# EDGAR Filing Document

**Accession Number:** 0002013853
**File Stem:** 0001580642-26-000369
**Filing Date:** 2026-1
**Character Count:** 659584
**Document Hash:** 373f6f53bfb2d90480d94fb1fad2eb79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000369.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001580642-26-000369

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 104

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**EFFECTIVENESS DATE**: 20260123

**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-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23945
- **FILM NUMBER:** 26554011

**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           |
| C000249828 | Class P             | SFEPX           |

### 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             |  |
| C000253475 | Class P             |  |
| C000253476 | Institutional Class |  |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253481 | Institutional Class |  |
| C000253482 | Class P             |  |
| C000253483 | Class C             |  |
| C000253484 | Class A             |  |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253485 | Class C             |  |
| C000253486 | Class P             |  |
| 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             |  |
| C000253491 | Class P             |  |
| 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             |  |
| C000253496 | Class P             |  |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253497 | Class P             |  |
| 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> 

 <u>New Age Alpha Funds Trust</u> 

(Exact name of registrant as specified in charter)

 <u>555 Theodore Fremd Avenue, Suite A-101, Rye, New York 10580</u> 

(Address of principal executive offices) (Zip code)

 <u>Cogency Global Inc.</u> 

<u>850 New Burton Road, Suite 201, Dover, DE 19904</u>

(Name and address of agent for service)

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

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

Date of reporting period: <u>9/30/25</u>

**EXPLANATORY NOTE:** The following amends the Form N-CSR filing dated December 9, 2025, Accession Number 0001580642-25-007734. This amended report on Form N-CSR for New Age Alpha Funds Trust relates to the modification of the report issued by Cohen & Company Ltd. regarding reverse stock splits, and the addition of a report by Ernst and Young LLP, contained in the annual report.

Other than the modification of the report issued by Cohen & Company Ltd. regarding reverse stock splits, and the addition of a report by Ernst and Young LLP, no other information or disclosures contained in the Registrant's Form N-CSR filed on December 9, 2025 are being amended by this Form N-CSR/A.

**Item 1. Reports to Stockholders.** 

(a) ![Image](if90e1074641d7d304b63b492.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $155 | 1.45% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 13.80%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming its secondary benchmarks, the Blended Allocation Index and the Morningstar Moderately Aggressive Allocation Category Average, which returned 11.80% and 10.54%, respectively, for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Directional Allocation Fund into the NAA Allocation Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

&nbsp;&nbsp;&nbsp;&nbsp;

Since assuming management of the fund on October 25, 2024 the fund slightly underperformed the Blended Allocation Index and outperformed the Morningstar Moderately Aggressive Allocation Category average (the fund's ancillary indexes). Contributing to performance was security selection in the Materials, Utilities, and Industrials sectors. Detracting from performance were security selection in the Communication Services, Information Technology, and Financials sectors. The largest contributor was Broadcom Inc., while Apple Inc. was the largest detractor.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ia3ac651290a915c3d9764119.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NAA Allocation Fund** | **NAA Allocation Fund - with load** | **Blended Allocation Index** | **Morningstar Moderately Aggressive Allocation** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $9424 | $10000 | $10002 | $10000 |
| **Sep-2016** | $11335 | $10682 | $11103 | $10972 | $11543 |
| **Sep-2017** | $13635 | $12849 | $12321 | $12405 | $13691 |
| **Sep-2018** | $16012 | $15089 | $13567 | $13462 | $16143 |
| **Sep-2019** | $16194 | $15260 | $14531 | $13617 | $16830 |
| **Sep-2020** | $16133 | $15203 | $16592 | $14220 | $19380 |
| **Sep-2021** | $20879 | $19676 | $19438 | $17651 | $25194 |
| **Sep-2022** | $18917 | $17827 | $16633 | $14634 | $21296 |
| **Sep-2023** | $18734 | $17654 | $18831 | $16638 | $25900 |
| **Sep-2024** | $25300 | $23842 | $23683 | $20716 | $35315 |
| **Sep-2025** | $28792 | $27132 | $26492 | $22911 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Allocation Fund |  |  |  |
| Without Load | 13.80% | 12.28% | 11.15% |
| With Load | 8.39% | 11.19% | 10.50% |
| Blended Allocation Index | 11.80% | 9.82% | 10.23% |
| Morningstar Moderately Aggressive Allocation | 10.54% | 10.00% | 8.64% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$193,505,973

* Number of Portfolio Holdings138

* Advisory Fee $1,633,289

* Portfolio Turnover87%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i79b9d0dcbd711115afdebccf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.3% |
| Convertible Bonds | 0.5% |
| Corporate Bonds | 17.1% |
| Exchange-Traded Funds | 4.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i6e756b1adb6ff609c25ad001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Equity | 1.6% |
| Materials | 2.2% |
| Fixed Income | 2.5% |
| Utilities | 3.0% |
| Real Estate | 3.2% |
| Energy | 4.9% |
| Consumer Staples | 4.9% |
| Financials | 7.5% |
| Industrials | 8.4% |
| Health Care | 8.6% |
| Consumer Discretionary | 10.9% |
| Communications | 11.1% |
| Technology | 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 |
| NVIDIA Corporation | 6.5% |
| Microsoft Corporation | 5.3% |
| Apple, Inc. | 5.0% |
| Amazon.com, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.6% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 2.5% |
| Broadcom, Inc. | 2.2% |
| Meta Platforms, Inc. - Class A | 2.2% |
| Tesla, Inc. | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Allocation Fund - Class A (TVRAX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TVRAX

![Image](if90e1074641d7d304b63b492.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $218 | 2.05% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 13.06%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming its secondary benchmarks, the Blended Allocation Index and the Morningstar Moderately Aggressive Allocation Category Average, which returned 11.80% and 10.54%, respectively, for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Directional Allocation Fund into the NAA Allocation Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund underperformed the Blended Allocation Index and outperformed the Morningstar Moderately Aggressive Allocation Category average (the fund's ancillary indexes). Contributing to performance was security selection the Materials, Utilities, and Industrials sectors. Detracting from performance were security selection in the Communication Services, Information Technology, and Financials sectors. The largest contributor was Broadcom Inc., while Apple Inc. was the largest detractor.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1d3700ff10867c24d5151703.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAA Allocation Fund** | **Blended Allocation Index** | **Morningstar Moderately Aggressive Allocation** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10002 | $10000 |
| **Sep-2016** | $11268 | $11103 | $10972 | $11543 |
| **Sep-2017** | $13460 | $12321 | $12405 | $13691 |
| **Sep-2018** | $15678 | $13567 | $13462 | $16143 |
| **Sep-2019** | $15737 | $14531 | $13617 | $16830 |
| **Sep-2020** | $15581 | $16592 | $14220 | $19380 |
| **Sep-2021** | $20025 | $19438 | $17651 | $25194 |
| **Sep-2022** | $18007 | $16633 | $14634 | $21296 |
| **Sep-2023** | $17727 | $18831 | $16638 | $25900 |
| **Sep-2024** | $23797 | $23683 | $20716 | $35315 |
| **Sep-2025** | $26906 | $26492 | $22911 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Allocation Fund | 13.06% | 11.54% | 10.40% |
| Blended Allocation Index | 11.80% | 9.82% | 10.23% |
| Morningstar Moderately Aggressive Allocation | 10.54% | 10.00% | 8.64% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$193,505,973

* Number of Portfolio Holdings138

* Advisory Fee $1,633,289

* Portfolio Turnover87%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i56090c92c25c265eeca7cc7c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.3% |
| Convertible Bonds | 0.5% |
| Corporate Bonds | 17.1% |
| Exchange-Traded Funds | 4.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i38ab8b117df083f3be04109e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Equity | 1.6% |
| Materials | 2.2% |
| Fixed Income | 2.5% |
| Utilities | 3.0% |
| Real Estate | 3.2% |
| Energy | 4.9% |
| Consumer Staples | 4.9% |
| Financials | 7.5% |
| Industrials | 8.4% |
| Health Care | 8.6% |
| Consumer Discretionary | 10.9% |
| Communications | 11.1% |
| Technology | 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 |
| NVIDIA Corporation | 6.5% |
| Microsoft Corporation | 5.3% |
| Apple, Inc. | 5.0% |
| Amazon.com, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.6% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 2.5% |
| Broadcom, Inc. | 2.2% |
| Meta Platforms, Inc. - Class A | 2.2% |
| Tesla, Inc. | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Allocation Fund - Class C (TVRCX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TVRCX

![Image](if90e1074641d7d304b63b492.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $112 | 1.05% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Institutional shares) returned 14.24%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming its secondary benchmarks, the Blended Allocation Index and the Morningstar Moderately Aggressive Allocation Category Average, which returned 11.80% and 10.54%, respectively, for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Directional Allocation Fund into the NAA Allocation Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund's outperformance compared to the Blended Allocation Index and the Morningstar Moderately Aggressive Allocation Category average (the fund's ancillary indexes) was primarily due to security selection in the Materials, Utilities, and Industrials sectors. Detracting from performance were security selection in the Communication Services, Information Technology, and Financials sectors. The largest contributor was Broadcom Inc., while Apple Inc. was the largest detractor.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3d64a9aa21a49d7c7f62a4d5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAA Allocation Fund** | **Blended Allocation Index** | **Morningstar Moderately Aggressive Allocation** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10002 | $10000 |
| **Sep-2016** | $11370 | $11103 | $10972 | $11543 |
| **Sep-2017** | $13719 | $12321 | $12405 | $13691 |
| **Sep-2018** | $16145 | $13567 | $13462 | $16143 |
| **Sep-2019** | $16370 | $14531 | $13617 | $16830 |
| **Sep-2020** | $16364 | $16592 | $14220 | $19380 |
| **Sep-2021** | $21243 | $19438 | $17651 | $25194 |
| **Sep-2022** | $19308 | $16633 | $14634 | $21296 |
| **Sep-2023** | $19196 | $18831 | $16638 | $25900 |
| **Sep-2024** | $26019 | $23683 | $20716 | $35315 |
| **Sep-2025** | $29724 | $26492 | $22911 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Allocation Fund | 14.24% | 12.68% | 11.51% |
| Blended Allocation Index | 11.80% | 9.82% | 10.23% |
| Morningstar Moderately Aggressive Allocation | 10.54% | 10.00% | 8.64% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$193,505,973

* Number of Portfolio Holdings138

* Advisory Fee $1,633,289

* Portfolio Turnover87%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9919ef953845fb5a89b6e97b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.3% |
| Convertible Bonds | 0.5% |
| Corporate Bonds | 17.1% |
| Exchange-Traded Funds | 4.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i30418be5ad35f4ea23af291e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Equity | 1.6% |
| Materials | 2.2% |
| Fixed Income | 2.5% |
| Utilities | 3.0% |
| Real Estate | 3.2% |
| Energy | 4.9% |
| Consumer Staples | 4.9% |
| Financials | 7.5% |
| Industrials | 8.4% |
| Health Care | 8.6% |
| Consumer Discretionary | 10.9% |
| Communications | 11.1% |
| Technology | 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 |
| NVIDIA Corporation | 6.5% |
| Microsoft Corporation | 5.3% |
| Apple, Inc. | 5.0% |
| Amazon.com, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.6% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 2.5% |
| Broadcom, Inc. | 2.2% |
| Meta Platforms, Inc. - Class A | 2.2% |
| Tesla, Inc. | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Allocation Fund - Institutional (TVRIX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TVRIX

![Image](if90e1074641d7d304b63b492.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Allocation Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $139 | 1.30% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class P shares) returned 13.92%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming its secondary benchmarks, the Blended Allocation Index and the Morningstar Moderately Aggressive Allocation Category Average, which returned 11.80% and 10.54%, respectively, for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Directional Allocation Fund into the NAA Allocation Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund's outperformance compared to the Blended Allocation Index and the Morningstar Moderately Aggressive Allocation Category average (the fund's ancillary indexes) was primarily due to security selection in the Materials, Utilities, and Industrials sectors. Detracting from performance were security selection in the Communication Services, Information Technology, and Financials sectors. The largest contributor was Broadcom Inc., while Apple Inc. was the largest detractor.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i78ab48140e71a39495be4299.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAA Allocation Fund** | **Blended Allocation Index** | **Morningstar Moderately Aggressive Allocation** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10002 | $10000 |
| **Sep-2016** | $11348 | $11103 | $10972 | $11543 |
| **Sep-2017** | $13648 | $12321 | $12405 | $13691 |
| **Sep-2018** | $16026 | $13567 | $13462 | $16143 |
| **Sep-2019** | $16216 | $14531 | $13617 | $16830 |
| **Sep-2020** | $16168 | $16592 | $14220 | $19380 |
| **Sep-2021** | $20929 | $19438 | $17651 | $25194 |
| **Sep-2022** | $18965 | $16633 | $14634 | $21296 |
| **Sep-2023** | $18814 | $18831 | $16638 | $25900 |
| **Sep-2024** | $25448 | $23683 | $20716 | $35315 |
| **Sep-2025** | $28990 | $26492 | $22911 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Allocation Fund | 13.92% | 12.39% | 11.23% |
| Blended Allocation Index | 11.80% | 9.82% | 10.23% |
| Morningstar Moderately Aggressive Allocation | 10.54% | 10.00% | 8.64% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$193,505,973

* Number of Portfolio Holdings138

* Advisory Fee $1,633,289

* Portfolio Turnover87%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i912d3af711d9902bace7d06f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.3% |
| Convertible Bonds | 0.5% |
| Corporate Bonds | 17.1% |
| Exchange-Traded Funds | 4.1% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ida5040def161c85347f2ffc5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Equity | 1.6% |
| Materials | 2.2% |
| Fixed Income | 2.5% |
| Utilities | 3.0% |
| Real Estate | 3.2% |
| Energy | 4.9% |
| Consumer Staples | 4.9% |
| Financials | 7.5% |
| Industrials | 8.4% |
| Health Care | 8.6% |
| Consumer Discretionary | 10.9% |
| Communications | 11.1% |
| Technology | 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 |
| NVIDIA Corporation | 6.5% |
| Microsoft Corporation | 5.3% |
| Apple, Inc. | 5.0% |
| Amazon.com, Inc. | 2.8% |
| Alphabet, Inc. - Class C | 2.6% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 2.5% |
| Broadcom, Inc. | 2.2% |
| Meta Platforms, Inc. - Class A | 2.2% |
| Tesla, Inc. | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.2% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Allocation Fund - Class P (TVFRX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-TVFRX

![Image](i8a94ad3a1886f9b1da375aa4.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $115 | 1.10% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 8.82%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming the fund's secondary benchmark, the S&P 500 Value Index, which returned 6.76% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Large Cap Value Fund into the NAA Large Cap Value Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund outperformed the S&P 500 Value Index (the fund's ancillary index) primarily due to security selection in the Information Technology, Industrials, and Health Care sectors. Detracting from performance was security selection in the Communication Services sector and an underweight position in the Financials sector. The largest individual contributor was CVS Health Corp., while the largest individual detractor was UnitedHealth Group Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibb076fa7eace4da308de34a4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund - with load** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **Sep-2015** | $10000 | $9525 | $10000 | $10000 |
| **Sep-2016** | $11569 | $11020 | $11543 | $11598 |
| **Sep-2017** | $13615 | $12969 | $13691 | $13508 |
| **Sep-2018** | $15088 | $14372 | $16143 | $14867 |
| **Sep-2019** | $14547 | $13856 | $16830 | $15694 |
| **Sep-2020** | $13735 | $13083 | $19380 | $15273 |
| **Sep-2021** | $19311 | $18393 | $25194 | $20165 |
| **Sep-2022** | $18069 | $17211 | $21296 | $18223 |
| **Sep-2023** | $20634 | $19654 | $25900 | $22266 |
| **Sep-2024** | $25493 | $24283 | $35315 | $29190 |
| **Sep-2025** | $27742 | $26424 | $41530 | $31162 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Cap Value Fund |  |  |  |
| Without Load | 8.82% | 15.10% | 10.74% |
| With Load | 3.65% | 13.98% | 10.20% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Value Index | 6.76% | 15.33% | 12.04% |

---

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

## **Fund Statistics** 
* Net Assets$71,340,338

* Number of Portfolio Holdings102

* Advisory Fee $265,146

* Portfolio Turnover61%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i87e900373db774a1a1f1f5c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Exchange-Traded Funds | 1.1% |

---

## **Fund Statistics** 

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i30cad93ea02513c9624a5953.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Information Technology | 1.0% |
| Equity | 1.0% |
| Real Estate | 2.7% |
| Materials | 3.5% |
| Communications | 4.3% |
| Utilities | 5.4% |
| Energy | 6.1% |
| Consumer Staples | 7.2% |
| Consumer Discretionary | 7.7% |
| Industrials | 7.9% |
| Health Care | 14.7% |
| Financials | 14.7% |
| Technology | 23.2% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 7.8% |
| Microsoft Corporation | 7.0% |
| Amazon.com, Inc. | 3.3% |
| Exxon Mobil Corporation | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |
| Johnson & Johnson | 1.7% |
| JPMorgan Chase & Company | 1.4% |
| Intel Corporation | 1.4% |
| Procter & Gamble Company (The) | 1.4% |
| Lam Research Corporation | 1.3% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SECIX

![Image](i8a94ad3a1886f9b1da375aa4.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $192 | 1.85% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 8.00%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming the fund's secondary benchmark, the S&P 500 Value Index, which returned 6.76% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Large Cap Value Fund into the NAA Large Cap Value Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund outperformed the S&P 500 Value Index (the fund's ancillary index) primarily due to security selection in the Information Technology, Industrials, and Health Care sectors. Detracting from performance was security selection in the Communication Services sector and an underweight position in the Financials sector. The largest individual contributor was CVS Health Corp., while the largest individual detractor was UnitedHealth Group Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i03098602f93210f6b3045775.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Large Cap Value Fund** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11487 | $11543 | $11598 |
| **Sep-2017** | $13410 | $13691 | $13508 |
| **Sep-2018** | $14748 | $16143 | $14867 |
| **Sep-2019** | $14116 | $16830 | $15694 |
| **Sep-2020** | $13227 | $19380 | $15273 |
| **Sep-2021** | $18458 | $25194 | $20165 |
| **Sep-2022** | $17143 | $21296 | $18223 |
| **Sep-2023** | $19428 | $25900 | $22266 |
| **Sep-2024** | $23826 | $35315 | $29190 |
| **Sep-2025** | $25731 | $41530 | $31162 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Cap Value Fund | 8.00% | 14.23% | 9.91% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Value Index | 6.76% | 15.33% | 12.04% |

---

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

## **Fund Statistics** 
* Net Assets$71,340,338

* Number of Portfolio Holdings102

* Advisory Fee $265,146

* Portfolio Turnover61%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3674d65097e655bed92a6569.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Exchange-Traded Funds | 1.1% |

---

## **Fund Statistics** 

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ifd5b3bc9579d2269c711dd54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Information Technology | 1.0% |
| Equity | 1.0% |
| Real Estate | 2.7% |
| Materials | 3.5% |
| Communications | 4.3% |
| Utilities | 5.4% |
| Energy | 6.1% |
| Consumer Staples | 7.2% |
| Consumer Discretionary | 7.7% |
| Industrials | 7.9% |
| Health Care | 14.7% |
| Financials | 14.7% |
| Technology | 23.2% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 7.8% |
| Microsoft Corporation | 7.0% |
| Amazon.com, Inc. | 3.3% |
| Exxon Mobil Corporation | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |
| Johnson & Johnson | 1.7% |
| JPMorgan Chase & Company | 1.4% |
| Intel Corporation | 1.4% |
| Procter & Gamble Company (The) | 1.4% |
| Lam Research Corporation | 1.3% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SEGIX

![Image](i8a94ad3a1886f9b1da375aa4.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Large Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $89 | 0.85% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 9.06%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming the fund's secondary benchmark, the S&P 500 Value Index, which returned 6.76% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Large Cap Value Fund into the NAA Large Cap Value Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund outperformed the S&P 500 Value Index (the fund's ancillary index) primarily due to security selection in the Information Technology, Industrials, and Health Care sectors. Detracting from performance was security selection in the Communication Services sector and an underweight position in the Financials sector. The largest individual contributor was CVS Health Corp., while the largest individual detractor was UnitedHealth Group Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic2f1f40d41be3b24da71b3c1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Large Cap Value Fund** | **S&P 500<sup>®</sup> Index** | **S&P 500<sup>®</sup> Value Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11598 | $11543 | $11598 |
| **Sep-2017** | $13681 | $13691 | $13508 |
| **Sep-2018** | $15191 | $16143 | $14867 |
| **Sep-2019** | $14685 | $16830 | $15694 |
| **Sep-2020** | $13900 | $19380 | $15273 |
| **Sep-2021** | $19589 | $25194 | $20165 |
| **Sep-2022** | $18374 | $21296 | $18223 |
| **Sep-2023** | $21035 | $25900 | $22266 |
| **Sep-2024** | $26059 | $35315 | $29190 |
| **Sep-2025** | $28421 | $41530 | $31162 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Cap Value Fund | 9.06% | 15.38% | 11.01% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Value Index | 6.76% | 15.33% | 12.04% |

---

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

## **Fund Statistics** 
* Net Assets$71,340,338

* Number of Portfolio Holdings102

* Advisory Fee $265,146

* Portfolio Turnover61%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1eb724587498f54fc4cc074a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Exchange-Traded Funds | 1.1% |

---

## **Fund Statistics** 

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic85ca8205688fbe544b16347.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Information Technology | 1.0% |
| Equity | 1.0% |
| Real Estate | 2.7% |
| Materials | 3.5% |
| Communications | 4.3% |
| Utilities | 5.4% |
| Energy | 6.1% |
| Consumer Staples | 7.2% |
| Consumer Discretionary | 7.7% |
| Industrials | 7.9% |
| Health Care | 14.7% |
| Financials | 14.7% |
| Technology | 23.2% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 7.8% |
| Microsoft Corporation | 7.0% |
| Amazon.com, Inc. | 3.3% |
| Exxon Mobil Corporation | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |
| Johnson & Johnson | 1.7% |
| JPMorgan Chase & Company | 1.4% |
| Intel Corporation | 1.4% |
| Procter & Gamble Company (The) | 1.4% |
| Lam Research Corporation | 1.3% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Cap Value Fund - Institutional (GILCX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GILCX

![Image](id96c4195180d0b7664a6e9f8.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $134 | 1.25% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 15.18%, underperforming the fund's benchmark the S&P 500 Index, which returned 17.60% for the same period.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim StylePlus-Large Core Fund into the NAA Large Core Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund lagged the S&P 500 Index primarily due to security selection in the Financials, Communication Services, and Health Care sectors. Contributing positively to performance were security selection in the Materials, Utilities, and Real Estate sectors. The largest individual detractor was Apple Inc., while the largest individual contributor was Broadcom Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i50819ddd8726e2d5a38f0c5a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Large Core Fund** | **NAA Large Core Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $9527 | $10000 |
| **Sep-2016** | $11613 | $11063 | $11543 |
| **Sep-2017** | $13770 | $13119 | $13691 |
| **Sep-2018** | $16057 | $15297 | $16143 |
| **Sep-2019** | $16297 | $15526 | $16830 |
| **Sep-2020** | $18609 | $17728 | $19380 |
| **Sep-2021** | $24175 | $23031 | $25194 |
| **Sep-2022** | $19596 | $18668 | $21296 |
| **Sep-2023** | $23869 | $22739 | $25900 |
| **Sep-2024** | $32792 | $31240 | $35315 |
| **Sep-2025** | $37770 | $35983 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Core Fund |  |  |  |
| Without Load | 15.18% | 15.21% | 14.21% |
| With Load | 9.72% | 14.09% | 13.66% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$256,422,536

* Number of Portfolio Holdings103

* Advisory Fee $1,869,966

* Portfolio Turnover141%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib60faa4d339aefe6d297b7e2.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i14c7e229f97daeff9a57fd52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Equity | 2.0% |
| Materials | 2.1% |
| Real Estate | 2.1% |
| Utilities | 2.4% |
| Energy | 2.9% |
| Consumer Staples | 4.9% |
| Industrials | 7.9% |
| Financials | 8.7% |
| Health Care | 8.9% |
| Consumer Discretionary | 9.2% |
| Communications | 11.4% |
| Technology | 36.9% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 8.1% |
| Microsoft Corporation | 6.7% |
| Apple, Inc. | 6.2% |
| Alphabet, Inc. - Class A | 3.8% |
| Amazon.com, Inc. | 3.5% |
| Broadcom, Inc. | 2.8% |
| Meta Platforms, Inc. - Class A | 2.7% |
| Tesla, Inc. | 2.4% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| JPMorgan Chase & Company | 1.5% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Core Fund - Class A (SECEX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SECEX

![Image](id96c4195180d0b7664a6e9f8.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $214 | 2.00% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 14.29%, underperforming the fund's benchmark the S&P 500 Index, which returned 17.60% for the same period.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim StylePlus-Large Core Fund into the NAA Large Core Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund lagged the S&P 500 Index primarily due to security selection in the Financials, Communication Services, and Health Care sectors. Contributing positively to performance were security selection in the Materials, Utilities, and Real Estate sectors. The largest individual detractor was Apple Inc., while the largest individual contributor was Broadcom Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie8dfd0ce738fbd96354f4923.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA Large Core Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $11500 | $11543 |
| **Sep-2017** | $13523 | $13691 |
| **Sep-2018** | $15627 | $16143 |
| **Sep-2019** | $15721 | $16830 |
| **Sep-2020** | $17783 | $19380 |
| **Sep-2021** | $22884 | $25194 |
| **Sep-2022** | $18378 | $21296 |
| **Sep-2023** | $22203 | $25900 |
| **Sep-2024** | $30235 | $35315 |
| **Sep-2025** | $34555 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Core Fund | 14.29% | 14.21% | 13.20% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$256,422,536

* Number of Portfolio Holdings103

* Advisory Fee $1,869,966

* Portfolio Turnover141%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iba4b9ee7a6d0c49038c3c0d1.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i70b624e21825b18130bfdbbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Equity | 2.0% |
| Materials | 2.1% |
| Real Estate | 2.1% |
| Utilities | 2.4% |
| Energy | 2.9% |
| Consumer Staples | 4.9% |
| Industrials | 7.9% |
| Financials | 8.7% |
| Health Care | 8.9% |
| Consumer Discretionary | 9.2% |
| Communications | 11.4% |
| Technology | 36.9% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 8.1% |
| Microsoft Corporation | 6.7% |
| Apple, Inc. | 6.2% |
| Alphabet, Inc. - Class A | 3.8% |
| Amazon.com, Inc. | 3.5% |
| Broadcom, Inc. | 2.8% |
| Meta Platforms, Inc. - Class A | 2.7% |
| Tesla, Inc. | 2.4% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| JPMorgan Chase & Company | 1.5% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Core Fund - Class C (SFECX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SFECX

![Image](id96c4195180d0b7664a6e9f8.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Large Core Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $108 | 1.00% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 15.44%, underperforming the fund's benchmark the S&P 500 Index, which returned 17.60% for the same period.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim StylePlus-Large Core Fund into the NAA Large Core Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund lagged the S&P 500 Index primarily due to security selection in the Financials, Communication Services, and Health Care sectors. Contributing positively to performance were security selection in the Materials, Utilities, and Real Estate sectors. The largest individual detractor was Apple Inc., while the largest individual contributor was Broadcom Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i5c67197a1ca29dc8999be991.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA Large Core Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $11700 | $11543 |
| **Sep-2017** | $13918 | $13691 |
| **Sep-2018** | $16278 | $16143 |
| **Sep-2019** | $16562 | $16830 |
| **Sep-2020** | $18954 | $19380 |
| **Sep-2021** | $24663 | $25194 |
| **Sep-2022** | $20031 | $21296 |
| **Sep-2023** | $24450 | $25900 |
| **Sep-2024** | $33670 | $35315 |
| **Sep-2025** | $38870 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Large Core Fund | 15.44% | 15.45% | 14.54% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$256,422,536

* Number of Portfolio Holdings103

* Advisory Fee $1,869,966

* Portfolio Turnover141%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8d8741eac0f5c34d571750d7.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9449e09eee3537e81efaee44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Equity | 2.0% |
| Materials | 2.1% |
| Real Estate | 2.1% |
| Utilities | 2.4% |
| Energy | 2.9% |
| Consumer Staples | 4.9% |
| Industrials | 7.9% |
| Financials | 8.7% |
| Health Care | 8.9% |
| Consumer Discretionary | 9.2% |
| Communications | 11.4% |
| Technology | 36.9% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 8.1% |
| Microsoft Corporation | 6.7% |
| Apple, Inc. | 6.2% |
| Alphabet, Inc. - Class A | 3.8% |
| Amazon.com, Inc. | 3.5% |
| Broadcom, Inc. | 2.8% |
| Meta Platforms, Inc. - Class A | 2.7% |
| Tesla, Inc. | 2.4% |
| Berkshire Hathaway, Inc. - Class B | 1.5% |
| JPMorgan Chase & Company | 1.5% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Large Core Fund - Institutional (GILIX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GILIX

![Image](i7049162f488748377e44db87.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $156 | 1.52% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 5.70%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming the fund's secondary benchmark, the S&P MidCap 400 Growth Index, which returned 5.27% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim StylePlus-Mid Growth Fund into the NAA Mid Growth Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund underperformed S&P MidCap 400 Growth Index (the fund's ancillary index) primarily due to security selection in the Information Technology, Energy, and Materials sectors. Contributing positively to performance were security selection in the Industrials, Real Estate, and Consumer Discretionary sectors. The largest individual detractor was Sarepta Therapeutics Inc., while the largest individual contributor was Comfort Systems USA Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ice33e51167a96eb7204b0b8b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAA Mid Growth Fund** | **NAA Mid Growth Fund - with load** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Growth Index** |
| **Sep-2015** | $10000 | $9525 | $10000 | $10000 |
| **Sep-2016** | $11155 | $10625 | $11543 | $11278 |
| **Sep-2017** | $13111 | $12488 | $13691 | $13227 |
| **Sep-2018** | $15547 | $14808 | $16143 | $15417 |
| **Sep-2019** | $15901 | $15145 | $16830 | $15026 |
| **Sep-2020** | $18853 | $17957 | $19380 | $16266 |
| **Sep-2021** | $24711 | $23536 | $25194 | $21676 |
| **Sep-2022** | $17129 | $16315 | $21296 | $17446 |
| **Sep-2023** | $20527 | $19552 | $25900 | $20274 |
| **Sep-2024** | $26998 | $25715 | $35315 | $26050 |
| **Sep-2025** | $28537 | $27181 | $41530 | $27420 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Mid Growth Fund |  |  |  |
| Without Load | 5.70% | 8.64% | 11.06% |
| With Load | 0.67% | 7.59% | 10.52% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400<sup>®</sup> Growth Index | 5.27% | 11.01% | 10.61% |

---

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

## **Fund Statistics** 
* Net Assets$72,074,342

* Number of Portfolio Holdings126

* Advisory Fee $562,389

* Portfolio Turnover144%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i847a9fe4e4b8c6dd4677a091.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Exchange-Traded Funds | 1.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i14db7ae04cc49a8fa0ddc89d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Utilities | 0.9% |
| Equity | 1.0% |
| Communications | 2.3% |
| Energy | 3.4% |
| Real Estate | 3.7% |
| Consumer Staples | 4.3% |
| Materials | 6.9% |
| Health Care | 10.0% |
| Consumer Discretionary | 10.4% |
| Financials | 14.4% |
| Technology | 17.7% |
| Industrials | 24.7% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Comfort Systems USA, Inc. | 2.3% |
| EMCOR Group, Inc. | 1.9% |
| Interactive Brokers Group, Inc. - Class A | 1.9% |
| Simon Property Group, Inc. | 1.7% |
| Curtiss-Wright Corporation | 1.7% |
| United Therapeutics Corporation | 1.6% |
| Burlington Stores, Inc. | 1.5% |
| Ecolab, Inc. | 1.5% |
| RB Global, Inc. | 1.5% |
| BWX Technologies, Inc. | 1.4% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Mid Growth Fund - Class A (SECUX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SECUX

![Image](i7049162f488748377e44db87.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $233 | 2.27% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 4.89%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and underperforming the fund's secondary benchmark, the S&P MidCap 400 Growth Index, which returned 5.27% for the same period.The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim StylePlus-Mid Growth Fund into the NAA Mid Growth Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund underperformed S&P MidCap 400 Growth Index (the fund's ancillary index) primarily due to security selection in the Information Technology, Energy, and Materials sectors. Contributing positively to performance were security selection in the Industrials, Real Estate, and Consumer Discretionary sectors. The largest individual detractor was Sarepta Therapeutics Inc., while the largest individual contributor was Comfort Systems USA Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i4d6cde8e691a4f0d15fc5340.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Mid Growth Fund** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Growth Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11055 | $11543 | $11278 |
| **Sep-2017** | $12884 | $13691 | $13227 |
| **Sep-2018** | $15157 | $16143 | $15417 |
| **Sep-2019** | $15362 | $16830 | $15026 |
| **Sep-2020** | $18055 | $19380 | $16266 |
| **Sep-2021** | $23450 | $25194 | $21676 |
| **Sep-2022** | $16104 | $21296 | $17446 |
| **Sep-2023** | $19140 | $25900 | $20274 |
| **Sep-2024** | $24933 | $35315 | $26050 |
| **Sep-2025** | $26152 | $41530 | $27420 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Mid Growth Fund | 4.89% | 7.69% | 10.09% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400<sup>®</sup> Growth Index | 5.27% | 11.01% | 10.61% |

