# EDGAR Filing Document

**Accession Number:** 0002013853
**File Stem:** 0001752724-25-211603
**Filing Date:** 2025-8
**Character Count:** 67969
**Document Hash:** d348e3f1a6c6de563eb15b0b65a325d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211603.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211603

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23945
- **FILM NUMBER:** 251272052

**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 Allocation Fund (Series ID: S000087625)

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

## Nport-Ex

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.7%** |  |
|  | **Communications - 8.0%** |  |
| 7316 | Alphabet, Inc., Class A | $1289299 |
| 22934 | Alphabet, Inc., Class C | 4068262 |
| 315 | Booking Holdings, Inc. | 1823611 |
| 5982 | Meta Platforms, Inc., Class A | 4415253 |
| 6590 | T-Mobile US, Inc. | 1570133 |
| 19916 | Uber Technologies, Inc.<sup>(a)</sup> | 1858163 |
|  |  | 15024721 |
|  | **Consumer Discretionary - 7.7%** |  |
| 26551 | Amazon.com, Inc.<sup>(a)</sup> | 5825023 |
| 16996 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 954326 |
| 3738 | DR Horton, Inc. | 481903 |
| 12626 | General Motors Company | 621325 |
| 3142 | Hilton Worldwide Holdings, Inc. <sup>(a)</sup> | 836840 |
| 3293 | Lennar Corporation, Class A | 364239 |
| 1611 | Lululemon Athletica, Inc.<sup>(a)</sup> | 382741 |
| 3057 | Marriott International, Inc., Class A | 835203 |
| 11458 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1032710 |
| 2741 | PulteGroup, Inc. | 289066 |
| 8879 | Tesla, Inc.<sup>(a)</sup> | 2820504 |
|  |  | 14443880 |
|  | **Consumer Staples - 4.0%** |  |
| 24236 | Coca-Cola Company (The) | 1714697 |
| 17387 | Keurig Dr Pepper, Inc. | 574814 |
| 12915 | PepsiCo, Inc. | 1705297 |
| 10645 | Procter & Gamble Company (The) | 1695961 |
| 17711 | Walmart, Inc. | 1731782 |
|  |  | 7422551 |
|  | **Energy - 2.2%** |  |
| 12797 | Baker Hughes Company | 490637 |
| 2359 | Diamondback Energy, Inc. | 324127 |
| 14897 | Exxon Mobil Corporation | 1605896 |
| 1581 | First Solar, Inc.<sup>(a)</sup> | 261719 |
| 10829 | Halliburton Company | 220695 |
| 4999 | Phillips 66 | 596381 |

---

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.7% (Continued)** |  |
|  | **Energy - 2.2% (Continued)** |  |
| 17374 | Schlumberger Ltd. | $587241 |
|  |  | 4086696 |
|  | **Financials - 8.1%** |  |
| 3426 | Allstate Corporation (The) | 689688 |
| 5617 | American Express Company | 1791711 |
| 7444 | American International Group, Inc. | 637132 |
| 3263 | Arthur J Gallagher & Company | 1044552 |
| 37352 | Bank of America Corporation | 1767497 |
| 5036 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2446338 |
| 4871 | Chubb Ltd. | 1411226 |
| 21177 | Citigroup, Inc. | 1802585 |
| 3668 | Hartford Financial Services Group, Inc. (The) | 465359 |
| 7757 | JPMorgan Chase & Company | 2248831 |
| 5223 | PNC Financial Services Group, Inc. (The) | 973672 |
|  |  | 15278591 |
|  | **Health Care - 7.4%** |  |
| 5719 | Amgen, Inc. | 1596802 |
| 2851 | Cardinal Health, Inc. | 478968 |
| 6447 | Centene Corporation<sup>(a)</sup> | 349943 |
| 2682 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 190851 |
| 2149 | Eli Lilly & Company | 1675210 |
| 15348 | Gilead Sciences, Inc. | 1701633 |
| 897 | Insulet Corporation<sup>(a)</sup> | 281819 |
| 20993 | Merck & Company, Inc. | 1661806 |
| 4431 | Stryker Corporation | 1753037 |
| 5452 | UnitedHealth Group, Inc. | 1700861 |
| 3335 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1484742 |
| 6192 | Zoetis, Inc. | 965642 |
|  |  | 13841314 |
|  | **Industrials - 6.6%** |  |
| 15477 | Amphenol Corporation, Class A | 1528354 |
| 4627 | Caterpillar, Inc. | 1796247 |
| 4463 | Cintas Corporation | 994669 |
| 3199 | Deere & Company | 1626660 |

