# EDGAR Filing Document

**Accession Number:** 0002013853
**File Stem:** 0001752724-25-211596
**Filing Date:** 2025-8
**Character Count:** 69167
**Document Hash:** 4c32716110dd031999eb5c3d22235c43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211596.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211596

**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:** 251272046

**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 Risk Managed Real Estate Fund (Series ID: S000087630)

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

## Nport-Ex

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6%** |  |
|  | **Real Estate - 89.6%** |  |
| 23439 | Agree Realty Corporation | $1712453 |
| 33273 | Alexandria Real Estate Equities, Inc. | 2416618 |
| 50489 | Apple Hospitality REIT, Inc. | 589207 |
| 30266 | AvalonBay Communities, Inc. | 6159131 |
| 32293 | BXP, Inc. | 2178809 |
| 39242 | CareTrust REIT, Inc. | 1200805 |
| 25111 | COPT Defense Properties | 692561 |
| 37053 | Cousins Properties, Inc. | 1112702 |
| 49888 | CubeSmart | 2120240 |
| 52032 | Digital Realty Trust, Inc. | 9070739 |
| 11341 | EastGroup Properties, Inc. | 1895308 |
| 16160 | EPR Properties | 941482 |
| 17366 | Equinix, Inc. | 13814132 |
| 40578 | Equity LifeStyle Properties, Inc. | 2502445 |
| 73584 | Equity Residential | 4966184 |
| 43485 | Essential Properties Realty Trust, Inc. | 1387606 |
| 13837 | Essex Property Trust, Inc. | 3921406 |
| 45782 | Extra Space Storage, Inc. | 6750098 |
| 28593 | First Industrial Realty Trust, Inc. | 1376181 |
| 22637 | Four Corners Property Trust, Inc. | 609162 |
| 149644 | Healthpeak Properties, Inc. | 2620266 |
| 24329 | Highwoods Properties, Inc. | 756389 |
| 151429 | Host Hotels & Resorts, Inc. | 2325949 |
| 120174 | Invitation Homes, Inc. | 3941707 |
| 61363 | Iron Mountain, Inc. | 6294003 |
| 24017 | Kilroy Realty Corporation<sup>(a)</sup> | 824023 |
| 144947 | Kimco Realty Corporation | 3046786 |
| 19117 | Lamar Advertising Company, Class A | 2320039 |
| 58361 | Macerich Company (The) | 944281 |
| 141991 | Medical Properties Trust, Inc. | 611981 |
| 25318 | Mid-America Apartment Communities, Inc. | 3747317 |
| 17 | NexPoint Residential Trust, Inc. | 566 |
| 40039 | NNN REIT, Inc. | 1728884 |
| 28180 | Phillips Edison & Company, Inc. | 987145 |

---

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  |  | **Fair Value** |
|  | **COMMON STOCKS — 89.6% (Continued)** | **COMMON STOCKS — 89.6% (Continued)** |  |
|  | **Real Estate - 89.6% (Continued)** | **Real Estate - 89.6% (Continued)** |  |
| 154432 | Prologis, Inc. | Prologis, Inc. | $16233893 |
| 31110 | Public Storage | Public Storage | 9128296 |
| 158738 | Realty Income Corporation | Realty Income Corporation | 9144896 |
| 35158 | Regency Centers Corporation | Regency Centers Corporation | 2504304 |
| 51186 | Rexford Industrial Realty, Inc. | Rexford Industrial Realty, Inc. | 1820686 |
| 13064 | Ryman Hospitality Properties, Inc. | Ryman Hospitality Properties, Inc. | 1289025 |
| 57884 | Simon Property Group, Inc. | Simon Property Group, Inc. | 9305432 |
| 16308 | SL Green Realty Corporation | SL Green Realty Corporation | 1009465 |
| 40945 | STAG Industrial, Inc. | STAG Industrial, Inc. | 1485485 |
| 25385 | Sun Communities, Inc. | Sun Communities, Inc. | 3210949 |
| 25597 | Tanger Inc. | Tanger Inc. | 782756 |
| 65542 | UDR, Inc. | UDR, Inc. | 2676080 |
| 95626 | Ventas, Inc. | Ventas, Inc. | 6038782 |
| 221844 | VICI Properties, Inc. | VICI Properties, Inc. | 7232114 |
| 38131 | Vornado Realty Trust | Vornado Realty Trust | 1458129 |
| 99661 | Welltower, Inc. | Welltower, Inc. | 15320887 |
| 46184 | WP Carey, Inc. | WP Carey, Inc. | 2880958 |
|  |  |  | 187088742 |
|  | **TOTAL COMMON STOCKS (Cost $177,126,081)** | **TOTAL COMMON STOCKS (Cost $177,126,081)** | 187088742 |
| **Principal <br> Amount ($)** |  | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 4.3%** |  |  |
|  | **U.S. TREASURY BILLS — 4.3%** |  |  |
| 9000000 | United States Treasury Bill Series <sup>(b)</sup> | &nbsp;&nbsp;07/03/25 | 8997900 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,997,910)** |  | 8997900 |
|  | **TOTAL INVESTMENTS - 93.9% (Cost $186,123,991)** |  | $196086642 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 6.1%** |  | 12727556 |
|  | **NET ASSETS - 100.0%** |  | $208814198 |