---

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

## **Fund Statistics** 
* Net Assets$72,074,342

* Number of Portfolio Holdings126

* Advisory Fee $562,389

* Portfolio Turnover144%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib67c0e89bbd09fa90caa45b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Exchange-Traded Funds | 1.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3df0c6fb0e9cd0da354ed078.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Utilities | 0.9% |
| Equity | 1.0% |
| Communications | 2.3% |
| Energy | 3.4% |
| Real Estate | 3.7% |
| Consumer Staples | 4.3% |
| Materials | 6.9% |
| Health Care | 10.0% |
| Consumer Discretionary | 10.4% |
| Financials | 14.4% |
| Technology | 17.7% |
| Industrials | 24.7% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Comfort Systems USA, Inc. | 2.3% |
| EMCOR Group, Inc. | 1.9% |
| Interactive Brokers Group, Inc. - Class A | 1.9% |
| Simon Property Group, Inc. | 1.7% |
| Curtiss-Wright Corporation | 1.7% |
| United Therapeutics Corporation | 1.6% |
| Burlington Stores, Inc. | 1.5% |
| Ecolab, Inc. | 1.5% |
| RB Global, Inc. | 1.5% |
| BWX Technologies, Inc. | 1.4% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Mid Growth Fund - Class C (SUFCX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SUFCX

![Image](i7049162f488748377e44db87.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Mid Growth Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $131 | 1.27% |

---

## How did the Fund perform during the reporting period?
For the period of October 01, 2024 to September 30, 2025, the fund (Institutional shares) returned 5.94%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming the fund's secondary benchmark, the S&P MidCap 400 Growth Index, which returned 5.27% for the same period.The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim StylePlus-Mid Growth Fund into the NAA Mid Growth Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 01, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund underperformed S&P MidCap 400 Growth Index (the fund's ancillary index) primarily due to security selection in the Information Technology, Energy, and Materials sectors. Contributing positively to performance were security selection in the Industrials, Real Estate, and Consumer Discretionary sectors. The largest individual detractor was Sarepta Therapeutics Inc., while the largest individual contributor was Comfort Systems USA Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if7c4099310556682860d7c6f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Mid Growth Fund** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Growth Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11150 | $11543 | $11278 |
| **Sep-2017** | $13144 | $13691 | $13227 |
| **Sep-2018** | $15623 | $16143 | $15417 |
| **Sep-2019** | $15989 | $16830 | $15026 |
| **Sep-2020** | $18993 | $19380 | $16266 |
| **Sep-2021** | $24929 | $25194 | $21676 |
| **Sep-2022** | $17302 | $21296 | $17446 |
| **Sep-2023** | $20765 | $25900 | $20274 |
| **Sep-2024** | $27377 | $35315 | $26050 |
| **Sep-2025** | $29003 | $41530 | $27420 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Mid Growth Fund | 5.94% | 8.84% | 11.24% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400<sup>®</sup> Growth Index | 5.27% | 11.01% | 10.61% |

---

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

## **Fund Statistics** 
* Net Assets$72,074,342

* Number of Portfolio Holdings126

* Advisory Fee $562,389

* Portfolio Turnover144%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib11223e55bc330a75f5d68d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.0% |
| Exchange-Traded Funds | 1.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4c26cfcad69ccb73358cfbe2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Utilities | 0.9% |
| Equity | 1.0% |
| Communications | 2.3% |
| Energy | 3.4% |
| Real Estate | 3.7% |
| Consumer Staples | 4.3% |
| Materials | 6.9% |
| Health Care | 10.0% |
| Consumer Discretionary | 10.4% |
| Financials | 14.4% |
| Technology | 17.7% |
| Industrials | 24.7% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Comfort Systems USA, Inc. | 2.3% |
| EMCOR Group, Inc. | 1.9% |
| Interactive Brokers Group, Inc. - Class A | 1.9% |
| Simon Property Group, Inc. | 1.7% |
| Curtiss-Wright Corporation | 1.7% |
| United Therapeutics Corporation | 1.6% |
| Burlington Stores, Inc. | 1.5% |
| Ecolab, Inc. | 1.5% |
| RB Global, Inc. | 1.5% |
| BWX Technologies, Inc. | 1.4% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Mid Growth Fund - Institutional (GIUIX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GIUIX

![Image](i83200ca7f053e33a52ec10bb.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $165 | 1.71% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned -6.44%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and underperforming the fund's secondary benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.41% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Alpha Opportunity Fund into the NAA Opportunity Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund's underperformance compared to the ICE BofA 3-Month U.S. 3-Month U.S. Treasury Bill Index (the fund's ancillary index) was primarily due to security selection. The fund's strategy bases its exposures on fundamental and industry factors as well as security selection within these factors. While the total contribution from fundamental factors was negative for this period, the industry factors contributed positively resulting in net positive factor contribution overall. However, the contribution from security selection within the factors was negative, which led to a negative overall return for the period.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i8f4edcddbb091bdc9dfd3db5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAA Opportunity Fund** | **NAA Opportunity Fund - with load** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $9524 | $10000 | $10000 |
| **Sep-2016** | $10370 | $9876 | $10027 | $11543 |
| **Sep-2017** | $11480 | $10933 | $10093 | $13691 |
| **Sep-2018** | $11147 | $10616 | $10254 | $16143 |
| **Sep-2019** | $10259 | $9770 | $10498 | $16830 |
| **Sep-2020** | $10039 | $9561 | $10614 | $19380 |
| **Sep-2021** | $10859 | $10341 | $10621 | $25194 |
| **Sep-2022** | $10148 | $9664 | $10688 | $21296 |
| **Sep-2023** | $11835 | $11271 | $11169 | $25900 |
| **Sep-2024** | $13568 | $12921 | $11782 | $35315 |
| **Sep-2025** | $12693 | $12089 | $12301 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Opportunity Fund |  |  |  |
| Without Load | -6.44% | 4.80% | 2.41% |
| With Load | -10.88% | 3.79% | 1.92% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.41% | 2.99% | 2.09% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$35,002,991

* Number of Portfolio Holdings412

* Advisory Fee $295,414

* Portfolio Turnover234%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6cd85944365d33915084df4c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 65.9% |
| U.S. Government & Agencies | 34.1% |

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](i689ac627544168a5fe7d3155.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.4% |
| Panama | 0.1% |
| Israel | 0.2% |
| Liberia | 0.2% |
| Bermuda | 0.3% |
| Luxembourg | 0.3% |
| Netherlands | 0.5% |
| Ireland | 0.9% |
| United States | 81.3% |

---

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 | 28.6% |
| Southern Copper Corporation | 1.6% |
| Atmos Energy Corporation | 1.5% |
| PepsiCo, Inc. | 1.3% |
| Hershey Company (The) | 1.2% |
| Chevron Corporation | 1.2% |
| Reliance, Inc. | 1.2% |
| OGE Energy Corporation | 1.1% |
| DT Midstream, Inc. | 1.0% |
| Exxon Mobil Corporation | 1.0% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Opportunity Fund - Class A (SAOAX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SAOAX

![Image](i83200ca7f053e33a52ec10bb.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $237 | 2.46% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned -7.18%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and underperforming the fund's secondary benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.41% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Alpha Opportunity Fund into the NAA Opportunity Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund's underperformance compared to the ICE BofA 3-Month U.S. 3-Month U.S. Treasury Bill Index (the fund's ancillary index) was primarily due to security selection. The fund's strategy bases its exposures on fundamental and industry factors as well as security selection within these factors. While the total contribution from fundamental factors was negative for this period, the industry factors contributed positively resulting in net positive factor contribution overall. However, the contribution from security selection within the factors was negative, which led to a negative overall return for the period.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i012ec5f9dcda74aa826f4848.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Opportunity Fund** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10291 | $10027 | $11543 |
| **Sep-2017** | $11312 | $10093 | $13691 |
| **Sep-2018** | $10900 | $10254 | $16143 |
| **Sep-2019** | $9948 | $10498 | $16830 |
| **Sep-2020** | $9653 | $10614 | $19380 |
| **Sep-2021** | $10364 | $10621 | $25194 |
| **Sep-2022** | $9613 | $10688 | $21296 |
| **Sep-2023** | $11122 | $11169 | $25900 |
| **Sep-2024** | $12664 | $11782 | $35315 |
| **Sep-2025** | $11754 | $12301 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Opportunity Fund | -7.18% | 4.02% | 1.63% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.41% | 2.99% | 2.09% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$35,002,991

* Number of Portfolio Holdings412

* Advisory Fee $295,414

* Portfolio Turnover234%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9e5976f8a4611a1df56e16eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 65.9% |
| U.S. Government & Agencies | 34.1% |

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](i173b9c85ef15804b8aae2a45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.4% |
| Panama | 0.1% |
| Israel | 0.2% |
| Liberia | 0.2% |
| Bermuda | 0.3% |
| Luxembourg | 0.3% |
| Netherlands | 0.5% |
| Ireland | 0.9% |
| United States | 81.3% |

---

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 | 28.6% |
| Southern Copper Corporation | 1.6% |
| Atmos Energy Corporation | 1.5% |
| PepsiCo, Inc. | 1.3% |
| Hershey Company (The) | 1.2% |
| Chevron Corporation | 1.2% |
| Reliance, Inc. | 1.2% |
| OGE Energy Corporation | 1.1% |
| DT Midstream, Inc. | 1.0% |
| Exxon Mobil Corporation | 1.0% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Opportunity Fund - Class C (SAOCX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SAOCX

![Image](i83200ca7f053e33a52ec10bb.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Opportunity Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $137 | 1.41% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Institutional shares) returned -6.23%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and underperforming the fund's secondary benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.41% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Alpha Opportunity Fund into the NAA Opportunity Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund's underperformance compared to the ICE BofA 3-Month U.S. 3-Month U.S. Treasury Bill Index (the fund's ancillary index) was primarily due to security selection. The fund's strategy bases its exposures on fundamental and industry factors as well as security selection within these factors. While the total contribution from fundamental factors was negative for this period, the industry factors contributed positively resulting in net positive factor contribution overall. However, the contribution from security selection within the factors was negative, which led to a negative overall return for the period.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie899316f4b6b257d96b7682d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Opportunity Fund** | **ICE BofA 3-Month U.S. Treasury Bill Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10420 | $10027 | $11543 |
| **Sep-2017** | $11609 | $10093 | $13691 |
| **Sep-2018** | $11319 | $10254 | $16143 |
| **Sep-2019** | $10463 | $10498 | $16830 |
| **Sep-2020** | $10267 | $10614 | $19380 |
| **Sep-2021** | $11135 | $10621 | $25194 |
| **Sep-2022** | $10432 | $10688 | $21296 |
| **Sep-2023** | $12194 | $11169 | $25900 |
| **Sep-2024** | $14028 | $11782 | $35315 |
| **Sep-2025** | $13154 | $12301 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Opportunity Fund | -6.23% | 5.08% | 2.78% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.41% | 2.99% | 2.09% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$35,002,991

* Number of Portfolio Holdings412

* Advisory Fee $295,414

* Portfolio Turnover234%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i728dd309ac744257b6fa5446.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 65.9% |
| U.S. Government & Agencies | 34.1% |

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](id82bb8ffbe9e024f0f88cca2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.4% |
| Panama | 0.1% |
| Israel | 0.2% |
| Liberia | 0.2% |
| Bermuda | 0.3% |
| Luxembourg | 0.3% |
| Netherlands | 0.5% |
| Ireland | 0.9% |
| United States | 81.3% |

---

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 | 28.6% |
| Southern Copper Corporation | 1.6% |
| Atmos Energy Corporation | 1.5% |
| PepsiCo, Inc. | 1.3% |
| Hershey Company (The) | 1.2% |
| Chevron Corporation | 1.2% |
| Reliance, Inc. | 1.2% |
| OGE Energy Corporation | 1.1% |
| DT Midstream, Inc. | 1.0% |
| Exxon Mobil Corporation | 1.0% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA Opportunity Fund - Institutional (SAOIX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SAOIX

![Image](i11bdeec9aa5e3c3815179693.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $195 | 1.96% |

---

## How did the Fund perform during the reporting period?
For the period of October 01, 2024 to September 30, 2025, the fund (Class A shares) returned -1.40%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming the fund's secondary benchmark, the S&P United States REIT Index, which returned -1.99% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Risk Managed Real Estate Fund into the NAA Risk Managed Real Estate Fund Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund's outperformance compared to the S&P United States REIT Index (the fund's ancillary index) was primarily due to our allocation model and security selection. The fund has three separate potential alpha sources: a long-only portfolio, a long short portfolio that is REIT market neutral, and an allocation strategy that determines how much to allocate between these portfolios. For this period, on average, the fund had approximately 90% allocated to the REIT market. All three of the fund's potential alpha sources contributed positively to relative performance, with the largest contribution coming from security selection within the two portfolios.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7152f13199f2959b98b31db8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAA Risk Managed Real Estate Fund** | **NAA Risk Managed Real Estate Fund - with load** | **S&P 500<sup>®</sup> Index** | **S&P US REIT Index** |
| **Sep-2015** | $10000 | $9526 | $10000 | $10000 |
| **Sep-2016** | $11488 | $10944 | $11543 | $11960 |
| **Sep-2017** | $12354 | $11769 | $13691 | $11946 |
| **Sep-2018** | $12687 | $12086 | $16143 | $12405 |
| **Sep-2019** | $15367 | $14639 | $16830 | $14614 |
| **Sep-2020** | $14333 | $13654 | $19380 | $12023 |
| **Sep-2021** | $18937 | $18040 | $25194 | $16475 |
| **Sep-2022** | $16038 | $15279 | $21296 | $13780 |
| **Sep-2023** | $16132 | $15368 | $25900 | $14222 |
| **Sep-2024** | $20699 | $19718 | $35315 | $19093 |
| **Sep-2025** | $20408 | $19442 | $41530 | $18713 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Risk Managed Real Estate Fund |  |  |  |
| Without Load | -1.40% | 7.32% | 7.39% |
| With Load | -6.09% | 6.29% | 6.87% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P US REIT Index | -1.99% | 9.25% | 6.47% |

---

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

## **Fund Statistics** 
* Net Assets$211,895,703

* Number of Portfolio Holdings117

* Advisory Fee $1,617,872

* Portfolio Turnover69%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8c56a909b5a441803db5a392.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 111.8% |
| U.S. Government & Agencies | 5.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i21c0edb3358061cc7801262c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.4% |
| U.S. Treasury Obligations | 4.2% |
| Real Estate | 90.4% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Welltower, Inc. | 9.0% |
| Prologis, Inc. | 8.0% |
| Equinix, Inc. | 5.9% |
| Simon Property Group, Inc. | 4.5% |
| United States Treasury Bill | 4.2% |
| Public Storage | 4.2% |
| Realty Income Corporation | 4.2% |
| Digital Realty Trust, Inc. | 4.2% |
| VICI Properties, Inc. | 3.4% |
| Ventas, Inc. | 3.1% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GURAX

![Image](i11bdeec9aa5e3c3815179693.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $261 | 2.64% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned -2.13%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and underperforming the fund's secondary benchmark, the S&P United States REIT Index, which returned -1.99% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Risk Managed Real Estate Fund into the NAA Risk Managed Real Estate Fund Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund's underperformance compared to the S&P United States REIT Index (the fund's ancillary index) was primarily due to our allocation model and security selection. The fund has three separate potential alpha sources: a long-only portfolio, a long short portfolio that is REIT market neutral, and an allocation strategy that determines how much to allocate between these portfolios. For this period, on average, the fund had approximately 90% allocated to the REIT market. All three of the fund's potential alpha sources contributed positively to relative performance on a gross-of-fees basis, with the largest contribution coming from security selection within the two portfolios.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibb7eb59c33ab1102cb749371.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Risk Managed Real Estate Fund** | **S&P 500<sup>®</sup> Index** | **S&P US REIT Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11400 | $11543 | $11960 |
| **Sep-2017** | $12166 | $13691 | $11946 |
| **Sep-2018** | $12401 | $16143 | $12405 |
| **Sep-2019** | $14910 | $16830 | $14614 |
| **Sep-2020** | $13794 | $19380 | $12023 |
| **Sep-2021** | $18077 | $25194 | $16475 |
| **Sep-2022** | $15197 | $21296 | $13780 |
| **Sep-2023** | $15183 | $25900 | $14222 |
| **Sep-2024** | $19349 | $35315 | $19093 |
| **Sep-2025** | $18937 | $41530 | $18713 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Risk Managed Real Estate Fund | -2.13% | 6.54% | 6.59% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P US REIT Index | -1.99% | 9.25% | 6.47% |

---

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

## **Fund Statistics** 
* Net Assets$211,895,703

* Number of Portfolio Holdings117

* Advisory Fee $1,617,872

* Portfolio Turnover69%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f8a60dd7b0b4171ebc854fe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 111.8% |
| U.S. Government & Agencies | 5.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i990f509876c2e55ace8ef270.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.4% |
| U.S. Treasury Obligations | 4.2% |
| Real Estate | 90.4% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Welltower, Inc. | 9.0% |
| Prologis, Inc. | 8.0% |
| Equinix, Inc. | 5.9% |
| Simon Property Group, Inc. | 4.5% |
| United States Treasury Bill | 4.2% |
| Public Storage | 4.2% |
| Realty Income Corporation | 4.2% |
| Digital Realty Trust, Inc. | 4.2% |
| VICI Properties, Inc. | 3.4% |
| Ventas, Inc. | 3.1% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GURCX

![Image](i11bdeec9aa5e3c3815179693.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA Risk Managed Real Estate Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $161 | 1.62% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Institutional shares) returned -1.11%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and outperforming the fund's secondary benchmark, the S&P United States REIT Index, which returned -1.99% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim Risk Managed Real Estate Fund into the NAA Risk Managed Real Estate Fund Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 the fund's outperformance compared to the S&P United States REIT Index (the fund's ancillary index) was primarily due to our allocation model and security selection. The fund has three separate potential alpha sources: a long-only portfolio, a long short portfolio that is REIT market neutral, and an allocation strategy that determines how much to allocate between these portfolios. For this period, on average, the fund had approximately 90% allocated to the REIT market. All three of the fund's potential alpha sources contributed positively to relative performance, with the largest contribution coming from security selection within the two portfolios.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7d51b012bfb17ba1593cdc9c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA Risk Managed Real Estate Fund** | **S&P 500<sup>®</sup> Index** | **S&P US REIT Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11520 | $11543 | $11960 |
| **Sep-2017** | $12426 | $13691 | $11946 |
| **Sep-2018** | $12796 | $16143 | $12405 |
| **Sep-2019** | $15542 | $16830 | $14614 |
| **Sep-2020** | $14534 | $19380 | $12023 |
| **Sep-2021** | $19261 | $25194 | $16475 |
| **Sep-2022** | $16362 | $21296 | $13780 |
| **Sep-2023** | $16512 | $25900 | $14222 |
| **Sep-2024** | $21258 | $35315 | $19093 |
| **Sep-2025** | $21021 | $41530 | $18713 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA Risk Managed Real Estate Fund | -1.11% | 7.66% | 7.71% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P US REIT Index | -1.99% | 9.25% | 6.47% |

---

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

## **Fund Statistics** 
* Net Assets$211,895,703

* Number of Portfolio Holdings117

* Advisory Fee $1,617,872

* Portfolio Turnover69%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieddabd9d4f2fa5af99faabf6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 111.8% |
| U.S. Government & Agencies | 5.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib4f3676b2f6739667a240390.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 5.4% |
| U.S. Treasury Obligations | 4.2% |
| Real Estate | 90.4% |

---

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

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Welltower, Inc. | 9.0% |
| Prologis, Inc. | 8.0% |
| Equinix, Inc. | 5.9% |
| Simon Property Group, Inc. | 4.5% |
| United States Treasury Bill | 4.2% |
| Public Storage | 4.2% |
| Realty Income Corporation | 4.2% |
| Digital Realty Trust, Inc. | 4.2% |
| VICI Properties, Inc. | 3.4% |
| Ventas, Inc. | 3.1% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GURIX

![Image](i7f97c7e69cfb46d3f57ae3ab.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $118 | 1.15% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 4.39%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and underperforming the fund's secondary benchmark, the S&P 1000 Value Index, which returned 6.28% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim SMid Cap Value Fund into the NAA SMid Cap Value Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund lagged the S&P 1000 Value Index (the fund's ancillary index) primarily due to security selection in the Energy and Materials sectors and an underweight position in the Information Technology sector. Contributing positively to performance were security selection in the Health Care, Consumer Discretionary, and Industrials sectors. The largest individual detractor was BellRing Brands Inc., while the largest individual contributor was Resideo Technologies Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie25720389fdb9809fb9896db.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund - with load** | **S&P 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $9525 | $9998 | $10000 |
| **Sep-2016** | $11551 | $11002 | $11872 | $11543 |
| **Sep-2017** | $13933 | $13271 | $14024 | $13691 |
| **Sep-2018** | $15333 | $14605 | $15781 | $16143 |
| **Sep-2019** | $14948 | $14238 | $15096 | $16830 |
| **Sep-2020** | $13416 | $12778 | $12914 | $19380 |
| **Sep-2021** | $19406 | $18484 | $20529 | $25194 |
| **Sep-2022** | $17837 | $16989 | $17941 | $21296 |
| **Sep-2023** | $20094 | $19139 | $20306 | $25900 |
| **Sep-2024** | $24365 | $23207 | $25259 | $35315 |
| **Sep-2025** | $25435 | $24226 | $26865 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA SMid Cap Value Fund |  |  |  |
| Without Load | 4.39% | 13.65% | 9.78% |
| With Load | -0.57% | 12.55% | 9.25% |
| S&P 1000<sup>®</sup> Value Index | 6.28% | 15.77% | 10.39% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$305,596,724

* Number of Portfolio Holdings122

* Advisory Fee $2,138,241

* Portfolio Turnover63%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i56ded86cc5bd58bd9b9600cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Exchange-Traded Funds | 1.1% |

---

## **Fund Statistics** 

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i481f12bc2309e004c406d97d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Information Technology | 0.4% |
| Communication Services | 1.1% |
| Equity | 1.1% |
| Communications | 2.2% |
| Consumer Staples | 5.4% |
| Energy | 5.5% |
| Technology | 6.4% |
| Utilities | 6.8% |
| Health Care | 7.3% |
| Materials | 8.8% |
| Consumer Discretionary | 9.0% |
| Real Estate | 11.1% |
| Industrials | 15.6% |
| Financials | 18.6% |

---

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 |
| Resideo Technologies, Inc. | 1.9% |
| Nextracker Inc - Class A - Class A | 1.7% |
| First Horizon Corporation | 1.6% |
| Alcoa Corporation | 1.6% |
| Five Below, Inc. | 1.6% |
| Oshkosh Corporation | 1.6% |
| Rexford Industrial Realty, Inc. | 1.5% |
| Autoliv, Inc. | 1.5% |
| Ciena Corporation | 1.5% |
| FirstEnergy Corporation | 1.5% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SEVAX

![Image](i7f97c7e69cfb46d3f57ae3ab.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $204 | 2.00% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 3.51%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and underperforming the fund's secondary benchmark, the S&P 1000 Value Index, which returned 6.28% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim SMid Cap Value Fund into the NAA SMid Cap Value Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund lagged the S&P 1000 Value Index (the fund's ancillary index) primarily due to security selection in the Energy and Materials sectors and an underweight position in the Information Technology sector. Contributing positively to performance were security selection in the Health Care, Consumer Discretionary, and Industrials sectors. The largest individual detractor was BellRing Brands Inc., while the largest individual contributor was Resideo Technologies Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3ba2a85f321bc54c9eb6c0d1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA SMid Cap Value Fund** | **S&P 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $9998 | $10000 |
| **Sep-2016** | $11464 | $11872 | $11543 |
| **Sep-2017** | $13714 | $14024 | $13691 |
| **Sep-2018** | $14979 | $15781 | $16143 |
| **Sep-2019** | $14477 | $15096 | $16830 |
| **Sep-2020** | $12893 | $12914 | $19380 |
| **Sep-2021** | $18498 | $20529 | $25194 |
| **Sep-2022** | $16862 | $17941 | $21296 |
| **Sep-2023** | $18829 | $20306 | $25900 |
| **Sep-2024** | $22645 | $25259 | $35315 |
| **Sep-2025** | $23441 | $26865 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA SMid Cap Value Fund | 3.51% | 12.70% | 8.89% |
| S&P 1000<sup>®</sup> Value Index | 6.28% | 15.77% | 10.39% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$305,596,724

* Number of Portfolio Holdings122

* Advisory Fee $2,138,241

* Portfolio Turnover63%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib262f1cd989fbda5998e0440.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Exchange-Traded Funds | 1.1% |

---

## **Fund Statistics** 

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8311d9e917adeadf6ceefaff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Information Technology | 0.4% |
| Communication Services | 1.1% |
| Equity | 1.1% |
| Communications | 2.2% |
| Consumer Staples | 5.4% |
| Energy | 5.5% |
| Technology | 6.4% |
| Utilities | 6.8% |
| Health Care | 7.3% |
| Materials | 8.8% |
| Consumer Discretionary | 9.0% |
| Real Estate | 11.1% |
| Industrials | 15.6% |
| Financials | 18.6% |

---

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 |
| Resideo Technologies, Inc. | 1.9% |
| Nextracker Inc - Class A - Class A | 1.7% |
| First Horizon Corporation | 1.6% |
| Alcoa Corporation | 1.6% |
| Five Below, Inc. | 1.6% |
| Oshkosh Corporation | 1.6% |
| Rexford Industrial Realty, Inc. | 1.5% |
| Autoliv, Inc. | 1.5% |
| Ciena Corporation | 1.5% |
| FirstEnergy Corporation | 1.5% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SEVSX

![Image](i7f97c7e69cfb46d3f57ae3ab.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA SMid Cap Value Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $94 | 0.92% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Institutional shares) returned 4.67%, underperforming the fund's benchmark, the S&P 500 Index, which returned 17.60% for the same period and underperforming the fund's secondary benchmark, the S&P 1000 Value Index, which returned 6.28% for the same period. The fund's broad-based securities market index is the S&P 500 Index, in order to comply with the requirement that a fund's broad-based securities market index represent the overall applicable market.

On October 25, 2024 we successfully completed the reorganization of the Guggenheim SMid Cap Value Fund into the NAA SMid Cap Value Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through October 25, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on October 25, 2024 through September 30, 2025, the fund lagged the S&P 1000 Value Index (the fund's ancillary index) primarily due to security selection in the Energy and Materials sectors and an underweight position in the Information Technology sector. Contributing positively to performance were security selection in the Health Care, Consumer Discretionary, and Industrials sectors. The largest individual detractor was BellRing Brands Inc., while the largest individual contributor was Resideo Technologies Inc.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](icfa03b24c12fd29543f64991.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA SMid Cap Value Fund** | **S&P 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $9998 | $10000 |
| **Sep-2016** | $11628 | $11872 | $11543 |
| **Sep-2017** | $13980 | $14024 | $13691 |
| **Sep-2018** | $15422 | $15781 | $16143 |
| **Sep-2019** | $15176 | $15096 | $16830 |
| **Sep-2020** | $13618 | $12914 | $19380 |
| **Sep-2021** | $19736 | $20529 | $25194 |
| **Sep-2022** | $18170 | $17941 | $21296 |
| **Sep-2023** | $20516 | $20306 | $25900 |
| **Sep-2024** | $24931 | $25259 | $35315 |
| **Sep-2025** | $26095 | $26865 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA SMid Cap Value Fund | 4.67% | 13.89% | 10.07% |
| S&P 1000<sup>®</sup> Value Index | 6.28% | 15.77% | 10.39% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

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

## **Fund Statistics** 
* Net Assets$305,596,724

* Number of Portfolio Holdings122

* Advisory Fee $2,138,241

* Portfolio Turnover63%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib38c23ff672517700b08ca61.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Exchange-Traded Funds | 1.1% |

---

## **Fund Statistics** 

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i349faf463fc705e8d5fbccd7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Information Technology | 0.4% |
| Communication Services | 1.1% |
| Equity | 1.1% |
| Communications | 2.2% |
| Consumer Staples | 5.4% |
| Energy | 5.5% |
| Technology | 6.4% |
| Utilities | 6.8% |
| Health Care | 7.3% |
| Materials | 8.8% |
| Consumer Discretionary | 9.0% |
| Real Estate | 11.1% |
| Industrials | 15.6% |
| Financials | 18.6% |

---

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 |
| Resideo Technologies, Inc. | 1.9% |
| Nextracker Inc - Class A - Class A | 1.7% |
| First Horizon Corporation | 1.6% |
| Alcoa Corporation | 1.6% |
| Five Below, Inc. | 1.6% |
| Oshkosh Corporation | 1.6% |
| Rexford Industrial Realty, Inc. | 1.5% |
| Autoliv, Inc. | 1.5% |
| Ciena Corporation | 1.5% |
| FirstEnergy Corporation | 1.5% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA SMid Cap Value Fund - Institutional (SVUIX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SVUIX

![Image](i200d5e9347dd8ed8ef5271a1.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $124 | 1.17% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 11.88%, underperforming the fund's benchmark the S&P Developed BMI, which returned 17.59% for the same period.

On November 08, 2024 we successfully completed the reorganization of the Guggenheim World Equity Income Fund into the NAA World Equity Income Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through November 08, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on November 08, 2024 through September 30, 2025, the fund lagged the S&P Developed BMI primarily due to security selection in the United States. Contributing to performance were security selection in Japan, Denmark and Spain. The largest detractor was Apple Inc., while Broadcom Inc. was the largest contributor.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie6dc360d2a1aeb0b304efcfc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NAA World Equity Income Fund** | **NAA World Equity Income Fund - with load** | **S&P Developed BMI Index** |
| **Sep-2015** | $10000 | $9527 | $10000 |
| **Sep-2016** | $11286 | $10752 | $11234 |
| **Sep-2017** | $12675 | $12075 | $13374 |
| **Sep-2018** | $13690 | $13042 | $14906 |
| **Sep-2019** | $13709 | $13060 | $15038 |
| **Sep-2020** | $13791 | $13139 | $16551 |
| **Sep-2021** | $17533 | $16703 | $21621 |
| **Sep-2022** | $15176 | $14458 | $17112 |
| **Sep-2023** | $17557 | $16726 | $20814 |
| **Sep-2024** | $22127 | $21080 | $27416 |
| **Sep-2025** | $24755 | $23584 | $32239 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA World Equity Income Fund |  |  |  |
| Without Load | 11.88% | 12.41% | 9.49% |
| With Load | 6.54% | 11.32% | 8.96% |
| S&P Developed BMI Index | 17.59% | 14.26% | 12.42% |

---

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

## **Fund Statistics** 
* Net Assets$47,332,260

* Number of Portfolio Holdings177

* Advisory Fee $134,480

* Portfolio Turnover108%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7cffa03693eb0f1612c00198.jpg)

---

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

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](i5e4682c7a32edf3072581432.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Countries | 5.4% |
| Sweden | 1.7% |
| Netherlands | 1.8% |
| Ireland | 2.6% |
| Germany | 4.4% |
| France | 4.5% |
| Canada | 4.7% |
| Switzerland | 5.2% |
| United Kingdom | 5.9% |
| Japan | 10.8% |
| 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. | 7.4% |
| JPMorgan Chase & Company | 4.5% |
| Siemens AG | 2.8% |
| Walmart, Inc. | 2.4% |
| Exxon Mobil Corporation | 2.4% |
| HSBC Holdings PLC | 2.3% |
| Home Depot, Inc. (The) | 2.3% |
| Mitsubishi UFJ Financial Group, Inc. | 2.1% |
| Sony Corporation | 1.9% |
| Cisco Systems, Inc. | 1.4% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SEQAX

![Image](i200d5e9347dd8ed8ef5271a1.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $203 | 1.92% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (class C shares) returned 11.02%, underperforming the fund's benchmark the S&P Developed BMI, which returned 17.59% for the same period.

