto Networks, Inc.<sup>(a)</sup> | 276116 |
| 361 | S&P Global, Inc. | 188655 |
| 2539 | ServiceNow, Inc.<sup>(a)</sup> | 388949 |
| 2419 | Visa, Inc., Class A | 848366 |
| 360 | Workday, Inc., Class A<sup>(a)</sup> | 77321 |
|  |  | 30816357 |
|  | **Utilities - 0.4%** |  |
| 609 | Constellation Energy Corporation | 215141 |
|  | **TOTAL COMMON STOCKS (Cost $47,809,299)** | 59107326 |

---

See accompanying notes to financial statements.

**NAA LARGE GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 1274 | iShares Russell 1000 Growth ETF | $602984 |
| 4907 | iShares S&P 500 Growth ETF | 604837 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,194,089)** | 1207821 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $49,003,388)** | $60315147 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 255928 |
|  | **NET ASSETS - 100.0%** | $60571075 |

---

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

ETF – Exchange-Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8%** |  |
|  | **Communications - 3.4%** |  |
| 20266 | EchoStar Corporation, Class A<sup>(a)</sup> | $2202914 |
| 4095 | Expedia Group, Inc. | 1160154 |
| 5150 | Fox Corporation, Class A | 376311 |
| 24685 | New York Times Company (The), Class A | 1713633 |
|  |  | 5453012 |
|  | **Consumer Discretionary - 8.4%** |  |
| 2669 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 335947 |
| 8823 | Boyd Gaming Corporation | 752073 |
| 6110 | Burlington Stores, Inc.<sup>(a)</sup> | 1764874 |
| 26000 | Chewy, Inc., Class A<sup>(a)</sup> | 859300 |
| 10434 | Churchill Downs, Inc. | 1187181 |
| 3374 | Crocs, Inc.<sup>(a)</sup> | 288544 |
| 4177 | Grand Canyon Education, Inc.<sup>(a)</sup> | 694677 |
| 8234 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 893142 |
| 1428 | Ralph Lauren Corporation | 504955 |
| 26470 | Somnigroup International, Inc. | 2363242 |
| 10304 | Texas Roadhouse, Inc. | 1710463 |
| 2339 | TKO Group Holdings, Inc. | 488851 |
| 9877 | Travel + Leisure Company | 696625 |
| 4511 | Wingstop, Inc. | 1075828 |
|  |  | 13615702 |
|  | **Consumer Staples - 3.9%** |  |
| 6359 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 483538 |
| 8793 | Five Below, Inc.<sup>(a)</sup> | 1656249 |
| 38457 | Hims & Hers Health, Inc.<sup>(a)</sup> | 1248699 |
| 5142 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 563615 |
| 11233 | Philip Morris International, Inc. | 1801773 |
| 6501 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 517935 |
|  |  | 6271809 |
|  | **Energy - 3.2%** |  |
| 11940 | DT Midstream, Inc. | 1428979 |
| 4059 | First Solar, Inc.<sup>(a)</sup> | 1060333 |
| 52990 | TechnipFMC PLC<sup>(a)</sup> | 2361234 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Energy - 3.2% (Continued)** |  |
| 5056 | Weatherford International PLC | $395683 |
|  |  | 5246229 |
|  | **Financials - 8.2%** |  |
| 16325 | Carlyle Group, Inc. (The) | 964971 |
| 5106 | Cullen/Frost Bankers, Inc. | 646573 |
| 10849 | East West Bancorp, Inc. | 1219319 |
| 3951 | Evercore, Inc., Class A | 1344327 |
| 3489 | Hamilton Lane, Inc., Class A | 468608 |
| 4743 | Houlihan Lokey, Inc. | 826183 |
| 17725 | Interactive Brokers Group, Inc., Class A | 1139895 |
| 3522 | Kinsale Capital Group, Inc. | 1377525 |
| 17514 | MGIC Investment Corporation | 511759 |
| 2928 | Primerica, Inc. | 756478 |
| 3698 | RenaissanceRe Holdings Ltd. | 1039730 |
| 12070 | Ryan Specialty Holdings, Inc. | 623174 |
| 8736 | SEI Investments Company | 716527 |
| 17695 | SLM Corporation | 478827 |
| 9173 | Stifel Financial Corporation | 1148642 |
|  |  | 13262538 |
|  | **Health Care - 12.9%** |  |
| 5466 | Amgen, Inc. | 1789076 |
| 7610 | Dexcom, Inc.<sup>(a)</sup> | 505076 |
| 16202 | Encompass Health Corporation | 1719680 |
| 9206 | Ensign Group, Inc. (The) | 1603685 |
| 18759 | Globus Medical, Inc., Class A<sup>(a)</sup> | 1637848 |
| 17966 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1209112 |
| 13656 | HealthEquity, Inc.<sup>(a)</sup> | 1251026 |
| 6918 | Lantheus Holdings, Inc.<sup>(a)</sup> | 460393 |
| 3532 | Medpace Holdings, Inc.<sup>(a)</sup> | 1983748 |
| 16425 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 2329558 |
| 5893 | Penumbra, Inc.<sup>(a)</sup> | 1832193 |
| 12051 | Tenet Healthcare Corporation<sup>(a)</sup> | 2394775 |
| 4605 | United Therapeutics Corporation<sup>(a)</sup> | 2243786 |
|  |  | 20959956 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Industrials - 28.5%** |  |
| 9812 | AECOM | $935378 |
| 1727 | Allegion plc | 274973 |
| 20314 | ATI, Inc.<sup>(a)</sup> | 2331235 |
| 3124 | Belden, Inc. | 364102 |
| 13990 | BWX Technologies, Inc. | 2418032 |
| 7166 | Chart Industries, Inc.<sup>(a)</sup> | 1477844 |
| 4135 | Clean Harbors, Inc.<sup>(a)</sup> | 969575 |
| 14535 | Cognex Corporation | 522969 |
| 1484 | Comfort Systems USA, Inc. | 1385002 |
| 13252 | Core & Main, Inc., Class A<sup>(a)</sup> | 688706 |
| 4413 | Curtiss-Wright Corporation | 2432755 |
| 12529 | Donaldson Company, Inc. | 1110821 |
| 4802 | Dycom Industries, Inc.<sup>(a)</sup> | 1622596 |
| 1772 | EMCOR Group, Inc. | 1084092 |
| 21613 | Flowserve Corporation | 1499510 |
| 5062 | General Dynamics Corporation | 1704173 |
| 10155 | H&R Block, Inc. | 442555 |
| 12540 | ITT, Inc. | 2175815 |
| 30269 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 2297720 |
| 10435 | MasTec, Inc.<sup>(a)</sup> | 2268255 |
| 12674 | Mueller Industries, Inc. | 1454975 |
| 16245 | NEXTracker, Inc., Class A<sup>(a)</sup> | 1415102 |
| 2655 | Novanta, Inc.<sup>(a)</sup> | 315918 |
| 24655 | nVent Electric PLC | 2514071 |
| 22598 | RB Global, Inc. | 2324656 |
| 8170 | SPX Technologies, Inc.<sup>(a)</sup> | 1634490 |
| 41418 | Tetra Tech, Inc. | 1389160 |
| 4520 | TopBuild Corporation<sup>(a)</sup> | 1885699 |
| 1346 | United Rentals, Inc. | 1089345 |
| 9873 | Vontier Corporation | 367078 |
| 4277 | Watts Water Technologies, Inc., Class A | 1180538 |
| 8180 | Woodward, Inc. | 2472977 |
|  |  | 46050117 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Materials - 3.1%** |  |
| 7125 | Carpenter Technology Corporation | $2243236 |
| 2602 | Eagle Materials, Inc. | 537781 |
| 17918 | Newmont Corporation | 1789112 |
| 3249 | Simpson Manufacturing Company, Inc. | 524616 |
|  |  | 5094745 |
|  | **Real Estate - 4.2%** |  |
| 15517 | Equity LifeStyle Properties, Inc. | 940485 |
| 18792 | Gaming and Leisure Properties, Inc. | 839814 |
| 8442 | Lamar Advertising Company, Class A | 1068588 |
| 26338 | Omega Healthcare Investors, Inc. | 1167827 |
| 4984 | Simon Property Group, Inc. | 922588 |
| 9391 | Ventas, Inc. | 726676 |
| 18828 | WP Carey, Inc. | 1211771 |
|  |  | 6877749 |
|  | **Technology - 20.9%** |  |
| 10161 | Amkor Technology, Inc. | 401156 |
| 3726 | Appfolio, Inc., A<sup>(a)</sup> | 866854 |
| 11546 | Ciena Corporation<sup>(a)</sup> | 2700263 |
| 4934 | Cirrus Logic, Inc.<sup>(a)</sup> | 584679 |
| 13787 | Coherent Corp.<sup>(a)</sup> | 2544667 |
| 4325 | CommVault Systems, Inc.<sup>(a)</sup> | 542182 |
| 5009 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 2348019 |
| 27813 | DocuSign, Inc.<sup>(a)</sup> | 1902409 |
| 23000 | Doximity, Inc., Class A<sup>(a)</sup> | 1018440 |
| 29023 | Dropbox, Inc., Class A<sup>(a)</sup> | 806839 |
| 50349 | Dynatrace, Inc.<sup>(a)</sup> | 2182126 |
| 12111 | Guidewire Software, Inc.<sup>(a)</sup> | 2434431 |
| 11614 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 1989246 |
| 5896 | Manhattan Associates, Inc.<sup>(a)</sup> | 1021836 |
| 8603 | MKS, Inc. | 1374759 |
| 1906 | Morningstar, Inc. | 414193 |
| 25171 | Okta, Inc.<sup>(a)</sup> | 2176536 |
| 4205 | Onto Innovation, Inc.<sup>(a)</sup> | 663801 |
| 6965 | Paylocity Holding Corporation<sup>(a)</sup> | 1062163 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Technology - 20.9% (Continued)** |  |
| 35463 | Pure Storage, Inc., Class A<sup>(a)</sup> | $2376376 |
| 6150 | Qualys, Inc.<sup>(a)</sup> | 817335 |
| 20165 | Rambus, Inc.<sup>(a)</sup> | 1852962 |
| 7379 | Shift4 Payments, Inc., Class A<sup>(a)</sup> | 464655 |
| 3017 | Silicon Laboratories, Inc.<sup>(a)</sup> | 394322 |
| 3722 | Workday, Inc., Class A<sup>(a)</sup> | 799411 |
|  |  | 33739660 |
|  | **Utilities - 1.1%** |  |
| 5225 | Constellation Energy Corporation | 1845836 |
|  | **TOTAL COMMON STOCKS (Cost $153,352,175)** | 158417353 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 11881 | iShares Russell Mid-Cap Growth ETF | 1626984 |
| 16797 | iShares S&P Mid-Cap 400 Growth ETF | 1627294 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,308,402)** | 3254278 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $156,660,577)** | $161671631 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 401970 |
|  | **NET ASSETS - 100.0%** | $162073601 |

---

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

ETF – Exchange-Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6%** |  |
|  | **Communications - 3.5%** |  |
| 9104 | IAC, Inc.<sup>(a)</sup> | $355966 |
| 6466 | Iridium Communications, Inc. | 112379 |
| 23710 | TEGNA, Inc. | 460211 |
| 14375 | Telephone and Data Systems, Inc. | 589375 |
| 5712 | Ziff Davis, Inc.<sup>(a)</sup> | 200777 |
|  |  | 1718708 |
|  | **Consumer Discretionary - 18.0%** |  |
| 2820 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 655734 |
| 3812 | Autoliv, Inc. | 452484 |
| 768 | Avis Budget Group, Inc.<sup>(a)</sup> | 98550 |
| 29494 | Bath & Body Works, Inc. | 592240 |
| 29828 | BorgWarner, Inc. | 1344050 |
| 40009 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | 350479 |
| 1839 | Group 1 Automotive, Inc. | 723278 |
| 9757 | HNI Corporation | 410185 |
| 9381 | KB Home | 529182 |
| 17286 | Kohl's Corporation | 352807 |
| 35388 | LKQ Corporation | 1068718 |
| 10627 | Meritage Homes Corporation | 699257 |
| 2652 | Penske Automotive Group, Inc. | 419785 |
| 5884 | Scotts Miracle-Gro Company (The) | 343331 |
| 47585 | VF Corporation | 860337 |
|  |  | 8900417 |
|  | **Consumer Staples - 2.6%** |  |
| 1121 | Boston Beer Company, Inc. (The), Class A<sup>(a)</sup> | 218741 |
| 6212 | Edgewell Personal Care Company | 105915 |
| 16097 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 162580 |
| 12868 | Simply Good Foods Company (The)<sup>(a)</sup> | 258388 |
| 1371 | The Marzetti Company | 225420 |
| 9315 | United Natural Foods, Inc.<sup>(a)</sup> | 313636 |
|  |  | 1284680 |
|  | **Energy - 6.6%** |  |
| 11240 | California Resources Corporation | 502540 |
| 11879 | Civitas Resources, Inc. | 321802 |