---

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (14.4)%** |  |
|  | **ASSET MANAGEMENT - (0.1)%** |  |
| (20736) | Star Holdings | $(161948) |
|  | **HEALTH CARE REIT - (0.5)%** |  |
| (32562) | Community Healthcare Trust, Inc. | (541506) |
| (9957) | Universal Health Realty Income Trust | (397981) |
|  |  | (939487) |
|  | **HOME CONSTRUCTION - (0.4)%** |  |
| (44906) | Forestar Group, Inc. | (898120) |
|  | **HOTEL OWNERS & DEVELOPERS - (1.3)%** |  |
| (98617) | Millrose Properties, Inc. | (2811571) |
|  | **HOTEL REIT - (1.2)%** |  |
| (121750) | DiamondRock Hospitality Company | (932605) |
| (30840) | Pebblebrook Hotel Trust | (308092) |
| (112141) | Xenia Hotels & Resorts, Inc. | (1409612) |
|  |  | (2650309) |
|  | **INDUSTRIAL REIT - (1.1)%** |  |
| (97198) | Americold Realty Trust, Inc. | (1616403) |
| (11015) | Terreno Realty Corporation | (617611) |
|  |  | (2234014) |
|  | **INFRASTRUCTURE REIT - (0.5)%** |  |
| (10395) | Crown Castle, Inc. | (1067878) |
|  | **MULTI ASSET CLASS REIT - (0.5)%** |  |
| (11749) | Broadstone Net Lease, Inc. | (188571) |
| (63203) | FrontView REIT, Inc. | (758436) |
|  |  | (947007) |
|  | **MULTI ASSET CLASS REITS - (0.3)%** |  |
| (33442) | Alexander & Baldwin, Inc. | (596271) |
|  | **OFFICE REIT - (1.4)%** |  |
| (192991) | Veris Residential, Inc. | (2873637) |

---

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (14.4)% (Continued)** |  |
|  | **REAL ESTATE - (3.2)%** |  |
| (13313) | BRT Apartments Corporation | $(208215) |
| (73739) | CTO Realty Growth, Inc. | (1272735) |
| (96353) | Curbline Properties Corporation | (2199739) |
| (142285) | Healthcare Realty Trust, Inc. | (2256640) |
| (5232) | Lineage Inc | (227697) |
| (32196) | Tejon Ranch Company | (546044) |
|  |  | (6711070) |
|  | **REAL ESTATE OWNERS & DEVELOPERS - (0.4)%** |  |
| (9869) | FRP Holdings, Inc. | (265377) |
| (29185) | Seaport Entertainment Group | (544301) |
|  |  | (809678) |
|  | **REAL ESTATE SERVICES - (0.3)%** |  |
| (14743) | eXp World Holdings, Inc. | (134161) |
| (13005) | Marcus & Millichap, Inc. | (399384) |
|  |  | (533545) |
|  | **REIT - (0.3)%** |  |
| (20318) | NET Lease Office Properties | (661351) |
|  | **RESIDENTIAL REIT - (1.6)%** |  |
| (6974) | Camden Property Trust | (785900) |
| (32618) | Cyberspace | (1963277) |
| (36032) | UMH Properties, Inc. | (604977) |
|  |  | (3354154) |
|  | **RETAIL REIT - (0.7)%** |  |
| (5238) | Alexander's, Inc. | (1180226) |
| (20111) | Alpine Income Property Trust, Inc. | (295833) |
|  |  | (1476059) |
|  | **SPECIALTY REIT - (0.4)%** |  |
| (77235) | Gladstone Land Corporation | (785480) |
|  | **TIMBER REIT - (0.2)%** |  |
| (19965) | Weyerhaeuser Company | (512901) |

---

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (14.4)% (Continued)** |  |
|  | **TIMBER REIT - (0.2)% (Continued)** |  |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $30,189,466)** | $(30024480) |