On November 08, 2024 we successfully completed the reorganization of the Guggenheim World Equity Income Fund into the NAA World Equity Income Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through November 08, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on November 08, 2024 through September 30, 2025, the fund lagged the S&P Developed BMI primarily due to security selection in the United States. Contributing to performance were security selection in Japan, Denmark and Spain. The largest detractor was Apple Inc., while Broadcom Inc. was the largest contributor.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3cbb2c0663496769ce1fe5ab.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA World Equity Income Fund** | **S&P Developed BMI Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $11205 | $11234 |
| **Sep-2017** | $12489 | $13374 |
| **Sep-2018** | $13396 | $14906 |
| **Sep-2019** | $13303 | $15038 |
| **Sep-2020** | $13286 | $16551 |
| **Sep-2021** | $16769 | $21621 |
| **Sep-2022** | $14403 | $17112 |
| **Sep-2023** | $16544 | $20814 |
| **Sep-2024** | $20689 | $27416 |
| **Sep-2025** | $22969 | $32239 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA World Equity Income Fund | 11.02% | 11.57% | 8.67% |
| S&P Developed BMI Index | 17.59% | 14.26% | 12.42% |

---

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

## **Fund Statistics** 
* Net Assets$47,332,260

* Number of Portfolio Holdings177

* Advisory Fee $134,480

* Portfolio Turnover108%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i29515959cb0fd6a8a4c6f307.jpg)

---

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

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](ia1217f7b89085eb2ed188990.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Countries | 5.4% |
| Sweden | 1.7% |
| Netherlands | 1.8% |
| Ireland | 2.6% |
| Germany | 4.4% |
| France | 4.5% |
| Canada | 4.7% |
| Switzerland | 5.2% |
| United Kingdom | 5.9% |
| Japan | 10.8% |
| 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. | 7.4% |
| JPMorgan Chase & Company | 4.5% |
| Siemens AG | 2.8% |
| Walmart, Inc. | 2.4% |
| Exxon Mobil Corporation | 2.4% |
| HSBC Holdings PLC | 2.3% |
| Home Depot, Inc. (The) | 2.3% |
| Mitsubishi UFJ Financial Group, Inc. | 2.1% |
| Sony Corporation | 1.9% |
| Cisco Systems, Inc. | 1.4% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

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

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SFGCX

![Image](i200d5e9347dd8ed8ef5271a1.jpg)

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

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about NAA World Equity Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **www.naafunds.com**. You can also request this information by contacting us at 833-840-3937.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $98 | 0.92% |

---

## How did the Fund perform during the reporting period?
For the period of October 1, 2024 to September 30, 2025, the fund (Institutional shares) returned 12.19%, underperforming the fund's benchmark the S&P Developed BMI, which returned 17.59% for the same period.

On November 08, 2024 we successfully completed the reorganization of the Guggenheim World Equity Income Fund into the NAA World Equity Income Fund and fully implemented the investment strategy outlined in the fund's prospectus. The portfolio transition has been executed in alignment with our investment philosophy and strategy. When analyzing the information provided in this document, it's important to note that the performance from October 1, 2024 through November 08, 2024, is the predecessor fund's performance, which Guggenheim Investments managed. Since we were not the manager during this period, we cannot comment on the fund's performance over that period.

Since assuming management of the fund on November 08, 2024 through September 30, 2025, the fund lagged the S&P Developed BMI primarily due to security selection in the United States. Contributing to performance were security selection in Japan, Denmark and Spain. The largest detractor was Apple Inc., while Broadcom Inc. was the largest contributor.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if81bb0ade2666dfb4019bacf.jpg)

---

| | | |
|:---|:---|:---|
| | **NAA World Equity Income Fund** | **S&P Developed BMI Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $11312 | $11234 |
| **Sep-2017** | $12738 | $13374 |
| **Sep-2018** | $13801 | $14906 |
| **Sep-2019** | $13856 | $15038 |
| **Sep-2020** | $13984 | $16551 |
| **Sep-2021** | $17813 | $21621 |
| **Sep-2022** | $15466 | $17112 |
| **Sep-2023** | $17935 | $20814 |
| **Sep-2024** | $22649 | $27416 |
| **Sep-2025** | $25410 | $32239 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| NAA World Equity Income Fund | 12.19% | 12.69% | 9.77% |
| S&P Developed BMI Index | 17.59% | 14.26% | 12.42% |

---

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

## **Fund Statistics** 
* Net Assets$47,332,260

* Number of Portfolio Holdings177

* Advisory Fee $134,480

* Portfolio Turnover108%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8d19b7d216a6958c4646cd7f.jpg)

---

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

---

## What did the Fund invest in?

## **Country Weighting (% of net assets)**![Group By Sector Chart](i4df8da3149dfc7ef40b7412e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Other Countries | 5.4% |
| Sweden | 1.7% |
| Netherlands | 1.8% |
| Ireland | 2.6% |
| Germany | 4.4% |
| France | 4.5% |
| Canada | 4.7% |
| Switzerland | 5.2% |
| United Kingdom | 5.9% |
| Japan | 10.8% |
| 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. | 7.4% |
| JPMorgan Chase & Company | 4.5% |
| Siemens AG | 2.8% |
| Walmart, Inc. | 2.4% |
| Exxon Mobil Corporation | 2.4% |
| HSBC Holdings PLC | 2.3% |
| Home Depot, Inc. (The) | 2.3% |
| Mitsubishi UFJ Financial Group, Inc. | 2.1% |
| Sony Corporation | 1.9% |
| Cisco Systems, Inc. | 1.4% |

---

## Changes in and Disagreements with Accountants
On December 3, 2024, Ernst & Young LLP ("EY") resigned as the independent registered public accounting firm of the Funds, and the Audit Committee of the Board of Trustees approved Cohen & Company, Ltd. to serve as the independent registered public accounting firm of the Funds. There were no disagreements with EY during the Funds' two most recent fiscal years or any subsequent interim period.

# NAA World Equity Income Fund - Institutional (SEWIX)

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-SEWIX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

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

FYE 2025 - $161,500

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

FYE 2025 - None

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

FYE 2025 - $30,500

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

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

FYE 2025 – None

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

<u>2025</u>

Audit-Related Fees: &nbsp;&nbsp;&nbsp;&nbsp; 0.00%

Tax Fees: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%

All Other Fees: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%

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

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
 subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
 the adviser that provides ongoing services to the registrant:

2025 - $30,500

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;

**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**

**Annual Financial Statements and Additional Information**

September 30, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ***SCHEDULES OF INVESTMENTS*** |  |
| &nbsp;&nbsp;&nbsp;NAA ALLOCATION FUND | 1 |
| &nbsp;&nbsp;&nbsp;NAA LARGE CAP VALUE FUND | 8 |
| &nbsp;&nbsp;&nbsp;NAA LARGE CORE FUND | 13 |
| &nbsp;&nbsp;&nbsp;NAA MID GROWTH FUND | 18 |
| &nbsp;&nbsp;&nbsp;NAA OPPORTUNITY FUND | 23 |
| &nbsp;&nbsp;&nbsp;NAA RISK MANAGED REAL ESTATE FUND | 38 |
| &nbsp;&nbsp;&nbsp;NAA SMID CAP VALUE FUND | 45 |
| &nbsp;&nbsp;&nbsp;NAA WORLD EQUITY INCOME FUND | 50 |
| ***STATEMENTS OF ASSETS AND LIABILITIES*** | 58 |
| ***STATEMENTS OF OPERATIONS*** | 60 |
| ***STATEMENTS OF CHANGES IN NET ASSETS*** | 62 |
| ***FINANCIAL HIGHLIGHTS*** | 70 |
| ***NOTES TO FINANCIAL STATEMENTS*** | 102 |
| ***REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM*** | 110 |
| ***ADDITIONAL INFORMATION*** | 125 |

---

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.8%** |  |
|  | **Communications - 9.1%** |  |
| 7316 | Alphabet, Inc., Class A | $1778520 |
| 20704 | Alphabet, Inc., Class C | 5042459 |
| 61038 | AT&T, Inc. | 1723713 |
| 326 | Booking Holdings, Inc. | 1760162 |
| 5682 | Meta Platforms, Inc., Class A | 4172747 |
| 5284 | T-Mobile US, Inc. | 1264884 |
| 19721 | Uber Technologies, Inc.<sup>(a)</sup> | 1932066 |
|  |  | 17674551 |
|  | **Consumer Discretionary - 7.3%** |  |
| 24673 | Amazon.com, Inc.<sup>(a)</sup> | 5417451 |
| 14693 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 575819 |
| 3172 | D.R. Horton, Inc. | 537559 |
| 10843 | General Motors Company | 661098 |
| 2728 | Hilton Worldwide Holdings, Inc.<sup>(a)</sup> | 707752 |
| 2540 | Lennar Corporation, Class A | 320142 |
| 1243 | Lululemon Athletica, Inc.<sup>(a)</sup> | 221167 |
| 2589 | Marriott International, Inc., Class A | 674279 |
| 9803 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1056861 |
| 2257 | PulteGroup, Inc. | 298217 |
| 8244 | Tesla, Inc.<sup>(a)</sup> | 3666271 |
|  |  | 14136616 |
|  | **Consumer Staples - 3.9%** |  |
| 26673 | Coca-Cola Company (The) | 1768954 |
| 14977 | Keurig Dr Pepper, Inc. | 382063 |
| 12304 | PepsiCo, Inc. | 1727974 |
| 11383 | Procter & Gamble Company (The) | 1748998 |
| 18241 | Walmart, Inc. | 1879917 |
|  |  | 7507906 |
|  | **Energy - 2.3%** |  |
| 11255 | Baker Hughes Company | 548344 |
| 2119 | Diamondback Energy, Inc. | 303229 |
| 16676 | Exxon Mobil Corporation | 1880218 |
| 1201 | First Solar, Inc.<sup>(a)</sup> | 264857 |
| 9500 | Halliburton Company | 233700 |

---

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.8% (Continued)** |  |
|  | **Energy - 2.3% (Continued)** |  |
| 4614 | Phillips 66 | $627596 |
| 16957 | SLB Ltd. | 582812 |
|  |  | 4440756 |
|  | **Financials - 7.0%** |  |
| 2992 | Allstate Corporation (The) | 642233 |
| 5501 | American Express Company | 1827212 |
| 2901 | Arthur J Gallagher & Company | 898556 |
| 36463 | Bank of America Corporation | 1881126 |
| 4703 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2364386 |
| 4225 | Chubb Ltd. | 1192506 |
| 18827 | Citigroup, Inc. | 1910941 |
| 3203 | Hartford Insurance Group, Inc. (The) | 427248 |
| 7411 | JPMorgan Chase & Company | 2337652 |
|  |  | 13481860 |
|  | **Health Care - 7.1%** |  |
| 5976 | Amgen, Inc. | 1686427 |
| 2736 | Cardinal Health, Inc. | 429443 |
| 2294 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 157277 |
| 2525 | Eli Lilly & Company | 1926575 |
| 14193 | Gilead Sciences, Inc. | 1575423 |
| 925 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 590973 |
| 800 | Insulet Corporation<sup>(a)</sup> | 246984 |
| 21210 | Merck & Company, Inc. | 1780155 |
| 3921 | Stryker Corporation | 1449476 |
| 5763 | UnitedHealth Group, Inc. | 1989963 |
| 2904 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1137323 |
| 4993 | Zoetis, Inc. | 730576 |
|  |  | 13700595 |
|  | **Industrials - 6.3%** |  |
| 13893 | Amphenol Corporation, Class A | 1719259 |
| 4267 | Caterpillar, Inc. | 2035999 |
| 3874 | Cintas Corporation | 795177 |
| 7527 | Delta Air Lines, Inc. | 427157 |
| 13170 | Fastenal Company | 645857 |

---

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.8% (Continued)** |  |
|  | **Industrials - 6.3% (Continued)** |  |
| 6510 | General Electric Company | $1958338 |
| 7248 | Honeywell International, Inc. | 1525704 |
| 446 | Huntington Ingalls Industries, Inc. | 128408 |
| 1464 | Parker-Hannifin Corporation | 1109932 |
| 2298 | Republic Services, Inc. | 527345 |
| 6126 | Southwest Airlines Company | 195481 |
| 727 | United Rentals, Inc.<sup>(a)</sup> | 694037 |
| 508 | WW Grainger, Inc. | 484104 |
|  |  | 12246798 |
|  | **Materials - 1.7%** |  |
| 2926 | Ecolab, Inc. | 801314 |
| 12394 | Newmont Corporation | 1044938 |
| 2670 | Sherwin-Williams Company (The) | 924515 |
| 1531 | Vulcan Materials Co. | 470966 |
|  |  | 3241733 |
|  | **Real Estate - 1.7%** |  |
| 5199 | American Tower Corporation | 999872 |
| 3339 | CBRE Group, Inc., Class A<sup>(a)</sup> | 526093 |
| 7268 | Host Hotels & Resorts, Inc. | 123701 |
| 3356 | Iron Mountain, Inc. | 342111 |
| 10405 | Realty Income Corporation | 632520 |
| 3723 | Simon Property Group, Inc. | 698695 |
|  |  | 3322992 |
|  | **Technology - 29.5%**<sup>(b)</sup> |  |
| 37706 | Apple, Inc. | 9601078 |
| 4662 | Automatic Data Processing, Inc. | 1368297 |
| 13135 | Broadcom, Inc. | 4333368 |
| 27111 | Cisco Systems, Inc. | 1854935 |
| 2936 | CrowdStrike Holdings, Inc., Class A<sup>(a)</sup> | 1439756 |
| 275 | Fair Isaac Corporation<sup>(a)</sup> | 411546 |
| 6188 | Fiserv, Inc.<sup>(a)</sup> | 797819 |
| 857 | Gartner, Inc.<sup>(a)</sup> | 225280 |
| 2669 | Intuit, Inc. | 1822687 |
| 831 | Jack Henry & Associates, Inc. | 123761 |

---

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 77.8% (Continued)** |  |
|  | **Technology - 29.5%**<sup>(b)</sup> **(Continued)** |  |
| 3129 | Mastercard, Inc., Class A | $1779806 |
| 12822 | Micron Technology, Inc. | 2145377 |
| 19947 | Microsoft Corporation | 10331549 |
| 67139 | NVIDIA Corporation | 12526795 |
| 7817 | Oracle Corporation | 2198453 |
| 7749 | Palo Alto Networks, Inc.<sup>(a)</sup> | 1577851 |
| 573 | Paycom Software, Inc.<sup>(a)</sup> | 119264 |
| 10880 | PayPal Holdings, Inc.<sup>(a)</sup> | 729613 |
| 3327 | S&P Global, Inc. | 1619284 |
| 7232 | Salesforce, Inc. | 1713984 |
| 500 | Tyler Technologies, Inc.<sup>(a)</sup> | 261580 |
|  |  | 56982083 |
|  | **Utilities - 1.9%** |  |
| 2162 | American Water Works Company, Inc. | 300929 |
| 3541 | Constellation Energy Corporation | 1165237 |
| 8815 | Duke Energy Corporation | 1090856 |
| 11387 | Exelon Corporation | 512529 |
| 6232 | FirstEnergy Corporation | 285550 |
| 8362 | PPL Corporation | 310732 |
|  |  | 3665833 |
|  | **TOTAL COMMON STOCKS (Cost $122,833,230)** | 150401723 |
|  | **EXCHANGE-TRADED FUNDS — 4.1%** |  |
|  | **Equity - 1.6%** |  |
| 2328 | iShares Core S&P 500 ETF, USD Class | 1558130 |
| 2333 | SPDR S&P 500 ETF | 1554198 |
|  |  | 3112328 |
|  | **Fixed Income - 2.5%** |  |
| 59815 | iShares iBoxx $ High Yield Corporate Bond ETF | 4856380 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $7,885,160)** | $7968708 |

---

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate <br>(%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS — 0.5%** |  |  |  |
|  | **REAL ESTATE — 0.5%** |  |  |  |
| 1000000 | Marriott Vacations Worldwide Corp. | 4.7500 | 01/15/28 | $983666 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $975,318)** |  |  | 983666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 17.0%** |  |  |  |
|  | **COMMUNICATIONS — 2.0%** |  |  |  |
| 1000000 | Boyd Gaming Corporation | 4.7500 | 12/01/27 | 994255 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(c)</sup> | 4.5000 | 06/01/33 | 889576 |
| 1000000 | Nexstar Broadcasting, Inc.<sup>(c)</sup> | 4.7500 | 11/01/28 | 976050 |
| 1000000 | Telecom Italia Capital S.A. | 7.2000 | 07/18/36 | 1079162 |
|  |  |  |  | 3939043 |
|  | **CONSUMER DISCRETIONARY — 3.6%** |  |  |  |
| 1000000 | Builders FirstSource, Inc.<sup>(c)</sup> | 6.3750 | 03/01/34 | 1030119 |
| 1000000 | Caesars Entertainment, Inc.<sup>(c)</sup> | 7.0000 | 02/15/30 | 1028247 |
| 1000000 | Light & Wonder International, Inc.<sup>(c)</sup> | 7.2500 | 11/15/29 | 1026234 |
| 1000000 | Nissan Motor Acceptance Company, LLC<sup>(c)</sup> | 2.7500 | 03/09/28 | 938270 |
| 1000000 | Papa John's International, Inc.<sup>(c)</sup> | 3.8750 | 09/15/29 | 953472 |
| 1000000 | Six Flags Entertainment Corporation<sup>(c)</sup> | 7.2500 | 05/15/31 | 1000274 |
| 1000000 | Thor Industries, Inc.<sup>(c)</sup> | 4.0000 | 10/15/29 | 947513 |
|  |  |  |  | 6924129 |
|  | **CONSUMER STAPLES — 1.0%** |  |  |  |
| 1000000 | Lamb Weston Holdings, Inc.<sup>(c)</sup> | 4.3750 | 01/31/32 | 945216 |
| 1000000 | Performance Food Group, Inc.<sup>(c)</sup> | 6.1250 | 09/15/32 | 1024303 |
|  |  |  |  | 1969519 |
|  | **ENERGY — 2.6%** |  |  |  |
| 1000000 | California Resources Corporation<sup>(c)</sup> | 8.2500 | 06/15/29 | 1042845 |

---

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate**<br> **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 17.0% (Continued)** |  |  |  |
|  | **ENERGY — 2.6% (Continued)** |  |  |  |
| 1000000 | Matador Resources Company<sup>(c)</sup> | 6.8750 | 04/15/28 | $1020530 |
| 1000000 | Occidental Petroleum Corporation Series B | 3.2000 | 08/15/26 | 986929 |
| 1000000 | Valaris Ltd.<sup>(c)</sup> | 8.3750 | 04/30/30 | 1036028 |
| 1000000 | Valvoline, Inc.<sup>(c)</sup> | 3.6250 | 06/15/31 | 915321 |
|  |  |  |  | 5001653 |
|  | **FINANCIALS — 0.5%** |  |  |  |
| 1000000 | Starwood Property Trust, Inc.<sup>(c)</sup> | 7.2500 | 04/01/29 | 1050975 |
|  | **HEALTH CARE — 1.5%** |  |  |  |
| 1000000 | Encompass Health Corporation | 4.6250 | 04/01/31 | 972929 |
| 1000000 | Perrigo Finance Unlimited Company | 6.1250 | 09/30/32 | 1005870 |
| 1000000 | TELEFLEX, Inc. Series B<sup>(c)</sup> | 4.2500 | 06/01/28 | 976199 |
|  |  |  |  | 2954998 |
|  | **INDUSTRIALS — 2.1%** |  |  |  |
| 1000000 | Aramark Services, Inc.<sup>(c)</sup> | 5.0000 | 02/01/28 | 995294 |
| 1000000 | Atkore, Inc.<sup>(c)</sup> | 4.2500 | 06/01/31 | 932008 |
| 1000000 | Chart Industries, Inc.<sup>(c)</sup> | 9.5000 | 01/01/31 | 1071345 |
| 1000000 | Dycom Industries, Inc.<sup>(c)</sup> | 4.5000 | 04/15/29 | 976610 |
|  |  |  |  | 3975257 |
|  | **MATERIALS — 0.5%** |  |  |  |
| 1000000 | Advanced Drainage Systems, Inc.<sup>(c)</sup> | 6.3750 | 06/15/30 | 1017258 |
|  | **REAL ESTATE — 1.0%** |  |  |  |
| 1000000 | Iron Mountain Information Management Services, Inc.<sup>(c)</sup> | 5.0000 | 07/15/32 | 963619 |
| 1000000 | SBA Communications Corp. | 3.8750 | 02/15/27 | 984953 |
|  |  |  |  | 1948572 |
|  | **TECHNOLOGY — 1.1%** |  |  |  |
| 1000000 | Open Text Holdings, Inc. SR GLBL 144A 30 Series<sup>(c)</sup> | 4.1250 | 02/15/30 | 947289 |
| 1000000 | Sealed Air Corporation<sup>(c)</sup> | 6.8750 | 07/15/33 | 1085996 |
|  |  |  |  | 2033285 |
|  | **UTILITES — 1.1%** |  |  |  |
| 1000000 | NRG Energy, Inc.<sup>(c)</sup> | 6.2500 | 11/01/34 | 1025090 |
| 1000000 | Vistra Operations Company, LLC<sup>(c)</sup> | 7.7500 | 10/15/31 | 1058230 |

---

**NAA ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon Rate <br>(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 17.0% (Continued)** |  |  |  |
|  | **UTILITES — 1.1% (Continued)** |  |  |  |
|  |  |  |  | $2083320 |
|  | **TOTAL CORPORATE BONDS (Cost $32,262,706)** |  |  | 32898009 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $163,956,414)** |  |  | $192252106 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** |  |  | 1253867 |
|  | **NET ASSETS - 100.0%** |  |  | $193505973 |

---

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> See note 3.

<sup>(c)</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 September 30, 2025, the total market value of 144A securities is 26,873,911 or 13.9% of net assets.

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **Communications - 4.3%** |  |
| 23529 | AT&T, Inc. | $664459 |
| 5742 | Match Group, Inc.<sup>(a)</sup> | 202807 |
| 4607 | Omnicom Group, Inc. | 375609 |
| 2845 | T-Mobile US, Inc. | 681036 |
| 1791 | VeriSign, Inc.<sup>(a)</sup> | 500710 |
| 5528 | Walt Disney Company (The) | 632956 |
|  |  | 3057577 |
|  | **Consumer Discretionary - 7.7%** |  |
| 10795 | Amazon.com, Inc.<sup>(a)</sup> | 2370258 |
| 59878 | Ford Motor Company | 716141 |
| 6232 | LKQ Corporation | 190325 |
| 4555 | MGM Resorts International<sup>(a)</sup> | 157876 |
| 10710 | NIKE, Inc., Class B | 746808 |
| 6969 | Starbucks Corporation | 589578 |
| 5154 | TJX Companies, Inc. (The) | 744959 |
|  |  | 5515945 |
|  | **Consumer Staples - 7.2%** |  |
| 10583 | Altria Group, Inc. | 699113 |
| 9451 | Coca-Cola Company (The) | 626790 |
| 7096 | Colgate-Palmolive Company | 567254 |
| 4221 | Dollar Tree, Inc.<sup>(a)</sup> | 398336 |
| 5841 | McCormick & Company, Inc. | 390821 |
| 4102 | Molson Coors Beverage Company, Class B | 185616 |
| 9634 | Mondelez International, Inc., Class A | 601836 |
| 6378 | Procter & Gamble Company (The) | 979980 |
| 6811 | Walmart, Inc. | 701941 |
|  |  | 5151687 |
|  | **Energy - 6.1%** |  |
| 16017 | Baker Hughes Company | 780349 |
| 4401 | Chevron Corporation | 683431 |
| 6871 | ConocoPhillips | 649928 |
| 11726 | Exxon Mobil Corporation | 1322106 |
| 1292 | First Solar, Inc.<sup>(a)</sup> | 284925 |

---

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **Energy - 6.1% (Continued)** |  |
| 17504 | Schlumberger Ltd. | $601612 |
|  |  | 4322351 |
|  | **Financials - 14.7%** |  |
| 17827 | Bank of America Corporation | 919695 |
| 2544 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1278971 |
| 3276 | Capital One Financial Corporation | 696412 |
| 2280 | Chubb Ltd. | 643530 |
| 8275 | Citigroup, Inc. | 839913 |
| 961 | Everest Group Ltd. | 336571 |
| 6716 | Franklin Resources, Inc. | 155341 |
| 1022 | Goldman Sachs Group, Inc. (The) | 813870 |
| 3243 | JPMorgan Chase & Company | 1022938 |
| 4829 | Morgan Stanley | 767618 |
| 2045 | Raymond James Financial, Inc. | 352967 |
| 5672 | T Rowe Price Group, Inc. | 582174 |
| 2388 | Travelers Companies, Inc. (The) | 666777 |
| 14684 | US Bancorp | 709678 |
| 8734 | Wells Fargo & Company | 732084 |
|  |  | 10518539 |
|  | **Health Care - 14.7%** |  |
| 2211 | Amgen, Inc. | 623944 |
| 3595 | Bio-Techne Corporation | 199990 |
| 3772 | Cardinal Health, Inc. | 592053 |
| 2116 | Cencora, Inc. | 661313 |
| 11211 | Centene Corporation<sup>(a)</sup> | 400008 |
| 1143 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 178834 |
| 9544 | CVS Health Corporation | 719522 |
| 5238 | DexCom, Inc.<sup>(a)</sup> | 352465 |
| 1698 | Elevance Health, Inc. | 548658 |
| 5991 | Gilead Sciences, Inc. | 665001 |
| 1540 | HCA Healthcare, Inc. | 656348 |
| 2572 | Humana, Inc. | 669157 |
| 1477 | Incyte Corporation<sup>(a)</sup> | 125264 |
| 3799 | IQVIA Holdings, Inc.<sup>(a)</sup> | 721582 |

---

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **Health Care - 14.7% (Continued)** |  |
| 6546 | Johnson & Johnson | $1213760 |
| 8200 | Merck & Company, Inc. | 688226 |
| 2469 | UnitedHealth Group, Inc. | 852547 |
| 4104 | Zoetis, Inc. | 600497 |
|  |  | 10469169 |
|  | **Industrials - 7.9%** |  |
| 1211 | Deere & Company | 553742 |
| 2691 | Jacobs Solutions, Inc. | 403273 |
| 6134 | Johnson Controls International plc | 674433 |
| 2519 | L3Harris Technologies, Inc. | 769328 |
| 1281 | Northrop Grumman Corporation | 780539 |
| 2420 | Old Dominion Freight Line, Inc. | 340688 |
| 2680 | Rollins, Inc. | 157423 |
| 1228 | Snap-on, Inc. | 425539 |
| 14066 | Southwest Airlines Company | 448846 |
| 4106 | Textron, Inc. | 346916 |
| 4968 | Xylem, Inc. | 732780 |
|  |  | 5633507 |
|  | **Information Technology - 1.0%** |  |
| 4223 | QUALCOMM, Inc. | 702538 |
|  | **Materials - 3.5%** |  |
| 2394 | Ecolab, Inc. | 655621 |
| 15382 | Freeport-McMoRan, Inc. | 603282 |
| 5945 | Lyondellbasell Industries NV, A | 291543 |
| 10850 | Newmont Corporation | 914763 |
|  |  | 2465209 |
|  | **Real Estate - 2.7%** |  |
| 2981 | American Tower Corporation | 573306 |
| 3571 | Digital Realty Trust, Inc. | 617354 |
| 2704 | Extra Space Storage, Inc. | 381102 |
| 12711 | Invitation Homes, Inc. | 372814 |
|  |  | 1944576 |

---

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **Technology - 23.2%** |  |
| 3255 | Akamai Technologies, Inc.<sup>(a)</sup> | $246599 |
| 21944 | Apple, Inc. | 5587601 |
| 2052 | Automatic Data Processing, Inc. | 602262 |
| 9926 | Cisco Systems, Inc. | 679137 |
| 7818 | CoStar Group, Inc.<sup>(a)</sup> | 659605 |
| 468 | FactSet Research Systems, Inc. | 134077 |
| 29855 | Intel Corporation | 1001635 |
| 6993 | Lam Research Corporation | 936363 |
| 5301 | Micron Technology, Inc. | 886963 |
| 9706 | Microsoft Corporation | 5027223 |
| 2408 | NetApp, Inc. | 285252 |
| 7829 | PayPal Holdings, Inc.<sup>(a)</sup> | 525013 |
|  |  | 16571730 |
|  | **Utilities - 5.4%** |  |
| 6129 | Ameren Corporation | 639745 |
| 4371 | American Water Works Company, Inc. | 608399 |
| 5596 | Duke Energy Corporation | 692505 |
| 5241 | Evergy, Inc. | 398421 |
| 14781 | Exelon Corporation | 665293 |
| 11602 | FirstEnergy Corporation | 531604 |
| 7975 | PPL Corporation | 296351 |
|  |  | 3832318 |
|  | **TOTAL COMMON STOCKS (Cost $63,810,616)** | 70185146 |
|  | **EXCHANGE-TRADED FUNDS — 1.0%** |  |
|  | **Equity - 1.0%** |  |
| 1382 | iShares Russell 1000 Value ETF | 281361 |
| 2262 | iShares S&P 500 Value ETF | 467126 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $698,191)** | 748487 |

---

**NAA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.4% (Cost $64,508,807)** | $70933633 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | 406705 |
| **NET ASSETS - 100.0%** | $71340338 |

---

ETF - Exchange-Traded Fund

Ltd. - Limited Company

NV - Naamioze Vennootschap

PLC - Public Limited Company

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

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **Communications - 11.4%** |  |
| 39977 | Alphabet, Inc., Class A | $9718410 |
| 6486 | Alphabet, Inc., Class C | 1579665 |
| 101435 | AT&T, Inc. | 2864524 |
| 545 | Booking Holdings, Inc. | 2942602 |
| 9413 | Meta Platforms, Inc., Class A | 6912719 |
| 8802 | T-Mobile US, Inc. | 2107023 |
| 32933 | Uber Technologies, Inc.<sup>(a)</sup> | 3226446 |
|  |  | 29351389 |
|  | **Consumer Discretionary - 9.2%** |  |
| 41125 | Amazon.com, Inc.<sup>(a)</sup> | 9029817 |
| 24530 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 961331 |
| 5325 | D.R. Horton, Inc. | 902428 |
| 17984 | General Motors Company | 1096484 |
| 4538 | Hilton Worldwide Holdings, Inc.<sup>(a)</sup> | 1177338 |
| 4316 | Lennar Corporation, Class A | 543989 |
| 2063 | Lululemon Athletica, Inc.<sup>(a)</sup> | 367070 |
| 4316 | Marriott International, Inc., Class A | 1124059 |
| 16328 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1760321 |
| 3765 | PulteGroup, Inc. | 497469 |
| 13633 | Tesla, Inc.<sup>(a)</sup> | 6062868 |
|  |  | 23523174 |
|  | **Consumer Staples - 4.9%** |  |
| 44267 | Coca-Cola Company (The) | 2935788 |
| 24824 | Keurig Dr Pepper, Inc. | 633260 |
| 20451 | PepsiCo, Inc. | 2872138 |
| 18866 | Procter & Gamble Company (The) | 2898761 |
| 30224 | Walmart, Inc. | 3114885 |
|  |  | 12454832 |
|  | **Energy - 2.9%** |  |
| 18681 | Baker Hughes Company | 910138 |
| 3516 | Diamondback Energy, Inc. | 503140 |
| 27685 | Exxon Mobil Corporation | 3121484 |
| 2012 | First Solar, Inc.<sup>(a)</sup> | 443706 |
| 15909 | Halliburton Company | 391361 |

---

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Energy - 2.9% (Continued)** |  |
| 7594 | Phillips 66 | $1032936 |
| 28258 | Schlumberger Ltd. | 971228 |
|  |  | 7373993 |
|  | **Financials - 8.7%** |  |
| 4949 | Allstate Corporation (The) | 1062303 |
| 9122 | American Express Company | 3029964 |
| 4834 | Arthur J Gallagher & Company | 1497283 |
| 60547 | Bank of America Corporation | 3123620 |
| 7817 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3929919 |
| 7025 | Chubb Ltd. | 1982806 |
| 31292 | Citigroup, Inc. | 3176138 |
| 5291 | Hartford Insurance Group, Inc. (The) | 705766 |
| 12368 | JPMorgan Chase & Company | 3901238 |
|  |  | 22409037 |
|  | **Health Care - 8.9%** |  |
| 10045 | Amgen, Inc. | 2834699 |
| 4539 | Cardinal Health, Inc. | 712441 |
| 3818 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 261762 |
| 4184 | Eli Lilly & Company | 3192393 |
| 23663 | Gilead Sciences, Inc. | 2626593 |
| 1536 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 981335 |
| 1332 | Insulet Corporation<sup>(a)</sup> | 411228 |
| 35466 | Merck & Company, Inc. | 2976661 |
| 6526 | Stryker Corporation | 2412466 |
| 9549 | UnitedHealth Group, Inc. | 3297270 |
| 4830 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1891621 |
| 8302 | Zoetis, Inc. | 1214749 |
|  |  | 22813218 |
|  | **Industrials - 7.9%** |  |
| 23182 | Amphenol Corporation, Class A | 2868773 |
| 7095 | Caterpillar, Inc. | 3385380 |
| 6420 | Cintas Corporation | 1317769 |
| 12391 | Delta Air Lines, Inc. | 703189 |
| 21811 | Fastenal Company | 1069611 |

---

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Industrials - 7.9% (Continued)** |  |
| 10807 | General Electric Company | $3250962 |
| 12044 | Honeywell International, Inc. | 2535262 |
| 739 | Huntington Ingalls Industries, Inc. | 212765 |
| 2421 | Parker-Hannifin Corporation | 1835481 |
| 3817 | Republic Services, Inc. | 875925 |
| 10056 | Southwest Airlines Company | 320887 |
| 1209 | United Rentals, Inc.<sup>(a)</sup> | 1154184 |
| 833 | WW Grainger, Inc. | 793816 |
|  |  | 20324004 |
|  | **Materials - 2.1%** |  |
| 4859 | Ecolab, Inc. | 1330686 |
| 20700 | Newmont Corporation | 1745217 |
| 4421 | Sherwin-Williams Company (The) | 1530815 |
| 2538 | Vulcan Materials Co. | 780740 |
|  |  | 5387458 |
|  | **Real Estate - 2.1%** |  |
| 8652 | American Tower Corporation | 1663952 |
| 5513 | CBRE Group, Inc., Class A<sup>(a)</sup> | 868628 |
| 12083 | Host Hotels & Resorts, Inc. | 205653 |
| 5591 | Iron Mountain, Inc. | 569947 |
| 17286 | Realty Income Corporation | 1050816 |
| 6183 | Simon Property Group, Inc. | 1160363 |
|  |  | 5519359 |
|  | **Technology - 36.9%**<sup>(b)</sup> |  |
| 62614 | Apple, Inc. | 15943403 |
| 7729 | Automatic Data Processing, Inc. | 2268462 |
| 21846 | Broadcom, Inc. | 7207214 |
| 45098 | Cisco Systems, Inc. | 3085605 |
| 4842 | CrowdStrike Holdings, Inc., Class A<sup>(a)</sup> | 2374420 |
| 457 | Fair Isaac Corporation<sup>(a)</sup> | 683914 |
| 10284 | Fiserv, Inc.<sup>(a)</sup> | 1325916 |
| 1428 | Gartner, Inc.<sup>(a)</sup> | 375378 |
| 4433 | Intuit, Inc. | 3027340 |
| 1379 | Jack Henry & Associates, Inc. | 205374 |

---

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Technology - 36.9%**<sup>(b)</sup> **(Continued)** |  |
| 5177 | Mastercard, Inc., Class A | $2944729 |
| 21199 | Micron Technology, Inc. | 3547017 |
| 33012 | Microsoft Corporation | 17098566 |
| 111898 | NVIDIA Corporation | 20877928 |
| 12977 | Oracle Corporation | 3649652 |
| 12847 | Palo Alto Networks, Inc.<sup>(a)</sup> | 2615906 |
| 947 | Paycom Software, Inc.<sup>(a)</sup> | 197109 |
| 18094 | PayPal Holdings, Inc.<sup>(a)</sup> | 1213384 |
| 5542 | S&P Global, Inc. | 2697347 |
| 11935 | Salesforce, Inc. | 2828595 |
| 825 | Tyler Technologies, Inc.<sup>(a)</sup> | 431607 |
|  |  | 94598866 |
|  | **Utilities - 2.4%** |  |
| 3596 | American Water Works Company, Inc. | 500527 |
| 5870 | Constellation Energy Corporation | 1931641 |
| 14674 | Duke Energy Corporation | 1815908 |
| 18935 | Exelon Corporation | 852264 |
| 10345 | FirstEnergy Corporation | 474008 |
| 13889 | PPL Corporation | 516115 |
|  |  | 6090463 |
|  | **TOTAL COMMON STOCKS (Cost $218,030,895)** | 249845793 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 3860 | iShares Core S&P 500 ETF | 2583498 |
| 3869 | SPDR S&P 500 ETF | 2577450 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $5,124,784)** | 5160948 |

---

**NAA LARGE CORE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.4% (Cost $223,155,679)** | $255006741 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | 1415795 |
| **NET ASSETS - 100.0%** | $256422536 |

---

ETF - Exchange-Traded Fund

Ltd. - Limited Company

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> See note 3.