---

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.7% (Continued)** |  |
|  | **Industrials - 6.6% (Continued)** |  |
| 9167 | Delta Air Lines, Inc. | $450833 |
| 15259 | Fastenal Company | 640878 |
| 7108 | General Electric Company | 1829528 |
| 479 | Huntington Ingalls Industries, Inc. | 115659 |
| 1695 | Parker-Hannifin Corporation | 1183907 |
| 2616 | Republic Services, Inc. | 645132 |
| 8125 | Southwest Airlines Company | 263575 |
| 859 | United Rentals, Inc. <sup>(a)</sup> | 647170 |
| 586 | WW Grainger, Inc. | 609581 |
|  |  | 12332193 |
|  | **Materials - 1.7%** |  |
| 3369 | Ecolab, Inc. | 907743 |
| 12950 | Newmont Corporation | 754467 |
| 3237 | Sherwin-Williams Company (The) | 1111457 |
| 1751 | Vulcan Materials Company | 456696 |
|  |  | 3230363 |
|  | **Real Estate - 1.9%** |  |
| 6006 | American Tower Corporation, A | 1327447 |
| 3769 | CBRE Group, Inc., Class A<sup>(a)</sup> | 528112 |
| 3739 | Iron Mountain, Inc. | 383509 |
| 11584 | Realty Income Corporation | 667354 |
| 4046 | Simon Property Group, Inc. | 650435 |
|  |  | 3556857 |
|  | **Technology - 28.0%** |  |
| 40355 | Apple, Inc. | 8279635 |
| 2087 | Automatic Data Processing, Inc. | 643631 |
| 12424 | Broadcom, Inc. | 3424676 |
| 25475 | Cisco Systems, Inc. | 1767456 |
| 2957 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1506030 |
| 317 | Fair Isaac Corporation<sup>(a)</sup> | 579463 |
| 7476 | Fiserv, Inc.<sup>(a)</sup> | 1288937 |
| 1052 | Gartner, Inc.<sup>(a)</sup> | 425239 |
| 2216 | Intuit, Inc. | 1745388 |
| 930 | Jack Henry & Associates, Inc. | 167558 |

---

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.7% (Continued)** |  |
|  | **Technology - 28.0% (Continued)** |  |
| 3133 | Mastercard, Inc., Class A | $1760559 |
| 12221 | Micron Technology, Inc. | 1506238 |
| 20810 | Microsoft Corporation | 10351101 |
| 68298 | NVIDIA Corporation | 10790401 |
| 7985 | Oracle Corporation | 1745761 |
| 8392 | Palo Alto Networks, Inc.<sup>(a)</sup> | 1717339 |
| 687 | Paycom Software, Inc. <sup>(a)</sup> | 158972 |
| 13684 | PayPal Holdings, Inc.<sup>(a)</sup> | 1016995 |
| 3301 | S&P Global, Inc. | 1740584 |
| 6453 | Salesforce, Inc. | 1759668 |
| 573 | Tyler Technologies, Inc.<sup>(a)</sup> | 339697 |
|  |  | 52715328 |
|  | **Utilities - 2.1%** |  |
| 2514 | American Water Works Company, Inc. | 349723 |
| 3845 | Constellation Energy Corporation | 1241012 |
| 10165 | Duke Energy Corporation | 1199470 |
| 13177 | Exelon Corporation | 572145 |
| 6672 | FirstEnergy Corporation | 268615 |
| 9554 | PPL Corporation | 323785 |
|  |  | 3954750 |
|  | **TOTAL COMMON STOCKS (Cost $127,488,987)** | 145887244 |
|  | **EXCHANGE-TRADED FUNDS — 3.4%** |  |
|  | **Equity - 1.6%** |  |
| 2427 | iShares Core S&P 500 ETF, USD Class | 1506925 |
| 2431 | SPDR S&P 500 ETF Trust ETF | 1501993 |
|  |  | 3008918 |
|  | **Fixed Income - 1.8%** |  |
| 41195 | iShares iBoxx $ High Yield Corporate Bond ETF | 3322376 |