---

REIT - Real Estate Investment Trust

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

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at <br> June 30, 2025** | **Number of <br> Shares** | **Reference Obligation#** | **Floating Rate to<br> Pay** | **Maturity Date^** | **Fair Value** | **Upfront <br> payments/<br> receipts** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| $1356905 | 18504 | Agree Realty Corp | OBFR + 45 bps | 11/26/2025 | $(4579) | $— | $(4579) |
| 345898 | 3087 | Alexandria Real Estate Equitites | OBFR + 45 bps | 12/26/2025 | (272166) |  | (272166) |
| 482996 | 22895 | American Assets Trust | OBFR + 45 bps | 11/26/2025 | (27522) |  | (27522) |
| 1402842 | 6725 | American Tower Corp | OBFR + 45 bps | 12/26/2025 | 108746 |  | 108746 |
| 3337169 | 15332 | Avalonbay Communitie | OBFR + 45 bps | 12/26/2025 | (216235) |  | (216235) |
| 716949 | 5891 | Cbre Group Inc - A | OBFR - 35 bps | 11/25/2025 | 102689 |  | 102689 |
| 109571 | 16982 | Compass Inc | OBFR + 45 bps | 11/25/2025 | (3012) |  | (3012) |
| 9910 | 747551 | Costar Group | OBFR - 35 bps | 11/25/2025 | (76004) |  | (76004) |
| 647923 | 81709 | Cushman & Wakefield | OBFR + 45 bps | 11/25/2025 | 279388 |  | 279388 |
| 210541 | 15826 | Douglas Emmett Inc | OBFR + 45 bps | 11/25/2025 | 28244 |  | 28244 |
| 371659 | 24816 | Elme Communities | OBFR + 45 bps | 11/25/2025 | 60968 |  | 60968 |
| 2149726 | 31053 | Equity Residential | OBFR + 45 bps | 12/26/2025 | (54637) |  | (54637) |
| 146446 | 473 | Essex Property Trust | OBFR + 45 bps | 12/26/2025 | (123335) |  | (123335) |
| 16928 | 110999 | Global Medical Reit | OBFR - 35 bps | 11/25/2025 | (6239) |  | (6239) |
| 175350 | 10020 | Healthpeak Properties | OBFR + 45 bps | 11/25/2025 | (39) |  | (39) |
| 105526 | 6730 | Host Hotels & Resorts | OBFR + 45 bps | 11/25/2025 | (892) |  | (892) |
| 1521837 | 22251 | Howard Hughes Holdings | OBFR + 45 bps | 11/25/2025 | (21107) |  | (21107) |
| 811615 | 14410 | Innovative Industrials | OBFR + 45 bps | 11/26/2025 | (43620) |  | (43620) |
| 80917 | 2205776 | Inventrust Pptys Corp | OBFR + 45 bps | 11/25/2025 | (21472) |  | (21472) |
| 76907 | 1320685 | Jbg Smith Properties | OBFR - 53 bps | 11/25/2025 | (8930) |  | (8930) |
| 351642 | 1655 | Jones Lang Lasalle Inc. | OBFR + 45 bps | 11/25/2025 | 114450 |  | 114450 |
| 762285 | 41119 | Ke Holdings Inc-Adr | OBFR + 45 bps | 11/25/2025 | (33441) |  | (33441) |
| 402666 | 60111 | Kennedy-Wilson Hldgs | OBFR + 45 bps | 11/25/2025 | 8946 |  | 8946 |
| 154155 | 4431 | Kilroy Realty Corp | OBFR + 45 bps | 11/25/2025 | 143 |  | 143 |
| 818960 | 40890 | Kimco Realty Corp | OBFR + 45 bps | 12/26/2025 | 43067 |  | 43067 |
| 58462 | 1191739 | Kite Realty Grp | OBFR - 35 bps | 11/25/2025 | (122667) |  | (122667) |
| 1172352 | 9668 | Lamar Advertising Co | OBFR + 45 bps | 11/26/2025 | 3414 |  | 3414 |
| 953620 | 6388 | Mid-America Apartments | OBFR + 45 bps | 11/25/2025 | (8892) |  | (8892) |
| 182349 | 2143616 | Newmark Group Inc | OBFR - 35 bps | 11/25/2025 | (69021) |  | (69021) |
| 36713 | 1217657 | Nexpoint Residential | OBFR - 35 bps | 11/25/2025 | (6278) |  | (6278) |
| 1708515 | 42683 | Nnn Reit Inc | OBFR + 45 bps | 12/26/2025 | 141968 |  | 141968 |
| 1230497 | 32803 | Omega Healthcare Investments | OBFR + 45 bps | 11/26/2025 | (14488) |  | (14488) |
| 1700141 | 106384 | Ont Media Inc | OBFR + 45 bps | 11/26/2025 | 47229 |  | 47229 |
| 15926 | 176785 | Peakstone Realty | OBFR - 45 bps | 11/25/2025 | (20355) |  | (20355) |
| 32972 | 200355 | Piedmont Office Real Estate | OBFR - 35 bps | 11/25/2025 | (47801) |  | (47801) |
| 616431 | 44200 | Plymouth Industrial | OBFR + 35 bps | 11/25/2025 | 165538 |  | 165538 |
| 43435 | 552043 | Postal Realty Trust | OBFR - 35 bps | 11/25/2025 | (95768) |  | (95768) |
| 936817 | 8663 | Prologis Inc | OBFR + 45 bps | 11/25/2025 | (26909) |  | (26909) |
| 427117 | 1440 | Public Storage | OBFR + 45 bps | 11/26/2025 | (5155) |  | (5155) |
| 113525 | 4657 | Rayonier | OBFR + 45 bps | 11/25/2025 | (72655) |  | (72655) |
| 1222203 | 21068 | Realty Income Corp | OBFR + 45 bps | 11/26/2025 | (9460) |  | (9460) |
| 751535 | 10481 | Regency Centers Corp | OBFR + 45 bps | 11/25/2025 | (5572) |  | (5572) |
| 513063 | 11992 | Rexford Industrial Realty Inc. | OBFR + 45 bps | 12/26/2025 | (126188) |  | (126188) |
| 25138 | 376007 | Rmr Group Inc | OBFR + 45 bps | 11/25/2025 | (43128) |  | (43128) |
| 2929453 | 29260 | Ryman Hospitality Properties | OBFR + 45 bps | 12/26/2025 | (24067) |  | (24067) |
| 764638 | 44003 | Sabra Health Care Reit | OBFR + 45 bps | 11/26/2025 | 54699 |  | 54699 |
| 310964 | 20580 | Safehold Inc | OBFR + 45 bps | 11/26/2025 | (12737) |  | (12737) |
| 1219252 | 8178 | Simon Property Group | OBFR + 45 bps | 11/26/2025 | 99042 |  | 99042 |
| 183582 | 1433 | Sun Communities Inc | OBFR + 45 bps | 11/25/2025 | (977) |  | (977) |
| 1044067 | 33734 | Tanger Inc | OBFR + 45 bps | 12/26/2025 | (12086) |  | (12086) |
| 470210 | 11227 | The St Joe Co | OBFR + 45 bps | 11/25/2025 | 62605 |  | 62605 |
| 54302 | 962567 | Urban Edge Properties | OBFR + 45 bps | 11/25/2025 | (51902) |  | (51902) |
| 294877 | 4654 | Ventas Inc | OBFR + 45 bps | 11/25/2025 | 1022 |  | 1022 |
| 772782 | 25502 | Vici Properties Inc | OBFR + 45 bps | 11/26/2025 | 61089 |  | 61089 |
| 2938128 | 80446 | Vornado Realty | OBFR + 45 bps | 11/25/2025 | 134026 |  | 134026 |