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **Communications - 2.3%** |  |
| 4349 | Expedia Group, Inc.<sup>(a)</sup> | $929599 |
| 5754 | New York Times Company (The), Class A | 330280 |
| 2094 | TKO Group Holdings, Inc. | 422904 |
|  |  | 1682783 |
|  | **Consumer Discretionary - 10.4%** |  |
| 3260 | Abercrombie & Fitch Company, Class A | 278893 |
| 2354 | Boyd Gaming Corporation<sup>(a)</sup> | 203503 |
| 4286 | Burlington Stores, Inc.<sup>(a)</sup> | 1090787 |
| 12743 | Chewy, Inc., Class A<sup>(a)</sup> | 515454 |
| 4762 | Churchill Downs, Inc. | 461962 |
| 3772 | Crocs, Inc.<sup>(a)</sup> | 315151 |
| 5517 | Deckers Outdoor Corporation<sup>(a)</sup> | 559259 |
| 6139 | Gentex Corporation | 173734 |
| 1744 | Grand Canyon Education, Inc.<sup>(a)</sup> | 382843 |
| 5697 | Light & Wonder, Inc.<sup>(a)</sup> | 478206 |
| 5101 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 529484 |
| 1333 | Ralph Lauren Corporation | 417975 |
| 7935 | Somnigroup International, Inc. | 669159 |
| 4168 | Texas Roadhouse, Inc. | 692512 |
| 4396 | Travel + Leisure Company | 261518 |
| 1948 | Wingstop, Inc.<sup>(a)</sup> | 490273 |
|  |  | 7520713 |
|  | **Consumer Staples - 4.3%** |  |
| 4013 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 374212 |
| 11574 | Colgate-Palmolive Company | 925226 |
| 3482 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 461295 |
| 11368 | Hims & Hers Health, Inc.<sup>(a)</sup> | 644793 |
| 6270 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 682176 |
|  |  | 3087702 |
|  | **Energy - 3.4%** |  |
| 6456 | DT Midstream, Inc. | 729915 |
| 4478 | Matador Resources Company<sup>(a)</sup> | 201197 |
| 11759 | ONEOK, Inc. | 858055 |
| 39005 | Permian Resources Corporation | 499264 |

---

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **Energy - 3.4% (Continued)** |  |
| 2236 | Weatherford International PLC | $153009 |
|  |  | 2441440 |
|  | **Financials - 14.4%** |  |
| 7745 | Brown & Brown, Inc. | 726404 |
| 3012 | Cullen/Frost Bankers, Inc. | 381831 |
| 19307 | Equitable Holdings, Inc.<sup>(a)</sup> | 980410 |
| 2279 | Evercore Partners, Inc., Class A | 768752 |
| 3071 | Hamilton Lane, Inc., Class A<sup>(a)</sup> | 413940 |
| 3466 | Houlihan Lokey, Inc. | 711639 |
| 19401 | Interactive Brokers Group, Inc., Class A | 1334982 |
| 1415 | Kinsale Capital Group, Inc. | 601743 |
| 7108 | MGIC Investment Corporation | 201654 |
| 3298 | Pinnacle Financial Partners, Inc. | 309319 |
| 2103 | Primerica, Inc. | 583772 |
| 3092 | RenaissanceRe Holdings Ltd. | 785152 |
| 5488 | RLI Corporation | 357927 |
| 6753 | Ryan Specialty Group Holdings, Inc.<sup>(a)</sup> | 380599 |
| 3743 | SEI Investments Company | 317594 |
| 13400 | SLM Corporation<sup>(a)</sup> | 370912 |
| 4641 | Stifel Financial Corporation<sup>(a)</sup> | 526614 |
| 7242 | Western Alliance Bancorp | 628027 |
|  |  | 10381271 |
|  | **Health Care - 10.0%** |  |
| 1422 | DaVita, Inc.<sup>(a)</sup> | 188941 |
| 5898 | DexCom, Inc.<sup>(a)</sup> | 396876 |
| 4567 | Encompass Health Corporation | 580100 |
| 3476 | Ensign Group, Inc. (The) | 600549 |
| 7751 | Globus Medical, Inc., Class A<sup>(a)</sup> | 443900 |
| 7984 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 585547 |
| 4517 | Lantheus Holdings, Inc.<sup>(a)</sup> | 231677 |
| 1525 | Medpace Holdings, Inc.<sup>(a)</sup> | 784094 |
| 6208 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 871479 |
| 1603 | Penumbra, Inc.<sup>(a)</sup> | 406072 |
| 11828 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 227926 |

---

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **Health Care - 10.0% (Continued)** |  |
| 3396 | Tenet Healthcare Corporation<sup>(a)</sup> | $689524 |
| 2789 | United Therapeutics Corporation<sup>(a)</sup> | 1169176 |
|  |  | 7175861 |
|  | **Industrials - 24.7%** |  |
| 4734 | AAON, Inc. | 442345 |
| 4516 | AECOM<sup>(a)</sup> | 589203 |
| 1555 | Allegion plc | 275779 |
| 47262 | American Airlines Group, Inc. | 531225 |
| 5484 | BWX Technologies, Inc. | 1011085 |
| 2945 | Chart Industries, Inc.<sup>(a)</sup> | 589442 |
| 3196 | Clean Harbors, Inc.<sup>(a)</sup> | 742175 |
| 2042 | Comfort Systems USA, Inc. | 1685017 |
| 7780 | Core & Main, Inc., Class A<sup>(a)</sup> | 418797 |
| 2204 | Curtiss-Wright Corporation | 1196640 |
| 4500 | Donaldson Company, Inc. | 368325 |
| 2100 | EMCOR Group, Inc. | 1364033 |
| 3901 | ESAB Corporation | 435898 |
| 8551 | H&R Block, Inc. | 432424 |
| 3604 | ITT, Inc. | 644251 |
| 1080 | Lennox International, Inc. | 571709 |
| 2068 | Lincoln Electric Holdings, Inc. | 487696 |
| 1493 | Novanta, Inc.<sup>(a)</sup> | 149524 |
| 10170 | nVent Electric PLC | 1003169 |
| 9753 | RB Global, Inc. | 1056835 |
| 2033 | RBC Bearings, Inc.<sup>(a)</sup> | 793460 |
| 1724 | Saia, Inc.<sup>(a)</sup> | 516097 |
| 16859 | Tetra Tech, Inc. | 562753 |
| 1888 | TopBuild Corporation<sup>(a)</sup> | 737944 |
| 912 | Watts Water Technologies, Inc., Class A | 254703 |
| 3664 | Woodward, Inc. | 925929 |
|  |  | 17786458 |
|  | **Materials - 6.9%** |  |
| 2284 | AptarGroup, Inc. | 305279 |
| 9090 | ATI, Inc.<sup>(a)</sup> | 739381 |

---

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **Materials - 6.9% (Continued)** |  |
| 7987 | Axalta Coating Systems Ltd.<sup>(a)</sup> | $228588 |
| 2220 | Eagle Materials, Inc. | 517349 |
| 3921 | Ecolab, Inc. | 1073805 |
| 4161 | Louisiana-Pacific Corporation | 369663 |
| 5829 | Owens Corning | 824570 |
| 5072 | RPM International, Inc. | 597887 |
| 1862 | Simpson Manufacturing Company, Inc. | 311811 |
|  |  | 4968333 |
|  | **Real Estate - 3.7%** |  |
| 7818 | American Homes 4 Rent, Class A | 259949 |
| 6128 | Equity LifeStyle Properties, Inc. | 371970 |
| 7792 | Gaming and Leisure Properties, Inc. | 363185 |
| 3604 | Lamar Advertising Company, Class A | 441202 |
| 6488 | Simon Property Group, Inc. | 1217602 |
|  |  | 2653908 |
|  | **Technology - 17.7%** |  |
| 1506 | Appfolio, Inc., A<sup>(a)</sup> | 415144 |
| 1765 | Broadridge Financial Solutions, Inc. | 420370 |
| 2095 | Cirrus Logic, Inc.<sup>(a)</sup> | 262483 |
| 2930 | CommVault Systems, Inc.<sup>(a)</sup> | 553125 |
| 13282 | DocuSign, Inc.<sup>(a)</sup> | 957499 |
| 8791 | Doximity, Inc., Class A | 643062 |
| 7835 | Dropbox, Inc., Class A<sup>(a)</sup> | 236695 |
| 2129 | Duolingo, Inc.<sup>(a)</sup> | 685197 |
| 18355 | Dynatrace, Inc.<sup>(a)</sup> | 889300 |
| 4135 | Guidewire Software, Inc.<sup>(a)</sup> | 950471 |
| 5831 | HealthEquity, Inc.<sup>(a)</sup> | 552604 |
| 3989 | Manhattan Associates, Inc.<sup>(a)</sup> | 817665 |
| 1707 | Morningstar, Inc. | 396041 |
| 10305 | Okta, Inc.<sup>(a)</sup> | 944969 |
| 5201 | Paychex, Inc. | 659278 |
| 1777 | Paycom Software, Inc.<sup>(a)</sup> | 369865 |
| 2924 | Paylocity Holding Corporation<sup>(a)</sup> | 465705 |
| 1395 | Qualys, Inc.<sup>(a)</sup> | 184600 |

---

**NAA MID GROWTH FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **Technology - 17.7% (Continued)** |  |
| 4469 | Shift4 Payments, Inc., Class A<sup>(a)</sup> | $345901 |
| 16520 | Super Micro Computer, Inc.<sup>(a)</sup> | 791969 |
| 1485 | Tyler Technologies, Inc.<sup>(a)</sup> | 776893 |
| 1367 | Universal Display Corporation<sup>(a)</sup> | 196342 |
| 1567 | WEX, Inc.<sup>(a)</sup> | 246850 |
|  |  | 12762028 |
|  | **Utilities - 0.9%** |  |
| 7584 | Public Service Enterprise Group, Inc. | 632961 |
|  | **TOTAL COMMON STOCKS (Cost $69,998,513)** | 71093458 |
|  | **EXCHANGE-TRADED FUNDS — 1.0%** |  |
|  | **Equity - 1.0%** |  |
| 4203 | iShares Russell Mid-Cap Growth ETF | 598549 |
| 1427 | iShares S&P Mid-Cap 400 Growth ETF | 136835 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $717,583)** | 735384 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $70,716,096)** | $71828842 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 245500 |
|  | **NET ASSETS - 100.0%** | $72074342 |

---

ETF - Exchange-Traded Fund

Ltd. - Limited Company

PLC - Public Limited Company

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

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.3%** |  |
|  | **Communication Services - 0.3%** |  |
| 82 | Netflix, Inc.<sup>(a)</sup> | $98311 |
|  | **Communications - 6.0%** |  |
| 852 | Alphabet, Inc., Class A | 207121 |
| 4238 | Anterix, Inc.<sup>(a)</sup> | 90990 |
| 10255 | AT&T, Inc. | 289601 |
| 48 | Booking Holdings, Inc. | 259166 |
| 451 | Expedia Group, Inc.<sup>(a)</sup> | 96401 |
| 393 | GoDaddy, Inc., Class A<sup>(a)</sup> | 53774 |
| 298 | IDT Corporation, Class B | 15588 |
| 2398 | Iridium Communications, Inc.<sup>(a)</sup> | 41869 |
| 7798 | Liberty Global Ltd., Class A<sup>(a)</sup> | 89365 |
| 272 | Meta Platforms, Inc., Class A | 199751 |
| 6570 | Spok Holdings, Inc. | 113333 |
| 156 | Spotify Technology S.A., Class A<sup>(a)</sup> | 108888 |
| 1220 | Telephone and Data Systems, Inc. | 47873 |
| 1152 | T-Mobile US, Inc. | 275766 |
| 5082 | Verizon Communications, Inc. | 223354 |
|  |  | 2112840 |
|  | **Consumer Discretionary - 2.1%** |  |
| 916 | Armstrong World Industries, Inc. | 179545 |
| 1626 | Carnival Corporation<sup>(a)</sup> | 47008 |
| 1001 | Churchill Downs, Inc. | 97107 |
| 1004 | Fortune Brands Innovations, Inc. | 53604 |
| 579 | Home Depot, Inc. (The) | 234605 |
| 35 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 4626 |
| 1189 | PROG Holdings, Inc. | 38476 |
| 57 | Ralph Lauren Corporation | 17873 |
| 206 | Royal Caribbean Cruises Ltd. | 66657 |
|  |  | 739501 |
|  | **Consumer Staples - 6.7%** |  |
| 3931 | Altria Group, Inc. | 259682 |
| 4548 | Brown-Forman Corporation, Class B | 123160 |
| 1532 | Colgate-Palmolive Company | 122468 |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.3% (Continued)** |  |
|  | **Consumer Staples - 6.7% (Continued)** |  |
| 1788 | Constellation Brands, Inc., Class A | $240790 |
| 3267 | General Mills, Inc. | 164722 |
| 2284 | Hershey Company (The) | 427222 |
| 3471 | Monster Beverage Corporation<sup>(a)</sup> | 233633 |
| 3267 | PepsiCo, Inc. | 458818 |
| 1486 | Philip Morris International, Inc. | 241029 |
| 2273 | USANA Health Sciences, Inc.<sup>(a)</sup> | 62621 |
|  |  | 2334145 |
|  | **Energy - 6.4%** |  |
| 15309 | Antero Midstream Corporation | 297607 |
| 1070 | Cheniere Energy, Inc. | 251429 |
| 2703 | Chevron Corporation | 419748 |
| 3144 | DT Midstream, Inc. | 355461 |
| 3140 | Exxon Mobil Corporation | 354035 |
| 5843 | Kinder Morgan, Inc. | 165415 |
| 635 | Targa Resources Corporation | 106388 |
| 4413 | Williams Companies, Inc. (The) | 279564 |
|  |  | 2229647 |
|  | **Financials - 5.1%** |  |
| 1459 | AerCap Holdings N.V.<sup>(a)</sup> | 176538 |
| 210 | Ameriprise Financial, Inc. | 103163 |
| 15924 | Annaly Capital Management, Inc. | 321825 |
| 671 | CME Group, Inc. | 181298 |
| 1363 | Commerce Bancshares, Inc. | 81453 |
| 9359 | Dynex Capital, Inc. | 115022 |
| 654 | Federal Agricultural Mortgage Corporation, Class C | 109859 |
| 994 | Interactive Brokers Group, Inc., Class A | 68397 |
| 13740 | Invesco Mortgage Capital, Inc. | 103874 |
| 1032 | LendingTree, Inc.<sup>(a)</sup> | 66801 |
| 13673 | MFA Financial, Inc. | 125655 |
| 14646 | Orchid Island Capital, Inc. | 102668 |
| 734 | QCR Holdings, Inc. | 55520 |
| 3920 | Regions Financial Corporation | 103370 |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.3% (Continued)** |  |
|  | **Financials - 5.1% (Continued)** |  |
| 5957 | TPG RE Finance Trust, Inc. | $50992 |
|  |  | 1766435 |
|  | **Health Care - 1.0%** |  |
| 1537 | Bioventus, Inc.<sup>(a)</sup> | 10283 |
| 1196 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 81997 |
| 295 | HCA Healthcare, Inc. | 125729 |
| 1660 | Merck & Company, Inc. | 139324 |
|  |  | 357333 |
|  | **Industrials - 6.2%** |  |
| 1425 | 3M Company | 221131 |
| 16295 | ADT, Inc. | 141929 |
| 833 | Allegion plc | 147733 |
| 32 | Curtiss-Wright Corporation | 17374 |
| 113 | EMCOR Group, Inc. | 73398 |
| 1757 | Fluor Corporation | 73917 |
| 3841 | Fortive Corporation | 188171 |
| 3387 | Graco, Inc. | 287759 |
| 437 | Illinois Tool Works, Inc. | 113952 |
| 370 | Lennox International, Inc. | 195863 |
| 816 | Nextracker Inc., Class A<sup>(a)</sup> | 60376 |
| 814 | Otis Worldwide Corporation | 74424 |
| 52 | Pentair PLC | 5760 |
| 492 | Snap-on, Inc. | 170493 |
| 873 | Toro Company (The) | 66523 |
| 421 | Trane Technologies PLC | 177645 |
| 59 | TransDigm Group, Inc.<sup>(a)</sup> | 77763 |
| 98 | WW Grainger, Inc. | 93390 |
|  |  | 2187601 |
|  | **Information Technology - 0.0%**<sup>(b)</sup> |  |
| 21 | QUALCOMM, Inc. | 3494 |
|  | **Materials - 3.2%** |  |
| 2469 | Olympic Steel, Inc. | 75181 |
| 1485 | Reliance, Inc. | 417032 |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.3% (Continued)** |  |
|  | **Materials - 3.2% (Continued)** |  |
| 2575 | Ryerson Holding Corporation | $58865 |
| 4689 | Southern Copper Corporation | 569057 |
|  |  | 1120135 |
|  | **Real Estate - 1.4%** |  |
| 19396 | AGNC Investment Corporation | 189887 |
| 1287 | McGrath RentCorp | 150965 |
| 5151 | VICI Properties, Inc. | 167974 |
|  |  | 508826 |
|  | **Technology - 6.8%** |  |
| 725 | Adobe, Inc.<sup>(a)</sup> | 255745 |
| 604 | Autodesk, Inc.<sup>(a)</sup> | 191873 |
| 8622 | Bandwidth, Inc., A<sup>(a)</sup> | 143729 |
| 501 | Cirrus Logic, Inc.<sup>(a)</sup> | 62770 |
| 2679 | Clear Secure, Inc., Class A | 89425 |
| 2553 | Dolby Laboratories, Inc., Class A | 184760 |
| 1908 | Dropbox, Inc., Class A<sup>(a)</sup> | 57641 |
| 161 | F5, Inc.<sup>(a)</sup> | 52034 |
| 133 | Gartner, Inc.<sup>(a)</sup> | 34962 |
| 4470 | Gen Digital, Inc. | 126903 |
| 580 | Mastercard, Inc., Class A | 329909 |
| 232 | Moody's Corporation | 110543 |
| 358 | Motorola Solutions, Inc. | 163710 |
| 199 | MSCI, Inc. | 112915 |
| 548 | PTC, Inc.<sup>(a)</sup> | 111255 |
| 245 | S&P Global, Inc. | 119244 |
| 585 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 174277 |
| 345 | Wix.com Ltd.<sup>(a)</sup> | 61282 |
|  |  | 2382977 |
|  | **Utilities - 10.1%** |  |
| 1236 | American Electric Power Company, Inc. | 139050 |
| 1704 | American States Water Company | 124937 |
| 1417 | American Water Works Company, Inc. | 197232 |
| 3162 | Atmos Energy Corporation | 539912 |
| 1911 | Duke Energy Corporation | 236486 |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 55.3% (Continued)** |  |
|  | **Utilities - 10.1% (Continued)** |  |
| 1511 | Edison International | $83528 |
| 6341 | Essential Utilities, Inc. | 253006 |
| 1843 | Evergy, Inc. | 140105 |
| 3699 | Genie Energy Ltd., Class B<sup>(a)</sup> | 55300 |
| 3184 | National Fuel Gas Company | 294106 |
| 2306 | NextEra Energy, Inc. | 174080 |
| 4449 | NiSource, Inc. | 192642 |
| 8178 | OGE Energy Corporation | 378396 |
| 2065 | Otter Tail Corporation | 169268 |
| 1397 | PG&E Corporation | 21067 |
| 2486 | Southern Company (The) | 235598 |
| 2453 | WEC Energy Group, Inc. | 281089 |
|  |  | 3515802 |
|  | **TOTAL COMMON STOCKS (Cost $18,463,584)** | 19357047 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 28.6%** |  |  |  |
|  | **U.S. TREASURY BILLS — 28.6%** |  |  |  |
| 10000000 | United States Treasury Bill<sup>(c)</sup> |  | 10/02/25 | 9998885 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $9,998,819)** |  |  |  |
|  | **TOTAL INVESTMENTS - 83.9% (Cost $28,462,403)** |  |  | $29355932 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.1%** |  |  | 5647059 |
|  | **NET ASSETS - 100.0%** |  |  | $35002991 |

---

ADR - American Depositary Receipt

LTD - Limited Company

MSCI - Morgan Stanley Capital International

N.V. - Naamioze Vennootschap

PLC - Public Limited Company

S.A. - Société Anonyme

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

<sup>(b)</sup> Percentage rounds to less than 0.1%.