---

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 3.4% (Continued)** |  |  |  |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $6,115,471)** |  |  | $6331294 |
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS — 0.5%** |  |  |  |
|  | **REAL ESTATE — 0.5%** |  |  |  |
| 1000000 | Marriott Vacations Worldwide Corp Series (Cost $972,756) | 4.7500 | &nbsp;&nbsp;01/15/28 | 977896 |
|  | **CORPORATE BONDS — 17.5%** |  |  |  |
|  | **COMMUNICATIONS — 2.1%** |  |  |  |
| 1000000 | Boyd Gaming Corporation Series | 4.7500 | &nbsp;&nbsp;12/01/27 | 992627 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital Series <sup>(b)</sup> | 4.5000 | &nbsp;&nbsp;06/01/33 | 914044 |
| 1000000 | Nexstar Broadcasting, Inc. Series <sup>(b)</sup> | 4.7500 | &nbsp;&nbsp;11/01/28 | 973708 |
| 1000000 | Telecom Italia Capital S.A. Series | 7.2000 | &nbsp;&nbsp;07/18/36 | 1056980 |
|  |  |  |  | 3937359 |
|  | **CONSUMER DISCRETIONARY — 3.8%** |  |  |  |
| 1000000 | Builders FirstSource, Inc. Series <sup>(b)</sup> | 6.3750 | &nbsp;&nbsp;03/01/34 | 1018981 |
| 1000000 | Caesars Entertainment, Inc. Series <sup>(b)</sup> | 7.0000 | &nbsp;&nbsp;02/15/30 | 1035929 |
| 1000000 | Light & Wonder International, Inc. Series <sup>(b)</sup> | 7.2500 | &nbsp;&nbsp;11/15/29 | 1030785 |
| 1000000 | Nissan Motor Acceptance Company, LLC Series <sup>(b)</sup> | 2.7500 | &nbsp;&nbsp;03/09/28 | 913620 |
| 1000000 | Papa John's International, Inc. Series <sup>(b)</sup> | 3.8750 | &nbsp;&nbsp;09/15/29 | 969518 |
| 1000000 | Six Flags Entertainment Corporation Series <sup>(b)</sup> | 7.2500 | &nbsp;&nbsp;05/15/31 | 1029323 |
| 1000000 | Thor Industries, Inc. Series <sup>(b)</sup> | 4.0000 | &nbsp;&nbsp;10/15/29 | 936914 |
|  |  |  |  | 6935070 |
|  | **CONSUMER STAPLES — 1.0%** |  |  |  |
| 1000000 | Lamb Weston Holdings, Inc. Series <sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;01/31/32 | 940187 |
| 1000000 | Performance Food Group Inc Series <sup>(b)</sup> | 6.1250 | &nbsp;&nbsp;09/15/32 | 1022694 |
|  |  |  |  | 1962881 |
|  | **ENERGY — 2.6%** |  |  |  |
| 1000000 | California Resources Corporation Series <sup>(b)</sup> | 8.2500 | &nbsp;&nbsp;06/15/29 | 1027027 |

