# EDGAR Filing Document

**Accession Number:** 0002013853
**File Stem:** 0001580642-26-003637
**Filing Date:** 2026-6
**Character Count:** 399960
**Document Hash:** 2097bd9754e07a08e576b97844932b12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003637.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001580642-26-003637

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23945
- **FILM NUMBER:** 261072053

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23945</u> <br>

<u>New Age Alpha Funds Trust</u> <br> (Exact name of registrant as specified in charter) <br>

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

---

| |
|:---|
| 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> <br>

Date of fiscal year end: <u>9/30</u> <br>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.** 

(a) ![Image](i01ba1c18ebe0a7bb39c859a3.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class A | $71 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$176,360,273

* Number of Portfolio Holdings176

* Advisory Fee $835,093

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ice8e18039efdbcb878537373.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.3% |
| Convertible Bonds | 0.6% |
| Corporate Bonds | 18.2% |
| Exchange-Traded Funds | 2.9% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1ff2edda11137fa65ce07af6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Fixed Income | 1.3% |
| Consumer Staples | 1.4% |
| Equity | 1.6% |
| Real Estate | 1.7% |
| Materials | 2.8% |
| Utilities | 5.8% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Financials | 8.1% |
| Energy | 9.8% |
| Communications | 10.2% |
| Industrials | 12.0% |
| Technology | 29.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 5.7% |
| Apple, Inc. | 5.3% |
| Microsoft Corporation | 3.8% |
| Alphabet, Inc. - Class C | 2.2% |
| Amazon.com, Inc. | 2.0% |
| Broadcom, Inc. | 2.0% |
| Exxon Mobil Corporation | 1.8% |
| Tesla, Inc. | 1.5% |
| Chevron Corporation | 1.4% |
| Micron Technology, Inc. | 1.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Allocation Fund - Class A (TVRAX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-TVRAX

![Image](i01ba1c18ebe0a7bb39c859a3.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class C | $101 | 2.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$176,360,273

* Number of Portfolio Holdings176

* Advisory Fee $835,093

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ice8e18039efdbcb878537373.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.3% |
| Convertible Bonds | 0.6% |
| Corporate Bonds | 18.2% |
| Exchange-Traded Funds | 2.9% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1ff2edda11137fa65ce07af6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Fixed Income | 1.3% |
| Consumer Staples | 1.4% |
| Equity | 1.6% |
| Real Estate | 1.7% |
| Materials | 2.8% |
| Utilities | 5.8% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Financials | 8.1% |
| Energy | 9.8% |
| Communications | 10.2% |
| Industrials | 12.0% |
| Technology | 29.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 5.7% |
| Apple, Inc. | 5.3% |
| Microsoft Corporation | 3.8% |
| Alphabet, Inc. - Class C | 2.2% |
| Amazon.com, Inc. | 2.0% |
| Broadcom, Inc. | 2.0% |
| Exxon Mobil Corporation | 1.8% |
| Tesla, Inc. | 1.5% |
| Chevron Corporation | 1.4% |
| Micron Technology, Inc. | 1.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Allocation Fund - Class C (TVRCX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-TVRCX

![Image](i01ba1c18ebe0a7bb39c859a3.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$176,360,273

* Number of Portfolio Holdings176

* Advisory Fee $835,093

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ice8e18039efdbcb878537373.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.3% |
| Convertible Bonds | 0.6% |
| Corporate Bonds | 18.2% |
| Exchange-Traded Funds | 2.9% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1ff2edda11137fa65ce07af6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Fixed Income | 1.3% |
| Consumer Staples | 1.4% |
| Equity | 1.6% |
| Real Estate | 1.7% |
| Materials | 2.8% |
| Utilities | 5.8% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Financials | 8.1% |
| Energy | 9.8% |
| Communications | 10.2% |
| Industrials | 12.0% |
| Technology | 29.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 5.7% |
| Apple, Inc. | 5.3% |
| Microsoft Corporation | 3.8% |
| Alphabet, Inc. - Class C | 2.2% |
| Amazon.com, Inc. | 2.0% |
| Broadcom, Inc. | 2.0% |
| Exxon Mobil Corporation | 1.8% |
| Tesla, Inc. | 1.5% |
| Chevron Corporation | 1.4% |
| Micron Technology, Inc. | 1.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Allocation Fund - Institutional (TVRIX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-TVRIX

![Image](i01ba1c18ebe0a7bb39c859a3.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class P | $64 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$176,360,273

* Number of Portfolio Holdings176

* Advisory Fee $835,093

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ice8e18039efdbcb878537373.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.3% |
| Convertible Bonds | 0.6% |
| Corporate Bonds | 18.2% |
| Exchange-Traded Funds | 2.9% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1ff2edda11137fa65ce07af6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Fixed Income | 1.3% |
| Consumer Staples | 1.4% |
| Equity | 1.6% |
| Real Estate | 1.7% |
| Materials | 2.8% |
| Utilities | 5.8% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Financials | 8.1% |
| Energy | 9.8% |
| Communications | 10.2% |
| Industrials | 12.0% |
| Technology | 29.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 5.7% |
| Apple, Inc. | 5.3% |
| Microsoft Corporation | 3.8% |
| Alphabet, Inc. - Class C | 2.2% |
| Amazon.com, Inc. | 2.0% |
| Broadcom, Inc. | 2.0% |
| Exxon Mobil Corporation | 1.8% |
| Tesla, Inc. | 1.5% |
| Chevron Corporation | 1.4% |
| Micron Technology, Inc. | 1.3% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Allocation Fund - Class P (TVFRX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-TVFRX

![Image](i6d02320b4faf6e9485f84af6.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class A | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$66,581,545

* Number of Portfolio Holdings102

* Advisory Fee $175,891

* Portfolio Turnover34%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib47970bb07a8841e5db4183f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Exchange-Traded Funds | 1.4% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibe5a278a072f3a2fc7ce42f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Equity | 1.4% |
| Materials | 3.0% |
| Real Estate | 3.5% |
| Communications | 4.6% |
| Utilities | 6.8% |
| Energy | 7.7% |
| Industrials | 8.2% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 10.2% |
| Health Care | 12.4% |
| Financials | 13.8% |
| Technology | 18.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.9% |
| Amazon.com, Inc. | 3.5% |
| Exxon Mobil Corporation | 2.6% |
| Walmart, Inc. | 2.0% |
| Costco Wholesale Corporation | 1.6% |
| Tesla, Inc. | 1.5% |
| Chevron Corporation | 1.3% |
| ConocoPhillips | 1.3% |
| Procter & Gamble Company (The) | 1.2% |
| Bank of America Corporation | 1.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SECIX

![Image](i6d02320b4faf6e9485f84af6.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class C | $93 | 1.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$66,581,545

* Number of Portfolio Holdings102

* Advisory Fee $175,891

* Portfolio Turnover34%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib47970bb07a8841e5db4183f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Exchange-Traded Funds | 1.4% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibe5a278a072f3a2fc7ce42f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Equity | 1.4% |
| Materials | 3.0% |
| Real Estate | 3.5% |
| Communications | 4.6% |
| Utilities | 6.8% |
| Energy | 7.7% |
| Industrials | 8.2% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 10.2% |
| Health Care | 12.4% |
| Financials | 13.8% |
| Technology | 18.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.9% |
| Amazon.com, Inc. | 3.5% |
| Exxon Mobil Corporation | 2.6% |
| Walmart, Inc. | 2.0% |
| Costco Wholesale Corporation | 1.6% |
| Tesla, Inc. | 1.5% |
| Chevron Corporation | 1.3% |
| ConocoPhillips | 1.3% |
| Procter & Gamble Company (The) | 1.2% |
| Bank of America Corporation | 1.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SEGIX

![Image](i6d02320b4faf6e9485f84af6.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$66,581,545

* Number of Portfolio Holdings102

* Advisory Fee $175,891

* Portfolio Turnover34%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib47970bb07a8841e5db4183f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Exchange-Traded Funds | 1.4% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibe5a278a072f3a2fc7ce42f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Equity | 1.4% |
| Materials | 3.0% |
| Real Estate | 3.5% |
| Communications | 4.6% |
| Utilities | 6.8% |
| Energy | 7.7% |
| Industrials | 8.2% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 10.2% |
| Health Care | 12.4% |
| Financials | 13.8% |
| Technology | 18.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.9% |
| Amazon.com, Inc. | 3.5% |
| Exxon Mobil Corporation | 2.6% |
| Walmart, Inc. | 2.0% |
| Costco Wholesale Corporation | 1.6% |
| Tesla, Inc. | 1.5% |
| Chevron Corporation | 1.3% |
| ConocoPhillips | 1.3% |
| Procter & Gamble Company (The) | 1.2% |
| Bank of America Corporation | 1.2% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Large Cap Value Fund - Institutional (GILCX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-GILCX

![Image](i8b200c9cd3bd797403f93faf.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class A | $61 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$235,448,251

* Number of Portfolio Holdings140

* Advisory Fee $954,313

* Portfolio Turnover32%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i29069ffe921d0aa942106a35.jpg)

---

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

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4f099c9238519b6d6956c662.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Consumer Staples | 0.3% |
| Materials | 1.4% |
| Equity | 2.0% |
| Consumer Discretionary | 5.1% |
| Utilities | 5.7% |
| Health Care | 7.5% |
| Energy | 9.1% |
| Financials | 9.4% |
| Communications | 9.5% |
| Industrials | 13.2% |
| Technology | 36.3% |

---

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 | 7.2% |
| Apple, Inc. | 6.7% |
| Microsoft Corporation | 4.8% |
| Alphabet, Inc. - Class A | 4.3% |
| Amazon.com, Inc. | 2.5% |
| Broadcom, Inc. | 2.5% |
| Exxon Mobil Corporation | 2.3% |
| Tesla, Inc. | 1.9% |
| Chevron Corporation | 1.7% |
| Micron Technology, Inc. | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Large Core Fund - Class A (SECEX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SECEX

![Image](i8b200c9cd3bd797403f93faf.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class C | $98 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$235,448,251

* Number of Portfolio Holdings140

* Advisory Fee $954,313

* Portfolio Turnover32%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i29069ffe921d0aa942106a35.jpg)

---

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

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4f099c9238519b6d6956c662.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Consumer Staples | 0.3% |
| Materials | 1.4% |
| Equity | 2.0% |
| Consumer Discretionary | 5.1% |
| Utilities | 5.7% |
| Health Care | 7.5% |
| Energy | 9.1% |
| Financials | 9.4% |
| Communications | 9.5% |
| Industrials | 13.2% |
| Technology | 36.3% |

---

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 | 7.2% |
| Apple, Inc. | 6.7% |
| Microsoft Corporation | 4.8% |
| Alphabet, Inc. - Class A | 4.3% |
| Amazon.com, Inc. | 2.5% |
| Broadcom, Inc. | 2.5% |
| Exxon Mobil Corporation | 2.3% |
| Tesla, Inc. | 1.9% |
| Chevron Corporation | 1.7% |
| Micron Technology, Inc. | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Large Core Fund - Class C (SFECX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SFECX

![Image](i8b200c9cd3bd797403f93faf.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$235,448,251

* Number of Portfolio Holdings140

* Advisory Fee $954,313

* Portfolio Turnover32%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i29069ffe921d0aa942106a35.jpg)

---

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

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4f099c9238519b6d6956c662.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Consumer Staples | 0.3% |
| Materials | 1.4% |
| Equity | 2.0% |
| Consumer Discretionary | 5.1% |
| Utilities | 5.7% |
| Health Care | 7.5% |
| Energy | 9.1% |
| Financials | 9.4% |
| Communications | 9.5% |
| Industrials | 13.2% |
| Technology | 36.3% |

---

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 | 7.2% |
| Apple, Inc. | 6.7% |
| Microsoft Corporation | 4.8% |
| Alphabet, Inc. - Class A | 4.3% |
| Amazon.com, Inc. | 2.5% |
| Broadcom, Inc. | 2.5% |
| Exxon Mobil Corporation | 2.3% |
| Tesla, Inc. | 1.9% |
| Chevron Corporation | 1.7% |
| Micron Technology, Inc. | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Large Core Fund - Institutional (GILIX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-GILIX

![Image](id9bb92f9b73041cd8a8bb018.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class A | $70 | 1.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$67,685,795

* Number of Portfolio Holdings127

* Advisory Fee $262,860

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i881ef851d32849daabfb8673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Exchange-Traded Funds | 1.5% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6c17a348061356556b87bc9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Utilities | 0.9% |
| Equity | 1.5% |
| Communications | 3.5% |
| Materials | 3.5% |
| Consumer Staples | 3.7% |
| Energy | 4.0% |
| Real Estate | 4.3% |
| Financials | 7.3% |
| Consumer Discretionary | 7.4% |
| Health Care | 12.8% |
| Technology | 20.1% |
| Industrials | 30.6% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ciena Corporation | 2.7% |
| TechnipFMC plc | 2.2% |
| MasTec, Inc. | 2.0% |
| Coherent Corp. | 2.0% |
| Curtiss-Wright Corporation | 1.8% |
| ATI, Inc. | 1.8% |
| Woodward, Inc. | 1.8% |
| nVent Electric PLC | 1.8% |
| BWX Technologies, Inc. | 1.7% |
| Carpenter Technology Corporation | 1.7% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Mid Growth Fund - Class A (SECUX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SECUX

![Image](id9bb92f9b73041cd8a8bb018.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class C | $107 | 2.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$67,685,795

* Number of Portfolio Holdings127

* Advisory Fee $262,860

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i881ef851d32849daabfb8673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Exchange-Traded Funds | 1.5% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6c17a348061356556b87bc9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Utilities | 0.9% |
| Equity | 1.5% |
| Communications | 3.5% |
| Materials | 3.5% |
| Consumer Staples | 3.7% |
| Energy | 4.0% |
| Real Estate | 4.3% |
| Financials | 7.3% |
| Consumer Discretionary | 7.4% |
| Health Care | 12.8% |
| Technology | 20.1% |
| Industrials | 30.6% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ciena Corporation | 2.7% |
| TechnipFMC plc | 2.2% |
| MasTec, Inc. | 2.0% |
| Coherent Corp. | 2.0% |
| Curtiss-Wright Corporation | 1.8% |
| ATI, Inc. | 1.8% |
| Woodward, Inc. | 1.8% |
| nVent Electric PLC | 1.8% |
| BWX Technologies, Inc. | 1.7% |
| Carpenter Technology Corporation | 1.7% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Mid Growth Fund - Class C (SUFCX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SUFCX

![Image](id9bb92f9b73041cd8a8bb018.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $58 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$67,685,795

* Number of Portfolio Holdings127

* Advisory Fee $262,860

* Portfolio Turnover44%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i881ef851d32849daabfb8673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Exchange-Traded Funds | 1.5% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6c17a348061356556b87bc9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Utilities | 0.9% |
| Equity | 1.5% |
| Communications | 3.5% |
| Materials | 3.5% |
| Consumer Staples | 3.7% |
| Energy | 4.0% |
| Real Estate | 4.3% |
| Financials | 7.3% |
| Consumer Discretionary | 7.4% |
| Health Care | 12.8% |
| Technology | 20.1% |
| Industrials | 30.6% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Ciena Corporation | 2.7% |
| TechnipFMC plc | 2.2% |
| MasTec, Inc. | 2.0% |
| Coherent Corp. | 2.0% |
| Curtiss-Wright Corporation | 1.8% |
| ATI, Inc. | 1.8% |
| Woodward, Inc. | 1.8% |
| nVent Electric PLC | 1.8% |
| BWX Technologies, Inc. | 1.7% |
| Carpenter Technology Corporation | 1.7% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Mid Growth Fund - Institutional (GIUIX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-GIUIX

![Image](i607f47513552ae4730fce180.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class A | $87 | 1.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$39,803,028

* Number of Portfolio Holdings424

* Advisory Fee $163,280

* Portfolio Turnover75%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1502ea021526c70efe186831.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 67.0% |
| U.S. Government & Agencies | 33.0% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i7660947439c7916c4711068a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 32.8% |
| Israel | 0.1% |
| Cayman Islands | 0.3% |
| Netherlands | 0.9% |
| Ireland | 1.2% |
| United States | 64.7% |

---

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 |
| United States Treasury Bill | 22.2% |
| Chevron Corporation | 1.9% |
| Exxon Mobil Corporation | 1.7% |
| Cheniere Energy, Inc. | 1.5% |
| Pfizer, Inc. | 1.5% |
| Bristol-Myers Squibb Company | 1.4% |
| Exelon Corporation | 1.3% |
| Merck & Company, Inc. | 1.3% |
| Ameren Corporation | 1.1% |
| AT&T, Inc. | 1.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Opportunity Fund - Class A (SAOAX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SAOAX

![Image](i607f47513552ae4730fce180.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class C | $126 | 2.39%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$39,803,028

* Number of Portfolio Holdings424

* Advisory Fee $163,280

* Portfolio Turnover75%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1502ea021526c70efe186831.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 67.0% |
| U.S. Government & Agencies | 33.0% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i7660947439c7916c4711068a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 32.8% |
| Israel | 0.1% |
| Cayman Islands | 0.3% |
| Netherlands | 0.9% |
| Ireland | 1.2% |
| United States | 64.7% |

---

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 |
| United States Treasury Bill | 22.2% |
| Chevron Corporation | 1.9% |
| Exxon Mobil Corporation | 1.7% |
| Cheniere Energy, Inc. | 1.5% |
| Pfizer, Inc. | 1.5% |
| Bristol-Myers Squibb Company | 1.4% |
| Exelon Corporation | 1.3% |
| Merck & Company, Inc. | 1.3% |
| Ameren Corporation | 1.1% |
| AT&T, Inc. | 1.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Opportunity Fund - Class C (SAOCX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SAOCX

![Image](i607f47513552ae4730fce180.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $74 | 1.39%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$39,803,028

* Number of Portfolio Holdings424

* Advisory Fee $163,280

* Portfolio Turnover75%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1502ea021526c70efe186831.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 67.0% |
| U.S. Government & Agencies | 33.0% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](i7660947439c7916c4711068a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 32.8% |
| Israel | 0.1% |
| Cayman Islands | 0.3% |
| Netherlands | 0.9% |
| Ireland | 1.2% |
| United States | 64.7% |

---

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 |
| United States Treasury Bill | 22.2% |
| Chevron Corporation | 1.9% |
| Exxon Mobil Corporation | 1.7% |
| Cheniere Energy, Inc. | 1.5% |
| Pfizer, Inc. | 1.5% |
| Bristol-Myers Squibb Company | 1.4% |
| Exelon Corporation | 1.3% |
| Merck & Company, Inc. | 1.3% |
| Ameren Corporation | 1.1% |
| AT&T, Inc. | 1.0% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA Opportunity Fund - Institutional (SAOIX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SAOIX

![Image](ic62970adf47daf046c47b600.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class A | $95 | 1.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$180,182,861

* Number of Portfolio Holdings121

* Advisory Fee $613,809

* Portfolio Turnover8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieefead8e5107106aa0c5924f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 112.4% |
| U.S. Government & Agencies | 6.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f2c569f31dae96b8a2ade81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.3% |
| U.S. Treasury Obligations | 4.9% |
| Real Estate | 91.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Welltower, Inc. | 9.8% |
| Prologis, Inc. | 8.8% |
| Equinix, Inc. | 6.8% |
| United States Treasury Bill | 4.9% |
| Digital Realty Trust, Inc. | 4.5% |
| Simon Property Group, Inc. | 4.4% |
| Realty Income Corporation | 4.4% |
| Public Storage | 4.4% |
| Ventas, Inc. | 3.6% |
| VICI Properties, Inc. | 2.9% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-GURAX

![Image](ic62970adf47daf046c47b600.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class C | $129 | 2.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$180,182,861

* Number of Portfolio Holdings121

* Advisory Fee $613,809

* Portfolio Turnover8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieefead8e5107106aa0c5924f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 112.4% |
| U.S. Government & Agencies | 6.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f2c569f31dae96b8a2ade81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.3% |
| U.S. Treasury Obligations | 4.9% |
| Real Estate | 91.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Welltower, Inc. | 9.8% |
| Prologis, Inc. | 8.8% |
| Equinix, Inc. | 6.8% |
| United States Treasury Bill | 4.9% |
| Digital Realty Trust, Inc. | 4.5% |
| Simon Property Group, Inc. | 4.4% |
| Realty Income Corporation | 4.4% |
| Public Storage | 4.4% |
| Ventas, Inc. | 3.6% |
| VICI Properties, Inc. | 2.9% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-GURCX

![Image](ic62970adf47daf046c47b600.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $79 | 1.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$180,182,861

* Number of Portfolio Holdings121

* Advisory Fee $613,809

* Portfolio Turnover8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieefead8e5107106aa0c5924f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 112.4% |
| U.S. Government & Agencies | 6.0% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1f2c569f31dae96b8a2ade81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.3% |
| U.S. Treasury Obligations | 4.9% |
| Real Estate | 91.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Welltower, Inc. | 9.8% |
| Prologis, Inc. | 8.8% |
| Equinix, Inc. | 6.8% |
| United States Treasury Bill | 4.9% |
| Digital Realty Trust, Inc. | 4.5% |
| Simon Property Group, Inc. | 4.4% |
| Realty Income Corporation | 4.4% |
| Public Storage | 4.4% |
| Ventas, Inc. | 3.6% |
| VICI Properties, Inc. | 2.9% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-GURIX

![Image](i17d1ba5f9615af16d489c2a7.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class A | $58 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$282,421,306

* Number of Portfolio Holdings122

* Advisory Fee $970,503

* Portfolio Turnover46%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic9e9c31d99af998e3543298e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.7% |
| Exchange-Traded Funds | 1.3% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i822f96245f98b9cf62625b2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Equity | 1.3% |
| Communications | 3.0% |
| Health Care | 3.6% |
| Consumer Staples | 4.3% |
| Utilities | 5.6% |
| Real Estate | 8.5% |
| Energy | 9.3% |
| Materials | 9.5% |
| Technology | 9.6% |
| Consumer Discretionary | 11.4% |
| Industrials | 11.6% |
| Financials | 21.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alcoa Corporation | 2.1% |
| ConocoPhillips | 2.1% |
| Chord Energy Corporation | 1.8% |
| Patterson-UTI Energy, Inc. | 1.6% |
| Cardinal Health, Inc. | 1.6% |
| AptarGroup, Inc. | 1.5% |
| Ecolab, Inc. | 1.5% |
| Reinsurance Group of America, Inc. | 1.5% |
| Nov, Inc. COM | 1.5% |
| OGE Energy Corporation | 1.4% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SEVAX

![Image](i17d1ba5f9615af16d489c2a7.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class C | $100 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$282,421,306

* Number of Portfolio Holdings122

* Advisory Fee $970,503

* Portfolio Turnover46%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic9e9c31d99af998e3543298e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.7% |
| Exchange-Traded Funds | 1.3% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i822f96245f98b9cf62625b2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Equity | 1.3% |
| Communications | 3.0% |
| Health Care | 3.6% |
| Consumer Staples | 4.3% |
| Utilities | 5.6% |
| Real Estate | 8.5% |
| Energy | 9.3% |
| Materials | 9.5% |
| Technology | 9.6% |
| Consumer Discretionary | 11.4% |
| Industrials | 11.6% |
| Financials | 21.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alcoa Corporation | 2.1% |
| ConocoPhillips | 2.1% |
| Chord Energy Corporation | 1.8% |
| Patterson-UTI Energy, Inc. | 1.6% |
| Cardinal Health, Inc. | 1.6% |
| AptarGroup, Inc. | 1.5% |
| Ecolab, Inc. | 1.5% |
| Reinsurance Group of America, Inc. | 1.5% |
| Nov, Inc. COM | 1.5% |
| OGE Energy Corporation | 1.4% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SEVSX

![Image](i17d1ba5f9615af16d489c2a7.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

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

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$282,421,306

* Number of Portfolio Holdings122

* Advisory Fee $970,503

* Portfolio Turnover46%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic9e9c31d99af998e3543298e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.7% |
| Exchange-Traded Funds | 1.3% |

---

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i822f96245f98b9cf62625b2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Equity | 1.3% |
| Communications | 3.0% |
| Health Care | 3.6% |
| Consumer Staples | 4.3% |
| Utilities | 5.6% |
| Real Estate | 8.5% |
| Energy | 9.3% |
| Materials | 9.5% |
| Technology | 9.6% |
| Consumer Discretionary | 11.4% |
| Industrials | 11.6% |
| Financials | 21.8% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alcoa Corporation | 2.1% |
| ConocoPhillips | 2.1% |
| Chord Energy Corporation | 1.8% |
| Patterson-UTI Energy, Inc. | 1.6% |
| Cardinal Health, Inc. | 1.6% |
| AptarGroup, Inc. | 1.5% |
| Ecolab, Inc. | 1.5% |
| Reinsurance Group of America, Inc. | 1.5% |
| Nov, Inc. COM | 1.5% |
| OGE Energy Corporation | 1.4% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA SMid Cap Value Fund - Institutional (SVUIX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SVUIX

![Image](i2ee2505e56522caa087ed811.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class A | $60 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$46,258,350

* Number of Portfolio Holdings173

* Advisory Fee $98,792

* Portfolio Turnover27%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i881ef851d32849daabfb8673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Exchange-Traded Funds | 1.5% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](ida1cc5da35bf707e31342380.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Other Countries | 5.7% |
| Spain | 1.8% |
| Sweden | 1.9% |
| Ireland | 2.1% |
| Germany | 3.6% |
| France | 4.8% |
| Canada | 5.3% |
| United Kingdom | 5.6% |
| Switzerland | 6.0% |
| Japan | 10.1% |
| United States | 52.2% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 7.6% |
| JPMorgan Chase & Company | 3.2% |
| Exxon Mobil Corporation | 3.0% |
| Mitsubishi UFJ Financial Group, Inc. | 2.7% |
| Johnson & Johnson | 2.4% |
| Walmart, Inc. | 2.3% |
| HSBC Holdings PLC | 2.3% |
| Sony Group Corporation | 2.0% |
| Novartis A.G. | 1.8% |
| Chevron Corporation | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SEQAX

![Image](i2ee2505e56522caa087ed811.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2025 to March 31, 2026. 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** |
| Class C | $99 | 1.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$46,258,350

* Number of Portfolio Holdings173

* Advisory Fee $98,792

* Portfolio Turnover27%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i881ef851d32849daabfb8673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Exchange-Traded Funds | 1.5% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](ida1cc5da35bf707e31342380.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Other Countries | 5.7% |
| Spain | 1.8% |
| Sweden | 1.9% |
| Ireland | 2.1% |
| Germany | 3.6% |
| France | 4.8% |
| Canada | 5.3% |
| United Kingdom | 5.6% |
| Switzerland | 6.0% |
| Japan | 10.1% |
| United States | 52.2% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 7.6% |
| JPMorgan Chase & Company | 3.2% |
| Exxon Mobil Corporation | 3.0% |
| Mitsubishi UFJ Financial Group, Inc. | 2.7% |
| Johnson & Johnson | 2.4% |
| Walmart, Inc. | 2.3% |
| HSBC Holdings PLC | 2.3% |
| Sony Group Corporation | 2.0% |
| Novartis A.G. | 1.8% |
| Chevron Corporation | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

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

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SFGCX

![Image](i2ee2505e56522caa087ed811.jpg)

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

#### Semi-Annual Shareholder Report - March 31, 2026
This semi-annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $47 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 
* Net Assets$46,258,350

* Number of Portfolio Holdings173

* Advisory Fee $98,792

* Portfolio Turnover27%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i881ef851d32849daabfb8673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Exchange-Traded Funds | 1.5% |

---

## **Country Weighting (% of net assets)**![Group By Sector Chart](ida1cc5da35bf707e31342380.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Other Countries | 5.7% |
| Spain | 1.8% |
| Sweden | 1.9% |
| Ireland | 2.1% |
| Germany | 3.6% |
| France | 4.8% |
| Canada | 5.3% |
| United Kingdom | 5.6% |
| Switzerland | 6.0% |
| Japan | 10.1% |
| United States | 52.2% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Broadcom, Inc. | 7.6% |
| JPMorgan Chase & Company | 3.2% |
| Exxon Mobil Corporation | 3.0% |
| Mitsubishi UFJ Financial Group, Inc. | 2.7% |
| Johnson & Johnson | 2.4% |
| Walmart, Inc. | 2.3% |
| HSBC Holdings PLC | 2.3% |
| Sony Group Corporation | 2.0% |
| Novartis A.G. | 1.8% |
| Chevron Corporation | 1.6% |

---

## Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

# NAA World Equity Income Fund - Institutional (SEWIX)

#### Semi-Annual Shareholder Report - March 31, 2026

## 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 033126-SEWIX

&nbsp;&nbsp;&nbsp;&nbsp;(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 Registrants.** Not applicable.

**Item 6. Investments.**

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

(b) Not applicable.