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

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> September 30,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate** | **Pay/Receive<br> Floating Rate** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/<br> receipts** | **Unrealized**<br> **Appreciation/<br> (Depreciation)** |
| $4103 | 28 | 3M Co | FEDEF-1D + 45 bps | Pay | 11/24/2025 | $165 | $- | $165 |
| 111108 | 1089 | Abercrombie & Fitch | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (18637) |  | (18637) |
| (265788) | (5324) | Abm Industries Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 22934 |  | 22934 |
| (346999) | (24353) | Acuren Corporation | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 23040 |  | 23040 |
| (346464) | (34618) | Acv Auctions Inc-A | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 3580 |  | 3580 |
| (354696) | (3058) | Addus Homecare Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (5933) |  | (5933) |
| 172152 | 24442 | Adt Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 38639 |  | 38639 |
| 175021 | 1789 | Aercap Holdings Nv | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 35577 |  | 35577 |
| 135804 | 13369 | Aes Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 40822 |  | 40822 |
| 138830 | 15416 | Agnc Investment Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 22305 |  | 22305 |
| (392055) | (4300) | Albemarle Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 49844 |  | 49844 |
| 511329 | 16684 | Alcoa Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 33638 |  | 33638 |
| 102946 | 789 | Allegion Plc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 35197 |  | 35197 |
| 110221 | 664 | Alpha Metallurgical | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (1953) |  | (1953) |
| 159073 | 2910 | Altria Group Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 37897 |  | 37897 |
| 95147 | 970 | American Electric Power | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 12698 |  | 12698 |
| (232323) | (8171) | American Healthcare | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (110946) |  | (110946) |
| 191432 | 2555 | American States Water | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (6064) |  | (6064) |
| 157401 | 301 | Ameriprise Financial | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (13078) |  | (13078) |
| 415563 | 7578 | Anglogold Ashanti PLC | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 118998 |  | 118998 |
| 133537 | 7073 | Annaly Capital Management | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 19745 |  | 19745 |
| 327515 | 10463 | Anterix Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (110146) |  | (110146) |
| 151865 | 9614 | Antero Midstream Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 35134 |  | 35134 |
| 107692 | 495 | Appfolio Inc - A | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 27036 |  | 27036 |
| 146063 | 611 | Applied Industrial Technologies | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 10211 |  | 10211 |
| 81213 | 203 | Applovin Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 63364 |  | 63364 |
| (111080) | (1475) | Arcbest Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 8604 |  | 8604 |
| (229639) | (8736) | Archrock Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (86) |  | (86) |
| 225454 | 13317 | Armour Residential Reit | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (19448) |  | (19448) |
| 62803 | 411 | Armstrong World Industries | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 16326 |  | 16326 |
| 130200 | 3845 | Artisan Partners Assets | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 39000 |  | 39000 |
| (385709) | (7103) | Ashland Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 45043 |  | 45043 |
| 199085 | 8553 | At&T Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 41221 |  | 41221 |
| (344771) | (8485) | Atlanta Braves Holdings | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (3619) |  | (3619) |
| 195677 | 5720 | Atlantic Union Banks | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 4947 |  | 4947 |
| (349833) | (30232) | Atlas Energy Solutions | FEDEF-1D - 100 bps | Receive | 11/24/2025 | 6242 |  | 6242 |
| (342851) | (2281) | Balchem Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 742 |  | 742 |
| (377081) | (7228) | Ball Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 18574 |  | 18574 |
| 101859 | 2160 | Bancorp Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 58003 |  | 58003 |
| 350876 | 21155 | Bandwidth Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (8141) |  | (8141) |
| (360297) | (13556) | Bbb Foods Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (4986) |  | (4986) |
| 83238 | 1442 | Bellring Brands Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (31745) |  | (31745) |
| 122827 | 16253 | Bioventus Inc - A | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (16800) |  | (16800) |
| (359825) | (16013) | Bkv Corporation | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (6039) |  | (6039) |
| 141663 | 3078 | Blue Bird Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 33848 |  | 33848 |
| 94857 | 811 | Booz Allen Hamilton | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (14862) |  | (14862) |
| (352822) | (8636) | Cactus Inc - A | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 12142 |  | 12142 |
| 164848 | 4756 | Cadence Bank | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 13124 |  | 13124 |
| 291316 | 3000 | Cal-Maine Foods Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (6611) |  | (6611) |
| (179565) | (1574) | Camden Property Trust | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 11538 |  | 11538 |
| 96994 | 221 | Carlisle Cos Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (27573) |  | (27573) |
| 84922 | 3577 | Carnival Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 16037 |  | 16037 |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> September 30,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate** | **Pay/Receive<br> Floating Rate** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/<br> receipts** | **Unrealized**<br> **Appreciation/<br> (Depreciation)** |
| $183358 | 653 | Carpenter Technology | FEDEF-1D + 45 bps | Pay | 11/24/2025 | $(24917) | $- | $(24917) |
| 133088 | 6993 | Castle Biosciences Inc. | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 24439 |  | 24439 |
| (76006) | (2496) | Ceco Environmental Corp. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (49177) |  | (49177) |
| (221838) | (4129) | Celanese Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 49856 |  | 49856 |
| 144636 | 8486 | Century Aluminum Company | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 101704 |  | 101704 |
| (409828) | (21267) | Chemours Co. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 77869 |  | 77869 |
| 172023 | 1501 | Churchill Downs Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (31303) |  | (31303) |
| 77390 | 752 | Cirrus Logic Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 13609 |  | 13609 |
| 94761 | 4019 | Clear Secure Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 39190 |  | 39190 |
| (367388) | (11566) | Cnx Resources Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (1866) |  | (1866) |
| 119806 | 1065 | Coca-Cola Consolidated | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 3449 |  | 3449 |
| 244448 | 29174 | Coeur Mining Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 300205 |  | 300205 |
| (188915) | (12235) | Columbia Financial Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 5365 |  | 5365 |
| 131490 | 2045 | Commerce Bancshares | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (11358) |  | (11358) |
| 292611 | 5443 | Commercial Metals Co | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 16233 |  | 16233 |
| (355375) | (18634) | Comstock Resources Inc. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (10978) |  | (10978) |
| 146955 | 5820 | Consolidated Water Co. | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 55172 |  | 55172 |
| 133328 | 9258 | Constellium SE | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 2920 |  | 2920 |
| 158887 | 2216 | Cooper Cos Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (10279) |  | (10279) |
| (346050) | (4538) | Core Natural Resources | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (31312) |  | (31312) |
| (296160) | (2937) | Crown Castle Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 14344 |  | 14344 |
| (279097) | (12145) | Curbline Properties | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 10554 |  | 10554 |
| 68598 | 219 | Curtiss-Wright Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 48420 |  | 48420 |
| 501747 | 32056 | Cushman & Wakefield | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 8268 |  | 8268 |
| 115713 | 257 | Daily Journal Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 3131 |  | 3131 |
| 211635 | 1493 | Davita Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (15847) |  | (15847) |
| 248875 | 23168 | Dht Holdings Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 31980 |  | 31980 |
| (254768) | (31128) | Diamondrock Hospital | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 5668 |  | 5668 |
| 127210 | 5926 | Dorian Lpg Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 53281 |  | 53281 |
| (280457) | (10879) | Dow Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 29352 |  | 29352 |
| 76720 | 2862 | Dropbox Inc-Class A | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 7527 |  | 7527 |
| 199377 | 1855 | Dt Midstream Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 8064 |  | 8064 |
| 271245 | 2362 | Duke Energy Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 17182 |  | 17182 |
| 162538 | 14038 | Dynex Capital Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 20522 |  | 20522 |
| 329776 | 5877 | Edison International | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (4846) |  | (4846) |
| 92418 | 708 | Elf Beauty Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 336 |  | 336 |
| 117383 | 10071 | Embecta Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 25117 |  | 25117 |
| 96115 | 208 | Emcor Group Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 36171 |  | 36171 |
| (97682) | (2039) | Eqt Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (11940) |  | (11940) |
| 160295 | 2556 | Essent Group Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 1946 |  | 1946 |
| 88457 | 2327 | Essential Utilities | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 3406 |  | 3406 |
| 60725 | 1218 | Estee Lauder Companies | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 45978 |  | 45978 |
| 177687 | 2764 | Evergy Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 30608 |  | 30608 |
| 153495 | 5141 | Excelerate Energy Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (25968) |  | (25968) |
| (351344) | (3482) | Expand Energy Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (16312) |  | (16312) |
| 128629 | 704 | Expedia Group Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 18183 |  | 18183 |
| (351657) | (5091) | Exponent Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (1883) |  | (1883) |
| 60166 | 242 | F5 Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 15616 |  | 15616 |
| 175124 | 1054 | Federal Agric Mtg Co | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 989 |  | 989 |
| (240860) | (13531) | First Advantage Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 35735 |  | 35735 |
| 224692 | 4536 | First Business Financial Services | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 5794 |  | 5794 |
| 105396 | 2880 | Fluor Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 13035 |  | 13035 |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> September 30,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate** | **Pay/Receive<br> Floating Rate** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/<br> receipts** | **Unrealized**<br> **Appreciation/<br> (Depreciation)** |
| $(124271) | (4575) | Forestar Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | $3271 | $- | $3271 |
| 240042 | 2336 | Fortinet Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (47368) |  | (47368) |
| 137105 | 2195 | Fortune Brands Innovations | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (22577) |  | (22577) |
| 439756 | 11597 | Freeport-Mcmoran Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 10701 |  | 10701 |
| (356033) | (2220) | Fti Consulting Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (2645) |  | (2645) |
| 133513 | 344 | Gartner Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (46708) |  | (46708) |
| 170002 | 1062 | Gatx Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 15209 |  | 15209 |
| 27866 | 1020 | Gen Digital Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 516 |  | 516 |
| 77469 | 568 | Generac Holdings Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 15395 |  | 15395 |
| 198316 | 13403 | Genie Energy Ltd-B | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (320) |  | (320) |
| (116556) | (15193) | Global Net Lease Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (6356) |  | (6356) |
| 107677 | 3920 | Globalstar Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 34286 |  | 34286 |
| 108510 | 590 | Godaddy Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (31602) |  | (31602) |
| 102557 | 569 | Grand Canyon Education | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 20276 |  | 20276 |
| (242140) | (10479) | Graphic Packaging Holding Co. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 37188 |  | 37188 |
| (347358) | (13667) | Guardian Phrmcy Services | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (10948) |  | (10948) |
| (357216) | (2050) | Gulfport Energy Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (11387) |  | (11387) |
| (120135) | (3784) | Gxo Logistics Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (77778) |  | (77778) |
| (67306) | (1380) | H.B. Fuller Co. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (13846) |  | (13846) |
| 142680 | 2171 | Hasbro Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 21236 |  | 21236 |
| (283652) | (19646) | Healthcare Realty Trust | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (72505) |  | (72505) |
| 110641 | 14200 | Hecla Mining Co | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 60521 |  | 60521 |
| (214979) | (10427) | Helmerich & Payne | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (16268) |  | (16268) |
| 28296 | 178 | Hershey Co. | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 4826 |  | 4826 |
| (88583) | (16450) | Hertz Global Hldgs I | FEDEF-1D - 90 bps | Receive | 11/24/2025 | (22884) |  | (22884) |
| (326985) | (9815) | Hub Group Inc-Cl A | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (8803) |  | (8803) |
| 151448 | 644 | Humana Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 14858 |  | 14858 |
| (216513) | (20557) | Huntsman Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 28276 |  | 28276 |
| 343561 | 6515 | Idt Corp-Class B | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (11378) |  | (11378) |
| 180235 | 31477 | Ihs Holding Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 31683 |  | 31683 |
| 173237 | 655 | Illinois Tool Works | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (4375) |  | (4375) |
| (268609) | (6248) | Ingevity Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (68932) |  | (68932) |
| (175227) | (1700) | Integer Holdings Corp. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (343) |  | (343) |
| 175319 | 3680 | Interactive Brokers | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 72498 |  | 72498 |
| (219077) | (4860) | International Paper | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (9697) |  | (9697) |
| (298358) | (3656) | Intl Flavors & Fragrances | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 80602 |  | 80602 |
| 167637 | 20609 | Invesco Mortgage Capital | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 2949 |  | 2949 |
| 340467 | 10888 | Iridium Communications | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (155310) |  | (155310) |
| 510409 | 5054 | Iron Mountain Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 8296 |  | 8296 |
| (194240) | (1462) | Jacobs Solutions Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (23506) |  | (23506) |
| (213796) | (13643) | Jbg Smith Properties | FEDEF-1D - 54 bps | Receive | 11/24/2025 | (90475) |  | (90475) |
| (84461) | (8264) | Joby Aviation Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (47037) |  | (47037) |
| 131978 | 1543 | Kaiser Aluminum Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (14406) |  | (14406) |
| (124697) | (5422) | Kite Realty Group Trust | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 3501 |  | 3501 |
| 133446 | 144 | Kla Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 20633 |  | 20633 |
| (377446) | (4619) | Knife River Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 24573 |  | 24573 |
| (167529) | (3560) | Knight-Swift Transportation | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 27823 |  | 27823 |
| (355140) | (10005) | Kodiak Gas Services | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (13542) |  | (13542) |
| (352002) | (2906) | Landstar System Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (3975) |  | (3975) |
| (165671) | (1951) | Lemaitre Vascular Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (4975) |  | (4975) |
| 75225 | 1780 | Lendingtree Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 37094 |  | 37094 |
| 119225 | 199 | Lennox International | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (16430) |  | (16430) |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> September 30,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate** | **Pay/Receive<br> Floating Rate** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/<br> receipts** | **Unrealized**<br> **Appreciation/<br> (Depreciation)** |
| $(110233) | (9732) | Liberty Energy Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | $(10061) | $- | $(10061) |
| 353337 | 29725 | Liberty Global Ltd-A | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (24113) |  | (24113) |
| (248194) | (3598) | Liberty Media Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (93614) |  | (93614) |
| 147013 | 738 | Lululemon Athletica | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (16593) |  | (16593) |
| (268223) | (4931) | Lyondellbasell Industries NV | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 20689 |  | 20689 |
| (313844) | (16858) | Macerich Co. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 8293 |  | 8293 |
| (341830) | (7617) | Madison Square Garden 1 | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (2585) |  | (2585) |
| (360179) | (1624) | Madison Square Garden 2 | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (8283) |  | (8283) |
| (354977) | (14331) | Magnolia Oil & Gas Co. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 13081 |  | 13081 |
| 119232 | 637 | Manhattan Associates | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 9448 |  | 9448 |
| 200426 | 4338 | Maplebear Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (44065) |  | (44065) |
| (117479) | (261) | Martin Marietta Materials | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (45235) |  | (45235) |
| 273175 | 3599 | Masco Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (25343) |  | (25343) |
| 230220 | 2828 | Materion Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 108613 |  | 108613 |
| 262605 | 2531 | Mcgrath Rentcorp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 30738 |  | 30738 |
| 37485 | 419 | Merck & Co. Inc. | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (2388) |  | (2388) |
| 250422 | 9535 | Mesabi Trust | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 26194 |  | 26194 |
| 204429 | 20509 | Mfa Financial Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (384) |  | (384) |
| 137646 | 1117 | Micron Technology Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 47813 |  | 47813 |
| (333574) | (6975) | Millicom Intl Cellular | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (3606) |  | (3606) |
| (223225) | (6872) | Millrose Properties | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (6582) |  | (6582) |
| (314143) | (5631) | Minerals Technologies | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (32015) |  | (32015) |
| 178500 | 756 | Molina Healthcare Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (35723) |  | (35723) |
| 170676 | 340 | Moody'S Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (12918) |  | (12918) |
| 210446 | 2550 | Mueller Industries Inc. | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 45610 |  | 45610 |
| 72350 | 1139 | National Fuel Gas Co | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 32174 |  | 32174 |
| 104298 | 8431 | Navient Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 7122 |  | 7122 |
| 124518 | 9753 | Navigator Holdings Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 24984 |  | 24984 |
| 149870 | 13700 | Nerdwallet Inc-Cl A | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (4594) |  | (4594) |
| (244653) | (18133) | Newmark Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (90812) |  | (90812) |
| 324008 | 6213 | Newmont Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 195972 |  | 195972 |
| 84330 | 2194 | Nextracker Inc-Cl A | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 76107 |  | 76107 |
| 253119 | 6362 | Nisource Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 18640 |  | 18640 |
| 160212 | 6924 | Northrim Bancorp Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (10602) |  | (10602) |
| 196209 | 15983 | Northwest Bancshares | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 1926 |  | 1926 |
| 203397 | 1460 | Nucor Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (6839) |  | (6839) |
| 209839 | 1484 | Nvidia Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 63720 |  | 63720 |
| 401828 | 9123 | Occidental Petroleum | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 27329 |  | 27329 |
| (349043) | (13834) | Oceaneering Intl Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 6418 |  | 6418 |
| 175453 | 4016 | Oge Energy Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 8102 |  | 8102 |
| (188179) | (14634) | O-I Glass Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 3699 |  | 3699 |
| (235878) | (10927) | Olin Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (37733) |  | (37733) |
| 226997 | 6829 | Olympic Steel Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (22132) |  | (22132) |
| 239573 | 2975 | Oneok Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (22620) |  | (22620) |
| 136737 | 21969 | Orchid Island Capital | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 29878 |  | 29878 |
| 79051 | 789 | Otis Worldwide Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (8509) |  | (8509) |
| 289046 | 3791 | Otter Tail Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 17745 |  | 17745 |
| 202629 | 10652 | P G & E Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (48176) |  | (48176) |
| (97970) | (8791) | Park Hotels & Resort | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (1123) |  | (1123) |
| 197012 | 1838 | Pdd Holdings Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 43950 |  | 43950 |
| (108146) | (10597) | Pebblebrook Hotel Trust | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (12100) |  | (12100) |
| 123549 | 1327 | Pentair Plc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 20527 |  | 20527 |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> September 30,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate** | **Pay/Receive<br> Floating Rate** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/<br> receipts** | **Unrealized**<br> **Appreciation/<br> (Depreciation)** |
| $73491 | 604 | Philip Morris International | FEDEF-1D + 45 bps | Pay | 11/24/2025 | $23451 | $- | $23451 |
| 150375 | 3058 | Pilgrim'S Pride Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (21779) |  | (21779) |
| 161773 | 4501 | Pinterest Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (18812) |  | (18812) |
| 118529 | 2758 | Portland General Electric | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 3525 |  | 3525 |
| (347608) | (14935) | Privia Health Group | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (24094) |  | (24094) |
| (164793) | (4479) | Procept Biorobotics | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 5023 |  | 5023 |
| 167029 | 4572 | Prog Holdings Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (22606) |  | (22606) |
| 15972 | 88 | Ptc Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 1346 |  | 1346 |
| (138427) | (10168) | Purecycle Technologies | FEDEF-1D - 70 bps | Receive | 11/24/2025 | 5371 |  | 5371 |
| 82324 | 1102 | Qcr Holdings Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (1084) |  | (1084) |
| (132870) | (961) | Quaker Chemical Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 6952 |  | 6952 |
| 133942 | 883 | Qualcomm Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 12443 |  | 12443 |
| 126282 | 473 | Ralph Lauren Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 19658 |  | 19658 |
| (331289) | (9812) | Range Resources Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (35286) |  | (35286) |
| 197037 | 4533 | Red Rock Resorts Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 81318 |  | 81318 |
| 199128 | 8434 | Regions Financial Co | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 23927 |  | 23927 |
| 18212 | 62 | Reliance Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (841) |  | (841) |
| 107159 | 452 | Royal Caribbean Cruises | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 37102 |  | 37102 |
| (236608) | (16816) | Rxo Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (18995) |  | (18995) |
| 179598 | 8202 | Ryerson Holding Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 7472 |  | 7472 |
| 146984 | 276 | S&P Global Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (16067) |  | (16067) |
| (212315) | (8596) | Sable Offshore Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 66234 |  | 66234 |
| (159271) | (6225) | Schneider National Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 28466 |  | 28466 |
| 148431 | 3827 | Scorpio Tankers Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 65968 |  | 65968 |
| (89704) | (1407) | Scotts Miracle-Gro Co. | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 9117 |  | 9117 |
| (348789) | (11059) | Seadrill Limited | FEDEF-1D - 65 bps | Receive | 11/24/2025 | 14864 |  | 14864 |
| (368185) | (8348) | Silgan Holdings Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 11653 |  | 11653 |
| (384304) | (5687) | Sl Green Realty Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 42838 |  | 42838 |
| (406141) | (7477) | Smurfit Westrock Plc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 91704 |  | 91704 |
| 121844 | 359 | Snap-On Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 616 |  | 616 |
| (256592) | (8992) | Solaris Energy Infrastracture Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (102055) |  | (102055) |
| (312041) | (7680) | Sonoco Products Co | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (21083) |  | (21083) |
| 156971 | 1781 | Southern Co | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 9184 |  | 9184 |
| 8536 | 82 | Southern Copper Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 1362 |  | 1362 |
| 280887 | 16733 | Spok Holdings Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 15196 |  | 15196 |
| 102164 | 791 | Steel Dynamics Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 7876 |  | 7876 |
| (224528) | (1758) | Sun Communities Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (2910) |  | (2910) |
| 246096 | 30716 | Suncoke Energy Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 6629 |  | 6629 |
| 44004 | 1489 | Symbotic Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 35524 |  | 35524 |
| (149248) | (765) | Take-Two Interactive | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (45569) |  | (45569) |
| 189670 | 1149 | Targa Resources Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 1033 |  | 1033 |
| 102521 | 974 | Target Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (15791) |  | (15791) |
| 105590 | 2356 | Teekay Tankers Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 12834 |  | 12834 |
| 312161 | 8570 | Telephone And Data Systems | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 16181 |  | 16181 |
| 106192 | 3217 | Ternium Sa-Sponsored | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 4865 |  | 4865 |
| (370092) | (6348) | Tidewater Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 31746 |  | 31746 |
| 255355 | 1006 | T-Mobile Us Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (20224) |  | (20224) |
| (347707) | (8583) | Tootsie Roll Industries | FEDEF-1D - 49 bps | Receive | 11/24/2025 | (11912) |  | (11912) |
| 352530 | 4422 | Toro Co | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (21964) |  | (21964) |
| 92691 | 10635 | Tpg Re Finance Trust | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 4238 |  | 4238 |
| 46308 | 134 | Trane Technologies PLC | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 9262 |  | 9262 |
| 63692 | 48 | Transdigm Group Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 2052 |  | 2052 |

---

**NAA OPPORTUNITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> September 30,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate** | **Pay/Receive<br> Floating Rate** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/<br> receipts** | **Unrealized**<br> **Appreciation/<br> (Depreciation)** |
| $(176025) | (8860) | Trimas Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | $(163800) | $- | $(163800) |
| 148901 | 5744 | Trubridge Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (35932) |  | (35932) |
| 114025 | 2556 | Truist Financial Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 2117 |  | 2117 |
| 176468 | 3060 | Tyson Foods Inc-Cl A | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (9887) |  | (9887) |
| 112247 | 328 | Ubiquiti Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 101956 |  | 101956 |
| (156636) | (4076) | Udr Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 5583 |  | 5583 |
| 217578 | 6060 | Ugi Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (15113) |  | (15113) |
| 203126 | 257 | United Rentals Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 40350 |  | 40350 |
| 118961 | 383 | Unitedhealth Group Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 12791 |  | 12791 |
| (100099) | (25321) | Uranium Energy Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (235926) |  | (235926) |
| 163318 | 5895 | Usana Health Science | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (3810) |  | (3810) |
| 221055 | 4940 | V2X Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 62385 |  | 62385 |
| (71807) | (1422) | Valaris Ltd | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 2494 |  | 2494 |
| (351669) | (22394) | Veris Residential Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 15101 |  | 15101 |
| 325221 | 7622 | Verizon Communications | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 11615 |  | 11615 |
| (359717) | (9111) | Viper Energy Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 11681 |  | 11681 |
| 166164 | 944 | Vistra Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 16573 |  | 16573 |
| 508544 | 12612 | Vornado Realty Trust | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 2300 |  | 2300 |
| 101733 | 2594 | Waystar Holding Corp | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (4516) |  | (4516) |
| 93962 | 885 | Wec Energy Group Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | 6327 |  | 6327 |
| (213867) | (1560) | Welltower Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (62164) |  | (62164) |
| (370076) | (13149) | Werner Enterprises Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 25263 |  | 25263 |
| (329317) | (3521) | Westlake Corp | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 61141 |  | 61141 |
| (179822) | (7160) | Weyerhaeuser Co | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 2796 |  | 2796 |
| 126017 | 669 | Wix.Com Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (10387) |  | (10387) |
| 128878 | 3983 | Worthington Steel Inc | FEDEF-1D + 45 bps | Pay | 11/24/2025 | (8578) |  | (8578) |
| (219179) | (19704) | Xenia Hotels & Resorts Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | (53248) |  | (53248) |
| (128303) | (980) | Xpo Inc | FEDEF-1D - 35 bps | Receive | 11/24/2025 | 2289 | - | 2289 |
|  |  |  |  |  |  | $1557998 | $- | $1557998 |

---

# 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 4.09% on September 30, 2025.

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.4%** |  |
|  | **Real Estate - 90.4%** |  |
| 22951 | Agree Realty Corporation | $1630439 |
| 30225 | Alexandria Real Estate Equities, Inc. | 2518952 |
| 67202 | American Homes 4 Rent, Class A | 2234466 |
| 47147 | Apple Hospitality REIT, Inc. | 566235 |
| 28578 | AvalonBay Communities, Inc. | 5520412 |
| 29441 | BXP, Inc. | 2188644 |
| 21960 | Camden Property Trust | 2344889 |
| 44327 | CareTrust REIT, Inc. | 1537260 |
| 23693 | COPT Defense Properties | 688519 |
| 35188 | Cousins Properties, Inc. | 1018341 |
| 46670 | CubeSmart | 1897602 |
| 51095 | Digital Realty Trust, Inc. | 8833304 |
| 36613 | Douglas Emmett, Inc. | 570064 |
| 10728 | EastGroup Properties, Inc. | 1815821 |
| 16254 | EPR Properties | 942895 |
| 16065 | Equinix, Inc. | 12582751 |
| 39574 | Equity LifeStyle Properties, Inc. | 2402142 |
| 70866 | Equity Residential | 4587156 |
| 40273 | Essential Properties Realty Trust Incorporated | 1198524 |
| 12827 | Essex Property Trust, Inc. | 3433275 |
| 43830 | Extra Space Storage, Inc. | 6177400 |
| 136566 | Healthpeak Properties, Inc. | 2615239 |
| 23165 | Highwoods Properties, Inc. | 737110 |
| 128889 | Host Hotels & Resorts, Inc. | 2193691 |
| 115695 | Invitation Homes, Inc. | 3393334 |
| 57192 | Iron Mountain, Inc. | 5830152 |
| 21928 | Kilroy Realty Corporation | 926458 |
| 137879 | Kimco Realty Corporation | 3012656 |
| 46220 | Kite Realty Group Trust | 1030706 |
| 18097 | Lamar Advertising Company, Class A | 2215435 |
| 53956 | Macerich Company (The) | 981999 |
| 23703 | Mid-America Apartment Communities, Inc. | 3312020 |
| 38934 | National Retail Properties, Inc. | 1657420 |
| 17 | NexPoint Residential Trust, Inc. | 548 |

---

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.4% (Continued)** |  |
|  | **Real Estate - 90.4% (Continued)** |  |
| 60438 | Omega Healthcare Investors, Inc. | $2551692 |
| 26247 | Phillips Edison & Company, Inc. | 901060 |
| 147354 | Prologis, Inc. | 16874980 |
| 30778 | Public Storage | 8890225 |
| 146120 | Realty Income Corporation | 8882635 |
| 33409 | Regency Centers Corporation | 2435516 |
| 49058 | Rexford Industrial Realty, Inc. | 2016774 |
| 13359 | Ryman Hospitality Properties, Inc. | 1196833 |
| 50700 | Simon Property Group, Inc. | 9514869 |
| 15417 | SL Green Realty Corporation | 922091 |
| 39304 | STAG Industrial, Inc. | 1387038 |
| 23878 | Sun Communities, Inc. | 3080262 |
| 24194 | Tanger Inc. | 818725 |
| 21145 | Terreno Realty Corporation | 1199979 |
| 62356 | UDR, Inc. | 2323385 |
| 94144 | Ventas, Inc. | 6589139 |
| 219417 | VICI Properties, Inc. | 7155188 |
| 44657 | W.P. Carey, Inc. | 3017473 |
| 107470 | Welltower, Inc. | 19144707 |
|  |  | 191498430 |
|  | **TOTAL COMMON STOCKS (Cost $175,503,338)** | 191498430 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 4.2%** |  |  |  |
|  | **U.S. TREASURY BILLS — 4.2%** |  |  |  |
| 9000000 | United States Treasury Bill<sup>(a)</sup> |  | 10/02/25 | 8998998 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,998,938)** |  |  |  |
|  | **TOTAL INVESTMENTS - 94.6% (Cost $184,502,276)** |  |  | $200497428 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 5.4%** |  |  | 11398275 |
|  | **NET ASSETS - 100.0%** |  |  | $211895703 |

---

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (13.7)%** |  |
|  | **REAL ESTATE - (13.7)%** |  |
| (75699) | Alexander & Baldwin, Inc. | $(1376965) |
| (5828) | Alexander's, Inc. | (1366608) |
| (41742) | Americold Realty Trust, Inc. | (510922) |
| (58828) | Broadstone Net Lease, Inc. | (1051256) |
| (18308) | Crown Castle, Inc. | (1766539) |
| (60578) | Curbline Properties Corporation | (1350889) |
| (36355) | Cyberspace | (2141310) |
| (133180) | DiamondRock Hospitality Company | (1060113) |
| (13158) | Easterly Government Properties, Inc. | (301713) |
| (15947) | eXp World Holdings, Inc. | (169995) |
| (28408) | First Industrial Realty Trust, Inc. | (1462160) |
| (48758) | Forestar Group, Inc. | (1296475) |
| (185531) | Healthcare Realty Trust, Inc. | (3345124) |
| (22597) | Independence Realty Trust, Inc. | (370365) |
| (5584) | LTC Properties, Inc. | (205826) |
| (39105) | Marcus & Millichap, Inc. | (1147732) |
| (107774) | Millrose Properties, Inc. | (3622284) |
| (11682) | Sila Realty Trust, Inc. | (293218) |
| (7040) | St Joe Company (The) | (348339) |
| (48693) | UMH Properties, Inc. | (723091) |
| (216421) | Veris Residential, Inc. | (3289599) |
| (18829) | Weyerhaeuser Company | (466771) |
| (109531) | Xenia Hotels & Resorts, Inc. | (1502765) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $28,131,029)** | $(29170059) |

---

REIT - Real Estate Investment Trust

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

**NAA RISK MANAGED REAL ESTATE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> September 30,<br> 2025** | **Number of Shares** | **Reference Obligation#** | **Floating Rate** | **Pay/Receive<br> Floating Rate** | **Maturity Date^** | **Fair Value** | **Upfront**<br> **payments/<br> receipts** | **Unrealized**<br> **Appreciation/<br> (Depreciation)** |
| $1195109 | 12916 | Alexandria Real Estate | FEDEF-1D + 45 bps | Pay | 11/26/2025 | $(104293) | $- | $(104293) |
| 435238 | 20955 | American Assets Trust | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (4533) |  | (4533) |
| 272564 | 8146 | American Homes 4 Rent | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (2019) |  | (2019) |
| 1496880 | 7211 | American Tower Corp | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (108527) |  | (108527) |
| 3468583 | 16012 | Avalonbay Communities | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (391170) |  | (391170) |
| 967175 | 107960 | Compass Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (102665) |  | (102665) |
| (478176) | (6339) | Costar Group | FEDEF-1D - 35 bps | Receive | 11/26/2025 | (47625) |  | (47625) |
| 1526458 | 134510 | Cushman & Wakefield | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 598215 |  | 598215 |
| 2429349 | 35348 | Equity Residential | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (146550) |  | (146550) |
| 447262 | 3207 | Extra Space Storage | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 4225 |  | 4225 |
| 306328 | 17098 | Healthpeak Properties | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 21734 |  | 21734 |
| 527527 | 30928 | Host Hotels & Resorts | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 4548 |  | 4548 |
| 1447561 | 21165 | Howard Hughes Holdings | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 272715 |  | 272715 |
| 2298328 | 40281 | Innovative Industrials | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (49362) |  | (49362) |
| (1282787) | (45975) | Inventrust Pptys Corp | FEDEF-1D - 35 bps | Receive | 11/26/2025 | (40837) |  | (40837) |
| (2897523) | (143348) | Jbg Smith Properties | FEDEF-1D - 54 bps | Receive | 11/26/2025 | (290706) |  | (290706) |
| 411518 | 1843 | Jones Lang Lasalle Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 129963 |  | 129963 |
| 1152938 | 60846 | Ke Holdings Inc-Adr | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (7171) |  | (7171) |
| 474138 | 11658 | Kilroy Realty Corp | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 24721 |  | 24721 |
| 1061699 | 51946 | Kimco Realty Corp | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 74364 |  | 74364 |
| 874691 | 21687 | Lineage Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (26254) |  | (26254) |
| (1309479) | (142157) | Lxp Industrial Trust | FEDEF-1D - 35 bps | Receive | 11/26/2025 | 17786 |  | 17786 |
| (164720) | (2098) | Natl Health Investor | FEDEF-1D - 35 bps | Receive | 11/26/2025 | (3847) |  | (3847) |
| (2459457) | (198768) | Newmark Group Inc | FEDEF-1D - 35 bps | Receive | 11/26/2025 | (1228949) |  | (1228949) |
| 1088120 | 26808 | Nnn Reit Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 58162 |  | 58162 |
| 1116418 | 29768 | Omega Healthcare Investors Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 159020 |  | 159020 |
| 1571323 | 99272 | Ont Media Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 267517 |  | 267517 |
| (235570) | (36907) | Piedmont Office Realty Trust | FEDEF-1D - 35 bps | Receive | 11/26/2025 | (92888) |  | (92888) |
| 353185 | 3266 | Prologis Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 19562 |  | 19562 |
| 1643686 | 28186 | Realty Income Corp | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 70456 |  | 70456 |
| 211890 | 4970 | Rexford Industrial Realty | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (7769) |  | (7769) |
| 2672317 | 27069 | Ryman Hospitality Properties | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (234053) |  | (234053) |
| 816919 | 46796 | Sabra Health Care Reit | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 67052 |  | 67052 |
| 601691 | 38416 | Safehold Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | (3644) |  | (3644) |
| 937735 | 6272 | Simon Property Group | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 243838 |  | 243838 |
| (1202824) | (66017) | Urban Edge Prop | FEDEF-1D - 35 bps | Receive | 11/26/2025 | (150035) |  | (150035) |
| 1598818 | 51414 | Vici Properties Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 81338 |  | 81338 |
| 3562907 | 95443 | Vornado Realty | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 264354 |  | 264354 |
| 1549460 | 26822 | Wp Carey Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 284863 |  | 284863 |
| 786895 | 12096 | Zillow Group Inc | FEDEF-1D + 45 bps | Pay | 11/26/2025 | 130157 | - | 130157 |
|  |  |  |  |  |  | $(248307) | $- | $(248307) |

---

# 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 4.09% on September 30, 2025.

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2%** |  |
|  | **Communication Services - 1.1%** |  |
| 16349 | Nexstar Media Group, Inc. | $3232851 |
|  | **Communications - 2.2%** |  |
| 50999 | Maplebear, Inc.<sup>(a)</sup> | 1874723 |
| 48761 | Match Group, Inc.<sup>(a)</sup> | 1722239 |
| 39065 | Omnicom Group, Inc. | 3184969 |
|  |  | 6781931 |
|  | **Consumer Discretionary - 9.0%** |  |
| 57064 | Advance Auto Parts, Inc. | 3503730 |
| 37855 | Autoliv, Inc. | 4675093 |
| 12225 | Darden Restaurants, Inc. | 2327151 |
| 50244 | Etsy, Inc.<sup>(a)</sup> | 3335699 |
| 66572 | Harley-Davidson, Inc. | 1857359 |
| 31044 | Lear Corporation | 3123337 |
| 12818 | Lululemon Athletica, Inc.<sup>(a)</sup> | 2280707 |
| 38673 | MGM Resorts International<sup>(a)</sup> | 1340406 |
| 68446 | Mister Car Wash, Inc.<sup>(a)</sup> | 364817 |
| 10308 | Penske Automotive Group, Inc. | 1792664 |
| 22886 | Shoe Carnival, Inc. | 475800 |
| 17657 | Sonic Automotive, Inc., Class A | 1343521 |
| 29852 | Yeti Holdings, Inc.<sup>(a)</sup> | 990489 |
|  |  | 27410773 |
|  | **Consumer Staples - 5.4%** |  |
| 38719 | BellRing Brands, Inc.<sup>(a)</sup> | 1407435 |
| 35799 | Dollar Tree, Inc.<sup>(a)</sup> | 3378352 |
| 30851 | Five Below, Inc.<sup>(a)</sup> | 4772650 |
| 129705 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 2081765 |
| 16368 | MGP Ingredients, Inc. | 395942 |
| 10947 | Post Holdings, Inc.<sup>(a)</sup> | 1176584 |
| 27112 | PriceSmart, Inc. | 3285703 |
|  |  | 16498431 |
|  | **Energy - 5.5%** |  |
| 30830 | Chord Energy Corporation | 3063577 |
| 44571 | ConocoPhillips | 4215970 |

---

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Energy - 5.5% (Continued)** |  |
| 10952 | First Solar, Inc.<sup>(a)</sup> | $2415245 |
| 48664 | Innovex International, Inc.<sup>(a)</sup> | 902231 |
| 203943 | Nov, Inc.<sup>(a)</sup> | 2702245 |
| 423357 | Patterson-UTI Energy, Inc. | 2192989 |
| 21205 | Weatherford International PLC | 1451058 |
|  |  | 16943315 |
|  | **Financials - 18.6%** |  |
| 49141 | Air Lease Corporation | 3127825 |
| 22690 | American Financial Group, Inc. | 3306387 |
| 44057 | Ameris Bancorp | 3229819 |
| 164802 | Apollo Commercial Real Estate Finance, Inc. | 1669444 |
| 61186 | Bank OZK | 3119262 |
| 56696 | CNO Financial Group, Inc. | 2242327 |
| 8091 | Everest Group Ltd. | 2833711 |
| 68073 | EZCORP, Inc., Class A<sup>(a)</sup> | 1296110 |
| 208526 | F.N.B. Corporation | 3359354 |
| 214366 | First Horizon Corporation | 4846814 |
| 127231 | Fulton Financial Corporation | 2370314 |
| 20497 | Hanover Insurance Group, Inc. (The) | 3722870 |
| 15706 | Lakeland Financial Corporation | 1008325 |
| 39273 | NBT Bancorp, Inc. | 1640040 |
| 23786 | OFG Bancorp | 1034453 |
| 12988 | Raymond James Financial, Inc. | 2241729 |
| 21293 | Reinsurance Group of America, Inc. | 4091024 |
| 33995 | Selective Insurance Group, Inc. | 2755975 |
| 16519 | Stifel Financial Corporation<sup>(a)</sup> | 1874411 |
| 25675 | StoneX Group, Inc.<sup>(a)</sup> | 2591121 |
| 53240 | Unum Group | 4141006 |
| 15846 | Westamerica Bancorporation | 792142 |
|  |  | 57294463 |
|  | **Health Care - 7.3%** |  |
| 138525 | Adapthealth Corp.<sup>(a)</sup> | 1239799 |
| 8848 | Addus HomeCare Corporation<sup>(a)</sup> | 1043976 |
| 75491 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 4088593 |

---

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Health Care - 7.3% (Continued)** |  |
| 25190 | Cardinal Health, Inc. | $3953822 |
| 44428 | DexCom, Inc.<sup>(a)</sup> | 2989560 |
| 16262 | Encompass Health Corporation | 2065599 |
| 106905 | Premier, Inc., Class A | 2971959 |
| 18923 | Tenet Healthcare Corporation<sup>(a)</sup> | 3842126 |
|  |  | 22195434 |
|  | **Industrials - 15.6%** |  |
| 41461 | AAR Corporation<sup>(a)</sup> | 3717807 |
| 62882 | ABM Industries, Inc. | 2900118 |
| 26363 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 1399348 |
| 19318 | Albany International Corporation, Class A | 1029649 |
| 74281 | Avista Corporation | 2808565 |
| 18540 | FTI Consulting, Inc.<sup>(a)</sup> | 2996992 |
| 99415 | Gates Industrial Corp PLC <sup>(a)</sup> | 2467480 |
| 12133 | Heidrick & Struggles International, Inc. | 603859 |
| 12788 | ITT, Inc. | 2285983 |
| 22836 | Jacobs Solutions, Inc. | 3422203 |
| 25260 | MSC Industrial Direct Company, Inc., Class A | 2327456 |
| 70662 | Nextracker Inc.,, Class A<sup>(a)</sup> | 5228281 |
| 8352 | Novanta, Inc.<sup>(a)</sup> | 836453 |
| 36561 | Oshkosh Corporation | 4741962 |
| 132954 | Resideo Technologies, Inc. | 5740954 |
| 22753 | Rollins, Inc. | 1336511 |
| 10779 | UniFirst Corporation | 1802141 |
| 96160 | WillScott Mobile Mini Holding<sup>(a)</sup> | 2029938 |
|  |  | 47675700 |
|  | **Information Technology - 0.4%** |  |
| 47323 | Photronics, Inc.<sup>(a)</sup> | 1086063 |
|  | **Materials - 8.8%** |  |
| 147276 | Alcoa Corporation | 4843907 |
| 17693 | AptarGroup, Inc. | 2364846 |
| 59562 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 1704664 |
| 16041 | Ecolab, Inc. | 4392988 |

---

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Materials - 8.8% (Continued)** |  |
| 130306 | Element Solutions, Inc. | $3279802 |
| 196824 | O-I Glass, Inc.<sup>(a)</sup> | 2552808 |
| 33490 | RPM International, Inc. | 3947801 |
| 106672 | SunCoke Energy, Inc.<sup>(a)</sup> | 870444 |
| 9780 | Vulcan Materials Company | 3008524 |
|  |  | 26965784 |
|  | **Real Estate - 11.1%** |  |
| 35993 | Agree Realty Corporation | 2556943 |
| 24555 | American Assets Trust, Inc. | 498958 |
| 111745 | American Homes 4 Rent, Class A | 3715522 |
| 93223 | CareTrust REIT, Inc. | 3232974 |
| 60139 | CubeSmart | 2445252 |
| 42498 | EPR Properties | 2465309 |
| 53614 | Equity LifeStyle Properties, Inc. | 3254370 |
| 59089 | Four Corners Property Trust, Inc. | 1441772 |
| 37533 | Getty Realty Corporation | 1007010 |
| 12482 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 3723131 |
| 97902 | National Retail Properties, Inc. | 4167688 |
| 113809 | Rexford Industrial Realty, Inc. | 4678687 |
| 58436 | SITE Centers Corporation<sup>(a)</sup> | 526508 |
|  |  | 33714124 |
|  | **Technology - 6.4%** |  |
| 12731 | Broadridge Financial Solutions, Inc. | 3032142 |
| 4698 | CACI International, Inc., A<sup>(a)</sup> | 2343268 |
| 31215 | Ciena Corporation<sup>(a)</sup> | 4547089 |
| 17465 | CSG Systems International, Inc. | 1124397 |
| 20019 | Digi International, Inc.<sup>(a)</sup> | 729893 |
| 78923 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 945497 |
| 10526 | Euronet Worldwide, Inc.<sup>(a)</sup> | 924288 |
| 29265 | EVERTEC, Inc. | 988572 |
| 44283 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 1201841 |
| 32480 | Maximus, Inc. | 2967698 |
| 98679 | Sprinklr, Inc., Class A<sup>(a)</sup> | 761802 |
|  |  | 19566487 |

