# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0001580642-25-005919
**Filing Date:** 2025-9
**Character Count:** 278382
**Document Hash:** 848531e728b5c64c6bb24044197380fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005919.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005919

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 251299293

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

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

## Series and Classes Contracts Data

### NAA LARGE CORE SERIES (Series ID: S000084965)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**form n-csr**

**certified shareholder report of registered**

**management investment companies**

Investment Company Act file number <u>811-23944</u>

**New Age Alpha Variable Funds Trust**

(Exact name of registrant as specified in charter)

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

Cogency Global Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.** 

(a) ![Image](i8cff297dc22c07ea26bba707.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA All Cap Value Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $46 | 0.91%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$85,596,825

* Number of Portfolio Holdings203

* Advisory Fee (net of waivers)$157,409

* Portfolio Turnover70%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i71bc8e6c000af48b0821f483.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ifad069a22515fea1b94b9092.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Information Technology | 0.1% |
| Equity | 2.0% |
| Communications | 4.1% |
| Materials | 4.3% |
| Utilities | 5.1% |
| Real Estate | 5.3% |
| Energy | 5.5% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 8.0% |
| Industrials | 9.4% |
| Health Care | 13.3% |
| Financials | 15.9% |
| Technology | 19.2% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 5.7% |
| Apple, Inc. | 5.3% |
| Amazon.com, Inc. | 2.8% |
| Exxon Mobil Corporation | 1.5% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| Procter & Gamble Co. | 1.2% |
| Johnson & Johnson | 1.2% |
| JPMorgan Chase & Company | 1.1% |
| Bank of America Corporation | 1.0% |
| iShares S&P Mid-Cap 400 Value ETF | 1.0% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA All Cap Value Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-ACVS

![Image](i197214632fcd356db4d14df1.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA Large Cap Value Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $42 | 0.83%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$192,161,384

* Number of Portfolio Holdings102

* Advisory Fee (net of waivers)$336,377

* Portfolio Turnover50%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i84e71e2f2d47206f3978acca.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic2fd3f7e18bb384383099501.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Equity | 2.0% |
| Real Estate | 3.1% |
| Materials | 3.4% |
| Communications | 4.5% |
| Utilities | 5.3% |
| Energy | 5.8% |
| Industrials | 7.7% |
| Consumer Staples | 7.8% |
| Consumer Discretionary | 8.0% |
| Financials | 14.4% |
| Health Care | 15.0% |
| Technology | 22.3% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 7.1% |
| Apple, Inc. | 6.6% |
| Amazon.com, Inc. | 3.5% |
| Exxon Mobil Corporation | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |
| Procter & Gamble Co. | 1.5% |
| Johnson & Johnson | 1.5% |
| JPMorgan Chase & Company | 1.4% |
| Bank of America Corporation | 1.2% |
| UnitedHealth Group, Inc. | 1.1% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA Large Cap Value Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-LCVS

![Image](i1c109116392251041f0456fb.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA Large Core Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $46 | 0.91%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$251,565,163

* Number of Portfolio Holdings103

* Advisory Fee (net of waivers)$540,010

* Portfolio Turnover51%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i454d790d8cb11b3ceb2f8817.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3e5f6ae14dcf91e7cdaa093d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Equity | 2.0% |
| Materials | 2.2% |
| Real Estate | 2.4% |
| Utilities | 2.6% |
| Energy | 2.7% |
| Consumer Staples | 5.0% |
| Industrials | 8.2% |
| Health Care | 9.2% |
| Consumer Discretionary | 9.6% |
| Communications | 10.0% |
| Financials | 10.2% |
| Technology | 35.2% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 7.2% |
| Microsoft Corporation | 6.9% |
| Apple, Inc. | 5.5% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc. - Class A | 2.9% |
| Alphabet, Inc. - Class A | 2.8% |
| Broadcom, Inc. | 2.3% |
| Tesla, Inc. | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |
| JPMorgan Chase & Company | 1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA Large Core Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-LCS

![Image](i60af200abff3018cf512cb4e.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA Large Growth Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $48 | 0.94%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$58,827,414

* Number of Portfolio Holdings78

* Advisory Fee (net of waivers)$83,950

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if378960561e70cd8b9fe643d.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic7d641eff74e7178f4f22da4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Materials | 0.5% |
| Energy | 0.7% |
| Utilities | 0.9% |
| Real Estate | 1.2% |
| Equity | 2.0% |
| Financials | 4.5% |
| Industrials | 4.9% |
| Consumer Staples | 5.5% |
| Health Care | 6.4% |
| Consumer Discretionary | 10.0% |
| Communications | 16.3% |
| Technology | 45.3% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 9.4% |
| Microsoft Corporation | 8.8% |
| Apple, Inc. | 7.6% |
| Meta Platforms, Inc. - Class A | 5.6% |
| Broadcom, Inc. | 4.9% |
| Amazon.com, Inc. | 4.8% |
| Alphabet, Inc. - Class A | 3.0% |
| Tesla, Inc. | 3.0% |
| Visa, Inc. - Class A | 2.2% |
| Netflix, Inc. | 2.1% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA Large Growth Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-LGS

![Image](i80da79aa54d4c645480bc319.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA Mid Growth Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $48 | 0.97%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$169,992,301

* Number of Portfolio Holdings127

* Advisory Fee (net of waivers)$400,784

* Portfolio Turnover56%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9b3b5536df029075551ab407.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i56bc79a9a54fd8e22498f991.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Utilities | 0.9% |
| Communications | 2.0% |
| Equity | 2.0% |
| Real Estate | 3.5% |
| Energy | 3.5% |
| Consumer Staples | 4.9% |
| Materials | 6.9% |
| Health Care | 8.9% |
| Consumer Discretionary | 10.6% |
| Financials | 14.5% |
| Technology | 19.7% |
| Industrials | 22.3% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| EMCOR Group, Inc. | 1.6% |
| Comfort Systems USA, Inc. | 1.5% |
| Equitable Holdings, Inc. | 1.5% |
| Curtiss-Wright Corporation | 1.5% |
| Interactive Brokers Group, Inc. - Class A | 1.5% |
| Ecolab, Inc. | 1.5% |
| Colgate-Palmolive Company | 1.5% |
| Simon Property Group, Inc. | 1.5% |
| RB Global, Inc. | 1.5% |
| DocuSign, Inc. | 1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA Mid Growth Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-MGS

![Image](i577a5e304888fd9f23e6fcda.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA Small Cap Value Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $54 | 1.14%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$47,342,448

* Number of Portfolio Holdings127

* Advisory Fee (net of waivers)$128,079

* Portfolio Turnover68%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8d8ee3d2e99a45231b570a31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.1% |
| Exchange-Traded Funds | 2.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id89d81171177f816f86fe2d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Utilities | 1.8% |
| Communications | 2.4% |
| Energy | 2.9% |
| Equity | 2.9% |
| Consumer Staples | 3.0% |
| Health Care | 6.5% |
| Real Estate | 7.2% |
| Materials | 7.6% |
| Technology | 10.3% |
| Industrials | 15.0% |
| Consumer Discretionary | 17.0% |
| Financials | 22.3% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Comerica, Inc. | 2.4% |
| Qorvo, Inc. | 2.4% |
| Autoliv, Inc. | 2.2% |
| BorgWarner, Inc. | 2.2% |
| Celanese Corporation | 1.9% |
| Air Lease Corporation | 1.8% |
| Lincoln National Corporation | 1.7% |
| GXO Logistics, Inc. | 1.7% |
| Teleflex, Inc. | 1.6% |
| Selective Insurance Group, Inc. | 1.5% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA Small Cap Value Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-SCVS

![Image](ibe19ba32afe843b928481c67.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA Small Growth Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $54 | 1.07%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$25,354,334

* Number of Portfolio Holdings128

* Advisory Fee (net of waivers)$15,013

* Portfolio Turnover38%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iddd863332ff053bbfe626e67.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9deeee512041f243200d8b31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Utilities | 1.0% |
| Communications | 1.5% |
| Equity | 2.0% |
| Consumer Staples | 2.5% |
| Energy | 3.9% |
| Materials | 7.7% |
| Real Estate | 7.7% |
| Health Care | 12.0% |
| Financials | 12.8% |
| Consumer Discretionary | 13.0% |
| Technology | 14.9% |
| Industrials | 20.5% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Dynatrace, Inc. | 3.0% |
| Carpenter Technology Corporation | 2.5% |
| ATI, Inc. | 2.3% |
| HealthEquity, Inc. | 1.8% |
| SPX Technologies, Inc. | 1.5% |
| AeroVironment, Inc. | 1.5% |
| CommVault Systems, Inc. | 1.5% |
| Masimo Corporation | 1.5% |
| Brinker International, Inc. | 1.4% |
| ExlService Holdings, Inc. | 1.4% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA Small Growth Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-SGS

![Image](i7544dd8ee3e7c37e71981fc4.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA SMid-Cap Value Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $47 | 0.94%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$133,317,636

* Number of Portfolio Holdings122

* Advisory Fee (net of waivers)$301,851

* Portfolio Turnover61%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id01a07ff02a81108d3ef0f0a.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iba8cf4b0c97100d23c47b42a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Information Technology | 0.3% |
| Equity | 2.0% |
| Communications | 3.3% |
| Energy | 5.4% |
| Consumer Staples | 5.5% |
| Technology | 6.1% |
| Utilities | 6.7% |
| Health Care | 7.7% |
| Consumer Discretionary | 8.9% |
| Materials | 9.0% |
| Real Estate | 11.4% |
| Industrials | 14.6% |
| Financials | 18.7% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First Horizon Corporation | 1.6% |
| Alcoa Corporation | 1.5% |
| Ecolab, Inc. | 1.5% |
| Unum Group | 1.5% |
| Cardinal Health, Inc. | 1.5% |
| Autoliv, Inc. | 1.5% |
| Reinsurance Group of America, Inc. | 1.5% |
| NNN REIT, Inc. | 1.5% |
| OGE Energy Corporation | 1.5% |
| Oshkosh Corporation | 1.4% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA SMid-Cap Value Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-SMID

![Image](i5e33664f862f527074338408.jpg)

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about NAA World Equity Income Series for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **www.NAAFunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VIT | $48 | 0.93%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## **Fund Statistics** 
* Net Assets$112,310,300

* Number of Portfolio Holdings177

* Advisory Fee (net of waivers)$240,942

* Portfolio Turnover90%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i09c1f7adeefbd3ec3663ab5c.jpg)

---

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

---

## What did the Fund invest in?

## Country Weighting (% of net assets)
![Group By Sector Chart](i8a30a4644b24a13fc1d00481.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Countries | 5.5% |
| Sweden | 1.6% |
| Netherlands | 1.7% |
| Ireland | 2.8% |
| Canada | 4.5% |
| France | 4.6% |
| Germany | 4.7% |
| Switzerland | 5.3% |
| United Kingdom | 5.7% |
| Japan | 10.5% |
| United States | 52.4% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 6.6% |
| JPMorgan Chase & Company | 4.4% |
| Siemens A.G. | 2.8% |
| Exxon Mobil Corporation | 2.5% |
| Walmart, Inc. | 2.4% |
| Home Depot, Inc. (The) | 2.1% |
| HSBC Holdings PLC | 2.1% |
| Mitsubishi UFJ Financial Group, Inc. | 2.0% |
| Sony Group Corporation | 1.9% |
| Coca-Cola Company (The) | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# NAA World Equity Income Series - VIT

#### Semi-Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-WEI

(b) Not
 applicable

**Item 2. Code of Ethics.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable to open-end investment companies.

**Item 6. Investments.**

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

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

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

**NAA ALL CAP VALUE SERIES**

**NAA LARGE CAP VALUE SERIES**

**NAA LARGE CORE SERIES**

**NAA LARGE GROWTH SERIES**

**NAA MID GROWTH SERIES**

**NAA SMALL CAP VALUE SERIES**

**NAA SMALL GROWTH SERIES**

**NAA SMID-CAP VALUE SERIES**

**NAA WORLD EQUITY INCOME SERIES**

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

June 30, 2025

**TABLE OF CONTENTS**

---

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

---

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5%** |  |
|  | **Communications - 4.0%** |  |
| 23682 | AT&T, Inc. | $685357 |
| 3720 | Maplebear, Inc.<sup>(a)</sup> | 168293 |
| 5787 | Match Group, Inc.<sup>(a)</sup> | 178760 |
| 1195 | Nexstar Media Group, Inc. | 206675 |
| 4641 | Omnicom Group, Inc. | 333874 |
| 2865 | T-Mobile US, Inc. | 682615 |
| 1801 | VeriSign, Inc.<sup>(a)</sup> | 520129 |
| 5557 | Walt Disney Co. | 689123 |
|  |  | 3464826 |
|  | **Consumer Discretionary - 8.0%** |  |
| 4199 | Advance Auto Parts, Inc. | 195212 |
| 10869 | Amazon.com, Inc.<sup>(a)</sup> | 2384550 |
| 2771 | Autoliv, Inc. | 310075 |
| 3678 | Etsy, Inc.<sup>(a)</sup> | 184488 |
| 60297 | Ford Motor Company | 654222 |
| 4873 | Harley-Davidson, Inc. | 115003 |
| 2284 | Lear Corporation | 216934 |
| 6277 | LKQ Corporation | 232312 |
| 4600 | MGM Resorts International<sup>(a)</sup> | 158194 |
| 5011 | Mister Car Wash, Inc.<sup>(a)</sup> | 30116 |
| 10789 | NIKE, Inc., Class B | 766451 |
| 756 | Penske Automotive Group, Inc. | 129888 |
| 1688 | Shoe Carnival, Inc. | 31582 |
| 1309 | Sonic Automotive, Inc., Class A | 104628 |
| 7023 | Starbucks Corp. | 643517 |
| 5184 | TJX Cos., Inc. (The) | 640173 |
| 2180 | YETI Holdings, Inc.<sup>(a)</sup> | 68714 |
|  |  | 6866059 |
|  | **Consumer Staples - 7.3%** |  |
| 10652 | Altria Group, Inc. | 624527 |
| 2837 | BellRing Brands, Inc.<sup>(a)</sup> | 164347 |
| 9514 | Coca-Cola Co. (The) | 673116 |
| 7142 | Colgate-Palmolive Company | 649208 |
| 4249 | Dollar Tree, Inc.<sup>(a)</sup> | 420821 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Consumer Staples - 7.3% (Continued)** |  |
| 2260 | Five Below, Inc.<sup>(a)</sup> | $296467 |
| 9454 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 117419 |
| 5880 | McCormick & Company, Inc. | 445822 |
| 1218 | MGP Ingredients, Inc. | 36503 |
| 4131 | Molson Coors Brewing Company, Class B | 198660 |
| 9699 | Mondelez International, Inc., Class A | 654100 |
| 801 | Post Holdings, Inc.<sup>(a)</sup> | 87333 |
| 2001 | PriceSmart, Inc. | 210185 |
| 6428 | Procter & Gamble Co. | 1024108 |
| 6854 | Walmart, Inc. | 670184 |
|  |  | 6272800 |
|  | **Energy - 5.5%** |  |
| 16125 | Baker Hughes Company | 618232 |
| 4433 | Chevron Corporation | 634761 |
| 6922 | ConocoPhillips | 621180 |
| 11812 | Exxon Mobil Corporation | 1273335 |
| 1306 | First Solar, Inc.<sup>(a)</sup> | 216195 |
| 3590 | Innovex International, Inc.<sup>(a)</sup> | 56076 |
| 14892 | Nov, Inc.<sup>(a)</sup> | 185108 |
| 2251 | Oasis Petroleum, Inc. | 218009 |
| 31057 | Patterson-UTI Energy, Inc. | 184168 |
| 17619 | Schlumberger Ltd. | 595522 |
| 1554 | Weatherford International plc | 78182 |
|  |  | 4680768 |
|  | **Financials - 15.9%** |  |
| 3606 | Air Lease Corporation | 210915 |
| 1662 | American Financial Group, Inc. | 209761 |
| 3211 | Ameris Bancorp | 207752 |
| 12145 | Apollo Commercial Real Estate Finance, Inc. | 117564 |
| 17958 | Bank of America Corporation | 849772 |
| 4462 | Bank OZK | 209982 |
| 2561 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1244057 |
| 3300 | Capital One Financial Corporation | 702108 |
| 2298 | Chubb Ltd. | 665776 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Financials - 15.9% (Continued)** |  |
| 8336 | Citigroup, Inc. | $709560 |
| 4158 | CNO Financial Group, Inc. | 160416 |
| 968 | Everest Re Group Ltd. | 328975 |
| 4990 | EZCORP, Inc., Class A<sup>(a)</sup> | 69261 |
| 15228 | F.N.B. Corporation | 222024 |
| 15653 | First Horizon National Corporation | 331844 |
| 6766 | Franklin Resources, Inc. | 161369 |
| 9298 | Fulton Financial Corporation | 167736 |
| 1029 | Goldman Sachs Group, Inc. (The) | 728275 |
| 1505 | Hanover Insurance Group, Inc. (The) | 255654 |
| 3274 | JPMorgan Chase & Co. | 949164 |
| 1148 | Lakeland Financial Corp. | 70545 |
| 4860 | Morgan Stanley | 684580 |
| 2887 | NBT Bancorp, Inc. | 119955 |
| 1752 | OFG Bancorp | 74986 |
| 2058 | Raymond James Financial, Inc. | 315635 |
| 1561 | Reinsurance Group of America, Inc. | 309640 |
| 2488 | Selective Insurance Group, Inc. | 215585 |
| 1210 | Stifel Financial Corporation<sup>(a)</sup> | 125574 |
| 1880 | StoneX Group, Inc.<sup>(a)</sup> | 171343 |
| 5709 | T. Rowe Price Group, Inc. | 550919 |
| 2405 | Travelers Companies, Inc. (The) | 643434 |
| 14793 | U.S. Bancorp | 669383 |
| 3896 | Unum Group | 314641 |
| 8802 | Wells Fargo & Company | 705216 |
| 1146 | Westamerica Bancorporation | 55512 |
|  |  | 13528913 |
|  | **Health Care - 13.3%** |  |
| 10144 | AdaptHealth Corp.<sup>(a)</sup> | 95658 |
| 650 | Addus HomeCare Corporation<sup>(a)</sup> | 74874 |
| 2131 | AmerisourceBergen Corporation | 638980 |
| 2230 | Amgen, Inc. | 622638 |
| 5528 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 303874 |
| 3625 | Bio-Techne Corporation | 186506 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Health Care - 13.3% (Continued)** |  |
| 3797 | Cardinal Health, Inc. | $637896 |
| 11288 | Centene Corporation<sup>(a)</sup> | 612713 |
| 1151 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 174641 |
| 9614 | CVS Health Corporation | 663174 |
| 5278 | DexCom, Inc.<sup>(a)</sup> | 460717 |
| 1710 | Elevance Health Incorporated | 665122 |
| 1191 | Encompass Health Corporation | 146052 |
| 6032 | Gilead Sciences, Inc. | 668768 |
| 1549 | HCA Healthcare, Inc. | 593422 |
| 2592 | Humana, Inc. | 633692 |
| 1488 | Incyte Corporation<sup>(a)</sup> | 101333 |
| 3826 | IQVIA Holdings, Inc.<sup>(a)</sup> | 602939 |
| 6588 | Johnson & Johnson | 1006317 |
| 8265 | Merck & Company, Inc. | 654257 |
| 7811 | Premier, Inc., Class A | 171295 |
| 1383 | Tenet Healthcare Corporation<sup>(a)</sup> | 243408 |
| 2486 | UnitedHealth Group, Inc. | 775558 |
| 4134 | Zoetis, Inc. | 644697 |
|  |  | 11378531 |
|  | **Industrials - 9.4%** |  |
| 3035 | AAR Corporation<sup>(a)</sup> | 208778 |
| 4617 | ABM Industries, Inc. | 217969 |
| 1945 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 110029 |
| 1417 | Albany International Corporation, Class A | 99374 |
| 5431 | Avista Corporation | 206106 |
| 1220 | Deere & Company | 620358 |
| 1365 | FTI Consulting, Inc.<sup>(a)</sup> | 220448 |
| 7264 | Gates Industrial Corp plc<sup>(a)</sup> | 167290 |
| 895 | Heidrick & Struggles International, Inc. | 40955 |
| 940 | ITT, Inc. | 147420 |
| 2710 | Jacobs Solutions, Inc. | 356230 |
| 6180 | Johnson Controls International PLC | 652731 |
| 2537 | L3Harris Technologies, Inc. | 636381 |
| 1841 | MSC Industrial Direct Company, Inc., Class A | 156522 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Industrials - 9.4% (Continued)** |  |
| 5191 | NEXTracker, Inc., Class A<sup>(a)</sup> | $282235 |
| 1290 | Northrop Grumman Corporation | 644974 |
| 609 | Novanta, Inc.<sup>(a)</sup> | 78518 |
| 2435 | Old Dominion Freight Line, Inc. | 395201 |
| 2683 | Oshkosh Corporation | 304628 |
| 9709 | Resideo Technologies, Inc. | 214180 |
| 2698 | Rollins, Inc. | 152222 |
| 1236 | Snap-on, Inc. | 384618 |
| 14176 | Southwest Airlines Company | 459869 |
| 4136 | Textron, Inc. | 332079 |
| 788 | UniFirst Corporation | 148317 |
| 7032 | WillScot Mobile Mini Holdings Corp.<sup>(a)</sup> | 192677 |
| 5003 | Xylem, Inc. | 647188 |
|  |  | 8077297 |
|  | **Information Technology - 0.1%** |  |
| 3514 | Photronics, Inc.<sup>(a)</sup> | 66169 |
|  | **Materials - 4.3%** |  |
| 10754 | Alcoa Corporation | 317351 |
| 1295 | AptarGroup, Inc. | 202577 |
| 4350 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 129152 |
| 2410 | Ecolab, Inc. | 649350 |
| 9520 | Element Solutions, Inc. | 215628 |
| 15499 | Freeport-McMoRan, Inc. | 671881 |
| 5985 | LyondellBasell Industries N.V., Class A | 346292 |
| 10920 | Newmont Corporation | 636199 |
| 14435 | O-I Glass, Inc. | 212772 |
| 2448 | RPM International, Inc. | 268888 |
| 7801 | SunCoke Energy, Inc.<sup>(a)</sup> | 67011 |
|  |  | 3717101 |
|  | **Real Estate - 5.3%** |  |
| 2633 | Agree Realty Corporation | 192367 |
| 1795 | American Assets Trust, Inc. | 35451 |
| 8160 | American Homes 4 Rent, Class A | 294331 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Real Estate - 5.3% (Continued)** |  |
| 3000 | American Tower Corp. | $663060 |
| 6809 | CareTrust REIT, Inc. | 208355 |
| 4395 | CubeSmart | 186788 |
| 3593 | Digital Realty Trust, Inc. | 626368 |
| 3107 | EPR Properties | 181014 |
| 3917 | Equity LifeStyle Properties, Inc. | 241561 |
| 2725 | Extra Space Storage, Inc. | 401774 |
| 4322 | Four Corners Property Trust, Inc. | 116305 |
| 2756 | Getty Realty Corporatio | 76176 |
| 12796 | Invitation Homes, Inc | 419709 |
| 912 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 233271 |
| 7143 | National Retail Properties, Inc. | 308434 |
| 8322 | Rexford Industrial Realty, Inc. | 296014 |
| 4284 | SITE Centers Corp<sup>(a)</sup> | 48452 |
|  |  | 4529430 |
|  | **Technology - 19.3%** |  |
| 3278 | Akamai Technologies, Inc.<sup>(a)</sup> | 261453 |
| 22096 | Apple, Inc. | 4533437 |
| 2068 | Automatic Data Processing, Inc. | 637772 |
| 346 | CACI International, Inc., Class A<sup>(a)</sup> | 164938 |
| 2301 | Ciena Corp.<sup>(a)</sup> | 187140 |
| 9993 | Cisco Systems, Inc. | 693315 |
| 7878 | CoStar Group, Inc.<sup>(a)</sup> | 633391 |
| 1274 | CSG Systems International, Inc. | 83205 |
| 1464 | Digi International, Inc.<sup>(a)</sup> | 51035 |
| 5774 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 86437 |
| 767 | Euronet Worldwide, Inc.<sup>(a)</sup> | 77758 |
| 2144 | EVERTEC, Inc. | 77291 |
| 472 | FactSet Research Systems, Inc. | 211116 |
| 30100 | Intel Corp. | 674240 |
| 7039 | Lam Research Corporation | 685176 |
| 3235 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 106884 |
| 2380 | MAXIMUS, Inc. | 167076 |
| 5334 | Micron Technology, Inc. | 657416 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Technology - 19.3% (Continued)** |  |
| 9775 | Microsoft Corp. | $4862184 |
| 2426 | NetApp, Inc. | 258490 |
| 7873 | PayPal Holdings, Inc.<sup>(a)</sup> | 585122 |
| 4253 | QUALCOMM, Inc. | 677332 |
| 7206 | Sprinklr, Inc., Class A<sup>(a)</sup> | 60963 |
|  |  | 16433171 |
|  | **Utilities - 5.1%** |  |
| 6170 | Ameren Corporation | 592567 |
| 4400 | American Water Works Company, Inc. | 612084 |
| 4415 | California Water Service Group | 200794 |
| 5633 | Duke Energy Corporation | 664694 |
| 5276 | Evergy, Inc. | 363675 |
| 14884 | Exelon Corp. | 646264 |
| 11682 | FirstEnergy Corporation | 470317 |
| 6959 | OGE Energy Corporation | 308840 |
| 1207 | Ormat Technologies, Inc. | 101098 |
| 8025 | PPL Corporation | 271967 |
| 2948 | SJW Group | 153208 |
|  |  | 4385508 |
|  | **TOTAL COMMON STOCKS (Cost $80,420,611)** | 83400573 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 887 | iShares Russell 1000 Value Index Fund | 172282 |
| 5493 | Ishares Russell Midcap Value | 725845 |
| 6740 | iShares S&P MidCap 400 Value Index | 832929 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,689,930)** | 1731056 |