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

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

**NEW AGE ALPHA FUNDS TRUST**

**NAA ALLOCATION FUND**

**NAA LARGE CAP VALUE FUND**

**NAA LARGE CORE FUND**

**NAA MID GROWTH FUND**

**NAA OPPORTUNITY FUND**

**NAA RISK MANAGED REAL ESTATE FUND**

**NAA SMID CAP VALUE FUND**

**NAA WORLD EQUITY INCOME FUND**

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

March 31, 2026

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
| &nbsp;&nbsp;&nbsp;***SCHEDULES OF INVESTMENTS*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAA ALLOCATION FUND | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAA LARGE CAP VALUE FUND | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAA LARGE CORE FUND | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAA MID GROWTH FUND | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAA OPPORTUNITY FUND | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAA RISK MANAGED REAL ESTATE FUND | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAA SMID CAP VALUE FUND | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAA WORLD EQUITY INCOME FUND | &nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;***STATEMENTS OF ASSETS AND LIABILITIES*** | &nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;***STATEMENTS OF OPERATIONS*** | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;***STATEMENTS OF CHANGES IN NET ASSETS*** | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;***FINANCIAL HIGHLIGHTS*** | &nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;***NOTES TO FINANCIAL STATEMENTS*** | &nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;***ADDITIONAL INFORMATION*** | &nbsp;&nbsp;107 |

---

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.5%** |  |
|  | **Communications - 7.5%** |  |
| 7316 | Alphabet, Inc., Class A | $2103789 |
| 13732 | Alphabet, Inc., Class C | 3939161 |
| 68722 | AT&T, Inc. | 1992251 |
| 26374 | Comcast Corporation, Class A | 757198 |
| 3044 | Meta Platforms, Inc., Class A | 1741564 |
| 17558 | Uber Technologies, Inc.<sup>(a)</sup> | 1262947 |
| 31417 | Verizon Communications, Inc. | 1577133 |
|  |  | 13374043 |
|  | **Consumer Discretionary - 4.1%** |  |
| 17049 | Amazon.com, Inc.<sup>(a)</sup> | 3550795 |
| 2621 | DR Horton, Inc. | 359654 |
| 8848 | General Motors Company | 659176 |
| 6997 | Tesla, Inc.<sup>(a)</sup> | 2601135 |
|  |  | 7170760 |
|  | **Consumer Staples - 0.3%** |  |
| 3575 | Walmart, Inc. | 444301 |
|  | **Energy - 7.2%** |  |
| 2616 | APA Corporation | 111023 |
| 9556 | Baker Hughes Company | 583394 |
| 11726 | Chevron Corporation | 2426110 |
| 9101 | ConocoPhillips | 1201332 |
| 1831 | Diamondback Energy, Inc. | 362153 |
| 4616 | EQT Corporation | 293762 |
| 1748 | Expand Energy Corporation | 191895 |
| 19091 | Exxon Mobil Corporation | 3238980 |
| 1038 | First Solar, Inc.<sup>(a)</sup> | 204756 |
| 14514 | Kinder Morgan, Inc. | 486654 |
| 2152 | Marathon Petroleum Corporation | 525475 |
| 5376 | Occidental Petroleum Corporation | 349440 |
| 4654 | ONEOK, Inc. | 420675 |
| 3940 | Phillips 66 | 717789 |
| 14602 | SLB Ltd. | 750397 |
| 430 | Texas Pacific Land Corporation | 204061 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.5% (Continued)** |  |
|  | **Energy - 7.2% (Continued)** |  |
| 8960 | Williams Companies, Inc. (The) | $652109 |
|  |  | 12720005 |
|  | **Financials - 7.5%** |  |
| 2544 | Allstate Corporation (The) | 527473 |
| 2485 | Arthur J Gallagher & Company | 538201 |
| 30620 | Bank of America Corporation | 1492725 |
| 4492 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2152567 |
| 3579 | Chubb Ltd. | 1166503 |
| 14546 | Citigroup, Inc. | 1649662 |
| 1878 | Goldman Sachs Group, Inc. (The) | 1588769 |
| 2713 | Hartford Insurance Group, Inc. (The) | 366879 |
| 6711 | JPMorgan Chase & Company | 1974107 |
| 9336 | Morgan Stanley | 1536426 |
| 2293 | Synchrony Financial | 155970 |
|  |  | 13149282 |
|  | **Health Care - 6.0%** |  |
| 5082 | Amgen, Inc. | 1788102 |
| 2711 | Bristol-Myers Squibb Company | 164422 |
| 1598 | Eli Lilly & Company | 1469792 |
| 12271 | Gilead Sciences, Inc. | 1710209 |
| 771 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 433217 |
| 583 | Insulet Corporation<sup>(a)</sup> | 122337 |
| 16986 | Merck & Company, Inc. | 2043247 |
| 22189 | Pfizer, Inc. | 623067 |
| 3274 | Stryker Corporation | 1075804 |
| 2523 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1126620 |
|  |  | 10556817 |
|  | **Industrials - 10.4%** |  |
| 11808 | Amphenol Corporation, Class A | 1491941 |
| 595 | Boeing Company (The)<sup>(a)</sup> | 118423 |
| 4747 | Carrier Global Corporation | 267304 |
| 2978 | Caterpillar, Inc. | 2109793 |
| 87 | Comfort Systems USA, Inc. | 119972 |
| 1004 | Cummins, Inc. | 540172 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.5% (Continued)** |  |
|  | **Industrials - 10.4% (Continued)** |  |
| 1485 | Deere & Company | $836501 |
| 6156 | Delta Air Lines, Inc. | 409250 |
| 11300 | Fastenal Company | 524320 |
| 1938 | GE Vernova, Inc. | 1691680 |
| 1861 | General Dynamics Corporation | 638732 |
| 5740 | General Electric Company | 1628841 |
| 6279 | Honeywell International, Inc. | 1419242 |
| 386 | Huntington Ingalls Industries, Inc. | 146641 |
| 4032 | Johnson Controls International plc | 527990 |
| 1037 | L3Harris Technologies, Inc. | 357921 |
| 511 | Lockheed Martin Corporation, Class B | 308843 |
| 983 | Northrop Grumman Corporation | 670642 |
| 1238 | Parker-Hannifin Corporation | 1108307 |
| 297 | Quanta Services, Inc. | 163059 |
| 8361 | RTX Corporation | 1612837 |
| 4654 | Southwest Airlines Company | 174851 |
| 1130 | Stanley Black & Decker, Inc. | 80298 |
| 2293 | United Airlines Holdings, Inc.<sup>(a)</sup> | 211117 |
| 616 | United Rentals, Inc. | 448793 |
| 1635 | Vertiv Holdings Company, Class A | 409698 |
| 438 | WW Grainger, Inc. | 477775 |
|  |  | 18494943 |
|  | **Materials - 1.1%** |  |
| 10351 | Freeport-McMoRan, Inc. | 608432 |
| 10654 | Newmont Corporation | 1153295 |
| 993 | Steel Dynamics, Inc. | 178740 |
|  |  | 1940467 |
|  | **Technology - 28.8%**<sup>(c)</sup> |  |
| 4488 | Accenture PLC, Class A | 889925 |
| 1182 | Adobe, Inc.<sup>(a)</sup> | 287321 |
| 8366 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 1701895 |
| 37029 | Apple, Inc. | 9397589 |
| 4031 | Applied Materials, Inc. | 1377755 |
| 742 | Arista Networks, Inc.<sup>(a)</sup> | 91103 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.5% (Continued)** |  |
|  | **Technology - 28.8%**<sup>(c)</sup> **(Continued)** |  |
| 4037 | Block, Inc.<sup>(a)</sup> | $242947 |
| 11149 | Broadcom, Inc. | 3450727 |
| 214 | Ciena Corporation<sup>(a)</sup> | 83081 |
| 21667 | Cisco Systems, Inc. | 1681143 |
| 3496 | Cognizant Technology Solutions Corporation, Class A | 214480 |
| 320 | Coherent Corp.<sup>(a)</sup> | 76227 |
| 615 | Corning, Inc. | 83622 |
| 2562 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1000230 |
| 3487 | Fiserv, Inc.<sup>(a)</sup> | 194575 |
| 717 | Gartner, Inc.<sup>(a)</sup> | 113530 |
| 5183 | Hewlett Packard Enterprise Company | 123407 |
| 34730 | Intel Corporation<sup>(a)</sup> | 1532635 |
| 524 | International Business Machines Corporation | 127012 |
| 351 | Jabil, Inc. | 93236 |
| 3259 | Lam Research Corporation | 696318 |
| 1322 | Mastercard, Inc., Class A | 660550 |
| 6784 | Micron Technology, Inc. | 2291907 |
| 18259 | Microsoft Corporation | 6758934 |
| 57714 | NVIDIA Corporation | 10065322 |
| 2850 | ON Semiconductor Corporation<sup>(a)</sup> | 176472 |
| 9520 | Oracle Corporation | 1400487 |
| 6253 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 914689 |
| 7875 | Palo Alto Networks, Inc.<sup>(a)</sup> | 1262520 |
| 8977 | PayPal Holdings, Inc. | 406030 |
| 9721 | QUALCOMM, Inc. | 1251870 |
| 6371 | Salesforce, Inc. | 1189275 |
| 1016 | Sandisk Corporation<sup>(a)</sup> | 645505 |
| 502 | Seagate Technology Holdings PLC | 196664 |
| 1095 | Texas Instruments, Inc. | 212583 |
|  |  | 50891566 |
|  | **Utilities - 4.6%** |  |
| 1893 | Alliant Energy Corporation | 135842 |
| 2029 | Ameren Corporation | 223028 |
| 3982 | American Electric Power Company, Inc. | 521961 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.5% (Continued)** |  |
|  | **Utilities - 4.6% (Continued)** |  |
| 1227 | Atmos Energy Corporation | $226652 |
| 4810 | CenterPoint Energy, Inc. | 207600 |
| 2252 | CMS Energy Corporation | 174710 |
| 2655 | Consolidated Edison, Inc. | 300493 |
| 3025 | Constellation Energy Corporation | 844731 |
| 1538 | DTE Energy Company | 224886 |
| 7671 | Duke Energy Corporation | 1004440 |
| 2796 | Edison International | 204611 |
| 1689 | Evergy, Inc. | 138363 |
| 10034 | Exelon Corporation | 491867 |
| 5088 | FirstEnergy Corporation | 257758 |
| 3532 | NiSource, Inc. | 164803 |
| 1574 | NRG Energy, Inc. | 230024 |
| 15978 | PG&E Corporation | 280733 |
| 883 | Pinnacle West Capital Corporation | 88962 |
| 7264 | PPL Corporation | 277485 |
| 3640 | Public Service Enterprise Group, Inc. | 294658 |
| 8050 | Southern Company (The) | 776986 |
| 2309 | Vistra Corporation | 347112 |
| 2393 | WEC Energy Group, Inc. | 277038 |
| 4385 | Xcel Energy, Inc. | 348344 |
|  |  | 8043087 |
|  | **TOTAL COMMON STOCKS (Cost $117,618,825)** | 136785271 |
|  | **EXCHANGE-TRADED FUNDS — 2.9%** |  |
|  | **Equity - 1.6%** |  |
| 2154 | iShares Core S&P 500 ETF | 1407014 |
| 2162 | State Street SPDR S&P 500 ETF Trust | 1406035 |
|  |  | 2813049 |
|  | **Fixed Income - 1.3%** |  |
| 28155 | iShares iBoxx $ High Yield Corporate Bond ETF | 2240012 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Fair Value** |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $5,224,223)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $5,224,223)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $5,224,223)** | $5053061 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS — 0.6%** |  |  |  |
|  | **REAL ESTATE — 0.6%** |  |  |  |
| 1000000 | Marriott Vacations Worldwide Corp | 4.7500 | 01/15/28 | 984013 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $980,442)** |  |  |  |
|  | **CORPORATE BONDS — 18.0%** |  |  |  |
|  | **COMMUNICATIONS — 2.7%** |  |  |  |
| 1000000 | Boyd Gaming Corporation | 4.7500 | 12/01/27 | 989165 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(b)</sup> | 4.5000 | 06/01/33 | 870493 |
| 1000000 | Nexstar Broadcasting, Inc. Series<sup>(b)</sup> | 4.7500 | 11/01/28 | 982565 |
| 1000000 | Paramount Global | 6.8750 | 04/30/36 | 877379 |
| 1000000 | Telecom Italia Capital S.A. | 7.2000 | 07/18/36 | 1079882 |
|  |  |  |  | 4799484 |
|  | **CONSUMER DISCRETIONARY — 3.3%** |  |  |  |
| 1000000 | Builders FirstSource, Inc. <sup>(b)</sup> | 6.3750 | 03/01/34 | 986851 |
| 1000000 | Caesars Entertainment, Inc. <sup>(b)</sup> | 7.0000 | 02/15/30 | 1012378 |
| 1000000 | Nissan Motor Acceptance Company, LLC <sup>(b)</sup> | 2.7500 | 03/09/28 | 934938 |
| 1000000 | Papa John's International, Inc.<sup>(b)</sup> | 3.8750 | 09/15/29 | 947547 |
| 1000000 | Six Flags Entertainment Corporation<sup>(b)</sup> | 7.2500 | 05/15/31 | 962646 |
| 1000000 | Thor Industries, Inc.<sup>(b)</sup> | 4.0000 | 10/15/29 | 944373 |
|  |  |  |  | 5788733 |
|  | **CONSUMER STAPLES — 1.1%** |  |  |  |
| 1000000 | Lamb Weston Holdings, Inc. <sup>(b)</sup> | 4.3750 | 01/31/32 | 928963 |
| 1000000 | Performance Food Group Inc.<sup>(b)</sup> | 6.1250 | 09/15/32 | 1001585 |
|  |  |  |  | 1930548 |
|  | **ENERGY — 2.6%** |  |  |  |
| 610000 | California Resources Corporation <sup>(b)</sup> | 8.2500 | 06/15/29 | 638114 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Coupon Rate** |  | |
| **Principal**<br>**Amount ($)** |  | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 18.0% (Continued)** |  |  |  |
|  | **ENERGY — 2.6% (Continued)** |  |  |  |
| 1000000 | Matador Resources Company <sup>(b)</sup> | 6.8750 | 04/15/28 | $1018934 |
| 1000000 | Occidental Petroleum Corporation | 3.2000 | 08/15/26 | 993588 |
| 1000000 | Valaris Ltd. <sup>(b)</sup> | 8.3750 | 04/30/30 | 1036179 |
| 1000000 | Valvoline, Inc.<sup>(b)</sup> | 3.6250 | 06/15/31 | 903885 |
|  |  |  |  | 4590700 |
|  | **FINANCIALS — 0.6%** |  |  |  |
| 1000000 | Starwood Property Trust, Inc. Series<sup>(b)</sup> | 7.2500 | 04/01/29 | 1029765 |
|  | **HEALTH CARE — 1.1%** |  |  |  |
| 1000000 | Encompass Health Corporation | 4.6250 | 04/01/31 | 964559 |
| 1000000 | TELEFLEX Inc. Series B <sup>(b)</sup> | 4.2500 | 06/01/28 | 972456 |
|  |  |  |  | 1937015 |
|  | **INDUSTRIALS — 1.6%** |  |  |  |
| 1000000 | Aramark Services, Inc.<sup>(b)</sup> | 5.0000 | 02/01/28 | 994109 |
| 1000000 | Atkore, Inc.<sup>(b)</sup> | 4.2500 | 06/01/31 | 937785 |
| 1000000 | Dycom Industries, Inc.<sup>(b)</sup> | 4.5000 | 04/15/29 | 969905 |
|  |  |  |  | 2901799 |
|  | **MATERIALS — 1.7%** |  |  |  |
| 1000000 | Advanced Drainage Systems, Inc. Series<sup>(b)</sup> | 6.3750 | 06/15/30 | 1008239 |
| 1000000 | Alcoa Nederland Holding BV <sup>(b)</sup> | 7.1250 | 03/15/31 | 1045937 |
| 1000000 | Olin Corporation<sup>(b)</sup> | 6.6250 | 04/01/33 | 978107 |
|  |  |  |  | 3032283 |
|  | **REAL ESTATE — 1.1%** |  |  |  |
| 1000000 | Iron Mountain Information Management Services, Inc.<sup>(b)</sup> | 5.0000 | 07/15/32 | 943796 |
| 1000000 | SBA Communications Corp | 3.8750 | 02/15/27 | 989785 |
|  |  |  |  | 1933581 |
|  | **TECHNOLOGY — 1.0%** |  |  |  |
| 1000000 | OPEN TEXT HLDGS INC SR GLBL0 <sup>(b)</sup> | 4.1250 | 02/15/30 | 891231 |
| 1000000 | Sealed Air Corporation <sup>(b)</sup> | 6.8750 | 07/15/33 | 955097 |
|  |  |  |  | 1846328 |
|  | **UTILITES — 1.2%** |  |  |  |
| 1000000 | NRG Energy, Inc. <sup>(b)</sup> | 6.2500 | 11/01/34 | 1007113 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Coupon Rate** |  | |
| **Principal**<br>**Amount ($)** |  | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 18.0% (Continued)** |  |  |  |
|  | **UTILITES — 1.2% (Continued)** |  |  |  |
| 1000000 | Vistra Operations Company, LLC <sup>(b)</sup> | 7.7500 | 10/15/31 | $1047369 |
|  |  |  |  | 2054482 |
|  | **TOTAL CORPORATE BONDS (Cost $31,937,401)** |  |  | 31844718 |
|  | **TOTAL INVESTMENTS - 99.0% (Cost $155,760,891)** |  |  | $174667063 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%** |  |  | 1693210 |
|  | **NET ASSETS - 100.0%** |  |  | $176360273 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| S.A. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |

---

 

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

 

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the total market value of 144A securities is 25,950,360 or 14.7% of net assets.

<sup>(c)</sup> See note 3.

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2%** |  |
|  | **Communications - 4.6%** |  |
| 25561 | AT&T, Inc. | $741013 |
| 4269 | GoDaddy, Inc., Class A<sup>(a)</sup> | 352918 |
| 7779 | Match Group, Inc. | 238893 |
| 7006 | Omnicom Group, Inc. | 527622 |
| 3085 | T-Mobile US, Inc. | 647943 |
| 5634 | Walt Disney Company (The) | 543005 |
|  |  | 3051394 |
|  | **Consumer Discretionary - 9.2%** |  |
| 11242 | Amazon.com, Inc.<sup>(a)</sup> | 2341371 |
| 44974 | Ford Motor Company | 519000 |
| 2451 | Home Depot, Inc. (The) | 806110 |
| 6418 | MGM Resorts International<sup>(a)</sup> | 237530 |
| 7201 | Starbucks Corporation | 645138 |
| 2623 | Tesla, Inc.<sup>(a)</sup> | 975100 |
| 3919 | TJX Companies, Inc. (The) | 625864 |
|  |  | 6150113 |
|  | **Consumer Staples - 10.2%** |  |
| 10407 | Altria Group, Inc. | 686758 |
| 8805 | Coca-Cola Company (The) | 669620 |
| 7582 | Colgate-Palmolive Company | 646214 |
| 1092 | Costco Wholesale Corporation | 1088102 |
| 4525 | Dollar Tree, Inc.<sup>(a)</sup> | 495533 |
| 7413 | McCormick & Company, Inc. | 373912 |
| 11331 | Mondelez International, Inc., Class A | 653119 |
| 5762 | Procter & Gamble Company (The) | 832263 |
| 10815 | Walmart, Inc. | 1344087 |
|  |  | 6789608 |
|  | **Energy - 7.7%** |  |
| 13223 | Baker Hughes Company | 807264 |
| 4206 | Chevron Corporation | 870221 |
| 6513 | ConocoPhillips | 859716 |
| 10389 | Exxon Mobil Corporation | 1762598 |
| 15633 | SLB Ltd. | 803380 |
|  |  | 5103179 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Financials - 13.8%** |  |
| 6161 | Arch Capital Group Ltd.<sup>(a)</sup> | $591394 |
| 3494 | Ares Management Corporation, Class A | 381195 |
| 16566 | Bank of America Corporation | 807594 |
| 1972 | Chubb Ltd. | 642734 |
| 5613 | Citigroup, Inc. | 636570 |
| 2483 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 433557 |
| 1255 | Everest Group Ltd. | 410197 |
| 9629 | Franklin Resources, Inc. | 227437 |
| 704 | Goldman Sachs Group, Inc. (The) | 595577 |
| 1996 | JPMorgan Chase & Company | 587143 |
| 3506 | Morgan Stanley | 576982 |
| 3651 | Raymond James Financial, Inc. | 528628 |
| 5577 | T Rowe Price Group, Inc. | 502711 |
| 2074 | Travelers Companies, Inc. (The) | 604944 |
| 12024 | Truist Financial Corporation | 552743 |
| 11372 | US Bancorp | 591458 |
| 6789 | Wells Fargo & Company | 540472 |
|  |  | 9211336 |
|  | **Health Care - 12.4%** |  |
| 1846 | Amgen, Inc. | 649515 |
| 5058 | Bio-Techne Corporation | 264331 |
| 2993 | Cardinal Health, Inc. | 632452 |
| 1772 | Cencora, Inc. | 556656 |
| 14488 | Centene Corporation<sup>(a)</sup> | 474337 |
| 7909 | CVS Health Corporation | 568024 |
| 6100 | Dexcom, Inc.<sup>(a)</sup> | 383080 |
| 1756 | Elevance Health, Inc. | 514069 |
| 5010 | Gilead Sciences, Inc. | 698244 |
| 2262 | Humana, Inc. | 392208 |
| 2674 | IQVIA Holdings, Inc.<sup>(a)</sup> | 456024 |
| 2980 | Johnson & Johnson | 728431 |
| 6316 | Merck & Company, Inc. | 759752 |
| 2221 | UnitedHealth Group, Inc. | 600980 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Health Care - 12.4% (Continued)** |  |
| 4890 | Zoetis, Inc. | $578047 |
|  |  | 8256150 |
|  | **Industrials - 8.2%** |  |
| 1287 | Deere & Company | 724967 |
| 8563 | Delta Air Lines, Inc. | 569268 |
| 1770 | General Dynamics Corporation | 607499 |
| 2130 | General Electric Company | 604430 |
| 5018 | Johnson Controls International plc | 657107 |
| 2154 | L3Harris Technologies, Inc. | 743454 |
| 15239 | Southwest Airlines Company | 572529 |
| 5366 | Textron, Inc. | 469847 |
| 4321 | Xylem Inc | 516360 |
|  |  | 5465461 |
|  | **Materials - 3.0%** |  |
| 2316 | Ecolab, Inc. | 616102 |
| 12690 | Freeport-McMoRan, Inc. | 745918 |
| 7987 | LyondellBasell Industries N.V., Class A | 643433 |
|  |  | 2005453 |
|  | **Real Estate - 3.5%** |  |
| 3414 | American Tower Corporation, Class A | 589188 |
| 4040 | Digital Realty Trust, Inc. | 728049 |
| 4441 | Extra Space Storage, Inc. | 582348 |
| 17048 | Invitation Homes, Inc. | 423643 |
|  |  | 2323228 |
|  | **Technology - 18.8%** |  |
| 4446 | Akamai Technologies, Inc.<sup>(a)</sup> | 510623 |
| 18178 | Apple, Inc. | 4613395 |
| 2313 | Automatic Data Processing, Inc. | 469955 |
| 2556 | Broadridge Financial Solutions, Inc. | 415299 |
| 1895 | Cadence Design Systems, Inc.<sup>(a)</sup> | 526565 |
| 8168 | Cisco Systems, Inc. | 633755 |
| 7092 | Cognizant Technology Solutions Corporation, Class A | 435094 |
| 9033 | CoStar Group, Inc.<sup>(a)</sup> | 364391 |
| 1144 | FactSet Research Systems, Inc. | 248237 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Technology - 18.8% (Continued)** |  |
| 330 | Fair Isaac Corporation<sup>(a)</sup> | $352288 |
| 17264 | Intel Corporation<sup>(a)</sup> | 761860 |
| 2043 | International Business Machines Corporation | 495203 |
| 3224 | Leidos Holdings, Inc. | 501397 |
| 5245 | NetApp, Inc. | 537036 |
| 9967 | PayPal Holdings, Inc. | 450807 |
| 3613 | QUALCOMM, Inc. | 465282 |
| 3877 | ServiceNow, Inc.<sup>(a)</sup> | 405340 |
| 2707 | Workday, Inc., Class A<sup>(a)</sup> | 351693 |
|  |  | 12538220 |
|  | **Utilities - 6.8%** |  |
| 5961 | Ameren Corporation | 655233 |
| 4369 | American Water Works Company, Inc. | 594577 |
| 5227 | Duke Energy Corporation | 684422 |
| 7303 | Evergy, Inc. | 598262 |
| 13479 | Exelon Corporation | 660741 |
| 13089 | FirstEnergy Corporation | 663089 |
| 17063 | PPL Corporation | 651807 |
|  |  | 4508131 |
|  | **TOTAL COMMON STOCKS (Cost $63,048,352)** | 65402273 |
|  | **EXCHANGE-TRADED FUNDS — 1.4%** |  |
|  | **Equity - 1.4%** |  |
| 1499 | iShares Russell 1000 Value ETF | 320291 |
| 2765 | iShares S&P 500 Value ETF | 583830 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $921,972)** | 904121 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $63,970,324)** | $66306394 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 275151 |
|  | **NET ASSETS - 100.0%** | $66581545 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5%** |  |
|  | **Communications - 9.5%** |  |
| 35264 | Alphabet, Inc., Class A | $10140517 |
| 115903 | AT&T, Inc. | 3360028 |
| 44262 | Comcast Corporation, Class A | 1270762 |
| 5109 | Meta Platforms, Inc., Class A | 2923012 |
| 29539 | Uber Technologies, Inc.<sup>(a)</sup> | 2124740 |
| 52757 | Verizon Communications, Inc. | 2648401 |
|  |  | 22467460 |
|  | **Consumer Discretionary - 5.1%** |  |
| 28747 | Amazon.com, Inc.<sup>(a)</sup> | 5987138 |
| 4397 | DR Horton, Inc. | 603356 |
| 14860 | General Motors Company | 1107070 |
| 11760 | Tesla, Inc.<sup>(a)</sup> | 4371780 |
|  |  | 12069344 |
|  | **Consumer Staples - 0.3%** |  |
| 5970 | Walmart, Inc. | 741952 |
|  | **Energy - 9.1%** |  |
| 4393 | APA Corporation | 186439 |
| 16060 | Baker Hughes Company | 980463 |
| 19690 | Chevron Corporation | 4073861 |
| 15273 | ConocoPhillips | 2016036 |
| 3082 | Diamondback Energy, Inc. | 609589 |
| 7750 | EQT Corporation | 493210 |
| 2936 | Expand Energy Corporation | 322314 |
| 32126 | Exxon Mobil Corporation | 5450498 |
| 1745 | First Solar, Inc.<sup>(a)</sup> | 344219 |
| 24358 | Kinder Morgan, Inc. | 816724 |
| 3616 | Marathon Petroleum Corporation | 882955 |
| 9026 | Occidental Petroleum Corporation | 586690 |
| 7814 | ONEOK, Inc. | 706307 |
| 6652 | Phillips 66 | 1211861 |
| 24665 | SLB Ltd. | 1267534 |
| 724 | Texas Pacific Land Corporation | 343581 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Energy - 9.1% (Continued)** |  |
| 15044 | Williams Companies, Inc. (The) | $1094902 |
|  |  | 21387183 |
|  | **Financials - 9.4%** |  |
| 4264 | Allstate Corporation (The) | 884098 |
| 4169 | Arthur J Gallagher & Company | 902922 |
| 51512 | Bank of America Corporation | 2511210 |
| 7534 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3610293 |
| 5994 | Chubb Ltd. | 1953624 |
| 24449 | Citigroup, Inc. | 2772761 |
| 3168 | Goldman Sachs Group, Inc. (The) | 2680096 |
| 4548 | Hartford Insurance Group, Inc. (The) | 615026 |
| 11298 | JPMorgan Chase & Company | 3323420 |
| 15781 | Morgan Stanley | 2597079 |
| 3852 | Synchrony Financial | 262013 |
|  |  | 22112542 |
|  | **Health Care - 7.5%** |  |
| 8488 | Amgen, Inc. | 2986503 |
| 4551 | Bristol-Myers Squibb Company | 276018 |
| 2669 | Eli Lilly & Company | 2454866 |
| 20490 | Gilead Sciences, Inc. | 2855691 |
| 1293 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 726524 |
| 982 | Insulet Corporation<sup>(a)</sup> | 206063 |
| 28176 | Merck & Company, Inc. | 3389292 |
| 37252 | Pfizer, Inc. | 1046036 |
| 5487 | Stryker Corporation | 1802973 |
| 4228 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1887971 |
|  |  | 17631937 |
|  | **Industrials - 13.2%** |  |
| 19956 | Amphenol Corporation, Class A | 2521440 |
| 999 | Boeing Company (The)<sup>(a)</sup> | 198831 |
| 7980 | Carrier Global Corporation | 449354 |
| 4976 | Caterpillar, Inc. | 3525297 |
| 146 | Comfort Systems USA, Inc. | 201333 |
| 1685 | Cummins, Inc. | 906564 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Industrials - 13.2% (Continued)** |  |
| 2494 | Deere & Company | $1404870 |
| 10397 | Delta Air Lines, Inc. | 691193 |
| 18914 | Fastenal Company | 877609 |
| 3254 | GE Vernova, Inc. | 2840416 |
| 3123 | General Dynamics Corporation | 1071876 |
| 9674 | General Electric Company | 2745190 |
| 10518 | Honeywell International, Inc. | 2377384 |
| 649 | Huntington Ingalls Industries, Inc. | 246555 |
| 6766 | Johnson Controls International plc | 886008 |
| 1742 | L3Harris Technologies, Inc. | 601251 |
| 857 | Lockheed Martin Corporation, Class B | 517962 |
| 1650 | Northrop Grumman Corporation | 1125696 |
| 2079 | Parker-Hannifin Corporation | 1861204 |
| 498 | Quanta Services, Inc. | 273412 |
| 14032 | RTX Corporation | 2706773 |
| 7842 | Southwest Airlines Company | 294624 |
| 1896 | Stanley Black & Decker, Inc. | 134730 |
| 3849 | United Airlines Holdings, Inc.<sup>(a)</sup> | 354377 |
| 1037 | United Rentals, Inc. | 755517 |
| 2744 | Vertiv Holdings Company, Class A | 687592 |
| 731 | WW Grainger, Inc. | 797382 |
|  |  | 31054440 |
|  | **Materials - 1.4%** |  |
| 17356 | Freeport-McMoRan, Inc. | 1020186 |
| 17964 | Newmont Corporation | 1944603 |
| 1667 | Steel Dynamics, Inc. | 300060 |
|  |  | 3264849 |
|  | **Technology - 36.3%**<sup>(b)</sup> |  |
| 7533 | Accenture PLC, Class A | 1493718 |
| 1984 | Adobe, Inc.<sup>(a)</sup> | 482271 |
| 14036 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 2855343 |
| 61886 | Apple, Inc. | 15706048 |
| 6763 | Applied Materials, Inc. | 2311526 |
| 1246 | Arista Networks, Inc.<sup>(a)</sup> | 152984 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Technology - 36.3%**<sup>(b)</sup> **(Continued)** |  |
| 6788 | Block, Inc.<sup>(a)</sup> | $408502 |
| 18700 | Broadcom, Inc. | 5787837 |
| 359 | Ciena Corporation<sup>(a)</sup> | 139375 |
| 36334 | Cisco Systems, Inc. | 2819155 |
| 5868 | Cognizant Technology Solutions Corporation, Class A | 360002 |
| 537 | Coherent Corp.<sup>(a)</sup> | 127919 |
| 1032 | Corning, Inc. | 140321 |
| 4346 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 1696722 |
| 5857 | Fiserv, Inc.<sup>(a)</sup> | 326821 |
| 1211 | Gartner, Inc.<sup>(a)</sup> | 191750 |
| 8699 | Hewlett Packard Enterprise Company | 207123 |
| 58273 | Intel Corporation<sup>(a)</sup> | 2571587 |
| 880 | International Business Machines Corporation | 213303 |
| 589 | Jabil, Inc. | 156456 |
| 5468 | Lam Research Corporation | 1168293 |
| 2211 | Mastercard, Inc., Class A | 1104748 |
| 11372 | Micron Technology, Inc. | 3841916 |
| 30704 | Microsoft Corporation | 11365699 |
| 96710 | NVIDIA Corporation | 16866224 |
| 4782 | ON Semiconductor Corporation<sup>(a)</sup> | 296101 |
| 16056 | Oracle Corporation | 2361998 |
| 10486 | Palantir Technologies, Inc., CLASS A<sup>(a)</sup> | 1533892 |
| 13240 | Palo Alto Networks, Inc.<sup>(a)</sup> | 2122637 |
| 15039 | PayPal Holdings, Inc. | 680214 |
| 16284 | QUALCOMM, Inc. | 2097054 |
| 10830 | Salesforce, Inc. | 2021636 |
| 1705 | Sandisk Corporation<sup>(a)</sup> | 1083255 |
| 842 | Seagate Technology Holdings PLC | 329862 |
| 1839 | Texas Instruments, Inc. | 357023 |
|  |  | 85379315 |
|  | **Utilities - 5.7%** |  |
| 3179 | Alliant Energy Corporation | 228125 |
| 3404 | Ameren Corporation | 374168 |
| 6684 | American Electric Power Company, Inc. | 876139 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.5% (Continued)** |  |
|  | **Utilities - 5.7% (Continued)** |  |
| 2061 | Atmos Energy Corporation | $380708 |
| 8079 | CenterPoint Energy, Inc. | 348690 |
| 3781 | CMS Energy Corporation | 293330 |
| 4456 | Consolidated Edison, Inc. | 504330 |
| 5097 | Constellation Energy Corporation | 1423337 |
| 2582 | DTE Energy Company | 377540 |
| 12843 | Duke Energy Corporation | 1681661 |
| 4696 | Edison International | 343653 |
| 2835 | Evergy, Inc. | 232243 |
| 16780 | Exelon Corporation | 822556 |
| 8502 | FirstEnergy Corporation | 430711 |
| 5927 | NiSource, Inc. | 276554 |
| 2649 | NRG Energy, Inc. | 387125 |
| 26814 | PG&E Corporation | 471122 |
| 1482 | Pinnacle West Capital Corporation | 149312 |
| 12176 | PPL Corporation | 465123 |
| 6109 | Public Service Enterprise Group, Inc. | 494524 |
| 13514 | Southern Company (The) | 1304371 |
| 3877 | Vistra Corporation | 582829 |
| 4019 | WEC Energy Group, Inc. | 465280 |
| 7365 | Xcel Energy, Inc. | 585076 |
|  |  | 13498507 |
|  | **TOTAL COMMON STOCKS (Cost $206,787,397)** | 229607529 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 3604 | iShares Core S&P 500 ETF | 2354169 |
| 3617 | State Street SPDR S&P 500 ETF Trust | 2352280 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,726,321)** | 4706449 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA LARGE CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.5% (Cost $211,513,718)** | $234313978 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 1134273 |
| **NET ASSETS - 100.0%** | $235448251 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| SPDR | - Standard and Poor's Depositary Receipt |

---

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

<sup>(b)</sup> See note 3.