---

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 17.5% (Continued)** |  |  |  |
|  | **ENERGY — 2.6% (Continued)** |  |  |  |
| 1000000 | Matador Resources Company Series <sup>(b)</sup> | 6.8750 | &nbsp;&nbsp;04/15/28 | $1020768 |
| 1000000 | Occidental Petroleum Corporation Series B | 3.2000 | &nbsp;&nbsp;08/15/26 | 980479 |
| 1000000 | Valaris Ltd. Series <sup>(b)</sup> | 8.3750 | &nbsp;&nbsp;04/30/30 | 1026004 |
| 1000000 | Valvoline, Inc. Series <sup>(b)</sup> | 3.6250 | &nbsp;&nbsp;06/15/31 | 905274 |
|  |  |  |  | 4959552 |
|  | **FINANCIALS — 0.6%** |  |  |  |
| 1000000 | Starwood Property Trust, Inc. Series <sup>(b)</sup> | 7.2500 | &nbsp;&nbsp;04/01/29 | 1052735 |
|  | **HEALTH CARE — 1.6%** |  |  |  |
| 1000000 | Encompass Health Corporation Series | 4.6250 | &nbsp;&nbsp;04/01/31 | 968454 |
| 1000000 | Perrigo Finance Unlimited Company Series | 6.1250 | &nbsp;&nbsp;09/30/32 | 1009863 |
| 1000000 | TELEFLEX INC Series B <sup>(b)</sup> | 4.2500 | &nbsp;&nbsp;06/01/28 | 976967 |
|  |  |  |  | 2955284 |
|  | **INDUSTRIALS — 2.1%** |  |  |  |
| 1000000 | Aramark Services, Inc. Series <sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;02/01/28 | 995107 |
| 1000000 | Atkore, Inc. Series <sup>(b)</sup> | 4.2500 | &nbsp;&nbsp;06/01/31 | 926010 |
| 1000000 | Chart Industries, Inc. Series <sup>(b)</sup> | 9.5000 | &nbsp;&nbsp;01/01/31 | 1067437 |
| 1000000 | Dycom Industries, Inc. Series <sup>(b)</sup> | 4.5000 | &nbsp;&nbsp;04/15/29 | 973252 |
|  |  |  |  | 3961806 |
|  | **MATERIALS — 0.5%** |  |  |  |
| 1000000 | Advanced Drainage Systems, Inc. Series <sup>(b)</sup> | 6.3750 | &nbsp;&nbsp;06/15/30 | 1022709 |
|  | **REAL ESTATE — 1.0%** |  |  |  |
| 1000000 | Iron Mountain Information Management Services, Series <sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;07/15/32 | 960378 |
| 1000000 | SBA COMMUNICATIONS CORP Series | 3.8750 | &nbsp;&nbsp;02/15/27 | 983983 |
|  |  |  |  | 1944361 |
|  | **TECHNOLOGY — 1.1%** |  |  |  |
| 1000000 | OPEN TEXT HLDGS INC SR GLBL 144A 30 Series <sup>(b)</sup> | 4.1250 | &nbsp;&nbsp;02/15/30 | 945138 |
| 1000000 | Sealed Air Corporation Series <sup>(b)</sup> | 6.8750 | &nbsp;&nbsp;07/15/33 | 1077750 |
|  |  |  |  | 2022888 |
|  | **UTILITES — 1.1%** |  |  |  |
| 1000000 | NRG Energy, Inc. Series <sup>(b)</sup> | 6.2500 | &nbsp;&nbsp;11/01/34 | 1021089 |
| 1000000 | Vistra Operations Company, LLC Series <sup>(b)</sup> | 7.7500 | &nbsp;&nbsp;10/15/31 | 1064340 |
|  |  |  |  | 2085429 |

---

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **CORPORATE BONDS — 17.5% (Continued)** |  |
| **UTILITES — 1.1% (Continued)** |  |
| **TOTAL CORPORATE BONDS (Cost $32,233,073)** | $32840074 |
| **TOTAL INVESTMENTS - 99.1% (Cost $166,810,287)** | $186036508 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | 1665197 |
| **NET ASSETS - 100.0%** | $187701705 |