---

See accompanying notes to financial statements.

**NAA ALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.5% (Cost $82,110,541)** | $85131629 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 465196 |
| **NET ASSETS - 100.0%** | $85596825 |

---

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

plc – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3%** |  |
|  | **Communications - 4.5%** |  |
| 66302 | AT&T, Inc. | $1918779 |
| 16172 | Match Group, Inc.<sup>(a)</sup> | 499553 |
| 12967 | Omnicom Group, Inc. | 932846 |
| 8018 | T-Mobile US, Inc. | 1910369 |
| 5044 | VeriSign, Inc.<sup>(a)</sup> | 1456707 |
| 15567 | Walt Disney Co. | 1930464 |
|  |  | 8648718 |
|  | **Consumer Discretionary - 8.0%** |  |
| 30421 | Amazon.com, Inc.<sup>(a)</sup> | 6674064 |
| 168758 | Ford Motor Company | 1831024 |
| 17565 | LKQ Corporation | 650081 |
| 12839 | MGM Resorts International<sup>(a)</sup> | 441533 |
| 30186 | NIKE, Inc., Class B | 2144413 |
| 19629 | Starbucks Corporation | 1798605 |
| 14520 | TJX Companies, Inc. (The) | 1793075 |
|  |  | 15332795 |
|  | **Consumer Staples - 7.8%** |  |
| 29814 | Altria Group, Inc. | 1747995 |
| 26632 | Coca-Cola Company (The) | 1884214 |
| 19989 | Colgate-Palmolive Company | 1817000 |
| 11896 | Dollar Tree, Inc.<sup>(a)</sup> | 1178180 |
| 16460 | McCormick & Company, Inc. | 1247997 |
| 11559 | Molson Coors Beverage Company, Class B | 555872 |
| 27156 | Mondelez International, Inc., Class A | 1831401 |
| 17974 | Procter & Gamble Co. | 2863618 |
| 19186 | Walmart, Inc. | 1876007 |
|  |  | 15002284 |
|  | **Energy - 5.8%** |  |
| 45140 | Baker Hughes Company | 1730668 |
| 12406 | Chevron Corporation | 1776415 |
| 19360 | ConocoPhillips | 1737366 |
| 33051 | Exxon Mobil Corporation | 3562899 |
| 3643 | First Solar, Inc.<sup>(a)</sup> | 603062 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Energy - 5.8% (Continued)** |  |
| 49333 | Schlumberger Ltd. | $1667455 |
|  |  | 11077865 |
|  | **Financials - 14.4%** |  |
| 50210 | Bank of America Corporation | 2375937 |
| 7156 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3476170 |
| 9227 | Capital One Financial Corporation | 1963137 |
| 6427 | Chubb Ltd. | 1862030 |
| 23314 | Citigroup, Inc. | 1984488 |
| 2709 | Everest Re Group Ltd. | 920654 |
| 18915 | Franklin Resources, Inc. | 451123 |
| 2879 | Goldman Sachs Group, Inc. (The) | 2037612 |
| 9160 | JPMorgan Chase & Company | 2655575 |
| 13609 | Morgan Stanley | 1916964 |
| 5760 | Raymond James Financial, Inc. | 883411 |
| 15978 | T Rowe Price Group, Inc. | 1541877 |
| 6722 | Travelers Companies, Inc. (The) | 1798404 |
| 41361 | US Bancorp | 1871585 |
| 24606 | Wells Fargo & Company | 1971433 |
|  |  | 27710400 |
|  | **Health Care - 15.0%** |  |
| 6230 | Amgen, Inc. | 1739478 |
| 10129 | Bio-Techne Corporation | 521137 |
| 10619 | Cardinal Health, Inc. | 1783992 |
| 5963 | Cencora, Inc. | 1788006 |
| 31598 | Centene Corporation<sup>(a)</sup> | 1715139 |
| 3218 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 488267 |
| 26888 | CVS Health Corporation | 1854734 |
| 14748 | DexCom, Inc.<sup>(a)</sup> | 1287353 |
| 4784 | Elevance Health, Inc. | 1860785 |
| 16885 | Gilead Sciences, Inc. | 1872040 |
| 4335 | HCA Healthcare, Inc. | 1660739 |
| 7254 | Humana, Inc. | 1773458 |
| 4160 | Incyte Corporation<sup>(a)</sup> | 283296 |
| 10700 | IQVIA Holdings, Inc.<sup>(a)</sup> | 1686213 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Health Care - 15.0% (Continued)** |  |
| 18448 | Johnson & Johnson | $2817932 |
| 23108 | Merck & Company, Inc. | 1829229 |
| 6949 | UnitedHealth Group, Inc. | 2167879 |
| 11563 | Zoetis, Inc. | 1803250 |
|  |  | 28932927 |
|  | **Industrials - 7.7%** |  |
| 3415 | Deere & Company | 1736493 |
| 7585 | Jacobs Solutions, Inc. | 997048 |
| 17276 | Johnson Controls International plc | 1824691 |
| 7094 | L3Harris Technologies, Inc. | 1779459 |
| 3611 | Northrop Grumman Corporation | 1805428 |
| 6814 | Old Dominion Freight Line, Inc. | 1105912 |
| 7550 | Rollins, Inc. | 425971 |
| 3457 | Snap-on, Inc. | 1075749 |
| 39614 | Southwest Airlines Company | 1285078 |
| 11565 | Textron, Inc. | 928554 |
| 13996 | Xylem, Inc. | 1810523 |
|  |  | 14774906 |
|  | **Materials - 3.4%** |  |
| 6742 | Ecolab, Inc. | 1816565 |
| 43352 | Freeport-McMoRan, Inc. | 1879309 |
| 16757 | LyondellBasell Industries N.V., Class A | 969560 |
| 30584 | Newmont Corporation | 1781824 |
|  |  | 6447258 |
|  | **Real Estate - 3.1%** |  |
| 8405 | American Tower Corporation, A | 1857673 |
| 10063 | Digital Realty Trust, Inc. | 1754283 |
| 7618 | Extra Space Storage, Inc. | 1123198 |
| 35819 | Invitation Homes, Inc. | 1174863 |
|  |  | 5910017 |
|  | **Technology - 22.3%** |  |
| 9171 | Akamai Technologies, Inc.<sup>(a)</sup> | 731479 |
| 61785 | Apple, Inc. | 12676429 |
| 5783 | Automatic Data Processing, Inc. | 1783477 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Technology - 22.3% (Continued)** |  |
| 27963 | Cisco Systems, Inc. | $1940073 |
| 22031 | CoStar Group, Inc.<sup>(a)</sup> | 1771292 |
| 1318 | FactSet Research Systems, Inc. | 589515 |
| 84223 | Intel Corporation | 1886595 |
| 19709 | Lam Research Corporation | 1918474 |
| 14936 | Micron Technology, Inc. | 1840862 |
| 27345 | Microsoft Corporation | 13601676 |
| 6779 | NetApp, Inc. | 722302 |
| 22055 | PayPal Holdings, Inc.<sup>(a)</sup> | 1639128 |
| 11904 | QUALCOMM, Inc. | 1895831 |
|  |  | 42997133 |
|  | **Utilities - 5.3%** |  |
| 17268 | Ameren Corporation | 1658419 |
| 12310 | American Water Works Company, Inc. | 1712444 |
| 15762 | Duke Energy Corporation | 1859917 |
| 14770 | Evergy, Inc. | 1018096 |
| 41663 | Exelon Corporation | 1809007 |
| 32700 | FirstEnergy Corporation | 1316502 |
| 22470 | PPL Corporation | 761508 |
|  |  | 10135893 |
|  | **TOTAL COMMON STOCKS (Cost $176,133,542)** | 186970196 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 9935 | iShares Russell 1000 Value ETF | 1929675 |
| 9894 | iShares S&P 500 Value ETF | 1933486 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,753,276)** | 3863161 |

---

See accompanying notes to financial statements.

**NAA LARGE CAP VALUE SERIES**

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

**June 30, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.3% (Cost $179,886,818)** | $190833357 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 1328027 |
| **NET ASSETS - 100.0%** | $192161384 |

---

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

plc – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3%** |  |
|  | **Communications - 10.0%** |  |
| 40423 | Alphabet, Inc., Class A | $7123745 |
| 10464 | Alphabet, Inc., Class C | 1856209 |
| 530 | Booking Holdings, Inc. | 3068297 |
| 10023 | Meta Platforms, Inc., Class A | 7397876 |
| 11080 | T-Mobile US, Inc. | 2639921 |
| 33519 | Uber Technologies, Inc.<sup>(a)</sup> | 3127323 |
|  |  | 25213371 |
|  | **Consumer Discretionary - 9.6%** |  |
| 44576 | Amazon.com, Inc.<sup>(a)</sup> | 9779529 |
| 28519 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1601342 |
| 6266 | DR Horton, Inc. | 807813 |
| 21205 | General Motors Company | 1043498 |
| 5270 | Hilton Worldwide Holdings, Inc.<sup>(a)</sup> | 1403612 |
| 5522 | Lennar Corporation, Class A | 610788 |
| 2707 | Lululemon Athletica, Inc.<sup>(a)</sup> | 643129 |
| 5125 | Marriott International, Inc., Class A | 1400201 |
| 19238 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1733921 |
| 4598 | PulteGroup, Inc. | 484905 |
| 14802 | Tesla, Inc.<sup>(a)</sup> | 4702003 |
|  |  | 24210741 |
|  | **Consumer Staples - 5.0%** |  |
| 40760 | Coca-Cola Company (The) | 2883771 |
| 29205 | Keurig Dr Pepper, Inc. | 965517 |
| 21702 | PepsiCo, Inc. | 2865532 |
| 17892 | Procter & Gamble Co. | 2850553 |
| 29708 | Walmart, Inc. | 2904848 |
|  |  | 12470221 |
|  | **Energy - 2.7%** |  |
| 21519 | Baker Hughes Company | 825038 |
| 3968 | Diamondback Energy, Inc. | 545203 |
| 25008 | Exxon Mobil Corporation | 2695863 |
| 2661 | First Solar, Inc.<sup>(a)</sup> | 440502 |
| 18210 | Halliburton Company | 371120 |
| 8408 | Phillips 66 | 1003074 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Energy - 2.7% (Continued)** |  |
| 29232 | Schlumberger Ltd. | $988042 |
|  |  | 6868842 |
|  | **Financials - 10.2%** |  |
| 5754 | Allstate Corporation (The) | 1158338 |
| 9411 | American Express Company | 3001921 |
| 12507 | American International Group, Inc. | 1070474 |
| 5506 | Arthur J Gallagher & Company | 1762581 |
| 62708 | Bank of America Corporation | 2967343 |
| 8465 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 4112043 |
| 8193 | Chubb Ltd. | 2373676 |
| 35567 | Citigroup, Inc. | 3027462 |
| 6161 | Hartford Financial Services Group, Inc. (The) | 781646 |
| 13013 | JPMorgan Chase & Company | 3772598 |
| 8775 | PNC Financial Services Group, Inc. (The) | 1635836 |
|  |  | 25663918 |
|  | **Health Care - 9.2%** |  |
| 9615 | Amgen, Inc. | 2684604 |
| 4791 | Cardinal Health, Inc. | 804888 |
| 10857 | Centene Corporation<sup>(a)</sup> | 589318 |
| 4502 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 320362 |
| 3612 | Eli Lilly & Company | 2815662 |
| 25753 | Gilead Sciences, Inc. | 2855236 |
| 1509 | Insulet Corporation<sup>(a)</sup> | 474098 |
| 35366 | Merck & Company, Inc. | 2799573 |
| 7443 | Stryker Corporation | 2944674 |
| 9171 | UnitedHealth Group, Inc. | 2861077 |
| 5601 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2493565 |
| 10392 | Zoetis, Inc. | 1620632 |
|  |  | 23263689 |
|  | **Industrials - 8.2%** |  |
| 25930 | Amphenol Corporation, Class A | 2560588 |
| 7770 | Caterpillar, Inc. | 3016392 |
| 7496 | Cintas Corporation | 1670633 |
| 5375 | Deere & Company | 2733134 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Industrials - 8.2% (Continued)** |  |
| 15395 | Delta Air Lines, Inc. | $757126 |
| 25605 | Fastenal Company | 1075410 |
| 11931 | General Electric Company | 3070920 |
| 811 | Huntington Ingalls Industries, Inc. | 195824 |
| 2846 | Parker-Hannifin Corporation | 1987846 |
| 4395 | Republic Services, Inc. | 1083851 |
| 13630 | Southwest Airlines Company | 442157 |
| 1444 | United Rentals, Inc.<sup>(a)</sup> | 1087909 |
| 987 | WW Grainger, Inc. | 1026717 |
|  |  | 20708507 |
|  | **Materials - 2.2%** |  |
| 5659 | Ecolab, Inc. | 1524761 |
| 21759 | Newmont Corporation | 1267679 |
| 5436 | Sherwin-Williams Company (The) | 1866505 |
| 2940 | Vulcan Materials Company | 766811 |
|  |  | 5425756 |
|  | **Real Estate - 2.4%** |  |
| 10097 | American Tower Corporation, A | 2231639 |
| 6330 | CBRE Group, Inc., Class A<sup>(a)</sup> | 886960 |
| 6293 | Iron Mountain, Inc. | 645473 |
| 19491 | Realty Income Corporation | 1122877 |
| 6811 | Simon Property Group, Inc. | 1094936 |
|  |  | 5981885 |
|  | **Technology - 35.2%** |  |
| 67594 | Apple, Inc. | 13868261 |
| 3505 | Automatic Data Processing, Inc. | 1080942 |
| 20815 | Broadcom, Inc. | 5737655 |
| 42772 | Cisco Systems, Inc. | 2967521 |
| 4964 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 2528215 |
| 533 | Fair Isaac Corporation<sup>(a)</sup> | 974303 |
| 12562 | Fiserv, Inc.<sup>(a)</sup> | 2165814 |
| 1762 | Gartner, Inc.<sup>(a)</sup> | 712236 |
| 3717 | Intuit, Inc. | 2927621 |
| 1562 | Jack Henry & Associates, Inc. | 281426 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Technology - 35.2% (Continued)** |  |
| 5260 | Mastercard, Inc., Class A | $2955804 |
| 20531 | Micron Technology, Inc. | 2530446 |
| 34931 | Microsoft Corporation | 17375028 |
| 114356 | NVIDIA Corporation | 18067104 |
| 13384 | Oracle Corporation | 2926144 |
| 14066 | Palo Alto Networks, Inc.<sup>(a)</sup> | 2878466 |
| 1151 | Paycom Software, Inc.<sup>(a)</sup> | 266341 |
| 22967 | PayPal Holdings, Inc.<sup>(a)</sup> | 1706907 |
| 5547 | S&P Global, Inc. | 2924878 |
| 10822 | Salesforce, Inc. | 2951051 |
| 962 | Tyler Technologies, Inc.<sup>(a)</sup> | 570312 |
|  |  | 88396475 |
|  | **Utilities - 2.6%** |  |
| 4230 | American Water Works Company, Inc. | 588435 |
| 6443 | Constellation Energy Corporation | 2079543 |
| 17097 | Duke Energy Corporation | 2017446 |
| 22153 | Exelon Corporation | 961883 |
| 11237 | FirstEnergy Corporation | 452402 |
| 16084 | PPL Corporation | 545087 |
|  |  | 6644796 |
|  | **TOTAL COMMON STOCKS (Cost $227,458,344)** | 244848201 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 4063 | iShares Core S&P 500 ETF | 2522717 |
| 4071 | SPDR S&P 500 ETF Trust ETF | 2515267 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,842,665)** | 5037984 |