---

**NAA SMID CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.2% (Continued)** |  |
|  | **Utilities - 6.8%** |  |
| 59942 | California Water Service Group | $2750738 |
| 44460 | Evergy, Inc. | 3379849 |
| 98517 | FirstEnergy Corporation | 4514049 |
| 40535 | H2O America | 1974055 |
| 95184 | OGE Energy Corporation | 4404164 |
| 16479 | Ormat Technologies, Inc. | 1586104 |
| 22958 | Pinnacle West Capital Corporation | 2058414 |
|  |  | 20667373 |
|  | **TOTAL COMMON STOCKS (Cost $276,622,197)** | 300032729 |
|  | **EXCHANGE-TRADED FUNDS — 1.1%** |  |
|  | **Equity - 1.1%** |  |
| 13331 | iShares Russell Mid-Cap Value ETF | 1861941 |
| 7078 | Vanguard Small-Cap Value ETF | 1477249 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,318,139)** | 3339190 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $279,940,336)** | $303371919 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 2224805 |
|  | **NET ASSETS - 100.0%** | $305596724 |

---

ETF - Exchange-Traded Fund

Ltd. - Limited Company

PLC - Public Limited Company

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

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8%** |  |
|  | **Communications - 3.0%** |  |
| 9652 | Comcast Corporation, Class A | $303266 |
| 823 | Fox Corporation, Class A | 51898 |
| 1819 | Interpublic Group of Companies, Inc. (The) | 50768 |
| 14808 | KDDI Corporation | 236392 |
| 611 | Omnicom Group, Inc. | 49815 |
| 7035 | Orange S.A. | 114108 |
| 2161 | Rogers Communications Inc, Class B | 74407 |
| 146336 | SoftBank Corporation | 215447 |
| 1279 | T-Mobile US, Inc. | 306168 |
|  |  | 1402269 |
|  | **Consumer Discretionary - 8.2%** |  |
| 1675 | Bunzl plc | 52849 |
| 2746 | Cie Generale des Etablissements Michelin | 98454 |
| 1189 | eBay, Inc.<sup>(a)</sup> | 108140 |
| 9933 | Ford Motor Company | 118799 |
| 193 | Games Workshop Group PLC | 37715 |
| 2446 | General Motors Company | 149132 |
| 370 | Genuine Parts Company | 51282 |
| 2641 | Home Depot, Inc. (The) | 1070106 |
| 643 | Lennar Corporation, Class A | 81044 |
| 1150 | LKQ Corporation | 35121 |
| 993 | LVMH Moet Hennessy Louis Vuitton SE | 606781 |
| 1485 | Magna International, Inc. | 70373 |
| 589 | Marriott International, Inc., Class A | 153399 |
| 4638 | Mercedes-Benz Group AG | 292317 |
| 910 | Ross Stores, Inc. | 138675 |
| 626 | Royal Caribbean Cruises Ltd. | 202561 |
| 3362 | Sekisui House Ltd. | 76555 |
| 9819 | Suzuki Motor Corporation | 143467 |
| 2878 | TJX Companies, Inc. (The) | 415986 |
|  |  | 3902756 |
|  | **Consumer Staples - 9.6%** |  |
| 7700 | Asahi Group Holdings | 92458 |
| 8358 | British American Tobacco plc | 443669 |

---

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Consumer Staples - 9.6% (Continued)** |  |
| 637 | Church & Dwight Company, Inc. | $55820 |
| 10016 | Coca-Cola Company (The) | 664262 |
| 884 | Coca-Cola Europacific Partners plc | 79922 |
| 2098 | Colgate-Palmolive Company | 167715 |
| 408 | Constellation Brands, Inc., Class A | 54945 |
| 577 | Estee Lauder Companies, Inc. (The), Class A | 50845 |
| 2494 | Groupe DANONE | 217134 |
| 4835 | Kenvue, Inc. | 78472 |
| 6332 | Koninklijke Ahold Delhaize N.V. | 256207 |
| 6244 | Nestle S.A. | 573463 |
| 3458 | PepsiCo, Inc. | 485642 |
| 504 | Royal Unibrew A/S | 38444 |
| 28939 | Tesco PLC | 173389 |
| 11009 | Walmart, Inc. | 1134587 |
|  |  | 4566974 |
|  | **Energy - 4.9%** |  |
| 3856 | Chevron Corporation | 598798 |
| 9984 | Exxon Mobil Corporation | 1125696 |
| 917 | s.a. D'Ieteren n.v.<sup>(a)</sup> | 171385 |
| 3315 | Schlumberger Ltd. | 113937 |
| 6086 | TC Energy Corporation<sup>(a)</sup> | 330970 |
|  |  | 2340786 |
|  | **Financials - 31.0%**<sup>(b)</sup> |  |
| 659 | Allstate Corporation (The) | 141454 |
| 6689 | AXA SA | 319137 |
| 13690 | Banco Bilbao Vizcaya Argentaria S.A. | 262614 |
| 35983 | Banco Santander S.A. | 374869 |
| 6013 | Bank of Ireland Group PLC | 98934 |
| 1734 | Bank of New York Mellon Corporation (The) | 188937 |
| 7031 | Bank of Nova Scotia (The) | 454720 |
| 3541 | Beazley plc | 43194 |
| 3830 | BNP Paribas | 347704 |
| 1615 | Capital One Financial Corporation | 343317 |
| 940 | Chubb Ltd. | 265315 |

---

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Financials - 31.0%**<sup>(b)</sup> **(Continued)** |  |
| 4614 | Citigroup, Inc. | $468321 |
| 7725 | Danske Bank A/S | 329130 |
| 1202 | Deutsche Boerse A.G. | 321879 |
| 5356 | DNB Bank ASA | 145698 |
| 127 | Everest Group Ltd. | 44479 |
| 738 | Goldman Sachs Group, Inc. (The) | 587706 |
| 385 | Hannover Rueck SE | 115979 |
| 76443 | HSBC Holdings PLC | 1078849 |
| 21187 | ING Groep N.V. | 555402 |
| 48536 | Intesa Sanpaolo SpA | 319889 |
| 9937 | JAPAN POST HOLDINGS CO LT | 98788 |
| 6744 | JPMorgan Chase & Company | 2127261 |
| 733 | Julius Baer Group Ltd. | 51044 |
| 25359 | Legal & General Group plc | 81171 |
| 62230 | Mitsubishi UFJ Financial Group, Inc. | 1007525 |
| 13134 | Mizuho Financial Group, Inc. | 443052 |
| 3047 | Morgan Stanley | 484351 |
| 2231 | National Bank of Canada | 237025 |
| 13571 | Nordea Bank Abp | 222420 |
| 479 | Northern Trust Corporation | 64473 |
| 447 | Raymond James Financial, Inc. | 77152 |
| 31101 | Sony Financial Group, Inc. | 34495 |
| 8435 | Standard Chartered PLC | 162846 |
| 20328 | Sumitomo Mitsui Financial Group, Inc. | 574099 |
| 3700 | Sumitomo Mitsui Trust Holdings, Inc. | 107572 |
| 17128 | Svenska Handelsbanken A.B., A Shares | 222681 |
| 10133 | SWEDBANK AB - A SHARES, Class A | 304808 |
| 67 | Swiss Life Holding AG | 72339 |
| 633 | Sydbank A/S<sup>(a)</sup> | 50823 |
| 383 | Talanx AG<sup>(a)</sup> | 50899 |
| 10221 | Tokio Marine Holdings, Inc. | 432641 |
| 561 | Travelers Companies, Inc. (The) | 156642 |
| 7898 | UBS Group AG | 322572 |
| 4824 | UniCredit SpA | 367062 |

---

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Financials - 31.0%**<sup>(b)</sup> **(Continued)** |  |
| 735 | W R Berkley Corporation | $56316 |
|  |  | 14617584 |
|  | **Health Care - 8.4%** |  |
| 1359 | Amgen, Inc. | 383510 |
| 661 | Cigna Group (The) | 190533 |
| 2980 | CVS Health Corporation | 224662 |
| 3175 | Gilead Sciences, Inc. | 352425 |
| 18408 | GSK plc | 389798 |
| 288 | Humana, Inc. | 74929 |
| 3235 | Medtronic PLC | 308101 |
| 6381 | Merck & Company, Inc. | 535557 |
| 4712 | Novartis A.G. | 605907 |
| 4418 | Sanofi S.A. | 418334 |
| 877 | Stryker Corporation | 324201 |
| 1197 | Zoetis, Inc. | 175145 |
|  |  | 3983102 |
|  | **Industrials - 9.6%** |  |
| 3747 | ABB Ltd. | 271165 |
| 1793 | Ashtead Group PLC | 119726 |
| 5320 | Canadian Pacific Kansas City<sup>(a)</sup> | 396290 |
| 863 | Cintas Corporation | 177139 |
| 1783 | Delta Air Lines, Inc. | 101185 |
| 379 | Expeditors International of Washington, Inc. | 46462 |
| 626 | General Dynamics Corporation | 213466 |
| 22657 | Hexagon AB | 269295 |
| 1200 | Hoshizaki Corporation<sup>(a)</sup> | 45089 |
| 533 | Lockheed Martin Corporation, Class B | 266079 |
| 10420 | Mitsubishi Electric Corporation<sup>(a)</sup> | 267994 |
| 1365 | PACCAR, Inc. | 134207 |
| 762 | Rollins, Inc. | 44760 |
| 4900 | Siemens AG | 1318479 |
| 143 | Snap-on, Inc. | 49554 |
| 1582 | Southwest Airlines Company | 50482 |
| 545 | Spirax-Sarco Engineering plc<sup>(a)</sup> | 50186 |

---

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Industrials - 9.6% (Continued)** |  |
| 3600 | Tokyo Metro Company Ltd. | $41255 |
| 562 | Trane Technologies PLC | 237142 |
| 142 | TransDigm Group, Inc.<sup>(a)</sup> | 187159 |
| 1882 | United Parcel Service, Inc., Class B | 157203 |
| 630 | Xylem, Inc. | 92925 |
|  |  | 4537242 |
|  | **Materials - 2.7%** |  |
| 2881 | Agnico Eagle Mines Ltd. | 485326 |
| 655 | Ecolab, Inc. | 179378 |
| 2346 | Lafarge Holcim - Reclaim | 198469 |
| 720 | LyondellBasell Industries N.V., Class A | 35309 |
| 2492 | Newmont Corporation | 210101 |
| 30345 | Nippon Steel Corporation<sup>(a)</sup> | 125081 |
| 1292 | Smurfit WestRock plc | 55000 |
|  |  | 1288664 |
|  | **Real Estate - 1.4%** |  |
| 1753 | Aena S.M.E. SA | 47890 |
| 357 | AvalonBay Communities, Inc. | 68962 |
| 163 | Essex Property Trust, Inc. | 43629 |
| 1414 | Invitation Homes, Inc. | 41473 |
| 55 | Japan Real Estate Investment Corp. | 46322 |
| 2242 | Realty Income Corporation | 136291 |
| 5703 | Segro Plc | 50392 |
| 794 | Simon Property Group, Inc. | 149009 |
| 2645 | VICI Properties, Inc. | 86253 |
|  |  | 670221 |
|  | **Technology - 16.8%** |  |
| 1645 | Accenture PLC, Class A | 405657 |
| 10566 | Broadcom, Inc. | 3485829 |
| 345 | CDW Corporation | 54952 |
| 9766 | Cisco Systems, Inc. | 668190 |
| 1913 | Corning, Inc. | 156923 |
| 748 | Dell Technologies, Inc., Class C | 106044 |
| 101 | FactSet Research Systems, Inc. | 28935 |

---

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Technology - 16.8% (Continued)** |  |
| 409 | Garmin Ltd. | $100704 |
| 3351 | Hewlett Packard Enterprise Company | 82301 |
| 2256 | International Business Machines Corporation | 636553 |
| 3138 | Lam Research Corporation | 420178 |
| 424 | Motorola Solutions, Inc. | 193891 |
| 502 | NetApp, Inc. | 59467 |
| 1765 | Open Text Corporation | 65985 |
| 11800 | Panasonic Holdings Corporation | 128095 |
| 827 | Paychex, Inc. | 104831 |
| 514 | Seagate Technology Holdings PLC | 121335 |
| 31101 | Sony Corporation | 894166 |
| 4063 | Sumitomo Electric Industries Ltd.<sup>(a)</sup> | 115900 |
| 759 | Thomson Reuters Corporation | 117877 |
|  |  | 7947813 |
|  | **Utilities - 2.2%** |  |
| 487 | American Water Works Company, Inc. | 67785 |
| 1957 | Duke Energy Corporation | 242179 |
| 2548 | Exelon Corporation | 114685 |
| 1294 | FirstEnergy Corporation | 59291 |
| 1175 | NiSource, Inc. | 50878 |
| 467 | NRG Energy, Inc. | 75631 |
| 1204 | Public Service Enterprise Group, Inc. | 100486 |
| 1326 | Severn Trent plc | 46233 |
| 2753 | Southern Company (The) | 260902 |
|  |  | 1018070 |
|  | **TOTAL COMMON STOCKS (Cost $40,560,148)** | 46275481 |
|  | **EXCHANGE-TRADED FUNDS — 1.5%** |  |
|  | **Equity - 1.5%** |  |
| 2978 | iShares MSCI EAFE ETF | 278056 |
| 154 | SPDR S&P 500 ETF | 102592 |

---

**NAA WORLD EQUITY INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 1.5% (Continued)** |  |
|  | **Equity - 1.5% (Continued)** |  |
| 548 | Vanguard S&P 500 ETF | $335584 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $691,819)** | 716232 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $41,251,967)** | $46991713 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 340547 |
|  | **NET ASSETS - 100.0%** | $47332260 |

---

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

**New Age Alpha Funds Trust**

**Statements of Assets and Liabilities**

**September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NAA Allocation<br> Fund** | **NAA Large Cap<br> Value Fund** | **NAA Large<br> Core Fund** | **NAA Mid<br> Growth Fund** | **NAA Opportunity<br> Fund** |
| **Assets:** |  |  |  |  |  |
| Investments in securities, at cost | $163956414 | $64508807 | $223155679 | $70716096 | $28462403 |
| Investments in securities, at value | $192252106 | $70933633 | $255006741 | $71828842 | $29355932 |
| Cash | 1044044 | 389731 | 1739813 | 351590 | 3116372 |
| Cash at Broker for Swaps |  |  |  |  | 951267 |
| Receivable for Portfolio shares sold | 2501 | 35 | 7475 | 48 |  |
| Interest receivable | 531953 | 28 | 117 | 34 | 523 |
| Dividends receivable | 81215 | 76355 | 134196 | 25339 | 42031 |
| Unrealized appreciation on swap agreements |  |  |  |  | 4702208 |
| Prepaid expenses | 2642 | 22327 | 19236 | 26055 | 48125 |
| **Total Assets** | 193914461 | 71422109 | 256907578 | 72231908 | 38216458 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Portfolio shares redeemed | 34904 | 19621 | 48926 | 1994 | 10 |
| Accrued investment advisory fees | 116287 | 12909 | 148428 | 44987 | 26839 |
| Accrued distribution (12b-1) fees | 73737 | 27836 | 241631 | 64364 | 2916 |
| Accrued administrative fees | 24576 | 7829 | 5491 | 16416 | 2231 |
| Accrued Transfer Agency Fees | 21812 | 6387 | 7273 | 5520 |  |
| Unrealized depreciation on swap agreements |  |  |  |  | 3144210 |
| Accrued miscellaneous fees | 137172 | 7189 | 33293 | 24285 | 37261 |
| **Total Liabilities** | 408488 | 81771 | 485042 | 157566 | 3213467 |
| **Net Assets** | $193505973 | $71340338 | $256422536 | $72074342 | $35002991 |
| **Components of Net Assets:** |  |  |  |  |  |
| Paid-in capital | $147977023 | $55560479 | $217288105 | $72424750 | $57560940 |
| Accumulated earnings (losses) | 45528950 | 15779859 | 39134431 | (350408) | (22557949) |
| **Net Assets** | $193505973 | $71340338 | $256422536 | $72074342 | $35002991 |
| **Class A Shares:** |  |  |  |  |  |
| Net assets | $121343683 | $44593140 | $246989452 | $70536839 | $3202791 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 6636171 | 916326 | 10651082 | 1827953 | 104486 |
| Net asset value and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $18.29 | $48.67 | $23.19 | $38.59 | $30.65 |
| Maximum offering price per share (net asset value plus maximum sales charge of 4.75%) | $19.20 | $51.10 | $24.35 | $40.51 | $32.18 |
| **Class C Shares:** |  |  |  |  |  |
| Net assets | $7269446 | $1539183 | $607254 | $273495 | $43132 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 450454 | 36397 | 23884 | 6944 | 1209 |
| Net asset value, offering and redemption price per share (a) (Net assets ÷ Total shares of beneficial interest outstanding) | $16.14 | $42.29 | $25.43 | $39.39 | $35.68 |
| **Institutional Class Shares:** |  |  |  |  |  |
| Net assets | $59977941 | $25208015 | $8825830 | $1264008 | $31757068 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3114777 | 529576 | 387742 | 32728 | 1046025 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $19.26 | $47.60 | $22.76 | $38.62 | $30.36 |
| **Class P Shares** |  |  |  |  |  |
| Net assets | $4914903 |  |  |  |  |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 264993 |  |  |  |  |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $18.55 |  |  |  |  |

---

(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 (Continued)**

**September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Risk Managed<br> Real Estate Fund** | **NAA SMid Cap<br> Value Fund** | **NAA World Equity<br> Income Fund** |
| **Assets:** |  |  |  |
| Investments in securities, at cost | $184502276 | $279940336 | $41251967 |
| Investments in securities, at value | $200497428 | $303371919 | $46991713 |
| Cash | 11405776 | 2255005 | 230317 |
| Foreign Cash (Cost $-, -, -,9,775) |  |  | 9775 |
| Cash at Broker for Swaps | 1076309 |  |  |
| Cash at Broker for Short Sales | 28085614 |  |  |
| Other Receivable (Capital) | 78666 (a) |  |  |
| Receivable for Portfolio shares sold | 6757 | 10710 | 146 |
| Interest receivable | 732 | 79 | 94 |
| Dividends receivable | 721256 | 338250 | 91206 |
| Unrealized appreciation on swap agreements | 2794590 |  |  |
| Reclaims receivable |  | 302 | 90087 |
| Prepaid expenses | 13749 | 63950 | 16762 |
| **Total Assets** | 244680877 | 306040215 | 47430100 |
| **Liabilities:** |  |  |  |
| Securities sold short, at value (proceeds $28,131,029,-,-) | 29170059 |  |  |
| Payable for Portfolio shares redeemed | 188430 | 152447 | 11314 |
| Accrued investment advisory fees | 129046 | 137323 | 3916 |
| Accrued distribution (12b-1) fees | 7620 | 122766 | 27798 |
| Accrued administrative fees | 39610 | 12131 | 9348 |
| Accrued transfer agency fees | 23415 | 7336 | 16059 |
| Unrealized depreciation on swap agreements | 3042897 |  |  |
| Accrued miscellaneous fees | 49189 | 11488 | 29405 |
| Dividends payable from short positions | 134908 |  |  |
| **Total Liabilities** | 32785174 | 443491 | 97840 |
| **Net Assets** | $211895703 | $305596724 | $47332260 |
| **Components of Net Assets:** |  |  |  |
| Paid-in capital | $199832161 | $245423581 | $35700555 |
| Accumulated earnings | 12063542 | 60173143 | 11631705 |
| **Net Assets** | $211895703 | $305596724 | $47332260 |
| **Class A Shares:** |  |  |  |
| Net assets | $11429885 | $263570035 | $43751121 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 349792 | 6740251 | 2378658 |
| Net asset value and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $32.68 | $39.10 | $18.39 |
| Maximum offering price per share (net asset value plus maximum sales charge of 4.75%) | $34.31 | $41.05 | $19.31 |
| **Class C Shares:** |  |  |  |
| Net assets | $3804740 | $2158689 | $1190247 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 117361 | 49759 | 80585 |
| Net asset value, offering and redemption price per share (b) (Net assets ÷ Total shares of beneficial interest outstanding) | $32.42 | $43.38 | $14.77 |
| **Institutional Class Shares:** |  |  |  |
| Net assets | $196661078 | $39868000 | $2390892 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 5923769 | 972220 | 130935 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $33.20 | $41.01 | $18.26 |

---

(a) Due
 from related party.

(b) 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 Operations**

**For the Year Ended September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NAA Allocation<br> Fund** | **NAA Large Cap<br> Value Fund** | **NAA Large<br> Core Fund** | **NAA Mid<br> Growth Fund** | **NAA Opportunity<br> Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $2657443 | $1293133 | $3017378 | $639369 | $440729 |
| Affiliated dividend income |  |  | 493617 | 141893 |  |
| Interest income | 1701246 | 28390 | 99748 | 35189 | 417750 |
| Foreign taxes withheld | (6811) | (402) |  | (1953) | (910) |
| **Total Investment Income** | 4351878 | 1321121 | 3610743 | 814498 | 857569 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 1814632 | 429240 | 1869966 | 562389 | 328610 |
| Distribution 12b-1 fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 301592 | 109728 | 603850 | 182825 | 7644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 81216 | 17310 | 7272 | 4245 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P | 11483 | 1308 | 82 | 80 | 1145 |
| Administration fees | 112986 | 41572 | 134602 | 59138 | 38514 |
| Networking Fees | 108534 | 31647 | 95907 | 28824 | 4949 |
| Registration & filing fees | 103451 | 82483 | 73372 | 77061 | 50972 |
| Transfer agent fees | 65147 | 65249 | 130324 | 78849 | 35761 |
| Printing and postage expenses | 23645 | 18645 | 31770 | 11395 | 5645 |
| Short sales dividend expense |  |  | 94873 | 14437 |  |
| Miscellaneous fees and expenses | 131098 | 58567 | 143961 | 89044 | 68092 |
| **Total Expenses** | 2753784 | 855749 | 3185979 | 1108287 | 542274 |
| Expenses waived/reimbursed | (181343) | (164094) |  |  | (33196) |
| **Net Expenses** | 2572441 | 691655 | 3185979 | 1108287 | 509078 |
| **Net Investment Income (Loss)** | 1779437 | 629466 | 424764 | (293789) | 348491 |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | 1696571 | 861384 |  |
| &nbsp;&nbsp;&nbsp;Investments | 24632933 | 14642202 | 11171304 | 3469784 | 2880914 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  | 78168 | 22858 |  |
| &nbsp;&nbsp;&nbsp;Swap agreements |  |  | 36382841 | 8984753 | (3949453) |
|  | 24632933 | 14642202 | 49328884 | 13338779 | (1068539) |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | (1793796) | (876684) |  |
| &nbsp;&nbsp;&nbsp;Investments | (1517946) | (9164836) | 20856354 | (1089215) | (2457627) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  | (62524) |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements |  |  | (33863475) | (7028514) | 829273 |
|  | (1517946) | (9164836) | (14863441) | (8994413) | (1628354) |
| **Net Realized and Unrealized Gain/(Loss) on Investments** | 23114987 | 5477366 | 34465443 | 4344366 | (2696893) |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $24894424 | $6106832 | $34890207 | $4050577 | $(2348402) |

---

See accompanying notes to financial statements.

**New Age Alpha Funds Trust**

**Statements of Operations (Continued)**

**For the Year Ended September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Risk Managed<br> Real Estate Fund** | **NAA SMid Cap<br> Value Fund** | **NAA World Equity<br> Income Fund** |
| **Investment Income:** |  |  |  |
| Dividend income | $7566146 | $6344447 | $1281937 |
| Interest income | 1206048 | 85267 | 7867 |
| Foreign taxes withheld |  | (5931) | (71431) |
| **Total Investment Income** | 8772194 | 6423783 | 1218373 |
| **Expenses:** |  |  |  |
| Investment advisory fees | 1802134 | 2377228 | 329068 |
| Distribution 12b-1 fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 17954 | 615546 | 107330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 40865 | 23220 | 16062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P | 12373 | 5334 | 109 |
| Short sales dividend expense | 1641278 |  |  |
| Administration fees | 135105 | 134758 | 51574 |
| Networking Fees | 109247 | 216409 | 7787 |
| Registration & filing fees | 92719 | 83538 | 78008 |
| Transfer agent fees | 73090 | 172223 | 71023 |
| Printing and postage expenses | 29983 | 29445 | 10913 |
| Margin Receivable | 1079 |  |  |
| Miscellaneous fees and expenses | 183244 | 176434 | 79660 |
| **Total Expenses** | 4139071 | 3834135 | 751534 |
| Expenses waived/reimbursed | (184262) | (238987) | (194588) |
| **Net Expenses** | 3954809 | 3595148 | 556946 |
| **Net Investment Income** | 4817385 | 2828635 | 661427 |
| **Realized and Unrealized Gain/(Loss) on Investments:** |  |  |  |
| Net realized gain/(loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  | (2532) |  |
| &nbsp;&nbsp;&nbsp;Investments | 5040718 | 69548272 | 6883638 |
| &nbsp;&nbsp;&nbsp;Investments sold short | 4931224 |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | 864010 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | (29194) |
|  | 10835952 | 69545740 | 6854444 |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  | 2530 |  |
| &nbsp;&nbsp;&nbsp;Investments | (21461619) | (60248786) | (2492203) |
| &nbsp;&nbsp;&nbsp;Investments sold short | 1626353 |  |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2697022) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | 4210 |
|  | (22532288) | (60246256) | (2487993) |
| **Net Realized and Unrealized Gain/(Loss) on Investments** | (11696336) | 9299484 | 4366451 |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $(6878951) | $12128119 | $5027878 |

---

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** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income (loss) | $1779437 | $(363030) | $629466 | $465176 |
| Net realized gain on investments | 24632933 | 24352158 | 14642202 | 1125722 |
| Net change in unrealized appreciation (depreciation) on investments | (1517946) | 35413934 | (9164836) | 6300481 |
| Net increase in net assets resulting from operations | 24894424 | 59403062 | 6106832 | 7891379 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (17699918) | (1985508) | (4831600) | (3614984) |
| &nbsp;&nbsp;&nbsp;Class C | (1381988) | (124629) | (202881) | (133562) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8130642) | (1275935) | (1711890) | (215928) |
| &nbsp;&nbsp;&nbsp;Class P | (639492) | (77623) | (87996)(b) | (9665) |
| Total distributions to shareholders | (27852040) | (3463695) | (6834367) | (3974139) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3475427 | 4655019 | 8145303 (c) | 822724 |
| &nbsp;&nbsp;&nbsp;Class C | 754151 | 55823 | 14714 | 96923 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4688028 | 1903271 | 7805337 | 1637823 |
| &nbsp;&nbsp;&nbsp;Class P | 250491 | 60986 | 9026 (b) | 645 |
| 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 | 15966752 | 1793021 | 4742848 | 3537482 |
| &nbsp;&nbsp;&nbsp;Class C | 1377351 | 124341 | 202881 | 133562 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 7732897 | 1226048 | 1707117 | 215928 |
| &nbsp;&nbsp;&nbsp;Class P | 633027 | 76734 | 87996 (b) | 9665 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (24310972) | (23069675) | (15408305) | (3861275) |
| &nbsp;&nbsp;&nbsp;Class C | (4347969) | (5075017) | (930305) | (388459) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (13762416) | (22260703) | (3848413) | (1141930) |
| &nbsp;&nbsp;&nbsp;Class P | (604126) | (1111314) | (227836)(b)(c) | (23068) |
| 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 | (8147359) | (41621466) | 31911335 | 1040020 |
| **Total Increase/(Decrease) In Net Assets** | (11104975) | 14317901 | 31183800 | 4957260 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 204610948 | 190293047 | 40156538 | 35199278 |
| End of year | $193505973 | $204610948 | $71340338 | $40156538 |

---

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** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares Sold | 199025 | 279154 | 168890 (c) | 17707 |
| Shares received in connection with merger |  |  | 232209 |  |
| Shares Reinvested | 951535 | 117575 | 104601 | 80968 |
| Shares Redeemed | (1401889) | (1426867) | (322484) | (83236) |
| Tax-free interclass conversion | - | - | 19819 (b) | - |
| Net increase/(decrease) in shares of beneficial interest outstanding | (251329) | (1030138) | 203035 | 15439 |
| **Class C** |  |  |  |  |
| Shares Sold | 51859 | 3771 | 364 | 2411 |
| Shares received in connection with merger<sup>(a)</sup> |  |  | 27082 |  |
| Shares Reinvested | 92564 | 8991 | 5165 | 3449 |
| Shares Redeemed | (281031) | (337058) | (22563) | (9626) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (136608) | (324296) | 10048 | (3766) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 256619 | 109757 | 176172 | 36005 |
| Shares received in connection with merger<sup>(a)</sup> |  |  | 339985 |  |
| Shares Reinvested | 438870 | 77207 | 39240 | 5048 |
| Shares Redeemed | (749250) | (1330967) | (87026) | (25018) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (53761) | (1144003) | 468371 | 16035 |
| **Class P** |  |  |  |  |
| Shares Sold | 14244 | 3751 | 207 | 13 |
| Shares received in connection with merger<sup>(a)</sup> |  |  | 21218 |  |
| Shares Reinvested | 37237 | 4983 | 1987 | 222 |
| Shares Redeemed | (33754) | (68841) | (5125)(c) | (495) |
| Tax-free interclass conversion | - | - | (19864)(c) | - |
| Net increase/(decrease) in shares of beneficial interest outstanding | 17727 | (60107) | (1577)(b) | (260) |

---

(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** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income (loss) | $424764 | $7294680 | $(293789) | $1972163 |
| Net realized gain on investments | 49328884 | 41786691 | 13338779 | 12812573 |
| Net change in unrealized appreciation (depreciation) on investments | (14863441) | 26059317 | (8994413) | 4802149 |
| Net increase in net assets resulting from operations | 34890207 | 75140688 | 4050577 | 19586885 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (47830317) | (5405491) | (1895782) | (1599572) |
| &nbsp;&nbsp;&nbsp;Class C | (303545) | (36849) | (29994) | (35883) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1505871) | (182850) | (47087) | (25329) |
| &nbsp;&nbsp;&nbsp;Class P | (11131)(a) | (5396) | (1353)(a) | (1001) |
| Total distributions to shareholders | (49650864) | (5630586) | (1974216) | (1661785) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3374350 (b) | 6210855 | 1269106 (c) | 1127898 |
| &nbsp;&nbsp;&nbsp;Class C | 12846 | 69462 | 25691 | 54595 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3759041 | 1830970 | 1018393 | 242286 |
| &nbsp;&nbsp;&nbsp;Class P | 252 (a) | 1460 | 11805 (a) | 8666 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 45689049 | 5134767 | 1798324 | 1520104 |
| &nbsp;&nbsp;&nbsp;Class C | 303545 | 36186 | 29638 | 35883 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1497370 | 181876 | 47000 | 25262 |
| &nbsp;&nbsp;&nbsp;Class P | 11131 (a) | 5396 | 1353 (a) | 1001 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (42960060) | (25109528) | (10587257) | (7500936) |
| &nbsp;&nbsp;&nbsp;Class C | (339504) | (283343) | (386469) | (155959) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4223617) | (2050837) | (918815) | (316333) |
| &nbsp;&nbsp;&nbsp;Class P | (31838)(a)(b) | (195305) | (23762)(a)(c) | (2851) |
| 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 | 7092565 | (14168041) | (7714993) | (4960384) |
| **Total Increase/(Decrease) In Net Assets** | (7668092) | 55342061 | (5638632) | 12964716 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 264090628 | 208748567 | 77712974 | 64748258 |
| End of year | $256422536 | $264090628 | $72074342 | $77712974 |

---

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** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended**<br> **September 30,**<br> **2024** |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares Sold | 162134 (b) | 291700 | 33251 (c) | 33254 |
| Shares Reinvested | 2179821 | 257382 | 48045 | 47135 |
| Shares Redeemed | (2013509) | (1161333) | (282121) | (223835) |
| Tax-free interclass conversion | 2742 (a) | - | 1631 (a) | - |
| Net increase/(decrease) in shares of beneficial interest outstanding | 331188 | (612251) | (199194) | (143446) |
| **Class C** |  |  |  |  |
| Shares Sold | 1279 | 6735 | 1122 | 4488 |
| Shares Reinvested | 39422 | 3730 | 2314 | 3096 |
| Shares reduced due to reverse split | (64206)(d) |  | (22238)(e) |  |
| Shares Redeemed | (23168) | (26945) | (20081) | (12835) |
| Net decrease in shares of beneficial interest outstanding | (46673) | (16480) | (38883) | (5251) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 165127 | 87396 | 25488 | 7128 |
| Shares Reinvested | 72936 | 9265 | 1257 | 784 |
| Shares Redeemed | (185860) | (99766) | (24186) | (9222) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 52203 | (3105) | 2559 | (1310) |
| **Class P** |  |  |  |  |
| Shares Sold | 12 | 65 | 325 | 258 |
| Shares Reinvested | 547 | 276 | 37 | 32 |
| Shares Redeemed | (1339)(b) | (8169) | (654)(c) | (87) |
| Tax-free interclass conversion | (2824)(b) | - | (1667)(c) | - |
| Net increase/(decrease) in shares of beneficial interest outstanding | (3604)(a) | (7828) | (1959)(a) | 203 |