---

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF TOTAL RETURN SWAPS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at <br> June 30, 2025** | **Number of <br> Shares** | **Reference Obligation#** | **Floating Rate to<br> Pay** | **Maturity Date^** | **Fair Value** | **Upfront <br> payments/<br> receipts** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| $109370 | 709 | Welltower Inc | OBFR + 45 bps | 11/25/2025 | $(463) | $— | $(463) |
| 16247 | 203526 | Whitestone Reit | OBFR + 45 bps | 11/25/2025 | 899 |  | 899 |
| 1383613 | 24354 | Wp Carey Inc | OBFR + 45 bps | 12/26/2025 | 192402 |  | 192402 |
| 880073 | 13603 | Zillow Group Inc - C | OBFR + 45 bps | 11/25/2025 | 66693 |  | 66693 |
|  |  |  |  |  | $87468 | $— | $87468 |

---

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

---

| |
|:---|
| REIT - Real Estate Investment Trust |
| OBFR - Overnight Bank Funding Rate. The OBFR was 4.33% on June 30, 2025. |

---

## 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 RISK MANAGED REAL ESTATE FUND

- **b. EDGAR series identifier (if any):** S000087630

- **c. LEI of Series:** 529900JOIA0Y5B3KRG74

**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:** $293796897.95

**Total Liabilities:** $84982699.72

**Net Assets:** $208814198.23

**Cash Not Reported:** $1712.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253492 | -1.89%               | 2.28%                | -0.70%               |
| Class ID C000253490 | -1.81%               | 2.33%                | -0.65%               |
| Class ID C000253489 | -1.79%               | 2.35%                | -0.62%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2718627.74             | $-1097193.02                               |
| Month 2  | $-57438.62               | $4238072.12                                |
| Month 3  | $1135721.18              | $-4069839.77                               |