---

See accompanying notes to financial statements.

**NAA LARGE CORE SERIES**

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

**June 30, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.3% (Cost $232,301,009)** | $249886185 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 1678978 |
| **NET ASSETS - 100.0%** | $251565163 |

---

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

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA LARGE GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2%** |  |
|  | **Communications - 16.3%** |  |
| 10140 | Alphabet, Inc., Class A | $1786972 |
| 4847 | Alphabet, Inc., Class C | 859809 |
| 163 | Booking Holdings, Inc. | 943646 |
| 627 | Expedia Group, Inc.<sup>(a)</sup> | 105762 |
| 4480 | Meta Platforms, Inc., Class A | 3306644 |
| 944 | Netflix, Inc.<sup>(a)</sup> | 1264139 |
| 1305 | T-Mobile US, Inc. | 310929 |
| 10424 | Uber Technologies, Inc.<sup>(a)</sup> | 972559 |
|  |  | 9550460 |
|  | **Consumer Discretionary - 10.0%** |  |
| 12778 | Amazon.com, Inc.<sup>(a)</sup> | 2803365 |
| 351 | Axon Enterprise, Inc.<sup>(a)</sup> | 290607 |
| 795 | Deckers Outdoor Corporation<sup>(a)</sup> | 81941 |
| 1171 | Hilton Worldwide Holdings, Inc.<sup>(a)</sup> | 311884 |
| 1888 | Las Vegas Sands Corporation | 82147 |
| 345 | Lululemon Athletica, Inc.<sup>(a)</sup> | 81965 |
| 4269 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 384765 |
| 5522 | Tesla, Inc.<sup>(a)</sup> | 1754119 |
| 908 | Wynn Resorts Ltd. | 85052 |
|  |  | 5875845 |
|  | **Consumer Staples - 5.5%** |  |
| 1789 | Colgate-Palmolive Company | 162620 |
| 1184 | Costco Wholesale Corporation | 1172089 |
| 3966 | Philip Morris International, Inc. | 722328 |
| 12117 | Walmart, Inc. | 1184800 |
|  |  | 3241837 |
|  | **Energy - 0.7%** |  |
| 546 | First Solar, Inc.<sup>(a)</sup> | 90385 |
| 1286 | Hess Corporation | 178162 |
| 1693 | ONEOK, Inc. | 138200 |
|  |  | 406747 |
|  | **Financials - 4.5%** |  |
| 2692 | American Express Company | 858694 |
| 1786 | Arch Capital Group Ltd.<sup>(a)</sup> | 162615 |

---

See accompanying notes to financial statements.

**NAA LARGE GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2% (Continued)** |  |
|  | **Financials - 4.5% (Continued)** |  |
| 1115 | Brown & Brown, Inc. | $123620 |
| 226 | Erie Indemnity Company, Class A | 78375 |
| 4207 | JPMorgan Chase & Company | 1219651 |
| 1062 | Marsh & McLennan Companies, Inc. | 232196 |
|  |  | 2675151 |
|  | **Health Care - 6.4%** |  |
| 581 | DaVita, Inc.<sup>(a)</sup> | 82763 |
| 974 | DexCom, Inc.<sup>(a)</sup> | 85020 |
| 1575 | Eli Lilly & Company | 1227759 |
| 476 | HCA Healthcare, Inc. | 182356 |
| 335 | Insulet Corporation<sup>(a)</sup> | 105250 |
| 1791 | Intuitive Surgical, Inc.<sup>(a)</sup> | 973248 |
| 710 | ResMed, Inc. | 183180 |
| 904 | Stryker Corporation | 357650 |
| 1244 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 553829 |
|  |  | 3751055 |
|  | **Industrials - 4.9%** |  |
| 1666 | Cintas Corporation | 371301 |
| 526 | Deere & Company | 267466 |
| 3416 | Delta Air Lines, Inc. | 167999 |
| 1912 | Howmet Aerospace, Inc.<sup>(a)</sup> | 355881 |
| 155 | Lennox International, Inc. | 88852 |
| 633 | Parker-Hannifin Corporation | 442131 |
| 1407 | Rollins, Inc. | 79383 |
| 1076 | Trane Technologies PLC | 470653 |
| 274 | TransDigm Group, Inc.<sup>(a)</sup> | 416655 |
| 319 | United Rentals, Inc.<sup>(a)</sup> | 240335 |
|  |  | 2900656 |
|  | **Materials - 0.5%** |  |
| 613 | Ecolab, Inc. | 165167 |
| 406 | Vulcan Materials Company | 105893 |
|  |  | 271060 |
|  | **Real Estate - 1.2%** |  |
| 1407 | CBRE Group, Inc., Class A<sup>(a)</sup> | 197149 |

---

See accompanying notes to financial statements.

**NAA LARGE GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.2% (Continued)** |  |
|  | **Real Estate - 1.2% (Continued)** |  |
| 539 | Extra Space Storage, Inc. | $79470 |
| 794 | Public Storage | 232975 |
| 1511 | Simon Property Group, Inc. | 242909 |
|  |  | 752503 |
|  | **Technology - 45.3%** |  |
| 949 | Adobe, Inc.<sup>(a)</sup> | 367149 |
| 21820 | Apple, Inc. | 4476810 |
| 10501 | Broadcom, Inc. | 2894601 |
| 186 | FactSet Research Systems, Inc. | 83194 |
| 119 | Fair Isaac Corporation<sup>(a)</sup> | 217527 |
| 3084 | Fortinet, Inc.<sup>(a)</sup> | 326040 |
| 784 | Garmin Ltd. | 163636 |
| 392 | Gartner, Inc.<sup>(a)</sup> | 158454 |
| 1350 | Intuit, Inc. | 1063301 |
| 2142 | Mastercard, Inc., Class A | 1203675 |
| 10456 | Microsoft Corporation | 5200920 |
| 34967 | NVIDIA Corporation | 5524436 |
| 5446 | Oracle Corporation | 1190659 |
| 3110 | Palo Alto Networks, Inc.<sup>(a)</sup> | 636430 |
| 749 | Paychex, Inc. | 108950 |
| 722 | S&P Global, Inc. | 380703 |
| 4421 | Salesforce, Inc. | 1205563 |
| 213 | Tyler Technologies, Inc.<sup>(a)</sup> | 126275 |
| 3624 | Visa, Inc., Class A | 1286702 |
|  |  | 26615025 |
|  | **Utilities - 0.9%** |  |
| 1431 | Constellation Energy Corporation | 461869 |
| 1092 | Public Service Enterprise Group, Inc. | 91925 |
|  |  | 553794 |
|  | **TOTAL COMMON STOCKS (Cost $49,874,275)** | 56594133 |

---

See accompanying notes to financial statements.

**NAA LARGE GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 1371 | iShares Russell 1000 Growth ETF | $582099 |
| 5291 | iShares S&P500 Growth Index Fund | 582539 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,107,805)** | 1164638 |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $50,982,080)** | $57758771 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%** | 1068643 |
|  | **NET ASSETS - 100.0%** | $58827414 |

---

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

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7%** |  |
|  | **Communications - 2.0%** |  |
| 10380 | Expedia Group, Inc.<sup>(a)</sup> | $1750899 |
| 13707 | New York Times Company (The), Class A | 767318 |
| 4993 | TKO Group Holdings, Inc. | 908476 |
|  |  | 3426693 |
|  | **Consumer Discretionary - 10.6%** |  |
| 7792 | Abercrombie & Fitch Company, Class A | 645567 |
| 5612 | Boyd Gaming Corporation<sup>(a)</sup> | 439027 |
| 10225 | Burlington Stores, Inc.<sup>(a)</sup> | 2378744 |
| 30383 | Chewy, Inc., Class A<sup>(a)</sup> | 1294923 |
| 11365 | Churchill Downs, Inc. | 1147865 |
| 8999 | Crocs, Inc.<sup>(a)</sup> | 911419 |
| 13166 | Deckers Outdoor Corporation<sup>(a)</sup> | 1357019 |
| 14661 | Gentex Corporation | 322395 |
| 4158 | Grand Canyon Education, Inc.<sup>(a)</sup> | 785862 |
| 13593 | Light & Wonder, Inc.<sup>(a)</sup> | 1308462 |
| 12168 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 1326920 |
| 3179 | Ralph Lauren Corporation | 871936 |
| 18937 | Somnigroup International, Inc. | 1288663 |
| 9931 | Texas Roadhouse, Inc. | 1861170 |
| 10485 | Travel + Leisure Company | 541131 |
| 4640 | Wingstop, Inc.<sup>(a)</sup> | 1562474 |
|  |  | 18043577 |
|  | **Consumer Staples - 4.9%** |  |
| 9564 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 1031286 |
| 27601 | Colgate-Palmolive Company | 2508931 |
| 8314 | elf Beauty, Inc.<sup>(a)</sup> | 1034594 |
| 27095 | Hims & Hers Health, Inc.<sup>(a)</sup> | 1350686 |
| 14945 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2460545 |
|  |  | 8386042 |
|  | **Energy - 3.5%** |  |
| 15402 | DT Midstream, Inc. | 1692834 |
| 10684 | Matador Resources Company<sup>(a)</sup> | 509840 |
| 28044 | ONEOK, Inc. | 2289233 |
| 93073 | Permian Resources Corporation | 1267654 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Energy - 3.5% (Continued)** |  |
| 5340 | Weatherford International plc | $268655 |
|  |  | 6028216 |
|  | **Financials - 14.5%** |  |
| 18462 | Brown & Brown, Inc. | 2046881 |
| 7184 | Cullen/Frost Bankers, Inc. | 923431 |
| 46028 | Equitable Holdings, Inc.<sup>(a)</sup> | 2582170 |
| 5433 | Evercore, Inc., Class A | 1467019 |
| 7330 | Hamilton Lane, Inc., Class A<sup>(a)</sup> | 1041740 |
| 8261 | HOULIHAN LOKEY, INC. | 1486567 |
| 46252 | Interactive Brokers Group, Inc., Class A | 2562823 |
| 3371 | Kinsale Capital Group, Inc. | 1631227 |
| 16953 | MGIC Investment Corporation | 471972 |
| 7868 | Pinnacle Financial Partners, Inc. | 868706 |
| 5004 | Primerica, Inc. | 1369445 |
| 7374 | RenaissanceRe Holdings Ltd. | 1791145 |
| 13086 | RLI Corporation | 945071 |
| 16104 | Ryan Specialty Holdings, Inc.<sup>(a)</sup> | 1094911 |
| 8923 | SEI Investments Company | 801821 |
| 31956 | SLM Corporation<sup>(a)</sup> | 1047837 |
| 11061 | Stifel Financial Corporation<sup>(a)</sup> | 1147910 |
| 17262 | Western Alliance Bancorp | 1346091 |
|  |  | 24626767 |
|  | **Health Care - 8.9%** |  |
| 3387 | DaVita, Inc.<sup>(a)</sup> | 482478 |
| 14068 | DexCom, Inc.<sup>(a)</sup> | 1227996 |
| 10893 | Encompass Health Corporation | 1335809 |
| 8293 | Ensign Group, Inc. (The) | 1279278 |
| 18495 | Globus Medical, Inc., Class A<sup>(a)</sup> | 1091575 |
| 19052 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 991085 |
| 10735 | Lantheus Holdings, Inc.<sup>(a)</sup> | 878767 |
| 3636 | Medpace Holdings, Inc.<sup>(a)</sup> | 1141195 |
| 14821 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 1862851 |
| 3826 | Penumbra, Inc.<sup>(a)</sup> | 981866 |
| 28230 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 482733 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Health Care - 8.9% (Continued)** |  |
| 8089 | Tenet Healthcare Corporation<sup>(a)</sup> | $1423664 |
| 6644 | United Therapeutics Corporation<sup>(a)</sup> | 1909154 |
|  |  | 15088451 |
|  | **Industrials - 22.3%** |  |
| 11279 | AAON, Inc. | 831826 |
| 10778 | AECOM<sup>(a)</sup> | 1216405 |
| 3708 | Allegion plc | 534397 |
| 112763 | American Airlines Group, Inc. | 1265201 |
| 13089 | BWX Technologies, Inc. | 1885602 |
| 7023 | Chart Industries, Inc.<sup>(a)</sup> | 1156337 |
| 7618 | Clean Harbors, Inc.<sup>(a)</sup> | 1761129 |
| 4871 | Comfort Systems USA, Inc. | 2611879 |
| 18568 | Core & Main, Inc., Class A<sup>(a)</sup> | 1120579 |
| 5260 | Curtiss-Wright Corporation | 2569773 |
| 10734 | Donaldson Company, Inc. | 744403 |
| 5010 | EMCOR Group, Inc. | 2679798 |
| 9289 | Esab Corporation | 1119789 |
| 20394 | H&R Block, Inc. | 1119427 |
| 8595 | ITT, Inc. | 1347954 |
| 2577 | Lennox International, Inc. | 1477239 |
| 4929 | Lincoln Electric Holdings, Inc. | 1021880 |
| 3548 | Novanta, Inc.<sup>(a)</sup> | 457444 |
| 24251 | nVent Electric PLC | 1776386 |
| 23270 | RB Global, Inc. | 2471041 |
| 4850 | RBC Bearings, Inc.<sup>(a)</sup> | 1866280 |
| 4111 | Saia, Inc.<sup>(a)</sup> | 1126373 |
| 40222 | Tetra Tech, Inc. | 1446383 |
| 4508 | TopBuild Corporation<sup>(a)</sup> | 1459420 |
| 2170 | Watts Water Technologies, Inc., Class A | 533581 |
| 8737 | Woodward, Inc. | 2141351 |
|  |  | 37741877 |
|  | **Materials - 6.9%** |  |
| 5447 | AptarGroup, Inc. | 852074 |
| 21689 | ATI, Inc.<sup>(a)</sup> | 1872628 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Materials - 6.9% (Continued)** |  |
| 19052 | Axalta Coating Systems Ltd.<sup>(a)</sup> | $565654 |
| 5287 | Eagle Materials, Inc. | 1068556 |
| 9349 | Ecolab, Inc. | 2518995 |
| 9923 | Louisiana-Pacific Corporation | 853279 |
| 13906 | Owens Corning | 1912352 |
| 12108 | RPM International, Inc. | 1329943 |
| 4441 | Simpson Manufacturing Company, Inc. | 689732 |
|  |  | 11663213 |
|  | **Real Estate - 3.5%** |  |
| 18666 | American Homes 4 Rent, Class A | 673283 |
| 14619 | Equity LifeStyle Properties, Inc. | 901554 |
| 18589 | Gaming and Leisure Properties, Inc. | 867735 |
| 8594 | Lamar Advertising Company, Class A | 1042967 |
| 15493 | Simon Property Group, Inc. | 2490654 |
|  |  | 5976193 |
|  | **Technology - 19.7%** |  |
| 3169 | ANSYS, Inc.<sup>(a)</sup> | 1113016 |
| 3593 | Appfolio, Inc., Class A<sup>(a)</sup> | 827396 |
| 4209 | Broadridge Financial Solutions, Inc. | 1022913 |
| 4990 | Cirrus Logic, Inc.<sup>(a)</sup> | 520232 |
| 7000 | CommVault Systems, Inc.<sup>(a)</sup> | 1220310 |
| 31675 | DocuSign, Inc.<sup>(a)</sup> | 2467165 |
| 20934 | Doximity, Inc., Class A | 1284092 |
| 18690 | Dropbox, Inc., CLASS A<sup>(a)</sup> | 534534 |
| 5077 | DUOLINGO<sup>(a)</sup> | 2081672 |
| 43725 | Dynatrace, Inc.<sup>(a)</sup> | 2414057 |
| 9855 | Guidewire Software, Inc.<sup>(a)</sup> | 2320360 |
| 13910 | HealthEquity, Inc.<sup>(a)</sup> | 1457212 |
| 9499 | Manhattan Associates, Inc.<sup>(a)</sup> | 1875768 |
| 4068 | Morningstar, Inc. | 1277067 |
| 24575 | Okta, Inc.<sup>(a)</sup> | 2456762 |
| 12400 | Paychex, Inc. | 1803705 |
| 4238 | Paycom Software, Inc.<sup>(a)</sup> | 980673 |
| 6973 | Paylocity Holding Corporation<sup>(a)</sup> | 1263438 |

---

See accompanying notes to financial statements.