---

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

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is 26,847,688 or 14.3% of net assets.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** New Age Alpha Funds Trust

- **b. Investment Company Act file number:** 811-23945

- **c. CIK number of Registrant:** 0002013853

- **d. LEI of Registrant:** 529900860B9CQ8SDNS27

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 555 Theodore Fremd Avenue

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

  - **Telephone number:** 212-922-2699

**Item A.2. Information about the Series.**

- **a. Name of Series:** NAA ALLOCATION FUND

- **b. EDGAR series identifier (if any):** S000087625

- **c. LEI of Series:** 529900YIYRH0BRFKR560

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $188212842.07

**Total Liabilities:** $511137.26

**Net Assets:** $187701704.81

**Cash Not Reported:** $2120.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253472 | -0.44%               | 4.15%                | 3.98%                |
| Class ID C000253469 | -0.42%               | 4.05%                | 3.96%                |
| Class ID C000253470 | -0.37%               | 4.15%                | 3.99%                |
| Class ID C000253471 | -0.36%               | 4.12%                | 4.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-145290.63              | $-834534.53                                |
| Month 2  | $7080.51                 | $6985337.87                                |
| Month 3  | $1180.94                 | $6991969.54                                |

### Schedule of Portfolio Investments

| Name                                             | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American International Group Inc.                | American International Group, Inc.                         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      7444 | NS      | $637131.96    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Holdings Inc                           | OPEN TEXT HLDGS INC SR GLBL 144A 30                        | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $945137.84    | 0.50%             | 2030-02-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies Inc                            | Uber Technologies, Inc.                                    | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     19916 | NS      | $1858162.80   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                           | Micron Technology, Inc.                                    | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     12221 | NS      | $1506238.25   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                          | Boyd Gaming Corporation 4.75%, DUE 12/01/2027              | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992627.20    | 0.53%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Halliburton Company                              | Halliburton Company                                        | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     10829 | NS      | $220695.02    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                             | PayPal Holdings, Inc.                                      | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     13684 | NS      | $1016994.88   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                         | Procter & Gamble Company (The)                             | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     10645 | NS      | $1695961.40   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Ownership Resorts Inc                   | Marriott Vacations Worldwide Corp 4.750%, Due 01/15/2028   | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $977895.70    | 0.52%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                      | Zoetis, Inc.                                               | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      6192 | NS      | $965642.40    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                           | Southwest Airlines Company                                 | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      8125 | NS      | $263575.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.               | American Water Works Company, Inc.                         | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      2514 | NS      | $349722.54    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                     | Lennar Corporation Class A                                 | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      3293 | NS      | $364238.73    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                       | Constellation Energy Corporation                           | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      3845 | NS      | $1241012.20   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                    | Alphabet, Inc. Class A                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7316 | NS      | $1289298.68   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                     | Oracle Corporation                                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      7985 | NS      | $1745760.55   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                                  | PPL Corporation                                            | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      9554 | NS      | $323785.06    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                             | Schlumberger Ltd.                                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     17374 | NS      | $587241.20    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                          | UnitedHealth Group, Inc.                                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5452 | NS      | $1700860.44   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                      | Phillips 66                                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      4999 | NS      | $596380.70    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                              | Cisco Systems, Inc.                                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     25475 | NS      | $1767455.50   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Finance Unlimited Co.                    | Perrigo Finance Unlimited Company 6.125%, Due 09/30/2032   | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $1009863.00   | 0.54%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| The Hartford Insurance Group Inc.                | Hartford Insurance Group, Inc. (The)                       | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      3668 | NS      | $465359.16    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                       | Apple, Inc.                                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     40355 | NS      | $8279635.35   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc.                       | Caesars Entertainment, Inc. 7%, Due 02/15/2030             | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1035927.67   | 0.55%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Teleflex Incorporated                            | TELEFLEX INC 4.25% Due 06/01/2028                          | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $976966.50    | 0.52%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| American Express Company                         | American Express Company                                   | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      5617 | NS      | $1791710.66   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                                  | CBRE Group, Inc.                                           | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      3769 | NS      | $528112.28    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                             | Amphenol Corporation Class A                               | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     15477 | NS      | $1528353.75   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                              | Newmont Corporation                                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     12950 | NS      | $754467.