**Designated Index Information**

- **Index Name:** NAA Risk Managed RE Fd DRP

- **Index Identifier:** NAA RISK MANAGED RE FD DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| POSTAL REALTY TRUST                     | POSTAL REALTY TRUST - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -43435 | NS      | $-82895.61    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| AvalonBay Communities, Inc.             | AvalonBay Communities, Inc. REIT                    | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     30266 | NS      | $6159131.00   | 2.95%             |  |  |  | No            | 1                  | On Loan: No      |
| THE ST JOE CO                           | THE ST JOE CO - TRS                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     11227 | NS      | $60336.21     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Community Healthcare Trust Inc.         | Community Healthcare Trust, Inc.                    | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Short            | EC               | CORP              | US        |    -32562 | NS      | $-541506.06   | -0.26%            |  |  |  | No            | 1                  | On Loan: No      |
| Alexandria Real Estate Equities, Inc.   | Alexandria Real Estate Equities, Inc. REIT          | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     33273 | NS      | $2416617.99   | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| UDR Inc                                 | UDR, Inc. REIT                                      | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     65542 | NS      | $2676079.86   | 1.28%             |  |  |  | No            | 1                  | On Loan: No      |
| ALEXANDRIA REAL ESTA                    | ALEXANDRIA REAL ESTA - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      3087 | NS      | $-139000.09   | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| Rexford Industrial Realty Inc.          | Rexford Industrial Realty, Inc.                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     51186 | NS      | $1820686.02   | 0.87%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN TOWER CORP                     | AMERICAN TOWER CORP - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      6725 | NS      | $82751.67     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| The Macerich Company                    | Macerich Company (The) REIT                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     58361 | NS      | $944280.98    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                 | Pebblebrook Hotel Trust REIT                        | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Short            | EC               | CORP              | US        |    -30840 | NS      | $-308091.60   | -0.15%            |  |  |  | No            | 1                  | On Loan: No      |
| OUTFRONT MEDIA INC                      | OUTFRONT MEDIA INC - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |    106384 | NS      | $18117.12     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Caretrust Reit Inc                      | CareTrust REIT, Inc. REIT                           | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     39242 | NS      | $1200805.20   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Alpine Income Property Trust Inc        | Alpine Income Property Trust REIT                   | CUSIP: 02083X103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -20111 | NS      | $-295832.81   | -0.14%            |  |  |  | No            | 1                  | On Loan: No      |
| SIMON PROPERTY GROUP                    | SIMON PROPERTY GROUP - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      8178 | NS      | $83787.50     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| ESSEX PROPERTY TRUST                    | ESSEX PROPERTY TRUST - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       473 | NS      | $-49647.14    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| UMH Properties Inc                      | UMH Properties, Inc. REIT                           | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Short            | EC               | CORP              | US        |    -36032 | NS      | $-604977.28   | -0.29%            |  |  |  | No            | 1                  | On Loan: No      |
| DOUGLAS EMMETT INC                      | DOUGLAS EMMETT INC - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     15826 | NS      | $28244.26     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Regency Centers Corp.                   | Regency Centers Corporation REIT                    | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     35158 | NS      | $2504304.34   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| NEWMARK GROUP INC-CL                    | NEWMARK GROUP INC-CL - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |   -182349 | NS      | $-68177.66    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Americold Realty Trust Inc              | Americold Realty Trust, Inc.                        | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Short            | EC               | CORP              | US        |    -97198 | NS      | $-1616402.74  | -0.77%            |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                      | Equity Residential REIT                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     73584 | NS      | $4966184.16   | 2.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Lineage Inc                             | Lineage Inc                                         | CUSIP: 53566V106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5232 | NS      | $-227696.64   | -0.11%            |  |  |  | No            | 1                  | On Loan: No      |
| SUN COMMUNITIES INC                     | SUN COMMUNITIES INC - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      1433 | NS      | $-977.42      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Essential Properties Realty Trust Inc.  | Essential Properties Realty Trust Incorporated REIT | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     43485 | NS      | $1387606.35   | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexander & Baldwin Inc                 | Alexander & Baldwin, Inc.                           | CUSIP: 014491104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -33442 | NS      | $-596270.86   | -0.29%            |  |  |  | No            | 1                  | On Loan: No      |
| SABRA HEALTH CARE RE                    | SABRA HEALTH CARE RE - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     44003 | NS      | $33298.94     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Marcus & Millichap Inc                  | Marcus & Millichap, Inc.                            | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Short            | EC               | CORP              | US        |    -13005 | NS      | $-399383.55   | -0.19%            |  |  |  | No            | 1                  | On Loan: No      |
| WHITESTONE REIT                         | WHITESTONE REIT - TRS                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -16247 | NS      | $898.61       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Agree Realty Corp                       | Agree Realty Corporation                            | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     23439 | NS      | $1712453.34   | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| ELME COMMUNITIES                        | ELME COMMUNITIES - TRS                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     24816 | NS      | $24859.66     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| ZILLOW GROUP INC - C                    | ZILLOW GROUP INC - C - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     13603 | NS      | $66692.51     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| INVENTRUST PPTYS COR                    | INVENTRUST PPTYS COR - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -80917 | NS      | $-21472.01    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Crown Castle Inc.                       | Crown Castle, Inc. REIT                             | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Short            | EC               | CORP              | US        |    -10395 | NS      | $-1067878.35  | -0.51%            |  |  |  | No            | 1                  | On Loan: No      |