**NAA MID GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Technology - 19.7% (Continued)** |  |
| 3321 | Qualys, Inc.<sup>(a)</sup> | $474471 |
| 10656 | Shift4 Payments, Inc., Class A<sup>(a)</sup> | 1056116 |
| 39447 | Super Micro Computer, Inc.<sup>(a)</sup> | 1933297 |
| 3543 | Tyler Technologies, Inc.<sup>(a)</sup> | 2100432 |
| 3263 | Universal Display Corporation<sup>(a)</sup> | 504003 |
| 3737 | WEX, Inc.<sup>(a)</sup> | 548928 |
|  |  | 33537619 |
|  | **Utilities - 0.9%** |  |
| 18083 | Public Service Enterprise Group, Inc. | 1522227 |
|  | **TOTAL COMMON STOCKS (Cost $166,832,151)** | 166040875 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 12410 | iShares Russell Mid-Cap Growth ETF | 1721019 |
| 18914 | iShares S&P Mid-Cap 400 Growth ETF | 1720796 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,168,139)** | 3441815 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $170,000,290)** | $169482690 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 509611 |
|  | **NET ASSETS - 100.0%** | $169992301 |

---

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

plc – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.0%** |  |
|  | **Communications - 2.4%** |  |
| 6305 | EchoStar Corporation, Class A<sup>(a)</sup> | $174649 |
| 8966 | IAC, Inc.<sup>(a)</sup> | 334790 |
| 7577 | Iridium Communications, Inc.<sup>(a)</sup> | 228598 |
| 22561 | TEGNA, Inc. | 378122 |
|  |  | 1116159 |
|  | **Consumer Discretionary - 17.0%** |  |
| 8975 | Advance Auto Parts, Inc. | 417248 |
| 2768 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 660280 |
| 9514 | Autoliv, Inc. | 1064616 |
| 13743 | Bath & Body Works, Inc. | 411740 |
| 30562 | BorgWarner, Inc. | 1023216 |
| 8134 | Etsy, Inc.<sup>(a)</sup> | 408001 |
| 18870 | Gentex Corporation | 414951 |
| 44253 | Goodyear Tire & Rubber Company (The) | 458904 |
| 888 | Group 1 Automotive, Inc. | 387798 |
| 5093 | KB Home | 269776 |
| 17175 | Kohl's Corporation | 145644 |
| 10678 | Meritage Homes Corporation<sup>(a)</sup> | 715106 |
| 2524 | Penske Automotive Group, Inc. | 433648 |
| 3923 | Scotts Miracle-Gro Company (The)<sup>(a)</sup> | 258761 |
| 2422 | Vail Resorts, Inc. | 380569 |
| 49958 | VF Corporation | 587007 |
|  |  | 8037265 |
|  | **Consumer Staples - 3.0%** |  |
| 1224 | Boston Beer Company, Inc. (The), Class A<sup>(a)</sup> | 233551 |
| 7298 | Edgewell Personal Care Company<sup>(a)</sup> | 170846 |
| 13981 | Grocery Outlet Holding Corp<sup>(a)</sup> | 173644 |
| 3614 | PriceSmart, Inc. | 379616 |
| 7026 | Simply Good Foods Company (The)<sup>(a)</sup> | 221951 |
| 1356 | The Marzetti Company | 234276 |
|  |  | 1413884 |
|  | **Energy - 2.9%** |  |
| 9367 | California Resources Corporation | 427791 |
| 17430 | Murphy Oil Corporation | 392175 |

---

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.0% (Continued)** |  |
|  | **Energy - 2.9% (Continued)** |  |
| 45891 | Patterson-UTI Energy, Inc. | $272134 |
| 5172 | Weatherford International plc | 260203 |
|  |  | 1352303 |
|  | **Financials - 22.3%** |  |
| 14469 | Air Lease Corporation | 846291 |
| 4774 | Ameris Bancorp | 308878 |
| 26787 | Arbor Realty Trust, Inc. | 286621 |
| 20896 | Atlantic Union Bankshares Corporation | 653627 |
| 6300 | Bread Financial Holdings, Inc.<sup>(a)</sup> | 359856 |
| 7693 | Brighthouse Financial, Inc.<sup>(a)</sup> | 413653 |
| 18942 | Comerica, Inc. | 1129890 |
| 2773 | Community Financial System, Inc. | 157701 |
| 10996 | CVB Financial Corporation | 217611 |
| 4041 | Federated Hermes, Inc., B | 179097 |
| 8265 | First Financial Bankshares, Inc. | 297375 |
| 10345 | First Hawaiian, Inc. | 258211 |
| 43318 | Flagstar Financial Inc | 459171 |
| 13696 | Fulton Financial Corporation | 247076 |
| 1910 | GATX Corporation | 293300 |
| 23442 | Lincoln National Corporation | 811093 |
| 9814 | Radian Group, Inc. | 353500 |
| 13322 | Renasant Corporation | 478659 |
| 12401 | Seacoast Banking Corporation of Florida | 342516 |
| 8311 | Selective Insurance Group, Inc. | 720148 |
| 18204 | Simmons First National Corporation, Class A | 345148 |
| 4159 | StepStone Group, Inc., Class A | 230825 |
| 17803 | United Community Banks, Inc. | 530351 |
| 11522 | WaFd, Inc. | 337364 |
| 4702 | Walker & Dunlop, Inc. | 331397 |
|  |  | 10589359 |
|  | **Health Care - 6.5%** |  |
| 8585 | Alkermes plc<sup>(a)</sup> | 245617 |
| 8633 | Bruker Corporation | 355680 |
| 4818 | CONMED Corporation | 250921 |

---

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.0% (Continued)** |  |
|  | **Health Care - 6.5% (Continued)** |  |
| 2969 | Haemonetics Corporation<sup>(a)</sup> | $221517 |
| 31527 | Neogen Corporation<sup>(a)</sup> | 150699 |
| 7076 | Omnicell, Inc.<sup>(a)</sup> | 208034 |
| 11563 | Premier, Inc., Class A | 253577 |
| 9874 | QuidelOrtho Corporation<sup>(a)</sup> | 284569 |
| 14702 | Select Medical Holdings Corporation | 223176 |
| 12720 | SOTERA HEALTH CO<sup>(a)</sup> | 141446 |
| 6437 | Teleflex, Inc. | 761884 |
|  |  | 3097120 |
|  | **Industrials - 15.0%** |  |
| 9223 | ABM Industries, Inc. | 435418 |
| 2577 | Advanced Energy Industries, Inc. | 341452 |
| 2882 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 163035 |
| 2474 | Arcosa, Inc.<sup>(a)</sup> | 214520 |
| 11107 | Avista Corporation | 421511 |
| 8542 | Enovis Corporation<sup>(a)</sup> | 267877 |
| 2863 | Exponent, Inc. | 213895 |
| 16125 | GXO Logistics, Inc.<sup>(a)</sup> | 785287 |
| 5709 | Hexcel Corporation | 322501 |
| 8676 | Hub Group, Inc., Class A<sup>(a)</sup> | 290039 |
| 51246 | JetBlue Airways Corporation<sup>(a)</sup> | 216771 |
| 3787 | John Bean Technologies Corporation | 455424 |
| 10610 | Kennametal, Inc. | 243606 |
| 8210 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 381355 |
| 7095 | Mercury Systems, Inc.<sup>(a)</sup> | 382137 |
| 2025 | Novanta, Inc.<sup>(a)</sup> | 261083 |
| 20964 | Resideo Technologies, Inc.<sup>(a)</sup> | 462466 |
| 14844 | Robert Half, Inc. | 609346 |
| 9013 | Timken Company (The) | 653893 |
|  |  | 7121616 |
|  | **Materials - 7.6%** |  |
| 3451 | Cabot Corporation | 258825 |
| 16322 | Celanese Corporation | 903096 |
| 3630 | Greif, Inc., Class A<sup>(a)</sup> | 235914 |

---

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.0% (Continued)** |  |
|  | **Materials - 7.6% (Continued)** |  |
| 8014 | HB Fuller Company | $482042 |
| 3036 | Materion Corporation | 240967 |
| 28967 | MDU Resources Group, Inc. | 482880 |
| 4827 | Minerals Technologies, Inc. | 265823 |
| 15704 | Peabody Energy Corporation<sup>(a)</sup> | 210748 |
| 13266 | Sealed Air Corporation | 411644 |
| 11532 | SunCoke Energy, Inc.<sup>(a)</sup> | 99060 |
|  |  | 3590999 |
|  | **Real Estate - 7.2%** |  |
| 5747 | Acadia Realty Trust | 106722 |
| 7392 | COPT Defense Properties | 203871 |
| 32614 | Cushman & Wakefield PLC<sup>(a)</sup> | 361037 |
| 9758 | Douglas Emmett, Inc. | 146760 |
| 3856 | EastGroup Properties, Inc. | 644414 |
| 7741 | Hannon Armstrong Sustainable Infrastructure Capital | 207923 |
| 5698 | Highwoods Properties, Inc. | 177151 |
| 40391 | LXP Industrial Trust | 333630 |
| 12243 | Macerich Company (The) | 198092 |
| 10240 | PotlatchDeltic Corporation | 392909 |
| 20446 | Rayonier, Inc. | 453492 |
| 2955 | SL Green Realty Corporation | 182915 |
|  |  | 3408916 |
|  | **Technology - 10.3%** |  |
| 2769 | Blackbaud, Inc.<sup>(a)</sup> | 177797 |
| 2859 | Cirrus Logic, Inc.<sup>(a)</sup> | 298065 |
| 6695 | Concentrix Corporation | 353865 |
| 10695 | Dropbox, Inc., Class A<sup>(a)</sup> | 305877 |
| 6120 | FormFactor, Inc.<sup>(a)</sup> | 210589 |
| 12330 | Knowles Corporation<sup>(a)</sup> | 217255 |
| 7450 | Kulicke & Soffa Industries, Inc. | 257770 |
| 9715 | NetScout Systems, Inc.<sup>(a)</sup> | 241029 |
| 13199 | Qorvo, Inc.<sup>(a)</sup> | 1120727 |
| 2153 | Qualys, Inc.<sup>(a)</sup> | 307599 |
| 3727 | Sanmina Corporation<sup>(a)</sup> | 364612 |

---

See accompanying notes to financial statements.

**NAA SMALL CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.0% (Continued)** |  |
|  | **Technology - 10.3% (Continued)** |  |
| 8798 | Teradata Corporation<sup>(a)</sup> | $196283 |
| 6526 | TTM Technologies, Inc.<sup>(a)</sup> | 266391 |
| 6207 | Ziff Davis, Inc.<sup>(a)</sup> | 187886 |
| 36878 | ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | 373206 |
|  |  | 4878951 |
|  | **Utilities - 1.8%** |  |
| 2659 | American States Water Company | 203839 |
| 8333 | California Water Service Group | 378985 |
| 3294 | Otter Tail Corporation | 253934 |
|  |  | 836758 |
|  | **TOTAL COMMON STOCKS (Cost $49,237,063)** | 45443330 |
|  | **EXCHANGE-TRADED FUNDS — 2.9%** |  |
|  | **Equity - 2.9%** |  |
| 4287 | iShares Russell 2000 Value ETF | 676317 |
| 3510 | Vanguard Small-Cap Value ETF | 684485 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,335,061)** | 1360802 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $50,572,124)** | $46804132 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | 538316 |
|  | **NET ASSETS - 100.0%** | $47342448 |

---

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

plc – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5%** |  |
|  | **Communications - 1.5%** |  |
| 2096 | Cogent Communications Holdings, Inc. | $101048 |
| 2106 | EchoStar Corporation, Class A<sup>(a)</sup> | 58336 |
| 2540 | Iridium Communications, Inc.<sup>(a)</sup> | 76632 |
| 3378 | Warner Music Group Corporation<sup>(a)</sup> | 92017 |
| 1794 | Yelp, Inc.<sup>(a)</sup> | 61480 |
|  |  | 389513 |
|  | **Consumer Discretionary - 13.0%** |  |
| 1634 | Adtalem Global Education, Inc.<sup>(a)</sup> | 207894 |
| 2108 | Armstrong World Industries, Inc. | 342424 |
| 1994 | Brinker International, Inc. | 359578 |
| 408 | Cavco Industries, Inc.<sup>(a)</sup> | 177247 |
| 2753 | Champion Homes, Inc.<sup>(a)</sup> | 172365 |
| 4631 | Cinemark Holdings, Inc.<sup>(a)</sup> | 139764 |
| 2720 | Etsy, Inc.<sup>(a)</sup> | 136435 |
| 1147 | GMS, Inc.<sup>(a)</sup> | 124736 |
| 1293 | Grand Canyon Education, Inc.<sup>(a)</sup> | 244377 |
| 298 | Group 1 Automotive, Inc. | 130140 |
| 725 | M/I Homes, Inc.<sup>(a)</sup> | 81287 |
| 802 | Madison Square Garden Sports<sup>(a)</sup> | 167578 |
| 1868 | Shake Shack, Inc., Class A<sup>(a)</sup> | 262641 |
| 2545 | Steven Madden Ltd. | 61029 |
| 1969 | Stride, Inc.<sup>(a)</sup> | 285879 |
| 3264 | Travel + Leisure Company<sup>(a)</sup> | 168455 |
| 2339 | TRI Pointe Homes, Inc.<sup>(a)</sup> | 74731 |
| 1215 | Urban Outfitters, Inc.<sup>(a)</sup> | 88136 |
| 1834 | Yeti Holdings, Inc.<sup>(a)</sup> | 57808 |
|  |  | 3282504 |
|  | **Consumer Staples - 2.5%** |  |
| 1925 | Cal-Maine Foods, Inc. | 191788 |
| 2587 | elf Beauty, Inc.<sup>(a)</sup> | 321926 |
| 900 | Interparfums, Inc. | 118179 |
|  |  | 631893 |
|  | **Energy - 3.9%** |  |
| 7980 | Antero Midstream Corporation | 151220 |

---

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Energy - 3.9% (Continued)** |  |
| 8363 | Archrock, Inc. | $207654 |
| 4128 | Liberty Energy, Inc., Class A | 47389 |
| 5547 | Magnolia Oil & Gas Corporation, Class A | 124697 |
| 4576 | Northern Oil & Gas, Inc. | 129730 |
| 4600 | Oceaneering International, Inc.<sup>(a)</sup> | 95312 |
| 2191 | Tidewater, Inc.<sup>(a)</sup> | 101071 |
| 3040 | Valaris Limited<sup>(a)</sup> | 128014 |
|  |  | 985087 |
|  | **Financials - 12.8%** |  |
| 1051 | Assured Guaranty Ltd. | 91542 |
| 2614 | Axos Financial, Inc.<sup>(a)</sup> | 198769 |
| 1001 | BancFirst Corporation | 123744 |
| 2384 | Bancorp, Inc. (The)<sup>(a)</sup> | 135816 |
| 10088 | BCG Group, Inc-A, Class A<sup>(a)</sup> | 103200 |
| 1336 | Cohen & Steers, Inc. | 100668 |
| 3470 | Commerce Bancshares, Inc. | 215730 |
| 2235 | Cullen/Frost Bankers, Inc. | 287286 |
| 1201 | Enova International, Inc.<sup>(a)</sup> | 133936 |
| 4873 | First BanCorporation | 101505 |
| 1205 | FirstCash Holdings, Inc. | 162843 |
| 1292 | Goosehead Insurance, Inc., CLASS A<sup>(a)</sup> | 136319 |
| 5280 | MGIC Investment Corporation | 146995 |
| 1840 | Moelis & Company, Class A | 114669 |
| 3630 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 153150 |
| 1286 | Palomar Holdings, Inc.<sup>(a)</sup> | 198365 |
| 807 | Piper Sandler Companies | 224297 |
| 1153 | PJT Partners, Inc., Class A | 190257 |
| 2795 | Radian Group, Inc. | 100676 |
| 3590 | Virtu Financial, Inc., Class A | 160796 |
| 2435 | Voya Financial, Inc. | 172885 |
|  |  | 3253448 |
|  | **Health Care - 12.0%** |  |
| 13065 | ADMA Biologics, Inc.<sup>(a)</sup> | 237914 |
| 2563 | Bruker Corporation | 105596 |

---

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Health Care - 12.0% (Continued)** |  |
| 4567 | Corcept Therapeutics, Inc.<sup>(a)</sup> | $335217 |
| 2541 | Glaukos Corporation<sup>(a)</sup> | 262460 |
| 1469 | Inspire Medical Systems, Inc.<sup>(a)</sup> | 190632 |
| 1711 | Integer Holdings Corporation<sup>(a)</sup> | 210402 |
| 2210 | Masimo Corporation<sup>(a)</sup> | 371766 |
| 2884 | Merit Medical Systems, Inc.<sup>(a)</sup> | 269596 |
| 5326 | Mural Oncology PLC<sup>(a)</sup> | 152377 |
| 3260 | RadNet, Inc.<sup>(a)</sup> | 185527 |
| 19942 | roivant sciences ltd<sup>(a)</sup> | 224746 |
| 7221 | TG Therapeutics, Inc.<sup>(a)</sup> | 259884 |
| 1826 | TransMedics Group, Inc.<sup>(a)</sup> | 244702 |
|  |  | 3050819 |
|  | **Industrials - 20.5%** |  |
| 862 | Advanced Energy Industries, Inc. | 114215 |
| 1337 | AeroVironment, Inc.<sup>(a)</sup> | 380978 |
| 1503 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 85025 |
| 6351 | Alaska Air Group, Inc.<sup>(a)</sup> | 314247 |
| 1441 | Badger Meter, Inc. | 352973 |
| 3356 | Cactus, Inc., Class A | 146724 |
| 881 | CSW Industrials, Inc. | 252697 |
| 1371 | Dycom Industries, Inc.<sup>(a)</sup> | 335059 |
| 1243 | ESCO Technologies, Inc. | 238494 |
| 2860 | Federal Signal Corporation | 304362 |
| 4458 | Flowserve Corporation | 233376 |
| 3454 | Frontdoor, Inc.<sup>(a)</sup> | 203579 |
| 2097 | Granite Construction, Inc. | 196090 |
| 1158 | Installed Building Products, Inc. | 208811 |
| 1025 | Matson, Inc. | 114134 |
| 1400 | Moog, Inc., Class A | 253358 |
| 1105 | Novanta, Inc.<sup>(a)</sup> | 142468 |
| 2287 | PARSONS CORPORATION COM<sup>(a)</sup> | 164138 |
| 2040 | SkyWest, Inc. | 210059 |
| 2322 | SPX Technologies, Inc.<sup>(a)</sup> | 389352 |
| 1281 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 295565 |

---

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Industrials - 20.5% (Continued)** |  |
| 6947 | Zurn Elkay Water Solutions Corporation | $254052 |
|  |  | 5189756 |
|  | **Materials - 7.7%** |  |
| 6750 | ATI, Inc.<sup>(a)</sup> | 582795 |
| 1627 | Balchem Corporation | 259018 |
| 2321 | Carpenter Technology Corporation | 641479 |
| 3093 | Louisiana-Pacific Corporation | 265967 |
| 2511 | Warrior Met Coal, Inc.<sup>(a)</sup> | 115079 |
| 388 | WD-40 Company | 88499 |
|  |  | 1952837 |
|  | **Real Estate - 7.7%** |  |
| 2131 | Agree Realty Corporation | 155691 |
| 5292 | Apple Hospitality REIT, Inc. | 61758 |
| 7920 | Brixmor Property Group, Inc. | 206237 |
| 4310 | CareTrust REIT, Inc. | 131886 |
| 9536 | Essential Properties Realty Trust, Inc. | 304293 |
| 3461 | First Industrial Realty Trust, Inc. | 166578 |
| 8250 | Macerich Company (The) | 133485 |
| 6855 | Outfront Media Inc | 111874 |
| 2906 | Ryman Hospitality Properties, Inc. | 286735 |
| 2393 | SL Green Realty Corporation | 148127 |
| 3704 | Tanger Inc. | 113268 |
| 2487 | Terreno Realty Corporation | 139446 |
|  |  | 1959378 |
|  | **Technology - 14.9%** |  |
| 5276 | ACI Worldwide, Inc.<sup>(a)</sup> | 242221 |
| 955 | Axcelis Technologies, Inc.<sup>(a)</sup> | 66554 |
| 7176 | Box, Inc., Class A<sup>(a)</sup> | 245204 |
| 1557 | Cirrus Logic, Inc.<sup>(a)</sup> | 162325 |
| 2183 | CommVault Systems, Inc.<sup>(a)</sup> | 380562 |
| 13911 | Dynatrace, Inc.<sup>(a)</sup> | 768027 |
| 1281 | Euronet Worldwide, Inc.<sup>(a)</sup> | 129868 |
| 8181 | ExlService Holdings, Inc.<sup>(a)</sup> | 358246 |
| 4332 | HealthEquity, Inc.<sup>(a)</sup> | 453820 |

---

See accompanying notes to financial statements.