---

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Energy - 6.6% (Continued)** |  |
| 27306 | DNOW, Inc.<sup>(a)</sup> | $361805 |
| 19332 | Enphase Energy, Inc.<sup>(a)</sup> | 619591 |
| 28072 | Magnolia Oil & Gas Corporation, Class A | 614496 |
| 54196 | Patterson-UTI Energy, Inc. | 331138 |
| 6349 | Weatherford International PLC | 496872 |
|  |  | 3248244 |
|  | **Financials - 20.9%** |  |
| 3988 | Ameris Bancorp | 296189 |
| 19746 | Atlantic Union Bankshares Corporation | 697033 |
| 22944 | Blackstone Mortgage Trust, Inc., Class A | 438919 |
| 6494 | Bread Financial Holdings, Inc. | 480751 |
| 9534 | Carlyle Group, Inc. (The) | 563555 |
| 3684 | Community Financial System, Inc. | 211609 |
| 11098 | First Financial Bankshares, Inc. | 331497 |
| 17527 | First Hawaiian, Inc. | 443433 |
| 12742 | First Interstate BancSystem, Inc., Class A | 440873 |
| 42633 | Flagstar Financial, Inc. | 536749 |
| 24873 | Fulton Financial Corporation | 480795 |
| 2135 | GATX Corporation | 362096 |
| 10630 | HA Sustainable Infrastructure Capital, Inc. | 334101 |
| 23811 | Lincoln National Corporation | 1060303 |
| 1190 | Piper Sandler Companies | 404255 |
| 9423 | Radian Group, Inc. | 339134 |
| 13537 | Renasant Corporation | 476773 |
| 7638 | Seacoast Banking Corporation of Florida | 239986 |
| 8287 | Selective Insurance Group, Inc. | 693373 |
| 20775 | Simmons First National Corporation, Class A | 391609 |
| 17394 | United Community Banks, Inc. | 543041 |
| 11160 | WaFd, Inc. | 357455 |
| 5073 | Walker & Dunlop, Inc. | 305141 |
|  |  | 10428670 |
|  | **Health Care - 7.4%** |  |
| 7850 | Bruker Corporation | 369814 |
| 4477 | CONMED Corporation | 181766 |

---

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Health Care - 7.4% (Continued)** |  |
| 8337 | Enovis Corporation<sup>(a)</sup> | $222098 |
| 2504 | Glaukos Corporation<sup>(a)</sup> | 282727 |
| 2900 | Haemonetics Corporation<sup>(a)</sup> | 232435 |
| 5008 | Integer Holdings Corporation<sup>(a)</sup> | 392777 |
| 2838 | Lantheus Holdings, Inc.<sup>(a)</sup> | 188869 |
| 2967 | Masimo Corporation<sup>(a)</sup> | 385888 |
| 28986 | Neogen Corporation<sup>(a)</sup> | 202612 |
| 6279 | Omnicell, Inc.<sup>(a)</sup> | 284439 |
| 6841 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 422021 |
| 3937 | RadNet, Inc.<sup>(a)</sup> | 280905 |
| 16138 | Select Medical Holdings Corporation | 239649 |
|  |  | 3686000 |
|  | **Industrials - 9.6%** |  |
| 8387 | ABM Industries, Inc. | 354770 |
| 3091 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 157703 |
| 2614 | Arcosa, Inc. | 277920 |
| 1690 | Brink's Company (The) | 197274 |
| 3402 | Exponent, Inc. | 236303 |
| 17736 | Gates Industrial Corp plc<sup>(a)</sup> | 380792 |
| 16855 | GXO Logistics, Inc.<sup>(a)</sup> | 887246 |
| 10977 | Kennametal, Inc. | 311857 |
| 4325 | Matson, Inc. | 534354 |
| 2165 | MSA Safety, Inc. | 346703 |
| 2729 | Novanta, Inc.<sup>(a)</sup> | 324724 |
| 8689 | Resideo Technologies, Inc.<sup>(a)</sup> | 305158 |
| 4195 | SkyWest, Inc.<sup>(a)</sup> | 421220 |
|  |  | 4736024 |
|  | **Materials - 9.4%** |  |
| 2262 | Balchem Corporation | 346900 |
| 5150 | Boise Cascade Company | 379040 |
| 7645 | Cabot Corporation | 506711 |
| 7537 | Core Natural Resources, Inc. | 667099 |
| 16144 | Eastman Chemical Company | 1030471 |
| 3581 | Greif, Inc., Class A | 242434 |

---

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Materials - 9.4% (Continued)** |  |
| 7547 | HB Fuller Company | $448745 |
| 1384 | Materion Corporation | 172059 |
| 4374 | Minerals Technologies, Inc. | 266595 |
| 17944 | Peabody Energy Corporation | 532937 |
| 12213 | SunCoke Energy, Inc. | 87934 |
|  |  | 4680925 |
|  | **Real Estate - 8.0%** |  |
| 18997 | Acadia Realty Trust | 390198 |
| 9600 | COPT Defense Properties | 266880 |
| 33403 | Cushman & Wakefield Ltd.<sup>(a)</sup> | 540795 |
| 2939 | EastGroup Properties, Inc. | 523554 |
| 16220 | Highwoods Properties, Inc. | 418800 |
| 3994 | LXP Industrial Trust | 198023 |
| 17498 | Macerich Company (The) | 323013 |
| 9966 | PotlatchDeltic Corporation | 396447 |
| 20957 | Rayonier, Inc. | 453719 |
| 9979 | SL Green Realty Corporation | 457737 |
|  |  | 3969166 |
|  | **Technology - 9.0%** |  |
| 5847 | ASGN, Inc.<sup>(a)</sup> | 281650 |
| 8384 | Bentley Systems, Inc., Class B | 319975 |
| 6845 | BILL Holdings, Inc.<sup>(a)</sup> | 373326 |
| 2614 | Blackbaud, Inc.<sup>(a)</sup> | 165518 |
| 3388 | Cirrus Logic, Inc.<sup>(a)</sup> | 401478 |
| 6227 | Concentrix Corporation | 258919 |
| 7057 | Diodes, Inc.<sup>(a)</sup> | 348192 |
| 4844 | Insight Enterprises, Inc.<sup>(a)</sup> | 394641 |
| 5810 | Knowles Corporation<sup>(a)</sup> | 124508 |
| 2401 | MarketAxess Holdings, Inc. | 435181 |
| 3544 | MAXIMUS, Inc. | 305918 |
| 4794 | NetScout Systems, Inc.<sup>(a)</sup> | 129726 |
| 2814 | Parsons Corporation<sup>(a)</sup> | 173905 |
| 4769 | Qorvo, Inc.<sup>(a)</sup> | 403029 |
| 6224 | Teradata Corporation<sup>(a)</sup> | 189459 |

---

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Technology - 9.0% (Continued)** |  |
| 16923 | ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | $172107 |
|  |  | 4477532 |
|  | **Utilities - 2.6%** |  |
| 1941 | American States Water Company | 140684 |
| 6321 | Avista Corporation | 243611 |
| 4406 | California Water Service Group | 190912 |
| 4585 | H20 America | 224619 |
| 2608 | MGE Energy, Inc. | 204519 |
| 3257 | Otter Tail Corporation | 263199 |
|  |  | 1267544 |
|  | **TOTAL COMMON STOCKS (Cost $49,304,166)** | 48397910 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 2757 | iShares Russell 2000 Value ETF | 499596 |
| 2364 | Vanguard Small-Cap Value ETF | 500672 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $996,155)** | 1000268 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $50,300,321)** | $49398178 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 180091 |
|  | **NET ASSETS - 100.0%** | $49578269 |

---

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

ETF – Exchange-Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8%** |  |
|  | **Communications - 0.5%** |  |
| 3580 | Warner Music Group Corp. | $109799 |
|  | **Consumer Discretionary - 11.7%** |  |
| 1642 | Adtalem Global Education, Inc.<sup>(a)</sup> | 169898 |
| 1924 | Armstrong World Industries, Inc. | 367676 |
| 1501 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 264881 |
| 2047 | Brinker International, Inc.<sup>(a)</sup> | 293786 |
| 354 | Cavco Industries, Inc.<sup>(a)</sup> | 209122 |
| 1210 | Champion Homes, Inc.<sup>(a)</sup> | 102245 |
| 3143 | Cinemark Holdings, Inc. | 73043 |
| 1806 | FirstCash Holdings, Inc. | 287840 |
| 1226 | Grand Canyon Education, Inc.<sup>(a)</sup> | 203896 |
| 798 | Madison Square Garden Sports Corporation<sup>(a)</sup> | 206403 |
| 1858 | Shake Shack, Inc., Class A<sup>(a)</sup> | 150814 |
| 2923 | Travel + Leisure Company | 206159 |
| 2449 | Urban Outfitters, Inc.<sup>(a)</sup> | 184312 |
| 2225 | YETI Holdings, Inc.<sup>(a)</sup> | 98278 |
|  |  | 2818353 |
|  | **Consumer Staples - 1.5%** |  |
| 2145 | Cal-Maine Foods, Inc. | 170678 |
| 1887 | elf Beauty, Inc.<sup>(a)</sup> | 143488 |
| 480 | Inter Parfums, Inc. | 40718 |
|  |  | 354884 |
|  | **Energy - 3.1%** |  |
| 8356 | Archrock, Inc. | 217422 |
| 4117 | Kodiak Gas Services, Inc. | 153976 |
| 3221 | Oceaneering International, Inc.<sup>(a)</sup> | 77401 |
| 2412 | Tidewater, Inc.<sup>(a)</sup> | 121830 |
| 3674 | Valaris Ltd.<sup>(a)</sup> | 185170 |
|  |  | 755799 |
|  | **Financials - 11.9%** |  |
| 1712 | Ameris Bancorp | 127150 |
| 1036 | Assured Guaranty Ltd. | 93105 |
| 604 | BancFirst Corporation | 64036 |

---

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Financials - 11.9% (Continued)** |  |
| 10099 | BCG Group, Inc-A, Class A<sup>(a)</sup> | $90184 |
| 587 | Cohen & Steers, Inc. | 36852 |
| 1241 | Community Financial System, Inc. | 71283 |
| 1504 | Cullen/Frost Bankers, Inc. | 190452 |
| 994 | Enova International, Inc.<sup>(a)</sup> | 156257 |
| 846 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 62308 |
| 2598 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 81655 |
| 1221 | Mercury General Corporation | 114847 |
| 1081 | Meta Financial Group, Inc. | 76751 |
| 5164 | MGIC Investment Corporation | 150892 |
| 2022 | Moelis & Company, Class A | 138992 |
| 3395 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 138482 |
| 1142 | Palomar Holdings, Inc.<sup>(a)</sup> | 153897 |
| 452 | Piper Sandler Cos | 153549 |
| 1203 | Pjt Partners, Inc., Class A | 201142 |
| 3054 | Radian Group, Inc. | 109913 |
| 3599 | StepStone Group, Inc., Class A | 230948 |
| 2216 | StoneX Group, Inc.<sup>(a)</sup> | 210808 |
| 4026 | Virtu Financial, Inc., Class A | 134146 |
| 1335 | WSFS Financial Corporation | 73745 |
|  |  | 2861394 |
|  | **Health Care - 16.9%** |  |
| 11984 | ADMA Biologics, Inc.<sup>(a)</sup> | 218588 |
| 8016 | Alkermes plc<sup>(a)</sup> | 224288 |
| 5407 | BrightSpring Health Services Inc<sup>(a)</sup> | 202492 |
| 2881 | Bruker Corporation | 135724 |
| 5198 | Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 121321 |
| 1805 | Glaukos Corporation<sup>(a)</sup> | 203803 |
| 3449 | HealthEquity, Inc.<sup>(a)</sup> | 315964 |
| 5983 | Indivior plc<sup>(a)</sup> | 214670 |
| 1513 | Inspire Medical Systems, Inc.<sup>(a)</sup> | 139544 |
| 1220 | Krystal Biotech, Inc.<sup>(a)</sup> | 300779 |
| 1271 | Masimo Corporation<sup>(a)</sup> | 165306 |
| 1709 | Merit Medical Systems, Inc.<sup>(a)</sup> | 150631 |