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA MID GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1%** |  |
|  | **Communications - 3.5%** |  |
| 8367 | EchoStar Corporation, Class A<sup>(a)</sup> | $979525 |
| 1688 | Expedia Group, Inc. | 389742 |
| 2126 | Fox Corporation, Class A | 124158 |
| 10197 | New York Times Company (The), Class A | 853795 |
|  |  | 2347220 |
|  | **Consumer Discretionary - 7.4%** |  |
| 1104 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 100872 |
| 3633 | Boyd Gaming Corporation | 298560 |
| 2502 | Burlington Stores, Inc.<sup>(a)</sup> | 814101 |
| 10729 | Chewy, Inc., Class A<sup>(a)</sup> | 289683 |
| 4217 | Churchill Downs, Inc. | 378813 |
| 1392 | Crocs, Inc.<sup>(a)</sup> | 115564 |
| 1722 | Grand Canyon Education, Inc.<sup>(a)</sup> | 292792 |
| 3402 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 253041 |
| 588 | Ralph Lauren Corporation | 202266 |
| 10924 | Somnigroup International, Inc. | 807502 |
| 4233 | Texas Roadhouse, Inc. | 699038 |
| 965 | TKO Group Holdings, Inc. | 194592 |
| 4021 | Travel + Leisure Company | 278213 |
| 1861 | Wingstop, Inc. | 288399 |
|  |  | 5013436 |
|  | **Consumer Staples - 3.7%** |  |
| 2616 | elf Beauty, Inc.<sup>(a)</sup> | 158556 |
| 3622 | Five Below, Inc.<sup>(a)</sup> | 827554 |
| 15905 | Hims & Hers Health, Inc.<sup>(a)</sup> | 330188 |
| 2116 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 194757 |
| 4643 | Philip Morris International, Inc. | 767674 |
| 2673 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 206168 |
|  |  | 2484897 |
|  | **Energy - 4.0%** |  |
| 4917 | DT Midstream, Inc. | 662172 |
| 1669 | First Solar, Inc.<sup>(a)</sup> | 329227 |
| 21775 | TechnipFMC plc | 1505306 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA MID GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **Energy - 4.0% (Continued)** |  |
| 2077 | Weatherford International PLC | $196443 |
|  |  | 2693148 |
|  | **Financials - 7.3%** |  |
| 6716 | Carlyle Group, Inc. (The) | 324987 |
| 2108 | Cullen/Frost Bankers, Inc. | 288965 |
| 4451 | East West Bancorp, Inc. | 475188 |
| 1637 | Evercore, Inc., Class A | 488661 |
| 1435 | Hamilton Lane, Inc., Class A | 142639 |
| 1943 | Houlihan Lokey, Inc. | 279054 |
| 7309 | Interactive Brokers Group, Inc., Class A | 490214 |
| 1452 | Kinsale Capital Group, Inc. | 496091 |
| 7234 | MGIC Investment Corporation | 189892 |
| 1212 | Primerica, Inc. | 303582 |
| 1523 | RenaissanceRe Holdings Ltd. | 452681 |
| 4968 | Ryan Specialty Holdings, Inc. | 167620 |
| 3608 | SEI Investments Company | 283120 |
| 7297 | SLM Corporation | 156229 |
| 5654 | Stifel Financial Corporation | 417944 |
|  |  | 4956867 |
|  | **Health Care - 12.8%** |  |
| 2254 | Amgen, Inc. | 793070 |
| 3142 | Dexcom, Inc.<sup>(a)</sup> | 197318 |
| 6683 | Encompass Health Corporation | 646447 |
| 3794 | Ensign Group, Inc. (The) | 764491 |
| 7758 | Globus Medical, Inc., Class A<sup>(a)</sup> | 668429 |
| 7389 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 477551 |
| 5616 | HealthEquity, Inc.<sup>(a)</sup> | 469329 |
| 2849 | Lantheus Holdings, Inc.<sup>(a)</sup> | 216097 |
| 1456 | Medpace Holdings, Inc.<sup>(a)</sup> | 699157 |
| 6779 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 893065 |
| 2438 | Penumbra, Inc.<sup>(a)</sup> | 800566 |
| 4966 | Tenet Healthcare Corporation<sup>(a)</sup> | 937133 |
| 1884 | United Therapeutics Corporation<sup>(a)</sup> | 1117175 |
|  |  | 8679828 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA MID GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **Industrials - 30.6%** |  |
| 4019 | AECOM | $340892 |
| 712 | Allegion plc | 103446 |
| 8371 | ATI, Inc.<sup>(a)</sup> | 1217645 |
| 1259 | Belden, Inc. | 144571 |
| 5739 | BWX Technologies, Inc. | 1173569 |
| 2960 | Chart Industries, Inc.<sup>(a)</sup> | 611980 |
| 1701 | Clean Harbors, Inc.<sup>(a)</sup> | 487728 |
| 5985 | Cognex Corporation | 293205 |
| 611 | Comfort Systems USA, Inc. | 842563 |
| 5452 | Core & Main, Inc., Class A<sup>(a)</sup> | 269329 |
| 1823 | Curtiss-Wright Corporation | 1241681 |
| 5151 | Donaldson Company, Inc. | 437165 |
| 1968 | Dycom Industries, Inc.<sup>(a)</sup> | 666798 |
| 729 | EMCOR Group, Inc. | 538228 |
| 8920 | Flowserve Corporation | 655710 |
| 2086 | General Dynamics Corporation | 715957 |
| 4192 | H&R Block, Inc. | 133054 |
| 5116 | ITT, Inc. | 974751 |
| 12453 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 878061 |
| 4311 | MasTec, Inc.<sup>(a)</sup> | 1387020 |
| 5214 | Mueller Industries, Inc. | 577711 |
| 6655 | Nextpower, Inc., Class A<sup>(a)</sup> | 802260 |
| 1088 | Novanta, Inc.<sup>(a)</sup> | 128504 |
| 10162 | nVent Electric PLC | 1201962 |
| 9274 | RB Global, Inc. | 888913 |
| 3329 | SPX Technologies, Inc.<sup>(a)</sup> | 665600 |
| 17073 | Tetra Tech, Inc. | 514239 |
| 1851 | TopBuild Corporation<sup>(a)</sup> | 650256 |
| 555 | United Rentals, Inc. | 404351 |
| 4069 | Vontier Corporation | 144327 |
| 1745 | Watts Water Technologies, Inc., Class A | 506556 |
| 3363 | Woodward, Inc. | 1203685 |
|  |  | 20801717 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA MID GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **Materials - 3.5%** |  |
| 2933 | Carpenter Technology Corporation | $1156043 |
| 1077 | Eagle Materials, Inc. | 204038 |
| 7397 | Newmont Corporation | 800725 |
| 1348 | Simpson Manufacturing Company, Inc. | 231343 |
|  |  | 2392149 |
|  | **Real Estate - 4.3%** |  |
| 6390 | Equity LifeStyle Properties, Inc. | 398864 |
| 7746 | Gaming and Leisure Properties, Inc. | 343690 |
| 3454 | Lamar Advertising Company, Class A | 437484 |
| 10877 | Omega Healthcare Investors, Inc. | 476630 |
| 2060 | Simon Property Group, Inc. | 384252 |
| 3879 | Ventas, Inc. | 317225 |
| 7785 | WP Carey, Inc. | 529068 |
|  |  | 2887213 |
|  | **Technology - 20.1%** |  |
| 4179 | Amkor Technology, Inc. | 188180 |
| 1499 | Appfolio, Inc., A<sup>(a)</sup> | 236572 |
| 4755 | Ciena Corporation<sup>(a)</sup> | 1846033 |
| 1995 | Cirrus Logic, Inc.<sup>(a)</sup> | 288517 |
| 5708 | Coherent Corp.<sup>(a)</sup> | 1359704 |
| 1773 | CommVault Systems, Inc.<sup>(a)</sup> | 138099 |
| 2062 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 805025 |
| 11429 | DocuSign, Inc.<sup>(a)</sup> | 541849 |
| 9486 | Doximity, Inc., Class A<sup>(a)</sup> | 221024 |
| 11909 | Dropbox, Inc., CLASS A<sup>(a)</sup> | 270572 |
| 20720 | Dynatrace, Inc.<sup>(a)</sup> | 766226 |
| 14614 | Everpure, Inc., Class A<sup>(a)</sup> | 862811 |
| 4980 | Guidewire Software, Inc.<sup>(a)</sup> | 744809 |
| 4721 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 1048392 |
| 2421 | Manhattan Associates, Inc.<sup>(a)</sup> | 322284 |
| 3538 | MKS, Inc. | 813068 |
| 778 | Morningstar, Inc. | 131521 |
| 10344 | Okta, Inc.<sup>(a)</sup> | 814175 |
| 1731 | Onto Innovation, Inc.<sup>(a)</sup> | 354976 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA MID GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.1% (Continued)** |  |
|  | **Technology - 20.1% (Continued)** |  |
| 2860 | Paylocity Holding Corporation<sup>(a)</sup> | $308994 |
| 2515 | Qualys, Inc.<sup>(a)</sup> | 220943 |
| 8272 | Rambus, Inc.<sup>(a)</sup> | 711640 |
| 3040 | Shift4 Payments, Inc., Class A<sup>(a)</sup> | 132939 |
| 1243 | Silicon Laboratories, Inc.<sup>(a)</sup> | 258730 |
| 1527 | Workday, Inc., Class A<sup>(a)</sup> | 198388 |
|  |  | 13585471 |
|  | **Utilities - 0.9%** |  |
| 2159 | Constellation Energy Corporation | 602901 |
|  | **TOTAL COMMON STOCKS (Cost $63,455,218)** | 66444847 |
|  | **EXCHANGE-TRADED FUNDS — 1.5%** |  |
|  | **Equity - 1.5%** |  |
| 4399 | iShares Russell Mid-Cap Growth ETF | 563600 |
| 4232 | iShares S&P Mid-Cap 400 Growth ETF | 425824 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,002,831)** | 989424 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $64,458,049)** | $67434271 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 251524 |
|  | **NET ASSETS - 100.0%** | $67685795 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 45.0%** |  |
|  | **Communications - 3.9%** |  |
| 13605 | AT&T, Inc. | $394408 |
| 12840 | Comcast Corporation, Class A | 368636 |
| 802 | GoDaddy, Inc., Class A<sup>(a)</sup> | 66301 |
| 298 | IDT Corporation, Class B | 14632 |
| 5855 | Spok Holdings, Inc. | 63820 |
| 1785 | T-Mobile US, Inc. | 374904 |
| 5569 | Verizon Communications, Inc. | 279564 |
|  |  | 1562265 |
|  | **Consumer Discretionary - 0.3%** |  |
| 1210 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 123638 |
|  | **Consumer Staples - 3.5%** |  |
| 11339 | Albertsons Companies, Inc., Class A | 193217 |
| 1716 | Archer-Daniels-Midland Company | 124736 |
| 7793 | Conagra Brands, Inc. | 122506 |
| 4205 | General Mills, Inc. | 156510 |
| 2333 | Ingredion, Inc. | 262835 |
| 624 | Kroger Company (The) | 45153 |
| 2694 | Molson Coors Beverage Company, Class B | 116004 |
| 1642 | Sysco Corporation | 117124 |
| 82 | Target Corporation | 9938 |
| 9873 | The Kraft Heinz Company | 222044 |
| 541 | Tyson Foods, Inc., Class A | 34662 |
|  |  | 1404729 |
|  | **Energy - 7.6%** |  |
| 10647 | Antero Midstream Corporation | 242752 |
| 2131 | Cheniere Energy, Inc. | 604693 |
| 3612 | Chevron Corporation | 747322 |
| 1101 | DT Midstream, Inc. | 148272 |
| 3893 | Exxon Mobil Corporation | 660486 |
| 8910 | Kinder Morgan, Inc. | 298752 |
| 229 | Occidental Petroleum Corporation | 14885 |
| 193 | Targa Resources Corporation | 48391 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 45.0% (Continued)** |  |
|  | **Energy - 7.6% (Continued)** |  |
| 3828 | Williams Companies, Inc. (The) | $278602 |
|  |  | 3044155 |
|  | **Financials - 1.6%** |  |
| 2481 | AerCap Holdings N.V. | 340344 |
| 914 | Allstate Corporation (The) | 189509 |
| 2253 | Truist Financial Corporation | 103570 |
|  |  | 633423 |
|  | **Health Care - 10.3%** |  |
| 1998 | Abbott Laboratories | 205135 |
| 663 | Amgen, Inc. | 233277 |
| 1612 | Becton Dickinson and Company | 253455 |
| 1119 | Biogen, Inc.<sup>(a)</sup> | 205146 |
| 1576 | Boston Scientific Corporation<sup>(a)</sup> | 98894 |
| 9080 | Bristol-Myers Squibb Company | 550702 |
| 2758 | Gilead Sciences, Inc. | 384382 |
| 1434 | Johnson & Johnson | 350527 |
| 4211 | Medtronic PLC | 364882 |
| 4172 | Merck & Company, Inc. | 501850 |
| 21399 | Pfizer, Inc. | 600885 |
| 513 | Stryker Corporation | 168567 |
| 336 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 150037 |
|  |  | 4067739 |
|  | **Industrials - 2.8%** |  |
| 288 | Acuity, Inc. | 80703 |
| 5465 | ADT, Inc. | 35905 |
| 762 | Allegion plc | 110711 |
| 1161 | Fluor Corporation<sup>(a)</sup> | 54161 |
| 2488 | Fortive Corporation | 137537 |
| 597 | General Dynamics Corporation | 204903 |
| 369 | L3Harris Technologies, Inc. | 127360 |
| 1594 | PACCAR, Inc. | 184107 |
| 492 | Snap-on, Inc. | 178704 |
| 18 | United Rentals, Inc. | 13114 |
|  |  | 1127205 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 45.0% (Continued)** |  |
|  | **Materials - 1.0%** |  |
| 1085 | Reliance, Inc. | $329753 |
| 386 | Southern Copper Corporation | 66415 |
|  |  | 396168 |
|  | **Technology - 5.6%** |  |
| 14 | Accenture PLC, Class A | 2776 |
| 1146 | Adobe, Inc.<sup>(a)</sup> | 278569 |
| 6115 | Bandwidth, Inc., Class A<sup>(a)</sup> | 108969 |
| 1743 | Cisco Systems, Inc. | 135239 |
| 2553 | Dolby Laboratories, Inc., Class A | 153333 |
| 880 | Dropbox, Inc., Class A<sup>(a)</sup> | 19994 |
| 188 | F5, Inc.<sup>(a)</sup> | 54394 |
| 9366 | Gen Digital, Inc. | 176362 |
| 2273 | NetApp, Inc. | 232733 |
| 548 | PTC, Inc.<sup>(a)</sup> | 78085 |
| 1833 | QUALCOMM, Inc. | 236054 |
| 517 | Roper Technologies, Inc. | 182946 |
| 1229 | Salesforce, Inc. | 229416 |
| 256 | Wix.com Ltd.<sup>(a)</sup> | 23058 |
| 681 | Workday, Inc., Class A<sup>(a)</sup> | 88476 |
| 2826 | Zoom Video Communications, Inc.<sup>(a)</sup> | 227182 |
|  |  | 2227586 |
|  | **Utilities - 8.4%** |  |
| 3862 | Ameren Corporation | 424510 |
| 1235 | American Electric Power Company, Inc. | 161884 |
| 2664 | Consolidated Edison, Inc. | 301512 |
| 2054 | Duke Energy Corporation | 268951 |
| 1589 | Edison International | 116283 |
| 1843 | Evergy, Inc. | 150979 |
| 10731 | Exelon Corporation | 526033 |
| 1963 | FirstEnergy Corporation | 99446 |
| 1811 | Genie Energy Ltd., Class B | 25608 |
| 2637 | NiSource, Inc. | 123042 |
| 5542 | OGE Energy Corporation | 265794 |
| 2065 | Otter Tail Corporation | 181245 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 45.0% (Continued)** |  |
|  | **Utilities - 8.4% (Continued)** |  |
| 17597 | PG&E Corporation | $309179 |
| 2035 | Southwest Gas Holdings, Inc. | 176842 |
| 4953 | UGI Corporation | 180388 |
|  |  | 3311696 |
|  | **TOTAL COMMON STOCKS (Cost $17,238,847)** | 17898604 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Coupon Rate** |  | |
| **Principal**<br>**Amount ($)** |  | **(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 22.2%** |  |  |  |
|  | **U.S. TREASURY BILLS — 22.2%** |  |  |  |
| 9000000 | United States Treasury Bill<sup>(b)</sup> |  | 10/01/26 | 8835605 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,842,163)** |  |  |  |
|  | **TOTAL INVESTMENTS - 67.2% (Cost $26,081,010)** |  |  | $26734209 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 32.8%** |  |  | 13068819 |
|  | **NET ASSETS - 100.0%** |  |  | $39803028 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |

---

 

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

<sup>(b)</sup> Zero coupon bond.