---

(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** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $348491 | $280300 | $4817385 | $8563694 |
| Net realized gain (loss) on investments | (1068539) | 2733753 | 10835952 | 7466542 |
| Net change in unrealized appreciation (depreciation) on investments | (1628354) | 2135471 | (22532288) | 68437312 |
| Net increase/(decrease) in net assets resulting from operations | (2348402) | 5149524 | (6878951) | 84467548 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (30372) | (17013) | (213791) | (124087) |
| &nbsp;&nbsp;&nbsp;Class C |  |  | (133825) | (100127) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (295577) | (170951) | (9387102) | (9703511) |
| &nbsp;&nbsp;&nbsp;Class P | (6439)(a) | (11717) | (253390)(a) | (258942) |
| Total distributions to shareholders | (332388) | (199681) | (9988108) | (10186667) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1015091 (b) | 521179 | 8437265 (c) | 975223 |
| &nbsp;&nbsp;&nbsp;Class C | 3743 | 28394 | 333684 | 449159 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 926801 | 162832 | 102985352 | 56496605 |
| &nbsp;&nbsp;&nbsp;Class P | 60 (a) | 93001 | 292215 (a) | 1668346 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 25420 | 14054 | 196958 | 113706 |
| &nbsp;&nbsp;&nbsp;Class C |  |  | 121275 | 96964 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 295576 | 170951 | 8254471 | 9267091 |
| &nbsp;&nbsp;&nbsp;Class P | 6439 (a) | 11717 | 253390 (a) | 258942 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (688597) | (706294) | (2188650) | (1535282) |
| &nbsp;&nbsp;&nbsp;Class C | (145067) | (55553) | (1401691) | (1316770) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (966904) | (1056198) | (217008131) | (152743720) |
| &nbsp;&nbsp;&nbsp;Class P | (777988)(a)(b) | (1355753) | (9744840)(a)(c) | (2686041) |
| Tax-free interclass conversion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 722756 |  | 7598444 |  |
| &nbsp;&nbsp;&nbsp;Class P | (722756)(b) | - | (7598444)(c) | - |
| Net decrease in net assets from share transactions of beneficial interest | (305426) | (2171670) | (109468702) | (88955777) |
| **Total Increase/(Decrease) In Net Assets** | (2986216) | 2778173 | (126335761) | (14674896) |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 37989207 | 35211034 | 338231464 | 352906360 |
| End of year | $35002991 | $37989207 | $211895703 | $338231464 |

---

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** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended**<br> **September 30,<br> 2024** |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares Sold | 12082 (b) | 24797 | 29638 (c) | 31903 |
| Shares Reinvested | 1193 | 732 | 3429 | 3567 |
| Shares reduced due to reverse split | (43660)(d) |  |  |  |
| Shares Redeemed | (27451) | (33883) | (67582) | (50152) |
| Tax-free interclass conversion | 23949 (a) | - | 243963 (a) | - |
| Net increase/(decrease) in shares of beneficial interest outstanding | (33887) | (8354) | 209448 | (14682) |
| **Class C** |  |  |  |  |
| Shares Sold | 167 | 1567 | 10433 | 15361 |
| Shares Reinvested |  |  | 3868 | 3077 |
| Shares reduced due to reverse split | (2074)(e) |  |  |  |
| Shares Redeemed | (6843) | (3081) | (43449) | (42364) |
| Net decrease in shares of beneficial interest outstanding | (8750) | (1514) | (29148) | (23926) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 30301 | 5415 | 3163511 | 1826925 |
| Shares Reinvested | 9360 | 6030 | 259906 | 286640 |
| Shares Redeemed | (31486) | (34432) | (6601892) | (4977917) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 8175 | (22987) | (3178475) | (2864352) |
| **Class P** |  |  |  |  |
| Shares Sold | 2 | 4366 | 8802 | 53565 |
| Shares Reinvested | 299 | 605 | 7972 | 8075 |
| Shares reduced due to reverse split | (11900)(f) |  |  |  |
| Shares Redeemed | (2483)(b) | (63484) | (64846)(c) | (85912) |
| Tax-free interclass conversion | (23702)(b) | - | (242457)(c) | - |
| Net decrease in shares of beneficial interest outstanding | (37784)(a) | (58513) | (290529)(a) | (24272) |

---

(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** |
|  | **Year Ended**<br> **September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,**<br> **2025** | **Year Ended**<br> **September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income | $2828635 | $2702586 | $661427 | $840399 |
| Net realized gain on investments | 69545740 | 26188659 | 6854444 | 2743773 |
| Net change in unrealized appreciation (depreciation) on investments | (60246256) | 42714503 | (2487993) | 7508430 |
| Net increase in net assets resulting from operations | 12128119 | 71605748 | 5027878 | 11092602 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (26932897) | (4519035) | (2789439) | (768591) |
| &nbsp;&nbsp;&nbsp;Class C | (460313) | (90028) | (117920) | (29760) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (26724429) | (6882413) | (166347) | (54773) |
| &nbsp;&nbsp;&nbsp;Class P | (433101)(a) | (83545) | (4023)(a) | (1703) |
| Total distributions to shareholders | (54550740) | (11575021) | (3077729) | (854827) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7432386 (b) | 5756207 | 2128326 (c) | 1607596 |
| &nbsp;&nbsp;&nbsp;Class C | 70804 | 209657 | 9710 | 203517 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4621037 | 14895834 | 862501 | 1388085 |
| &nbsp;&nbsp;&nbsp;Class P | 4226 (a) | 79097 | 25 (a) | 1064 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 26152208 | 4392317 | 2683797 | 739598 |
| &nbsp;&nbsp;&nbsp;Class C | 455273 | 83920 | 117920 | 29760 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 21015786 | 5463438 | 165116 | 54443 |
| &nbsp;&nbsp;&nbsp;Class P | 433101 (a) | 83545 | 4022 (a) | 1299 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (45113083) | (42061906) | (8915411) | (4592926) |
| &nbsp;&nbsp;&nbsp;Class C | (1523167) | (1536349) | (1542771) | (875233) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (32568442) | (37727972) | (2060174) | (1475557) |
| &nbsp;&nbsp;&nbsp;Class P | (4526829)(a)(b) | (1466108) | (96219)(a)(c) | (18515) |
| Tax-free interclass conversion |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3338265 |  | 73726 |  |
| &nbsp;&nbsp;&nbsp;Class P | (3338265)(b) | - | (73726)(c) | - |
| Net decrease in net assets from share transactions of beneficial interest | (23546700) | (51828320) | (6643158) | (2936869) |
| **Total Increase (Decrease) In Net Assets** | (65969321) | 8202407 | (4693009) | 7300906 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 371566045 | 363363638 | 52025269 | 44724363 |
| End of year | $305596724 | $371566045 | $47332260 | $52025269 |

---

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** |
|  | **Year Ended**<br> **September 30,**<br> **2025** | **Year Ended**<br> **September 30,**<br> **2024** | **Year Ended**<br> **September 30,**<br> **2025** | **Year Ended**<br> **September 30,**<br> **2024** |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares Sold | 109033 (b) | 152442 | 122258 (c) | 101178 |
| Shares Reinvested | 708732 | 118391 | 164962 | 45106 |
| Shares Redeemed | (1187070) | (1112216) | (529252) | (291196) |
| Tax-free interclass conversion | 97211 (a) | - | 4593 (a) | - |
| Net decrease in shares of beneficial interest outstanding | (272094) | (841383) | (237439) | (144912) |
| **Class C** |  |  |  |  |
| Shares Sold | 2564 | 9107 | 719 | 17189 |
| Shares Reinvested | 22101 | 3758 | 9056 | 2243 |
| Shares reduced due to reverse split | (59956)(d) |  |  |  |
| Shares Redeemed | (58812) | (68315) | (110518) | (66359) |
| Net decrease in shares of beneficial interest outstanding | (94103) | (55450) | (100743) | (46927) |
| **Institutional Class** |  |  |  |  |
| Shares Sold | 412108 | 1804887 | 51868 | 85631 |
| Shares Reinvested | 4351094 | 677006 | 10220 | 3346 |
| Shares reduced due to reverse split | (7672519)(e) |  |  |  |
| Shares Redeemed | (4077860) | (4483828) | (123530) | (95637) |
| Net decrease in shares of beneficial interest outstanding | (6987177) | (2001935) | (61442) | (6660) |
| **Class P** |  |  |  |  |
| Shares Sold | 108 | 2074 | 1 | 67 |
| Shares Reinvested | 11846 | 2271 | 249 | 78 |
| Shares Redeemed | (32399)(b) | (39748) | (1282)(c) | (1157) |
| Tax-free interclass conversion | (98129)(b) | - | (4546)(c) | - |
| Net decrease in shares of beneficial interest outstanding | (118574)(a) | (35403) | (5578)(a) | (1012) |

---

(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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $18.64 | $14.04 | $14.23 | $18.11 | $14.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | 0.15 | (0.04) | 0.26 | (0.01) | (0.06) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 2.18 | 4.90 | (0.40) | (1.27) | 4.18 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.33 | 4.86 | (0.14) | (1.28) | 4.12 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.26) | (0.05) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (2.66) | - | - | (2.60) | - |
| Total distributions | Total distributions | (2.68) | (0.26) | (0.05) | (2.60) | (0.01) |
| Net asset value, end of year | Net asset value, end of year | $18.29 | $18.64 | $14.04 | $14.23 | $18.11 |
| Total return (b) | Total return (b) | 13.80% | 35.05% | (0.97)% | (9.40)% | 29.42% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $121344 | $128383 | $111157 | $135504 | $152598 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.84% | (0.25)% | 1.81% | (0.03)% | (0.38)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.50% | 1.54% | 1.58% | 1.48% | 1.44% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.45 %(e) | 1.43 %(e) | 1.47 %(e) | 1.39 %(e) | 1.42 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 87 %(f) | 125% | 130% | 149% | 131% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $16.83 | $12.67 | $12.87 | $16.72 | $13.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | 0.04 | (0.13) | 0.16 | (0.12) | (0.16) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.93 | 4.44 | (0.36) | (1.13) | 3.87 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.97 | 4.31 | (0.20) | (1.25) | 3.71 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (2.66) | - | - | (2.60) | - |
| Total distributions | Total distributions | (2.66) | (0.15) | - | (2.60) | - |
| Net asset value, end of year | Net asset value, end of year | $16.14 | $16.83 | $12.67 | $12.87 | $16.72 |
| Total return (b) | Total return (b) | 13.06% | 34.24% | (1.55)% | (10.08)% | 28.52% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $7269 | $9878 | $11548 | $20835 | $60153 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.23% | (0.91)% | 1.25% | (0.82)% | (1.02)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.23% | 2.25% | 2.21% | 2.21% | 2.15% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.05 %(e) | 2.08 %(e) | 2.08 %(e) | 2.08 %(e) | 2.09 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 87 %(f) | 125% | 130% | 149% | 131% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $19.47 | $14.66 | $14.85 | $18.74 | $14.48 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | 0.23 | 0.02 | 0.33 | 0.04 | (0.01) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 2.29 | 5.12 | (0.42) | (1.33) | 4.32 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.52 | 5.14 | (0.09) | (1.29) | 4.31 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.33) | (0.10) |  | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (2.66) | - | - | (2.60) | - |
| Total distributions | Total distributions | (2.73) | (0.33) | (0.10) | (2.60) | (0.05) |
| Net asset value, end of year | Net asset value, end of year | $19.26 | $19.47 | $14.66 | $14.85 | $18.74 |
| Total return (b) | Total return (b) | 14.24% | 35.55% | (0.58)% | (9.11)% | 29.81% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $59978 | $61690 | $63225 | $93219 | $137682 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 1.24% | 0.10% | 2.22% | 0.25% | (0.04)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.22% | 1.21% | 1.22% | 1.20% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.05 %(e) | 1.07 %(e) | 1.08 %(e) | 1.08 %(e) | 1.09 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 87 %(f) | 125% | 130% | 149% | 131% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $18.85 | $14.19 | $14.36 | $18.25 | $14.10 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | 0.17 | (0.03) | 0.28 | 0.00 (g) | (0.05) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 2.21 | 4.97 | (0.39) | (1.29) | 4.20 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.38 | 4.94 | (0.11) | (1.29) | 4.15 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.28) | (0.06) |  | 0.00 (g) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (2.66) | - | - | (2.60) | - |
| Total distributions | Total distributions | (2.68) | (0.28) | (0.06) | (2.60) | - |
| Net asset value, end of year | Net asset value, end of year | $18.55 | $18.85 | $14.19 | $14.36 | $18.25 |
| Total return (b) | Total return (b) | 13.92% | 35.26% | (0.80)% | (9.38)% | 29.45% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $4915 | $4660 | $4363 | $5424 | $8533 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.99% | (0.16)% | 1.96% | (0.01)% | (0.28)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.47% | 1.47% | 1.47% | 1.43% | 1.38% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.30 %(e) | 1.32 %(e) | 1.33 %(e) | 1.33 %(e) | 1.34 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 87 %(f) | 125% | 130% | 149% | 131% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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. | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. | Less than $0.01 per share. | 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $50.31 | $45.66 | $43.75 | $50.08 | $38.17 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.41 | 0.58 | 0.61 | 0.56 | 0.41 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 3.50 | 9.37 | 5.55 | (3.40) | 14.51 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.91 | 9.95 | 6.16 | (2.84) | 14.92 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.64) | (0.70) | (0.52) | (0.43) | (1.30) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (4.91) | (4.60) | (3.73) | (3.06) | (1.71) |
| Total distributions | Total distributions | (5.55) | (5.30) | (4.25) | (3.49) | (3.01) |
| Net asset value, end of year | Net asset value, end of year | $48.67 | $50.31 | $45.66 | $43.75 | $50.08 |
| Total return (b) | Total return (b) | 8.82% | 23.55% | 14.19% | (6.43)% | 40.59% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $44593 | $35888 | $31862 | $30733 | $36678 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 0.92% | 1.25% | 1.32% | 1.11% | 0.88% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.38% | 1.52% | 1.47% | 1.41% | 1.47% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.10 %(e) | 1.12 %(e) | 1.12 %(e) | 1.13 %(e) | 1.15 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 61 %(f) | 13% | 19% | 33% | 19% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $44.33 | $40.68 | $39.44 | $45.43 | $34.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.06 | 0.21 | 0.24 | 0.18 | 0.05 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 3.03 | 8.30 | 5.00 | (3.07) | 13.23 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.09 | 8.51 | 5.24 | (2.89) | 13.28 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.26) | (0.27) | (0.04) | (0.93) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (4.91) | (4.60) | (3.73) | (3.06) | (1.71) |
| Total distributions | Total distributions | (5.13) | (4.86) | (4.00) | (3.10) | (2.64) |
| Net asset value, end of year | Net asset value, end of year | $42.29 | $44.33 | $40.68 | $39.44 | $45.43 |
| Total return (b) | Total return (b) | 8.00% | 22.63% | 13.33% | (7.13)% | 39.55% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $1539 | $1168 | $1225 | $1653 | $1191 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 0.16% | 0.50% | 0.57% | 0.39% | 0.12% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.09% | 2.36% | 2.28% | 2.29% | 2.36% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.85 %(e) | 1.87 %(e) | 1.87 %(e) | 1.88 %(e) | 1.89 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 61 %(f) | 13% | 19% | 33% | 19% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,**<br> **2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $49.36 | $44.90 | $43.11 | $49.39 | $37.71 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.51 | 0.68 | 0.74 | 0.71 | 0.52 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 3.42 | 9.21 | 5.43 | (3.38) | 14.31 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.93 | 9.89 | 6.17 | (2.67) | 14.83 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.78) | (0.83) | (0.65) | (0.55) | (1.44) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (4.91) | (4.60) | (3.73) | (3.06) | (1.71) |
| Total distributions | Total distributions | (5.69) | (5.43) | (4.38) | (3.61) | (3.15) |
| Net asset value, end of year | Net asset value, end of year | $47.60 | $49.36 | $44.90 | $43.11 | $49.39 |
| Total return (b) | Total return (b) | 9.06% | 23.89% | 14.48% | (6.20)% | 40.93% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $25208 | $3021 | $2028 | $5246 | $1364 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 1.16% | 1.48% | 1.61% | 1.46% | 1.10% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.04% | 1.29% | 1.21% | 1.15% | 1.24% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 0.85 %(e) | 0.87 %(e) | 0.87 %(e) | 0.88 %(e) | 0.89 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 61 %(f) | 13% | 19% | 33% | 19% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $24.71 | $18.44 | $21.18 | $27.35 | $23.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.05 | 0.66 | 0.56 | 0.18 | 0.06 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 3.20 | 6.11 | 3.32 | (5.02) | 6.46 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.25 | 6.77 | 3.88 | (4.84) | 6.52 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.66) | (0.50) | (0.22) | (0.08) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (4.11) | - | (6.40) | (1.25) | (1.99) |
| Total distributions | Total distributions | (4.77) | (0.50) | (6.62) | (1.33) | (2.18) |
| Net asset value, end of year | Net asset value, end of year | $23.19 | $24.71 | $18.44 | $21.18 | $27.35 |
| Total return (b) | Total return (b) | 15.18% | 37.38% | 21.81% | (18.94)% | 29.91% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $246989 | $254992 | $201587 | $186957 | $247243 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 0.21% | 3.04% | 3.01% | 0.68% | 0.23% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.25% | 1.62% | 1.48% | 1.20% | 1.23% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.25 %(f) | 1.59% | 1.44% | 1.15% | 1.17% |
| Portfolio turnover rate | Portfolio turnover rate | 141 %(e) | 56% | 56% | 62% | 25% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (e) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** |  |  |  |  |
|  |  | 1.25% |  |  |  |  |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025\*** | **Year Ended<br> September 30,<br> 2024\*** | **Year Ended<br> September 30,<br> 2023\*** | **Year Ended<br> September 30,<br> 2022\*** | **Year Ended<br> September 30,<br> 2021\*** |
| Net asset value, beginning of year | Net asset value, beginning of year | $35.79 | $27.48 | $40.71 | $54.09 | $47.61 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.07) | 0.69 | 0.63 | (0.06) | (0.33) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (5.60)(f) | 8.94 | 5.79 | (9.60) | 13.02 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (5.67) | 9.63 | 6.42 | (9.66) | 12.69 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.58) | (1.32) | (0.45) |  | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (4.11) | - | (19.20) | (3.72) | (5.97) |
| Total distributions | Total distributions | (4.69) | (1.32) | (19.65) | (3.72) | (6.21) |
| Net asset value, end of year | Net asset value, end of year | $25.43 | $35.79 | $27.48 | $40.71 | $54.09 |
| Total return (b) | Total return (b) | 14.29% | 36.17% | 20.81% | (19.69)% | 28.69% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $607 | $842 | $797 | $999 | $869 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.55)% | 2.15% | 2.14% | (0.10)% | (0.67)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.00% | 2.51% | 2.32% | 2.10% | 2.15% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.00 %(g) | 2.48% | 2.28% | 2.04% | 2.09% |
| Portfolio turnover rate | Portfolio turnover rate | 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. | 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. | 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. | 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. | 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. | 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. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (e) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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. | 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. | 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. | 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. | 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. | 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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** |  |  |  |  |
|  |  | 2.00% |  |  |  |  |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $24.35 | $18.18 | $20.98 | $27.10 | $22.83 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.10 | 0.69 | 0.60 | 0.23 | 0.10 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 3.14 | 6.03 | 3.27 | (4.97) | 6.40 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 3.24 | 6.72 | 3.87 | (4.74) | 6.50 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.72) | (0.55) | (0.27) | (0.14) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (4.11) | - | (6.40) | (1.24) | (1.99) |
| Total distributions | Total distributions | (4.83) | (0.55) | (6.67) | (1.38) | (2.23) |
| Net asset value, end of year | Net asset value, end of year | $22.76 | $24.35 | $18.18 | $20.98 | $27.10 |
| Total return (b) | Total return (b) | 15.44% | 37.71% | 22.06% | (18.78)% | 30.12% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $8826 | $8170 | $6158 | $4878 | $6260 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 0.59% | 3.25% | 3.23% | 0.88% | 0.38% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.00% | 1.41% | 1.27% | 1.00% | 1.06% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.00 %(f) | 1.38% | 1.23% | 0.95% | 0.99% |
| Portfolio turnover rate | Portfolio turnover rate | 141 %(e) | 56% | 56% | 62% | 25% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (e) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** |  |  |  |  |
|  |  | 1.00% |  |  |  |  |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $37.44 | $29.13 | $34.22 | $52.73 | $45.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.14) | 0.91 | 0.76 | 0.16 | (0.02) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 2.24 | 8.15 | 5.07 | (15.32) | 13.67 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.10 | 9.06 | 5.83 | (15.16) | 13.65 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (0.75) | (0.19) |  | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | (10.73) | (3.35) | (6.70) |
| Total distributions | Total distributions | (0.95) | (0.75) | (10.92) | (3.35) | (6.90) |
| Net asset value, end of year | Net asset value, end of year | $38.59 | $37.44 | $29.13 | $34.22 | $52.73 |
| Total return (b) | Total return (b) | 5.70% | 31.52% | 19.84% | (30.68)% | 31.07% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $70537 | $75899 | $63225 | $67014 | $107983 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.38)% | 2.72% | 2.52% | 0.36% | (0.04)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.52% | 1.69% | 1.66% | 1.32% | 1.34% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.52 %(f) | 1.68% | 1.65% | 1.30% | 1.28% |
| Portfolio turnover rate | Portfolio turnover rate | 144 %(e) | 80% | 82% | 72% | 44% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (e) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** |  |  |  |  |
|  |  | 1.52% |  |  |  |  |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025\*** | **Year Ended<br> September 30,<br> 2024\*** | **Year Ended<br> September 30,<br> 2023\*** | **Year Ended<br> September 30,<br> 2022\*** | **Year Ended<br> September 30,<br> 2021\*** |
| Net asset value, beginning of year | Net asset value, beginning of year | $40.08 | $32.67 | $56.76 | $92.76 | $88.20 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.26) | 0.63 | 0.60 | (0.45) | (0.87) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 0.44 | 8.94 | 7.50 | (25.50) | 25.53 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.18 | 9.57 | 8.10 | (25.95) | 24.66 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.87) | (2.16) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | (32.19) | (10.05) | (20.10) |
| Total distributions | Total distributions | (0.87) | (2.16) | (32.19) | (10.05) | (20.10) |
| Net asset value, end of year | Net asset value, end of year | $39.39 | $40.08 | $32.67 | $56.76 | $92.76 |
| Total return (b) | Total return (b) | 4.89% | 30.26% | 18.85% | (31.33)% | 29.88% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $273 | $612 | $556 | $688 | $1327 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (1.09)% | 1.77% | 1.66% | (0.59)% | (0.94)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.27% | 2.64% | 2.49% | 2.25% | 2.26% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.27 %(f) | 2.63% | 2.48% | 2.23% | 2.20% |
| Portfolio turnover rate | Portfolio turnover rate | 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. | 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. | 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. | 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. | 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. | 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. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (e) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** |  |  |  |  |
|  |  | 2.27% |  |  |  |  |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $37.47 | $29.13 | $34.25 | $52.71 | $45.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.06) | 0.99 | 0.82 | 0.22 | 0.07 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 2.25 | 8.15 | 5.05 | (15.33) | 13.65 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 2.19 | 9.14 | 5.87 | (15.11) | 13.72 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (1.04) | (0.80) | (0.26) |  | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | (10.73) | (3.35) | (6.70) |
| Total distributions | Total distributions | (1.04) | (0.80) | (10.99) | (3.35) | (6.99) |
| Net asset value, end of year | Net asset value, end of year | $38.62 | $37.47 | $29.13 | $34.25 | $52.71 |
| Total return (b) | Total return (b) | 5.94% | 31.84% | 20.02% | (30.60)% | 31.26% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $1264 | $1130 | $917 | $884 | $1390 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.16)% | 2.95% | 2.72% | 0.50% | 0.14% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.27% | 1.46% | 1.49% | 1.20% | 1.17% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.27 %(f) | 1.46% | 1.49% | 1.18% | 1.11% |
| Portfolio turnover rate | Portfolio turnover rate | 144 %(e) | 80% | 82% | 72% | 44% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (e) | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** |  |  |  |  |
|  |  | 1.27% |  |  |  |  |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025\*** | **Year Ended<br> September 30,<br> 2024\*** | **Year Ended<br> September 30,<br> 2023\*** | **Year Ended<br> September 30,<br> 2022\*** | **Year Ended<br> September 30,<br> 2021\*** |
| Net asset value, beginning of year | Net asset value, beginning of year | $33.11 | $29.06 | $25.10 | $27.08 | $25.34 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.19 | 0.15 | 0.11 | 0.11 | 0.15 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (2.43) | 4.08 | 4.05 | (1.85) | 1.91 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (2.24) | 4.23 | 4.16 | (1.74) | 2.06 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.18) | (0.20) | (0.24) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | - | - |
| Total distributions | Total distributions | (0.22) | (0.18) | (0.20) | (0.24) | (0.32) |
| Net asset value, end of year | Net asset value, end of year | $30.65 | $33.11 | $29.06 | $25.10 | $27.08 |
| Total return (b) | Total return (b) | (6.44)% | 14.64% | 16.62% | (6.55)% | 8.17% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $3203 | $3054 | $2842 | $2610 | $3042 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 0.76% | 0.49% | 0.39% | 0.39% | 0.56% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.72% | 1.95% | 1.94% | 1.91% | 1.94% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.71% | 1.73 %(e) | 1.74 %(e) | 1.76 %(e) | 1.76 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 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-halffor- one stock split. | 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-halffor- one stock split. | 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-halffor- one stock split. | 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-halffor- one stock split. | 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-halffor- one stock split. | 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-halffor- one stock split. |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025\*** | **Year Ended<br> September 30,<br> 2024\*** | **Year Ended<br> September 30,<br> 2023\*** | **Year Ended<br> September 30,<br> 2022\*** | **Year Ended<br> September 30,<br> 2021\*** |
| Net asset value, beginning of year | Net asset value, beginning of year | $38.44 | $33.76 | $29.18 | $31.52 | $29.42 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | (0.02) | (0.10) | (0.12) | (0.12) | (0.06) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (2.74) | 4.78 | 4.70 | (2.16) | 2.22 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (2.76) | 4.68 | 4.58 | (2.28) | 2.16 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | - | - |
| Total distributions | Total distributions | - | - | - | (0.06) | (0.06) |
| Net asset value, end of year | Net asset value, end of year | $35.68 | $38.44 | $33.76 | $29.18 | $31.52 |
| Total return (b) | Total return (b) | (7.18)% | 13.86% | 15.70% | (7.25)% | 7.37% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $43 | $191 | $194 | $195 | $277 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | (0.09)% | (0.27)% | (0.36)% | (0.37)% | (0.19)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.56% | 2.77% | 2.77% | 2.75% | 2.75% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.46% | 2.48 %(e) | 2.50 %(e) | 2.51 %(e) | 2.51 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 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. | 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. | 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. | 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. | 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. | 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. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended**<br>**September 30,<br> 2025** | **Year Ended**<br>**September 30,<br> 2024** | **Year Ended**<br>**September 30,<br> 2023** | **Year Ended**<br>**September 30,<br> 2022** | **Year Ended**<br>**September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $32.67 | $28.56 | $24.59 | $26.44 | $24.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.31 | 0.24 | 0.17 | 0.17 | 0.22 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (2.34) | 4.03 | 3.97 | (1.81) | 1.85 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (2.03) | 4.27 | 4.14 | (1.64) | 2.07 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.16) | (0.17) | (0.21) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - | - | - |
| Total distributions | Total distributions | (0.28) | (0.16) | (0.17) | (0.21) | (0.28) |
| Net asset value, end of year | Net asset value, end of year | $30.36 | $32.67 | $28.56 | $24.59 | $26.44 |
| Total return (b) | Total return (b) | (6.23)% | 15.04% | 16.89% | (6.31)% | 8.46% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $31757 | $33903 | $30296 | $25632 | $29778 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 0.99% | 0.80% | 0.64% | 0.64% | 0.82% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.46% | 1.54% | 1.56% | 1.54% | 1.58% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.41% | 1.42 %(e) | 1.49 %(e) | 1.51 %(e) | 1.50 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 234 %(f) | 306% | 309% | 283% | 169% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended**<br>**September 30,<br> 2025** | **Year Ended**<br>**September 30,<br> 2024** | **Year Ended**<br>**September 30,<br> 2023** | **Year Ended**<br>**September 30,<br> 2022** | **Year Ended**<br>**September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $34.46 | $27.61 | $29.48 | $36.87 | $29.97 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.66 | 0.71 | 0.56 | 0.23 | 0.32 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (1.19) | 7.01 | (0.31) | (5.35) | 8.86 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.53) | 7.72 | 0.25 | (5.12) | 9.18 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.69) | (0.87) | (0.63) | (0.55) | (0.54) |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;Return of Capital |  |  | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (0.56) | - | (1.29) | (1.72) | (1.74) |
| Total distributions | Total distributions | (1.25) | (0.87) | (2.12) | (2.27) | (2.28) |
| Net asset value, end of year | Net asset value, end of year | $32.68 | $34.46 | $27.61 | $29.48 | $36.87 |
| Total return (b) | Total return (b) | (1.40)% | 28.31% | 0.58% | (15.31)% | 32.13% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $11430 | $4837 | $4280 | $9043 | $10098 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 2.07% | 2.31% | 1.86% | 0.62% | 0.95% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.99% | 1.73% | 1.72% | 1.62% | 1.39% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d)(e) | &nbsp;&nbsp;&nbsp;Net Expenses (d)(e) | 1.96% | 1.70% | 1.66% | 1.58% | 1.38% |
| Portfolio turnover rate | Portfolio turnover rate | 69 %(f) | 72% | 21% | 47% | 80% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended**<br>**September 30,<br> 2025** | **Year Ended**<br>**September 30,<br> 2024** | **Year Ended**<br>**September 30,<br> 2023** | **Year Ended**<br>**September 30,<br> 2022** | **Year Ended**<br>**September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $34.18 | $27.38 | $29.23 | $36.55 | $29.76 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | Net investment income (loss) (a) | 0.33 | 0.47 | 0.42 | (0.01) | 0.05 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (1.09) | 6.97 | (0.38) | (5.30) | 8.76 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.76) | 7.44 | 0.04 | (5.31) | 8.81 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.64) | (0.40) | (0.29) | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;Return of Capital |  |  | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (0.56) | - | (1.29) | (1.72) | (1.74) |
| Total distributions | Total distributions | (1.00) | (0.64) | (1.89) | (2.01) | (2.02) |
| Net asset value, end of year | Net asset value, end of year | $32.42 | $34.18 | $27.38 | $29.23 | $36.55 |
| Total return (b) | Total return (b) | (2.13)% | 27.44% | (0.10)% | (15.93)% | 31.05% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $3805 | $5007 | $4667 | $5382 | $5029 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 1.05% | 1.56% | 1.40% | (0.03)% | 0.16% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.71% | 2.47% | 2.36% | 2.34% | 2.21% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d)(e) | &nbsp;&nbsp;&nbsp;Net Expenses (d)(e) | 2.64% | 2.43% | 2.32% | 2.31% | 2.20% |
| Portfolio turnover rate | Portfolio turnover rate | 69 %(f) | 72% | 21% | 47% | 80% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended**<br>**September 30,<br> 2025** | **Year Ended**<br>**September 30,<br> 2024** | **Year Ended**<br>**September 30,<br> 2023** | **Year Ended**<br>**September 30,<br> 2022** | **Year Ended**<br>**September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $34.97 | $28.01 | $29.88 | $37.34 | $30.34 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.67 | 0.79 | 0.74 | 0.34 | 0.41 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (1.11) | 7.16 | (0.39) | (5.42) | 8.98 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.44) | 7.95 | 0.35 | (5.08) | 9.39 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.77) | (0.99) | (0.73) | (0.66) | (0.65) |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;Return of Capital |  |  | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (0.56) | - | (1.29) | (1.72) | (1.74) |
| Total distributions | Total distributions | (1.33) | (0.99) | (2.22) | (2.38) | (2.39) |
| Net asset value, end of year | Net asset value, end of year | $33.20 | $34.97 | $28.01 | $29.88 | $37.34 |
| Total return (b) | Total return (b) | (1.11)% | 28.74% | 0.91% | (15.05)% | 32.52% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $196661 | $318313 | $335217 | $409719 | $465267 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 2.04% | 2.56% | 2.43% | 0.92% | 1.18% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.70% | 1.43% | 1.34% | 1.30% | 1.10% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d)(e) | &nbsp;&nbsp;&nbsp;Net Expenses (d)(e) | 1.62% | 1.40% | 1.29% | 1.28% | 1.10% |
| Portfolio turnover rate | Portfolio turnover rate | 69 %(f) | 72% | 21% | 47% | 80% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended <br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** | **Year Ended<br> September 30, <br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30, <br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $41.51 | $34.78 | $32.58 | $38.00 | $26.27 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.33 | 0.26 | 0.37 | 0.36 | 0.19 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.26 | 7.06 | 3.75 | (3.16) | 11.54 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.59 | 7.32 | 4.12 | (2.80) | 11.73 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.09) | (0.22) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (3.76) | (0.50) | (1.70) | (2.52) | - |
| Total distributions | Total distributions | (4.00) | (0.59) | (1.92) | (2.62) | - |
| Net asset value, end of year | Net asset value, end of year | $39.10 | $41.51 | $34.78 | $32.58 | $38.00 |
| Total return (b) | Total return (b) | 4.39% | 21.25% | 12.65% | (8.08)% | 44.65% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $263570 | $291071 | $273173 | $262943 | $315323 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 0.88% | 0.68% | 1.05% | 0.96% | 0.53% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.24% | 1.24% | 1.20% | 1.19% | 1.20% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.15% | 1.20 %(e) | 1.15 %(e) | 1.18 %(e) | 1.19 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 63 %(f) | 25% | 28% | 39% | 34% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025\*** | **Year Ended<br> September 30,<br> 2024\*** | **Year Ended<br> September 30,<br> 2023\*** | **Year Ended<br> September 30,<br> 2022\*** | **Year Ended<br> September 30,<br> 2021\*** |
| Net asset value, beginning of year | Net asset value, beginning of year | $49.64 | $42.20 | $40.82 | $49.70 | $34.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.00 (h) | (0.06) | 0.08 | 0.02 | (0.12) |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (2.46)(g) | 8.50 | 4.70 | (3.86) | 15.18 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (2.46) | 8.44 | 4.78 | (3.84) | 15.06 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (3.76) | (1.00) | (3.40) | (5.04) | - |
| Total distributions | Total distributions | (3.80) | (1.00) | (3.40) | (5.04) | - |
| Net asset value, end of year | Net asset value, end of year | $43.38 | $49.64 | $42.20 | $40.82 | $49.70 |
| Total return (b) | Total return (b) | 3.51% | 20.27% | 11.67% | (8.85)% | 43.48% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $2159 | $3570 | $4205 | $5256 | $10015 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | &nbsp;&nbsp;&nbsp;Net Investment Income (loss) | 0.01% | (0.15)% | 0.18% | 0.04% | (0.27)% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.00% | 2.10% | 2.10% | 2.09% | 2.05% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 2.00% | 2.02 %(e) | 2.02 %(e) | 2.02 %(e) | 2.02 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 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. | 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. | 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. | 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. | 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. | 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. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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. | 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. | 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. | 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. | 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. | 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. | Less than .005. | Less than .005. | Less than .005. | Less than .005. | Less than .005. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025\*** | **Year Ended<br> September 30,<br> 2024\*** | **Year Ended<br>September 30,<br> 2023\*** | **Year Ended<br> September 30,<br> 2022\*** | **Year Ended<br> September 30,<br> 2021\*** |
| Net asset value, beginning of year | Net asset value, beginning of year | $72.40 | $64.80 | $71.84 | $99.36 | $68.56 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.10 | 0.64 | 0.88 | 0.96 | 0.64 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | (27.39)(g) | 12.64 | 8.32 | (6.56) | 30.16 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (27.29) | 13.28 | 9.20 | (5.60) | 30.80 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (1.68) | (2.64) | (1.76) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (3.76) | (4.00) | (13.60) | (20.16) | - |
| Total distributions | Total distributions | (4.10) | (5.68) | (16.24) | (21.92) | - |
| Net asset value, end of year | Net asset value, end of year | $41.01 | $72.40 | $64.80 | $71.84 | $99.36 |
| Total return (b) | Total return (b) | 4.67% | 21.52% | 12.91% | (7.93)% | 44.92% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $39868 | $72044 | $80679 | $81792 | $96973 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 1.05% | 0.94% | 1.26% | 1.14% | 0.70% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 0.99% | 0.99% | 0.98% | 1.03% | 1.06% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 0.92% | 0.94 %(e) | 0.94 %(e) | 1.01 %(e) | 1.02 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 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. | 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. | 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. | 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. | 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. | 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. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | 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 (g) to fluctuating market values of the investments of the Fund. | 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 (g) to fluctuating market values of the investments of the Fund. | 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 (g) to fluctuating market values of the investments of the Fund. | 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 (g) to fluctuating market values of the investments of the Fund. | 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 (g) to fluctuating market values of the investments of the Fund. | 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 (g) to fluctuating market values of the investments of the Fund. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br>September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $17.57 | $14.19 | $12.49 | $18.73 | $15.03 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.24 | 0.28 | 0.26 | 0.29 | 0.28 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.69 | 3.39 | 1.70 | (1.97) | 3.79 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.93 | 3.67 | 1.96 | (1.68) | 4.07 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.29) | (0.25) | (0.34) | (0.34) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (0.72) | - | (0.01) | (4.22) | (0.03) |
| Total distributions | Total distributions | (1.11) | (0.29) | (0.26) | (4.56) | (0.37) |
| Net asset value, end of year | Net asset value, end of year | $18.39 | $17.57 | $14.19 | $12.49 | $18.73 |
| Total return (b) | Total return (b) | 11.88% | 26.03% | 15.69% | (13.44)% | 27.13% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $43751 | $45969 | $39183 | $35905 | $44337 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 1.43% | 1.78% | 1.84% | 1.87% | 1.55% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.59% | 1.57% | 1.50% | 1.39% | 1.45% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.17% | 1.19 %(e) | 1.19 %(e) | 1.20 %(e) | 1.21 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 108 %(f) | 122% | 156% | 162% | 191% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br>September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $14.34 | $11.59 | $10.20 | $16.03 | $12.87 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.09 | 0.13 | 0.13 | 0.14 | 0.13 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.35 | 2.76 | 1.39 | (1.56) | 3.24 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.44 | 2.89 | 1.52 | (1.42) | 3.37 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.14) | (0.12) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (0.72) | - | (0.01) | (4.22) | (0.03) |
| Total distributions | Total distributions | (1.01) | (0.14) | (0.13) | (4.41) | (0.21) |
| Net asset value, end of year | Net asset value, end of year | $14.77 | $14.34 | $11.59 | $10.20 | $16.03 |
| Total return (b) | Total return (b) | 11.02% | 25.05% | 14.87% | (14.11)% | 26.22% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $1190 | $2600 | $2645 | $2518 | $3230 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 0.63% | 1.03% | 1.10% | 1.12% | 0.81% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 2.37% | 2.28% | 2.25% | 2.20% | 2.28% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 1.92% | 1.94 %(e) | 1.94 %(e) | 1.95 %(e) | 1.96 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 108 %(f) | 122% | 156% | 162% | 191% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