---

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Health Care - 16.9% (Continued)** |  |
| 16077 | Mirion Technologies, Inc.<sup>(a)</sup> | $376523 |
| 5506 | Privia Health Group, Inc.<sup>(a)</sup> | 130547 |
| 3649 | Progyny, Inc.<sup>(a)</sup> | 93706 |
| 2784 | Protagonist Therapeutics, Inc.<sup>(a)</sup> | 243155 |
| 2255 | RadNet, Inc.<sup>(a)</sup> | 160894 |
| 6354 | TG Therapeutics, Inc.<sup>(a)</sup> | 189413 |
| 1800 | TransMedics Group, Inc.<sup>(a)</sup> | 218969 |
| 3919 | Veracyte, Inc.<sup>(a)</sup> | 164990 |
| 2552 | Vericel Corporation<sup>(a)</sup> | 91898 |
|  |  | 4063205 |
|  | **Industrials - 19.3%** |  |
| 1391 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 70969 |
| 5178 | ATI, Inc.<sup>(a)</sup> | 594228 |
| 1626 | Badger Meter, Inc. | 283591 |
| 2133 | Cactus, Inc., Class A | 97435 |
| 1058 | Dycom Industries, Inc.<sup>(a)</sup> | 357497 |
| 1219 | ESCO Technologies, Inc. | 238180 |
| 2895 | Federal Signal Corporation | 314368 |
| 4233 | Flowserve Corporation | 293686 |
| 3302 | Frontdoor, Inc.<sup>(a)</sup> | 190492 |
| 1985 | Granite Construction, Inc. | 228970 |
| 1111 | Installed Building Products, Inc. | 288182 |
| 1306 | Moog, Inc., Class A | 318076 |
| 780 | Novanta, Inc.<sup>(a)</sup> | 92812 |
| 750 | OSI Systems, Inc.<sup>(a)</sup> | 191295 |
| 2234 | SPX Technologies, Inc.<sup>(a)</sup> | 446934 |
| 1125 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 344509 |
| 6648 | Zurn Elkay Water Solutions Corporation | 309066 |
|  |  | 4660290 |
|  | **Materials - 5.8%** |  |
| 845 | Balchem Corporation | 129589 |
| 1966 | Carpenter Technology Corporation | 618976 |
| 1463 | Century Aluminum Company<sup>(a)</sup> | 57320 |
| 5656 | Element Solutions, Inc. | 141343 |

---

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Materials - 5.8% (Continued)** |  |
| 654 | Hawkins, Inc. | $92907 |
| 1952 | Sensient Technologies Corporation | 183391 |
| 1028 | Warrior Met Coal, Inc. | 90639 |
| 350 | WD-40 Company | 68915 |
|  |  | 1383080 |
|  | **Real Estate - 5.9%** |  |
| 6521 | Brixmor Property Group, Inc. | 170981 |
| 6466 | Essential Properties Realty Trust, Inc. | 191782 |
| 6132 | Macerich Company (The) | 113197 |
| 4527 | Outfront Media, Inc. | 109101 |
| 3339 | Phillips Edison & Company, Inc. | 118768 |
| 2801 | Ryman Hospitality Properties, Inc. | 265030 |
| 1839 | St Joe Company (The) | 109181 |
| 3504 | Tanger, Inc. | 116928 |
| 3482 | Terreno Realty Corporation | 204428 |
|  |  | 1399396 |
|  | **Technology - 19.1%** |  |
| 3069 | ACI Worldwide, Inc.<sup>(a)</sup> | 146729 |
| 1322 | Axcelis Technologies, Inc.<sup>(a)</sup> | 106209 |
| 4691 | Box, Inc., Class A<sup>(a)</sup> | 140308 |
| 1453 | Cirrus Logic, Inc.<sup>(a)</sup> | 172181 |
| 1274 | CommVault Systems, Inc.<sup>(a)</sup> | 159709 |
| 14358 | Dynatrace, Inc.<sup>(a)</sup> | 622275 |
| 2926 | EVERTEC, Inc. | 85117 |
| 7182 | ExlService Holdings, Inc.<sup>(a)</sup> | 304803 |
| 4018 | FormFactor, Inc.<sup>(a)</sup> | 224124 |
| 1201 | Impinj, Inc.<sup>(a)</sup> | 208986 |
| 12312 | MARA Holdings, Inc.<sup>(a)</sup> | 110562 |
| 914 | MarketAxess Holdings, Inc. | 165663 |
| 2415 | MKS, Inc. | 385917 |
| 1847 | Parsons Corporation<sup>(a)</sup> | 114145 |
| 2630 | Qorvo, Inc.<sup>(a)</sup> | 222261 |
| 4208 | Semtech Corporation<sup>(a)</sup> | 310088 |
| 1032 | SPS Commerce, Inc.<sup>(a)</sup> | 91982 |

---

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Technology - 19.1% (Continued)** |  |
| 5835 | TTM Technologies, Inc.<sup>(a)</sup> | $402615 |
| 7265 | Viasat, Inc.<sup>(a)</sup> | 250352 |
| 11810 | Viavi Solutions, Inc.<sup>(a)</sup> | 210454 |
| 5181 | Waystar Holding Corporation<sup>(a)</sup> | 169678 |
|  |  | 4604158 |
|  | **Utilities - 2.1%** |  |
| 1171 | American States Water Company | 84874 |
| 661 | Chesapeake Utilities Corporation | 82466 |
| 2962 | Ormat Technologies, Inc. | 327213 |
|  |  | 494553 |
|  | **TOTAL COMMON STOCKS (Cost $22,390,273)** | 23504911 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 754 | iShares Russell 2000 Growth ETF | 243550 |
| 811 | Vanguard Small-Cap Growth ETF | 245011 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $493,651)** | 488561 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $22,883,924)** | $23993472 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 51928 |
|  | **NET ASSETS - 100.0%** | $24045400 |

---

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

ETF – Exchange-Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **Communications - 3.4%** |  |
| 43121 | Maplebear, Inc.<sup>(a)</sup> | $1939582 |
| 15493 | Match Group, Inc. | 500269 |
| 3352 | Nexstar Media Group, Inc. | 680624 |
| 16709 | Omnicom Group, Inc. | 1349252 |
|  |  | 4469727 |
|  | **Consumer Discretionary - 12.0%** |  |
| 15775 | Autoliv, Inc. | 1872492 |
| 19535 | Carter's, Inc. | 633520 |
| 15257 | Champion Homes, Inc.<sup>(a)</sup> | 1289216 |
| 6805 | Darden Restaurants, Inc. | 1252256 |
| 6975 | Green Brick Partners, Inc.<sup>(a)</sup> | 437054 |
| 3218 | Group 1 Automotive, Inc. | 1265639 |
| 12926 | Lear Corporation | 1481320 |
| 5926 | Lululemon Athletica, Inc.<sup>(a)</sup> | 1231482 |
| 50518 | Mattel, Inc.<sup>(a)</sup> | 1002278 |
| 19650 | MGM Resorts International<sup>(a)</sup> | 717029 |
| 47468 | Mister Car Wash, Inc.<sup>(a)</sup> | 263922 |
| 4897 | Penske Automotive Group, Inc. | 775146 |
| 21269 | PROG Holdings, Inc. | 627223 |
| 17613 | Service Corp International | 1373285 |
| 8059 | Sonic Automotive, Inc., Class A | 498530 |
| 26515 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | 309430 |
| 18655 | YETI Holdings, Inc.<sup>(a)</sup> | 823991 |
|  |  | 15853813 |
|  | **Consumer Staples - 4.8%** |  |
| 105136 | Albertsons Companies, Inc., Class A | 1805185 |
| 20679 | BellRing Brands, Inc.<sup>(a)</sup> | 552750 |
| 11094 | Dollar Tree, Inc.<sup>(a)</sup> | 1364673 |
| 21253 | Quanex Building Products Corporation | 326871 |
| 47230 | Simply Good Foods Company (The)<sup>(a)</sup> | 948378 |
| 16391 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 1305871 |
|  |  | 6303728 |
|  | **Energy - 6.4%** |  |
| 16252 | Chord Energy Corporation | 1506560 |

---

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Energy - 6.4% (Continued)** |  |
| 20728 | ConocoPhillips | $1940348 |
| 12869 | Innovex International, Inc.<sup>(a)</sup> | 281445 |
| 36168 | Noble Corp plc | 1021384 |
| 102032 | Nov, Inc. COM | 1594761 |
| 198812 | Patterson-UTI Energy, Inc. | 1214741 |
| 11719 | Weatherford International PLC | 917129 |
|  |  | 8476368 |
|  | **Financials - 22.9%** |  |
| 10883 | American Financial Group, Inc. | 1487488 |
| 14614 | Ameris Bancorp | 1085382 |
| 70232 | Apollo Commercial Real Estate Finance, Inc. | 679846 |
| 2938 | Assurant, Inc. | 707617 |
| 27799 | Bank OZK | 1279310 |
| 24151 | CNO Financial Group, Inc. | 1025693 |
| 6575 | Enact Holdings, Inc. | 260633 |
| 2486 | Everest Group Ltd. | 843624 |
| 82453 | First Horizon Corporation | 1970626 |
| 94189 | FNB Corp | 1610631 |
| 64408 | Fulton Financial Corporation | 1245007 |
| 3948 | GATX Corporation | 669581 |
| 4527 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 333414 |
| 5344 | Hanover Insurance Group, Inc. (The) | 976723 |
| 7094 | Houlihan Lokey, Inc. | 1235704 |
| 17323 | Moelis & Company, Class A | 1190783 |
| 12721 | OFG Bancorp | 521307 |
| 3860 | Piper Sandler Companies | 1311281 |
| 62670 | Provident Financial Services, Inc. | 1237733 |
| 11321 | Raymond James Financial, Inc. | 1818039 |
| 9689 | Reinsurance Group of America, Inc. | 1971325 |
| 10219 | SEI Investments Company | 838162 |
| 15286 | Selective Insurance Group, Inc. | 1278980 |
| 12622 | Stifel Financial Corporation | 1580527 |
| 6282 | Trupanion, Inc.<sup>(a)</sup> | 234758 |
| 25252 | Unum Group | 1957030 |

---

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Financials - 22.9% (Continued)** |  |
| 18761 | Walker & Dunlop, Inc. | $1128474 |
|  |  | 30479678 |
|  | **Health Care - 3.6%** |  |
| 52651 | AdaptHealth Corporation<sup>(a)</sup> | 524404 |
| 23380 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1389473 |
| 9922 | Cardinal Health, Inc. | 2038971 |
| 12086 | Dexcom, Inc.<sup>(a)</sup> | 802148 |
|  |  | 4754996 |
|  | **Industrials - 10.9%** |  |
| 27181 | ABM Industries, Inc. | 1149756 |
| 11362 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 579689 |
| 9589 | Arcosa, Inc. | 1019503 |
| 6288 | Exponent, Inc. | 436764 |
| 55853 | Hayward Holdings, Inc.<sup>(a)</sup> | 862929 |
| 10567 | Matson, Inc. | 1305553 |
| 14603 | NEXTracker, Inc., Class A<sup>(a)</sup> | 1272067 |
| 9302 | Oshkosh Corporation | 1168610 |
| 31928 | Resideo Technologies, Inc.<sup>(a)</sup> | 1121311 |
| 87654 | RXO, Inc.<sup>(a)</sup> | 1107947 |
| 11948 | SkyWest, Inc.<sup>(a)</sup> | 1199699 |
| 4714 | UniFirst Corp | 909331 |
| 1750 | United Rentals, Inc. | 1416310 |
| 51484 | WillScot Holdings Corporation | 969444 |
|  |  | 14518913 |
|  | **Materials - 9.2%** |  |
| 41958 | Alcoa Corporation | 2229648 |
| 15876 | AptarGroup, Inc. | 1936237 |
| 5530 | Eagle Materials, Inc. | 1142940 |
| 7514 | Ecolab, Inc. | 1972576 |
| 6616 | Greif, Inc., Class A | 447903 |
| 17248 | Owens Corning | 1930224 |
| 6891 | Vulcan Materials Company | 1965451 |
| 2766 | WD-40 Company | 544625 |
|  |  | 12169604 |