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|<br>**Notional Amount at**<br>**March 31, 2026** |<br>**Number of**<br>**Shares** | <br>**Reference Obligation#** | <br>**Floating Rate** | <br>**Pay/Receive**<br>**Floating Rate** | <br>**Maturity Date^** |<br>**Fair Value** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $(212823) | (10124) | Acadia Realty Trust | FEDEF-1D -35 bps | Receive | 11/24/2026 | $17793 | $— | $17793 |
| (213462) | (15127) | Accelerant Holdings | FEDEF-1D -64 bps | Receive | 11/24/2026 | 12651 |  | 12651 |
| 285906 | 1153 | Accenture Plc-Cl A | FEDEF-1D +45 bps | Pay | 11/24/2026 | (60242) |  | (60242) |
| (476710) | (37348) | Acuren Corporation | FEDEF-1D -35 bps | Receive | 11/24/2026 | 238754 |  | 238754 |
| (112775) | (1336) | Acushnet Holdings Co | FEDEF-1D +45 bps | Receive | 11/24/2026 | (11590) |  | (11590) |
| 84445 | 862 | Aercap Holdings Nv | FEDEF-1D +45 bps | Pay | 11/24/2026 | 29872 |  | 29872 |
| 167852 | 14935 | Aes Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 44154 |  | 44154 |
| 205616 | 1508 | Agco Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (31554) |  | (31554) |
| (351489) | (1347) | Air Products & Chemicals | FEDEF-1D -35 bps | Receive | 11/24/2026 | (38027) |  | (38027) |
| 79137 | 1061 | Akamai Technologies | FEDEF-1D +45 bps | Pay | 11/24/2026 | 41332 |  | 41332 |
| (37368) | (528) | Albemarle Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (57166) |  | (57166) |
| 185536 | 4233 | Alcoa Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 93469 |  | 93469 |
| (173011) | (789) | Alexander'S Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (15314) |  | (15314) |
| 38477 | 295 | Allegion Plc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 3188 |  | 3188 |
| (226215) | (4188) | Amrize Ltd | FEDEF-1D -35 bps | Receive | 11/24/2026 | (6637) |  | (6637) |
| 78648 | 1196 | Anglogold Ashanti Plc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 39160 |  | 39160 |
| 52774 | 3338 | Antero Midstream Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 23718 |  | 23718 |
| 116290 | 2878 | Api Group Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (803) |  | (803) |
| 105790 | 449 | Applied Industrial Technologies | FEDEF-1D +45 bps | Pay | 11/24/2026 | 9449 |  | 9449 |
| (119880) | (841) | Aptargroup Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 14218 |  | 14218 |
| (218125) | (8298) | Archer-Daniels-Midland | FEDEF-1D +45 bps | Receive | 11/24/2026 | 62527 |  | 62527 |
| 8298 | 218125 | Archrock Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | (70351) |  | (70351) |
| 419161 | 8497 | Array Digital Infrastructure | FEDEF-1D +45 bps | Pay | 11/24/2026 | 42376 |  | 42376 |
| 207469 | 1519 | Arrow Electronics Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 9131 |  | 9131 |
| (276563) | (5007) | Ashland Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (1787) |  | (1787) |
| 123484 | 1630 | Ast Spacemobile Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 9986 |  | 9986 |
| 192808 | 8280 | At&T Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 46480 |  | 46480 |
| (363337) | (8956) | Atlanta Braves Holdings | FEDEF-1D -35 bps | Receive | 11/24/2026 | (8848) |  | (8848) |
| 239421 | 10873 | Atn International Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 58444 |  | 58444 |
| (372958) | (16651) | Autohome Inc-Adr | FEDEF-1D -35 bps | Receive | 11/24/2026 | 86343 |  | 86343 |
| (240273) | (1124) | Automatic Data Processing | FEDEF-1D -35 bps | Receive | 11/24/2026 | 10625 |  | 10625 |
| 168883 | 2606 | Avnet Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (7943) |  | (7943) |
| 147697 | 1325 | Azz Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 16934 |  | 16934 |
| (345802) | (2299) | Balchem Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (39945) |  | (39945) |
| (104819) | (4554) | Baldwin Insurance Group | FEDEF-1D -35 bps | Receive | 11/24/2026 | 5184 |  | 5184 |
| (124898) | (2514) | Ball Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (21189) |  | (21189) |
| 364034 | 22082 | Bandwidth Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 12066 |  | 12066 |
| (201816) | (1465) | Bank First Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 3756 |  | 3756 |
| (216203) | (7122) | Beacon Financial Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 3118 |  | 3118 |
| 289967 | 1637 | Biogen Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 6159 |  | 6159 |
| 176557 | 1786 | Biontech Se-Adr | FEDEF-1D +45 bps | Pay | 11/24/2026 | (20076) |  | (20076) |
| 184539 | 657 | Bio-Rad Laboratories | FEDEF-1D +45 bps | Pay | 11/24/2026 | (2006) |  | (2006) |
| (175754) | (7764) | Bkv Corporation | FEDEF-1D -35 bps | Receive | 11/24/2026 | (40641) |  | (40641) |
| 116863 | 2522 | Blue Bird Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 22604 |  | 22604 |
| (170006) | (10646) | Brookdale Senior Living | FEDEF-1D -35 bps | Receive | 11/24/2026 | 25259 |  | 25259 |
| 174317 | 1445 | Bunge Global Sa | FEDEF-1D +45 bps | Pay | 11/24/2026 | 8912 |  | 8912 |
| (140710) | (12794) | C3.Ai Inc-A | FEDEF-1D -35 bps | Receive | 11/24/2026 | 33726 |  | 33726 |
| (193856) | (4745) | Cactus Inc - A | FEDEF-1D -35 bps | Receive | 11/24/2026 | (28839) |  | (28839) |
| 302651 | 3143 | Cal-Maine Foods Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (51301) |  | (51301) |
| (130966) | (1148) | Camden Property Trust | FEDEF-1D -35 bps | Receive | 11/24/2026 | 18746 |  | 18746 |
| (269366) | (11203) | Capri Holdings Ltd | FEDEF-1D -35 bps | Receive | 11/24/2026 | 73754 |  | 73754 |
| (304664) | (2969) | Casella Waste System | FEDEF-1D -35 bps | Receive | 11/24/2026 | 70703 |  | 70703 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|<br>**Notional Amount at**<br>**March 31, 2026** |<br>**Number of**<br>**Shares** | <br>**Reference Obligation#** | <br>**Floating Rate** | <br>**Pay/Receive**<br>**Floating Rate** | <br>**Maturity Date^** |<br>**Fair Value** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $175976 | 259 | Casey's General Store | FEDEF-1D +45 bps | Pay | 11/24/2026 | $11961 | $— | $11961 |
| (103388) | (3527) | Cbiz Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 8963 |  | 8963 |
| 194402 | 1317 | Cdw Corp/De | FEDEF-1D +45 bps | Pay | 11/24/2026 | (36396) |  | (36396) |
| (113649) | (2347) | Celanese Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (38094) |  | (38094) |
| 88507 | 2330 | Centene Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (13463) |  | (13463) |
| (135612) | (8168) | Chemours Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | (42746) |  | (42746) |
| (183979) | (1755) | Choice Hotels Intl Inc | FEDEF-1D -224 bps | Receive | 11/24/2026 | 2757 |  | 2757 |
| 70413 | 2814 | Cia De Minas Buenaventura | FEDEF-1D +45 bps | Pay | 11/24/2026 | 30279 |  | 30279 |
| (85234) | (3182) | Cinemark Holdings Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (4856) |  | (4856) |
| (227437) | (1127) | Cintas Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 37422 |  | 37422 |
| 149680 | 1273 | Cirrus Logic Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 29516 |  | 29516 |
| (199094) | (1644) | City Holding Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | 3132 |  | 3132 |
| 82682 | 7952 | Cnh Industrial Nv | FEDEF-1D +45 bps | Pay | 11/24/2026 | 3376 |  | 3376 |
| 245352 | 2259 | Coca-Cola Europacific | FEDEF-1D +45 bps | Pay | 11/24/2026 | (41330) |  | (41330) |
| 353071 | 4695 | Cognizant Tech Solutions | FEDEF-1D +45 bps | Pay | 11/24/2026 | (67409) |  | (67409) |
| (156869) | (2307) | Cohen & Steers Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 11439 |  | 11439 |
| 239933 | 3555 | Commercial Metals Co | FEDEF-1D +45 bps | Pay | 11/24/2026 | (24855) |  | (24855) |
| 68433 | 3985 | Compass Minerals International | FEDEF-1D +45 bps | Pay | 11/24/2026 | 23418 |  | 23418 |
| (83917) | (4361) | Comstock Resources | FEDEF-1D -35 bps | Receive | 11/24/2026 | (6532) |  | (6532) |
| 248843 | 2577 | Consolidated Edison | FEDEF-1D +45 bps | Pay | 11/24/2026 | 43017 |  | 43017 |
| 105614 | 7044 | Constellium Se | FEDEF-1D +45 bps | Pay | 11/24/2026 | 64322 |  | 64322 |
| (229119) | (3265) | Corvel Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 51911 |  | 51911 |
| (226805) | (1190) | Cra International Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 35919 |  | 35919 |
| 246201 | 481 | Cummins Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 10578 |  | 10578 |
| (208143) | (9064) | Curbline Properties | FEDEF-1D -35 bps | Receive | 11/24/2026 | (23595) |  | (23595) |
| 92049 | 4104 | Cvr Energy Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 45445 |  | 45445 |
| 213857 | 2702 | Cvs Health Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (20927) |  | (20927) |
| 210833 | 1023 | Danaher Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (17154) |  | (17154) |
| 155670 | 1315 | Danaos Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (8059) |  | (8059) |
| 134583 | 1136 | Dell Technologies - C | FEDEF-1D +45 bps | Pay | 11/24/2026 | 50984 |  | 50984 |
| 134470 | 2096 | Delta Air Lines Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 4430 |  | 4430 |
| 95980 | 1824 | Diodes Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 27593 |  | 27593 |
| (167568) | (31583) | Diversified Healthcare | FEDEF-1D -35 bps | Receive | 11/24/2026 | (41210) |  | (41210) |
| 194643 | 1642 | Dollar General Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (1093) |  | (1093) |
| 140816 | 1160 | Dollar Tree Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (14245) |  | (14245) |
| (99019) | (6627) | Driven Brands Holdings | FEDEF-1D -35 bps | Receive | 11/24/2026 | 16225 |  | 16225 |
| 76184 | 2842 | Dropbox Inc-Class A | FEDEF-1D +45 bps | Pay | 11/24/2026 | (15443) |  | (15443) |
| 489433 | 3738 | Dte Energy Company | FEDEF-1D +45 bps | Pay | 11/24/2026 | 57963 |  | 57963 |
| 248737 | 2166 | Duke Energy Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 30610 |  | 30610 |
| (172750) | (3241) | Dutch Bros Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 9021 |  | 9021 |
| (154561) | (11110) | Dynex Capital Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 11321 |  | 11321 |
| (284966) | (1285) | Eagle Materials Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 43995 |  | 43995 |
| (141518) | (537) | Ecolab Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (636) |  | (636) |
| (177407) | (17865) | Ecovyst Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (50977) |  | (50977) |
| 320606 | 6055 | Edison International | FEDEF-1D +45 bps | Pay | 11/24/2026 | 125836 |  | 125836 |
| 191299 | 2209 | Edwards Lifesciences | FEDEF-1D +45 bps | Pay | 11/24/2026 | (15030) |  | (15030) |
| (165518) | (6355) | Element Solutions Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (50372) |  | (50372) |
| 141764 | 431 | Elevance Health Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (16146) |  | (16146) |
| (198443) | (15880) | Ellington Financial | FEDEF-1D -35 bps | Receive | 11/24/2026 | 8729 |  | 8729 |
| 63941 | 140 | Emcor Group Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 36262 |  | 36262 |
| 144366 | 811 | Enersys | FEDEF-1D +45 bps | Pay | 11/24/2026 | (4047) |  | (4047) |
| (107338) | (19744) | Enovix Corp | FEDEF-1D -84 bps | Receive | 11/24/2026 | 5331 |  | 5331 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|<br>**Notional Amount at**<br>**March 31, 2026** |<br>**Number of**<br>**Shares** | <br>**Reference Obligation#** | <br>**Floating Rate** | <br>**Pay/Receive**<br>**Floating Rate** | <br>**Maturity Date^** |<br>**Fair Value** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $(167990) | (803) | Equifax Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | $23393 | $— | $23393 |
| (213111) | (5287) | Equitable Holdings Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 16050 |  | 16050 |
| 166452 | 2590 | Evergy Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 44002 |  | 44002 |
| 432807 | 6363 | Eversource Energy | FEDEF-1D +45 bps | Pay | 11/24/2026 | 11106 |  | 11106 |
| 153495 | 5141 | Excelerate Energy Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 13874 |  | 13874 |
| (166401) | (5352) | Exlservice Holdings | FEDEF-1D -35 bps | Receive | 11/24/2026 | 3873 |  | 3873 |
| (385089) | (5546) | Exponent Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 26460 |  | 26460 |
| 60166 | 242 | F5 Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 6128 |  | 6128 |
| 190704 | 495 | Fedex Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (14301) |  | (14301) |
| 169776 | 666 | Ferguson Enterprises | FEDEF-1D +45 bps | Pay | 11/24/2026 | (14927) |  | (14927) |
| (383540) | (24859) | First Advantage Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 97628 |  | 97628 |
| 103959 | 463 | First Solar Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (13270) |  | (13270) |
| 299973 | 6559 | Firstenergy Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 31569 |  | 31569 |
| 156130 | 4030 | Fluor Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 26289 |  | 26289 |
| 244369 | 17676 | Ford Motor Co | FEDEF-1D +45 bps | Pay | 11/24/2026 | (39310) |  | (39310) |
| 113609 | 1842 | Fortune Brands Innovations | FEDEF-1D +45 bps | Pay | 11/24/2026 | (45438) |  | (45438) |
| 127368 | 3462 | Freeport-Mcmoran Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 74235 |  | 74235 |
| (361437) | (2238) | Fti Consulting Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (28025) |  | (28025) |
| 127101 | 794 | Gatx Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 6422 |  | 6422 |
| 193138 | 5012 | Gci Liberty Inc-Cl C | FEDEF-1D +45 bps | Pay | 11/24/2026 | (7740) |  | (7740) |
| 195895 | 2455 | Ge Healthcare Technologies | FEDEF-1D +45 bps | Pay | 11/24/2026 | (23368) |  | (23368) |
| 27866 | 1020 | Gen Digital Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (9569) |  | (9569) |
| (110472) | (1192) | Genedx Holdings Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 34448 |  | 34448 |
| 213602 | 639 | General Dynamics Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 3732 |  | 3732 |
| 192630 | 2288 | General Motors Co | FEDEF-1D +45 bps | Pay | 11/24/2026 | (23001) |  | (23001) |
| 202585 | 13687 | Genie Energy Ltd-B | FEDEF-1D +45 bps | Pay | 11/24/2026 | (13662) |  | (13662) |
| (82977) | (10816) | Global Net Lease Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (20522) |  | (20522) |
| 75195 | 2411 | Globalstar Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 83109 |  | 83109 |
| 108510 | 590 | Godaddy Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (65774) |  | (65774) |
| (203745) | (3474) | Goosehead Insurance | FEDEF-1D -35 bps | Receive | 11/24/2026 | 56485 |  | 56485 |
| (314284) | (4310) | Greif Inc-Cl A | FEDEF-1D -35 bps | Receive | 11/24/2026 | 23638 |  | 23638 |
| (131876) | (10798) | Grindr Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 2403 |  | 2403 |
| (93995) | (545) | Gulfport Energy Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (19368) |  | (19368) |
| (306131) | (2347) | Hawkins Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (51917) |  | (51917) |
| (261729) | (18197) | Healthcare Realty Trust | FEDEF-1D -35 bps | Receive | 11/24/2026 | (53298) |  | (53298) |
| (123410) | (4323) | Heartflow Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 18854 |  | 18854 |
| (184988) | (26906) | Hello Group Inc - Spn | FEDEF-1D -35 bps | Receive | 11/24/2026 | 31421 |  | 31421 |
| 327769 | 14432 | Hewlett Packard Enterprises | FEDEF-1D +45 bps | Pay | 11/24/2026 | 15607 |  | 15607 |
| 557275 | 10588 | Hf Sinclair Corp | FEDEF-1D -35 bps | Pay | 11/24/2026 | 101799 |  | 101799 |
| (127622) | (3634) | Hinge Health Inc-A | FEDEF-1D +45 bps | Receive | 11/24/2026 | (11851) |  | (11851) |
| 263784 | 10405 | Hp Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (62300) |  | (62300) |
| 138226 | 581 | Humana Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (39834) |  | (39834) |
| 125243 | 345 | Huntington Ingalls Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | 5071 |  | 5071 |
| (128814) | (880) | Huron Consulting Group | FEDEF-1D +45 bps | Receive | 11/24/2026 | 16967 |  | 16967 |
| 366347 | 6965 | Idt Corp-Class B | FEDEF-1D +45 bps | Pay | 11/24/2026 | (39651) |  | (39651) |
| (77721) | (2111) | Imax Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (1661) |  | (1661) |
| (78944) | (1875) | Ingevity Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (52100) |  | (52100) |
| 200576 | 2318 | Ingles Markets Inc-C | FEDEF-1D +45 bps | Pay | 11/24/2026 | 7128 |  | 7128 |
| (194700) | (3771) | Innodata Inc | FEDEF-1D -49 bps | Receive | 11/24/2026 | 50316 |  | 50316 |
| (190503) | (2426) | Innospec Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 14827 |  | 14827 |
| 121626 | 2503 | Intel Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (11885) |  | (11885) |
| (102198) | (2270) | International Paper | FEDEF-1D -35 bps | Receive | 11/24/2026 | 20817 |  | 20817 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|<br>**Notional Amount at**<br>**March 31, 2026** |<br>**Number of**<br>**Shares** | <br>**Reference Obligation#** | <br>**Floating Rate** | <br>**Pay/Receive**<br>**Floating Rate** | <br>**Maturity Date^** |<br>**Fair Value** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $(171569) | (2112) | Intl Flavors & Fragrances | FEDEF-1D -35 bps | Receive | 11/24/2026 | $22146 | $— | $22146 |
| 218537 | 7689 | Iridium Communications | FEDEF-1D +45 bps | Pay | 11/24/2026 | (10062) |  | (10062) |
| (81304) | (978) | Iron Mountain Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (18815) |  | (18815) |
| 168889 | 680 | Jabil Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 10791 |  | 10791 |
| (126880) | (955) | Jacobs Solutions Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 7740 |  | 7740 |
| (122191) | (10218) | Jumia Technologies | FEDEF-1D -54 bps | Receive | 11/24/2026 | 52626 |  | 52626 |
| (232859) | (3288) | Knife River Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (32160) |  | (32160) |
| (123355) | (3356) | Kodiak Gas Services | FEDEF-1D -35 bps | Receive | 11/24/2026 | (73559) |  | (73559) |
| 332279 | 5097 | Kroger Co | FEDEF-1D +45 bps | Pay | 11/24/2026 | 34526 |  | 34526 |
| (200749) | (3395) | Lakeland Financial Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 6478 |  | 6478 |
| 86581 | 2076 | Lamb Weston Holdings | FEDEF-1D +45 bps | Pay | 11/24/2026 | 1096 |  | 1096 |
| (176757) | (3662) | Lgi Homes Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 33519 |  | 33519 |
| 233201 | 29661 | Liberty Latin America | FEDEF-1D +45 bps | Pay | 11/24/2026 | 24492 |  | 24492 |
| (126635) | (17237) | Lionsgate Studios Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | (37301) |  | (37301) |
| (122290) | (3814) | Liquidity Services Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 6022 |  | 6022 |
| 112263 | 4016 | Liveramp Holdings Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (6807) |  | (6807) |
| (288459) | (3465) | Louisiana-Pacific Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | 38166 |  | 38166 |
| 325359 | 36312 | Lumen Technologies Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (75058) |  | (75058) |
| (359919) | (19386) | Macerich Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | (6144) |  | (6144) |
| (125742) | (2755) | Madison Square Garden Entertainment | FEDEF-1D -35 bps | Receive | 11/24/2026 | (34464) |  | (34464) |
| (111623) | (499) | Madison Square Garden Sports Corp. | FEDEF-1D -35 bps | Receive | 11/24/2026 | (46915) |  | (46915) |
| (157747) | (2828) | Makemytrip Ltd | FEDEF-1D -35 bps | Receive | 11/24/2026 | 52716 |  | 52716 |
| (193069) | (11998) | Manchester United Players | FEDEF-1D -35 bps | Receive | 11/24/2026 | (6814) |  | (6814) |
| 183067 | 3962 | Maplebear Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (41331) |  | (41331) |
| 548197 | 2947 | Marathon Petroleum Co. | FEDEF-1D +45 bps | Pay | 11/24/2026 | 169124 |  | 169124 |
| (117479) | (261) | Martin Marietta Materials | FEDEF-1D -35 bps | Receive | 11/24/2026 | (32855) |  | (32855) |
| 118824 | 1579 | Masco Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (27370) |  | (27370) |
| 113997 | 1065 | Mcgrath Rentcorp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 576 |  | 576 |
| (167525) | (29609) | Medical Properties Trust | FEDEF-1D -71 bps | Receive | 11/24/2026 | 28173 |  | 28173 |
| 9220 | 108 | Merck & Co. Inc. | FEDEF-1D +45 bps | Pay | 11/24/2026 | 3735 |  | 3735 |
| (137157) | (3193) | Miami International | FEDEF-1D -35 bps | Receive | 11/24/2026 | 13251 |  | 13251 |
| 36432 | 243 | Micron Technology Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 44706 |  | 44706 |
| 374276 | 8070 | Millicom Intl Cellular | FEDEF-1D +45 bps | Pay | 11/24/2026 | 229059 |  | 229059 |
| (334282) | (11322) | Millrose Properties | FEDEF-1D -35 bps | Receive | 11/24/2026 | 19014 |  | 19014 |
| (230564) | (4039) | Minerals Technologies | FEDEF-1D -35 bps | Receive | 11/24/2026 | (50413) |  | (50413) |
| 150137 | 1826 | Monster Beverage Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (18317) |  | (18317) |
| 163600 | 1972 | Mueller Industries Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 51121 |  | 51121 |
| (61343) | (3717) | National Energy Services | FEDEF-1D -35 bps | Receive | 11/24/2026 | (18011) |  | (18011) |
| 124518 | 9753 | Navigator Holdings Ltd. | FEDEF-1D +45 bps | Pay | 11/24/2026 | 61043 |  | 61043 |
| (125875) | (12213) | Neogen Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 13072 |  | 13072 |
| (186397) | (15215) | Neogenomics Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 74493 |  | 74493 |
| 210387 | 7341 | Netscout Systems Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 21719 |  | 21719 |
| (134002) | (6407) | Netstreit Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 12305 |  | 12305 |
| 159265 | 2709 | Newmont Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 130327 |  | 130327 |
| 119941 | 159 | Northrop Grumman Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (11859) |  | (11859) |
| 241793 | 1583 | Nucor Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 23477 |  | 23477 |
| 416456 | 9700 | Occidental Petroleum | FEDEF-1D +45 bps | Pay | 11/24/2026 | 209559 |  | 209559 |
| 159921 | 1816 | Okta Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (18413) |  | (18413) |
| (136012) | (6373) | Olin Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (54207) |  | (54207) |
| 82848 | 1632 | On Semiconductor | FEDEF-1D +45 bps | Pay | 11/24/2026 | 16808 |  | 16808 |
| 221556 | 2893 | One Gas Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 27462 |  | 27462 |
| 293427 | 4473 | Oneok Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 110597 |  | 110597 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|<br>**Notional Amount at**<br>**March 31, 2026** |<br>**Number of**<br>**Shares** | <br>**Reference Obligation#** | <br>**Floating Rate** | <br>**Pay/Receive**<br>**Floating Rate** | <br>**Maturity Date^** |<br>**Fair Value** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $(163606) | (21924) | Orchid Island Capital | FEDEF-1D -84 bps | Receive | 11/24/2026 | $7284 | $— | $7284 |
| 299722 | 2277 | Oshkosh Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 33107 |  | 33107 |
| 3428 | 43 | Otter Tail Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 304 |  | 304 |
| 222823 | 1811 | Owens Corning | FEDEF-1D +45 bps | Pay | 11/24/2026 | (27685) |  | (27685) |
| 124045 | 6969 | P G & E Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (5860) |  | (5860) |
| 266310 | 6342 | Par Pacific Holdings | FEDEF-1D +45 bps | Pay | 11/24/2026 | 128178 |  | 128178 |
| (393435) | (4212) | Paychex Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 6466 |  | 6466 |
| (162852) | (1518) | Paylocity Holding Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | (723) |  | (723) |
| (66794) | (6545) | Pebblebrook Hotel Trust | FEDEF-1D -35 bps | Receive | 11/24/2026 | (14580) |  | (14580) |
| (137825) | (4907) | Pennant Group Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (11032) |  | (11032) |
| (202392) | (16087) | Pennymac Mortgage Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 12414 |  | 12414 |
| (213311) | (10655) | Perella Weinberg Partners | FEDEF-1D -35 bps | Receive | 11/24/2026 | 20430 |  | 20430 |
| 193729 | 2159 | Performance Food Group | FEDEF-1D +45 bps | Pay | 11/24/2026 | (10411) |  | (10411) |
| (171906) | (6366) | Perimeter Solutions | FEDEF-1D -35 bps | Receive | 11/24/2026 | 17975 |  | 17975 |
| 410687 | 2799 | Phillips 66 | FEDEF-1D +45 bps | Pay | 11/24/2026 | 98754 |  | 98754 |
| 214236 | 4560 | Pilgrim'S Pride Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (41328) |  | (41328) |
| 150827 | 1732 | Pinnacle West Capital | FEDEF-1D +45 bps | Pay | 11/24/2026 | 23776 |  | 23776 |
| 513870 | 10955 | Portland General Electric | FEDEF-1D +45 bps | Pay | 11/24/2026 | 66980 |  | 66980 |
| 111963 | 846 | Primoris Services Co | FEDEF-1D +45 bps | Pay | 11/24/2026 | 8023 |  | 8023 |
| (192310) | (8250) | Privia Health Group | FEDEF-1D -35 bps | Receive | 11/24/2026 | 25014 |  | 25014 |
| 15972 | 88 | Ptc Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (4319) |  | (4319) |
| (176638) | (27153) | Purecycle Technologies | FEDEF-1D -569 bps | Receive | 11/24/2026 | 35435 |  | 35435 |
| (372875) | (10567) | Pursuit Attractions | FEDEF-1D -35 bps | Receive | 11/24/2026 | (10592) |  | (10592) |
| (217035) | (1561) | Quaker Chemical Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 25244 |  | 25244 |
| 77144 | 501 | Qualcomm Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (13679) |  | (13679) |
| (206824) | (2939) | Radnet Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 43646 |  | 43646 |
| (200791) | (1990) | Rb Global Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 11426 |  | 11426 |
| (77073) | (6497) | Realreal Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 18287 |  | 18287 |
| 126670 | 916 | Regal Rexnord Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 43317 |  | 43317 |
| 271298 | 361 | Regeneron Pharmaceuticals | FEDEF-1D +45 bps | Pay | 11/24/2026 | 4921 |  | 4921 |
| 125208 | 609 | Reinsurance Group Of America | FEDEF-1D +45 bps | Pay | 11/24/2026 | (1559) |  | (1559) |
| 149751 | 710 | Rtx Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (13284) |  | (13284) |
| (80030) | (14583) | Rumble Inc | FEDEF-1D -854 bps | Receive | 11/24/2026 | 5452 |  | 5452 |
| 250410 | 4670 | Rush Enterprises Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 55956 |  | 55956 |
| 131697 | 595 | Ryder System Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (10324) |  | (10324) |
| (255495) | (3512) | Sabine Royalty Trust | FEDEF-1D -464 bps | Receive | 11/24/2026 | (11785) |  | (11785) |
| (88520) | (10584) | Sable Offshore Corp | FEDEF-1D -84 bps | Receive | 11/24/2026 | (86158) |  | (86158) |
| 151595 | 2976 | Scorpio Tankers Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 70614 |  | 70614 |
| (93493) | (1467) | Scotts Miracle-Gro Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | 3510 |  | 3510 |
| 217985 | 47 | Seaboard Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 46166 |  | 46166 |
| (172399) | (14876) | Select Water Solutions | FEDEF-1D -35 bps | Receive | 11/24/2026 | (54921) |  | (54921) |
| 163783 | 1205 | Seneca Foods Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 17775 |  | 17775 |
| (309139) | (3281) | Sensient Technologies | FEDEF-1D -35 bps | Receive | 11/24/2026 | 27275 |  | 27275 |
| (141059) | (1482) | Shake Shack Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 10321 |  | 10321 |
| 157583 | 11330 | Shenandoah Telecommunications | FEDEF-1D +45 bps | Pay | 11/24/2026 | 16604 |  | 16604 |
| (144546) | (408) | Sherwin-Williams Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | 14148 |  | 14148 |
| (196620) | (4591) | Silgan Holdings Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 20768 |  | 20768 |
| (349099) | (16990) | Simmons First Natl Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 16461 |  | 16461 |
| (179020) | (11581) | Six Flags Entertainment | FEDEF-1D -35 bps | Receive | 11/24/2026 | (24975) |  | (24975) |
| (144567) | (3161) | Sl Green Realty Corp | FEDEF-1D -54 bps | Receive | 11/24/2026 | 25424 |  | 25424 |
| (129975) | (4122) | Smartstop Self Storae | FEDEF-1D -35 bps | Receive | 11/24/2026 | 4788 |  | 4788 |
| 362544 | 15523 | Smithfield Foods Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 69256 |  | 69256 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|<br>**Notional Amount at**<br>**March 31, 2026** |<br>**Number of**<br>**Shares** | <br>**Reference Obligation#** | <br>**Floating Rate** | <br>**Pay/Receive**<br>**Floating Rate** | <br>**Maturity Date^** |<br>**Fair Value** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $90934 | 268 | Snap-On Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | $4323 | $— | $4323 |
| (131270) | (3473) | Solaris Energy Infrastructure | FEDEF-1D -35 bps | Receive | 11/24/2026 | (63597) |  | (63597) |
| (117227) | (1502) | Solstice Adv Materials | FEDEF-1D -35 bps | Receive | 11/24/2026 | 3147 |  | 3147 |
| 8536 | 81 | Southern Copper Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 5538 |  | 5538 |
| 110033 | 1399 | Spectrum Brands Holdings | FEDEF-1D +45 bps | Pay | 11/24/2026 | (7287) |  | (7287) |
| 300651 | 18367 | Spok Holdings Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (87965) |  | (87965) |
| 169717 | 6272 | St Corp-Class A | FEDEF-1D +45 bps | Pay | 11/24/2026 | 9502 |  | 9502 |
| 258685 | 3648 | Stanley Black & Deck | FEDEF-1D +45 bps | Pay | 11/24/2026 | (4) |  | (4) |
| 242704 | 32533 | Stealthgas Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 53610 |  | 53610 |
| 174932 | 1116 | Steel Dynamics Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 24119 |  | 24119 |
| (161932) | (3628) | Stepstone Group Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (10768) |  | (10768) |
| 211079 | 852 | Steris Plc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (23366) |  | (23366) |
| (148820) | (2297) | Stock Yards Bancorp | FEDEF-1D -35 bps | Receive | 11/24/2026 | (3789) |  | (3789) |
| 110237 | 1443 | Stonex Group Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 5425 |  | 5425 |
| (224528) | (1758) | Sun Communities Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 2522 |  | 2522 |
| (160380) | (4313) | Tanger Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 14251 |  | 14251 |
| 137874 | 835 | Targa Resources Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 68874 |  | 68874 |
| 234377 | 2409 | Target Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 57760 |  | 57760 |
| 478407 | 3009 | Td Synnex Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 25348 |  | 25348 |
| 120002 | 536 | Te Connectivity Plc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (8365) |  | (8365) |
| 197251 | 3740 | Teekay Tankers Ltd-C | FEDEF-1D +45 bps | Pay | 11/24/2026 | 74932 |  | 74932 |
| 439570 | 11596 | Telephone And Data Systems | FEDEF-1D +45 bps | Pay | 11/24/2026 | 34629 |  | 34629 |
| 386209 | 10234 | Ternium Sa-Sponsored | FEDEF-1D +45 bps | Pay | 11/24/2026 | 25461 |  | 25461 |
| (69585) | (9056) | Tetra Technologies Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (6825) |  | (6825) |
| 225904 | 6690 | Teva Pharmaceutical | FEDEF-1D +45 bps | Pay | 11/24/2026 | (25138) |  | (25138) |
| 247666 | 2966 | Textron Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 9135 |  | 9135 |
| 169309 | 647 | The Cigna Group | FEDEF-1D -35 bps | Pay | 11/24/2026 | 2662 |  | 2662 |
| 172158 | 339 | Thermo Fisher Scientific | FEDEF-1D -35 bps | Pay | 11/24/2026 | (5935) |  | (5935) |
| 182153 | 1654 | Timken Co | FEDEF-1D +45 bps | Pay | 11/24/2026 | (16405) |  | (16405) |
| 255355 | 1006 | T-Mobile Us Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | (53032) |  | (53032) |
| 179344 | 2302 | Toro Co | FEDEF-1D +45 bps | Pay | 11/24/2026 | 31649 |  | 31649 |
| (160513) | (2054) | Transunion | FEDEF-1D -35 bps | Receive | 11/24/2026 | 18824 |  | 18824 |
| (135511) | (2367) | Triumph Financial Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (5345) |  | (5345) |
| (252321) | (39923) | Tronox Holdings Plc | FEDEF-1D -35 bps | Receive | 11/24/2026 | (138428) |  | (138428) |
| 64953 | 1456 | Truist Financial Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 1687 |  | 1687 |
| 174872 | 4722 | Tsakos Energy Navigation | FEDEF-1D +45 bps | Pay | 11/24/2026 | 10884 |  | 10884 |
| 134997 | 1842 | Tutor Perini Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 6071 |  | 6071 |
| 292449 | 5411 | Tyson Foods Inc-Cl A | FEDEF-1D +45 bps | Pay | 11/24/2026 | 54481 |  | 54481 |
| (183868) | (2188) | U.S. Physical Therapy | FEDEF-1D -35 bps | Receive | 11/24/2026 | 19809 |  | 19809 |
| (156636) | (4076) | Udr Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 18987 |  | 18987 |
| 115369 | 1138 | Ufp Industries Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (10914) |  | (10914) |
| (183079) | (710) | Ufp Technologies Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 46588 |  | 46588 |
| 281754 | 7684 | Ugi Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (746) |  | (746) |
| (146481) | (9636) | Umh Properties Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 7823 |  | 7823 |
| 184761 | 1658 | United Airlines Holdings | FEDEF-1D +45 bps | Pay | 11/24/2026 | (33584) |  | (33584) |
| 164397 | 208 | United Rentals Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (17530) |  | (17530) |
| (359705) | (3045) | United States Lime & Minerals | FEDEF-1D -35 bps | Receive | 11/24/2026 | (34581) |  | (34581) |
| 135283 | 265 | United Therapeutics | FEDEF-1D +45 bps | Pay | 11/24/2026 | 21410 |  | 21410 |
| 160653 | 25921 | Uniti Group Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 79891 |  | 79891 |
| 113208 | 2138 | Universal Corp/Va | FEDEF-1D +45 bps | Pay | 11/24/2026 | 65 |  | 65 |
| (113155) | (4096) | Upstart Holdings Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 8393 |  | 8393 |
| 181358 | 2380 | Us Foods Holding Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 36320 |  | 36320 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|<br>**Notional Amount at**<br>**March 31, 2026** |<br>**Number of**<br>**Shares** | <br>**Reference Obligation#** | <br>**Floating Rate** | <br>**Pay/Receive**<br>**Floating Rate** | <br>**Maturity Date^** |<br>**Fair Value** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $129393 | 2866 | V2X Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | $62098 | $— | $62098 |
| 412657 | 2377 | Valero Energy Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 173293 |  | 173293 |
| (208890) | (5468) | Valvoline Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 25286 |  | 25286 |
| 498252 | 10075 | Veon Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (38729) |  | (38729) |
| (293845) | (1386) | Verisk Analytics Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 30939 |  | 30939 |
| 325221 | 7622 | Verizon Communications | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 62842 |  | 62842 |
| (373916) | (17854) | Verra Mobility Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 122382 |  | 122382 |
| (251809) | (6393) | Viper Energy Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (51026) |  | (51026) |
| (98158) | (2041) | Vista Energy Sab De | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (54965) |  | (54965) |
| (74545) | (2554) | Voyager Technologies | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 15198 |  | 15198 |
| (166627) | (566) | Vulcan Materials Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 13833 |  | 13833 |
| 164085 | 1283 | Walmart Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (4855) |  | (4855) |
| (162208) | (22123) | Weride Inc-Adr | FEDEF-1D - 79 bps | Receive | 11/24/2026 | (16103) |  | (16103) |
| 196228 | 650 | Wesco International | FEDEF-1D - 45 bps | Pay | 11/24/2026 | (19314) |  | (19314) |
| (177237) | (2185) | Westlake Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (76353) |  | (76353) |
| (111164) | (4421) | Weyerhaeuser Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 3540 |  | 3540 |
| (151472) | (1454) | Willdan Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 41700 |  | 41700 |
| (191419) | (459) | Winmark Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (5236) |  | (5236) |
| 126017 | 669 | Wix.Com Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (71530) |  | (71530) |
| 4870 | 36 | Workday Inc-Class A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (209) |  | (209) |
| 138523 | 5324 | World Kinect Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (15803) |  | (15803) |
| (224489) | (2773) | Wyndham Hotels & Resorts | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (1356) |  | (1356) |
| 197502 | 2284 | Zimmer Biomet Holdings | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 8276 |  | 8276 |
| 16448 | 224 | Zoom Communications | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 1505 |  | 1505 |
|  |  |  |  |  |  | $3229628 | $— | $3229628 |

---

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

---

| |
|:---|
| LTD - Limited Company |
| PLC - Public Limited Company |
| REIT - Real Estate |
| FEDEF-1D - 1 Day Federal Funds Rate. The FEDEF-1D was 3.64% on March 31, 2026. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.8%** |  |
|  | **Real Estate - 91.8%** |  |
| 20351 | Agree Realty Corporation | $1534058 |
| 28257 | Alexandria Real Estate Equities, Inc. | 1311690 |
| 31726 | American Healthcare REIT, Inc. | 1496198 |
| 59302 | American Homes 4 Rent, Class A | 1655712 |
| 26009 | BXP, Inc. | 1349867 |
| 19588 | Camden Property Trust | 1912964 |
| 39776 | CareTrust REIT, Inc. | 1457790 |
| 20422 | COPT Defense Properties | 624913 |
| 41947 | CubeSmart | 1537358 |
| 44884 | Digital Realty Trust, Inc. | 8088546 |
| 9498 | EastGroup Properties, Inc. | 1757985 |
| 15065 | EPR Properties | 752647 |
| 12573 | Equinix, Inc. | 12324559 |
| 34239 | Equity LifeStyle Properties, Inc. | 2137198 |
| 61463 | Equity Residential | 3635536 |
| 36254 | Essential Properties Realty Trust, Inc. | 1100671 |
| 11220 | Essex Property Trust, Inc. | 2715240 |
| 39096 | Extra Space Storage, Inc. | 5126658 |
| 50317 | Gaming and Leisure Properties, Inc. | 2232565 |
| 117407 | Healthpeak Properties, Inc. | 1928997 |
| 111152 | Host Hotels & Resorts, Inc. | 2129671 |
| 44951 | Independence Realty Trust, Inc. | 669320 |
| 100330 | Invitation Homes, Inc. | 2493201 |
| 51352 | Iron Mountain, Inc. | 5245093 |
| 20130 | Kilroy Realty Corporation | 567867 |
| 116643 | Kimco Realty Corporation | 2620968 |
| 38645 | Kite Realty Group Trust | 948735 |
| 15940 | Lamar Advertising Company, Class A | 2018960 |
| 10915 | LXP Industrial Trust | 504928 |
| 47435 | Macerich Company (The) | 896522 |
| 21166 | Mid-America Apartment Communities, Inc. | 2584792 |
| 17 | NexPoint Residential Trust, Inc. | 425 |
| 33496 | NNN REIT, Inc. | 1407837 |
| 51251 | Omega Healthcare Investors, Inc. | 2245819 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | | **Fair Value** |
|  | **COMMON STOCKS — 91.8% (Continued)** | **COMMON STOCKS — 91.8% (Continued)** |  |
|  | **Real Estate - 91.8% (Continued)** | **Real Estate - 91.8% (Continued)** |  |
| 23119 | Phillips Edison & Company, Inc. | Phillips Edison & Company, Inc. | $865113 |
| 119829 | Prologis, Inc. | Prologis, Inc. | 15838997 |
| 28996 | Public Storage | Public Storage | 7854436 |
| 130391 | Realty Income Corporation | Realty Income Corporation | 7977321 |
| 28868 | Regency Centers Corporation | Regency Centers Corporation | 2184153 |
| 42814 | Rexford Industrial Realty, Inc. | Rexford Industrial Realty, Inc. | 1401302 |
| 29780 | RMR Group, Inc. (The), Class A | RMR Group, Inc. (The), Class A | 460696 |
| 11584 | Ryman Hospitality Properties, Inc. | Ryman Hospitality Properties, Inc. | 1068856 |
| 44480 | Sabra Health Care REIT, Inc. | Sabra Health Care REIT, Inc. | 855350 |
| 42767 | Simon Property Group, Inc. | Simon Property Group, Inc. | 7977329 |
| 33963 | STAG Industrial, Inc. | STAG Industrial, Inc. | 1224706 |
| 20281 | Sun Communities, Inc. | Sun Communities, Inc. | 2554595 |
| 21364 | Tanger, Inc. | Tanger, Inc. | 725949 |
| 18887 | Terreno Realty Corporation | Terreno Realty Corporation | 1160040 |
| 54469 | UDR, Inc. | UDR, Inc. | 1839963 |
| 80001 | Ventas, Inc. | Ventas, Inc. | 6542482 |
| 192500 | VICI Properties, Inc. | VICI Properties, Inc. | 5259100 |
| 29595 | Vornado Realty Trust | Vornado Realty Trust | 769174 |
| 89367 | Welltower, Inc. | Welltower, Inc. | 17668751 |
| 39350 | WP Carey, Inc. | WP Carey, Inc. | 2674226 |
|  | **TOTAL COMMON STOCKS (Cost $151,132,737)** | **TOTAL COMMON STOCKS (Cost $151,132,737)** | 165917829 |
| **Principal** |  |  |  |
| **Amount ($)** |  | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 4.9%** |  |  |
|  | **U.S. TREASURY BILLS — 4.9%** |  |  |
| 9000000 | United States Treasury Bill <sup>(a)</sup> | 10/01/26 | 8835834 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,842,163)** |  |  |
|  | **TOTAL INVESTMENTS - 96.7% (Cost $159,974,900)** |  | $174753663 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.3%** |  | 5429198 |
|  | **NET ASSETS - 100.0%** |  | $180182861 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (14.8)%** |  |
|  | **REAL ESTATE - (14.8)%** |  |
| (29037) | Americold Realty Trust, Inc. | $(332764) |
| (6118) | AvalonBay Communities, Inc. | (999375) |
| (38297) | Brixmor Property Group, Inc. | (1102954) |
| (97351) | Broadstone Net Lease, Inc. | (1778603) |
| (13919) | CBRE Group, Inc., Class A | (1885468) |
| (3207) | Centerspace | (184242) |
| (81781) | Cousins Properties, Inc. | (1845797) |
| (370) | CTO Realty Growth, Inc. | (6841) |
| (72278) | Curbline Properties Corporation | (1864050) |
| (102704) | DiamondRock Hospitality Company | (962336) |
| (17907) | Diversified Healthcare Trust | (118902) |
| (8809) | Easterly Government Properties, Inc. | (188777) |
| (17596) | Federal Realty Investment Trust | (1868871) |
| (32091) | First Industrial Realty Trust, Inc. | (1856464) |
| (64682) | Global Net Lease, Inc. | (605424) |
| (106282) | Healthcare Realty Trust, Inc. | (1805731) |
| (69896) | Highwoods Properties, Inc. | (1496473) |
| (49461) | LTC Properties, Inc. | (1837971) |
| (12270) | Marcus & Millichap, Inc. | (326259) |
| (65601) | Millrose Properties, Inc. | (1836828) |
| (18847) | Rayonier, Inc. | (388625) |
| (4265) | SBA Communications Corporation, Class A | (734049) |
| (8517) | Sila Realty Trust, Inc. | (201683) |
| (59390) | Smartstop Self Storage REIT, Inc. | (1798329) |
| (74526) | Xenia Hotels & Resorts, Inc. | (1105221) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $26,721,655)** | $(27132037) |

---

REIT - Real Estate Investment Trust

 

<sup>(a)</sup> Zero coupon bond.

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
|<br>**Notional Amount at**<br>**March 31, 2026** |<br>**Number of**<br>**Shares** | <br>**Reference Obligation#** | <br>**Floating Rate** | <br>**Pay/Receive**<br>**Floating Rate** | <br>**Maturity Date^** |<br>**Fair Value** | **Upfront**<br>**Payments/**<br>**Receipts** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $293744 | 50621 | Ah Realty Trust Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | $(8541) |  | $(8541) |
| 2411261 | 38159 | Alexandria Real Estate | FEDEF-1D +45 bps | Pay | 11/27/2026 | (641778) |  | (641778) |
| 442637 | 21483 | American Assets Trust | FEDEF-1D +45 bps | Pay | 11/27/2026 | (25655) |  | (25655) |
| 370016 | 13441 | American Homes 4 Rent | FEDEF-1D +45 bps | Pay | 11/27/2026 | 4878 |  | 4878 |
| 446230 | 2168 | American Tower Corp | FEDEF-1D +45 bps | Pay | 11/27/2026 | (89594) |  | (89594) |
| 1475624 | 28152 | Bxp Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | 3662 |  | 3662 |
| 189658 | 4949 | Cbl & Associates Properties | FEDEF-1D +45 bps | Pay | 11/27/2026 | 543 |  | 543 |
| 605378 | 18434 | Chiron Real Estate | FEDEF-1D +45 bps | Pay | 11/27/2026 | 3799 |  | 3799 |
| (2352153) | (43081) | Costar Group | FEDEF-1D -35 bps | Receive | 11/27/2026 | 640990 |  | 640990 |
| 1469365 | 102733 | Cushman & Wakefield | FEDEF-1D +45 bps | Pay | 11/27/2026 | (230035) |  | (230035) |
| (156113) | (23120) | Empire State Realty | FEDEF-1D -35 bps | Receive | 11/27/2026 | 36563 |  | 36563 |
| 1667777 | 26501 | Equity Residential | FEDEF-1D +45 bps | Pay | 11/27/2026 | (91723) |  | (91723) |
| 1479251 | 11047 | Extra Space Storage | FEDEF-1D +45 bps | Pay | 11/27/2026 | (30708) |  | (30708) |
| 1838112 | 107049 | Healthpeak Properties | FEDEF-1D +45 bps | Pay | 11/27/2026 | (69038) |  | (69038) |
| 1451931 | 80318 | Host Hotels & Resort | FEDEF-1D +45 bps | Pay | 11/27/2026 | 107887 |  | 107887 |
| 274849 | 48452 | Industrial Logistics | FEDEF-1D +45 bps | Pay | 11/27/2026 | (441) |  | (441) |
| 695114 | 12096 | Innovative Industrial | FEDEF-1D +45 bps | Pay | 11/27/2026 | (34879) |  | (34879) |
| (1693973) | (59928) | Inventrust Pptys Corp | FEDEF-1D -35 bps | Receive | 11/27/2026 | (143013) |  | (143013) |
| 1745003 | 6217 | Jones Lang Lasalle Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | 124399 |  | 124399 |
| 1091440 | 29115 | Kilroy Realty Corp | FEDEF-1D +45 bps | Pay | 11/27/2026 | (250869) |  | (250869) |
| 1755410 | 85853 | Kimco Realty Corp | FEDEF-1D +45 bps | Pay | 11/27/2026 | 179602 |  | 179602 |
| 1083924 | 43756 | Kite Realty Group Trust | FEDEF-1D +45 bps | Pay | 11/27/2026 | (10822) |  | (10822) |
| 1830964 | 48892 | Lineage Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | (201136) |  | (201136) |
| (1787704) | (22432) | Natl Health Investor | FEDEF-1D -35 bps | Receive | 11/27/2026 | (49460) |  | (49460) |
| (537144) | (37404) | Newmark Group Inc | FEDEF-1D -35 bps | Receive | 11/27/2026 | (23101) |  | (23101) |
| 821035 | 19739 | Nnn Reit Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | 13402 |  | 13402 |
| 319941 | 19756 | Ont Media Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | 210055 |  | 210055 |
| 1861387 | 370727 | Opendoor Technologies | FEDEF-1D +45 bps | Pay | 11/27/2026 | (130011) |  | (130011) |
| 943189 | 86853 | Park Hotels & Resort | FEDEF-1D +45 bps | Pay | 11/27/2026 | 3744 |  | 3744 |
| 875023 | 14936 | Realty Income Corp | FEDEF-1D +45 bps | Pay | 11/27/2026 | 48213 |  | 48213 |
| 793923 | 11714 | Regency Centers Corp | FEDEF-1D +45 bps | Pay | 11/27/2026 | 91828 |  | 91828 |
| 715506 | 40015 | Sabra Health Care Reit | FEDEF-1D +45 bps | Pay | 11/27/2026 | 68678 |  | 68678 |
| 309368 | 19145 | Safehold Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | (47144) |  | (47144) |
| 734943 | 4899 | Simon Property Group | FEDEF-1D +45 bps | Pay | 11/27/2026 | 187711 |  | 187711 |
| 1004664 | 184535 | Site Centers Corp | FEDEF-1D +45 bps | Pay | 11/27/2026 | (9202) |  | (9202) |
| (802643) | (12499) | St Joe Co | FEDEF-1D -35 bps | Receive | 11/27/2026 | 18367 |  | 18367 |
| (1692357) | (90373) | Urban Edge Properties | FEDEF-1D -35 bps | Receive | 11/27/2026 | (120580) |  | (120580) |
| 424676 | 5320 | Ventas Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | 10734 |  | 10734 |
| 1490968 | 51795 | Vici Properties Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | (73610) |  | (73610) |
| 2236120 | 71291 | Vornado Realty | FEDEF-1D +45 bps | Pay | 11/27/2026 | (394475) |  | (394475) |
| 1192075 | 20413 | Wp Carey Inc | FEDEF-1D +45 bps | Pay | 11/27/2026 | 220538 |  | 220538 |
|  |  |  |  |  |  | $(700222) | $— | $(700222) |