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                      | Fiserv, Inc.                                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      7476 | NS      | $1288937.16   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                    | Alphabet, Inc. Class C                                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     22934 | NS      | $4068262.26   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                         | O'Reilly Automotive, Inc.                                  | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     11458 | NS      | $1032709.54   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                    | iShares iBoxx $ High Yield Corporate Bond ETF              | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     41195 | NS      | $3322376.75   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                         | Simon Property Group, Inc. REIT                            | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      4046 | NS      | $650434.96    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc.                             | Thor Industries, Inc. 4.000%, Due 10/15/2029               | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $936914.20    | 0.50%             | 2029-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Cintas Corporation                               | Cintas Corporation                                         | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4463 | NS      | $994668.81    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                             | Booking Holdings, Inc.                                     | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       315 | NS      | $1823610.60   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                   | S&P Global, Inc.                                           | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      3301 | NS      | $1740584.29   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                  | First Solar, Inc.                                          | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      1581 | NS      | $261718.74    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                           | Palo Alto Networks, Inc.                                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      8392 | NS      | $1717338.88   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                  | Deere & Company                                            | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      3199 | NS      | $1626659.51   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr S&P 500 Etf Trust                           | SPDR S&P 500 ETF Trust                                     | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      2431 | NS      | $1501993.35   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                             | Delta Air Lines, Inc.                                      | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      9167 | NS      | $450833.06    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                             | JPMorgan Chase & Company                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      7757 | NS      | $2248831.87   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                       | Amgen, Inc.                                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5719 | NS      | $1596801.99   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                              | Stryker Corporation                                        | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      4431 | NS      | $1753036.53   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation                 | California Resources Corporation 8.25%, Due 06/15/2029     | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027027.00   | 0.55%             | 2029-06-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Microsoft Corp.                                  | Microsoft Corporation                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     20810 | NS      | $10351102.10  | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                           | Diamondback Energy, Inc.                                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      2359 | NS      | $324126.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.                     | Jack Henry & Associates, Inc.                              | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       930 | NS      | $167558.10    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                           | Fair Isaac Corporation                                     | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       317 | NS      | $579463.32    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                               | Meta Platforms, Inc. Class A                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5982 | NS      | $4415254.38   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                         | Lamb Weston Holdings, Inc. 4.375%, Due 01/31/2032          | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940186.70    | 0.50%             | 2032-01-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Paycom Software Inc                              | Paycom Software, Inc.                                      | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       687 | NS      | $158971.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                    | iShares Core S&P 500 ETF                                   | CUSIP: 464287200<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2427 | NS      | $1506924.30   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                    | Hilton Worldwide Holdings, Inc.                            | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      3142 | NS      | $836840.28    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Inc.                               | Nexstar Broadcasting, Inc 4.750% Due 11/01/2028            | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $973707.77    | 0.52%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.    | CCO Holdings, LLC / CCO Holdings Capital Corporation       | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $914044.40    | 0.49%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Pulte Group Inc                                  | PulteGroup, Inc.                                           | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2741 | NS      | $289065.86    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                  | Eli Lilly & Company                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2149 | NS      | $1675209.97   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                             | Baker Hughes Company Class A                               | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12797 | NS      | $490636.98    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                  | Salesforce, Inc.                                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      6453 | NS      | $1759668.57   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                            | Bank of America Corporation                                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     37352 | NS      | $1767496.64   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                | Exxon Mobil Corporation                                    | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     14897 | NS      | $1605896.60   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cooper Companies, Inc.                       | Cooper Companies, Inc. (The)                               | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      2682 | NS      | $190851.