**NAA SMALL GROWTH SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Technology - 14.9% (Continued)** |  |
| 1217 | InterDigital, Inc. | $272888 |
| 19059 | Marathon Digital Holdings, Inc.<sup>(a)</sup> | 298845 |
| 1335 | MKS, Inc. | 132646 |
| 1946 | SPS Commerce, Inc.<sup>(a)</sup> | 264831 |
|  |  | 3776037 |
|  | **Utilities - 1.0%** |  |
| 927 | American States Water Company | 71064 |
| 636 | Chesapeake Utilities Corporation | 76460 |
| 1148 | Ormat Technologies, Inc. | 96156 |
|  |  | 243680 |
|  | **TOTAL COMMON STOCKS (Cost $23,864,397)** | 24714952 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 893 | iShares Russell 2000 Growth ETF | 255273 |
| 1806 | iShares S&P Small-Cap 600 Growth ETF | 240270 |
| 54 | Vanguard Small-Cap Growth ETF | 14955 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $489,547)** | 510498 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $24,353,944)** | $25225450 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 128884 |
|  | **NET ASSETS - 100.0%** | $25354334 |

---

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

plc – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6%** |  |
|  | **Communications - 3.3%** |  |
| 23346 | Maplebear, Inc.<sup>(a)</sup> | $1056173 |
| 22352 | Match Group, Inc.<sup>(a)</sup> | 690453 |
| 7517 | Nexstar Media Group, Inc. | 1300065 |
| 17925 | Omnicom Group, Inc. | 1289525 |
|  |  | 4336216 |
|  | **Consumer Discretionary - 8.9%** |  |
| 26298 | Advance Auto Parts, Inc. | 1222594 |
| 17359 | Autoliv, Inc. | 1942472 |
| 5637 | Darden Restaurants, Inc. | 1228697 |
| 23087 | Etsy, Inc.<sup>(a)</sup> | 1158044 |
| 30546 | Harley-Davidson, Inc. | 720886 |
| 14335 | Lear Corporation | 1361538 |
| 5877 | Lululemon Athletica, Inc.<sup>(a)</sup> | 1396257 |
| 17731 | MGM Resorts International<sup>(a)</sup> | 609769 |
| 31377 | Mister Car Wash, Inc.<sup>(a)</sup> | 188576 |
| 4744 | Penske Automotive Group, Inc. | 815067 |
| 10543 | Shoe Carnival, Inc. | 197260 |
| 8209 | Sonic Automotive, Inc., Class A | 656145 |
| 13685 | Yeti Holdings, Inc.<sup>(a)</sup> | 431351 |
|  |  | 11928656 |
|  | **Consumer Staples - 5.5%** |  |
| 17768 | BellRing Brands, Inc.<sup>(a)</sup> | 1029300 |
| 16435 | Dollar Tree, Inc.<sup>(a)</sup> | 1627722 |
| 14179 | Five Below, Inc.<sup>(a)</sup> | 1860002 |
| 59316 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 736705 |
| 7619 | MGP Ingredients, Inc. | 228341 |
| 5026 | Post Holdings, Inc.<sup>(a)</sup> | 547985 |
| 12548 | PriceSmart, Inc. | 1318042 |
|  |  | 7348097 |
|  | **Energy - 5.4%** |  |
| 14113 | Chord Energy Corporation | 1366844 |
| 20421 | ConocoPhillips | 1832581 |
| 5030 | First Solar, Inc.<sup>(a)</sup> | 832666 |
| 22339 | Innovex International, Inc.<sup>(a)</sup> | 348935 |

---

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Energy - 5.4% (Continued)** |  |
| 93329 | Nov, Inc. COM<sup>(a)</sup> | $1160080 |
| 194779 | Patterson-UTI Energy, Inc. | 1155039 |
| 9732 | Weatherford International plc | 489617 |
|  |  | 7185762 |
|  | **Financials - 18.7%** |  |
| 22634 | Air Lease Corporation | 1323863 |
| 10422 | American Financial Group, Inc. | 1315361 |
| 20234 | Ameris Bancorp | 1309140 |
| 75733 | Apollo Commercial Real Estate Finance, Inc. | 733095 |
| 28010 | Bank OZK | 1318151 |
| 26057 | CNO Financial Group, Inc. | 1005279 |
| 3736 | Everest Re Group Ltd. | 1269680 |
| 31265 | EZCORP, Inc., Class A<sup>(a)</sup> | 433958 |
| 98177 | First Horizon Corporation | 2081353 |
| 95616 | FNB Corporation<sup>(a)</sup> | 1394081 |
| 58309 | Fulton Financial Corporation | 1051894 |
| 9453 | Hanover Insurance Group, Inc. (The) | 1605781 |
| 7204 | Lakeland Financial Corporation | 442686 |
| 18107 | NBT Bancorp, Inc. | 752346 |
| 10998 | OFG Bancorp | 470714 |
| 5948 | Raymond James Financial, Inc. | 912245 |
| 9776 | Reinsurance Group of America, Inc. | 1939167 |
| 15609 | Selective Insurance Group, Inc. | 1352520 |
| 7600 | Stifel Financial Corporation<sup>(a)</sup> | 788728 |
| 11801 | StoneX Group, Inc.<sup>(a)</sup> | 1075543 |
| 24420 | Unum Group | 1972158 |
| 7255 | Westamerica BanCorporation | 351432 |
|  |  | 24899175 |
|  | **Health Care - 7.7%** |  |
| 63600 | AdaptHealth Corporation<sup>(a)</sup> | 599748 |
| 4089 | Addus HomeCare Corporation<sup>(a)</sup> | 471012 |
| 34664 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1905480 |
| 11581 | Cardinal Health, Inc. | 1945608 |
| 20385 | DexCom, Inc.<sup>(a)</sup> | 1779407 |

---

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Health Care - 7.7% (Continued)** |  |
| 7478 | Encompass Health Corporation | $917027 |
| 49001 | Premier, Inc., Class A | 1074592 |
| 8683 | Tenet Healthcare Corporation<sup>(a)</sup> | 1528208 |
|  |  | 10221082 |
|  | **Industrials - 14.6%** |  |
| 19025 | AAR Corporation<sup>(a)</sup> | 1308730 |
| 29002 | ABM Industries, Inc. | 1369184 |
| 12209 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 690663 |
| 8894 | Albany International Corporation, Class A<sup>(a)</sup> | 623736 |
| 34043 | Avista Corporation | 1291932 |
| 8560 | FTI Consulting, Inc.<sup>(a)</sup> | 1382439 |
| 45571 | GATES INDUSTRIAL CORP PLC<sup>(a)</sup> | 1049500 |
| 5655 | Heidrick & Struggles International, Inc. | 258773 |
| 5900 | ITT, Inc. | 925297 |
| 10470 | Jacobs Solutions, Inc. | 1376282 |
| 11561 | MSC Industrial Direct Company, Inc., Class A | 982916 |
| 32512 | NEXTracker, Inc., Class A<sup>(a)</sup> | 1767677 |
| 3821 | Novanta, Inc.<sup>(a)</sup> | 492642 |
| 16812 | Oshkosh Corporation | 1908835 |
| 60909 | Resideo Technologies, Inc. | 1343653 |
| 10431 | Rollins, Inc. | 588517 |
| 4937 | UniFirst Corporation | 929242 |
| 44083 | WillScot Holdings Corporation<sup>(a)</sup> | 1207874 |
|  |  | 19497892 |
|  | **Information Technology - 0.3%** |  |
| 21759 | Photronics, Inc.<sup>(a)</sup> | 409722 |
|  | **Materials - 9.0%** |  |
| 67501 | Alcoa Corporation | 1991955 |
| 8126 | AptarGroup, Inc. | 1271150 |
| 27285 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 810092 |
| 7358 | Ecolab, Inc. | 1982539 |
| 59769 | Element Solutions, Inc. | 1353768 |
| 90539 | O-I Glass, Inc. | 1334545 |

---

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Materials - 9.0% (Continued)** |  |
| 15365 | RPM International, Inc. | $1687691 |
| 48900 | SunCoke Energy, Inc.<sup>(a)</sup> | 420051 |
| 4491 | Vulcan Materials Company | 1171343 |
|  |  | 12023134 |
|  | **Real Estate - 11.4%** |  |
| 16519 | Agree Realty Corporation | 1206878 |
| 11247 | American Assets Trust, Inc. | 222128 |
| 51233 | American Homes 4 Rent, Class A | 1847974 |
| 42747 | CareTrust REIT, Inc. | 1308058 |
| 27555 | CubeSmart | 1171088 |
| 19497 | EPR Properties | 1135895 |
| 24586 | Equity LifeStyle Properties, Inc. | 1516219 |
| 27089 | Four Corners Property Trust, Inc. | 728965 |
| 17182 | Getty Realty Corporation | 474910 |
| 5732 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1466131 |
| 44859 | NNN REIT, Inc. | 1937013 |
| 52190 | Rexford Industrial Realty, Inc. | 1856398 |
| 26867 | SITE Centers Corporation<sup>(a)</sup> | 303866 |
|  |  | 15175523 |
|  | **Technology - 6.1%** |  |
| 5849 | Broadridge Financial Solutions, Inc. | 1421482 |
| 2170 | CACI International, Inc., Class A<sup>(a)</sup> | 1034439 |
| 14333 | Ciena Corporation<sup>(a)</sup> | 1165702 |
| 7996 | CSG Systems International, Inc. | 522219 |
| 9180 | Digi International, Inc.<sup>(a)</sup> | 320015 |
| 36226 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 542303 |
| 4820 | Euronet Worldwide, Inc.<sup>(a)</sup> | 488652 |
| 13439 | EVERTEC, Inc. | 484476 |
| 20321 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 671406 |
| 14940 | MAXIMUS, Inc. | 1048788 |
| 45230 | Sprinklr, Inc., Class A<sup>(a)</sup> | 382646 |
|  |  | 8082128 |
|  | **Utilities - 6.7%** |  |
| 27698 | California Water Service Group | 1259705 |

---

See accompanying notes to financial statements.

**NAA SMID-CAP VALUE SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Utilities - 6.7% (Continued)** |  |
| 20399 | Evergy, Inc. | $1406103 |
| 45171 | FirstEnergy Corporation | 1818584 |
| 43604 | OGE Energy Corporation | 1935146 |
| 7567 | Ormat Technologies, Inc. | 633812 |
| 10537 | Pinnacle West Capital Corporation | 942745 |
| 18536 | SJW Group | 963316 |
|  |  | 8959411 |
|  | **TOTAL COMMON STOCKS (Cost $127,128,385)** | 130066798 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 10232 | iShares Russell Mid-Cap Value ETF | 1352057 |
| 6911 | Vanguard Small-Cap Value ETF | 1347714 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,616,398)** | 2699771 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $129,744,783)** | $132766569 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 551067 |
|  | **NET ASSETS - 100.0%** | $133317636 |