---

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Real Estate - 8.8%** |  |
| 14682 | Agree Realty Corporation | $1057544 |
| 16933 | American Assets Trust, Inc. | 320542 |
| 45497 | American Homes 4 Rent, Class A | 1460454 |
| 33597 | CubeSmart | 1211172 |
| 10157 | EPR Properties | 506834 |
| 21708 | Equity LifeStyle Properties, Inc. | 1315722 |
| 15817 | Four Corners Property Trust, Inc. | 364740 |
| 14220 | Getty Realty Corporation | 389201 |
| 5898 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1984500 |
| 28529 | NNN REIT, Inc. | 1130604 |
| 47773 | Rexford Industrial Realty, Inc. | 1849771 |
|  |  | 11591084 |
|  | **Technology - 11.0%** |  |
| 17948 | ACI Worldwide, Inc.<sup>(a)</sup> | 858094 |
| 7197 | Broadridge Financial Solutions, Inc. | 1606155 |
| 13373 | CTS Corporation | 573301 |
| 28928 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 330936 |
| 10276 | Euronet Worldwide, Inc.<sup>(a)</sup> | 782106 |
| 35157 | KBR, Inc. | 1413311 |
| 8163 | Leidos Holdings, Inc. | 1472606 |
| 9534 | MAXIMUS, Inc. | 822975 |
| 3338 | Morningstar, Inc. | 725381 |
| 17600 | NetScout Systems, Inc.<sup>(a)</sup> | 476256 |
| 32965 | Nutanix, Inc., A<sup>(a)</sup> | 1703961 |
| 51886 | Payoneer Global, Inc.<sup>(a)</sup> | 291599 |
| 24934 | Photronics, Inc.<sup>(a)</sup> | 797887 |
| 12556 | Q2 Holdings, Inc.<sup>(a)</sup> | 906041 |
| 35926 | Teradata Corporation<sup>(a)</sup> | 1093587 |
| 26553 | Veeco Instruments, Inc.<sup>(a)</sup> | 758885 |
|  |  | 14613081 |
|  | **Utilities - 4.9%** |  |
| 23188 | Avista Corporation | 893666 |
| 14421 | Evergy, Inc. | 1045378 |
| 32786 | FirstEnergy Corporation | 1467829 |

---

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Utilities - 4.9% (Continued)** |  |
| 16766 | H2O America | $821366 |
| 39306 | OGE Energy Corporation | 1678366 |
| 7338 | Pinnacle West Capital Corporation | 650881 |
|  |  | 6557486 |
|  | **TOTAL COMMON STOCKS (Cost $125,875,809)** | 129788478 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 9599 | iShares Russell Mid-Cap Value ETF | 1353939 |
| 6316 | Vanguard Small-Cap Value ETF | 1337666 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,692,642)** | 2691605 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $128,568,451)** | $132480083 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 115950 |
|  | **NET ASSETS - 100.0%** | $132596033 |

---

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

ETF – Exchange-Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.8%** |  |
|  | **Communications - 3.1%** |  |
| 1640 | Fox Corporation, Class A | $119835 |
| 45836 | KDDI Corporation | 792617 |
| 1431 | Omnicom Group, Inc. | 115553 |
| 20256 | Orange S.A. | 337917 |
| 5680 | Rogers Communications Inc, Class B | 214401 |
| 481352 | SoftBank Corporation | 660123 |
| 479 | VeriSign, Inc. | 116373 |
| 20787 | Verizon Communications, Inc. | 846655 |
| 8505 | Walt Disney Company (The) | 967614 |
|  |  | 4171088 |
|  | **Consumer Discretionary - 6.3%** |  |
| 3296 | Bunzl plc<sup>(a)</sup> | 92238 |
| 8518 | Cie Generale des Etablissements Michelin | 283300 |
| 3462 | D'ieteren Group | 625942 |
| 3166 | Evolution A.B. 144A | 216577 |
| 19346 | Ford Motor Company | 253820 |
| 540 | Games Workshop Group plc | 137724 |
| 4479 | General Motors Company | 364232 |
| 924 | Genuine Parts Company | 113615 |
| 4740 | Home Depot, Inc. (The) | 1631034 |
| 1181 | Lennar Corporation, Class A | 121407 |
| 2116 | LVMH Moet Hennessy Louis Vuitton S.E. | 1603407 |
| 3865 | Magna International, Inc. | 206038 |
| 1030 | Marriott International Inc, Class A | 319547 |
| 1534 | Ross Stores, Inc. | 276335 |
| 1101 | Royal Caribbean Cruises Ltd. | 307091 |
| 9529 | Sekisui House Ltd. | 212811 |
| 13232 | Sumitomo Electric Industries Ltd. | 534335 |
| 5490 | TJX Companies, Inc. (The) | 843319 |
| 1297 | Yum! Brands, Inc. | 196210 |
|  |  | 8338982 |
|  | **Consumer Staples - 8.8%** |  |
| 28000 | Asahi Group Holdings Ltd. | 293087 |
| 20722 | British American Tobacco plc | 1177122 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.8% (Continued)** |  |
|  | **Consumer Staples - 8.8% (Continued)** |  |
| 19222 | Coca-Cola Company (The) | $1343811 |
| 2170 | Coca-Cola Europacific Partners plc | 196819 |
| 840 | Constellation Brands, Inc., Class A | 115886 |
| 7734 | Imperial Brands plc<sup>(a)</sup> | 325174 |
| 10125 | Koninklijke Ahold Delhaize N.V. | 414778 |
| 19102 | Nestle S.A. | 1898674 |
| 6604 | PepsiCo, Inc. | 947807 |
| 11201 | Procter & Gamble Company (The) | 1605215 |
| 5265 | Royal Unibrew A/S | 475937 |
| 67905 | Tesco PLC<sup>(a)</sup> | 404411 |
| 21869 | Walmart, Inc. | 2436425 |
|  |  | 11635146 |
|  | **Energy - 4.5%** |  |
| 9487 | Chevron Corporation | 1445914 |
| 21390 | Exxon Mobil Corporation | 2574073 |
| 14089 | TC Energy Corporation | 775805 |
| 17779 | TotalEnergies S.E.<sup>(a)</sup> | 1161107 |
|  |  | 5956899 |
|  | **Financials - 26.2%** |  |
| 6483 | AL Sydbank | 581450 |
| 3754 | Allianz SE | 1722201 |
| 1256 | Allstate Corporation (The) | 261436 |
| 1038 | Ares Management Corporation, Class A | 167772 |
| 13551 | AXA S.A.<sup>(a)</sup> | 652078 |
| 78803 | Banco Bilbao Vizcaya Argentaria S.A. | 1856203 |
| 15927 | Bank of Ireland Group PLC<sup>(a)</sup> | 306396 |
| 3481 | Bank of New York Mellon Corporation (The) | 404109 |
| 16160 | Bank of Nova Scotia (The) | 1191835 |
| 9476 | Beazley plc | 106278 |
| 7742 | BNP Paribas S.A. | 734816 |
| 1778 | Chubb Ltd. | 554949 |
| 8623 | Citigroup, Inc. | 1006218 |
| 1961 | Deutsche Boerse A.G. | 515361 |
| 22159 | DNB Bank ASA | 618848 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.8% (Continued)** |  |
|  | **Financials - 26.2% (Continued)** |  |
| 358 | Everest Group Ltd. | $121487 |
| 1482 | Goldman Sachs Group, Inc. (The) | 1302679 |
| 772 | Hannover Rueck S.E. | 241431 |
| 164215 | HSBC Holdings PLC | 2598379 |
| 30627 | ING Groep N.V. | 863903 |
| 2768 | Intercontinental Exchange, Inc. | 448305 |
| 142588 | Intesa Sanpaolo SpA | 991851 |
| 12957 | JPMorgan Chase & Company | 4175004 |
| 2735 | Julius Baer Group Ltd. | 215436 |
| 55296 | Legal & General Group plc | 195220 |
| 197332 | Mitsubishi UFJ Financial Group, Inc. | 3140853 |
| 40152 | Mizuho Financial Group, Inc. | 1461201 |
| 6173 | Morgan Stanley | 1095893 |
| 5064 | National Bank of Canada | 636832 |
| 41830 | Nordea Bank Abp | 790333 |
| 2939 | Progressive Corporation (The) | 669270 |
| 11400 | Sumitomo Mitsui Trust Group, Inc. | 347687 |
| 32655 | Svenska Handelsbanken A.B., A Shares | 476525 |
| 18304 | Swedbank A.B., Class A | 638387 |
| 206 | Swiss Life Holding A.G. | 238406 |
| 29396 | Tokio Marine Holdings, Inc. | 1091731 |
| 1052 | Travelers Companies, Inc. (The) | 305143 |
| 19180 | UBS Group A.G. | 894863 |
| 13365 | UniCredit SpA | 1113541 |
| 1702 | W R Berkley Corporation | 119344 |
|  |  | 34853654 |
|  | **Health Care - 8.4%** |  |
| 2617 | Amgen, Inc. | 856570 |
| 1377 | Becton Dickinson and Company | 267234 |
| 1301 | Cigna Group (The) | 358074 |
| 6374 | CVS Health Corporation | 505840 |
| 6094 | Gilead Sciences, Inc. | 747978 |
| 581 | Humana, Inc. | 148812 |
| 11445 | Johnson & Johnson | 2368544 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.8% (Continued)** |  |
|  | **Health Care - 8.4% (Continued)** |  |
| 6419 | Medtronic PLC | $616610 |
| 11986 | Merck & Company, Inc. | 1261646 |
| 13648 | Novartis A.G. | 1888233 |
| 1975 | Orion OYJ, Class B | 147684 |
| 9311 | Sanofi S.A. | 904847 |
| 4053 | Siemens Healthineers A.G. | 213887 |
| 1673 | Stryker Corporation | 588009 |
| 2074 | Zoetis, Inc. | 260951 |
|  |  | 11134919 |
|  | **Industrials - 8.4%** |  |
| 11496 | ABB Ltd. | 859392 |
| 3921 | Ashtead Group PLC | 268824 |
| 29566 | BAE Systems plc | 683123 |
| 12047 | Canadian Pacific Kansas City | 886912 |
| 1650 | Cintas Corporation | 310316 |
| 3164 | Delta Air Lines, Inc. | 219582 |
| 784 | Expeditors International of Washington, Inc. | 116824 |
| 1247 | General Dynamics Corporation | 419815 |
| 3400 | Hoshizaki Corp | 113160 |
| 1932 | Rollins, Inc. | 115959 |
| 6398 | RTX Corporation | 1173393 |
| 7140 | Siemens A.G. | 2006028 |
| 2831 | Southwest Airlines Company | 117005 |
| 1307 | Spirax Group plc | 120159 |
| 1149 | Trane Technologies PLC | 447191 |
| 299 | TransDigm Group, Inc.<sup>(a)</sup> | 397625 |
| 2890 | Union Pacific Corporation | 668515 |
| 32022 | Volvo A.B., B Shares | 1029180 |
| 3549 | Waste Connections, Inc. | 622420 |
| 1768 | Waste Management, Inc. | 388447 |
| 1194 | Xylem Inc. | 162599 |
|  |  | 11126469 |
|  | **Materials - 2.5%** |  |
| 6977 | Agnico Eagle Mines Ltd. | 1183159 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.8% (Continued)** |  |
|  | **Materials - 2.5% (Continued)** |  |
| 2880 | DuPont de Nemours, Inc. | $115776 |
| 1200 | Ecolab, Inc. | 315024 |
| 6622 | Freeport-McMoRan, Inc. | 336331 |
| 3683 | Holcim A.G. | 361521 |
| 5185 | Newmont Corporation | 517722 |
| 91100 | Nippon Steel Corporation | 373290 |
| 3087 | Smurfit WestRock plc | 119374 |
|  |  | 3322197 |
|  | **Real Estate - 1.6%** |  |
| 10200 | Aena S.M.E. S.A. | 285437 |
| 711 | AvalonBay Communities, Inc. | 128911 |
| 489 | Equinix, Inc. | 374652 |
| 449 | Essex Property Trust, Inc. | 117494 |
| 4316 | Invitation Homes, Inc. | 119942 |
| 139 | Japan Real Estate Investment Corporation | 116167 |
| 10852 | Merlin Properties Socimi, S.A. | 158471 |
| 4513 | Realty Income Corporation | 254398 |
| 13792 | Segro plc | 133936 |
| 1585 | Simon Property Group, Inc. | 293399 |
| 5416 | VICI Properties, Inc. | 152298 |
|  |  | 2135105 |
|  | **Technology - 15.3%** |  |
| 3121 | Accenture PLC, Class A | 837364 |
| 29211 | Broadcom, Inc. | 10109926 |
| 568 | Broadridge Financial Solutions, Inc. | 126761 |
| 827 | CDW Corp | 112637 |
| 20324 | Cisco Systems, Inc. | 1565558 |
| 2384 | Cognizant Technology Solutions Corporation, Class A<sup>(a)</sup> | 197872 |
| 4051 | Corning, Inc. | 354706 |
| 423 | FactSet Research Systems, Inc. | 122750 |
| 808 | Garmin Ltd. | 163903 |
| 4876 | International Business Machines Corporation | 1444320 |
| 6357 | Lam Research Corporation | 1088191 |
| 820 | Motorola Solutions, Inc. | 314322 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 86.8% (Continued)** |  |
|  | **Technology - 15.3% (Continued)** |  |
| 352 | MSCI, Inc. | $201953 |
| 1072 | NetApp, Inc. | 114800 |
| 4870 | Open Text Corporation | 158600 |
| 1052 | Seagate Technology Holdings PLC | 289710 |
| 113692 | Sony Group Corporation | 2920894 |
| 1870 | Thomson Reuters Corporation | 246773 |
|  |  | 20371040 |
|  | **Utilities - 1.7%** |  |
| 969 | American Water Works Company, Inc. | 126454 |
| 1090 | DTE Energy Company | 140588 |
| 3804 | Duke Energy Corporation | 445867 |
| 5045 | Exelon Corporation | 219912 |
| 2629 | FirstEnergy Corporation | 117700 |
| 2845 | NiSource, Inc. | 118807 |
| 1055 | NRG Energy, Inc. | 167998 |
| 2477 | Public Service Enterprise Group, Inc. | 198903 |
| 2864 | Severn Trent plc | 107676 |
| 5395 | Southern Company (The) | 470445 |
| 19201 | Terna - Rete Elettrica Nazionale | 204236 |
|  |  | 2318586 |
|  | **TOTAL COMMON STOCKS (Cost $100,580,576)** | 115364085 |
|  | **EXCHANGE-TRADED FUNDS — 1.8%** |  |
|  | **Equity - 1.8%** |  |
| 7437 | iShares MSCI EAFE ETF | 714175 |
| 1213 | SPDR S&P 500 ETF | 827169 |
| 1319 | Vanguard S&P 500 ETF | 827185 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,325,167)** | 2368529 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 88.6% (Cost $102,905,743)** | $117732614 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 11.4%** | 15185410 |
| **NET ASSETS - 100.0%** | $132918024 |