| Sun Communities, Inc.                   | Sun Communities, Inc. REIT                          | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     25385 | NS      | $3210948.65   | 1.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Cousins Properties Inc.                 | Cousins Properties, Inc. REIT                       | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     37053 | NS      | $1112701.59   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| RAYONIER                                | RAYONIER - TRS                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4657 | NS      | $-21808.43    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| KILROY REALTY CORP                      | KILROY REALTY CORP - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4431 | NS      | $142.60       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| RYMAN HOSPITALITY PR                    | RYMAN HOSPITALITY PR - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     29260 | NS      | $-42675.63    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Terreno Realty Corporation              | Terreno Realty Corporation                          | CUSIP: 88146M101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11015 | NS      | $-617611.05   | -0.30%            |  |  |  | No            | 1                  | On Loan: No      |
| Iron Mountain Inc.                      | Iron Mountain, Inc.                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     61363 | NS      | $6294002.91   | 3.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower OP LLC                        | Welltower, Inc. REIT                                | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99661 | NS      | $15320885.53  | 7.34%             |  |  |  | No            | 1                  | On Loan: No      |
| MID-AMERICA APARTMEN                    | MID-AMERICA APARTMEN - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      6388 | NS      | $-8892.28     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Kilroy Realty Corporation               | Kilroy Realty Corporation REIT                      | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     24017 | NS      | $824023.27    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| HOWARD HUGHES HOLDIN                    | HOWARD HUGHES HOLDIN - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     22251 | NS      | $-21107.04    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Veris Residential Inc                   | Veris Residential, Inc. REIT                        | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Short            | EC               | CORP              | US        |   -192991 | NS      | $-2873635.99  | -1.38%            |  |  |  | No            | 1                  | On Loan: No      |
| Phillips Edison & Co Inc                | Phillips Edison & Company, Inc. REIT                | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     28180 | NS      | $987145.40    | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| FRP Holdings Inc                        | FRP Holdings, Inc.                                  | CUSIP: 30292L107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -9869 | NS      | $-265377.41   | -0.13%            |  |  |  | No            | 1                  | On Loan: No      |
| JONES LANG LASALLE I                    | JONES LANG LASALLE I - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      1655 | NS      | $65064.27     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| WELLTOWER INC                           | WELLTOWER INC - TRS                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       709 | NS      | $-462.89      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Apple Hospitality Reit Inc              | Apple Hospitality REIT, Inc.                        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     50489 | NS      | $589206.63    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| OMEGA HEALTHCARE INV                    | OMEGA HEALTHCARE INV - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     32803 | NS      | $-50919.03    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| AMERICAN ASSETS TRUS                    | AMERICAN ASSETS TRUS - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     22895 | NS      | $-38881.82    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| HOST HOTELS & RESORT                    | HOST HOTELS & RESORT - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      6730 | NS      | $-891.66      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| AGREE REALTY CORP                       | AGREE REALTY CORP - TRS                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     18504 | NS      | $-12286.79    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| FrontView REIT Inc                      | FrontView REIT, Inc.                                | CUSIP: 35922N100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -63203 | NS      | $-758436.00   | -0.36%            |  |  |  | No            | 1                  | On Loan: No      |
| Net Lease Office Properties             | NET Lease Office Properties                         | CUSIP: 64110Y108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -20318 | NS      | $-661350.90   | -0.32%            |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                    | Vornado Realty Trust REIT                           | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38131 | NS      | $1458129.44   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Vici Properties Inc                     | Vici Properties, Inc                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    221844 | NS      | $7232114.40   | 3.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Weyerhaeuser Company                    | Weyerhaeuser Company REIT                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Short            | EC               | CORP              | US        |    -19965 | NS      | $-512900.85   | -0.25%            |  |  |  | No            | 1                  | On Loan: No      |
| VENTAS INC                              | VENTAS INC - TRS                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4654 | NS      | $1021.68      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                     | Wells Fargo Margin Deposit                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    268296 | PA      | $268296.26    | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| HEALTHPEAK PROPERTIE                    | HEALTHPEAK PROPERTIE - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     10020 | NS      | $-39.48       | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Urban Edge Prop                         | Urban Edge Prop - TRS                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -54302 | NS      | $-46051.91    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| EPR Properties                          | EPR Properties REIT                                 | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     16160 | NS      | $941481.60    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc               | Healthpeak Properties, Inc.                         | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    149644 | NS      | $2620266.44   | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| LAMAR ADVERTISING CO                    | LAMAR ADVERTISING CO - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      9668 | NS      | $-15859.15    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Extra Space Storage Inc.                | Extra Space Storage, Inc. REIT                      | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     45782 | NS      | $6750098.08   | 3.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Lamar Advertising Company               | Lamar Advertising Company Class A                   | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     19117 | NS      | $2320039.12   | 1.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Medical Properties Trust Inc.           | Medical Properties Trust, Inc. REIT                 | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |    141991 | NS      | $611981.21    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                          | Public Storage REIT                                 | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31110 | NS      | $9128296.20   | 4.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Star Holdings (Maryland)                | Star Holdings                                       | CUSIP: 85512G106<br>LEI: 549300NXTGWF12PTMW64 | Short            | EC               | CORP              | US        |    -20736 | NS      | $-161948.16   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |
| EQUITY RESIDENTIAL                      | EQUITY RESIDENTIAL - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     31053 | NS      | $-68329.39    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| KITE REALTY GRP                         | KITE REALTY GRP - TRS                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -58462 | NS      | $-122666.82   | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Gladstone Land Corp.                    | GLADSTONE LAND CORPORATION                          | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Short            | EC               | CORP              | US        |    -77235 | NS      | $-785479.95   | -0.38%            |  |  |  | No            | 1                  | On Loan: No      |