---

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

---

| |
|:---|
| REIT - Real Estate Investment Trust |
| FEDEF-1D - 1 Day Federal Funds Ratre. The FEDEF-1D was 3.64% on March 31, 2026. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA SMID CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2%** |  |
|  | **Communications - 3.0%** |  |
| 92260 | Maplebear, Inc.<sup>(a)</sup> | $3456059 |
| 33152 | Match Group, Inc. | 1018098 |
| 7161 | Nexstar Media Group, Inc. | 1294924 |
| 35761 | Omnicom Group, Inc. | 2693161 |
|  |  | 8462242 |
|  | **Consumer Discretionary - 11.4%** |  |
| 33761 | Autoliv, Inc. | 3550308 |
| 56772 | Callaway Golf Company<sup>(a)</sup> | 787995 |
| 41725 | Carter's, Inc. | 1492086 |
| 32579 | Champion Homes, Inc.<sup>(a)</sup> | 2422900 |
| 14578 | Darden Restaurants, Inc. | 2857871 |
| 14945 | Green Brick Partners, Inc.<sup>(a)</sup> | 963205 |
| 6864 | Group 1 Automotive, Inc. | 2269443 |
| 27650 | Lear Corporation | 3347862 |
| 12688 | Lululemon Athletica, Inc.<sup>(a)</sup> | 1942533 |
| 107993 | Mattel, Inc.<sup>(a)</sup> | 1569138 |
| 42023 | MGM Resorts International<sup>(a)</sup> | 1555271 |
| 101702 | Mister Car Wash, Inc.<sup>(a)</sup> | 708863 |
| 10584 | Penske Automotive Group, Inc. | 1582520 |
| 45486 | PROG Holdings, Inc. | 1304993 |
| 37699 | Service Corp International | 3110545 |
| 17322 | Sonic Automotive, Inc., Class A | 1187770 |
| 39857 | YETI Holdings, Inc.<sup>(a)</sup> | 1458368 |
|  |  | 32111671 |
|  | **Consumer Staples - 4.3%** |  |
| 224897 | Albertsons Companies, Inc., Class A | 3832245 |
| 44224 | BellRing Brands, Inc.<sup>(a)</sup> | 711564 |
| 23710 | Dollar Tree, Inc.<sup>(a)</sup> | 2596482 |
| 45390 | Quanex Building Products Corporation | 815658 |
| 100869 | Simply Good Foods Company (The)<sup>(a)</sup> | 1447470 |
| 35021 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2701170 |
|  |  | 12104589 |
|  | **Energy - 9.3%** |  |
| 34822 | Chord Energy Corporation | 4950992 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA SMID CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Energy - 9.3% (Continued)** |  |
| 44318 | ConocoPhillips | $5849976 |
| 27536 | Innovex International, Inc.<sup>(a)</sup> | 671603 |
| 77394 | Noble Corp plc | 3797724 |
| 218266 | Nov, Inc. COM | 4105583 |
| 425299 | Patterson-UTI Energy, Inc. | 4605988 |
| 25097 | Weatherford International PLC | 2373674 |
|  |  | 26355540 |
|  | **Financials - 21.8%** |  |
| 23311 | American Financial Group, Inc. | 2977048 |
| 31249 | Ameris Bancorp | 2437110 |
| 150193 | Apollo Commercial Real Estate Finance, Inc. | 1586038 |
| 6296 | Assurant, Inc. | 1371332 |
| 59531 | Bank OZK | 2731878 |
| 51654 | CNO Financial Group, Inc. | 2120913 |
| 14055 | Enact Holdings, Inc. | 573585 |
| 5316 | Everest Group Ltd. | 1737535 |
| 176358 | First Horizon Corporation | 4013908 |
| 201542 | FNB Corp | 3369782 |
| 137803 | Fulton Financial Corporation | 2802913 |
| 8446 | GATX Corporation | 1442070 |
| 9631 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 410858 |
| 11461 | Hanover Insurance Group, Inc. (The) | 1986764 |
| 15146 | Houlihan Lokey, Inc. | 2175269 |
| 37020 | Moelis & Company, Class A | 2110140 |
| 27206 | OFG Bancorp | 1100755 |
| 33024 | Piper Sandler Cos | 2527986 |
| 134053 | Provident Financial Services, Inc. | 2836561 |
| 24225 | Raymond James Financial, Inc. | 3507537 |
| 20698 | Reinsurance Group of America, Inc. | 4225705 |
| 21814 | SEI Investments Company | 1711745 |
| 32685 | Selective Insurance Group, Inc. | 2464122 |
| 40529 | Stifel Financial Corporation | 2995904 |
| 13443 | Trupanion, Inc.<sup>(a)</sup> | 344275 |
| 54000 | Unum Group | 3943620 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA SMID CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Financials - 21.8% (Continued)** |  |
| 40072 | Walker & Dunlop, Inc. | $1778395 |
|  |  | 61283748 |
|  | **Health Care - 3.6%** |  |
| 112692 | AdaptHealth Corporation<sup>(a)</sup> | 1341035 |
| 49991 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 2823992 |
| 21206 | Cardinal Health, Inc. | 4481039 |
| 25822 | Dexcom, Inc.<sup>(a)</sup> | 1621622 |
|  |  | 10267688 |
|  | **Industrials - 11.6%** |  |
| 57715 | ABM Industries, Inc. | 2223182 |
| 24215 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 1045846 |
| 20507 | Arcosa, Inc. | 2176612 |
| 13434 | Exponent, Inc. | 876569 |
| 119353 | Hayward Holdings, Inc.<sup>(a)</sup> | 1596943 |
| 22469 | Matson, Inc. | 3683569 |
| 31275 | Nextpower, Inc., Class A<sup>(a)</sup> | 3770201 |
| 19886 | Oshkosh Corporation | 2927418 |
| 68277 | Resideo Technologies, Inc.<sup>(a)</sup> | 2301618 |
| 187112 | RXO, Inc.<sup>(a)</sup> | 2735577 |
| 25490 | SkyWest, Inc.<sup>(a)</sup> | 2340747 |
| 10134 | UniFirst Corp | 2549613 |
| 3744 | United Rentals, Inc. | 2727728 |
| 110046 | WillScot Holdings Corporation | 1910399 |
|  |  | 32866022 |
|  | **Materials - 9.5%** |  |
| 89893 | Alcoa Corporation | 5962603 |
| 34021 | AptarGroup, Inc. | 4287326 |
| 11827 | Eagle Materials, Inc. | 2240625 |
| 16059 | Ecolab, Inc. | 4272015 |
| 14137 | Greif, Inc., Class A | 948169 |
| 36876 | Owens Corning | 3990721 |
| 14745 | Vulcan Materials Company | 4015063 |
| 5916 | WD-40 Company | 1206509 |
|  |  | 26923031 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA SMID CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Real Estate - 8.5%** |  |
| 31438 | Agree Realty Corporation | $2369796 |
| 36240 | American Assets Trust, Inc. | 667178 |
| 97276 | American Homes 4 Rent, Class A | 2715946 |
| 71850 | CubeSmart | 2633303 |
| 21738 | EPR Properties | 1086030 |
| 46469 | Equity LifeStyle Properties, Inc. | 2900596 |
| 33813 | Four Corners Property Trust, Inc. | 799677 |
| 30424 | Getty Realty Corporation | 967483 |
| 12609 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 3837171 |
| 61008 | NNN REIT, Inc. | 2564166 |
| 102170 | Rexford Industrial Realty, Inc. | 3344025 |
|  |  | 23885371 |
|  | **Technology - 9.6%** |  |
| 38310 | ACI Worldwide, Inc.<sup>(a)</sup> | 1571093 |
| 15400 | Broadridge Financial Solutions, Inc. | 2502192 |
| 28573 | CTS Corporation | 1364647 |
| 61917 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 588212 |
| 21939 | Euronet Worldwide, Inc.<sup>(a)</sup> | 1456091 |
| 75011 | KBR, Inc. | 2764905 |
| 17473 | Leidos Holdings, Inc. | 2717401 |
| 20456 | Maximus, Inc. | 1311230 |
| 7139 | Morningstar, Inc. | 1206848 |
| 37565 | NetScout Systems, Inc.<sup>(a)</sup> | 1194191 |
| 70487 | Nutanix, Inc., A<sup>(a)</sup> | 2679211 |
| 110934 | Payoneer Global, Inc.<sup>(a)</sup> | 535811 |
| 53280 | Photronics, Inc.<sup>(a)</sup> | 2153045 |
| 26831 | Q2 Holdings, Inc.<sup>(a)</sup> | 1269106 |
| 76746 | Teradata Corporation<sup>(a)</sup> | 1967000 |
| 56749 | Veeco Instruments, Inc.<sup>(a)</sup> | 1921521 |
|  |  | 27202504 |
|  | **Utilities - 5.6%** |  |
| 49580 | Avista Corporation | 1990141 |
| 30842 | Evergy, Inc. | 2526577 |
| 70165 | FirstEnergy Corporation | 3554558 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA SMID CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Utilities - 5.6% (Continued)** |  |
| 35974 | H2O America | $2110595 |
| 84110 | OGE Energy Corporation | 4033915 |
| 15694 | Pinnacle West Capital Corporation | 1581171 |
|  |  | 15796957 |
|  | **TOTAL COMMON STOCKS (Cost $269,039,756)** | 277259363 |
|  | **EXCHANGE-TRADED FUNDS — 1.3%** |  |
|  | **Equity - 1.3%** |  |
| 14223 | iShares Russell Mid-Cap Value ETF | 2072860 |
| 7710 | Vanguard Small-Cap Value ETF | 1674998 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,836,000)** | 3747858 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $272,875,756)** | $281007221 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 1414085 |
|  | **NET ASSETS - 100.0%** | $282421306 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |

---

 

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

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA WORLD EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6%** |  |
|  | **Communications - 3.6%** |  |
| 622 | Fox Corporation, Class A | $36325 |
| 17908 | KDDI Corporation | 307300 |
| 549 | Omnicom Group, Inc. | 41345 |
| 7760 | Orange S.A. | 159097 |
| 2259 | Rogers Communications Inc, Class B | 86861 |
| 187836 | SoftBank Corporation | 249836 |
| 182 | VeriSign, Inc. | 45202 |
| 8041 | Verizon Communications, Inc. | 403658 |
| 3349 | Walt Disney Company (The) | 322776 |
|  |  | 1652400 |
|  | **Consumer Discretionary - 6.7%** |  |
| 1277 | Bunzl plc | 38131 |
| 3299 | Cie Generale des Etablissements Michelin | 111301 |
| 1364 | D'ieteren Group | 249405 |
| 1192 | Evolution A.B.<sup>(a)(b)</sup> | 73674 |
| 7469 | Ford Motor Company | 86192 |
| 203 | Games Workshop Group PLC | 47557 |
| 1735 | General Motors Company | 129258 |
| 352 | Genuine Parts Company | 37224 |
| 1871 | Home Depot, Inc. (The) | 615352 |
| 437 | Lennar Corporation, Class A | 37949 |
| 822 | LVMH Moet Hennessy Louis Vuitton S.E. | 439977 |
| 1545 | Magna International, Inc. | 86268 |
| 396 | Marriott International Inc, Class A | 129520 |
| 612 | Ross Stores, Inc. | 132578 |
| 429 | Royal Caribbean Cruises Ltd. | 118052 |
| 3862 | Sekisui House Ltd. | 85653 |
| 4963 | Sumitomo Electric Industries Ltd. | 262045 |
| 2133 | TJX Companies, Inc. (The) | 340639 |
| 503 | Yum! Brands, Inc. | 78206 |
|  |  | 3098981 |
|  | **Consumer Staples - 10.2%** |  |
| 10200 | Asahi Group Holdings Ltd. <sup>(a)</sup> | 101863 |
| 8082 | British American Tobacco plc | 467565 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA WORLD EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Consumer Staples - 10.2% (Continued)** |  |
| 7454 | Coca-Cola Company (The) | $566876 |
| 828 | Coca-Cola Europacific Partners plc | 75075 |
| 317 | Constellation Brands, Inc., Class A | 47550 |
| 3010 | Imperial Brands plc | 122045 |
| 3972 | Koninklijke Ahold Delhaize N.V. | 185409 |
| 7443 | Nestle S.A. | 729992 |
| 2561 | PepsiCo, Inc. | 397698 |
| 4292 | Procter & Gamble Company (The) | 619936 |
| 2060 | Royal Unibrew A/S | 167170 |
| 26341 | Tesco PLC | 164941 |
| 8456 | Walmart, Inc. | 1050912 |
|  |  | 4697032 |
|  | **Energy - 6.8%** |  |
| 3654 | Chevron Corporation | 756013 |
| 8252 | Exxon Mobil Corporation | 1400033 |
| 5465 | TC Energy Corporation | 342147 |
| 6929 | TotalEnergies S.E. | 635877 |
|  |  | 3134070 |
|  | **Financials - 28.2%**<sup>(c)</sup> |  |
| 2476 | AL Sydbank | 197097 |
| 1438 | Allianz S.E. | 597173 |
| 488 | Allstate Corporation (The) | 101182 |
| 421 | Ares Management Corporation, Class A | 45931 |
| 5206 | AXA S.A. | 236111 |
| 30716 | Banco Bilbao Vizcaya Argentaria S.A. | 647905 |
| 6298 | Bank of Ireland Group PLC | 112355 |
| 1379 | Bank of New York Mellon Corporation (The) | 163591 |
| 6325 | Bank of Nova Scotia (The) | 438538 |
| 3848 | Beazley plc | 64478 |
| 3000 | BNP Paribas S.A. | 280825 |
| 683 | Chubb Ltd. | 222610 |
| 3409 | Citigroup, Inc. | 386615 |
| 771 | Deutsche Boerse A.G. | 223761 |
| 8586 | DNB Bank ASA | 267149 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA WORLD EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Financials - 28.2%**<sup>(c)</sup> **(Continued)** |  |
| 135 | Everest Group Ltd. | $44125 |
| 584 | Goldman Sachs Group, Inc. (The) | 494058 |
| 306 | Hannover Rueck S.E. | 94714 |
| 63889 | HSBC Holdings PLC | 1049189 |
| 11920 | ING Groep N.V. | 309391 |
| 1088 | Intercontinental Exchange, Inc. | 171121 |
| 55114 | Intesa Sanpaolo SpA | 328760 |
| 5040 | JPMorgan Chase & Company | 1482565 |
| 1091 | Julius Baer Group Ltd. | 80250 |
| 21845 | Legal & General Group plc | 71213 |
| 75830 | Mitsubishi UFJ Financial Group, Inc. | 1242230 |
| 15534 | Mizuho Financial Group, Inc. | 595764 |
| 2398 | Morgan Stanley | 394639 |
| 1988 | National Bank of Canada | 257198 |
| 16400 | Nordea Bank Abp | 278956 |
| 1134 | Progressive Corporation (The) | 224804 |
| 4500 | Sumitomo Mitsui Trust Group, Inc. | 138987 |
| 12654 | Svenska Handelsbanken A.B., A Shares | 164453 |
| 7089 | Swedbank A.B., Class A | 238765 |
| 80 | Swiss Life Holding A.G. | 87140 |
| 11621 | Tokio Marine Holdings, Inc. | 545474 |
| 415 | Travelers Companies, Inc. (The) | 121047 |
| 7556 | UBS Group A.G. | 290401 |
| 5201 | UniCredit SpA | 373124 |
| 641 | W R Berkley Corporation | 42485 |
|  |  | 13106174 |
|  | **Health Care - 10.0%** |  |
| 1004 | Amgen, Inc. | 353257 |
| 539 | Becton Dickinson and Company | 84747 |
| 498 | Cigna Group (The) | 132842 |
| 2476 | CVS Health Corporation | 177826 |
| 2367 | Gilead Sciences, Inc. | 329889 |
| 224 | Humana, Inc. | 38839 |
| 4449 | Johnson & Johnson | 1087515 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA WORLD EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Health Care - 10.0% (Continued)** |  |
| 2522 | Medtronic PLC | $218531 |
| 4707 | Merck & Company, Inc. | 566205 |
| 5277 | Novartis A.G. | 810021 |
| 773 | Orion OYJ, Class B | 62272 |
| 3613 | Sanofi S.A. | 348892 |
| 1577 | Siemens Healthineers A.G.<sup>(b)</sup> | 66164 |
| 662 | Stryker Corporation | 217527 |
| 74 | Waters Corporation<sup>(a)</sup> | 22037 |
| 807 | Zoetis, Inc. | 95395 |
|  |  | 4611959 |
|  | **Industrials - 9.3%** |  |
| 4477 | ABB Ltd. | 364029 |
| 11578 | BAE Systems plc | 337131 |
| 4710 | Canadian Pacific Kansas City | 370570 |
| 648 | Cintas Corporation | 109603 |
| 1215 | Delta Air Lines, Inc. | 80773 |
| 296 | Expeditors International of Washington, Inc. | 42396 |
| 489 | General Dynamics Corporation | 167835 |
| 1300 | Hoshizaki Corporation | 41380 |
| 734 | Rollins, Inc. | 39203 |
| 2525 | RTX Corporation | 487073 |
| 2782 | Siemens A.G. | 661416 |
| 1078 | Southwest Airlines Company | 40500 |
| 492 | Spirax Group plc | 44138 |
| 1509 | Sunbelt Rentals Holdings, Inc. | 94869 |
| 450 | Trane Technologies PLC | 187533 |
| 114 | TransDigm Group, Inc.<sup>(a)</sup> | 132121 |
| 1125 | Union Pacific Corporation | 272948 |
| 12498 | Volvo A.B., B shares | 403259 |
| 1367 | Waste Connections, Inc. | 222060 |
| 684 | Waste Management, Inc. | 157176 |
| 472 | Xylem Inc | 56404 |
|  |  | 4312417 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA WORLD EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Materials - 3.0%** |  |
| 2752 | Agnico Eagle Mines Ltd. | $558498 |
| 1090 | DuPont de Nemours, Inc. | 49922 |
| 478 | Ecolab, Inc. | 127158 |
| 2612 | Freeport-McMoRan, Inc. | 153533 |
| 1451 | Holcim A.G. | 117812 |
| 2000 | Newmont Corporation | 216500 |
| 35745 | Nippon Steel Corporation | 129703 |
| 1164 | Smurfit WestRock plc | 46385 |
|  |  | 1399511 |
|  | **Real Estate - 1.9%** |  |
| 4046 | Aena S.M.E. SA<sup>(b)</sup> | 119341 |
| 266 | AvalonBay Communities, Inc. | 43451 |
| 190 | Equinix, Inc. | 186245 |
| 169 | Essex Property Trust, Inc. | 40898 |
| 1619 | Invitation Homes, Inc. | 40232 |
| 54 | Japan Real Estate Investment Corporation | 39759 |
| 4102 | Merlin Properties Socimi, S.A. | 66828 |
| 1764 | Realty Income Corporation | 107922 |
| 5410 | Segro plc | 46376 |
| 624 | Simon Property Group, Inc. | 116395 |
| 2030 | VICI Properties, Inc. | 55460 |
|  |  | 862907 |
|  | **Technology - 15.8%** |  |
| 1184 | Accenture PLC, Class A | 234776 |
| 11405 | Broadcom, Inc. | 3529962 |
| 223 | Broadridge Financial Solutions, Inc. | 36233 |
| 308 | CDW Corp | 37274 |
| 7991 | Cisco Systems, Inc. | 620022 |
| 906 | Cognizant Technology Solutions Corporation, Class A | 55583 |
| 1610 | Corning, Inc. | 218912 |
| 152 | FactSet Research Systems, Inc. | 32982 |
| 318 | Garmin Ltd. | 73779 |
| 1855 | International Business Machines Corporation | 449634 |
| 2603 | Lam Research Corporation | 556157 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA WORLD EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.6% (Continued)** |  |
|  | **Technology - 15.8% (Continued)** |  |
| 320 | Motorola Solutions, Inc. | $138870 |
| 140 | MSCI, Inc. | 75461 |
| 411 | NetApp, Inc. | 42082 |
| 1946 | Open Text Corporation | 43357 |
| 431 | Seagate Technology Holdings PLC | 168849 |
| 44301 | Sony Group Corporation | 923307 |
| 730 | Thomson Reuters Corporation<sup>(a)</sup> | 65876 |
|  |  | 7303116 |
|  | **Utilities - 2.1%** |  |
| 363 | American Water Works Company, Inc. | 49401 |
| 408 | DTE Energy Company | 59658 |
| 1482 | Duke Energy Corporation | 194053 |
| 1942 | Exelon Corporation | 95197 |
| 1016 | FirstEnergy Corporation | 51471 |
| 1073 | NiSource, Inc. | 50066 |
| 415 | NRG Energy, Inc. | 60648 |
| 962 | Public Service Enterprise Group, Inc. | 77874 |
| 1058 | Severn Trent plc | 43391 |
| 2102 | Southern Company (The) | 202884 |
| 7339 | Terna - Rete Elettrica Nazionale | 83671 |
|  |  | 968314 |
|  | **TOTAL COMMON STOCKS (Cost $39,289,443)** | 45146881 |
|  | **EXCHANGE-TRADED FUNDS —1.5%** |  |
|  | **Equity - 1.5%** |  |
| 2906 | iShares MSCI EAFE ETF | 282260 |
| 126 | State Street SPDR S&P 500 ETF Trust | 81943 |
| 517 | Vanguard S&P 500 ETF | 308933 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $694,078)** | 673136 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **NAA WORLD EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.1% (Cost $39,983,521)** | $45820017 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | 438333 |
| **NET ASSETS - 100.0%** | $46258350 |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.E. | - Société Européene |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the total market value of 144A securities is 259,179 or 0.6% of net assets.

<sup>(c)</sup> See note 3.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Assets and Liabilities (Unaudited)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **NAA Allocation**<br>**Fund** | **NAA Large Cap**<br>**Value Fund** | **NAA Large**<br>**Core Fund** | **NAA Mid**<br>**Growth Fund** |
| Investments in securities, at cost | $155760891 | $63970324 | $211513718 | $64458049 |
| Investments in securities, at value | $174667063 | $66306394 | $234313978 | $67434271 |
| Cash | 1423929 | 52677 | 1565807 | 257305 |
| Receivable for securities sold |  | 275210 |  | 79062 |
| Receivable for Portfolio shares sold | 4578 | 1391 | 1422 | 1172 |
| Interest receivable | 542001 | 653 | 458 | 1225 |
| Dividends receivable | 77803 | 79506 | 131055 | 34333 |
| Prepaid expenses | 26241 | 59203 | 59833 | 22504 |
| **Total Assets** | 176741615 | 66775034 | 236072553 | 67829872 |
| **Liabilities:** |  |  |  |  |
| Payable for Portfolio shares redeemed | 72169 | 148292 | 136726 | 12069 |
| Accrued investment advisory fees | 146280 | 14153 | 148044 | 44182 |
| Accrued distribution (12b-1) fees | 86062 | 9230 | 281040 | 52994 |
| Accrued administrative fees | 25366 | 13304 | 27646 | 17331 |
| Accrued Transfer Agency Fees | 22010 | 7110 | 21737 | 10693 |
| Accrued miscellaneous fees | 29455 | 1400 | 9109 | 6808 |
| **Total Liabilities** | 381342 | 193489 | 624302 | 144077 |
| **Net Assets** | $176360273 | $66581545 | $235448251 | $67685795 |
| **Components of Net Assets:** |  |  |  |  |
| Paid-in capital | $152027620 | $53527841 | $210687201 | $68167868 |
| Accumulated earnings (losses) | 24332653 | 13053704 | 24761050 | (482073) |
| **Net Assets** | $176360273 | $66581545 | $235448251 | $67685795 |
| **Class A Shares:** |  |  |  |  |
| Net assets | $108593384 | $41751999 | $226826923 | $66371469 |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 6679392 | 968863 | 10374183 | 1723121 |
| Net asset value and redemption price per share <br> (Net assets ÷ Total shares of beneficial interest outstanding) | $16.26 | $43.09 | $21.86 | $38.52 |
| Maximum offering price per share <br> (net asset value plus maximum sales charge of 4.75%) | $17.07 | $45.24 | $22.95 | $40.44 |
| **Class C Shares:** |  |  |  |  |
| Net assets | $5604315 | $1223161 | $562655 | $196875 |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 393377 | 33217 | 23467 | 5027 |
| Net asset value, offering and redemption price per share (a) <br> (Net assets ÷ Total shares of beneficial interest outstanding) | $14.25 | $36.82 | $23.98 | $39.16 |
| **Institutional Class Shares:** |  |  |  |  |
| Net assets | $58205651 | $23606385 | $8058673 | $1117451 |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 3384629 | 562707 | 376155 | 28950 |
| Net asset value, offering and redemption price per share <br> (Net assets ÷ Total shares of beneficial interest outstanding) | $17.20 | $41.95 | $21.42 | $38.60 |
| **Class P Shares** |  |  |  |  |
| Net assets | $3956923 |  |  |  |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 239436 |  |  |  |
| Net asset value, offering and redemption price per share <br> (Net assets ÷ Total shares of beneficial interest outstanding) | $16.53 |  |  |  |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Assets and Liabilities (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **NAA Opportunity**<br>**Fund** | **NAA Risk Managed**<br>**Real Estate Fund** | **NAA SMid Cap**<br>**Value Fund** | **NAA World Equity**<br>**Income Fund** |
| Investments in securities, at cost | $26081010 | $159974900 | $272875756 | $39983521 |
| Investments in securities, at value | $26734209 | $174753663 | $281007221 | $45820017 |
| Cash | 7530713 | 6612207 | 1047337 | 142596 |
| Foreign Cash (Cost $-, -, -, 20,467) |  |  |  | 20467 |
| Cash at Broker for Swaps | 2262610 | 1387653 |  |  |
| Cash at Broker for Short Sales |  | 24967722 |  |  |
| Receivable for securities sold |  |  | 331743 | 96123 |
| Receivable for Portfolio shares sold | 113 | 4604 | 12388 | 1334 |
| Interest receivable | 3368 | 977 | 567 | 322 |
| Dividends receivable | 15858 | 637906 | 322335 | 154325 |
| Unrealized appreciation on swap agreements | 6834447 | 1975593 |  |  |
| Reclaims receivable |  |  | 302 | 58493 |
| Prepaid expenses | 62404 | 15541 | 140397 | 63598 |
| **Total Assets** | 43443722 | 210355866 | 282862290 | 46357275 |
| **Liabilities:** |  |  |  |  |
| Securities sold short, at value (proceeds $-,26,721,655,-,-) |  | 27132037 |  |  |
| Payable for Portfolio shares redeemed | 7 | 32761 | 223352 | 51937 |
| Accrued investment advisory fees | 20786 | 115533 | 119622 | 7144 |
| Accrued distribution (12b-1) fees | 3088 | 11243 | 47087 | 10961 |
| Accrued administrative fees | 5500 | 34312 | 29409 | 16280 |
| Accrued transfer agency fees | 3593 | 35002 | 20787 | 8826 |
| Unrealized depreciation on swap agreements | 3604819 | 2675815 |  |  |
| Accrued miscellaneous fees | 2901 | 29356 | 727 | 3777 |
| Dividends payable from short positions |  | 106946 |  |  |
| **Total Liabilities** | 3640694 | 30173005 | 440984 | 98925 |
| **Net Assets** | $39803028 | $180182861 | $282421306 | $46258350 |
| **Components of Net Assets:** |  |  |  |  |
| Paid-in capital | $58388347 | $169292579 | $255424594 | $37673784 |
| Accumulated earnings (losses) | (18585319) | 10890282 | 26996712 | 8584566 |
| **Net Assets** | $39803028 | $180182861 | $282421306 | $46258350 |
| **Class A Shares:** |  |  |  |  |
| Net assets | $3451342 | $10839685 | $246626037 | $43005999 |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 101067 | 333005 | 7110684 | 2506119 |
| Net asset value and redemption price per share <br> (Net assets ÷ Total shares of beneficial interest outstanding) | $34.15 | $32.55 | $34.68 | $17.16 |
| Maximum offering price per share <br> (net asset value plus maximum sales charge of 4.75%) | $35.85 | $34.17 | $36.41 | $18.02 |
| **Class C Shares:** |  |  |  |  |
| Net assets | $32448 | $3020547 | $1816011 | $826401 |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 814 | 93616 | 46502 | 62032 |
| Net asset value, offering and redemption price per share (a) <br> (Net assets ÷ Total shares of beneficial interest outstanding) | $39.88 (b) | $32.27 | $39.05 | $13.32 |
| **Institutional Class Shares:** |  |  |  |  |
| Net assets | $36319238 | $166322629 | $33979258 | $2425950 |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 1075175 | 5026776 | 929434 | 142549 |
| Net asset value, offering and redemption price per share <br> (Net assets ÷ Total shares of beneficial interest outstanding) | $33.78 | $33.09 | $36.56 | $17.02 |