---

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

A/S – Anonim Sirketi

ETF – Exchange-Traded Fund

Ltd. – Limited Company

MSCI – Morgan Stanley Capital International

N.V. – Naamioze Vennootschap

PLC – Public Limited Company

S.A. – Société Anonyme

S.E. – Société Européene

SPDR – Standard & Poor's Depositary Receipt

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Statements of Assets and Liabilities**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NAA All Cap<br> Value Series** | **NAA Large Cap<br> Value Series** | **NAA Large<br> Core Series** | **NAA Large<br> Growth Series** | **NAA Mid<br> Growth Series** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $84008224 | $182840241 | $223283294 | $49003388 | $156660577 |
| Investments in securities, at value | $88460267 | $195484224 | $259877736 | $60315147 | $161671631 |
| Cash | 601869 | 720941 | 1390350 | 406081 | 593905 |
| Receivable for Portfolio shares sold | 4607 |  | 47868 | 434 |  |
| Interest receivable | 60 |  | 437 | 33 | 259 |
| Dividends receivable | 116983 | 267252 | 172994 | 10806 | 97410 |
| Prepaid expenses | 8202 | 11108 | 10363 | 4130 | 6741 |
| **Total Assets** | 89191988 | 196483525 | 261499748 | 60736631 | 162369946 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Portfolio shares redeemed | 13603 | 77270 | 147498 | 16669 | 30503 |
| Accrued investment advisory fees | 53473 | 150796 | 182427 | 70855 | 111173 |
| Accrued distribution (12b-1) fees | 21644 | 47792 | 63012 | 14992 | 39834 |
| Accrued administrative fees | 16709 | 18701 | 36163 | 19682 | 25699 |
| Accrued transfer agency fees | 4093 | 11292 | 8928 | 3939 | 13182 |
| Accrued miscellaneous fees | 49794 | 80608 | 104271 | 39419 | 75954 |
| **Total Liabilities** | 159316 | 386459 | 542299 | 165556 | 296345 |
| **Net Assets** | $89032672 | $196097066 | $260957449 | $60571075 | $162073601 |
| **Components of Net Assets:** |  |  |  |  |  |
| Paid-in capital | $76542227 | $157446719 | $217051695 | $49261975 | $159564720 |
| Accumulated earnings | 12490445 | 38650347 | 43905754 | 11309100 | 2508881 |
| **Net Assets** | $89032672 | $196097066 | $260957449 | $60571075 | $162073601 |
| Net assets | $89032672 | $196097066 | $260957449 | $60571075 | $162073601 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2987228 | 5135470 | 5648199 | 2684580 | 3261998 |
| Net asset value, offering and redemption price per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net assets ÷ Total shares of beneficial interest outstanding) | $29.80 | $38.18 | $46.20 | $22.56 | $49.69 |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Small<br> Cap Value Series** | **NAA Small<br> Growth Series** | **NAA SMid-Cap<br> Value Series** | **NAA World Equity<br> Income Series** |
| **Assets:** |  |  |  |  |
| Investments in securities, at cost | $50300321 | $22883924 | $128568451 | $102905743 |
| Investments in securities, at value | $49398178 | $23993472 | $132480083 | $117732614 |
| Cash | 216986 | 130747 | 239226 | 632330 |
| Receivable for Portfolio shares sold | 125 | 32 | 93 | 14455761 |
| Interest receivable | 119 | 76 | 365 | 1166 |
| Dividends receivable | 83553 | 10804 | 142858 | 128537 |
| Reclaims receivable |  |  |  | 163614 |
| Prepaid expenses | 3246 | 7345 | 6899 | 9143 |
| **Total Assets** | 49702207 | 24142476 | 132869524 | 133123165 |
| **Liabilities:** |  |  |  |  |
| Payable for Portfolio shares redeemed | 6557 | 5096 | 26832 | 30606 |
| Accrued investment advisory fees | 26636 | 45564 | 121782 | 19136 |
| Accrued distribution (12b-1) fees | 23759 | 5961 | 32894 | 28494 |
| Accrued administrative fees | 13379 | 9780 | 21798 | 21116 |
| Accrued transfer agency fees | 6746 | 3867 | 4012 | 6216 |
| Accrued miscellaneous fees | 46861 | 26808 | 66173 | 99573 |
| **Total Liabilities** | 123938 | 97076 | 273491 | 205141 |
| **Net Assets** | $49578269 | $24045400 | $132596033 | $132918024 |
| **Components of Net Assets:** |  |  |  |  |
| Paid-in capital | $48943659 | $25101857 | $124331833 | $112271764 |
| Accumulated earnings (losses) | 634610 | (1056457) | 8264200 | 20646260 |
| **Net Assets** | $49578269 | $24045400 | $132596033 | $132918024 |
| Net assets | $49578269 | $24045400 | $132596033 | $132918024 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 1352417 | 792055 | 2158761 | 8831224 |
| Net asset value, offering and redemption price per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net assets ÷ Total shares of beneficial interest outstanding) | $36.66 | $30.36 | $61.42 | $15.05 |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Statements of Operations**

**For the Year Ended December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NAA All Cap<br> Value Series** | **NAA Large Cap<br> Value Series** | **NAA Large<br> Core Series** | **NAA Large<br> Growth Series** | **NAA Mid<br> Growth Series** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $1665173 | $3701941 | $2880427 | $341161 | $1458605 |
| Interest income | 14714 | 30094 | 38580 | 9892 | 29263 |
| Foreign taxes withheld | (1177) | (2079) | (1040) | (123) | (5466) |
| **Total Investment Income** | 1678710 | 3729956 | 2917967 | 350930 | 1482402 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 607602 | 1258867 | 1880686 | 376363 | 1228634 |
| Distribution fees (12b-1) | 217000 | 484179 | 626895 | 144755 | 409545 |
| Administration fees | 61408 | 102524 | 144318 | 49496 | 98217 |
| Custody Fees | 29573 | 27028 | 40628 | 20544 | 34014 |
| Transfer agent fees | 21511 | 25712 | 22222 | 22547 | 28195 |
| Printing and postage expenses | 9941 | 12260 | 21319 | 6050 | 16247 |
| Miscellaneous fees and other expenses | 50922 | 113816 | 165652 | 54893 | 115492 |
| **Total Expenses** | 997957 | 2024386 | 2901720 | 674648 | 1930344 |
| Expenses waived/reimbursed | (151798) | (291618) | (565277) | (87976) | (233127) |
| **Net Expenses** | 846159 | 1732768 | 2336443 | 586672 | 1697217 |
| **Net Investment Income/(Loss)** | 832551 | 1997188 | 581524 | (235742) | (214815) |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 9903140 | 30227551 | 12862195 | 758301 | (2137113) |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (309685) | (6594049) | 24867656 | 8390471 | 7100304 |
| **Net Realized and Unrealized Gain on Investments** | 9593455 | 23633502 | 37729851 | 9148772 | 4963191 |
| **Net Increase in Net Assets Resulting from Operations** | $10426006 | $25630690 | $38311375 | $8913030 | $4748376 |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Statements of Operations (Continued)**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Small Cap<br> Value Series** | **NAA Small<br> Growth Series** | **NAA SMid-Cap<br> Value Series** | **NAA World Equity<br> Income Series** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $958634 | $225024 | $2718133 | $2912650 |
| Interest income | 9464 | 4981 | 22332 | 26181 |
| Foreign taxes withheld | - | (125) | (2716) | (169593) |
| **Total Investment Income** | 968098 | 229880 | 2737749 | 2769238 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 365813 | 186001 | 1012146 | 788699 |
| Distribution fees (12b-1) | 121938 | 62000 | 337382 | 281677 |
| Administration fees | 41088 | 28777 | 84125 | 82724 |
| Transfer agent fees | 22309 | 22901 | 19881 | 23040 |
| Custody Fees | 20501 | 19529 | 26028 | 73873 |
| Printing and postage expenses | 4892 | 1119 | 11647 | 11714 |
| Miscellaneous fees and other expenses | 51298 | 32395 | 97246 | 73575 |
| **Total Expenses** | 627839 | 352722 | 1588455 | 1335302 |
| Expenses waived/reimbursed | (65365) | (78153) | (217405) | (212226) |
| **Net Expenses** | 562474 | 274569 | 1371050 | 1123076 |
| **Net Investment Income/(Loss)** | 405624 | (44689) | 1366699 | 1646162 |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2470263 | 377010 | 7025818 | 8060842 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | - | - | - | (46587) |
|  | 2470263 | 377010 | 7025818 | 8014255 |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1494585) | 1216163 | 953534 | 13653090 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | - | - | - | 17312 |
|  | (1494585) | 1216163 | 953534 | 13670402 |
| **Net Realized and Unrealized Gain on Investments** | 975678 | 1593173 | 7979352 | 21684657 |
| **Net Increase in Net Assets Resulting from Operations** | $1381302 | $1548484 | $9346051 | $23330819 |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA All Cap Value Series** | **NAA All Cap Value Series** | **NAA Large Cap Value Series** | **NAA Large Cap Value Series** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $832551 | $1258076 | $1997188 | $3085233 |
| Net realized gain on investments | 9903140 | 20370680 | 30227551 | 39766631 |
| Net change in unrealized depreciation on investments | (309685) | (12321331) | (6594049) | (16980126) |
| Net increase in net assets resulting from operations | 10426006 | 9307425 | 25630690 | 25871738 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions Paid | (19746026) | (6287518) | (38969629) | (17908003) |
| Total distributions to shareholders | (19746026) | (6287518) | (38969629) | (17908003) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 1180741 | 1957443 | 2623892 | 3734900 |
| Reinvestment of distributions | 19746026 | 6287518 | 38969629 | 17908003 |
| Cost of shares redeemed | (12454350) | (14749269) | (30831534) | (30507642) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 8472417 | (6504308) | 10761987 | (8864739) |
| **Total Decrease In Net Assets** | (847603) | (3484401) | (2576952) | (901004) |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 89880275 | 93364676 | 198674018 | 199575022 |
| End of year | $89032672 | $89880275 | $196097066 | $198674018 |
| **SHARE ACTIVITY** |  |  |  |  |
| Shares Sold | 35567 | 56641 | 63591 | 88846 |
| Shares Reinvested | 663286 | 186131 | 1025517 | 438277 |
| Shares Redeemed | (368975) | (429933) | (741053) | (726045) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 329878 | (187161) | 348055 | (198922) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Large Core Series** | **NAA Large Core Series** | **NAA Large Growth Series** | **NAA Large Growth Series** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $581524 | $7085413 | $(235742) | $1400559 |
| Net realized gain on investments | 12862195 | 60736808 | 758301 | 16468537 |
| Net change in unrealized appreciation/(depreciation) on investments | 24867656 | (11617206) | 8390471 | (3015347) |
| Net increase in net assets resulting from operations | 38311375 | 56205015 | 8913030 | 14853749 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions Paid | (53976860) | (7520187) | (13165736) | (1441067) |
| Total distributions to shareholders | (53976860) | (7520187) | (13165736) | (1441067) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 4608745 | 4612268 | 2857119 | 6582849 |
| Reinvestment of distributions | 53976860 | 7520187 | 13165736 | 1441067 |
| Cost of shares redeemed | (36593878) | (33689927) | (10653278) | (10711798) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 21991727 | (21557472) | 5369577 | (2687882) |
| **Total Increase In Net Assets** | 6326242 | 27127356 | 1116871 | 10724800 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 254631207 | 227503851 | 59454204 | 48729404 |
| End of year | $260957449 | $254631207 | $60571075 | $59454204 |
| **SHARE ACTIVITY** |  |  |  |  |
| Shares Sold | 97078 | 100582 | 115312 | 285142 |
| Shares Reinvested | 1168077 | 161724 | 576433 | 64333 |
| Shares Redeemed | (734016) | (728156) | (437398) | (482839) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 531139 | (465850) | 254347 | (133364) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Mid Growth Series** | **NAA Mid Growth Series** | **NAA Small Cap Value Series** | **NAA Small Cap Value Series** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $(214815) | $4675386 | $405624 | $481100 |
| Net realized gain/(loss) on investments | (2137113) | 46041837 | 2470263 | 11224579 |
| Net change in unrealized appreciation/(depreciation) on investments | 7100304 | (22971363) | (1494585) | (6968603) |
| Net increase in net assets resulting from operations | 4748376 | 27745860 | 1381302 | 4737076 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions Paid | (11873155) | (5214553) | (9931152) | (3254989) |
| Total distributions to shareholders | (11873155) | (5214553) | (9931152) | (3254989) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 20407866 | 3844451 | 3547317 | 3238916 |
| Reinvestment of distributions | 11873155 | 5214553 | 9931152 | 3254989 |
| Cost of shares redeemed | (21057607) | (46944857) | (8544187) | (17001410) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 11223414 | (37885853) | 4934282 | (10507505) |
| **Total Increase/(Decrease) In Net Assets** | 4098635 | (15354546) | (3615568) | (9025418) |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 157974966 | 173329512 | 53193837 | 62219255 |
| End of year | $162073601 | $157974966 | $49578269 | $53193837 |
| **SHARE ACTIVITY** |  |  |  |  |
| Shares Sold | 415753 | 75983 | 89040 | 72783 |
| Shares Reinvested | 232761 | 106965 | 272086 | 75173 |
| Shares Redeemed | (408424) | (935609) | (209365) | (388416) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 240090 | (752661) | 151761 | (240460) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Small Growth Series** | **NAA Small Growth Series** | **NAA SMid-Cap Value Series** | **NAA SMid-Cap Value Series** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $(44689) | $657112 | $1366699 | $1474152 |
| Net realized gain on investments | 377010 | 5579688 | 7025818 | 36033220 |
| Net change in unrealized appreciation/(depreciation) on investments | 1216163 | (3052933) | 953534 | (23429634) |
| Net increase in net assets resulting from operations | 1548484 | 3183867 | 9346051 | 14077738 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions Paid | (655241) | (788282) | (33339121) | (6242116) |
| Total distributions to shareholders | (655241) | (788282) | (33339121) | (6242116) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 732605 | 785249 | 1030518 | 3420683 |
| Reinvestment of distributions | 655241 | 788282 | 33339121 | 6242116 |
| Cost of shares redeemed | (4047607) | (4786765) | (21182472) | (34652302) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (2659761) | (3213234) | 13187167 | (24989503) |
| **Total Decrease In Net Assets** | (1766518) | (817649) | (10805903) | (17153881) |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 25811918 | 26629567 | 143401936 | 160555817 |
| End of year | $24045400 | $25811918 | $132596033 | $143401936 |
| **SHARE ACTIVITY** |  |  |  |  |
| Shares Sold | 24551 | 27227 | 14693 | 47160 |
| Shares Reinvested | 21028 | 27514 | 539119 | 83753 |
| Shares Redeemed | (136257) | (168094) | (292627) | (458572) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (90678) | (113353) | 261185 | (327659) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