| Ryman Hospitality Properties Inc        | Ryman Hospitality Properties, Inc. REIT             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     13064 | NS      | $1289024.88   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc                | Simon Property Group, Inc. REIT                     | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     57884 | NS      | $9305431.84   | 4.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc.               | Digital Realty Trust, Inc. REIT                     | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     52032 | NS      | $9070738.56   | 4.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc.                           | Prologis, Inc. REIT                                 | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    154432 | NS      | $16233891.84  | 7.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Tejon Ranch Co                          | Tejon Ranch Company                                 | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Short            | EC               | CORP              | US        |    -32196 | NS      | $-546044.16   | -0.26%            |  |  |  | No            | 1                  | On Loan: No      |
| Eastgroup Properties, Inc.              | EastGroup Properties, Inc.                          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     11341 | NS      | $1895307.92   | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| PEAKSTONE REALTY CL                     | PEAKSTONE REALTY CL - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -15926 | NS      | $-34498.52    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| JBG SMITH PROPERTIES                    | JBG SMITH PROPERTIES - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -76907 | NS      | $-8929.58     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| VICI PROPERTIES INC                     | VICI PROPERTIES INC - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     25502 | NS      | $61089.41     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Universal Health Realty Income Trust    | Universal Health Realty Income Trust REIT           | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Short            | EC               | CORP              | US        |     -9957 | NS      | $-397981.29   | -0.19%            |  |  |  | No            | 1                  | On Loan: No      |
| CBRE GROUP INC - A                      | CBRE GROUP INC - A - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      5891 | NS      | $102689.28    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| COSTAR GROUP                            | COSTAR GROUP - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -9910 | NS      | $-38344.02    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Xenia Hotels & Resorts Inc              | Xenia Hotels & Resorts, Inc.                        | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Short            | EC               | CORP              | US        |   -112141 | NS      | $-1409612.37  | -0.68%            |  |  |  | No            | 1                  | On Loan: No      |
| Broadstone Net Lease Inc                | Broadstone Net Lease, Inc.                          | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Short            | EC               | CORP              | US        |    -11749 | NS      | $-188571.45   | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| WP CAREY INC                            | WP CAREY INC - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     24354 | NS      | $124615.43    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Highwoods Properties, Inc.              | Highwoods Properties, Inc. REIT                     | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     24329 | NS      | $756388.61    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| CTO Realty Growth Inc New               | CTO Realty Growth, Inc.                             | CUSIP: 22948Q101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -73739 | NS      | $-1272735.14  | -0.61%            |  |  |  | No            | 1                  | On Loan: No      |
| Invitation Homes Inc.                   | Invitation Homes, Inc.                              | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |    120174 | NS      | $3941707.20   | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Camden Property Trust                   | Camden Property Trust REIT                          | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Short            | EC               | CORP              | US        |     -6974 | NS      | $-785900.06   | -0.38%            |  |  |  | No            | 1                  | On Loan: No      |
| BRT Apartment Corp.                     | BRT APARTMENTS CORPORATION REIT                     | CUSIP: 055645303<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -13313 | NS      | $-208215.32   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                     | BBH Overnight Sweep                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |  11079461 | PA      | $11079460.59  | 5.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Four Corners Property Trust Inc.        | Four Corners Property Trust, Inc.                   | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     22637 | NS      | $609161.67    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| KENNEDY-WILSON HLDGS                    | KENNEDY-WILSON HLDGS - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     60111 | NS      | $8488.50      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| COPT Defense Properties                 | COPT Defense Properties REIT                        | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     25111 | NS      | $692561.38    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| DiamondRock Hospitality Co.             | DiamondRock Hospitality Company REIT                | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Short            | EC               | CORP              | US        |   -121750 | NS      | $-932605.00   | -0.45%            |  |  |  | No            | 1                  | On Loan: No      |
| REXFORD INDUSTRIAL R                    | REXFORD INDUSTRIAL R - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     11992 | NS      | $-102743.77   | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| PUBLIC STORAGE                          | PUBLIC STORAGE - TRS                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      1440 | NS      | $-9955.01     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Millrose Properties Inc.                | Millrose Properties, Inc.                           | CUSIP: 601137102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -98617 | NS      | $-2811570.67  | -1.35%            |  |  |  | No            | 1                  | On Loan: No      |
| Kimco Realty Corporation                | Kimco Realty Corporation REIT                       | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    144947 | NS      | $3046785.94   | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Bills            | U.S. Treasury Bill 0.000%, Due 7/3/2025             | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $8997900.03   | 4.31%             | 2025-07-03      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PLYMOUTH INDUSTRIAL                     | PLYMOUTH INDUSTRIAL - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     44200 | NS      | $94360.86     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| NNN REIT INC                            | NNN REIT INC - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     42683 | NS      | $123171.89    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| REALTY INCOME CORP                      | REALTY INCOME CORP - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     21068 | NS      | $-9459.54     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| GLOBAL MEDICAL REIT                     | GLOBAL MEDICAL REIT - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -16928 | NS      | $-6238.83     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Seaport Entertainment Group Inc.        | Seaport Entertainment Group                         | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Short            | EC               | CORP              | US        |    -29185 | NS      | $-544300.25   | -0.26%            |  |  |  | No            | 1                  | On Loan: No      |