---

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

plc – Public Limited Company

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3%** |  |
|  | **Communications - 3.2%** |  |
| 24439 | Comcast Corporation, Class A | $872228 |
| 1949 | Fox Corporation, Class A | 109222 |
| 4488 | Interpublic Group of Companies, Inc. (The) | 109866 |
| 37136 | KDDI Corporation | 639431 |
| 1532 | Omnicom Group, Inc. | 110212 |
| 18008 | Orange S.A. | 273938 |
| 5479 | Rogers Communications Inc, Class B | 162466 |
| 372752 | SoftBank Corporation | 577128 |
| 3192 | T-Mobile US, Inc. | 760526 |
|  |  | 3615017 |
|  | **Consumer Discretionary - 7.9%** |  |
| 4121 | Bunzl plc | 131228 |
| 7013 | Cie Generale des Etablissements Michelin | 260530 |
| 2951 | eBay, Inc.<sup>(a)</sup> | 219731 |
| 24800 | Ford Motor Company | 269080 |
| 493 | Games Workshop Group PLC | 109757 |
| 6164 | General Motors Company | 303330 |
| 925 | Genuine Parts Company | 112212 |
| 6585 | Home Depot, Inc. (The) | 2414325 |
| 1589 | Lennar Corporation, Class A | 175759 |
| 2896 | LKQ Corporation | 107181 |
| 2503 | LVMH Moet Hennessy Louis Vuitton S.E. | 1310758 |
| 3769 | Magna International, Inc. | 145656 |
| 1492 | Marriott International, Inc., Class A | 407629 |
| 11574 | Mercedes-Benz Group AG | 677400 |
| 2266 | Ross Stores, Inc. | 289096 |
| 1598 | Royal Caribbean Cruises Ltd. | 500398 |
| 8629 | Sekisui House Ltd. | 190697 |
| 25316 | Suzuki Motor Corporation | 306366 |
| 7202 | TJX Companies, Inc. (The) | 889375 |
|  |  | 8820508 |
|  | **Consumer Staples - 10.3%** |  |
| 19300 | Asahi Group Holdings Ltd. | 258285 |
| 21529 | British American Tobacco plc | 1023319 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Consumer Staples - 10.3% (Continued)** |  |
| 1604 | Church & Dwight Company, Inc. | $154160 |
| 25182 | Coca-Cola Company (The) | 1781627 |
| 2236 | Coca-Cola Europacific Partners plc | 207322 |
| 5310 | Colgate-Palmolive Company | 482679 |
| 1027 | Constellation Brands, Inc., Class A | 167072 |
| 6278 | Danone S.A. | 512888 |
| 1406 | Estee Lauder Companies, Inc. (The), Class A | 113605 |
| 12255 | Kenvue, Inc. | 256497 |
| 15899 | Koninklijke Ahold Delhaize N.V. | 664799 |
| 15571 | Nestle S.A. | 1547091 |
| 8835 | PepsiCo, Inc. | 1166573 |
| 1297 | Royal Unibrew A/S | 105974 |
| 73214 | Tesco PLC | 403272 |
| 27754 | Walmart, Inc. | 2713787 |
|  |  | 11558950 |
|  | **Energy - 5.1%** |  |
| 9889 | Chevron Corporation | 1416006 |
| 25749 | Exxon Mobil Corporation | 2775742 |
| 2382 | s.a. D'Ieteren n.v.<sup>(a)</sup> | 511751 |
| 8616 | Schlumberger Ltd. | 291221 |
| 15306 | TC Energy Corporation<sup>(a)</sup> | 747034 |
|  |  | 5741754 |
|  | **Financials - 30.2%** |  |
| 1666 | Allstate Corporation (The) | 335382 |
| 17232 | AXA S.A. | 845768 |
| 34773 | Banco Bilbao Vizcaya Argentaria S.A. | 534701 |
| 90792 | Banco Santander S.A. | 751467 |
| 15459 | Bank of Ireland Group PLC | 220049 |
| 4526 | Bank of New York Mellon Corporation (The) | 412364 |
| 17874 | Bank of Nova Scotia (The) | 988108 |
| 9125 | Beazley Plc | 117106 |
| 9894 | BNP Paribas | 889411 |
| 4086 | Capital One Financial Corporation | 869337 |
| 2373 | Chubb Ltd. | 687506 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Financials - 30.2% (Continued)** |  |
| 11705 | Citigroup, Inc. | $996330 |
| 19730 | Danske Bank A/S | 804641 |
| 2982 | Deutsche Boerse A.G. | 972575 |
| 13935 | DNB Bank ASA | 385210 |
| 320 | Everest Re Group Ltd. | 108752 |
| 1867 | Goldman Sachs Group, Inc. (The) | 1321369 |
| 977 | Hannover Rueck S.E. | 307485 |
| 193961 | HSBC Holdings PLC | 2347573 |
| 53671 | ING Groep N.V. | 1177475 |
| 124776 | Intesa Sanpaolo SpA | 718895 |
| 24976 | JAPAN POST HOLDINGS CO LT | 231587 |
| 17154 | JPMorgan Chase & Company | 4973117 |
| 1858 | Julius Baer Group Ltd. | 125615 |
| 64416 | Legal & General Group plc | 225106 |
| 159132 | Mitsubishi UFJ Financial Group, Inc. | 2190924 |
| 33052 | Mizuho Financial Group, Inc. | 916314 |
| 7738 | Morgan Stanley | 1089975 |
| 5640 | National Bank of Canada | 581842 |
| 34545 | Nordea Bank Abp | 514148 |
| 1118 | Northern Trust Corporation | 141751 |
| 1125 | Raymond James Financial, Inc. | 172541 |
| 21477 | Standard Chartered PLC | 355808 |
| 51240 | Sumitomo Mitsui Financial Group, Inc. | 1292829 |
| 9300 | Sumitomo Mitsui Trust Holdings, Inc. | 247884 |
| 43768 | Svenska Handelsbanken A.B., A Shares | 585027 |
| 25729 | Swedbank AB, Class A | 681288 |
| 170 | Swiss Life Holding A.G. | 171971 |
| 1609 | Sydbank A/S<sup>(a)</sup> | 119349 |
| 971 | Talanx A.G.<sup>(a)</sup> | 125692 |
| 1910 | Thomson Reuters Corporation | 383988 |
| 25696 | Tokio Marine Holdings, Inc. | 1090247 |
| 1414 | Travelers Companies, Inc. (The) | 378302 |
| 19518 | UBS Group Ag | 660523 |
| 12338 | UniCredit SpA | 827038 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Financials - 30.2% (Continued)** |  |
| 1878 | W R Berkley Corporation | $137977 |
|  |  | 34012347 |
|  | **Health Care - 8.8%** |  |
| 3445 | Amgen, Inc. | 961878 |
| 1679 | Cigna Group (The) | 555044 |
| 7628 | CVS Health Corporation | 526179 |
| 8097 | Gilead Sciences, Inc. | 897714 |
| 47344 | GlaxoSmithKline plc | 903263 |
| 725 | Humana, Inc. | 177248 |
| 8340 | Medtronic PLC | 726998 |
| 16180 | Merck & Company, Inc. | 1280810 |
| 11828 | Novartis A.G. | 1433702 |
| 11405 | Sanofi S.A. | 1104364 |
| 2232 | Stryker Corporation | 883046 |
| 3011 | Zoetis, Inc. | 469565 |
|  |  | 9919811 |
|  | **Industrials - 9.8%** |  |
| 9597 | ABB Ltd. | 572264 |
| 4630 | Ashtead Group PLC | 296715 |
| 13380 | Canadian Pacific Kansas City Ltd.<sup>(a)</sup> | 1062651 |
| 2164 | Cintas Corporation | 482290 |
| 4523 | Delta Air Lines, Inc. | 222441 |
| 950 | Expeditors International of Washington, Inc. | 108538 |
| 1558 | General Dynamics Corporation | 454406 |
| 55939 | Hexagon A.B | 562690 |
| 3100 | Hoshizaki Corp<sup>(a)</sup> | 107100 |
| 1314 | Lockheed Martin Corporation | 608566 |
| 27160 | Mitsubishi Electric Corporation<sup>(a)</sup> | 586647 |
| 3444 | PACCAR, Inc. | 327387 |
| 1909 | Rollins, Inc. | 107706 |
| 12351 | Siemens A.G. | 3166308 |
| 359 | Snap-on, Inc. | 111714 |
| 3937 | Southwest Airlines Company | 127716 |
| 1368 | Spirax-Sarco Engineering PLC<sup>(a)</sup> | 111816 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Industrials - 9.8% (Continued)** |  |
| 9200 | Tokyo Metro Company Ltd. | $107151 |
| 1402 | Trane Technologies PLC | 613249 |
| 355 | TransDigm Group, Inc.<sup>(a)</sup> | 539827 |
| 4740 | United Parcel Service, Inc., Class B | 478456 |
| 1570 | Xylem, Inc. | 203095 |
|  |  | 10958733 |
|  | **Materials - 2.5%** |  |
| 7223 | Agnico Eagle Mines Ltd.<sup>(a)</sup> | 860327 |
| 3316 | Amrize Ltd.<sup>(a)</sup> | 165424 |
| 1635 | Ecolab, Inc. | 440534 |
| 5332 | Lafarge Holcim - Reclaim | 395834 |
| 1844 | LyondellBasell Industries N.V., Class A | 106694 |
| 6137 | Newmont Corporation | 357542 |
| 15140 | Nippon Steel Corporation | 287285 |
| 3263 | Smurfit WestRock plc | 140798 |
|  |  | 2754438 |
|  | **Real Estate - 1.5%** |  |
| 4480 | Aena SME S.A. | 119572 |
| 897 | AvalonBay Communities, Inc. | 182540 |
| 409 | Essex Property Trust, Inc. | 115911 |
| 3548 | Invitation Homes, Inc. | 116374 |
| 140 | Japan Real Estate Investment Corp. | 114601 |
| 5585 | Realty Income Corporation | 321751 |
| 14720 | Segro Plc | 137308 |
| 1972 | Simon Property Group, Inc. | 317019 |
| 6631 | VICI Properties, Inc. | 216171 |
|  |  | 1641247 |
|  | **Technology - 15.8%** |  |
| 4058 | Accenture PLC, Class A | 1212896 |
| 26977 | Broadcom, Inc. | 7436210 |
| 855 | CDW Corporation | 152694 |
| 24553 | Cisco Systems, Inc. | 1703487 |
| 4786 | Corning, Inc. | 251696 |
| 1840 | Dell Technologies, Inc., Class C | 225584 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **Technology - 15.8% (Continued)** |  |
| 241 | FactSet Research Systems, Inc. | $107794 |
| 1028 | Garmin Ltd. | 214564 |
| 8614 | Hewlett Packard Enterprise Company | 176156 |
| 5624 | International Business Machines Corporation | 1657843 |
| 7774 | Lam Research Corporation | 756721 |
| 1070 | Motorola Solutions, Inc. | 449892 |
| 1259 | NetApp, Inc. | 134146 |
| 4483 | Open Text Corpation | 130958 |
| 30200 | Panasonic Holdings Corporation | 326155 |
| 2075 | Paychex, Inc. | 301830 |
| 1287 | Seagate Technology Holdings PLC | 185753 |
| 81892 | Sony Group Corporation | 2120789 |
| 10232 | Sumito Electric Ind<sup>(a)</sup> | 219871 |
|  |  | 17765039 |
|  | **Utilities - 2.2%** |  |
| 1213 | American Water Works Company, Inc. | 168741 |
| 4922 | Duke Energy Corporation | 580796 |
| 6361 | Exelon Corporation | 276195 |
| 3246 | FirstEnergy Corporation | 130684 |
| 2933 | NiSource, Inc. | 118317 |
| 1201 | NRG Energy, Inc. | 192857 |
| 3009 | Public Service Enterprise Group, Inc. | 253298 |
| 3310 | Severn Trent plc | 124211 |
| 6903 | Southern Company (The) | 633901 |
|  |  | 2479000 |
|  | **TOTAL COMMON STOCKS (Cost $102,024,454)** | 109266844 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 7514 | iShares MSCI EAFE ETF | 671676 |
| 1270 | SPDR S&P 500 ETF Trust ETF | 784670 |

---

See accompanying notes to financial statements.

**NAA WORLD EQUITY INCOME SERIES**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 2.0% (Continued)** |  |
|  | **Equity - 2.0% (Continued)** |  |
| 1381 | Vanguard S&P 500 ETF | $784449 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,168,988)** | 2240795 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $104,193,442)** | $111507639 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 802661 |
|  | **NET ASSETS - 100.0%** | $112310300 |

---

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

plc – Private Limited Company

REIT – Real Estate Investment Trust

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

**June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NAA All Cap<br> Value Series** | **NAA Large Cap<br> Value Series** | **NAA Large<br> Core Series** | **NAA Large<br> Growth Series** | **NAA Mid<br> Growth Series** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $82110541 | $179886818 | $232301009 | $50982080 | $170000290 |
| Investments in securities, at value | $85131629 | $190833357 | $249886185 | $57758771 | $169482690 |
| Cash | 535789 | 1458131 | 1943497 | 433345 | 1249855 |
| Receivable for Portfolio shares sold | 6606 | 1713 | 6437 | 767709 | 441 |
| Interest receivable | 7 |  | 86 |  | 53 |
| Dividends receivable | 106696 | 220377 | 144317 | 9094 | 63343 |
| Prepaid expenses | 4219 | 5635 | 23336 | 6426 | 30136 |
| **Total Assets** | 85784946 | 192519213 | 252003858 | 58975345 | 170826518 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Portfolio shares redeemed | 7321 | 30682 | 27130 | 12008 | 506516 |
| Accrued investment advisory fees | 39019 | 76070 | 116885 | 28741 | 114400 |
| Accrued distribution (12b-1) fees | 37834 | 84429 | 108525 | 24801 | 74681 |
| Accrued administrative fees | 24205 | 41157 | 45970 | 17700 | 34434 |
| Accrued transfer agency fees | 17613 | 24122 | 32287 | 12922 | 26560 |
| Accrued miscellaneous fees | 62129 | 101369 | 107898 | 51759 | 77626 |
| **Total Liabilities** | 188121 | 357829 | 438695 | 147931 | 834217 |
| **Net Assets** | $85596825 | $192161384 | $251565163 | $58827414 | $169992301 |
| **Components of Net Assets:** |  |  |  |  |  |
| Paid-in capital | $58251224 | $125855364 | $174465852 | $39288961 | $157724691 |
| Accumulated earnings | 27345601 | 66306020 | 77099311 | 19538453 | 12267610 |
| **Net Assets** | $85596825 | $192161384 | $251565163 | $58827414 | $169992301 |
| Net assets | $85596825 | $192161384 | $251565163 | $58827414 | $169992301 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2445022 | 4436029 | 4817059 | 2248897 | 3217185 |
| Net asset value, offering and redemption price per share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net assets ÷ Total shares of beneficial interest outstanding) | $35.01 | $43.32 | $52.22 | $26.16 | $52.84 |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Small Cap<br> Value Series** | **NAA Small<br> Growth Series** | **NAA SMid-Cap<br> Value Series** | **NAA World Equity<br> Income Series** |
| **Assets:** |  |  |  |  |
| Investments in securities, at cost | $50572124 | $24353944 | $129744783 | $104193442 |
| Investments in securities, at value | $46804132 | $25225450 | $132766569 | $111507639 |
| Cash | 1066610 | 226704 | 654064 | 615208 |
| Foreign Cash (Cost $-, -, -,69,588) |  |  |  | 69588 |
| Receivable for securities sold |  |  |  | 13601 |
| Receivable for Portfolio shares sold | 6136 | 34 | 8157 |  |
| Interest receivable | 11 | 19 | 52 | 102 |
| Dividends receivable | 59748 | 16177 | 209155 | 157928 |
| Reclaims receivable |  |  |  | 189276 |
| Prepaid expenses | 8781 | 1878 | 13109 | 8867 |
| **Total Assets** | 47945418 | 25470262 | 133651106 | 112562209 |
| **Liabilities:** |  |  |  |  |
| Payable for Portfolio shares redeemed | 43912 | 22372 | 39284 | 17809 |
| Payable for securities purchased | 418988 |  |  | 13653 |
| Accrued investment advisory fees | 31346 | 14959 | 109419 | 65703 |
| Accrued distribution (12b-1) fees | 26130 | 11072 | 59541 | 49061 |
| Accrued administrative fees | 18766 | 13905 | 33647 | 23594 |
| Accrued transfer agency fees | 16945 | 10748 | 11351 | 19577 |
| Accrued miscellaneous fees | 46883 | 42872 | 80228 | 62512 |
| **Total Liabilities** | 602970 | 115928 | 333470 | 251909 |
| **Net Assets** | $47342448 | $25354334 | $133317636 | $112310300 |
| **Components of Net Assets:** |  |  |  |  |
| Paid-in capital | $40836507 | $26445646 | $97135551 | $82106649 |
| Accumulated earnings (losses) | 6505941 | (1091312) | 36182085 | 30203651 |
| **Net Assets** | $47342448 | $25354334 | $133317636 | $112310300 |
| Net assets | $47342448 | $25354334 | $133317636 | $112310300 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 1155379 | 835109 | 1761878 | 6976405 |
| Net asset value, offering and redemption price per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net assets ÷ Total shares of beneficial interest outstanding) | $40.98 | $30.36 | $75.67 | $16.10 |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Statements of Operations (Unaudited)**

**For the Six Months Ended June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NAA All Cap<br> Value Series** | **NAA Large Cap<br> Value Series** | **NAA Large<br> Core Series** | **NAA Large<br> Growth Series** | **NAA Mid<br> Growth Series** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $855253 | $1864316 | $1503380 | $150402 | $644133 |
| Interest income | 7089 | 14944 | 19130 | 4038 | 15127 |
| Foreign taxes withheld | (741) | (1188) |  | (123) | (2632) |
| **Total Investment Income** | 861601 | 1878072 | 1522510 | 154317 | 656628 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 297839 | 618494 | 904469 | 178860 | 592521 |
| Distribution fees (12b-1) | 106371 | 237882 | 301490 | 68792 | 197507 |
| Administration fees | 34446 | 63271 | 76155 | 24175 | 51772 |
| Transfer agent fees | 20596 | 24038 | 31064 | 17141 | 27095 |
| Printing and postage expenses | 1199 | 1199 | 3198 | 1500 | 4199 |
| Miscellaneous fees and other expenses | 65791 | 124049 | 141796 | 64162 | 88475 |
| **Total Expenses** | 526242 | 1068933 | 1458172 | 354630 | 961569 |
| Expenses waived/reimbursed | (140430) | (282117) | (364459) | (94910) | (191737) |
| **Net Expenses** | 385812 | 786816 | 1093713 | 259720 | 769832 |
| **Net Investment Income (Loss)** | 475789 | 1091256 | 428797 | (105403) | (113204) |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 4111351 | 15310037 | 5252299 | (254270) | 1390878 |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1740640) | (8291493) | 5858390 | 3855403 | 1571650 |
| **Net Realized and Unrealized Gain on Investments** | 2370711 | 7018544 | 11110689 | 3601133 | 2962528 |
| **Net Increase in Net Assets Resulting from Operations** | $2846500 | $8109800 | $11539486 | $3495730 | $2849324 |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

**For the Six Months Ended June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Small Cap<br> Value Series** | **NAA Small<br> Growth Series** | **NAA SMid-Cap<br> Value Series** | **NAA World Equity<br> Income Series** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $529336 | $144828 | $1510794 | $1644383 |
| Interest income | 4850 | 2401 | 11334 | 15524 |
| Foreign taxes withheld |  |  | (2048) | (114873) |
| **Total Investment Income** | 534186 | 147229 | 1520080 | 1545034 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 179982 | 92224 | 501539 | 380284 |
| Distribution fees (12b-1) | 59994 | 30741 | 167180 | 135815 |
| Administration fees | 23804 | 16754 | 48790 | 40043 |
| Transfer agent fees | 18230 | 15430 | 12776 | 21940 |
| Printing and postage expenses | 3076 | 1199 | 1500 | 1500 |
| Registration & filing fees | 13215 | 15215 | 25393 | 17215 |
| Miscellaneous fees and other expenses | 26097 | 37709 | 68851 | 46950 |
| **Total Expenses** | 324398 | 209272 | 826029 | 643747 |
| Expenses waived/reimbursed | (51903) | (77211) | (199688) | (139342) |
| **Net Expenses** | 272495 | 132061 | 626341 | 504405 |
| **Net Investment Income** | 261691 | 15168 | 893739 | 1040629 |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 86922 | (92512) | (1020524) | 1907485 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  |  | (35972) |
|  | 86922 | (92512) | (1020524) | 1871513 |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (4360434) | 978121 | 63688 | 6140416 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  |  | 21625 |
|  | (4360434) | 978121 | 63688 | 6162041 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** | (4273512) | 885609 | (956836) | 8033554 |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $(4011821) | $900777 | $(63097) | $9074183 |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA All Cap Value Series** | **NAA All Cap Value Series** | **NAA Large Cap Value Series** | **NAA Large Cap Value Series** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $475789 | $1258076 | $1091256 | $3085233 |
| Net realized gain on investments | 4111351 | 20370680 | 15310037 | 39766631 |
| Net change in unrealized depreciation on investments | (1740640) | (12321331) | (8291493) | (16980126) |
| Net increase in net assets resulting from operations | 2846500 | 9307425 | 8109800 | 25871738 |
| **From Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid |  | (6287518) |  | (17908003) |
| Total distributions to shareholders |  | (6287518) |  | (17908003) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 546193 | 1957443 | 1589925 | 3734900 |
| Reinvestment of distributions |  | 6287518 |  | 17908003 |
| Cost of shares redeemed | (7676143) | (14749269) | (16212359) | (30507642) |
| Net decrease in net assets from share transactions of beneficial interest | (7129950) | (6504308) | (14622434) | (8864739) |
| **Total Decrease In Net Assets** | (4283450) | (3484401) | (6512634) | (901004) |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 89880275 | 93364676 | 198674018 | 199575022 |
| End of year/period | $85596825 | $89880275 | $192161384 | $198674018 |
| **SHARE ACTIVITY** |  |  |  |  |
| Shares Sold | 16095 | 56641 | 38074 | 88846 |
| Shares Reinvested |  | 186131 |  | 438277 |
| Shares Redeemed | (228423) | (429933) | (389460) | (726045) |
| Net decrease in shares of beneficial interest outstanding | (212328) | (187161) | (351386) | (198922) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Large Core Series** | **NAA Large Core Series** | **NAA Large Growth Series** | **NAA Large Growth Series** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $428797 | $7085413 | $(105403) | $1400559 |
| Net realized gain/(loss) on investments | 5252299 | 60736808 | (254270) | 16468537 |
| Net change in unrealized appreciation (depreciation) on investments | 5858390 | (11617206) | 3855403 | (3015347) |
| Net increase in net assets resulting from operations | 11539486 | 56205015 | 3495730 | 14853749 |
| **From Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid |  | (7520187) |  | (1441067) |
| Total distributions to shareholders |  | (7520187) |  | (1441067) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 1463629 | 4612268 | 1732674 | 6582849 |
| Reinvestment of distributions |  | 7520187 |  | 1441067 |
| Cost of shares redeemed | (16069159) | (33689927) | (5855194) | (10711798) |
| Net decrease in net assets from share transactions of beneficial interest | (14605530) | (21557472) | (4122520) | (2687882) |
| **Total Increase/(Decrease) In Net Assets** | (3066044) | 27127356 | (626790) | 10724800 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 254631207 | 227503851 | 59454204 | 48729404 |
| End of year/period | $251565163 | $254631207 | $58827414 | $59454204 |
| **SHARE ACTIVITY** |  |  |  |  |
| Shares Sold | 29726 | 100582 | 69739 | 285142 |
| Shares Reinvested |  | 161724 |  | 64333 |
| Shares Redeemed | (329727) | (728156) | (251075) | (482839) |
| Net decrease in shares of beneficial interest outstanding | (300001) | (465850) | (181336) | (133364) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Mid Growth Series** | **NAA Mid Growth Series** | **NAA Small Cap Value Series** | **NAA Small Cap Value Series** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $(113204) | $4675386 | $261691 | $481100 |
| Net realized gain on investments | 1390878 | 46041837 | 86922 | 11224579 |
| Net change in unrealized appreciation (depreciation) on investments | 1571650 | (22971363) | (4360434) | (6968603) |
| Net increase/(decrease) in net assets resulting from operations | 2849324 | 27745860 | (4011821) | 4737076 |
| **From Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid | - | (5214553) | - | (3254989) |
| Total distributions to shareholders | - | (5214553) | - | (3254989) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 18658971 | 3844451 | 2146816 | 3238916 |
| Reinvestment of distributions |  | 5214553 |  | 3254989 |
| Cost of shares redeemed | (9490960) | (46944857) | (3986384) | (17001410) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 9168011 | (37885853) | (1839568) | (10507505) |
| **Total Increase (Decrease) In Net Assets** | 12017335 | (15354546) | (5851389) | (9025418) |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 157974966 | 173329512 | 53193837 | 62219255 |
| End of year/period | $169992301 | $157974966 | $47342448 | $53193837 |
| **SHARE ACTIVITY** |  |  |  |  |
| Shares Sold | 381404 | 75983 | 51572 | 72783 |
| Shares Reinvested |  | 106965 |  | 75173 |
| Shares Redeemed | (186127) | (935609) | (96849) | (388416) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 195277 | (752661) | (45277) | (240460) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Small Growth Series** | **NAA Small Growth Series** | **NAA SMid-Cap Value Series** | **NAA SMid-Cap Value Series** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $15168 | $657112 | $893739 | $1474152 |
| Net realized gain/(loss) on investments | (92512) | 5579688 | (1020524) | 36033220 |
| Net change in unrealized appreciation (depreciation) on investments | 978121 | (3052933) | 63688 | (23429634) |
| Net increase/(decrease) in net assets resulting from operations | 900777 | 3183867 | (63097) | 14077738 |
| **From Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid | - | (788282) | - | (6242116) |
| Total distributions to shareholders | - | (788282) | - | (6242116) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 183872 | 785249 | 543979 | 3420683 |
| Reinvestment of distributions |  | 788282 |  | 6242116 |
| Cost of shares redeemed | (1542233) | (4786765) | (10565182) | (34652302) |
| Net decrease in net assets from share transactions of beneficial interest | (1358361) | (3213234) | (10021203) | (24989503) |
| **Total Decrease In Net Assets** | (457584) | (817649) | (10084300) | (17153881) |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 25811918 | 26629567 | 143401936 | 160555817 |
| End of year/period | $25354334 | $25811918 | $133317636 | $143401936 |
| **SHARE ACTIVITY** |  |  |  |  |
| Shares Sold | 6558 | 27227 | 7185 | 47160 |
| Shares Reinvested |  | 27514 |  | 83753 |
| Shares Redeemed | (54182) | (168094) | (142883) | (458572) |
| Net decrease in shares of beneficial interest outstanding | (47624) | (113353) | (135698) | (327659) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