---

| | | |
|:---|:---|:---|
|  | **NAA World Equity Income Series** | **NAA World Equity Income Series** |
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **From Operations:** |  |  |
| Net investment income | $1646162 | $2221224 |
| Net realized gain on investments | 8014255 | 21160529 |
| Net change in unrealized appreciation/(depreciation) on investments | 13670402 | (9638330) |
| Net increase in net assets resulting from operations | 23330819 | 13743423 |
| **From Distributions to Shareholders:** |  |  |
| Total distributions Paid | (20254912) | (3114326) |
| Total distributions to shareholders | (20254912) | (3114326) |
| **From Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold | 20758305 | 2992282 |
| Reinvestment of distributions | 20254912 | 3114326 |
| Cost of shares redeemed | (22333238) | (18460050) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 18679979 | (12353442) |
| **Total Increase/(Decrease) In Net Assets** | 21755886 | (1724345) |
| **Net Assets:** |  |  |
| Beginning of year | 111162138 | 112886483 |
| End of year | $132918024 | $111162138 |
| **SHARE ACTIVITY** |  |  |
| Shares Sold | 1350935 | 200774 |
| Shares Reinvested | 1393048 | 210285 |
| Shares Redeemed | (1409398) | (1255057) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 1334585 | (843998) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA All Cap Value Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $33.82 | $32.82 | $33.47 | $38.53 | $31.06 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.32 | 0.46 | 0.53 | 0.52 | 0.38 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 4.02 | 2.90 | 2.24 | (1.15) | 7.93 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 4.34 | 3.36 | 2.77 | (0.63) | 8.31 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.53) | (0.57) | (0.53) | (0.43) | (0.65) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (7.83) | (1.79) | (2.89) | (4.00) | (0.19) |
| Total distributions | Total distributions | (8.36) | (2.36) | (3.42) | (4.43) | (0.84) |
| Net asset value, end of year | Net asset value, end of year | $29.80 | $33.82 | $32.82 | $33.47 | $38.53 |
| Total return (b)(c) | Total return (b)(c) | 12.87% | 10.25% | 8.52% | (1.17)% | 26.95% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $89033 | $89880 | $93365 | $93912 | $103134 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 0.96% | 1.33% | 1.63% | 1.45% | 1.06% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.15% | 1.13% | 1.14% | 1.11% | 1.13% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.97% | 0.84% | 0.85 %(f) | 0.86 %(f) | 0.87 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 104% | 12 %(g) | 25% | 30% | 26% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 0.85% | 0.86% | 0.87% |
| (g) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Large Cap Value Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $41.50 | $40.02 | $41.24 | $46.81 | $37.61 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.43 | 0.63 | 0.69 | 0.67 | 0.52 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 5.41 | 4.70 | 3.00 | (1.48) | 9.58 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 5.84 | 5.33 | 3.69 | (0.81) | 10.10 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (0.75) | (0.71) | (0.60) | (0.90) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (8.43) | (3.10) | (4.20) | (4.16) | (0.00)(h) |
| Total distributions | Total distributions | (9.16) | (3.85) | (4.91) | (4.76) | (0.90) |
| Net asset value, end of year | Net asset value, end of year | $38.18 | $41.50 | $40.02 | $41.24 | $46.81 |
| Total return (b)(c) | Total return (b)(c) | 14.16% | 13.46% | 9.27% | (1.32)% | 27.03% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $196097 | $198674 | $199575 | $212337 | $236817 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 1.03% | 1.51% | 1.72% | 1.53% | 1.20% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.05% | 1.02% | 1.02% | 1.02% | 1.03% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.89% | 0.76% | 0.77 %(f) | 0.78 %(f) | 0.79 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 82% | 8 %(g) | 22% | 25% | 22% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 0.77% | 0.78% | 0.79% |
| (g) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |
| (h) | Amount represents less than $0.01 per share. | Amount represents less than $0.01 per share. | Amount represents less than $0.01 per share. | Amount represents less than $0.01 per share. | Amount represents less than $0.01 per share. | Amount represents less than $0.01 per share. |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Large Core Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $49.76 | $40.75 | $32.61 | $56.79 | $49.39 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.12 | 1.32 | 1.30 | 0.64 | 0.26 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 8.06 | 9.12 | 7.43 | (11.88) | 13.22 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 8.18 | 10.44 | 8.73 | (11.24) | 13.48 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (1.54) | (1.43) | (0.59) | (0.27) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (10.20) | - | - | (12.67) | (5.67) |
| Total distributions | Total distributions | (11.74) | (1.43) | (0.59) | (12.94) | (6.08) |
| Net asset value, end of year | Net asset value, end of year | $46.20 | $49.76 | $40.75 | $32.61 | $56.79 |
| Total return (b)(c) | Total return (b)(c) | 16.43% | 25.88% | 26.90% | (20.67)% | 28.48% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $260957 | $254631 | $227504 | $196114 | $269971 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 0.23% | 2.87% | 3.58% | 1.54% | 0.49% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.16% | 1.16% | 1.31% | 1.18% | 1.14% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.93% | 0.89% | 1.03 %(f) | 0.92 %(f) | 0.85 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 64% | 123 %(g) | 52% | 63% | 34% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 0.84% | 0.87% | 0.84% |
| (g) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Large Growth Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,**<br> **2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $24.46 | $19.01 | $13.76 | $26.38 | $25.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.10) | 0.57 | 0.55 | 0.24 | 0.09 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 4.33 | 5.49 | 4.92 | (7.87) | 6.51 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 4.23 | 6.06 | 5.47 | (7.63) | 6.60 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.65) | (0.61) | (0.22) | (0.09) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (5.48) | - | - | (4.90) | (5.84) |
| Total distributions | Total distributions | (6.13) | (0.61) | (0.22) | (4.99) | (6.01) |
| Net asset value, end of year | Net asset value, end of year | $22.56 | $24.46 | $19.01 | $13.76 | $26.38 |
| Total return (b)(c) | Total return (b)(c) | 17.02% | 32.18% | 39.91% | (30.69)% | 27.77% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $60571 | $59454 | $48729 | $37061 | $57977 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | (0.41)% | 2.59% | 3.35% | 1.34% | 0.34% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.17% | 1.15% | 1.51% | 1.21% | 1.20% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 1.01% | 0.85% | 1.18 %(f) | 0.92 %(f) | 0.88 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 60% | 121 %(g) | 57% | 65% | 40% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 0.88% | 0.89% | 0.87% |
| (g) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Mid Growth Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended**<br> **December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $52.28 | $45.92 | $36.82 | $71.17 | $72.46 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.07) | 1.36 | 1.37 | 0.66 | 0.22 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.31 | 6.51 | 8.32 | (20.02) | 9.44 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.24 | 7.87 | 9.69 | (19.36) | 9.66 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (1.51) | (1.51) | (0.59) | (0.20) | (0.40) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (2.32) | - | - | (14.79) | (10.55) |
| Total distributions | Total distributions | (3.83) | (1.51) | (0.59) | (14.99) | (10.95) |
| Net asset value, end of year | Net asset value, end of year | $49.69 | $52.28 | $45.92 | $36.82 | $71.17 |
| Total return (b)(c) | Total return (b)(c) | 2.17% | 17.37% | 26.41% | (27.78)% | 13.69% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $162074 | $157975 | $173330 | $145173 | $198627 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | (0.13)% | 2.72% | 3.35% | 1.42% | 0.30% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.18% | 1.16% | 1.35% | 1.18% | 1.16% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 1.04% | 0.92% | 1.11 %(f) | 0.96 %(f) | 0.89 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 104% | 165 %(g) | 67% | 87% | 60% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 0.91% | 0.91% | 0.87% |
| (g) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Small Cap Value Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended**<br> **December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $44.30 | $43.17 | $42.29 | $46.70 | $37.30 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.34 | 0.36 | 0.47 | 0.51 | 0.27 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.08 | 3.26 | 3.68 | (2.37) | 9.47 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.42 | 3.62 | 4.15 | (1.86) | 9.74 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.46) | (0.53) | (0.56) | (0.31) | (0.34) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (8.60) | (1.96) | (2.71) | (2.24) | - |
| Total distributions | Total distributions | (9.06) | (2.49) | (3.27) | (2.55) | (0.34) |
| Net asset value, end of year | Net asset value, end of year | $36.66 | $44.30 | $43.17 | $42.29 | $46.70 |
| Total return (b)(c) | Total return (b)(c) | 3.30% | 8.51% | 10.29% | (3.74)% | 26.18% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $49578 | $53194 | $62219 | $64384 | $73837 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 0.83% | 0.82% | 1.15% | 1.17% | 0.61% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.29% | 1.27% | 1.23% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 1.15% | 1.12% | 1.11 %(f) | 1.12 %(f) | 1.13 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 115% | 15 %(g) | 25% | 38% | 32% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 1.11% | 1.12% | 1.13% |
| (g) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Small Growth Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended**<br> **December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $29.24 | $26.73 | $22.38 | $46.01 | $44.91 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.05) | 0.70 | 0.75 | 0.38 | 0.10 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 2.00 | 2.67 | 3.94 | (12.10) | 2.82 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.95 | 3.37 | 4.69 | (11.72) | 2.92 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.83) | (0.86) | (0.34) | (0.11) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | (11.80) | (1.63) |
| Total distributions | Total distributions | (0.83) | (0.86) | (0.34) | (11.91) | (1.82) |
| Net asset value, end of year | Net asset value, end of year | $30.36 | $29.24 | $26.73 | $22.38 | $46.01 |
| Total return (b)(c) | Total return (b)(c) | 6.58% | 12.68 %(g) | 21.01% | (26.61)% | 6.54% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $24045 | $25812 | $26630 | $24293 | $37011 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | (0.18)% | 2.47% | 3.11% | 1.29% | 0.22% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.42% | 1.45% | 1.65% | 1.43% | 1.39% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 1.11% | 1.04% | 1.19 %(f) | 1.05 %(f) | 1.00 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 75% | 150 %(h) | 80% | 73% | 64% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 1.03% | 1.04% | 1.00% |
| (g) | Includes adjustments in accordance with generally accepted accounting principles in the United States and consequently, the net asset values for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. | Includes adjustments in accordance with generally accepted accounting principles in the United States and consequently, the net asset values for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. | Includes adjustments in accordance with generally accepted accounting principles in the United States and consequently, the net asset values for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. | Includes adjustments in accordance with generally accepted accounting principles in the United States and consequently, the net asset values for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. | Includes adjustments in accordance with generally accepted accounting principles in the United States and consequently, the net asset values for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. | Includes adjustments in accordance with generally accepted accounting principles in the United States and consequently, the net asset values for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing. |
| (h) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA SMid-Cap Value Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended**<br> **December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $75.57 | $72.15 | $71.66 | $83.11 | $68.31 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.74 | 0.71 | 0.91 | 1.03 | 0.61 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 4.95 | 5.78 | 5.86 | (3.04) | 15.53 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 5.69 | 6.49 | 6.77 | (2.01) | 16.14 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.88) | (1.01) | (1.10) | (0.70) | (1.34) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (18.96) | (2.06) | (5.18) | (8.74) | - |
| Total distributions | Total distributions | (19.84) | (3.07) | (6.28) | (9.44) | (1.34) |
| Net asset value, end of year | Net asset value, end of year | $61.42 | $75.57 | $72.15 | $71.66 | $83.11 |
| Total return (b)(c) | Total return (b)(c) | 7.35% | 9.05% | 9.73% | (1.86)% | 23.75% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $132596 | $143402 | $160556 | $165068 | $187373 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 1.01% | 0.95% | 1.30% | 1.36% | 0.76% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.18% | 1.15% | 1.15% | 1.13% | 1.14% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 1.02% | 0.87% | 0.88 %(f) | 0.89 %(f) | 0.90 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 106% | 17 %(g) | 28% | 40% | 34% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 0.88% | 0.89% | 0.90% |
| (g) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA World Equity Income Series**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended**<br> **December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $14.83 | $13.53 | $12.37 | $17.74 | $14.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.23 | 0.28 | 0.28 | 0.32 | 0.34 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 3.04 | 1.42 | 1.22 | (2.01) | 2.86 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.27 | 1.70 | 1.50 | (1.69) | 3.20 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.40) | (0.34) | (0.36) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (2.72) | - | - | (3.32) | - |
| Total distributions | Total distributions | (3.05) | (0.40) | (0.34) | (3.68) | (0.25) |
| Net asset value, end of year | Net asset value, end of year | $15.05 | $14.83 | $13.53 | $12.37 | $17.74 |
| Total return (b)(c) | Total return (b)(c) | 22.75% | 12.59% | 12.28% | (9.12)% | 21.74% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $132918 | $111162 | $112886 | $113334 | $138193 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 1.46% | 1.92% | 2.22% | 2.25% | 2.02% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.18% | 1.14% | 1.14% | 1.10% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 1.00% | 0.86% | 0.87 %(f) | 0.88 %(f) | 0.89 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 119% | 105 %(g) | 177% | 140% | 185% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | 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: | 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: | 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: | 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: | 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: | 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: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** |
|  |  |  |  | 0.87% | 0.88% | 0.89% |
| (g) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. |