| Sl Green Realty Corp                    | SL Green Realty Corporation REIT                    | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     16308 | NS      | $1009465.20   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| W. P. Carey Inc                         | W.P. Carey, Inc. REIT                               | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     46184 | NS      | $2880957.92   | 1.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexanders Inc                          | ALEXANDER'S, INC. REIT                              | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Short            | EC               | CORP              | US        |     -5238 | NS      | $-1180226.16  | -0.57%            |  |  |  | No            | 1                  | On Loan: No      |
| Tanger Inc.                             | Tanger Inc. REIT                                    | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     25597 | NS      | $782756.26    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix, Inc.                           | Equinix, Inc. REIT                                  | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     17366 | NS      | $13814132.02  | 6.62%             |  |  |  | No            | 1                  | On Loan: No      |
| CubeSmart (Maryland)                    | CubeSmart REIT                                      | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49888 | NS      | $2120240.00   | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| KIMCO REALTY CORP                       | KIMCO REALTY CORP - TRS                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     40890 | NS      | $34571.99     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Centerspace                             | Cyberspace REIT                                     | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Short            | EC               | CORP              | US        |    -32618 | NS      | $-1963277.42  | -0.94%            |  |  |  | No            | 1                  | On Loan: No      |
| AVALONBAY COMMUNITIE                    | AVALONBAY COMMUNITIE - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     15332 | NS      | $-240609.29   | -0.12%            |  |  |  | No            | N/A                | On Loan: No      |
| Curbline Properties Corp.               | Curbline Properties Corporation                     | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Short            | EC               | CORP              | US        |    -96353 | NS      | $-2199738.99  | -1.05%            |  |  |  | No            | 1                  | On Loan: No      |
| STAG Industrial, Inc.                   | STAG Industrial, Inc.                               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     40945 | NS      | $1485484.60   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| RMR GROUP INC/THE -                     | RMR GROUP INC/THE - - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -25138 | NS      | $-31744.63    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Ventas Inc.                             | Ventas, Inc. REIT                                   | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     95626 | NS      | $6038781.90   | 2.89%             |  |  |  | No            | 1                  | On Loan: No      |
| HRTI LLC                                | Healthcare Realty Trust, Inc. REIT                  | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Short            | EC               | CORP              | US        |   -142285 | NS      | $-2256640.10  | -1.08%            |  |  |  | No            | 1                  | On Loan: No      |
| First Industrial Realty Trust, Inc.     | First Industrial Realty Trust, Inc. REIT            | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28593 | NS      | $1376181.09   | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                     | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |  29763611 | PA      | $29763611.35  | 14.25%            |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                     | MORGAN STANLEY & COMPANY USD MARGIN ACCOUNT         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    984934 | PA      | $984934.40    | 0.47%             |  |  |  | No            | N/A                | On Loan: No      |
| COMPASS INC - CLASS                     | COMPASS INC - CLASS - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     16982 | NS      | $-3011.60     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| PROLOGIS INC                            | PROLOGIS INC - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      8663 | NS      | $-26908.60    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| REGENCY CENTERS CORP                    | REGENCY CENTERS CORP - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     10481 | NS      | $-5571.97     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| PIEDMONT OFFICE REAL                    | PIEDMONT OFFICE REAL - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -32972 | NS      | $-37871.52    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| TANGER INC                              | TANGER INC - TRS                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     33734 | NS      | $-21797.16    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| KE HOLDINGS INC-ADR                     | KE HOLDINGS INC-ADR - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     41119 | NS      | $-33440.78    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Mid-America Apartment Communities, Inc. | Mid-America Apartment Communities, Inc. REIT        | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     25318 | NS      | $3747317.18   | 1.79%             |  |  |  | No            | 1                  | On Loan: No      |
| SAFEHOLD INC                            | SAFEHOLD INC - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     20580 | NS      | $4147.46      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| VORNADO REALTY                          | VORNADO REALTY - TRS                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     80446 | NS      | $134025.76    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Forestar Group Inc.                     | Forestar Group, Inc.                                | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Short            | EC               | CORP              | US        |    -44906 | NS      | $-898120.00   | -0.43%            |  |  |  | No            | 1                  | On Loan: No      |
| Host Hotels & Resorts Inc               | Host Hotels & Resorts, Inc. REIT                    | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    151429 | NS      | $2325949.44   | 1.11%             |  |  |  | No            | 1                  | On Loan: No      |
| INNOVATIVE INDUSTRIA                    | INNOVATIVE INDUSTRIA - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     14410 | NS      | $-12246.80    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Realty Income Corporation               | Realty Income Corporation REIT                      | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    158738 | NS      | $9144896.18   | 4.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust, Inc.              | Essex Property Trust, Inc. REIT                     | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     13837 | NS      | $3921405.80   | 1.88%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXPOINT RESIDENTIAL                    | NEXPOINT RESIDENTIAL - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -36713 | NS      | $-3262.51     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| NNN REIT Inc                            | National Retail Properties, Inc. REIT               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     40039 | NS      | $1728884.02   | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Lifestyle Properties Inc         | Equity LifeStyle Properties, Inc. REIT              | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     40578 | NS      | $2502445.26   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Nexpoint Residential Trust Inc          | NexPoint Residential Trust Inc                      | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |        17 | NS      | $566.44       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                 | Boston Properties, Inc. REIT                        | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     32293 | NS      | $2178808.71   | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| CUSHMAN & WAKEFIELD                     | CUSHMAN & WAKEFIELD - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     81709 | NS      | $248984.48    | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| EXP World Holdings Inc                  | EXP World Holdings Inc -                            | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Short            | EC               | CORP              | US        |    -14743 | NS      | $-134161.30   | -0.06%            |  |  |  | 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