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

---

| | | |
|:---|:---|:---|
|  | **NAA World Equity Income Series** | **NAA World Equity Income Series** |
|  | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations:** |  |  |
| Net investment income | $1040629 | $2221224 |
| Net realized gain on investments | 1871513 | 21160529 |
| Net change in unrealized appreciation (depreciation) on investments | 6162041 | (9638330) |
| Net increase in net assets resulting from operations | 9074183 | 13743423 |
| **From Distributions to Shareholders:** |  |  |
| Total Distributions Paid | - | (3114326) |
| Total distributions to shareholders | - | (3114326) |
| **From Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold | 1670070 | 2992282 |
| Reinvestment of distributions |  | 3114326 |
| Cost of shares redeemed | (9596091) | (18460050) |
| Net decrease in net assets from share transactions of beneficial interest | (7926021) | (12353442) |
| **Total Increase/(Decrease) In Net Assets** | 1148162 | (1724345) |
| **Net Assets:** |  |  |
| Beginning of year/period | 111162138 | 112886483 |
| End of year/period | $112310300 | $111162138 |
| **SHARE ACTIVITY** |  |  |
| Shares Sold | 111589 | 200774 |
| Shares Reinvested |  | 210285 |
| Shares Redeemed | (631823) | (1255057) |
| Net decrease in shares of beneficial interest outstanding | (520234) | (843998) |

---

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA All Cap Value Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $33.82 | $32.82 | $33.47 | $38.53 | $31.06 | $32.89 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.19 | 0.46 | 0.53 | 0.52 | 0.38 | 0.56 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.00 | 2.90 | 2.24 | (1.15) | 7.93 | (0.33) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.19 | 3.36 | 2.77 | (0.63) | 8.31 | 0.23 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (0.57) | (0.53) | (0.43) | (0.65) | (0.52) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | (1.79) | (2.89) | (4.00) | (0.19) | (1.54) |
| Total distributions | Total distributions | - | (2.36) | (3.42) | (4.43) | (0.84) | (2.06) |
| Net asset value, end of year/period | Net asset value, end of year/period | $35.01 | $33.82 | $32.82 | $33.47 | $38.53 | $31.06 |
| Total return (b)(c) | Total return (b)(c) | 3.52 %(h) | 10.25% | 8.52% | (1.17)% | 26.95% | 1.88% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $85597 | $89880 | $93365 | $93912 | $103134 | $91661 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 1.12 %(i) | 1.33% | 1.63% | 1.45% | 1.06% | 2.03% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.24 %(i) | 1.13% | 1.14% | 1.11% | 1.13% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.91 %(i) | 0.84% | 0.85 %(f) | 0.86 %(f) | 0.87 %(f) | 0.87 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 70 %(h) | 12 %(g) | 25% | 30% | 26% | 22% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 0.85% | 0.86% | 0.87% | 0.87% |

---

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(h) Not
 annualized.

(i) Annualized.

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Large Cap Value Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $41.50 | $40.02 | $41.24 | $46.81 | $37.61 | $40.55 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.24 | 0.63 | 0.69 | 0.67 | 0.52 | 0.82 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.58 | 4.70 | 3.00 | (1.48) | 9.58 | (0.51) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.82 | 5.33 | 3.69 | (0.81) | 10.10 | 0.31 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (0.75) | (0.71) | (0.60) | (0.90) | (0.74) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | (3.10) | (4.20) | (4.16) | (0.00)(b) | (2.51) |
| Total distributions | Total distributions | - | (3.85) | (4.91) | (4.76) | (0.90) | (3.25) |
| Net asset value, end of year/period | Net asset value, end of year/period | $43.32 | $41.50 | $40.02 | $41.24 | $46.81 | $37.61 |
| Total return (b)(c) | Total return (b)(c) | 4.39 %(h) | 13.46% | 9.27% | (1.32)% | 27.03% | 2.21% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $192161 | $198674 | $199575 | $212337 | $236817 | $208548 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 1.15 %(i) | 1.51% | 1.72% | 1.53% | 1.20% | 2.40% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.12 %(i) | 1.02% | 1.02% | 1.02% | 1.03% | 1.09% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.83 %(i) | 0.76% | 0.77 %(f) | 0.78 %(f) | 0.79 %(f) | 0.79 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 50 %(h) | 8 %(g) | 22% | 25% | 22% | 19% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 0.77% | 0.78% | 0.79% | 0.79% |

---

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(h) Not
 annualized.

(i) Annualized.

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Large Core Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $49.76 | $40.75 | $32.61 | $56.79 | $49.39 | $44.24 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.09 | 1.32 | 1.30 | 0.64 | 0.26 | 0.38 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 2.37 | 9.12 | 7.43 | (11.88) | 13.22 | 7.46 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.46 | 10.44 | 8.73 | (11.24) | 13.48 | 7.84 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (1.43) | (0.59) | (0.27) | (0.41) | (0.74) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | (12.67) | (5.67) | (1.95) |
| Total distributions | Total distributions | - | (1.43) | (0.59) | (12.94) | (6.08) | (2.69) |
| Net asset value, end of year/period | Net asset value, end of year/period | $52.22 | $49.76 | $40.75 | $32.61 | $56.79 | $49.39 |
| Total return (b)(c) | Total return (b)(c) | 4.94 %(h) | 25.88% | 26.90% | (20.67)% | 28.48% | 18.78% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $251565 | $254631 | $227504 | $196114 | $269971 | $230088 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 0.36 %(i) | 2.87% | 3.58% | 1.54% | 0.49% | 0.88% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.21 %(i) | 1.16% | 1.31% | 1.18% | 1.14% | 1.22% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.91 %(i) | 0.89% | 1.03 %(f) | 0.92 %(f) | 0.85 %(f) | 0.89 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 51 %(h) | 123 %(g) | 52% | 63% | 34% | 63% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 0.84% | 0.87% | 0.84% | 0.87% |

---

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(h) Not
 annualized.

(i) Annualized.

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Large Growth Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $24.46 | $19.01 | $13.76 | $26.38 | $25.79 | $19.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.05) | 0.57 | 0.55 | 0.24 | 0.09 | 0.16 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.75 | 5.49 | 4.92 | (7.87) | 6.51 | 7.07 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.70 | 6.06 | 5.47 | (7.63) | 6.60 | 7.23 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (0.61) | (0.22) | (0.09) | (0.17) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | (4.90) | (5.84) | (0.98) |
| Total distributions | Total distributions | - | (0.61) | (0.22) | (4.99) | (6.01) | (1.26) |
| Net asset value, end of year/period | Net asset value, end of year/period | $26.16 | $24.46 | $19.01 | $13.76 | $26.38 | $25.79 |
| Total return (b)(c) | Total return (b)(c) | 6.95 %(h) | 32.18% | 39.91% | (30.69)% | 27.77% | 37.87% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $58827 | $59454 | $48729 | $37061 | $57977 | $49478 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | (0.38)%(i) | 2.59% | 3.35% | 1.34% | 0.34% | 0.73% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.29 %(i) | 1.15% | 1.51% | 1.21% | 1.20% | 1.29% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.94 %(i) | 0.85% | 1.18 %(f) | 0.92 %(f) | 0.88 %(f) | 0.88 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 29 %(h) | 121 %(g) | 57% | 65% | 40% | 66% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 0.88% | 0.89% | 0.87% | 0.88% |

---

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(h) Not
 annualized.

(i) Annualized.

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Mid Growth Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $52.28 | $45.92 | $36.82 | $71.17 | $72.46 | $58.49 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.04) | 1.36 | 1.37 | 0.66 | 0.22 | 0.39 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 0.60 | 6.51 | 8.32 | (20.02) | 9.44 | 17.43 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.56 | 7.87 | 9.69 | (19.36) | 9.66 | 17.82 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (1.51) | (0.59) | (0.20) | (0.40) | (0.84) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | (14.79) | (10.55) | (3.01) |
| Total distributions | Total distributions | - | (1.51) | (0.59) | (14.99) | (10.95) | (3.85) |
| Net asset value, end of year/period | Net asset value, end of year/period | $52.84 | $52.28 | $45.92 | $36.82 | $71.17 | $72.46 |
| Total return (b)(c) | Total return (b)(c) | 1.07 %(h) | 17.37% | 26.41% | (27.78)% | 13.69% | 32.10% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $169992 | $157975 | $173330 | $145173 | $198627 | $190920 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) (d) | (0.14)%(i) | 2.72% | 3.35% | 1.42% | 0.30% | 0.66% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.22 %(i) | 1.16% | 1.35% | 1.18% | 1.16% | 1.22% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.97 %(i) | 0.92% | 1.11 %(f) | 0.96 %(f) | 0.89 %(f) | 0.89 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 56 %(h) | 165 %(g) | 67% | 87% | 60% | 71% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 0.91% | 0.91% | 0.87% | 0.88% |

---

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(h) Not
 annualized.

(i) Annualized.

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Small Cap Value Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $44.30 | $43.17 | $42.29 | $46.70 | $37.30 | $41.39 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.22 | 0.36 | 0.47 | 0.51 | 0.27 | 0.32 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (3.54) | 3.26 | 3.68 | (2.37) | 9.47 | (1.36) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (3.32) | 3.62 | 4.15 | (1.86) | 9.74 | (1.04) |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (0.53) | (0.56) | (0.31) | (0.34) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | (1.96) | (2.71) | (2.24) | - | (2.68) |
| Total distributions | Total distributions | - | (2.49) | (3.27) | (2.55) | (0.34) | (3.05) |
| Net asset value, end of year/period | Net asset value, end of year/period | $40.98 | $44.30 | $43.17 | $42.29 | $46.70 | $37.30 |
| Total return (b)(c) | Total return (b)(c) | (7.49)%(h) | 8.51% | 10.29% | (3.74)% | 26.18% | (0.97)% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $47342 | $53194 | $62219 | $64384 | $73837 | $64418 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 1.09 %(i) | 0.82% | 1.15% | 1.17% | 0.61% | 0.97% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.35 %(i) | 1.27% | 1.23% | 1.21% | 1.21% | 1.29% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 1.14 %(i) | 1.12% | 1.11 %(f) | 1.12 %(f) | 1.13 %(f) | 1.14 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 68 %(h) | 15 %(g) | 25% | 38% | 32% | 32% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 1.11% | 1.12% | 1.13% | 1.13% |

---

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(h) Not
 annualized.

(i) Annualized.

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA Small Growth Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $29.24 | $26.73 | $22.38 | $46.01 | $44.91 | $34.53 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.02 | 0.70 | 0.75 | 0.38 | 0.10 | 0.17 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.10 | 2.67 | 3.94 | (12.10) | 2.82 | 10.65 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.12 | 3.37 | 4.69 | (11.72) | 2.92 | 10.82 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (0.86) | (0.34) | (0.11) | (0.19) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | (11.80) | (1.63) | - |
| Total distributions | Total distributions | - | (0.86) | (0.34) | (11.91) | (1.82) | (0.44) |
| Net asset value, end of year/period | Net asset value, end of year/period | $30.36 | $29.24 | $26.73 | $22.38 | $46.01 | $44.91 |
| Total return (b)(c) | Total return (b)(c) | 3.83 %(i) | 12.68 %(g) | 21.01% | (26.61)% | 6.54% | 31.82% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $25354 | $25812 | $26630 | $24293 | $37011 | $37989 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 0.12 %(j) | 2.47% | 3.11% | 1.29% | 0.22% | 0.49% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.70 %(j) | 1.45% | 1.65% | 1.43% | 1.39% | 1.50% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 1.07 %(j) | 1.04% | 1.19 %(f) | 1.05 %(f) | 1.00 %(f) | 1.02 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 38 %(i) | 150 %(h) | 80% | 73% | 64% | 86% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 1.03% | 1.04% | 1.00% | 1.01% |

---

(g) Includes
 adjustments in accordance with generally accepted accounting principles in the United States and consequently, the net asset values for
 financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for
 shareholder processing.

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(i) Not
 annualized.

(j) Annualized.

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA SMid-Cap Value Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,<br> 2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $75.57 | $72.15 | $71.66 | $83.11 | $68.31 | $69.18 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.49 | 0.71 | 0.91 | 1.03 | 0.61 | 1.21 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (0.39) | 5.78 | 5.86 | (3.04) | 15.53 | 1.10 (g) |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.10 | 6.49 | 6.77 | (2.01) | 16.14 | 2.31 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (1.01) | (1.10) | (0.70) | (1.34) | (0.77) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | (2.06) | (5.18) | (8.74) | - | (2.41) |
| Total distributions | Total distributions | - | (3.07) | (6.28) | (9.44) | (1.34) | (3.18) |
| Net asset value, end of year/period | Net asset value, end of year/period | $75.67 | $75.57 | $72.15 | $71.66 | $83.11 | $68.31 |
| Total return (b)(c) | Total return (b)(c) | 0.13 %(i) | 9.05% | 9.73% | (1.86)% | 23.75% | 4.30% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $133318 | $143402 | $160556 | $165068 | $187373 | $172440 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 1.34 %(j) | 0.95% | 1.30% | 1.36% | 0.76% | 2.05% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.24 %(j) | 1.15% | 1.15% | 1.13% | 1.14% | 1.22% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.94 %(j) | 0.87% | 0.88 %(f) | 0.89 %(f) | 0.90 %(f) | 0.90 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 61 %(i) | 17 %(h) | 28% | 40% | 34% | 38% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 0.88% | 0.89% | 0.90% | 0.90% |

---

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

(h) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(i) Not
 annualized.

(j) Annualized.

See accompanying notes to financial statements.

**New Age Alpha Variable Funds Trust**

**Financial Highlights**

**NAA World Equity Income Series**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Six Months Ended<br> June 30,**<br> **2025<br> (Unaudited)** | **Year Ended<br> December 31,**<br> **2024** | **Year Ended<br> December 31,<br> 2023** | **Year Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31,**<br> **2021** | **Year Ended<br> December 31,<br> 2020** |
| Net asset value, beginning of year/period | Net asset value, beginning of year/period | $14.83 | $13.53 | $12.37 | $17.74 | $14.79 | $14.45 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.14 | 0.28 | 0.28 | 0.32 | 0.34 | 0.22 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.13 | 1.42 | 1.22 | (2.01) | 2.86 | 0.66 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.27 | 1.70 | 1.50 | (1.69) | 3.20 | 0.88 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (0.40) | (0.34) | (0.36) | (0.25) | (0.40) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | (3.32) | - | (0.14) |
| Total distributions | Total distributions | - | (0.40) | (0.34) | (3.68) | (0.25) | (0.54) |
| Net asset value, end of year/period | Net asset value, end of year/period | $16.10 | $14.83 | $13.53 | $12.37 | $17.74 | $14.79 |
| Total return (b)(c) | Total return (b)(c) | 8.56 %(h) | 12.59% | 12.28% | (9.12)% | 21.74% | 6.65% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | Net assets, end of year/period (in 000's) | $112310 | $111162 | $112886 | $113334 | $138193 | $126007 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (d) | &nbsp;&nbsp;&nbsp;Net Investment Income (d) | 1.92 %(i) | 1.92% | 2.22% | 2.25% | 2.02% | 1.70% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | &nbsp;&nbsp;&nbsp;Total Expenses (d) | 1.18 %(i) | 1.14% | 1.14% | 1.10% | 1.15% | 1.20% |
| &nbsp;&nbsp;&nbsp;Net Expenses (e) | &nbsp;&nbsp;&nbsp;Net Expenses (e) | 0.93 %(i) | 0.86% | 0.87 %(f) | 0.88 %(f) | 0.89 %(f) | 0.89 %(f) |
| Portfolio turnover rate | Portfolio turnover rate | 90 %(h) | 105 %(g) | 177% | 140% | 185% | 196% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. | Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products. |
| (c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (d) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (e) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (f) | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  |  |  | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  |  |  |  | 0.87% | 0.88% | 0.89% | 0.89% |

---

(g) Portfolio
 Turnover excludes investments that were purchased/sold to realign the portfolios.

(h) Not
 annualized.

(i) Annualized.

See accompanying notes to financial statements.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited)</u> <br> June 30, 2025

**1.** **ORGANIZATION** 

New Age Alpha Variable Funds Trust (the "Trust"), a Delaware statutory trust organized on February 6, 2024, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. Each series of the Trust, in effect, is representing a separate diversified fund (each, a "Fund" and collectively, the "Funds"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. As of the close of business on October 25, 2024, each Fund received all of the assets and liabilities of a corresponding series of Guggenheim Variable Funds Trust (each, a "Predecessor Fund"), as discussed in the Trust's most recent Statement of Additional Information. As of June 30, 2025, the Trust consisted of nine funds. The Trust offers shares of the Funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following funds:

---

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

---

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The net asset value per share ("NAV") of a fund is calculated by dividing the market value of a fund's securities and other assets, less all liabilities, by the number of outstanding shares of that fund.