---

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

(b) NAV does not recalculate due to rounding
 of net assets.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Operations (Unaudited)** |
| **For the Six Months Ended March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Allocation**<br>**Fund** | **NAA Large Cap**<br>**Value Fund** | **NAA Large**<br>**Core Fund** | **NAA Mid**<br>**Growth Fund** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $1928975 | $667386 | $1393326 | $308211 |
| Interest income | 74708 | 5775 | 19819 | 5436 |
| **Total Investment Income** | 2003683 | 673161 | 1413145 | 313647 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 898650 | 232837 | 954313 | 262860 |
| Distribution 12b-1 fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 147840 | 55330 | 306244 | 85769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 33161 | 7004 | 3062 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P | 5649 |  |  |  |
| Administration fees | 72774 | 30317 | 78615 | 25509 |
| Networking fees | 47299 | 17906 | 63611 | 17523 |
| Transfer agent fees | 38951 | 28513 | 52396 | 42137 |
| Registration & filing fees | 31588 | 30588 | 35588 | 35588 |
| Printing and postage expenses | 6234 | 1234 | 6234 | 1234 |
| Miscellaneous fees and expenses | 49174 | 20407 | 76195 | 23186 |
| **Total Expenses** | 1331320 | 424136 | 1576258 | 494956 |
| Expenses waived/reimbursed | (63557) | (56946) |  |  |
| **Net Expenses** | 1267763 | 367190 | 1576258 | 494956 |
| **Net Investment Income (Loss)** | 735920 | 305971 | (163113) | (181309) |
| **Realized and Unrealized** |  |  |  |  |
| **Gain (Loss) on Investments:** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4712322 | 4913538 | 2291608 | (1813832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap agreements |  |  |  |  |
|  | 4712322 | 4913538 | 2291608 | (1813832) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (9389520) | (4088756) | (9050802) | 1863476 |
| &nbsp;&nbsp;&nbsp;Swap agreements |  |  |  |  |
|  | (9389520) | (4088756) | (9050802) | 1863476 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | (4677198) | 824782 | (6759194) | 49644 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(3941278) | $1130753 | $(6922307) | $(131665) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Operations (Unaudited) (Continued)** |
| **For the Six Months Ended March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Opportunity**<br>**Fund** | **NAA Risk Managed**<br>**Real Estate Fund** | **NAA SMid Cap**<br>**Value Fund** | **NAA World Equity**<br>**Income Fund** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $239753 | $3446402 | $3141301 | $628820 |
| Interest income | 253572 | 715797 | 21484 | 4406 |
| Less: Foreign taxes withheld |  |  |  | (43804) |
| **Total Investment Income** | 493325 | 4162199 | 3162785 | 589422 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 163280 | 729069 | 1215223 | 167317 |
| Distribution 12b-1 fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 4063 | 13789 | 322393 | 55492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 151 | 17078 | 10047 | 4612 |
| Administration fees | 27774 | 68450 | 93673 | 33229 |
| Transfer agent fees | 21737 | 41634 | 69222 | 17194 |
| Registration & filing fees | 13288 | 35588 | 35588 | 24588 |
| Networking fees | 9071 | 48606 | 74350 | 11952 |
| Custody fees | 3740 | 23463 | 26959 | 21740 |
| Printing and postage expenses | 234 | 6234 | 6234 | 1234 |
| Short sales dividend expense |  | 629322 |  |  |
| Miscellaneous fees and expenses | 13305 | 59839 | 65639 | 11104 |
| **Total Expenses** | 256643 | 1673072 | 1919328 | 348462 |
| Expenses waived/reimbursed |  | (115260) | (244720) | (68525) |
| **Net Expenses** | 256643 | 1557812 | 1674608 | 279937 |
| **Net Investment Income** | 236682 | 2604387 | 1488177 | 309485 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1203659 | 1425315 | 17396856 | 2473858 |
| &nbsp;&nbsp;&nbsp;Investments sold short |  | (1533336) |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1431379 | (299995) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  |  | (2033) |
|  | 2635038 | (408016) | 17396856 | 2471825 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (240330) | (1216389) | (15300118) | 96750 |
| &nbsp;&nbsp;&nbsp;Investments sold short |  | 628648 |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1671630 | (451915) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  |  | (3747) |
|  | 1431300 | (1039656) | (15300118) | 93003 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 4066338 | (1447672) | 2096738 | 2564828 |
| **Net Increase in Net Assets Resulting from Operations** | $4303020 | $1156715 | $3584915 | $2874313 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Changes in Net Assets** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** |
|  | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $735920 | $1779437 | $305971 | $629466 |
| Net realized gain on investments | 4712322 | 24632933 | 4913538 | 14642202 |
| Net change in unrealized depreciation on investments | (9389520) | (1517946) | (4088756) | (9164836) |
| Net increase (decrease) in net assets resulting from operations | (3941278) | 24894424 | 1130753 | 6106832 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10905047) | (17699918) | (5698075) | (4831600) |
| &nbsp;&nbsp;&nbsp;Class C | (643778) | (1381988) | (197120) | (202881) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (5290456) | (8130642) | (3612132) | (1711890) |
| &nbsp;&nbsp;&nbsp;Class P | (415738) | (639492) |  | (87996) (b) |
| Total distributions to shareholders | (17255019) | (27852040) | (9507327) | (6834367) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1526800 | 3475427 | 334827 | 8145303 (c) |
| &nbsp;&nbsp;&nbsp;Class C | 33944 | 754151 | 30813 | 14714 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 7986850 | 4688028 | 2689293 | 7805337 |
| &nbsp;&nbsp;&nbsp;Class P | 116999 | 250491 |  | 9026 (b) |
| &nbsp;&nbsp;&nbsp;Proceeds received in connection with merger<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  | 11273118 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |  | 1163467 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |  | 16146418 |
| &nbsp;&nbsp;&nbsp;Class P |  |  |  | 1027969 (b) |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9929440 | 15966752 | 5589118 | 4742848 |
| &nbsp;&nbsp;&nbsp;Class C | 641066 | 1377351 | 197120 | 202881 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 5032248 | 7732897 | 3604167 | 1707117 |
| &nbsp;&nbsp;&nbsp;Class P | 409884 | 633027 |  | 87996 (b) |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10910750) | (24310972) | (3706333) | (15408305) |
| &nbsp;&nbsp;&nbsp;Class C | (1571739) | (4347969) | (367507) | (930305) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8156026) | (13762416) | (4753717) | (3848413) |
| &nbsp;&nbsp;&nbsp;Class P | (988119) | (604126) |  | (227836) (b)(c) |
| &nbsp;&nbsp;&nbsp;Tax-free interclass conversion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |  | 845327 |
| &nbsp;&nbsp;&nbsp;Class P |  |  |  | (845327) (c) |
| Net increase (decrease) in net assets from share transactions of beneficial interest | 4050597 | (8147359) | 3617781 | 31911335 |
| **Total Increase (Decrease) In Net Assets** | (17145700) | (11104975) | (4758793) | 31183800 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 193505973 | 204610948 | 71340338 | 40156538 |
| End of year/period | $176360273 | $193505973 | $66581545 | $71340338 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** |
|  | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 |
| **SHARE ACTIVITY** | (Unaudited) |  | (Unaudited) |  |
| **Class A** |  |  |  |  |
| Shares Sold | 85236 | 199025 | 7358 | 168890 (c) |
| Shares received in connection with merger |  |  |  | 232209 |
| Shares Reinvested | 574620 | 951535 | 125966 | 104601 |
| Shares Redeemed | (616635) | (1401889) | (80787) | (322484) |
| Tax-free interclass conversion |  |  |  | 19819 (b) |
| Net increase (decrease) in shares of beneficial interest outstanding | 43221 | (251329) | 52537 | 203035 |
| **Class C** |  |  |  |  |
| Shares Sold | 2137 | 51859 | 792 | 364 |
| Shares received in connection with merger<sup>(a)</sup> |  |  |  | 27082 |
| Shares Reinvested | 42287 | 92564 | 5190 | 5165 |
| Shares Redeemed | (101501) | (281031) | (9162) | (22563) |
| Net increase (decrease) in shares of beneficial interest outstanding | (57077) | (136608) | (3180) | 10048 |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 436065 | 256619 | 58484 | 176172 |
| Shares received in connection with merger<sup>(a)</sup> |  |  |  | 339985 |
| Shares Reinvested | 275740 | 438870 | 83507 | 39240 |
| Shares Redeemed | (441953) | (749250) | (108860) | (87026) |
| Net increase (decrease) in shares of beneficial interest outstanding | 269852 | (53761) | 33131 | 468371 |
| **Class P** |  |  |  |  |
| Shares Sold | 6250 | 14244 |  | 207 |
| Shares received in connection with merger<sup>(a)</sup> |  |  |  | 21218 |
| Shares Reinvested | 23355 | 37237 |  | 1987 |
| Shares Redeemed | (55162) | (33754) |  | (5125) (c) |
| Tax-free interclass conversion |  |  |  | (19864) (c) |
| Net increase (decrease) in shares of beneficial interest outstanding | (25557) | 17727 |  | (1577) (b) |

---

(a) The Guggenheim RBP<sup>(R)</sup>Dividend
 Fund, Guggenheim RBP<sup>(R)</sup> Large-Cap Defensive Fund, Guggenheim RBP<sup>(R)</sup>Large-Cap Value Fund, and the Guggenheim Large
 Cap Value Fund were reorganized into the NAA Large Cap Value Fund which occurred after the close of business on October 25, 2024 (see
 Note 1 of the Notes to Financial Statements).

(b) Effective April 28, 2025, the NAA
 Large Cap Value Fund converted its Class P shares into Class A Shares.

(c) Includes automatic conversion from
 Class P shares of $845,327 representing 19,864 shares into 19,819 Class A Shares.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** |
|  | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income (loss) | $(163113) | $424764 | $(181309) | $(293789) |
| Net realized gain (loss) on investments | 2291608 | 49328884 | (1813832) | 13338779 |
| Net change in unrealized appreciation (depreciation) on investments | (9050802) | (14863441) | 1863476 | (8994413) |
| Net increase (decrease) in net assets resulting from operations | (6922307) | 34890207 | (131665) | 4050577 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (7154014) | (47830317) |  | (1895782) |
| &nbsp;&nbsp;&nbsp;Class C | (15634) | (303545) |  | (29994) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (281426) | (1505871) |  | (47087) |
| &nbsp;&nbsp;&nbsp;Class P |  | (11131) (a) |  | (1353) (a) |
| Total distributions to shareholders | (7451074) | (49650864) |  | (1974216) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1321628 | 3374350 (b) | 682094 | 1269106 (c) |
| &nbsp;&nbsp;&nbsp;Class C | 6891 | 12846 | 6088 | 25691 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1460497 | 3759041 | 104618 | 1018393 |
| &nbsp;&nbsp;&nbsp;Class P |  | 252 (a) |  | 11805 (a) |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6801223 | 45689049 |  | 1798324 |
| &nbsp;&nbsp;&nbsp;Class C | 15634 | 303545 |  | 29638 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 280115 | 1497370 |  | 47000 |
| &nbsp;&nbsp;&nbsp;Class P |  | 11131 (a) |  | 1353 (a) |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (14461139) | (42960060) | (4716156) | (10587257) |
| &nbsp;&nbsp;&nbsp;Class C | (32886) | (339504) | (81924) | (386469) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1992867) | (4223617) | (251602) | (918815) |
| &nbsp;&nbsp;&nbsp;Class P |  | (31838) (a)(b) |  | (23762) (a)(c) |
| &nbsp;&nbsp;&nbsp;Tax-free interclass conversion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 52781 |  | 55964 |
| &nbsp;&nbsp;&nbsp;Class P |  | (52781) (b) |  | (55964) (c) |
| Net increase (decrease) in net assets from |  |  |  |  |
| share transactions of beneficial interest | (6600904) | 7092565 | (4256882) | (7714993) |
| **Total Decrease In Net Assets** | (20974285) | (7668092) | (4388547) | (5638632) |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 256422536 | 264090628 | 72074342 | 77712974 |
| End of year/period | $235448251 | $256422536 | $67685795 | $72074342 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** |
|  | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 |
| **SHARE ACTIVITY** | (Unaudited) |  | (Unaudited) |  |
| **Class A** |  |  |  |  |
| Shares Sold | 56274 | 162134 (b) | 17756 | 33251 (c) |
| Shares Reinvested | 288799 | 2179821 |  | 48045 |
| Shares Redeemed | (621972) | (2013509) | (122588) | (282121) |
| Tax-free interclass conversion |  | 2742 (a) |  | 1631 (a) |
| Net increase (decrease) in shares of beneficial interest outstanding | (276899) | 331188 | (104832) | (199194) |
| **Class C** |  |  |  |  |
| Shares Sold | 270 | 1279 | 155 | 1122 |
| Shares Reinvested | 604 | 39422 |  | 2314 |
| Shares reduced due to reverse split |  | (64206) (d) |  | (22238) (e) |
| Shares Redeemed | (1291) | (23168) | (2072) | (20081) |
| Net decrease in shares of beneficial interest outstanding | (417) | (46673) | (1917) | (38883) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 63620 | 165127 | 2695 | 25488 |
| Shares Reinvested | 12147 | 72936 |  | 1257 |
| Shares Redeemed | (87354) | (185860) | (6473) | (24186) |
| Net increase (decrease) in shares of beneficial interest outstanding | (11587) | 52203 | (3778) | 2559 |
| **Class P** |  |  |  |  |
| Shares Sold |  | 12 |  | 325 |
| Shares Reinvested |  | 547 |  | 37 |
| Shares Redeemed |  | (1339) (b) |  | (654) (c) |
| Tax-free interclass conversion |  | (2824) (b) |  | (1667) (c) |
| Net decrease in shares of beneficial interest outstanding |  | (3604) (a) |  | (1959) (a) |

---

(a) Effective April 28, 2025, The Funds
 converted its Class P shares into Class A Shares.

(b) Includes automatic conversion from
 Class P shares of $52,781 representing 2,824 shares into 2,742 Class A Shares.

(c) Includes automatic conversion from
 Class P shares of $55,964 representing 1,667 shares into 1,631 Class A Shares.

(d) Effective April 1, 2025, NAA Large
 Core Class C had a three-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the
 three-for-one stock split.

(e) Effective April 1, 2025, NAA Mid
 Growth Class C had a three-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the
 three-for-one stock split.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** |
|  | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $236682 | $348491 | $2604387 | $4817385 |
| Net realized gain (loss) on investments | 2635038 | (1068539) | (408016) | 10835952 |
| Net change in unrealized appreciation (depreciation) on investments | 1431300 | (1628354) | (1039656) | (22532288) |
| Net increase (decrease) in net assets resulting from operations | 4303020 | (2348402) | 1156715 | (6878951) |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (22352) | (30372) | (127387) | (213791) |
| &nbsp;&nbsp;&nbsp;Class C |  |  | (32119) | (133825) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (308038) | (295577) | (2170469) | (9387102) |
| &nbsp;&nbsp;&nbsp;Class P |  | (6439) |  | (253390) (a) |
| Total distributions to shareholders | (330390) | (332388) | (2329975) | (9988108) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 217754 | 1015091 | 652204 | 8437265 (c) |
| &nbsp;&nbsp;&nbsp;Class C | 3036 | 3743 | 104235 | 333684 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 734691 | 926801 | 4134287 | 102985352 |
| &nbsp;&nbsp;&nbsp;Class P |  | 60 |  | 292215 (a) |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 19764 | 25420 | 119447 | 196958 |
| &nbsp;&nbsp;&nbsp;Class C |  |  | 28253 | 121275 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 308038 | 295576 | 1295214 | 8254471 |
| &nbsp;&nbsp;&nbsp;Class P |  | 6439 |  | 253390 (a) |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (344509) | (688597) | (1310623) | (2188650) |
| &nbsp;&nbsp;&nbsp;Class C | (17070) | (145067) | (897555) | (1401691) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (94297) | (966904) | (34665044) | (217008131) |
| &nbsp;&nbsp;&nbsp;Class P |  | (777988) |  | (9744840) (a)(c) |
| Tax-free interclass conversion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 722756 |  | 7598444 |
| &nbsp;&nbsp;&nbsp;Class P |  | (722756) |  | (7598444) (c) |
| Net increase (decrease) in net assets from share transactions of beneficial interest | 827407 | (305426) | (30539582) | (109468702) |
| **Total Increase (Decrease) In Net Assets** | 4800037 | (2986216) | (31712842) | (126335761) |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 35002991 | 37989207 | 211895703 | 338231464 |
| End of year/period | $39803028 | $35002991 | $180182861 | $211895703 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** |
|  | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 |
| **SHARE ACTIVITY** | (Unaudited) |  | (Unaudited) |  |
| **Class A** |  |  |  |  |
| Shares Sold | 6610 | 12082 (b) | 19833 | 29638 (c) |
| Shares Reinvested | 639 | 1193 | 3766 | 3429 |
| Shares reduced due to reverse split |  | (43660) (d) |  |  |
| Shares Redeemed | (10668) | (27451) | (40386) | (67582) |
| Tax-free interclass conversion |  | 23949 (a) |  | 243963 (a) |
| Net increase (decrease) in shares of beneficial interest outstanding | (3419) | (33887) | (16787) | 209448 |
| **Class C** |  |  |  |  |
| Shares Sold | 83 | 167 | 3187 | 10433 |
| Shares Reinvested |  |  | 898 | 3868 |
| Shares reduced due to reverse split |  | (2074) (e) |  |  |
| Shares Redeemed | (478) | (6843) | (27830) | (43449) |
| Net decrease in shares of beneficial interest outstanding | (395) | (8750) | (23745) | (29148) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 22164 | 30301 | 125373 | 3163511 |
| Shares Reinvested | 10073 | 9360 | 40154 | 259906 |
| Shares Redeemed | (3087) | (31486) | (1062520) | (6601892) |
| Net increase (decrease) in shares of beneficial interest outstanding | 29150 | 8175 | (896993) | (3178475) |
| **Class P** |  |  |  |  |
| Shares Sold |  | 2 |  | 8802 |
| Shares Reinvested |  | 299 |  | 7972 |
| Shares reduced due to reverse split |  | (11900) (f) |  |  |
| Shares Redeemed |  | (2483) (b) |  | (64846) (c) |
| Tax-free interclass conversion |  | (23702) (b) |  | (242457) (c) |
| Net decrease in shares of beneficial interest outstanding |  | (37784) (a) |  | (290529) (a) |

---

(a) Effective April 28, 2025, The Funds
 converted its Class P shares into Class A Shares.

(b) Includes automatic conversion from
 Class P shares of $722,756 representing 23,702 shares into 23,949 Class A Shares.

(c) Includes automatic conversion from
 Class P shares of $7,598,444 representing 242,457 shares into 243,963 Class A Shares.

(d) Effective April 1, 2025, NAA Opportunity
 Class A had a one-and-a-half-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to
 the one-and-a-half-for-one stock split.

(e) Effective April 1, 2025, NAA Opportunity
 Class C had a two-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the two-for-one
 stock split.

(f) Effective April 1, 2025, NAA Opportunity
 Class P had a one-and-a-half-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to
 the one-and-a-half-for-one stock split.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund** | **NAA World Equity Income Fund** | **NAA World Equity Income Fund** |
|  | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $1488177 | $2828635 | $309485 | $661427 |
| Net realized gain on investments | 17396856 | 69545740 | 2471825 | 6854444 |
| Net change in unrealized appreciation (depreciation) on investments | (15300118) | (60246256) | 93003 | (2487993) |
| Net increase in net assets resulting from operations | 3584915 | 12128119 | 2874313 | 5027878 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (32004095) | (26932897) | (5459063) | (2789439) |
| &nbsp;&nbsp;&nbsp;Class C | (215946) | (460313) | (139810) | (117920) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4541305) | (26724429) | (322579) | (166347) |
| &nbsp;&nbsp;&nbsp;Class P |  | (433101) (a) |  | (4023) (a) |
| Total distributions to shareholders | (36761346) | (54550740) | (5921452) | (3077729) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1081137 | 7432386 (b) | 612912 | 2128326 (c) |
| &nbsp;&nbsp;&nbsp;Class C | 31719 | 70804 | 15134 | 9710 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3004206 | 4621037 | 418056 | 862501 |
| &nbsp;&nbsp;&nbsp;Class P |  | 4226 (a) |  | 25 (a) |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 31183059 | 26152208 | 5244787 | 2683797 |
| &nbsp;&nbsp;&nbsp;Class C | 215301 | 455273 | 139810 | 117920 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3997206 | 21015786 | 320040 | 165116 |
| &nbsp;&nbsp;&nbsp;Class P |  | 433101 (a) |  | 4022 (a) |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (20266305) | (45113083) | (3810235) | (8915411) |
| &nbsp;&nbsp;&nbsp;Class C | (389914) | (1523167) | (431215) | (1542771) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8855396) | (32568442) | (536060) | (2060174) |
| &nbsp;&nbsp;&nbsp;Class P |  | (4526829) (a)(b) |  | (96219) (a)(c) |
| &nbsp;&nbsp;&nbsp;Tax-free interclass conversion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 3338265 |  | 73726 |
| &nbsp;&nbsp;&nbsp;Class P |  | (3338265) (b) |  | (73726) (c) |
| Net increase (decrease) in net assets from share transactions of beneficial interest | 10001013 | (23546700) | 1973229 | (6643158) |
| **Total Decrease In Net Assets** | (23175418) | (65969321) | (1073910) | (4693009) |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 305596724 | 371566045 | 47332260 | 52025269 |
| End of year/period | $282421306 | $305596724 | $46258350 | $47332260 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund** | **NAA World Equity Income Fund** | **NAA World Equity Income Fund** |
|  | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 | Six Months Ended<br>March 31, 2026 | Year Ended<br>September 30, 2025 |
| **SHARE ACTIVITY** | (Unaudited) |  | (Unaudited) |  |
| **Class A** |  |  |  |  |
| Shares Sold | 29548 | 109033 (b) | 33778 | 122258 (c) |
| Shares Reinvested | 886890 | 708732 | 306219 | 164962 |
| Shares Redeemed | (546005) | (1187070) | (212536) | (529252) |
| Tax-free interclass conversion |  | 97211 (a) |  | 4593 (a) |
| Net increase (decrease) in shares of beneficial interest outstanding | 370433 | (272094) | 127461 | (237439) |
| **Class C** |  |  |  |  |
| Shares Sold | 757 | 2564 | 1080 | 719 |
| Shares Reinvested | 5426 | 22101 | 10505 | 9056 |
| Shares reduced due to reverse split | (59956) | (59956) (d) |  |  |
| Shares Redeemed | (9440) | (58812) | (30138) | (110518) |
| Net decrease in shares of beneficial interest outstanding | (63213) | (94103) | (18553) | (100743) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 76002 | 412108 | 22677 | 51868 |
| Shares Reinvested | 107916 | 4351094 | 18840 | 10220 |
| Shares reduced due to reverse split |  | (7672519) (e) |  |  |
| Shares Redeemed | (226704) | (4077860) | (29903) | (123530) |
| Net increase (decrease) in shares of beneficial interest outstanding | (42786) | (6987177) | 11614 | (61442) |
| **Class P** |  |  |  |  |
| Shares Sold |  | 108 |  | 1 |
| Shares Reinvested |  | 11846 |  | 249 |
| Shares Redeemed |  | (32399) (b) |  | (1282) (c) |
| Tax-free interclass conversion |  | (98129) (b) |  | (4546) (c) |
| Net decrease in shares of beneficial interest outstanding |  | (118574) (a) |  | (5578) (a) |

---

(a) Effective April 28, 2025, The Funds
 converted its Class P shares into Class A Shares.

(b) Includes automatic conversion from
 Class P shares of $3,338,265 representing 98,129 shares into 97,211 Class A Shares.

(c) Includes automatic conversion from
 Class P shares of $73,726 representing 4,546 shares into 4,593 Class A Shares.

(d) Effective April 1, 2025, NAA SMid
 Cap Value Class C had a two-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the
 two-for-one stock split.

(e) Effective April 1, 2025, NAA SMid
 Cap Value Institutional Class had a eight-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give
 effect to the eight-for-one stock split.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Allocation Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $18.29 | $18.64 | $14.04 | $14.23 | $18.11 | $14.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.06 | 0.15 | (0.04) | 0.26 | (0.01) | (0.06) |
| Net realized and unrealized gain (loss) on investments | (0.39) | 2.18 | 4.90 | (0.40) | (1.27) | 4.18 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.33) | 2.33 | 4.86 | (0.14) | (1.28) | 4.12 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.02) | (0.26) | (0.05) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (1.56) | (2.66) |  |  | (2.60) |  |
| Total distributions | (1.70) | (2.68) | (0.26) | (0.05) | (2.60) | (0.01) |
| Net asset value, end of period/year | $16.26 | $18.29 | $18.64 | $14.04 | $14.23 | $18.11 |
| Total return (b) | (2.37)% (g) | 13.80% | 35.05% | (0.97)% | (9.40)% | 29.42% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $108593 | $121344 | $128383 | $111157 | $135504 | $152598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.67 % (h) | 0.84% | (0.25)'% | 1.81% | (0.03)% | (0.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.46 % (h) | 1.50% | 1.54% | 1.58% | 1.48% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.45 % (h) | 1.45% | 1.43% | 1.47% | 1.39% | 1.42% |
| Portfolio turnover rate | 30 % (g) | 87 % (f) | 125% | 130% | 149% | 131% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.45% | 1.45% | 1.43% | 1.46% | 1.38% | 1.41% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Allocation Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $16.14 | $16.83 | $12.67 | $12.87 | $16.72 | $13.01 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.00 (i) | 0.04 | (0.13) | 0.16 | (0.12) | (0.16) |
| Net realized and unrealized gain (loss) on investments | (0.33) | 1.93 | 4.44 | (0.36) | (1.13) | 3.87 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.33) | 1.97 | 4.31 | (0.20) | (1.25) | 3.71 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.15) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (1.56) | (2.66) |  |  | (2.60) |  |
| Total distributions | (1.56) | (2.66) | (0.15) |  | (2.60) |  |
| Net asset value, end of period/year | $14.25 | $16.14 | $16.83 | $12.67 | $12.87 | $16.72 |
| Total return (b) | (2.64)% (g) | 13.06% | 34.24% | (1.55)% | (10.08)% | 28.52% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $5604 | $7269 | $9878 | $11548 | $20835 | $60153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.06 % (h) | 0.23% | (0.91)% | 1.25% | (0.82)% | (1.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 2.21 % (h) | 2.23% | 2.25% | 2.21% | 2.21% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 2.05 % (h) | 2.05% | 2.08% | 2.08% | 2.08% | 2.09% |
| Portfolio turnover rate | 30 % (g) | 87 % (f) | 125% | 130% | 149% | 131% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 2.05% | 2.05% | 2.07% | 2.07% | 2.08% | 2.08% |

---

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

(g) Not annualized.

(h) Annualized.

(i) Amount represents less than $0.01
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Allocation Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $19.26 | $19.47 | $14.66 | $14.85 | $18.74 | $14.48 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | 0.23 | 0.02 | 0.33 | 0.04 | (0.01) |
| Net realized and unrealized gain (loss) on investments | (0.41) | 2.29 | 5.12 | (0.42) | (1.33) | 4.32 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.31) | 2.52 | 5.14 | (0.09) | (1.29) | 4.31 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.07) | (0.33) | (0.10) |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (1.56) | (2.66) |  |  | (2.60) |  |
| Total distributions | (1.75) | (2.73) | (0.33) | (0.10) | (2.60) | (0.05) |
| Net asset value, end of period/year | $17.20 | $19.26 | $19.47 | $14.66 | $14.85 | $18.74 |
| Total return (b) | (2.17)% (g) | 14.24% | 35.55% | (0.58)% | (9.11)% | 29.81% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $58206 | $59978 | $61690 | $63225 | $93219 | $137682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.07 % (h) | 1.24% | 0.10% | 2.22% | 0.25% | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.21 % (h) | 1.22% | 1.21% | 1.22% | 1.20% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.05 % (h) | 1.05% | 1.07% | 1.08% | 1.08% | 1.09% |
| Portfolio turnover rate | 30 % (g) | 87 % (f) | 125% | 130% | 149% | 131% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.05% | 1.05% | 1.07% | 1.07% | 1.08% | 1.09% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Allocation Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class P Shares | Class P Shares | Class P Shares | Class P Shares | Class P Shares | Class P Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $18.55 | $18.85 | $14.19 | $14.36 | $18.25 | $14.10 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.07 | 0.17 | (0.03) | 0.28 | 0.00 (g) | (0.05) |
| Net realized and unrealized gain (loss) on investments | (0.39) | 2.21 | 4.97 | (0.39) | (1.29) | 4.20 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.32) | 2.38 | 4.94 | (0.11) | (1.29) | 4.15 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.02) | (0.28) | (0.06) |  | 0.00 (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (1.56) | (2.66) |  |  | (2.60) |  |
| Total distributions | (1.70) | (2.68) | (0.28) | (0.06) | (2.60) |  |
| Net asset value, end of period/year | $16.53 | $18.55 | $18.85 | $14.19 | $14.36 | $18.25 |
| Total return (b) | (2.28)% (h) | 13.92% | 35.26% | (0.80)% | (9.38)% | 29.45% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $3957 | $4915 | $4660 | $4363 | $5424 | $8533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.82 % (i) | 0.99% | (0.16)% | 1.96% | (0.01)% | (0.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.46 % (i) | 1.47% | 1.47% | 1.47% | 1.43% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.30 % (i) | 1.30% | 1.32% | 1.33% | 1.33% | 1.34% |
| Portfolio turnover rate | 30 % (h) | 87 % (f) | 125% | 130% | 149% | 131% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.30% | 1.30% | 1.32% | 1.32% | 1.33% | 1.34% |

---

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

(g) Less than $0.01 per share.

(h) Not annualized.

(i) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Large Cap Value Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $48.67 | $50.31 | $45.66 | $43.75 | $50.08 | $38.17 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.18 | 0.41 | 0.58 | 0.61 | 0.56 | 0.41 |
| Net realized and unrealized gain (loss) on investments | 0.63 | 3.50 | 9.37 | 5.55 | (3.40) | 14.51 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.81 | 3.91 | 9.95 | 6.16 | (2.84) | 14.92 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.64) | (0.70) | (0.52) | (0.43) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (6.04) | (4.91) | (4.60) | (3.73) | (3.06) | (1.71) |
| Total distributions | (6.39) | (5.55) | (5.30) | (4.25) | (3.49) | (3.01) |
| Net asset value, end of period/year | $43.09 | $48.67 | $50.31 | $45.66 | $43.75 | $50.08 |
| Total return (b) | 1.29 % (g) | 8.82% | 23.55% | 14.19% | (6.43)% | 40.59% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $41752 | $44593 | $35888 | $31862 | $30733 | $36678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.78 % (h) | 0.92% | 1.25% | 1.32% | 1.11% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.26 % (h) | 1.38% | 1.52% | 1.47% | 1.41% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.10 % (h) | 1.10% | 1.12% | 1.12% | 1.13% | 1.15% |
| Portfolio turnover rate | 34 % (g) | 61 % (f) | 13% | 19% | 33% | 19% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.10% | 1.10% | 1.12% | 1.12% | 1.13% | 1.14% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Large Cap Value Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $42.29 | $44.33 | $40.68 | $39.44 | $45.43 | $34.79 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.00 (i) | 0.06 | 0.21 | 0.24 | 0.18 | 0.05 |
| Net realized and unrealized gain (loss) on investments | 0.57 | 3.03 | 8.30 | 5.00 | (3.07) | 13.23 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.57 | 3.09 | 8.51 | 5.24 | (2.89) | 13.28 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.22) | (0.26) | (0.27) | (0.04) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (6.04) | (4.91) | (4.60) | (3.73) | (3.06) | (1.71) |
| Total distributions | (6.04) | (5.13) | (4.86) | (4.00) | (3.10) | (2.64) |
| Net asset value, end of period/year | $36.82 | $42.29 | $44.33 | $40.68 | $39.44 | $45.43 |
| Total return (b) | 0.92 % (g) | 8.00% | 22.63% | 13.33% | (7.13)% | 39.55% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $1223 | $1539 | $1168 | $1225 | $1653 | $1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.02 % (h) | 0.16% | 0.50% | 0.57% | 0.39% | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 2.20 % (h) | 2.09% | 2.36% | 2.28% | 2.29% | 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.85 % (h) | 1.85% | 1.87% | 1.87% | 1.88% | 1.89% |
| Portfolio turnover rate | 34 % (g) | 61 % (f) | 13% | 19% | 33% | 19% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.85% | 1.85% | 1.87% | 1.87% | 1.88% | 1.89% |

---

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

(g) Not annualized.

(h) Annualized.

(i) Amount represents less than $0.01
 per share.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Large Cap Value Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $47.60 | $49.36 | $44.90 | $43.11 | $49.39 | $37.71 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.23 | 0.51 | 0.68 | 0.74 | 0.71 | 0.52 |
| Net realized and unrealized gain (loss) on investments | 0.63 | 3.42 | 9.21 | 5.43 | (3.38) | 14.31 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.86 | 3.93 | 9.89 | 6.17 | (2.67) | 14.83 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.78) | (0.83) | (0.65) | (0.55) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (6.04) | (4.91) | (4.60) | (3.73) | (3.06) | (1.71) |
| Total distributions | (6.51) | (5.69) | (5.43) | (4.38) | (3.61) | (3.15) |
| Net asset value, end of period/year | $41.95 | $47.60 | $49.36 | $44.90 | $43.11 | $49.39 |
| Total return (b) | 1.43 % (g) | 9.06% | 23.89% | 14.48% | (6.20)% | 40.93% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $23606 | $25208 | $3021 | $2028 | $5246 | $1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.03 % (h) | 1.16% | 1.48% | 1.61% | 1.46% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.01 % (h) | 1.04% | 1.29% | 1.21% | 1.15% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 0.85 % (h) | 0.85% | 0.87% | 0.87% | 0.88% | 0.89% |
| Portfolio turnover rate | 34 % (g) | 61 % (f) | 13% | 19% | 33% | 19% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 0.85% | 0.85% | 0.87% | 0.87% | 0.88% | 0.89% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Large Core Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $23.19 | $24.71 | $18.44 | $21.18 | $27.35 | $23.01 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.02) | 0.05 | 0.66 | 0.56 | 0.18 | 0.06 |
| Net realized and unrealized gain (loss) on investments | (0.62) | 3.20 | 6.11 | 3.32 | (5.02) | 6.46 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.64) | 3.25 | 6.77 | 3.88 | (4.84) | 6.52 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.66) | (0.50) | (0.22) | (0.08) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.65) | (4.11) |  | (6.40) | (1.25) | (1.99) |
| Total distributions | (0.69) | (4.77) | (0.50) | (6.62) | (1.33) | (2.18) |
| Net asset value, end of period/year | $21.86 | $23.19 | $24.71 | $18.44 | $21.18 | $27.35 |
| Total return (b) | (2.99)% (g) | 15.18% | 37.38% | 21.81% | (18.94)% | 29.91% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $226827 | $246989 | $254992 | $201587 | $186957 | $247243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.14)% (h) | 0.21% | 3.04% | 3.01% | 0.68% | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.25 % (h) | 1.25% | 1.62% | 1.48% | 1.20% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | 1.25 % (f)(h) | 1.25 % (f) | 1.59% | 1.44% | 1.15% | 1.17% |
| Portfolio turnover rate | 32 % (g) | 141 % (e) | 56% | 56% | 62% | 25% |

---

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

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

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

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

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

(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:

---

| | |
|:---|:---|
| 3/31/2026 | 9/30/2025 |
| 1.25% | 1.25% |

---

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Large Core Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025\* |<br>Year Ended<br>September 30, 2024\* |<br>Year Ended<br>September 30, 2023\* |<br>Year Ended<br>September 30, 2022\* |<br>Year Ended<br>September 30, 2021\* |
| Net asset value, beginning of period/year | $25.43 | $35.79 | $27.48 | $40.71 | $54.09 | $47.61 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.11) | (0.07) | 0.69 | 0.63 | (0.06) | (0.33) |
| Net realized and unrealized gain (loss) on investments | (0.69) | (5.60) (f) | 8.94 | 5.79 | (9.60) | 13.02 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.80) | (5.67) | 9.63 | 6.42 | (9.66) | 12.69 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.58) | (1.32) | (0.45) |  | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.65) | (4.11) |  | (19.20) | (3.72) | (5.97) |
| Total distributions | (0.65) | (4.69) | (1.32) | (19.65) | (3.72) | (6.21) |
| Net asset value, end of period/year | $23.98 | $25.43 | $35.79 | $27.48 | $40.71 | $54.09 |
| Total return (b) | (3.29)% (h) | 14.29% | 36.17% | 20.81% | (19.69)% | 28.69% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $563 | $607 | $842 | $797 | $999 | $869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.88)% (i) | (0.55)% | 2.15% | 2.14% | (0.10)% | (0.67)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 2.00 % (i) | 2.00% | 2.51% | 2.32% | 2.10% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | 2.00 % (g)(i) | 2.00 % (g) | 2.48% | 2.28% | 2.04% | 2.09% |
| Portfolio turnover rate | 32 % (h) | 141 % (e) | 56% | 56% | 62% | 25% |

---

\* Effective April 1, 2025, NAA Large Core Class C had a three-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the three-for-one stock split.