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corporation                              | Insulet Corporation                                        | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       897 | NS      | $281819.46    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                        | Realty Income Corporation REIT                             | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     11584 | NS      | $667354.24    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                            | Cardinal Health, Inc.                                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      2851 | NS      | $478968.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                           | Dycom Industries, Inc. 4.5%, Due 04/15/2029                | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $973251.70    | 0.52%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ecolab Inc.                                      | Ecolab, Inc.                                               | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      3369 | NS      | $907743.36    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                                | D.R. Horton, Inc.                                          | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      3738 | NS      | $481902.96    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage System Inc                     | Advanced Drainage Systems, Inc. 6.375%, Due 06/15/2030     | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022709.00   | 0.54%             | 2030-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| MasterCard Incorporated                          | Mastercard, Inc. Class A                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3133 | NS      | $1760558.02   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                                 | Sealed Air Corporation 6.875%, Due 07/15/2033              | CUSIP: 81211KAK6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1077750.00   | 0.57%             | 2033-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Vulcan Materials Company                         | Vulcan Materials Company                                   | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      1751 | NS      | $456695.82    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                       | Occidental Petroleum Corporation 3.20% Due 08/15/2026      | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980478.70    | 0.52%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                        | Tesla, Inc.                                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      8879 | NS      | $2820503.14   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                        | Matador Resources Company 6.875%, Due 04/15/2028           | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020768.00   | 0.54%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Atkore Inc                                       | Atkore, Inc. 4.25%, Due 06/01/2031                         | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $926010.20    | 0.49%             | 2031-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Walmart Inc                                      | Walmart, Inc.                                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     17711 | NS      | $1731781.58   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc. 6.25%, Due 11/01/2034                     | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021089.00   | 0.54%             | 2034-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                             | Keurig Dr Pepper Inc.                                      | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     17387 | NS      | $574814.22    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corporation 7.25%, Due 05/15/2031  | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029323.00   | 0.55%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Gilead Sciences Inc.                             | Gilead Sciences, Inc.                                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     15348 | NS      | $1701632.76   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                       | Chipotle Mexican Grill, Inc.                               | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16996 | NS      | $954325.40    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co LLC                         | Vistra Operations Company, LLC 7.75%, Due 10/15/2031       | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1064340.25   | 0.57%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Broadcom Inc                                     | Broadcom, Inc.                                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     12424 | NS      | $3424675.60   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd.                                     | Valaris Ltd. 8.375%, Due 04/30/2030                        | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026004.26   | 0.55%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                   | Nissan Motor Acceptance Company, LLC 2.75%, Due 03/09/2028 | CUSIP: 654740BT5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $913620.20    | 0.49%             | 2028-03-09      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                      | Telecom Italia Capital S.A. 7.2%, Due 07/18/2036           | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $1056980.00   | 0.56%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                     | Sherwin-Williams Company (The)                             | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      3237 | NS      | $1111456.32   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                    | Starwood Property Trust, Inc. 7.25%, Due 04/01/2029        | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1052735.00   | 0.56%             | 2029-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                       | Builders FirstSource, Inc. 6.375%, Due 03/01/2034          | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018981.00   | 0.54%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Crowdstrike Holdings Inc                         | Crowdshare Holdings, Inc.                                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      2957 | NS      | $1506029.67   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries, Inc.              | Huntington Ingalls Industries, Inc.                        | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |       479 | NS      | $115659.34    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                          | Berkshire Hathaway, Inc. Class B                           | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      5036 | NS      | $2446337.72   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                            | Parker-Hannifin Corporation                                | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      1695 | NS      | $1183906.65   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                       | Chubb Ltd.                                                 | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      4871 | NS      | $1411226.12   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                 | Merck & Company, Inc.                                      | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     20993 | NS      | $1661805.88   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                               | Coca-Cola Company (The)                                    | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     24236 | NS      | $1714697.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                 | Duke Energy Corporation                                    | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     10165 | NS      | $1199470.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                             | United Rentals, Inc.                                       | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       859 | NS      | $647170.