**Operating Segments** – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**a. Investment Valuation** – The Funds' Board of Trustees (the "Board" or "Trustees") has adopted policies and procedures for the valuation of the Funds' investments (the "Valuation Procedures"). Pursuant to Rule 2a-5 under the 1940 Act, the Board designated New Age Alpha Advisors, LLC (the "Adviser") as the respective valuation designee to perform fair valuation determinations for each Fund with respect to all Fund investments and/or other assets. As the Funds' valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures ("Valuation Designee Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from New Age Alpha Advisors, LLC, fund administration, legal and compliance departments (the "Valuation Committee"), in determining fair value of the Funds' securities and other assets. The Valuation Procedures and Valuation Designee Procedures permit the Funds to use a variety of valuation methodologies in connection with valuing the Funds' investments. The methodology used for a specific type of investment may vary based on available market data or other relevant considerations. As a general matter, valuing securities and assets accurately is difficult and can be based on inputs and assumptions, which may not always be accurate.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations ("NASDAQ") National Market System are generally valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded Funds ("ETFs") and closed-end investment companies are generally valued at the last quoted sale price.

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The values of swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third party pricing service.

**Fair Valuation Process –** In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures and Valuation Designee Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures and Valuation Designee Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures and Valuation Designee Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

The following tables summarize the inputs used for the period ended as of June 30, 2025, for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA All Cap Value Series** |  |  |  |  |
| Common Stocks | $83400573 | $- | $- | $83400573 |
| Exchange-Traded Funds | 1731056 | - | - | 1731056 |
| Total | $85131629 | $- | $- | $85131629 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Cap Value Series** |  |  |  |  |
| Common Stocks | $186970196 | $- | $- | $186970196 |
| Exchange-Traded Funds | 3863161 | - | - | 3863161 |
| Total | $190833357 | $- | $- | $190833357 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Core Series** |  |  |  |  |
| Common Stocks | $244848201 | $- | $- | $244848201 |
| Exchange-Traded Funds | 5037984 | - | - | 5037984 |
| Total | $249886185 | $- | $- | $249886185 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Growth Series** |  |  |  |  |
| Common Stocks | $56594133 | $- | $- | $56594133 |
| Exchange-Traded Funds | 1164638 | - | - | 1164638 |
| Total | $57758771 | $- | $- | $57758771 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Mid Growth Series** |  |  |  |  |
| Common Stocks | $166040875 | $- | $- | $166040875 |
| Exchange-Traded Funds | 3441815 | - | - | 3441815 |
| Total | $169482690 | $- | $- | $169482690 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Small Cap Value Series** |  |  |  |  |
| Common Stocks | $45443330 | $- | $- | $45443330 |
| Exchange-Traded Funds | 1360802 | - | - | 1360802 |
| Total | $46804132 | $- | $- | $46804132 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Small Growth Series** |  |  |  |  |
| Common Stocks | $24714952 | $- | $- | $24714952 |
| Exchange-Traded Funds | 510498 | - | - | 510498 |
| Total | $25225450 | $- | $- | $25225450 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA SMid-Cap Value Series** |  |  |  |  |
| Common Stocks | $130066798 | $- | $- | $130066798 |
| Exchange-Traded Funds | 2699771 | - | - | 2699771 |
| Total | $132766569 | $- | $- | $132766569 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA World Equity Income Series** |  |  |  |  |
| Common Stocks | $109266844 | $- | $- | $109266844 |
| Exchange-Traded Funds | 2240795 | - | - | 2240795 |
| Total | $111507639 | $- | $- | $111507639 |

---

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

**b. Exchange Traded Funds –** The Funds may invest in ETFs, which are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity in an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**c. Security Transactions and Related Income** – Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

**d. Foreign Securities Risk** – There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as American Depository Receipts ("ADRs") and ETFs, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

**e. Foreign Currency Translations** – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**f. Cash Management Transactions –** The Funds subscribe to the Brown Brothers Harriman & Co. ("BBH") Cash Management Service ("CMS"), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre- approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of June 30, 2025, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| **Fund** | **Cash Balance** |
| NAA All Cap Value Series | $535789 |
| NAA Large Cap Value Series | 1458131 |
| NAA Large Core Series | 1943497 |
| NAA Large Growth Series | 433345 |
| NAA Mid Growth Series | 1249855 |
| NAA Small Cap Value Series | 1066610 |
| NAA Small Growth Series | 226704 |
| NAA SMid-Cap Value Series | 654064 |
| NAA World Equity Income Series | 615208 |

---

As of June 30, 2025, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

---

| | |
|:---|:---|
| **Fund** | **Foreign<br> Cash Balance** |
| NAA World Equity Income Series | $69588 |

---

**g. Federal Income Taxes** – The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2022 through December 31, 2024 or expected to be taken in the Funds' December 31, 2025 year-end tax return. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

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

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

**i. Foreign Taxes –** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**j. Indemnification** – Under the Funds' organizational documents, the Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**k. Expenses –** Expenses directly attributable to a Fund are charged directly to the Fund. Other expenses common to various funds within the fund complex are generally allocated amongst such funds on the basis of average net assets.

**3.** **RISKS** 

**a. Equity Securities Risk** – Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in.

**b. Investment Company Risk** – Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles' expenses, reducing the Fund's performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.

**c. Preferred Stock Risk –** Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.

**d. Convertible Securities Risk –** Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**e. Warrants Risk –** Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.

**f. Foreign Securities Risk –** Since the Fund's investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in.

**g. Depositary Receipt Risk –** The Funds may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund's portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund's portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

**h. REITs Risk –** REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund's REIT investments also subject it to management and tax risks.

**i. Sector Exposure Risk –** Sector exposure risk is the possibility that securities within the same sector will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.

**j. Market Risk –** The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

**a. Management Fees –** The Adviser serves as each Fund's investment adviser. Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, the Adviser, subject to the oversight of the Board and in conformity with the stated policies of the Funds, manages all business activities of the Funds (the "Advisory Agreement"). As compensation for its services, each Fund pays the Adviser an annual management fee based on its average daily net assets, accrued daily and paid monthly.

Under the Advisory Agreement, for its services, the NAA Large Core Series pays the Adviser a monthly investment advisory fee (the "Management Fee") computed at the annual rate of 0.75% of average daily net assets up to $500 million, 0.725% of average daily net assets over $500 million up to $1 billion, 0.70% of average daily net assets over $1 billion up to $1.5 billion, 0.65% of average daily net assets over $1.5 billion up to $2 billion, 0.60% of average daily net assets over $2 billion up to $2.5 billion, 0.55% of average daily net assets over $2.5 billion up to $3 billion, and 0.50% of average daily net assets over $3 billion. The amount paid to the Adviser for the six months ended June 30, 2025 was $904,469.

Each other Fund pays the Adviser a monthly Management Fee computed at the annual rate as a percentage of its average daily net assets listed in the table below for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory<br> Fee %** | **Advisory<br> Fee $** |
| NAA All Cap Value Series | 0.70% | $297839 |
| NAA Large Cap Value Series | 0.65% | 618494 |
| NAA Large Growth Series | 0.65% | 178860 |
| NAA Mid Growth Series | 0.75% | 592521 |
| NAA Small Cap Value Series | 0.75% | 179982 |
| NAA Small Growth Series | 0.75% | 92224 |
| NAA SMid-Cap Value Series | 0.75% | 501539 |
| NAA World Equity Income Series | 0.70% | 380284 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

Effective April 30, 2025, under an Expense Limitation Agreement between the Trust and the Adviser (the "Expense Limitation Agreement"), the Adviser has contractually agreed, until April 30, 2027, to reduce the Management Fee and reimburse other expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund's business) to an amount not exceeding the percentage of the average daily net assets of each Fund in the table below:

---

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

---

Prior to April 30, 2025, under the amended Expense Limitation Agreement, the Adviser had contractually agreed, until April 30, 2027, to reduce the Management Fee and reimburse other expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund's business) to an amount not exceeding the percentage of the average daily net assets of each Fund in the table below:

---

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

---

Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by a Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. As of December 31, 2024, the Adviser has waived/reimbursed expenses that may be recovered no later than December 31 of the years indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires<br> 2025** | **Expires<br> 2026** | **Expires<br> 2027** | **Total** |
| NAA All Cap Value Series | $– $|  | $66761 | $66761 |
| NAA Large Cap Value Series | – |  | 133337 | 133337 |
| NAA Large Core Series | – |  | 164544 | 164544 |
| NAA Large Growth Series | – |  | 37872 | 37872 |
| NAA Mid Growth Series | – |  | 106713 | 106713 |
| NAA Small Cap Value Series | – |  | 24058 | 24058 |
| NAA Small Growth Series | – |  | 8390 | 8390 |
| NAA SMid-Cap Value Series | – |  | 120369 | 120369 |
| NAA World Equity Income Series | – |  | 77837 | 77837 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

For the six months ended June 30, 2025 the fee waivers/reimbursements and/or recoupments were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees<br> Waived/<br> Reimbursed<br> by Adviser** | **Recoupment<br> of Previously<br> Waived Fees<br> by Adviser** |
| NAA All Cap Value Series | $140430 | $- |
| NAA Large Cap Value Series | 282117 |  |
| NAA Large Core Series | 364459 |  |
| NAA Large Growth Series | 94910 |  |
| NAA Mid Growth Series | 191737 |  |
| NAA Small Cap Value Series | 51903 |  |
| NAA Small Growth Series | 77211 |  |
| NAA SMid-Cap Value Series | 199688 |  |
| NAA World Equity Income Series | 139342 |  |

---

**b. Distributor** – The Funds' Distributor is Ultimus Fund Distributors, LLC (the "Distributor"). The Funds have adopted a Distribution Plan (the "Plan") under Rule 12b-1 under the 1940 Act. The Plan provides that the Funds will compensate the Distributor for distribution and other services provided to the Funds, its activities and expenses related to the sale and distribution of the Funds and ongoing services to the investors in the Funds. Under the Plan, the Distributor receives from a Fund a fee at the annual rate of 0.25% of that Fund's average daily net assets (without regard to expenses incurred). The Distributor may pay up to the full amount of this fee to third parties that make available Fund shares and/or provide services to the Funds and their shareholders. The fee paid to a third party is based on the level of such services provided. Third parties may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing.

The following table reflects the Funds' incurred distribution fees for the six months ended June 30, 2025.

---

| | |
|:---|:---|
| **Fund** | **Distribution<br> Fees** |
| NAA All Cap Value Series | $106371 |
| NAA Large Cap Value Series | 237882 |
| NAA Large Core Series | 301490 |
| NAA Large Growth Series | 68792 |
| NAA Mid Growth Series | 197507 |
| NAA Small Cap Value Series | 59994 |
| NAA Small Growth Series | 30741 |
| NAA SMid-Cap Value Series | 167180 |
| NAA World Equity Income Series | 135815 |

---

**c. Administration, Fund Accounting and Transfer Agency Fees**

**Administrator Fees and Expenses**

Ultimus Fund Solutions, LLC ("UFS") – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agency services to the Trust. Pursuant to a separate servicing agreement with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

For the six months ended June 30, 2025, the Funds paid UFS the following:

---

| | | |
|:---|:---|:---|
| **Fund** | **Administration<br> and Fund<br> Accounting Fees** | **Transfer<br> Agent Fees** |
| NAA All Cap Value Series | $34446 | $20596 |
| NAA Large Cap Value Series | 63271 | 24038 |
| NAA Large Core Series | 76155 | 31064 |
| NAA Large Growth Series | 24175 | 17141 |
| NAA Mid Growth Series | 51772 | 27095 |
| NAA Small Cap Value Series | 23804 | 18230 |
| NAA Small Growth Series | 16754 | 15430 |
| NAA SMid-Cap Value Series | 48790 | 12776 |
| NAA World Equity Income Series | 40043 | 21940 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

**Printing Services**

BluGiant, LLC ("BluGiant") – BluGiant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Funds.

**Compliance Services**

Under the terms of a Compliance Consulting Agreement with the Trust, CCO Technology, LLC (d/b/a Joot) provides an individual with the requisite background and familiarity with the federal securities laws to serve as the Trust's chief compliance officer and to administer the Trust's compliance policies and procedures. Joot is a subsidiary of FinTech Law.

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

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds From<br> Sales of Securities** |
| NAA All Cap Value Series | $60683055 | $67529858 |
| NAA Large Cap Value Series | 97118077 | 111601032 |
| NAA Large Core Series | 125031693 | 140839453 |
| NAA Large Growth Series | 16253173 | 21418779 |
| NAA Mid Growth Series | 97110543 | 88105132 |
| NAA Small Cap Value Series | 33250843 | 34989421 |
| NAA Small Growth Series | 9587600 | 10926805 |
| NAA SMid-Cap Value Series | 82721259 | 91762773 |
| NAA World Equity Income Series | 99343378 | 106545410 |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of the control of the Fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, ownership percentages of the holders of the voting securities of each Fund that may be deemed to control the Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Insurance Company** | **Percentage of<br> Interest** |
| NAA All Cap Value Series | SBL Variflex Life Insurance Co. | 97.6% |
| NAA Large Cap Value Series | SBL Variflex Life Insurance Co. | 99.5% |
| NAA Large Core Series | SBL Variflex Life Insurance Co. | 99.6% |
| NAA Large Growth Series | SBL Variflex Life Insurance Co. | 95.4% |
| NAA Mid Growth Series | SBL Variflex Life Insurance Co. | 97.4% |
| NAA Small Cap Value Series | SBL Variflex Life Insurance Co. | 86.3% |
| NAA Small Growth Series | SBL Variflex Life Insurance Co. | 93.8% |
| NAA SMid-Cap Value Series | SBL Variflex Life Insurance Co. | 96.9% |
| NAA World Equity Income Series | SBL Variflex Life Insurance Co. | 98.5% |

---

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

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

**7.** **DISTRIBUTIONS AND TAX COMPONENTS OF CAPITAL** 

The Statement of Assets and Liabilities represents cost for financial reporting purposes. The aggregate cost for federal tax purposes is listed in the table below and differs from market value by net unrealized appreciation/depreciation which consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost for Federal<br> Tax purposes** | **Gross Unrealized<br> Appreciation** | **Gross Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| NAA All Cap Value Series | $82110541 | $7261845 | $(4240757) | $3021088 |
| NAA Large Cap Value Series | 179886818 | 20063131 | (9116592) | 10946539 |
| NAA Large Core Series | 232444454 | 25402522 | (7960791) | 17441731 |
| NAA Large Growth Series | 51026091 | 7483818 | (751138) | 6732680 |
| NAA Mid Growth Series | 170365353 | 10600303 | (11482966) | (882663) |
| NAA Small Cap Value Series | 50572124 | 1685308 | (5453300) | (3767992) |
| NAA Small Growth Series | 24383177 | 2549231 | (1706958) | 842273 |
| NAA SMid-Cap Value Series | 129796604 | 10348318 | (7378353) | 2969965 |
| NAA World Equity Income Series | 104479065 | 8374204 | (1345630) | 7028574 |

---

The tax character of fund distributions paid for the years ended December 31, 2024, and December 31, 2023, was as follows:

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **For fiscal year ended<br> December 31, 2023** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** |
| NAA All Cap Value Series | $1921683 | $7227915 | $- |
| NAA Large Cap Value Series | 4391033 | 18842374 |  |
| NAA Large Core Series | 3382567 |  |  |
| NAA Large Growth Series | 586749 |  |  |
| NAA Mid Growth Series | 2254596 |  |  |
| NAA Small Cap Value Series | 983221 | 3714694 |  |
| NAA Small Growth Series | 356250 |  |  |
| NAA SMid-Cap Value Series | 2722940 | 10931977 |  |
| NAA World Equity Income Series | 2923384 |  |  |

---

As of December 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Capital Loss<br> Carry<br> Forwards** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/<br> (Deficits)** |
| NAA All Cap Value Series | $2450805 | $17286567 | $- | $4761729 | $24499101 |
| NAA Large Cap Value Series | 5751122 | 33207068 |  | 19238032 | 58196222 |
| NAA Large Core Series | 51961402 | 2015082 |  | 11583341 | 65559825 |
| NAA Large Growth Series | 13011826 | 153619 |  | 2877278 | 16042723 |
| NAA Mid Growth Series | 9004485 | 2868111 |  | (2454313) | 9418283 |
| NAA Small Cap Value Series | 498318 | 9427003 |  | 592441 | 10517762 |
| NAA Small Growth Series | 657541 |  | (2513782) | (135848) | (1992089) |
| NAA SMid-Cap Value Series | 2586415 | 30752490 |  | 2906277 | 36245182 |
| NAA World Equity Income Series | 6753141 | 13498971 |  | 877357 | 21129469 |

---

<u>New Age Alpha Variable Funds</u> <u>Notes to Financial Statements (Unaudited) (Continued)</u> <br> June 30, 2025

The difference between book basis and tax basis accumulated net realized gains/ losses, and unrealized appreciation/ depreciation from investments is primarily attributable to the tax deferral of losses on wash sales.

At December 31, 2024, the below Funds had capital loss carry forwards ("CLCF") for federal income tax purposes available to offset future capital gains and capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| NAA Large Core Series | $– $|  | $- | $10102719 |
| NAA Large Growth Series | – |  |  | 3580386 |
| NAA Mid Growth Series | – |  |  | 38228933 |
| NAA Small Growth Series | – | 2513782 | 2513782 | 5480482 |
| NAA World Equity Income Series | – |  |  | 728669 |

---

During the fiscal year ended December 31, 2024, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to adjustments for tax return updates and the use of tax equalization credits, resulted in reclassifications as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Distributable<br> Earnings/<br> (Losses)** |
| NAA All Cap Value Series | $1886705 | $(1886705) |
| NAA Large Cap Value Series | 3888550 | (3888550) |
| NAA Large Core Series | 3253364 | (3253364) |
| NAA Large Growth Series | 1042724 | (1042724) |
| NAA Mid Growth Series | 254840 | (254840) |
| NAA Small Cap Value Series | 1784035 | (1784035) |
| NAA Small Growth Series |  |  |
| NAA SMid-Cap Value Series | 4191045 | (4191045) |
| NAA World Equity Income Series | 1498109 | (1498109) |

---

**8.** **SUBSEQUENT EVENTS** 

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no material events that would require adjustment to or disclosure in the Funds' financial statements.

<u>New Age Alpha Variable Funds</u> <u> Additional Information (Unaudited)</u> <br> June 30, 2025

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not Applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not Applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

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

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's
 Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications
 required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days
 of this report on Form N-CSR.

(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during
 the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto](newagealpha_ex99cert.htm)

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](newagealpha_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) New
 Age Alpha Variable Funds Trust

---

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

---

Date <u>9/2/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date <u>9/2/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Keith D. Kemp, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of New Age Alpha Variable Funds (a series of New Age Alpha Variable Funds Trust).

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/2/2025 | /s/ Keith D. Kemp |
|  |  | Keith D. Kemp<br> Principal Executive Officer /President/Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**<u>certification</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025, (the "Form N-CSR") fully complies
with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| |
|:---|
| Principal Executive Officer/President/Principal Financial Officer/Treasurer<br> New Age Alpha Variable Funds Trust |
| /s/ Keith D. Kemp |
| Keith D. Kemp |

---

Date: <u>9/2/2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to New Age Alpha Variable Funds Trust and will be retained by New Age Alpha Variable Funds Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.