---

See accompanying notes to financial statements.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

**1.** **ORGANIZATION** 

New Age Alpha Variable Funds Trust (the "Trust"), a diversified Delaware statutory trust organized on February 6, 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. Each series of the Trust, in effect, is representing a separate diversified 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. As of the close of business on October 25, 2024, each Fund received all of the assets and liabilities of a corresponding series of Guggenheim Variable Funds Trust (each, a "Predecessor Fund"), as discussed in the Trust's most recent Statement of Additional Information. As of December 31, 2025, the Trust consisted of nine funds. The Trust offers shares of the Funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following funds:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Inception Date** | **Investment Objective** |
| NAA All Cap Value Series | June 1, 1995 | Long-term capital growth |
| NAA Large Cap Value Series | May 1, 1979 | Long-term capital growth |
| NAA Large Core Series | May 1, 1979 | Long-term capital growth |
| NAA Large Growth Series | May 3, 1999 | Long-term capital growth |
| NAA Mid Growth Series | October 1, 1992 | Long-term capital growth |
| NAA Small Cap Value Series | May 1, 2000 | Long-term capital appreciation |
| NAA Small Growth Series | October 15, 1997 | Long-term capital appreciation |
| NAA SMid-Cap Value Series | May 1, 1997 | Long-term capital growth |
| NAA World Equity Income Series | April 19, 1984 | Total return comprised of capital appreciation and current income |

---

**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 are in conformity with 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 net asset value per share ("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.

**Operating Segments** – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. 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 managers 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 New Age Alpha Advisors, LLC (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 New Age Alpha Advisors, LLC, fund administration, legal and compliance departments (the "Valuation Committee"), in determining 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.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

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.

**Fair Valuation Process –** In general, portfolio securities and assets of a Fund will be valued on the basis of 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 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 which 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, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures and Valuation Designee Procedures may differ from valuations for the same security determined by other funds using their own 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, in fact, 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, the determination of 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 are not necessarily an indication of the risk associated with investing in those securities.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

The following tables summarize the inputs used for the year ended as of December 31, 2025, for the Funds' assets and liabilities measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA All Cap Value Series** |  |  |  |  |
| Common Stocks | $86666752 | $- | $- | $86666752 |
| Exchange-Traded Funds | 1793515 | - | - | 1793515 |
| Total | $88460267 | $- | $- | $88460267 |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Cap Value Series** |  |  |  |  |
| Common Stocks | $191509213 | $- | $- | $191509213 |
| Exchange-Traded Funds | 3975011 | - | - | 3975011 |
| Total | $195484224 | $- | $- | $195484224 |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Core Series** |  |  |  |  |
| Common Stocks | $254642671 | $- | $- | $254642671 |
| Exchange-Traded Funds | 5235065 | - | - | 5235065 |
| Total | $259877736 | $- | $- | $259877736 |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Growth Series** |  |  |  |  |
| Common Stocks | $59107326 | $- | $- | $59107326 |
| Exchange-Traded Funds | 1207821 | - | - | 1207821 |
| Total | $60315147 | $- | $- | $60315147 |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Mid Growth Series** |  |  |  |  |
| Common Stocks | $158417353 | $- | $- | $158417353 |
| Exchange-Traded Funds | 3254278 | - | - | 3254278 |
| Total | $161671631 | $- | $- | $161671631 |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Small Cap Value Series** |  |  |  |  |
| Common Stocks | $48397910 | $- | $- | $48397910 |
| Exchange-Traded Funds | 1000268 | - | - | 1000268 |
| Total | $49398178 | $- | $- | $49398178 |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Small Growth Series** |  |  |  |  |
| Common Stocks | $23504911 | $- | $- | $23504911 |
| Exchange-Traded Funds | 488561 | - | - | 488561 |
| Total | $23993472 | $- | $- | $23993472 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA SMid-Cap Value Series** |  |  |  |  |
| Common Stocks | $129788478 | $- | $- | $129788478 |
| Exchange-Traded Funds | 2691605 | - | - | 2691605 |
| Total | $132480083 | $- | $- | $132480083 |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA World Equity Income Series** |  |  |  |  |
| Common Stocks | $115364085 | $- | $- | $115364085 |
| Exchange-Traded Funds | 2368529 | - | - | 2368529 |
| Total | $117732614 | $- | $- | $117732614 |

---

The Funds did not hold any Level 3 securities during the period.

**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 on a daily basis. 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 not available. 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** – There are several risks 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 of time 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 they are 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

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

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. 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. are 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 on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of December 31, 2025, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| **Fund** | **Cash Balance** |
| NAA All Cap Value Series | $601869 |
| NAA Large Cap Value Series | 720941 |
| NAA Large Core Series | 1390350 |
| NAA Large Growth Series | 406081 |
| NAA Mid Growth Series | 593905 |
| NAA Small Cap Value Series | 216986 |
| NAA Small Growth Series | 130747 |
| NAA SMid-Cap Value Series | 239226 |
| NAA World Equity Income Series | 632330 |

---

As of December 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 Series | $|

---

**g. 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.

Tax positions taken or expected to be taken in the course of 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 December 31, 2022 through December 31, 2024, or expected to be taken in the Funds' December 31, 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.

**h. Dividends and Distributions** – The dividends and distributions paid by the Funds to the insurance company's separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Fund must be purchased through separate accounts used to fund variable insurance contracts, such dividends, and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

**i. 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 December 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**j. Indemnification** – Under the Funds' organizational documents, the Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which 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.

**k. 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 on the basis of average net assets.

**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 net asset value of the shares, and the listing exchange may halt trading of the shares.

**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

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

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. 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.

**j. 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, for its services, the NAA Large Core Series 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 year ended December 31, 2025, was $1,880,686.

Each 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 year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory<br> Fee %** | **Advisory<br> Fee $** |
| NAA All Cap Value Series | 0.70% | $607602 |
| NAA Large Cap Value Series | 0.65% | 1258867 |
| NAA Large Growth Series | 0.65% | 376363 |
| NAA Mid Growth Series | 0.75% | 1228634 |
| NAA Small Cap Value Series | 0.75% | 365813 |
| NAA Small Growth Series | 0.75% | 186001 |
| NAA SMid-Cap Value Series | 0.75% | 1012146 |
| NAA World Equity Income Series | 0.70% | 788699 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

Effective April 30, 2025, under an Expense Limitation Agreement between the Trust and the Adviser (the "Expense Limitation Agreement"), the Adviser has contractually agreed, until April 30, 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:

---

| | |
|:---|:---|
| **Fund** | **Expense<br> Cap** |
| NAA All Cap Value Series | 1.04% |
| NAA Large Cap Value Series | 0.96% |
| NAA Large Core Series | 0.94% |
| NAA Large Growth Series | 1.01% |
| NAA Mid Growth Series | 1.07% |
| NAA Small Cap Value Series | 1.17% |
| NAA Small Growth Series | 1.14% |
| NAA SMid-Cap Value Series | 1.07% |
| NAA World Equity Income Series | 1.06% |

---

Prior to April 30, 2025, under the amended Expense Limitation Agreement, the Adviser had contractually agreed, until April 30, 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:

---

| | |
|:---|:---|
| **Fund** | **Expense<br> Cap** |
| NAA All Cap Value Series | 0.84% |
| NAA Large Cap Value Series | 0.76% |
| NAA Large Core Series | 0.89% |
| NAA Large Growth Series | 0.91% |
| NAA Mid Growth Series | 0.92% |
| NAA Small Cap Value Series | 1.12% |
| NAA Small Growth Series | 1.04% |
| NAA SMid-Cap Value Series | 0.87% |
| NAA World Equity Income Series | 0.86% |

---

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 December 31, 2025, the Adviser has waived/reimbursed expenses that may be recovered no later than December 31 of the years indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires<br> 2026** | **Expires<br> 2027** | **Expires<br> 2028** | **Total** |
| NAA All Cap Value Series | $– $| 66761 | $151798 | $218559 |
| NAA Large Cap Value Series | – | 133337 | 291618 | 424955 |
| NAA Large Core Series | – | 164544 | 565277 | 729821 |
| NAA Large Growth Series | – | 37872 | 87976 | 125848 |
| NAA Mid Growth Series | – | 106713 | 233127 | 339840 |
| NAA Small Cap Value Series | – | 24058 | 65365 | 89423 |
| NAA Small Growth Series | – | 8390 | 78153 | 86543 |
| NAA SMid-Cap Value Series | – | 120369 | 217405 | 337774 |
| NAA World Equity Income Series | – | 77837 | 212226 | 290063 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

For the year ended December 31, 2025, the fee waivers/reimbursements and/or recoupments were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees<br> Waived/<br> Reimbursed<br> By Adviser** | **Recoupment<br> of Previously<br> Waived Fees<br> by Adviser** |
| NAA All Cap Value Series | $151798 | $- |
| NAA Large Cap Value Series | 291618 |  |
| NAA Large Core Series | 565277 |  |
| NAA Large Growth Series | 87976 |  |
| NAA Mid Growth Series | 233127 |  |
| NAA Small Cap Value Series | 65365 |  |
| NAA Small Growth Series | 78153 |  |
| NAA SMid-Cap Value Series | 217405 |  |
| NAA World Equity Income Series | 212226 |  |

---

**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 Distributor receives from a Fund a fee at the annual rate of 0.25% of that Fund's average daily net assets (without regard to expenses incurred). 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.