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| 3/31/2026 | 9/30/2025 |
| 2.00% | 2.00% |

---

(h) Not annualized.

(i) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Large Core Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $22.76 | $24.35 | $18.18 | $20.98 | $27.10 | $22.83 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.01 | 0.10 | 0.69 | 0.60 | 0.23 | 0.10 |
| Net realized and unrealized gain (loss) on investments | (0.61) | 3.14 | 6.03 | 3.27 | (4.97) | 6.40 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.60) | 3.24 | 6.72 | 3.87 | (4.74) | 6.50 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.72) | (0.55) | (0.27) | (0.14) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.65) | (4.11) |  | (6.40) | (1.24) | (1.99) |
| Total distributions | (0.74) | (4.83) | (0.55) | (6.67) | (1.38) | (2.23) |
| Net asset value, end of period/year | $21.42 | $22.76 | $24.35 | $18.18 | $20.98 | $27.10 |
| Total return (b) | (2.85)% (g) | 15.44% | 37.71% | 22.06% | (18.78)% | 30.12% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $8059 | $8826 | $8170 | $6158 | $4878 | $6260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.11 % (h) | 0.59% | 3.25% | 3.23% | 0.88% | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.00 % (h) | 1.00% | 1.41% | 1.27% | 1.00% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | 1.00 % (f)(h) | 1.00 % (f) | 1.38% | 1.23% | 0.95% | 0.99% |
| Portfolio turnover rate | 32 % (g) | 141 % (e) | 56% | 56% | 62% | 25% |

---

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

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

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

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

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

(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:

---

| | |
|:---|:---|
| 3/31/2026 | 9/30/2025 |
| 1.00% | 1.00% |

---

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Mid Growth Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $38.59 | $37.44 | $29.13 | $34.22 | $52.73 | $45.98 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.10) | (0.14) | 0.91 | 0.76 | 0.16 | (0.02) |
| Net realized and unrealized gain (loss) on investments | 0.03 | 2.24 | 8.15 | 5.07 | (15.32) | 13.67 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.07) | 2.10 | 9.06 | 5.83 | (15.16) | 13.65 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.95) | (0.75) | (0.19) |  | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (10.73) | (3.35) | (6.70) |
| Total distributions |  | (0.95) | (0.75) | (10.92) | (3.35) | (6.90) |
| Net asset value, end of period/year | $38.52 | $38.59 | $37.44 | $29.13 | $34.22 | $52.73 |
| Total return (b) | (0.18)% (g) | 5.70% | 31.52% | 19.84% | (30.68)% | 31.07% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $66371 | $70537 | $75899 | $63225 | $67014 | $107983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.52)% (h) | (0.38)% | 2.72% | 2.52% | 0.36% | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.41 % (h) | 1.52% | 1.69% | 1.66% | 1.32% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | 1.41 % (f)(h) | 1.52 % (f) | 1.68% | 1.65% | 1.30% | 1.28% |
| Portfolio turnover rate | 44 % (g) | 144 % (e) | 80% | 82% | 72% | 44% |

---

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

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

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

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

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

(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:

---

| | |
|:---|:---|
| 3/31/2026 | 9/30/2025 |
| 1.41% | 1.52% |

---

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Mid Growth Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025\* |<br>Year Ended<br>September 30, 2024\* |<br>Year Ended<br>September 30, 2023\* |<br>Year Ended<br>September 30, 2022\* |<br>Year Ended<br>September 30, 2021\* |
| Net asset value, beginning of period/year | $39.39 | $40.08 | $32.67 | $56.76 | $92.76 | $88.20 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.25) | (0.26) | 0.63 | 0.60 | (0.45) | (0.87) |
| Net realized and unrealized gain (loss) on investments | 0.02 | 0.44 | 8.94 | 7.50 | (25.50) | 25.53 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.23) | 0.18 | 9.57 | 8.10 | (25.95) | 24.66 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.87) | (2.16) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (32.19) | (10.05) | (20.10) |
| Total distributions |  | (0.87) | (2.16) | (32.19) | (10.05) | (20.10) |
| Net asset value, end of period/year | $39.16 | $39.39 | $40.08 | $32.67 | $56.76 | $92.76 |
| Total return (b) | (0.53)% (g) | 4.89% | 30.26% | 18.85% | (31.33)% | 29.88% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $197 | $273 | $612 | $556 | $688 | $1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1.26)% (h) | (1.09)% | 1.77% | 1.66% | (0.59)% | (0.94)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 2.16 % (h) | 2.27% | 2.64% | 2.49% | 2.25% | 2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | 2.16 % (f)(h) | 2.27 % (f) | 2.63% | 2.48% | 2.23% | 2.20% |
| Portfolio turnover rate | 44 % (g) | 144 % (e) | 80% | 82% | 72% | 44% |

---

\* Effective April 1, 2025, NAA Mid Growth Class C had a three-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the three-for-one stock split.

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

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

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

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

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

(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:

---

| | |
|:---|:---|
| 3/31/2026 | 9/30/2025 |
| 2.27% | 2.27% |

---

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Mid Growth Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $38.62 | $37.47 | $29.13 | $34.25 | $52.71 | $45.98 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)(a) | (0.05) | (0.06) | 0.99 | 0.82 | 0.22 | 0.07 |
| Net realized and unrealized gain (loss) on investments | 0.03 | 2.25 | 8.15 | 5.05 | (15.33) | 13.65 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.02) | 2.19 | 9.14 | 5.87 | (15.11) | 13.72 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (1.04) | (0.80) | (0.26) |  | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (10.73) | (3.35) | (6.70) |
| Total distributions |  | (1.04) | (0.80) | (10.99) | (3.35) | (6.99) |
| Net asset value, end of period/year | $38.60 | $38.62 | $37.47 | $29.13 | $34.25 | $52.71 |
| Total return (b) | (0.05)% (g) | 5.94% | 31.84% | 20.02% | (30.60)% | 31.26% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $1117 | $1264 | $1130 | $917 | $884 | $1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.27)% (h) | (0.16)% | 2.95% | 2.72% | 0.50% | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.16 % (h) | 1.27% | 1.46% | 1.49% | 1.20% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d) | 1.16 % (f)(h) | 1.27 % (f) | 1.46% | 1.49% | 1.18% | 1.11% |
| Portfolio turnover rate | 44 % (g) | 144 % (e) | 80% | 82% | 72% | 44% |

---

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

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

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

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

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

(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:

---

| | |
|:---|:---|
| 3/31/2026 | 9/30/2025 |
| 1.16% | 1.27% |

---

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Opportunity Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025\* |<br>Year Ended<br>September 30, 2024\* |<br>Year Ended<br>September 30, 2023\* |<br>Year Ended<br>September 30, 2022\* |<br>Year Ended<br>September 30, 2021\* |
| Net asset value, beginning of period/year | $30.65 | $33.11 | $29.06 | $25.10 | $27.08 | $25.34 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.17 | 0.19 | 0.15 | 0.11 | 0.11 | 0.15 |
| Net realized and unrealized gain (loss) on investments | 3.55 | (2.43) | 4.08 | 4.05 | (1.85) | 1.91 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.72 | (2.24) | 4.23 | 4.16 | (1.74) | 2.06 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.22) | (0.18) | (0.20) | (0.24) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  |  |  |  |
| Total distributions | (0.22) | (0.22) | (0.18) | (0.20) | (0.24) | (0.32) |
| Net asset value, end of period/year | $34.15 | $30.65 | $33.11 | $29.06 | $25.10 | $27.08 |
| Total return (b) | 12.21 % (g) | (6.44)% | 14.64% | 16.62% | (6.55)% | 8.17% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $3451 | $3203 | $3054 | $2842 | $2610 | $3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.08 % (h) | 0.76% | 0.49% | 0.39% | 0.39% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.64 % (h) | 1.72% | 1.95% | 1.94% | 1.91% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.64 % (h) | 1.71% | 1.73% | 1.74% | 1.76% | 1.76% |
| Portfolio turnover rate | 75 % (g) | 234 % (f) | 306% | 309% | 283% | 169% |

---

\* Effective April 1, 2025, NAA Opportunity Class A had a one-and-a-half-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the one-and-a-half-for-one stock split.

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.64% | 1.71% | 1.73% | 1.74% | 1.76% | 1.76% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Opportunity Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025\* |<br>Year Ended<br>September 30, 2024\* |<br>Year Ended<br>September 30, 2023\* |<br>Year Ended<br>September 30, 2022\* |<br>Year Ended<br>September 30, 2021\* |
| Net asset value, beginning of period/year | $35.68 | $38.44 | $33.76 | $29.18 | $31.52 | $29.42 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.06 | (0.02) | (0.10) | (0.12) | (0.12) | (0.06) |
| Net realized and unrealized gain (loss) on investments | 4.14 | (2.74) | 4.78 | 4.70 | (2.16) | 2.22 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 4.20 | (2.76) | 4.68 | 4.58 | (2.28) | 2.16 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  |  |  |  |
| Total distributions |  |  |  |  | (0.06) | (0.06) |
| Net asset value, end of period/year | $39.88 | $35.68 | $38.44 | $33.76 | $29.18 | $31.52 |
| Total return (b) | 11.77 % (g) | (7.18)% | 13.86% | 15.70% | (7.25)% | 7.37% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $32 | $43 | $191 | $194 | $195 | $277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.32 % (h) | (0.09)% | (0.27)% | (0.36)% | (0.37)% | (0.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 2.39 % (h) | 2.56% | 2.77% | 2.77% | 2.75% | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 2.39 % (h) | 2.46% | 2.48% | 2.50% | 2.51% | 2.51% |
| Portfolio turnover rate | 75 % (g) | 234 % (f) | 306% | 309% | 283% | 169% |

---

\* Effective April 1, 2025, NAA Opportunity Class C had a two-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the two-for-one stock split.

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 2.39% | 2.46% | 2.48% | 2.49% | 2.51% | 2.51% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Opportunity Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $30.36 | $32.67 | $28.56 | $24.59 | $26.44 | $24.65 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.21 | 0.31 | 0.24 | 0.17 | 0.17 | 0.22 |
| Net realized and unrealized gain (loss) on investments | 3.51 | (2.34) | 4.03 | 3.97 | (1.81) | 1.85 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.72 | (2.03) | 4.27 | 4.14 | (1.64) | 2.07 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.28) | (0.16) | (0.17) | (0.21) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  |  |  |  |
| Total distributions | (0.30) | (0.28) | (0.16) | (0.17) | (0.21) | (0.28) |
| Net asset value, end of period/year | $33.78 | $30.36 | $32.67 | $28.56 | $24.59 | $26.44 |
| Total return (b) | 12.34 % (g) | (6.23)% | 15.04% | 16.89% | (6.31)% | 8.46% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $36319 | $31757 | $33903 | $30296 | $25632 | $29778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.33 % (h) | 0.99% | 0.80% | 0.64% | 0.64% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.39 % (h) | 1.46% | 1.54% | 1.56% | 1.54% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.39 % (h) | 1.41% | 1.42% | 1.49% | 1.51% | 1.50% |
| Portfolio turnover rate | 75 % (g) | 234 % (f) | 306% | 309% | 283% | 169% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.40% | 1.41% | 1.42% | 1.48% | 1.50% | 1.50% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Risk Managed Real Estate Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $32.68 | $34.46 | $27.61 | $29.48 | $36.87 | $29.97 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.39 | 0.66 | 0.71 | 0.56 | 0.23 | 0.32 |
| Net realized and unrealized gain (loss) on investments | (0.14) | (1.19) | 7.01 | (0.31) | (5.35) | 8.86 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.25 | (0.53) | 7.72 | 0.25 | (5.12) | 9.18 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.69) | (0.87) | (0.63) | (0.55) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.03) | (0.56) |  | (1.29) | (1.72) | (1.74) |
| Total distributions | (0.38) | (1.25) | (0.87) | (2.12) | (2.27) | (2.28) |
| Net asset value, end of period/year | $32.55 | $32.68 | $34.46 | $27.61 | $29.48 | $36.87 |
| Total return (b) | 0.67 % (g) | (1.40)% | 28.31% | 0.58% | (15.31)% | 32.13% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $10840 | $11430 | $4837 | $4280 | $9043 | $10098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2.42 % (h) | 2.07% | 2.31% | 1.86% | 0.62% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.95 % (h) | 1.99% | 1.73% | 1.72% | 1.62% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.89 % (h) | 1.96% | 1.70% | 1.66% | 1.58% | 1.38% |
| Portfolio turnover rate | 8 % (g) | 69 % (f) | 72% | 21% | 47% | 80% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.24% | 1.24% | 1.22% | 1.27% | 1.22% | 1.21% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Risk Managed Real Estate Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $32.42 | $34.18 | $27.38 | $29.23 | $36.55 | $29.76 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)(a) | 0.27 | 0.33 | 0.47 | 0.42 | (0.01) | 0.05 |
| Net realized and unrealized gain (loss) on investments | (0.12) | (1.09) | 6.97 | (0.38) | (5.30) | 8.76 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.15 | (0.76) | 7.44 | 0.04 | (5.31) | 8.81 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.44) | (0.64) | (0.40) | (0.29) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.03) | (0.56) |  | (1.29) | (1.72) | (1.74) |
| Total distributions | (0.30) | (1.00) | (0.64) | (1.89) | (2.01) | (2.02) |
| Net asset value, end of period/year | $32.27 | $32.42 | $34.18 | $27.38 | $29.23 | $36.55 |
| Total return (b) | 0.35 % (g) | (2.13)% | 27.44% | (0.10)% | (15.93)% | 31.05% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $3021 | $3805 | $5007 | $4667 | $5382 | $5029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.67 % (h) | 1.05% | 1.56% | 1.40% | (0.03)% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 2.70 % (h) | 2.71% | 2.47% | 2.36% | 2.34% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 2.59 % (h) | 2.64% | 2.43% | 2.32% | 2.31% | 2.20% |
| Portfolio turnover rate | 8 % (g) | 69 % (f) | 72% | 21% | 47% | 80% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.94% | 1.94% | 1.95% | 1.93% | 1.95% | 2.04% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA Risk Managed Real Estate Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $33.20 | $34.97 | $28.01 | $29.88 | $37.34 | $30.34 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.45 | 0.67 | 0.79 | 0.74 | 0.34 | 0.41 |
| Net realized and unrealized gain (loss) on investments | (0.13) | (1.11) | 7.16 | (0.39) | (5.42) | 8.98 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.32 | (0.44) | 7.95 | 0.35 | (5.08) | 9.39 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.77) | (0.99) | (0.73) | (0.66) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.03) | (0.56) |  | (1.29) | (1.72) | (1.74) |
| Total distributions | (0.43) | (1.33) | (0.99) | (2.22) | (2.38) | (2.39) |
| Net asset value, end of period/year | $33.09 | $33.20 | $34.97 | $28.01 | $29.88 | $37.34 |
| Total return (b) | 0.85 % (g) | (1.11)% | 28.74% | 0.91% | (15.05)% | 32.52% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $166323 | $196661 | $318313 | $335217 | $409719 | $465267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2.72 % (h) | 2.04% | 2.56% | 2.43% | 0.92% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.69 % (h) | 1.70% | 1.43% | 1.34% | 1.30% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.57 % (h) | 1.62% | 1.40% | 1.29% | 1.28% | 1.10% |
| Portfolio turnover rate | 8 % (g) | 69 % (f) | 72% | 21% | 47% | 80% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 0.92% | 0.92% | 0.92% | 0.90% | 0.92% | 0.94% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA SMid Cap Value Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $39.10 | $41.51 | $34.78 | $32.58 | $38.00 | $26.27 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.18 | 0.33 | 0.26 | 0.37 | 0.36 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.31 | 1.26 | 7.06 | 3.75 | (3.16) | 11.54 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.49 | 1.59 | 7.32 | 4.12 | (2.80) | 11.73 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.24) | (0.09) | (0.22) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (4.69) | (3.76) | (0.50) | (1.70) | (2.52) |  |
| Total distributions | (4.91) | (4.00) | (0.59) | (1.92) | (2.62) |  |
| Net asset value, end of period/year | $34.68 | $39.10 | $41.51 | $34.78 | $32.58 | $38.00 |
| Total return (b) | 1.08 % (g) | 4.39% | 21.25% | 12.65% | (8.08)% | 44.65% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $246626 | $263570 | $291071 | $273173 | $262943 | $315323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.98 % (h) | 0.88% | 0.68% | 1.05% | 0.96% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.32 % (h) | 1.24% | 1.24% | 1.20% | 1.19% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.15 % (h) | 1.15% | 1.20% | 1.15% | 1.18% | 1.19% |
| Portfolio turnover rate | 46 % (g) | 63 % (f) | 25% | 28% | 39% | 34% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.15% | 1.15% | 1.20% | 1.15% | 1.18% | 1.19% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA SMid Cap Value Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025\* |<br>Year Ended<br>September 30, 2024\* |<br>Year Ended<br>September 30, 2023\* |<br>Year Ended<br>September 30, 2022\* |<br>Year Ended<br>September 30, 2021\* |
| Net asset value, beginning of period/year | $43.38 | $49.64 | $42.20 | $40.82 | $49.70 | $34.64 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.02 | 0.00 (h) | (0.06) | 0.08 | 0.02 | (0.12) |
| Net realized and unrealized gain (loss) on investments | 0.34 | (2.46) (g) | 8.50 | 4.70 | (3.86) | 15.18 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.36 | (2.46) | 8.44 | 4.78 | (3.84) | 15.06 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (4.69) | (3.76) | (1.00) | (3.40) | (5.04) |  |
| Total distributions | (4.69) | (3.80) | (1.00) | (3.40) | (5.04) |  |
| Net asset value, end of period/year | $39.05 | $43.38 | $49.64 | $42.20 | $40.82 | $49.70 |
| Total return (b) | 0.65 % (i) | 3.51% | 20.27% | 11.67% | (8.85)% | 43.48% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $1816 | $2159 | $3570 | $4205 | $5256 | $10015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.12 % (j) | 0.01% | (0.15)% | 0.18% | 0.04% | (0.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 2.07 % (j) | 2.00% | 2.10% | 2.10% | 2.09% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 2.00 % (j) | 2.00% | 2.02% | 2.02% | 2.02% | 2.02% |
| Portfolio turnover rate | 46 % (i) | 63 % (f) | 25% | 28% | 39% | 34% |

---

\* Effective April 1, 2025, NAA SMid Cap Value Class C had a two-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the two-for-one stock split.

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 2.00% | 2.00% | 2.02% | 2.02% | 2.02% | 2.01% |

---

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

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

(h) Less than .005.

(i) Not annualized.

(j) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA SMid Cap Value Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025\* |<br>Year Ended<br>September 30, 2024\* |<br>Year Ended<br>September 30, 2023\* |<br>Year Ended<br>September 30, 2022\* |<br>Year Ended<br>September 30, 2021\* |
| Net asset value, beginning of period/year | $41.01 | $72.40 | $64.80 | $71.84 | $99.36 | $68.56 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.24 | 0.10 | 0.64 | 0.88 | 0.96 | 0.64 |
| Net realized and unrealized gain (loss) on investments | 0.32 | (27.39) (g) | 12.64 | 8.32 | (6.56) | 30.16 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.56 | (27.29) | 13.28 | 9.20 | (5.60) | 30.80 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.34) | (1.68) | (2.64) | (1.76) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (4.69) | (3.76) | (4.00) | (13.60) | (20.16) |  |
| Total distributions | (5.01) | (4.10) | (5.68) | (16.24) | (21.92) |  |
| Net asset value, end of period/year | $36.56 | $41.01 | $72.40 | $64.80 | $71.84 | $99.36 |
| Total return (b) | 1.19 % (h) | 4.67% | 21.52% | 12.91% | (7.93)% | 44.92% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $33979 | $39868 | $72044 | $80679 | $81792 | $96973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.20 % (i) | 1.05% | 0.94% | 1.26% | 1.14% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.07 % (i) | 0.99% | 0.99% | 0.98% | 1.03% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 0.92 % (i) | 0.92% | 0.94% | 0.94% | 1.01% | 1.02% |
| Portfolio turnover rate | 46 % (h) | 63 % (f) | 25% | 28% | 39% | 34% |

---

\* Effective April 1, 2025, NAA SMid Cap Value Institutional Class had a eight-for-one reverse stock split. Share activity amounts for the periods have been adjusted to give effect to the eight-for-one stock split.

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 0.92% | 0.92% | 0.94% | 0.94% | 1.01% | 1.02% |

---

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

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

(h) Not annualized.

(i) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA World Equity Income Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares | Class A Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $18.39 | $17.57 | $14.19 | $12.49 | $18.73 | $15.03 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.12 | 0.24 | 0.28 | 0.26 | 0.29 | 0.28 |
| Net realized and unrealized gain (loss) on investments | 1.00 | 1.69 | 3.39 | 1.70 | (1.97) | 3.79 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.12 | 1.93 | 3.67 | 1.96 | (1.68) | 4.07 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.39) | (0.29) | (0.25) | (0.34) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (2.21) | (0.72) |  | (0.01) | (4.22) | (0.03) |
| Total distributions | (2.35) | (1.11) | (0.29) | (0.26) | (4.56) | (0.37) |
| Net asset value, end of period/year | $17.16 | $18.39 | $17.57 | $14.19 | $12.49 | $18.73 |
| Total return (b) | 6.17 % (g) | 11.88% | 26.03% | 15.69% | (13.44)% | 27.13% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $43006 | $43751 | $45969 | $39183 | $35905 | $44337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.30 % (h) | 1.43% | 1.78% | 1.84% | 1.87% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.46 % (h) | 1.59% | 1.57% | 1.50% | 1.39% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.17 % (h) | 1.17% | 1.19% | 1.19% | 1.20% | 1.21% |
| Portfolio turnover rate | 27 % (g) | 108 % (f) | 122% | 156% | 162% | 191% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.17% | 1.17% | 1.19% | 1.18% | 1.20% | 1.21% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA World Equity Income Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares | Class C Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $14.77 | $14.34 | $11.59 | $10.20 | $16.03 | $12.87 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.04 | 0.09 | 0.13 | 0.13 | 0.14 | 0.13 |
| Net realized and unrealized gain (loss) on investments | 0.81 | 1.35 | 2.76 | 1.39 | (1.56) | 3.24 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.85 | 1.44 | 2.89 | 1.52 | (1.42) | 3.37 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.29) | (0.14) | (0.12) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (2.21) | (0.72) |  | (0.01) | (4.22) | (0.03) |
| Total distributions | (2.30) | (1.01) | (0.14) | (0.13) | (4.41) | (0.21) |
| Net asset value, end of period/year | $13.32 | $14.77 | $14.34 | $11.59 | $10.20 | $16.03 |
| Total return (b) | 5.79 % (g) | 11.02% | 25.05% | 14.87% | (14.11)% | 26.22% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $826 | $1190 | $2600 | $2645 | $2518 | $3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.50 % (h) | 0.63% | 1.03% | 1.10% | 1.12% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 2.21 % (h) | 2.37% | 2.28% | 2.25% | 2.20% | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 1.92 % (h) | 1.92% | 1.94% | 1.94% | 1.95% | 1.96% |
| Portfolio turnover rate | 27 % (g) | 108 % (f) | 122% | 156% | 162% | 191% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 1.92% | 1.92% | 1.94% | 1.93% | 1.95% | 1.96% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **New Age Alpha Funds Trust** |
| **Financial Highlights** |
| **NAA World Equity Income Fund** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares | Institutional Class Shares |
|  | Six Months Ended<br>March 31, 2026<br>(Unaudited) |<br>Year Ended<br>September 30, 2025 |<br>Year Ended<br>September 30, 2024 |<br>Year Ended<br>September 30, 2023 |<br>Year Ended<br>September 30, 2022 |<br>Year Ended<br>September 30, 2021 |
| Net asset value, beginning of period/year | $18.26 | $17.45 | $14.08 | $12.40 | $18.61 | $14.94 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a) | 0.14 | 0.28 | 0.31 | 0.28 | 0.36 | 0.33 |
| Net realized and unrealized gain (loss) on investments | 0.99 | 1.68 | 3.37 | 1.70 | (1.98) | 3.75 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.13 | 1.96 | 3.68 | 1.98 | (1.62) | 4.08 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.43) | (0.31) | (0.29) | (0.37) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (2.21) | (0.72) |  | (0.01) | (4.22) | (0.03) |
| Total distributions | (2.37) | (1.15) | (0.31) | (0.30) | (4.59) | (0.41) |
| Net asset value, end of period/year | $17.02 | $18.26 | $17.45 | $14.08 | $12.40 | $18.61 |
| Total return (b) | 6.30 % (g) | 12.19% | 26.28% | 15.97% | (13.18)% | 27.38% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $2426 | $2391 | $3357 | $2802 | $5736 | $2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.55 % (h) | 1.67% | 1.95% | 1.99% | 2.36% | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (c) | 1.21 % (h) | 1.33% | 1.30% | 1.24% | 1.13% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses (d)(e) | 0.92 % (h) | 0.92% | 0.94% | 0.94% | 0.95% | 0.96% |
| Portfolio turnover rate | 27 % (g) | 108 % (f) | 122% | 156% | 162% | 191% |

---

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

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

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

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

(e) 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3/31/2026 | 9/30/2025 | 9/30/2024 | 9/30/2023 | 9/30/2022 | 9/30/2021 |
| 0.92% | 0.92% | 0.94% | 0.93% | 0.95% | 0.96% |

---

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

**1.** **ORGANIZATION** 

New Age Alpha Funds Trust (the "Trust"), a diversified Delaware statutory trust organized on February 20, 2024, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. Each series, in effect, is representing a separate fund (each, a "Fund" and collectively, the "Funds"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. On March 31, 2026, the Trust consisted of eight funds.

This report covers the following funds (collectively, the "Funds" or "Acquired Funds"):

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Inception Date** | **Investment Objective** |
| &nbsp;&nbsp;NAA Allocation Fund | June 18, 2012 | &nbsp;&nbsp;Long-term capital growth |
| &nbsp;&nbsp;NAA Large Cap Value Fund | August 7, 1944 | &nbsp;&nbsp;Long-term capital growth |
| &nbsp;&nbsp;NAA Large Core Fund | September 10, 1962 | &nbsp;&nbsp;Long-term capital growth |
| &nbsp;&nbsp;NAA Mid Growth Fund | September 17, 1969 | &nbsp;&nbsp;Long-term capital growth |
| &nbsp;&nbsp;NAA Opportunity Fund | July 7, 2003 | &nbsp;&nbsp;Long-term capital growth |
| &nbsp;&nbsp;NAA Risk Managed Real Estate Fund | March 28, 2014 | &nbsp;&nbsp;Total return comprised of capital appreciation and current income |
| &nbsp;&nbsp;NAA SMid Cap Value Fund | May 1, 1997 | &nbsp;&nbsp;Long-term capital appreciation |
| &nbsp;&nbsp;NAA World Equity Income Fund | October 1, 1993 | &nbsp;&nbsp;Total return comprised of capital appreciation and current income |

---

The Funds currently offer three classes of shares: Class A, Class C, and Institutional Class shares (with the exception of NAA Allocation Fund which include Class A, Class C, Institutional Class and Class P shares). Effective April 28, 2025, the Funds (except NAA Allocation Fund) converted Class P shares into Class A shares. Class C and Institutional Class shares are offered at net asset value ("NAV"). Class A shares are offered at NAV plus a maximum sales charge of 4.75%. Each class of shares of the Funds has identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Funds' share classes differ in the fees and expenses charged to shareholders. The Funds' income, expenses (other than class-specific distribution fees), and realized and unrealized gains and losses are allocated proportionately each day based on the relative net assets of each class.

The Funds were established as "shell" funds for purposes of the Reorganization (as defined below). Each Acquired Fund reorganized into an Acquiring Fund October 25, 2024 (except for NAA World Equity Income Fund which reorganized into an Acquiring Fund November 8, 2024), from a series of Guggenheim Funds Trust and Transparent Value Trust (the "Acquired Funds Trusts") to a series of the Trust, as noted below (the "Reorganization").

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | **Acquiring Fund** |
| &nbsp;&nbsp;Guggenheim Directional Allocation Fund\*\* | NAA Allocation Fund |
| &nbsp;&nbsp;Guggenheim Large Cap Value Fund\* | NAA Large Cap Value Fund |
| &nbsp;&nbsp;Guggenheim RBP® Dividend Fund\*\* |  |
| &nbsp;&nbsp;Guggenheim RBP® Large-Cap Defensive Fund\*\* |  |
| &nbsp;&nbsp;Guggenheim RBP® Large-Cap Value Fund\*\* | |
| &nbsp;&nbsp;Guggenheim Alpha Opportunity Fund\* | NAA Opportunity Fund |
| &nbsp;&nbsp;Guggenheim Risk Managed Real Estate Fund\* | NAA Risk Managed Real Estate Fund |
| &nbsp;&nbsp;Guggenheim SMid Cap Value Fund\* | NAA SMid Cap Value Fund |
| &nbsp;&nbsp;Guggenheim StylePlus—Large Core Fund\* | NAA Large Core Fund |
| &nbsp;&nbsp;Guggenheim StylePlus—Mid Growth Fund\* | NAA Mid Growth Fund |
| &nbsp;&nbsp;Guggenheim World Equity Income Fund\* | NAA World Equity Income Fund |

---

\* *Part of the Guggenheim Funds Trust*

\*\* *Part of the Transparent Value Trust*

The Acquired Funds Trust's Board of Trustees (the "Acquired Funds Board") held a Special Meeting of the Shareholders of the Acquired Funds on October 24, 2024, to approve an Agreement and Plan of Reorganization and Termination, under which all of the assets of the Acquired Funds were transferred to a correspondingly named series of the Trust. The transfer (a) exchanged shares of each Acquired Fund for shares of the corresponding Acquiring Fund equivalent in value to the outstanding shares of the Acquired Fund; and (b) each Acquiring Fund assumed the liabilities of the relevant Acquired Fund. Neither the Acquired Funds nor the Funds paid any costs related to the Reorganization. The costs of proxy solicitation; proxy printing, postage and processing; fund start-up costs; conversion fees; legal fees, the cost of preparing the Agreement and the proxy statement on Form N-14 and any other Reorganization costs were borne by Guggenheim Investments ("GI") and New Age Alpha Advisors, LLC (the "Adviser").

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

On October 24, 2024, the Acquired Funds Board also approved an Agreement and Plan of Reorganization and Termination for the Guggenheim RBP® Dividend Fund, Guggenheim RBP® Large-Cap Defensive Fund and Guggenheim RBP® Large-Cap Value Fund into the Guggenheim Large Cap Value Fund, all part of a series of one of the Acquired Funds Trust (Transparent Value Trust). The transfer (a) exchanged shares of each Acquired Fund for shares of the corresponding Acquiring Fund equivalent in value to the outstanding shares of the Acquired Fund; and (b) each Acquiring Fund assumed the liabilities of the relevant Acquired Fund. Neither the Acquired Funds nor the Funds paid any costs related to the Reorganization. The costs of proxy solicitation; proxy printing, postage and processing; fund start-up costs; conversion fees; legal fees, the cost of preparing the Agreement and the proxy statement on Form N-14 and any other Reorganization costs were borne by GI and the Adviser.