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                  | T-Mobile USA, Inc.                                         | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      6590 | NS      | $1570133.40   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                                 | Arthur J. Gallagher & Company                              | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      3263 | NS      | $1044551.56   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Information Management Servces Inc | Iron Mountain Information Management Services, Inc.        | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $960377.60    | 0.51%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Exelon Corp.                                     | Exelon Corporation                                         | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     13177 | NS      | $572145.34    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                                 | Grainger (W.W.), Inc.                                      | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       586 | NS      | $609580.64    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                                     | Gartner, Inc.                                              | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1052 | NS      | $425239.44    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Inc                       | Performance Food Group Inc 6.125%, Due 09/15/2032          | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022694.00   | 0.54%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Papa John's International Inc.                   | Papa Johns International 3.8750%, Due 09/15/2029           | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969517.90    | 0.52%             | 2029-09-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                              | BBH Overnight Sweep                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1436730 | PA      | $1436730.17   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                             | Chart Industries, Inc. 9.5%, Due 01/01/2031                | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1067437.00   | 0.57%             | 2031-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Centene Corp.                                    | Centene Corporation                                        | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      6447 | NS      | $349943.16    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                 | Amazon.com, Inc.                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     26551 | NS      | $5825023.89   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                  | Caterpillar, Inc.                                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      4627 | NS      | $1796247.67   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                           | General Motors Company                                     | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     12626 | NS      | $621325.46    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                                | FirstEnergy Corporation                                    | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      6672 | NS      | $268614.72    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                       | American Tower Corporation                                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      6006 | NS      | $1327446.12   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark Services, Inc.                           | Aramark Services, Inc. 5.00%, Due 02/01/2028               | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995107.30    | 0.53%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NVIDIA Corp.                                     | NVIDIA Corporation                                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     68298 | NS      | $10790401.02  | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                     | Marriott International, Inc. Class A                       | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      3057 | NS      | $835202.97    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                          | Republic Services, Inc.                                    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      2616 | NS      | $645131.76    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                         | SBA COMMUNICATIONS CORP 3.875%, Due 02/15/2027             | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983983.70    | 0.52%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| The Allstate Corporation                         | Allstate Corporation (The)                                 | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      3426 | NS      | $689688.06    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                                    | Valvoline, Inc. 3.625%, Due 06/15/2031                     | CUSIP: 92047WAG6<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $905273.90    | 0.48%             | 2031-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Automatic Data Processing, Inc.                  | Automatic Data Processing, Inc.                            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2087 | NS      | $643630.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                                     | General Electric Company                                   | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      7108 | NS      | $1829528.12   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                     | Fastenal Company                                           | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     15259 | NS      | $640878.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                   | Citigroup, Inc.                                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     21177 | NS      | $1802586.24   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                      | PepsiCo, Inc.                                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     12915 | NS      | $1705296.60   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                     | Encompass Health Corporation 4.625%, Due 04/01/2031        | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $968454.20    | 0.52%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                | Light & Wonder International, Inc. 7.25%, Due 11/15/2029   | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1030785.41   | 0.55%             | 2029-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Intuit Inc                                       | Intuit, Inc.                                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2216 | NS      | $1745388.08   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                          | Tyler Technologies, Inc.                                   | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |       573 | NS      | $339697.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.                | PNC Financial Services Group, Inc. (The)                   | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      5223 | NS      | $973671.66    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                               | Iron Mountain, Inc.                                        | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      3739 | NS      | $383509.23    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated              | Vertex Pharmaceuticals, Inc.                               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      3335 | NS      | $1484742.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                         | Lululemon Athletica, Inc.                                  | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      1611 | NS      | $382741.38    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** New Age Alpha Funds Trust

**Signature:** Keith D. Kemp

**Name of Signer:** Keith D. Kemp

**Title:** President