The following table reflects the Funds' incurred distribution fees for the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Fund** | **Distribution Fees** |
| NAA All Cap Value Series | $217000 |
| NAA Large Cap Value Series | 484179 |
| NAA Large Core Series | 626895 |
| NAA Large Growth Series | 144755 |
| NAA Mid Growth Series | 409545 |
| NAA Small Cap Value Series | 121938 |
| NAA Small Growth Series | 62000 |
| NAA SMid-Cap Value Series | 337382 |
| NAA World Equity Income Series | 281677 |

---

**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 year ended December 31, 2025, the Funds paid UFS the following:

---

| | | |
|:---|:---|:---|
| **Fund** | **Administration<br> and Fund<br> Accounting Fees** | **Transfer<br> Agent Fees** |
| NAA All Cap Value Series | $61408 | $21511 |
| NAA Large Cap Value Series | 102524 | 25712 |
| NAA Large Core Series | 144318 | 22222 |
| NAA Large Growth Series | 49496 | 22547 |
| NAA Mid Growth Series | 98217 | 28195 |
| NAA Small Cap Value Series | 41088 | 22309 |
| NAA Small Growth Series | 28777 | 22901 |
| NAA SMid-Cap Value Series | 84125 | 19881 |
| NAA World Equity Income Series | 82724 | 23040 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 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 the provision of these services, BluGiant receives customary fees from the Funds.

**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, LLC, the Trust's legal counsel.

**5.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds From<br> Sales of Securities** |
| NAA All Cap Value Series | $90199427 | $100883526 |
| NAA Large Cap Value Series | 158547698 | 184964827 |
| NAA Large Core Series | 161491830 | 193900373 |
| NAA Large Growth Series | 34852678 | 42987650 |
| NAA Mid Growth Series | 168582740 | 169364156 |
| NAA Small Cap Value Series | 56076239 | 60340103 |
| NAA Small Growth Series | 18548729 | 21794994 |
| NAA SMid-Cap Value Series | 142883553 | 160860127 |
| NAA World Equity Income Series | 133480485 | 148088404 |

---

**6.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of the control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 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** | **Insurance Company** | **Percentage of<br> Interest** |
| NAA All Cap Value Series | SBL Variflex Life Insurance Co. | 98.5% |
| NAA Large Cap Value Series | SBL Variflex Life Insurance Co. | 99.6% |
| NAA Large Core Series | SBL Variflex Life Insurance Co. | 99.7% |
| NAA Large Growth Series | SBL Variflex Life Insurance Co. | 96.0% |
| NAA Mid Growth Series | SBL Variflex Life Insurance Co. | 97.7% |
| NAA Small Cap Value Series | SBL Variflex Life Insurance Co. | 87.5% |
| NAA Small Growth Series | SBL Variflex Life Insurance Co. | 95.2% |
| NAA SMid-Cap Value Series | SBL Variflex Life Insurance Co. | 97.1% |
| NAA World Equity Income Series | SBL Variflex Life Insurance Co. | 88.0% |

---

The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 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 All Cap Value Series | $84060007 | $8440763 | $(4040502) | $4400261 |
| NAA Large Cap Value Series | 183104829 | 21385020 | (9005625) | 12379395 |
| NAA Large Core Series | 223283294 | 42694182 | (6099739) | 36594443 |
| NAA Large Growth Series | 49006048 | 11486362 | (177262) | 11309100 |
| NAA Mid Growth Series | 156721049 | 14331333 | (9380751) | 4950582 |
| NAA Small Cap Value Series | 50314997 | 2372054 | (3288874) | (916820) |
| NAA Small Growth Series | 22914924 | 2437176 | (1358628) | 1078548 |
| NAA SMid-Cap Value Series | 128609467 | 10121658 | (6251042) | 3870616 |
| NAA World Equity Income Series | 103187352 | 16105902 | (1560641) | 14545261 |

---

The tax character of fund distributions paid for the years ended December 31, 2025, and December 31, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> December 31, 2025** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| NAA All Cap Value Series | $2372271 | $17373755 | $– $| 19746026 |
| NAA Large Cap Value Series | 5528582 | 33441047 | – | 38969629 |
| NAA Large Core Series | 51965523 | 2011337 | – | 53976860 |
| NAA Large Growth Series | 13012152 | 153584 | – | 13165736 |
| NAA Mid Growth Series | 9005027 | 2868128 | – | 11873155 |
| NAA Small Cap Value Series | 503776 | 9427376 | – | 9931152 |
| NAA Small Growth Series | 655241 |  | – | 655241 |
| NAA SMid-Cap Value Series | 2586501 | 30752620 | – | 33339121 |
| NAA World Equity Income Series | 6754518 | 13500394 | – | 20254912 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended<br> December 31, 2024** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total** |
| NAA All Cap Value Series | $1508071 | $4779447 | $– $| 6287518 |
| NAA Large Cap Value Series | 3905732 | 14002271 | – | 17908003 |
| NAA Large Core Series | 7520187 |  | – | 7520187 |
| NAA Large Growth Series | 1441067 |  | – | 1441067 |
| NAA Mid Growth Series | 5214553 |  | – | 5214553 |
| NAA Small Cap Value Series | 1029358 | 2225631 | – | 3254989 |
| NAA Small Growth Series | 788282 |  | – | 788282 |
| NAA SMid-Cap Value Series | 2054192 | 4187924 | – | 6242116 |
| NAA World Equity Income Series | 3114326 |  | – | 3114326 |

---

As of December 31, 2025, 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** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/<br> (Deficits)** |
| NAA All Cap Value Series | $4857100 | $3233084 | $- | $4400261 | $12490445 |
| NAA Large Cap Value Series | 11070122 | 15200830 |  | 12379395 | 38650347 |
| NAA Large Core Series | 2617345 | 4693966 |  | 36594443 | 43905754 |
| NAA Large Growth Series |  |  |  | 11309100 | 11309100 |
| NAA Mid Growth Series |  |  | (2441701) | 4950582 | 2508881 |
| NAA Small Cap Value Series | 1484368 | 67062 |  | (916820) | 634610 |
| NAA Small Growth Series |  |  | (2135005) | 1078548 | (1056457) |
| NAA SMid-Cap Value Series | 2809513 | 1584071 |  | 3870616 | 8264200 |
| NAA World Equity Income Series | 4629856 | 1464632 |  | 14551772 | 20646260 |

---

The difference between book basis 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.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Continued)</u> <br> December 31, 2025

At December 31, 2025, the below Funds had capital loss carry forwards ("CLCF") 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 Mid Growth Series | $1451755 | $989946 | $2441701 | $- |
| NAA Small Growth Series |  | 2135005 | 2135005 | 377586 |

---

During the fiscal year ended December 31, 2025, certain 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 net operating losses, distributions in excess, adjustments for prior year tax returns and use of tax equalization credits, resulted in reclassifications as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Distributable<br> Earnings/<br> (Losses)** |
| NAA All Cap Value Series | $2688636 | $(2688636) |
| NAA Large Cap Value Series | 6206934 | (6206934) |
| NAA Large Core Series | 5988586 | (5988586) |
| NAA Large Growth Series | 480917 | (480917) |
| NAA Mid Growth Series | (215374) | 215374 |
| NAA Small Cap Value Series | 1333302 | (1333302) |
| NAA Small Growth Series | (42389) | 42389 |
| NAA SMid-Cap Value Series | 3987912 | (3987912) |
| NAA World Equity Income Series | 3559115 | (3559115) |

---

**8.** **PRONOUNCEMENTS** 

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," (ASU 2023-09"). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024, and early adoption is permitted. The Funds have adopted ASU 2023-09 effective December 31, 2025, and concluded that the application of this guidance did not have a material impact on any of their financial statements.

**9.** **SUBSEQUENT EVENTS** 

The Funds evaluated subsequent events through the date the financial statements are issued.

The Board approved on January 28, 2026, that on or about March 30, 2026, NAA Large Core Series, NAA Large Growth Series, and NAA World Equity Income Series will launch Class L Shares.

Management has determined there were no additional material events that would require adjustment to or disclosure in the Funds' financial statements.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

New Age Alpha Variable Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of NAA All Cap Value Series, NAA Large Cap Value Series, NAA Large Core Series, NAA Large Growth Series, NAA Mid Growth Series, NAA Small Cap Value Series, NAA Small Growth Series, NAA SMid-Cap Value Series, and NAA World Equity Income Series (the "Funds"), each a series of New Age Alpha Variable Funds Trust, as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, and the changes in net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended December 31, 2023, and prior, were audited by other auditors whose report dated February 27, 2024, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2024.

![](img_001.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 19, 2026

<u>New Age Alpha Variable Funds</u> <u>Additional Information (Unaudited)</u> <br> December 31, 2025

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not Applicable.

**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 (a)

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable

**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) [Code of Ethics filed herewith.](newagealpha_ex99codeeth.htm)

(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_ex99cert.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 Variable Funds Trust

---

| | |
|:---|:---|
| By | (Signature and Title) |
|  | /s/ Keith D. Kemp |
|  | Keith D. Kemp, Principal Executive Officer/President/Principal Financial Officer/Treasurer |

---

Date <u>3/2/2026</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>3/2/2026</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 Variable 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: | 3/2/2026 | /s/ Keith D. Kemp |
|  |  | Keith D. Kemp<br> Principal Executive Officer /President/Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act**

I, Keith D. Kemp, Principal Executive Officer/President/Principal Financial Officer/Treasurer of New Age Alpha Variable Funds Trust (the "Registrant"), certify to the best of my knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
Registrant's periodic report on Form N-CSR for the period ended December 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

&nbsp;&nbsp;&nbsp;&nbsp;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 Variable Funds Trust |
| /s/ Keith D. Kemp |
| Keith D. Kemp |

---

Date: <u>3/2/2026</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 Variable Funds Trust and will be retained by New Age Alpha Variable 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.

## Ex-99.Code

**EX-99.CODE ETH**

**NEW AGE ALPHA VARIABLE FUNDS TRUST**

**Code of Ethics for Principal Executive and**

**Principal Financial Officers**

**Effective: April 2024**

**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for New Age Alpha Variable Funds Trust (the "Trust") applies to the Trust's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers") for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust or the Trust's investment advisers (the "investment advisers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and an investment adviser or a third party service provider of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust and/or for the investment adviser or third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser(s) or third party service provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser or third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

● report at least annually any affiliations or other relationships that could potentially present a conflict of interest with the Trust.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Trust (the "CCO"), who may choose to seek the assistance of legal counsel to the Trust ("Trust Counsel"), if such situations might have a material adverse effect on the Trust. Examples of these include:

● service as a director on the board of any public company;

● the receipt of non-nominal gifts from affiliates of the Fund or the Fund's service providers;

● the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment advisers, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Trust;

● each Covered Officer shall not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's management and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Trust and the investment advisers and the Trust's administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

● it is the responsibility of each Covered Officer to promote Trust compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read and understands this Code;

● annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

● notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO may seek the advice of Trust Counsel regarding specific situations in which questions are presented under the Code and the CCO has the authority to interpret this Code in any particular situation. However, any approvals or waivers<sup>1</sup> will be considered by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

● the CCO shall (with the assistance of Trust Counsel if requested) take all appropriate action to investigate any reported potential violations;

● if, after such investigation, the CCO believes that no violation has occurred, then no further action is required;

● any matter that the CCO believes may be a violation shall be reported to the Trustees of the Trust who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Trust (the "Independent Trustees");

<sup>1</sup> For this purpose, the term "waiver" includes the approval by the Trust of a material departure from a provision of this Code or the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Trust's management.

● if the Independent Trustees concur that a violation may have occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable Trust policies and procedures; notification to appropriate personnel or the board of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and the investment adviser's and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**VII.** **Confidentiality** 

All reports and records of the Trust prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than an investment adviser to any series of the Trust to which such reports or records relate, the Board, the CCO and Trust Counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE**

**AND**

**PRINCIPAL FINANCIAL OFFICERS**

**CERTIFICATE OF COMPLIANCE**

As a Covered Officer as defined in the Code of Ethics For Principal Executive and Principal Financial Officers of New Age Alpha Variable Funds Trust (the "Code"), I hereby certify that I have received and have read and fully understand the Code, and I recognize that I am subject to the Code. I further certify that I will comply with the requirements of the Code.

---

| |
|:---|
| Signature |
| Name (Please Print) |
| Date |

---