The details of the Reorganization for Guggenheim Large Cap Value Fund at the close of business on October 25, 2024, is shown below:

For accounting and financial reporting purposes, the Guggenheim Large Cap Value Fund is the accounting survivor and as a result, the financial statement and financial highlights reflect the operations of the Guggenheim Large Cap Value Fund.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Acquired Fund** |<br>**Net Assets** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Cost of**<br>**Investments** |<br>**Market Value of**<br>**Investments** | <br>**Conversion**<br>**Ratio** | <br>**Shares**<br>**Outstanding** | **Net Asset**<br>**Value Per**<br>**Share** |
| **Guggenheim RBP® Dividend Fund** |  |  |  |  |  |  |  |
| Class A | $7698669 |  |  |  | 1 : .3331 | 476097 | $16.17 |
| Class C | 729343 |  |  |  | 1 : .3812 | 44536 | 16.38 |
| Institutional Class | 7513012 |  |  |  | 1 : .3275 | 483013 | 15.55 |
| Class P | 664053 |  |  |  | 1 : .3379 | 40564 | 16.37 |
| **Fund Total** | $16605077 | $3553035 | $12964495 | $16517530 |  | 1044210 |  |
| **Guggenheim RBP® Large-Cap Defensive Fund** |  |  |  |  |  |  |  |
| Class A | 1568936 |  |  |  | 1 : .2349 | 137566 | 11.40 |
| Class C | 220796 |  |  |  | 1 : .2431 | 21139 | 10.45 |
| Institutional Class | 4483253 |  |  |  | 1 : .2560 | 368806 | 12.16 |
| Class P | 213110 |  |  |  | 1 : .2466 | 17839 | 11.95 |
| **Fund Total** | 6486095 | 1432850 | 5001348 | 6434198 |  | 545350 |  |
| **Guggenheim RBP® Large-Cap Value Fund** |  |  |  |  |  |  |  |
| Class A | 2005513 |  |  |  | 1 : .2299 | 179702 | 11.16 |
| Class C | 213328 |  |  |  | 1 : .2554 | 19446 | 10.97 |
| Institutional Class | 4150153 |  |  |  | 1 : .2436 | 358737 | 11.57 |
| Class P | 150806 |  |  |  | 1 : .2253 | 13817 | 10.91 |
| **Fund Total** | 6519800 | 659931 | 4185515 | 4845446 |  | 571702 |  |
| **Guggenheim Large Cap Value Fund** |  |  |  |  |  |  |  |
| Class A | 35566366 |  |  |  | 1 : 1.0000 | 732614 | 48.55 |
| Class C | 974710 |  |  |  | 1 : 1.0000 | 22688 | 42.96 |
| Institutional Class | 2949843 |  |  |  | 1 : 1.0000 | 62113 | 47.49 |
| Class P | 55764 |  |  |  | 1 : 1.0000 | 1151 | 48.45 |
| **Fund Total** | 39546683 | 9829858 | 28503687 | 38333545 |  | 818566 |  |

---

The Acquiring Funds are the successors to the Acquired Funds and each has substantially the same investment objectives and strategies as the Acquired Funds. The Reorganization was accomplished through tax-free exchanges of the respective shares and for the respective fair values, costs and unrealized appreciation/depreciation, as noted below and above. For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value. However, the cost basis of the investments received from the Acquired Funds were carried forward to align to ongoing reporting of the Acquiring Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

The details of the Reorganization at the close of business on October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund) for the remaining funds, is shown below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Acquired Fund** | |<br>**Net Assets** |<br>**Shares**<br>**Outstanding** |<br>**Net Asset**<br>**Value Per Share** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Guggenheim Directional Allocation Fund** | **Guggenheim Directional Allocation Fund** |  |  |  |  |
|  | Class A | $127470139 | 6744305 | $18.90 |  |
|  | Class C | 9436738 | 553415 | 17.05 |  |
|  | Institutional Class | 60259846 | 3051882 | 19.75 |  |
|  | Class P | 4653319 | 243519 | 19.11 |  |
|  | **Fund Total** | $201820042 | 10593121 |  | $31317730 |
| **Guggenheim StylePlus—Large Core Fund** | **Guggenheim StylePlus—Large Core Fund** |  |  |  |  |
|  | Class A | $254192259 | 10219258 | $24.87 |  |
|  | Class C | 838748 | 69892 | 12.00 |  |
|  | Institutional Class | 6833490 | 278771 | 24.51 |  |
|  | Class P | 56671 | 2334 | 24.28 |  |
|  | **Fund Total** | $261921168 | 10570255 |  | $8908505 |
| **Guggenheim StylePlus—Mid Growth Fund** | **Guggenheim StylePlus—Mid Growth Fund** |  |  |  |  |
|  | Class A | $76587746 | 2007530 | $38.15 |  |
|  | Class C | 530784 | 39013 | 13.61 |  |
|  | Institutional Class | 1221513 | 31993 | 38.18 |  |
|  | Class P | 48671 | 1306 | 37.28 \* |  |
|  | **Fund Total** | $78388714 | 2079842 |  | $1471750 |
| **Guggenheim Alpha Opportunity Fund** | **Guggenheim Alpha Opportunity Fund** |  |  |  |  |
|  | Class A | $2999729 | 137023 | $21.89 |  |
|  | Class C | 185813 | 9755 | 19.05 |  |
|  | Institutional Class | 33605807 | 1037092 | 32.40 |  |
|  | Class P | 820869 | 37194 | 22.07 |  |
|  | **Fund Total** | $37612218 | 1221064 |  | $1541293 |
| **Guggenheim Risk Managed Real Estate Fund** | **Guggenheim Risk Managed Real Estate Fund** |  |  |  |  |
|  | Class A | $4724884 | 138488 | $34.12 |  |
|  | Class C | 4723541 | 139689 | 33.81 |  |
|  | Institutional Class | 303274176 | 8758801 | 34.63 |  |
|  | Class P | 9711928 | 282929 | 34.33 |  |
|  | **Fund Total** | $322434529 | 9319907 |  | $26309678 |
| **Guggenheim SMid Cap Value Fund** | **Guggenheim SMid Cap Value Fund** |  |  |  |  |
|  | Class A | $282878204 | 6858177 | $41.25 |  |
|  | Class C | 3299519 | 133873 | 24.65 |  |
|  | Institutional Class | 66812436 | 7426913 | 9.00 |  |
|  | Class P | 4570726 | 111739 | 40.91 |  |
|  | **Fund Total** | $357560885 | 14530702 |  | $79504682 |
| **Guggenheim World Equity Income Fund** | **Guggenheim World Equity Income Fund** |  |  |  |  |
|  | Class A | $45679162 | 2571841 | $17.76 |  |
|  | Class C | 2292518 | 158320 | 14.48 |  |
|  | Institutional Class | 2648946 | 150125 | 17.64 |  |
|  | Class P | 79470 | 4432 | 17.93 |  |
|  | **Fund Total** | $50700096 | 2884718 |  | $7841370 |

---

\* NAV does not recalculate due to rounding of shares outstanding.

Because each of the combined funds for the Reorganization has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Funds' Statement of Operations for the Acquiring Fund since the Reorganization was consummated.

Effective April 1, 2025, the classes in the table below underwent a reverse share split in the following ratios:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Class** | **Split Ratio (New to Old Shares)** |
| NAA Opportunity Fund | **A** | 1 for 1.5 |
| NAA Opportunity Fund | **C** | 1 for 2 |
| NAA Opportunity Fund | **P** | 1 for 1.5 |
| NAA Large Core Fund | **C** | 1 for 3 |
| NAA Mid Growth Fund | **C** | 1 for 3 |
| NAA SMid Cap Value Fund | **C** | 1 for 2 |
| NAA SMid Cap Value Fund | **Institutional** | 1 for 8 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

The effect of the reverse share split decreased the number of shares outstanding for each of the classes listed by a split factor shown above, with a corresponding increase in the NAV per share. This event does not impact the overall net assets of each class. The share activity presented in the Statements of Changes in Net Assets and the per share data presented in the Financial Highlights have been retroactively adjusted to reflect this reverse share split.

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

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

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

The NAV of a fund is calculated by dividing the market value of a fund's securities and other assets, less all liabilities, by the number of outstanding shares of that fund.

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

**Accounting Pronouncement –** The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

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

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

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

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

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

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

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

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

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

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

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

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

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

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

The following tables summarize the inputs used for the six months ended March 31, 2026, for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **NAA Allocation Fund** |  |  |  |  |
| Common Stocks | $136785271 | $— | $— | $136785271 |
| Exchange-Traded Funds | 5053061 |  |  | 5053061 |
| Convertible Bonds |  | 984013 |  | 984013 |
| Corporate Bonds |  | 31844718 |  | 31844718 |
| Total | $141838332 | $32828731 | $— | $174667063 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **NAA Large Cap Value Fund** |  |  |  |  |
| Common Stocks | $65402273 | $— | $— | $65402273 |
| Exchange-Traded Funds | 904121 |  |  | 904121 |
| Total | $66306394 | $— | $— | $66306394 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **NAA Large Core Fund** |  |  |  |  |
| Common Stocks | $229607529 | $— | $— | $229607529 |
| Exchange-Traded Funds | 4706449 |  |  | 4706449 |
| Total | $234313978 | $— | $— | $234313978 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **NAA Mid Growth Fund** |  |  |  |  |
| Common Stocks | $66444847 | $— | $— | $66444847 |
| Exchange-Traded Funds | 989424 |  |  | 989424 |
| Total | $67434271 | $— | $— | $67434271 |
| Investments in Securities at Value (Assets) | Level 1 | Level 2 | Level 3 | Total |
| **NAA Opportunity Fund** |  |  |  |  |
| Common Stocks | $17898604 | $— | $— | $17898604 |
| U.S. Government & Agencies |  | 8835605 |  | 8835605 |
| Total Return Swaps |  | 6834447 |  | 6834447 |
| Total | $17898604 | $15670052 | $— | $33568656 |
| Investments in Securities at Value (Liabilities) |  |  |  |  |
| Total Return Swaps | $— | $3604819 | $— | $3604819 |
| Total | $— | $3604819 | $— | $3604819 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities at Value (Assets) | Level 1 | Level 2 | Level 3 | Total |
| **NAA Risk Managed Real Estate Fund** |  |  |  |  |
| Common Stocks | $165917829 | $— | $— | $165917829 |
| U.S. Government & Agencies |  | 8835834 |  | 8835834 |
| Total Return Swaps |  | 1975593 |  | 1975593 |
| Total | $165917829 | $10811427 | $— | $176729256 |
| Investments in Securities at Value (Liabilities) |  |  |  |  |
| Common Stock Sold Short | $27132037 | $— | $— | $27132037 |
| Total Return Swaps |  | 2675815 |  | 2675815 |
| Total | $27132037 | $2675815 | $— | $29807852 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **NAA SMid Cap Value Fund** |  |  |  |  |
| Common Stocks | $277259363 | $— | $— | $277259363 |
| Exchange-Traded Funds | 3747858 |  |  | 3747858 |
| Total | $281007221 | $— | $— | $281007221 |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total |
| **NAA World Equity Income Fund** |  |  |  |  |
| Common Stocks | $45146881 | $— | $— | $45146881 |
| Exchange-Traded Funds | 673136 |  |  | 673136 |
| Total | $45820017 | $— | $— | $45820017 |

---

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 daily using the effective yield method. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are unavailable. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as American depository receipts ("ADRs") and ETFs, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

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

**e. Foreign Currency Translations** – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

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

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

**f.&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts –** Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Funds did not hold any futures contracts as of March 31, 2026.

**g.&nbsp;&nbsp;&nbsp;&nbsp; Short Sales –** When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

**h.&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements –** Swap agreements are marked-to-market daily and any change is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Swap agreements are contracts between a Fund and, typically, a brokerage firm, bank, or other institutional buyer (the swap counterparty) for periods ranging from a few days to multiple years. In a basic swap transaction, a Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, fixed or variable interest rate, non-U.S. currency, or a "basket" of securities representing a particular index. A Fund customarily will enter into swap agreements based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter ("OTC") derivatives markets that has developed standardized contracts used by participants who have agreed to be bound by such standardized contracts.

A Fund will enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the Fund and its counterparty are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. A Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will be the net amount to be paid or received under the agreement based on the relative values of each party's obligations upon termination of the agreement or at set valuation dates. A Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If a Fund enters into a swap agreement on a net basis, it will segregate

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

assets with a daily value at least equal to the excess, if any, of the Fund's accrued obligations under the swap agreement over the accrued amount the Fund is entitled to receive under the agreement. If the swap agreement does not provide for that type of netting, the full amount of a Fund's obligations will be accrued daily. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a value equal to the full amount of the Fund's accrued obligations under the agreement.

During the term of a swap agreement, a Fund is usually required to pledge to the swap counterparty, from time to time, an amount of cash and other assets equal to the total net amount (if any) that would be payable by the Fund to the counterparty if the swap were terminated on the date in question, including any early termination payments. Periodically, changes in the amount pledged are made to recognize changes in the value of the contract resulting from, among other things, interest on the contract's notional value, market value changes in the underlying investment, and dividends paid by the issuer of the underlying instrument. Likewise, the counterparty may be required to pledge cash or other assets to cover its obligations to a Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to a Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund, and the Fund may sustain a loss.

The following table presents the Funds' asset and liability derivatives available for offset under a master netting arrangement ("MNA") along with collateral pledged for these contracts as of March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** |
|  |  |  |  | Gross Amounts Available for Offset | Gross Amounts Available for Offset |  |  |
|  | Gross Amounts of |  | Total Derivative |  |  |  | Net Amount of |
|  | Recognized | Gross Amounts not | Assets/Liabilities | Financial | Cash Collateral |  | Derivative |
| Description | Assets/Liabilities | subject to an MNA | subject to an MNA | Instruments | Received (Pledged) |  | Assets |
| Assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $6834447 | $— | $6834447 | $(3604819) | $— |  | $3229628 |
| Liabilities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $(3604819) | $— | $(3604819 | $3604819 | $— |  | $— |
| **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** |
|  |  |  |  | Gross Amounts Available for Offset | Gross Amounts Available for Offset |  |  |
|  | Gross Amounts of |  | Total Derivative |  |  |  | Net Amount of |
|  | Recognized | Gross Amounts not | Assets/Liabilities | Financial | Cash Collateral |  | Derivative |
| Description | Assets/Liabilities | subject to an MNA | subject to an MNA | Instruments | Received (Pledged) |  | Assets |
| Assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $1975593 | $— | $1975593 | $(1975593) | $— |  | $— |
| Liabilities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $(2675815) | $— | $(2675815 | $1975593 | $(700222 |) (2) | $— |

---

(1) Net unrealized appreciation (depreciation)
 as presented in the Schedules of Investments.

(2) The actual collateral pledged (received)
 may be more than the amounts shown.

The notional value of the derivative instruments outstanding as of March 31, 2026 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the six months ended March 31, 2026, as disclosed above and within the Statements of Operations, serve as indicators of the volume of derivative activity for the Funds.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities for the six months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** |
| **Contract Type/Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Unrealized Appreciation (Depreciation)** |
| Total Return Swaps/Equity Risk | Unrealized appreciation on swap agreements | $6834447 |
| Total Return Swaps/Equity Risk | Unrealized depreciation on swap agreements | (3604819) |
| Total |  | $3229628 |
| **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** |
| **Contract Type/Primary Risk Exposure** | **Statement of Assets and Liabilities Location** | **Unrealized Appreciation (Depreciation)** |
| Total Return Swaps/Equity Risk | Unrealized appreciation on swap agreements | $1975593 |
| Total Return Swaps/Equity Risk | Unrealized depreciation on swap agreements | (2675815) |

---

The following is a summary of the location of derivative investments on Funds' Statements of Operations for the six months ended March 31, 2026:

**NAA Opportunity Fund**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivative Investment Type** | <br>**Primary Risk Exposure** | <br>**Location of Gain (Loss) on Derivatives recognized in**<br>**income** | **Realized and Unrealized Gain**<br>**(Loss) on Derivatives recognized**<br>**in income** |
| Total Return Swaps | Equity Risk | Net realized gain on swap agreements | $1624703 |
| Total | | | $1624703 |
| Total Return Swaps | Equity Risk | Net change in unrealized appreciation (depreciation) on swap agreements | $1671630 |
| Total | | | $1671630 |
| **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund** |
|  |  |  | **Realized and Unrealized Gain** |
|  |  | **Location of Gain (Loss) on Derivatives recognized in** | **(Loss) on Derivatives recognized** |
| **Derivative Investment Type** | **Primary Risk Exposure** | **income** | **in income** |
| Total Return Swaps | Equity Risk | Net realized loss on swap agreements | $(664666) |
| Total |  |  | $(664666) |
| Total Return Swaps | Equity Risk | Net change in unrealized appreciation (depreciation) on swap agreements | $(451915) |
| Total |  |  | $(451915) |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

**i. Cash Management Transactions –** The Funds subscribe to the Brown Brothers Harriman & Co. ("BBH") Cash Management Service ("CMS"), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. is subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included in the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of March 31, 2026, the Funds had the following cash balances participating in the BBH CMS:

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| | |
|:---|:---|
| **Fund** | **Cash Balance** |
| NAA Allocation Fund | $1423929 |
| NAA Large Cap Value Fund | 52677 |
| NAA Large Core Fund | 1565807 |
| NAA Mid Growth Fund | 257305 |
| NAA Opportunity Fund | 7530713 |
| NAA Risk Managed Real Estate Fund | 6612207 |
| NAA SMid Cap Value Fund | 1047337 |
| NAA World Equity Income Fund | 142596 |

---

As of March 31, 2026, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

---

| | |
|:---|:---|
| **Fund** | **Foreign Cash Balance** |
| NAA World Equity Income Fund | $20467 |

---

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

Tax positions taken or expected to be taken while preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended September 30, 2023 through September 30, 2025 or expected to be taken in the Funds' September 30, 2026 year-end tax return. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

**k. Dividends and Distributions** – Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for U.S. federal income tax purposes. Dividends from net investment income are declared quarterly in the World Equity Income Fund and Risk Managed Real Estate Fund. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions of net investment income in the remaining Equity Funds and distributions of net realized gains, if any, in all Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

**l. Foreign Taxes –** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2026, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

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

**n. Expenses –** Expenses directly attributable to a Fund are charged directly to the Fund. Other expenses common to various funds within the fund complex are generally allocated amongst such funds based on average net assets. Expenses are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

**o. Sales Charges (loads) –** Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. Class A share purchases of $1 million or more are exempt from the front-end sales charge but have a 1.00% contingent deferred sales charge ("CDSC"), if shares are redeemed within 12 months of purchase. Class C shares have a 1.00% CDSC fee if shares are redeemed within 12 months of purchase. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. For the six months ended March 31, 2026, there were the following CDSC fees paid to the distributor:

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| | | |
|:---|:---|:---|
| **Fund** | **Class A** | **Class C** |
| NAA Allocation Fund | $– $| 71 |
| NAA Large Cap Value Fund | – | 53 |
| NAA SMid Cap Value Fund | – | 52 |

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**3.** **RISKS** 

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

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

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

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

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

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

**g. Depositary Receipt Risk –** The Funds may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund's portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund's portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

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

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

**i. Options Risk –** Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position on a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser's ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund's strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.

**j. Futures Contracts Risk –** Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a specific price and date or cash settlement of the terms of the contract. The risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund's strategies. Futures markets are highly volatile, and using futures may increase the volatility of the Fund's NAV. Futures are also subject to leverage and liquidity risks.

**k. Swap Agreements Risk –** Swap agreements are contracts between the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Risks associated with swap agreements differ from those associated with ordinary portfolio securities transactions because they could be considered illiquid, and many swaps trade on the OTC market. Swaps are subject to counterparty credit, correlation, valuation, liquidity, and leverage risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing specific margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.

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

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

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

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

Under the Advisory Agreement effective October 25, 2024, for its services, the NAA Large Core Fund pays the Adviser a monthly investment advisory fee (the "Management Fee") computed at the annual rate of 0.75% of average daily net assets up to $500 million, 0.725% of average daily net assets over $500 million up to $1 billion, 0.70% of average daily net assets over $1 billion up to $1.5 billion, 0.65% of average daily net assets over $1.5

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

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 March 31, 2026 was $954,313.

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 March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory Fee%** | **Advisory Fee $** |
| NAA Allocation Fund | 0.95% | $898650 |
| NAA Large Cap Value Fund | 0.65% | 232837 |
| NAA Mid Growth Fund | 0.75% | 262860 |
| NAA Opportunity Fund | 0.90% | 163280 |
| NAA Risk Managed Real Estate Fund | 0.75% | 729069 |
| NAA SMid Cap Value Fund | 0.75% | 1215223 |
| NAA World Equity Income Fund | 0.70% | 167317 |

---

Under an amended Expense Limitation Agreement between the Trust and the Adviser (the "Expense Limitation Agreement"), the Adviser has contractually agreed, until January 31, 2027, to reduce the Management Fee and reimburse other expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund's business (with the exception of NAA Opportunity Fund which includes dividends and interest expenses)) to an amount not exceeding the percentage of the average daily net assets of each Fund in the table below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Cap** | **Expense Cap** |
| NAA Allocation Fund | Class A | 1.45% |
|  | Class C | 2.05% |
|  | Institutional Class | 1.05% |
|  | Class P | 1.30% |
| NAA Large Cap Value Fund | Class A | 1.10% |
|  | Class C | 1.85% |
|  | Institutional Class | 0.85% |
| NAA Large Core Fund | Class A | 1.40% |
|  | Class C | 2.15% |
|  | Institutional Class | 1.15% |
| NAA Mid Growth Fund | Class A | 1.60% |
|  | Class C | 2.35% |
|  | Institutional Class | 1.35% |
| NAA Opportunity Fund | Class A | 1.71% |
|  | Class C | 2.46% |
|  | Institutional Class | 1.41% |
| NAA Risk Managed Real Estate Fund | Class A | 1.24% |
|  | Class C | 1.94% |
|  | Institutional Class | 0.92% |
| NAA SMid Cap Value Fund | Class A | 1.15% |
|  | Class C | 2.00% |
|  | Institutional Class | 0.92% |
| NAA World Equity Income Fund | Class A | 1.17% |
|  | Class C | 1.92% |
|  | Institutional Class | 0.92% |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

For the six months ended March 31, 2026, the fee waivers/reimbursements attributed to the Adviser were as follows:

---

| | |
|:---|:---|
| <br>**Fund** | **Fees**<br>**Waived/Reimbursed By**<br>**Adviser** |
| NAA Allocation Fund | $63557 |
| NAA Large Cap Value Fund | 56946 |
| NAA Risk Managed Real Estate Fund | 115260 |
| NAA SMid Cap Value Fund | 244720 |
| NAA World Equity Income Fund | 68525 |

---

Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by a Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. As of March 31, 2026, the Adviser has waived/reimbursed expenses that may be recovered no later than September 30 of the years indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 2026** | **Expires 2027** | **Expires 2028** | **Total** |
| NAA Allocation Fund | $– $|  | $111524 | $111524 |
| NAA Large Cap Value Fund | – |  | 103906 | 103906 |
| NAA Risk Managed Real Estate Fund | – |  | 149622 | 149622 |
| NAA SMid Cap Value Fund | – |  | 179273 | 179273 |
| NAA World Equity Income Fund | – |  | 117779 | 117779 |

---

**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 Funds pay the distributor an annual fee for distribution and shareholder servicing expenses up to 0.25% of the Fund's average daily net assets attributable to Class A and P shares and 1.00% for Class C shares. The Distributor may pay up to the full amount of this fee to third parties that make available Fund shares and/or provide services to the Funds and their shareholders. The fee paid to a third party is based on the level of such services provided. Third parties may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing.

The following table reflects the Funds' incurred distribution fees for the six months ended March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class P** |
| NAA Allocation Fund | $147840 | $33161 | $5649 |
| NAA Large Cap Value Fund | 55330 | 7004 |  |
| NAA Large Core Fund | 306244 | 3062 |  |
| NAA Mid Growth Fund | 85769 | 1150 |  |
| NAA Opportunity Fund | 4063 | 151 |  |
| NAA Risk Managed Real Estate Fund | 13789 | 17078 |  |
| NAA SMid Cap Value Fund | 322393 | 10047 |  |
| NAA World Equity Income Fund | 55492 | 4612 |  |

---

**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.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

For the six months ended March 31, 2026, the Funds paid UFS the following:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Administration and**<br>**Fund Accounting Fees** |<br>**Transfer Agent Fees** |
| NAA Allocation Fund | $72774 | $38951 |
| NAA Large Cap Value Fund | 30317 | 28513 |
| NAA Large Core Fund | 78615 | 52396 |
| NAA Mid Growth Fund | 25509 | 42137 |
| NAA Opportunity Fund | 27774 | 21737 |
| NAA Risk Managed Real Estate Fund | 68450 | 41634 |
| NAA SMid Cap Value Fund | 93673 | 69222 |
| NAA World Equity Income Fund | 33229 | 17194 |

---

**Printing Services**

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

**Compliance Services**

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

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

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the six months ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Purchases of Securities** | **Proceeds From Sales of**<br>**Securities** |
| NAA Allocation Fund | $56447346 | $69429904 |
| NAA Large Cap Value Fund | 24190321 | 29642325 |
| NAA Large Core Fund | 82144772 | 96078342 |
| NAA Mid Growth Fund | 30983842 | 35426379 |
| NAA Opportunity Fund | 13346611 | 15578497 |
| NAA Risk Managed Real Estate Fund | 11814003 | 37635238 |
| NAA SMid Cap Value Fund | 136596807 | 157389928 |
| NAA World Equity Income Fund | 13004443 | 16746722 |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of the control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, ownership percentages of the holders of the voting securities of each Fund that may be deemed to control the Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Owner** | **Percentage of Interest** |
| NAA Allocation Fund | Morgan Stanley Smith Barney LLC | 26.8% |
| NAA SMid Cap Value Fund | UMB Bank Custodian Security Financial Services | 37.4% |
| NAA World Equity Income Fund | UMB Bank Custodian Security Financial Services | 48.8% |

---

The Trust does not know if all or any portion of the shares owned of record are also owned beneficially.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Cost for Federal**<br>**Tax purposes** |<br>**Gross Unrealized**<br>**Appreciation** |<br>**Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| NAA Allocation Fund | $155774755 | $22885069 | $(3992761) | $18892308 |
| NAA Large Cap Value Fund | 64119053 | 8605731 | (6418390) | 2187341 |
| NAA Large Core Fund | 211603568 | 30645315 | (7934905) | 22710410 |
| NAA Mid Growth Fund | 64581971 | 10533039 | (7680739) | 2852300 |
| NAA Opportunity Fund | 26078093 | 1711350 | (1055234) | 656116 |
| NAA Risk Managed Real Estate Fund | 136051754 | 22057522 | (10487650) | 11569872 |
| NAA SMid Cap Value Fund | 272889474 | 33680470 | (25562723) | 8117747 |
| NAA World Equity Income Fund | 40035931 | 7056935 | (1272849) | 5784086 |

---

The tax character of the Funds' distributions paid for the years ended September 30, 2025, and September 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For fiscal year ended | Ordinary | Long-Term | Return of |  |
| 9/30/2025 | Income | Capital Gains | Capital | Total |
| NAA Allocation Fund | $18807554 | $9044486 | $— | $27852040 |
| NAA Large Cap Value Fund | 1476517 | 5357850 |  | 6834367 |
| NAA Large Core Fund | 47457926 | 2192938 |  | 49650864 |
| NAA Mid Growth Fund | 1974216 |  |  | 1974216 |
| NAA Opportunity Fund | 332388 |  |  | 332388 |
| NAA Risk Managed Real Estate Fund | 7609281 | 4471618 |  | 12080899 |
| NAA SMid Cap Value Fund | 3948479 | 50602261 |  | 54550740 |
| NAA World Equity Income Fund | 1470151 | 1743790 |  | 3213941 |
| For fiscal year ended | Ordinary | Long-Term | Return of |  |
| 9/30/2024 | Income | Capital Gains | Capital | Total |
| Guggenheim Directional Allocation Fund | $3463695 | $— | $— | $3463695 |
| Guggenheim Large Cap Value Fund | 674731 | 3299408 |  | 3974139 |
| Guggenheim StylePlus—Large Core Fund | 5630586 |  |  | 5630586 |
| Guggenheim StylePlus—Mid Growth Fund | 1661785 |  |  | 1661785 |
| Guggenheim Alpha Opportunity Fund | 199681 |  |  | 199681 |
| Guggenheim Risk Managed Real Estate Fund | 10186667 |  |  | 10186667 |
| Guggenheim SMid Cap Value Fund | 2717162 | 8857859 |  | 11575021 |
| Guggenheim World Equity Income Fund | 854827 |  |  | 854827 |

---

As of September 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Undistributed**<br>**Ordinary**<br>**Income** |<br>**Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October**<br>**Loss**<br>**and**<br>**Late Year Loss** |<br>**Capital Loss**<br>**Carry**<br>**Forwards** |<br>**Other**<br>**Book/Tax**<br>**Differences** |<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Total**<br>**Accumulated**<br>**Earnings (Deficits)** |
| NAA Allocation Fund | $6786408 | $10460714 | $— | $— | $— | $28281828 | $45528950 |
| NAA Large Cap Value Fund | 1550367 | 7953395 |  |  |  | 6276097 | 15779859 |
| NAA Large Core Fund | 1470340 | 5902942 |  |  |  | 31761149 | 39134431 |
| NAA Mid Growth Fund |  |  | (295614) | (1043617) |  | 988824 | (350407) |
| NAA Opportunity Fund | 328042 |  |  | (25340436) |  | 2454445 | (22557949) |
| NAA Risk Managed Real Estate Fund | 501113 |  | (258693) |  | (88184) | 11909306 | 12063542 |
| NAA SMid Cap Value Fund | 1724271 | 35031006 |  |  |  | 23417866 | 60173143 |
| NAA World Equity Income Fund | 877882 | 5060995 |  |  |  | 5692828 | 11631705 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statement (Unaudited)</u> <br> March 31, 2026

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, mark-to-market on open passive foreign investment companies, adjustments for real estate investment trusts, C-Corporation return of capital distributions, and the tax deferral of losses on straddles.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes.

The NAA Risk Managed Real Estate Fund incurred and elected to defer such capital losses of $258,693.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The NAA Mid Growth Fund incurred and elected to defer such late year losses of $295,614.

At September 30, 2025, the below Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| NAA Mid Growth Fund | $— | $1043617 | $1043617 | $12859141 |
| NAA Opportunity Fund | 21816887 | 3523549 | 25340436 |  |

---

During the fiscal year ended September 30, 2025, 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 net operating losses, distributions in excess, the use of tax equalization credits, and the treatment of tax items related to the target funds' acquired as a result of a merger, resulted in reclassifications as follows:

---

| | | |
|:---|:---|:---|
|  |<br>**Paid In Capital** | **Distributable**<br>**Earnings (Losses)** |
| NAA Allocation Fund | $2111827 | $(2111827) |
| NAA Large Cap Value Fund | 387592 | (387592) |
| NAA Large Core Fund | 462687 | (462687) |
| NAA Mid Growth Fund | (2570) | 2570 |
| NAA Risk Managed Real Estate Fund | (1) | 1 |
| NAA SMid Cap Value Fund | 5732601 | (5732601) |
| NAA World Equity Income Fund | 844763 | (844763) |

---

**10.** **SUBSEQUENT EVENTS** 

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

<u>New Age Alpha Funds</u> <u>Additional Information (Unaudited)</u> <br> March 31, 2026

**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.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None.

**Item 16. Controls and Procedures**

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) 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](ex99-cert.htm)

(a)(4) Not applicable

(b) &nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](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) <u>New Age Alpha Funds Trust</u>

---

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

---

Date <u>6/3/2026</u> <br>

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 |
| <u>Keith D. Kemp</u>, Principal Executive Officer/President/Principal Financial Officer/Treasurer |

---

Date <u>6/3/2026</u> <br>

## Ex-99.Cert

CERTIFICATIONS

I, Keith D. Kemp, certify that:

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

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;

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;

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;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;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;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;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

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;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;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: | &nbsp;&nbsp;&nbsp;&nbsp;6/3/2026 | /s/ Keith D. Kemp |
|  |  | Keith D. Kemp |
|  |  | Principal Executive Officer /President/Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

CERTIFICATION [Exhibit 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (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;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| New Age Alpha Funds Trust |
| /s/ Keith D. Kemp |
| Keith D. Kemp |

---

Date: <u>6/3/2026</u> <br>

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

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