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** |
| | | **Year Ended<br>September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30, <br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | Net asset value, beginning of year | $17.45 | $14.08 | $12.40 | $18.61 | $14.94 |
| Income (loss) from investment operations: | Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (a) | Net investment income (a) | 0.28 | 0.31 | 0.28 | 0.36 | 0.33 |
| Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | 1.68 | 3.37 | 1.70 | (1.98) | 3.75 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.96 | 3.68 | 1.98 | (1.62) | 4.08 |
| Less distributions from: | Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.31) | (0.29) | (0.37) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;Net realized gain | (0.72) | - | (0.01) | (4.22) | (0.03) |
| Total distributions | Total distributions | (1.15) | (0.31) | (0.30) | (4.59) | (0.41) |
| Net asset value, end of year | Net asset value, end of year | $18.26 | $17.45 | $14.08 | $12.40 | $18.61 |
| Total return (b) | Total return (b) | 12.19% | 26.28% | 15.97% | (13.18)% | 27.38% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | Net assets, end of year (in 000's) | $2391 | $3357 | $2802 | $5736 | $2985 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;Net Investment Income | 1.67% | 1.95% | 1.99% | 2.36% | 1.82% |
| &nbsp;&nbsp;&nbsp;Total Expenses (c) | &nbsp;&nbsp;&nbsp;Total Expenses (c) | 1.33% | 1.30% | 1.24% | 1.13% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net Expenses (d) | &nbsp;&nbsp;&nbsp;Net Expenses (d) | 0.92% | 0.94 %(e) | 0.94 %(e) | 0.95 %(e) | 0.96 %(e) |
| Portfolio turnover rate | Portfolio turnover rate | 108 %(f) | 122% | 156% | 162% | 191% |
| (a) | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. | Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| (b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. |
| (c) | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. | Does not include the expenses of the underlying investment companies in which the Fund invests. |
| (d) | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. | Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| (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: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: | Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |
|  |  | **9/30/2025** | **9/30/2024** | **9/30/2023** | **9/30/2022** | **9/30/2021** |
|  |  | 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. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. | Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios. See Note 5 in the Notes to Financial Statements. |

---

See accompanying notes to financial statements.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

**1.** **ORGANIZATION** 

New Age Alpha Funds Trust (the "Trust"), a 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 of the series. 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 September 30, 2025, the Trust consisted of eight funds.

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

---

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

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| Guggenheim Directional Allocation Fund\*\* | NAA Allocation Fund |
| Guggenheim Large Cap Value Fund\* | NAA Large Cap Value Fund |
| Guggenheim RBP<sup>®</sup> Dividend Fund\*\* |  |
| Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund\*\* |  |
| Guggenheim RBP<sup>®</sup> Large-Cap Value Fund\*\* |  |
| Guggenheim Alpha Opportunity Fund\* | NAA Opportunity Fund |
| Guggenheim Risk Managed Real Estate Fund\* | NAA Risk Managed Real Estate Fund |
| Guggenheim SMid Cap Value Fund\* | NAA SMid Cap Value Fund |
| Guggenheim StylePlus—Large Core Fund\* | NAA Large Core Fund |
| Guggenheim StylePlus—Mid Growth Fund\* | NAA Mid Growth Fund |
| 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").

On October 24, 2024, the Acquired Funds Board also approved an Agreement and Plan of Reorganization and Termination for the Guggenheim RBP<sup>®</sup> Dividend Fund, Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund and Guggenheim RBP<sup>®</sup> Large-Cap Value Fund into the Guggenheim Large Cap Value

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Net Assets** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Cost of<br> Investments** | **Market<br> Value of<br> Investments** | **Conversion<br> Ratio** | **Shares<br> Outstanding** | **Net Asset<br> Value Per<br> Share** |
| **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** | **Guggenheim RBP<sup>®</sup> Dividend Fund** |
| &nbsp;&nbsp;&nbsp;Class A | $7698669 |  |  |  | 1 : .3331 | 476097 | $16.17 |
| &nbsp;&nbsp;&nbsp;Class C | 729343 |  |  |  | 1 : .3812 | 44536 | 16.38 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 7513012 |  |  |  | 1 : .3275 | 483013 | 15.55 |
| &nbsp;&nbsp;&nbsp;Class P | 664053 |  |  |  | 1 : .3379 | 40564 | 16.37 |
| &nbsp;&nbsp;&nbsp;**Fund Total** | $16605077 | $3553035 | $12964495 | $16517530 |  | 1044210 |  |
| **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Defensive Fund** |
| &nbsp;&nbsp;&nbsp;Class A | 1568936 |  |  |  | 1 : .2349 | 137566 | 11.40 |
| &nbsp;&nbsp;&nbsp;Class C | 220796 |  |  |  | 1 : .2431 | 21139 | 10.45 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4483253 |  |  |  | 1 : .2560 | 368806 | 12.16 |
| &nbsp;&nbsp;&nbsp;Class P | 213110 |  |  |  | 1 : .2466 | 17839 | 11.95 |
| &nbsp;&nbsp;&nbsp;**Fund Total** | 6486095 | 1432850 | 5001348 | 6434198 |  | 545350 |  |
| **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** | **Guggenheim RBP<sup>®</sup> Large-Cap Value Fund** |
| &nbsp;&nbsp;&nbsp;Class A | 2005513 |  |  |  | 1 : .2299 | 179702 | 11.16 |
| &nbsp;&nbsp;&nbsp;Class C | 213328 |  |  |  | 1 : .2554 | 19446 | 10.97 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4150153 |  |  |  | 1 : .2436 | 358737 | 11.57 |
| &nbsp;&nbsp;&nbsp;Class P | 150806 |  |  |  | 1 : .2253 | 13817 | 10.91 |
| &nbsp;&nbsp;&nbsp;**Fund Total** | 6519800 | 659931 | 4185515 | 4845446 |  | 571702 |  |
| **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** | **Guggenheim Large Cap Value Fund** |
| &nbsp;&nbsp;&nbsp;Class A | 35566366 |  |  |  | 1 : 1.0000 | 732614 | 48.55 |
| &nbsp;&nbsp;&nbsp;Class C | 974710 |  |  |  | 1 : 1.0000 | 22688 | 42.96 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2949843 |  |  |  | 1 : 1.0000 | 62113 | 47.49 |
| &nbsp;&nbsp;&nbsp;Class P | 55764 |  |  |  | 1 : 1.0000 | 1151 | 48.45 |
| &nbsp;&nbsp;&nbsp;**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 Statements</u> <br> September 30, 2025

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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | | **Net Assets** | **Shares<br> Outstanding** | **Net Asset<br> Value Per<br> Share** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Guggenheim Directional Allocation Fund** | **Guggenheim Directional Allocation Fund** | **Guggenheim Directional Allocation Fund** | **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** | **Guggenheim StylePlus—Large Core Fund** | **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** | **Guggenheim StylePlus—Mid Growth Fund** | **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** | **Guggenheim Alpha Opportunity Fund** | **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** | **Guggenheim Risk Managed Real Estate Fund** | **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** | **Guggenheim SMid Cap Value Fund** | **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** | **Guggenheim World Equity Income Fund** | **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:

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| | | |
|:---|:---|:---|
| **Fund** | **Share Class** | **Split Ratio<br> (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 Statements</u> <br> September 30, 2025

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.

**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.

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

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

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.

The following tables summarize the inputs used for the year ended September 30, 2025, for the Funds' assets and liabilities measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Allocation Fund** | **NAA Allocation Fund** |
| Common Stocks | $150401723 | $- | $- | $150401723 |
| Exchange-Traded Funds | 7968708 |  |  | 7968708 |
| Convertible Bonds |  | 983666 |  | 983666 |
| Corporate Bonds | - | 32898009 | - | 32898009 |
| Total | $158370431 | $33881675 | $- | $192252106 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** | **NAA Large Cap Value Fund** |
| Common Stocks | $70185146 | $- | $- | $70185146 |
| Exchange-Traded Funds | 748487 | - | - | 748487 |
| Total | $70933633 | $- | $- | $70933633 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Large Core Fund** | **NAA Large Core Fund** |
| Common Stocks | $249845793 | $- | $- | $249845793 |
| Exchange-Traded Funds | 5160948 | - | - | 5160948 |
| Total | $255006741 | $- | $- | $255006741 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Mid Growth Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** | **NAA Mid Growth Fund** |
| Common Stocks | $71093458 | $- | $- | $71093458 |
| Exchange-Traded Funds | 735384 | - | - | 735384 |
| Total | $71828842 | $- | $- | $71828842 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value (Assets)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** | **NAA Opportunity Fund** |
| Common Stocks | $19357047 | $- | $- | $19357047 |
| U.S. Government & Agencies |  | 9998885 |  | 9998885 |
| Total Return Swaps |  | 4702208 |  | 4702208 |
| Total | $19357047 | $14701093 | $- | $34058140 |
| Investments in Securities at Value (Liabilities) |  |  |  |  |
| Total Return Swaps | $- | $3144210 | $- | $3144210 |
| Total | $- | $3144210 | $- | $3144210 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value (Assets)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **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** |
| Common Stocks | $191498430 | $- | $- | $191498430 |
| U.S. Government & Agencies |  | 8998998 |  | 8998998 |
| Total Return Swaps |  | 2794590 |  | 2794590 |
| Total | $191498430 | $11793588 | $- | $203292018 |
| Investments in Securities at Value (Liabilities) |  |  |  |  |
| Common Stock Sold Short | $29170059 | $- | $- | $29170059 |
| Total Return Swaps | - | 3042897 | - | 3042897 |
| Total | $29170059 | $3042897 | $- | $32212956 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund** | **NAA SMid Cap Value Fund** |
| Common Stocks | $300032729 | $- | $- | $300032729 |
| Exchange-Traded Funds | 3339190 | - | - | 3339190 |
| Total | $303371919 | $- | $- | $303371919 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **NAA World Equity Income Fund** | **NAA World Equity Income Fund** | **NAA World Equity Income Fund** | **NAA World Equity Income Fund** | **NAA World Equity Income Fund** |
| Common Stocks | $46275481 | $- | $- | $46275481 |
| Exchange-Traded Funds | 716232 | - | - | 716232 |
| Total | $46991713 | $- | $- | $46991713 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

**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 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.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

**f. 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 September 30, 2025.

**g. 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. 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 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.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

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 September 30, 2025:

**NAA Opportunity Fund**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts <br> Available for Offset** | **Gross Amounts <br> Available for Offset** | |
| <br>**Description** | **Gross Amounts of**<br>**Recognized<br> Assets/<br> Liabilities** | **Gross**<br> **Amounts<br> not subject<br> to an MNA** | **Total Derivative**<br>**Assets/Liabilities<br> subject to<br> an MNA** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received/(Pledged)** | **Net**<br> **Amount of<br> Derivative<br> Assets** |
| Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $4702208 | $- | $4702208 | $(3144210) | $- | $1557998 |
| Liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $(3144210) | $- | $(3144210 | $3144210 | $- | $- |

---

**NAA Risk Managed Real Estate Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts <br> Available for Offset** | **Gross Amounts <br> Available for Offset** |  | |
| <br>**Description** | **Gross Amounts of**<br>**Recognized<br> Assets/<br> Liabilities** | **Gross**<br> **Amounts<br> not subject<br> to an MNA** | **Total Derivative**<br>**Assets/Liabilities<br> subject to<br> an MNA** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received/(Pledged)** |  | **Net**<br> **Amount of<br> Derivative<br> Assets** |
| Assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $2794590 | $- | $2794590 | $(2794590) | $- |  | $- |
| Liabilities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap Contracts | $(3042897) | $- | $(3042897 | $2794590 | $(248307 |)(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 September 30, 2025 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year ended September 30, 2025, 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 Statements</u> <br> September 30, 2025

The following is a summary of the location of derivative investments on Funds' Statements of Assets and Liabilities for the year ended September 30, 2025:

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| | | |
|:---|:---|:---|
| ***NAA Opportunity Fund*** | ***NAA Opportunity Fund*** | ***NAA Opportunity Fund*** |
| **Contract Type/<br> Primary Risk Exposure** | **Statement of Assets and<br> Liabilities Location** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Total Return Swaps/Equity Risk | Unrealized appreciation on swap agreements | $4702208 |
| Total Return Swaps/Equity Risk | Unrealized depreciation on swap agreements | (3144210) |
| Total |  | $1557998 |

---

---

| | | |
|:---|:---|:---|
| ***NAA Risk Managed Real Estate Fund*** | |  |
| **Contract Type/<br> Primary Risk Exposure** | **Statement of Assets and<br> Liabilities Location** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Total Return Swaps/Equity Risk | Unrealized appreciation on swap agreements | $2794590 |
| Total Return Swaps/Equity Risk | Unrealized depreciation on swap agreements | (3042897) |
| Total |  | $(248307) |

---

The following is a summary of the location of derivative investments on Funds' Statements of Operations for the year ended September 30, 2025:

***NAA Large Core Fund***

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| | | | |
|:---|:---|:---|:---|
| **Derivative Investment Type** | **Primary Risk Exposure** | **Location of<br> Gain (Loss) on Derivatives<br> recognized in income**  | **Realized and<br> Unrealized<br> Gain (Loss)<br> on Derivatives<br> recognized<br> in income** |
| Futures Contracts | Equity Risk | Net realized gain on futures contracts | $78168 |
| Total Return Swaps | Equity Risk | Net realized gain on swap agreements | 36382841 |
| Total |  |  | $36461009 |
| Futures Contracts | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on futures contracts | $(62524) |
| Total Return Swaps | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on swap agreements | (33863475) |
| Total |  |  | $(33925999) |

---

***NAA Mid Growth Fund***

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Investment Type** | **Primary Risk Exposure** | **Location of<br> Gain (Loss) on Derivatives<br> recognized in income**  | **Realized and<br> Unrealized<br> Gain (Loss)<br> on Derivatives<br> recognized<br> in income** |
| Futures Contracts | Equity Risk | Net realized gain on futures contracts | $22858 |
| Total Return Swaps | Equity Risk | Net realized gain on swap agreements | 8984753 |
| Total |  |  | $9007611 |
| Total Return Swaps | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on swap agreements | $(7028514) |
| Total |  |  | $(7028514) |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

***NAA Opportunity Fund***

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| | | | |
|:---|:---|:---|:---|
| **Derivative Investment Type** | **Primary Risk Exposure** | **Location of<br> Gain (Loss) on Derivatives<br> recognized in income** | **Realized and<br> Unrealized<br> Gain (Loss)<br> on Derivatives<br> recognized<br> in income** |
| Total Return Swaps | Equity Risk | Net realized loss on swap agreements | $(3949453) |
| Total |  |  | $(3949453) |
| Total Return Swaps | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on swap agreements | $829273 |
| Total |  |  | $829273 |

---

***NAA Risk Managed Real Estate Fund***

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Investment Type** | **Primary Risk Exposure** | **Location of<br> Gain (Loss) on Derivatives<br> recognized in income**  | **Realized and<br> Unrealized<br> Gain (Loss)<br> on Derivatives<br> recognized<br> in income** |
| Total Return Swaps | Equity Risk | Net realized gain on swap agreements | $864010 |
| Total |  |  | $864010 |
| Total Return Swaps | Equity Risk | Net change in unrealized appreciation<br> (depreciation) on swap agreements | $(2697022) |
| Total |  |  | $(2697022) |

---

**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 September 30, 2025, the Funds had the following cash balances participating in the BBH CMS:

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| | |
|:---|:---|
| **Fund** | **Cash Balance** |
| NAA Allocation Fund | $1003958 |
| NAA Large Cap Value Fund | 388124 |
| NAA Large Core Fund | 1739813 |
| NAA Mid Growth Fund | 349939 |
| NAA Opportunity Fund | 3116372 |
| NAA Risk Managed Real Estate Fund | 10384580 |
| NAA SMid Cap Value Fund | 2253916 |
| NAA World Equity Income Fund | 230317 |

---

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

---

| | |
|:---|:---|
| **Fund** | **Foreign<br> Cash Balance** |
| NAA World Equity Income Fund | $9775 |

---

**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.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

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, 2022 through September 30, 2024 or expected to be taken in the Funds' September 30, 2025 year-end tax return. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

**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 September 30, 2025, 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.

**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 year ended September 30, 2025, there were the following CDSC fees paid to the distributor:

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| | | |
|:---|:---|:---|
| **Fund** | **Class A** | **Class C** |
| NAA Allocation Fund | $– $| 14 |
| NAA Large Cap Value Fund | – | 162 |
| NAA Mid Growth Fund | – | 143 |
| NAA SMid Cap Value Fund | – | 228 |

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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.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

**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.

**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

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

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 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 period October 26, 2024 through September 30, 2025 was $1,734,383.

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 period October 26, 2024 (November 9, 2024, for NAA World Equity Income Fund) through September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Advisory<br> Fee %** | **Advisory<br> Fee $** |
| NAA Allocation Fund | 0.95% | $1682121 |
| NAA Large Cap Value Fund | 0.65% | 411432 |
| NAA Mid Growth Fund | 0.75% | 522062 |
| NAA Opportunity Fund | 0.90% | 305069 |
| NAA Risk Managed Real Estate Fund | 0.75% | 1633149 |
| NAA SMid Cap Value Fund | 0.75% | 2188656 |
| NAA World Equity Income Fund | 0.70% | 291005 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

Before the Reorganization, under the terms of an investment advisory contract, the Acquired Funds paid GI management fees calculated at the annualized rates below, based on the average daily net assets of the Acquired Fund. Each Acquired Fund paid GI for October 1, 2024 through October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund) the following:

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Advisory<br> Fee %** | **Advisory<br> Fee $** |
| Guggenheim Directional Allocation Fund | 0.95% | $132511 |
| Guggenheim Large Cap Value Fund | 0.65% | 17808 |
| Guggenheim StylePlus—Large Core Fund | 0.75% | 135583 |
| Guggenheim StylePlus—Mid Growth Fund | 0.75% | 40327 |
| Guggenheim Alpha Opportunity Fund | 0.90% | 23541 |
| Guggenheim Risk Managed Real Estate Fund | 0.75% | 168985 |
| Guggenheim SMid Cap Value Fund | 0.75% | 188572 |
| Guggenheim World Equity Income Fund | 0.70% | 38063 |

---

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% |

---

For the period October 26, 2024 (November 9, 2024 for NAA World Equity Income Fund) through September 30, 2025, the fee waivers/reimbursements attributed to the Adviser were as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees<br> Waived/<br> Reimbursed<br> By Adviser** |
| NAA Allocation Fund | $111524 |
| NAA Large Cap Value Fund | 103906 |
| NAA Risk Managed Real Estate Fund | 149622 |
| NAA SMid Cap Value Fund | 179273 |
| NAA World Equity Income Fund | 117779 |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

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 September 30, 2025, 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 |

---

Before the Reorganization, contractual expense limitation agreements for the following Acquired Funds provide that the total expenses be limited to a percentage of average net assets for the Acquired Funds, exclusive of brokerage costs, dividends or interest on securities sold short, expenses of other investment companies in which the Acquired Fund invests, interest, taxes, litigation, indemnification and extraordinary expenses. From October 1, 2024 through October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund) the limits are listed below:

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Expense Cap** | **Expense Cap** |
| Guggenheim Directional Allocation Fund | Class A | 1.50% |
|  | Class C | 2.10% |
|  | Institutional Class | 1.10% |
|  | Class P | 1.35% |
| Guggenheim Large Cap Value Fund | Class A | 1.15% |
|  | Class C | 1.90% |
|  | Institutional Class | 0.90% |
|  | Class P | 1.15% |
| Guggenheim StylePlus—Large Core Fund | Class A |  |
|  | Class C |  |
|  | Institutional Class |  |
|  | Class P |  |
| Guggenheim StylePlus—Mid Growth Fund | Class A |  |
|  | Class C |  |
|  | Institutional Class |  |
|  | Class P |  |
| Guggenheim Alpha Opportunity Fund | Class A | 1.76% |
|  | Class C | 2.51% |
|  | Institutional Class | 1.51% |
|  | Class P | 1.76% |
| Guggenheim Risk Managed Real Estate Fund | Class A | 1.30% |
|  | Class C | 2.05% |
|  | Institutional Class | 1.10% |
|  | Class P | 1.30% |
| Guggenheim SMid Cap Value Fund | Class A | 1.30% |
|  | Class C | 2.05% |
|  | Institutional Class | 1.05% |
|  | Class P | 1.30% |
| Guggenheim World Equity Income Fund | Class A | 1.22% |
|  | Class C | 1.97% |
|  | Institutional Class | 0.97% |
|  | Class P | 1.22% |

---

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

For the period October 1, 2024 through October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund), the fee waivers/reimbursements and/or recoupments attributed to GI were as follows:

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Fees<br> Waived/<br> Reimbursed<br> By Adviser** | **Recoupment<br> of Previously<br> Waived Fees<br> by Adviser** |
| Guggenheim Directional Allocation Fund | $69819 | $272 |
| Guggenheim Large Cap Value Fund | 60188 | 86 |
| Guggenheim Alpha Opportunity Fund | 33196 | 792 |
| Guggenheim Risk Managed Real Estate Fund | 33553 | 1087 |
| Guggenheim SMid Cap Value Fund | 59714 |  |
| Guggenheim World Equity Income Fund | 76809 | 184 |

---

Neither GI nor the Adviser can recoup previously waived fees by GI. GI paid operating expenses on behalf of the Funds, such as audit and accounting- related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses were allocated to various Funds within the complex based on relative net assets.

Before the Reorganization, the Funds had advisory and expense limitation agreements with the Acquired Funds Trust. The Funds' Management Fee did not change as a result of the Reorganization. The Funds' expense limits are the same or lower than the applicable Acquired Fund's expense limit.

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund's adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended October 25, 2024, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Acquired Fund** | **Amount<br> Waived** |
| NAA Large Core Fund | $4183 |
| NAA Mid Growth Fund | 283 |

---

**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. Before the Reorganization, Guggenheim Funds Distributors, LLC ("GFD") acted as the Acquired Funds' distributor. GFD is an affiliate of GI.

The following table reflects the Funds' incurred distribution fees for the period October 26, 2024 (November 9, 2024 for NAA World Equity Income Fund) through September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class P** |
| NAA Allocation Fund | $279645 | $74570 | $10686 |
| NAA Large Cap Value Fund | 103577 | 16597 | 1298 |
| NAA Large Core Fund | 560120 | 6695 | 72 |
| NAA Mid Growth Fund | 169688 | 3858 | 72 |
| NAA Opportunity Fund | 7119 | 812 | 1002 |
| NAA Risk Managed Real Estate Fund | 17146 | 37552 | 10690 |
| NAA SMid Cap Value Fund | 566125 | 20861 | 4521 |
| NAA World Equity Income Fund | 95175 | 13487 | 88 |

---

Before the Reorganization, the Acquired Funds' Board had adopted a separate Distribution and Shareholder Services Plan pursuant to Rule 12b-1 under the 1940 Act that allows those Acquired Funds to pay distribution and shareholder services fees to GFD. The Acquired Funds will pay distribution and shareholder services fees to GFD at an annual rate not to exceed 0.25% for Class A and Class P and 1.00% for Class C of average daily net assets.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

The following table reflects the Acquired Funds' incurred distribution fees from October 1, 2024 through October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund).

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class P** |
| Guggenheim Directional Allocation Fund | $21947 | $6646 | $797 |
| Guggenheim Large Cap Value Fund | 6151 | 713 | 10 |
| Guggenheim StylePlus—Large Core Fund | 43730 | 577 | 10 |
| Guggenheim StylePlus—Mid Growth Fund | 13137 | 387 | 8 |
| Guggenheim Alpha Opportunity Fund | 525 | 130 | 143 |
| Guggenheim Risk Managed Real Estate Fund | 808 | 3313 | 1683 |
| Guggenheim SMid Cap Value Fund | 49421 | 2359 | 813 |
| Guggenheim World Equity Income Fund | 12155 | 2575 | 21 |

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

**Administrator Fees and Expenses**

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

For the period of October 26, 2024 (November 9, 2024 for NAA World Equity Income Fund) through September 30, 2025, the Funds paid UFS the following:

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| | | |
|:---|:---|:---|
| **Fund** | **Administration<br> and Fund<br> Accounting<br> Fees** | **Transfer Agent<br> Fees** |
| NAA Allocation Fund | $106924 | $59925 |
| NAA Large Cap Value Fund | 39843 | 54483 |
| NAA Large Core Fund | 133431 | 105342 |
| NAA Mid Growth Fund | 56827 | 70646 |
| NAA Opportunity Fund | 36832 | 33588 |
| NAA Risk Managed Real Estate Fund | 104063 | 53550 |
| NAA SMid Cap Value Fund | 153105 | 92370 |
| NAA World Equity Income Fund | 49542 | 56417 |

---

Before the Reorganization, MUFG Investor Services (US), LLC ("MUIS") acted as the Acquired Funds' administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Acquired Funds' securities and cash. Before October 26, 2024 (November 9, 2024 for Guggenheim World Equity Income Fund), The Bank of New York Mellon Corp. ("BNY") acts as the Acquired Funds' custodian. As custodian, BNY is responsible for the custody of the Acquired Funds' assets. For providing the aforementioned administrative and accounting services, MUIS received a monthly fee equal to a percentage of the Funds' average daily net assets and out-of-pocket expenses. For providing the aforementioned transfer agent and custodian services, MUIS and BNY were entitled to receive a monthly fee based on the number of transactions during the month and the number of accounts under management, subject to certain minimum monthly fees, and out- of-pocket expenses.

For the period October 26, 2024 (November 9, 2024 for NAA World Equity Income Fund) through September 30, 2025, the Trustees received fees in the amount of $10,989 on behalf of each Fund.

Before the Reorganization on October 25, 2024 (November 8, 2024 for Guggenheim World Equity Income Fund), Funds were allocated a portion of Trustee fees and expenses as part of the Acquired Funds Trust and the Independent Trustees were paid $14,397.

Certain trustees and officers of the Trust were also officers of GI or GFD. The Trust did not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

**Printing Services**

BluGiant, LLC ("BluGiant") – BluGiant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For these services, BluGiant receives customary fees from the Funds. These services were provided for the period October 26, 2024 (November 9, 2024 for NAA World Equity Income Fund) through September 30, 2025.

**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 year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds<br> From<br> Sales of**<br> **Securities** |
| NAA Allocation Fund | $164969204 | $196428633 |
| NAA Large Cap Value Fund | 57454361 | 39714395 |
| NAA Large Core Fund | 351894374 | 376993922 |
| NAA Mid Growth Fund | 107141644 | 108348172 |
| NAA Opportunity Fund | 53738670 | 66413224 |
| NAA Risk Managed Real Estate Fund | 136617409 | 186291383 |
| NAA SMid Cap Value Fund | 200107054 | 262798575 |
| NAA World Equity Income Fund | 50744719 | 58586701 |

---

The cost of purchases and the proceeds from sales of portfolio securities that occurred in the effort to realign a combined fund's portfolio after a merger should be excluded in the portfolio turnover calculation. The amount of excluded purchases and sales were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of<br> Securities** | **Proceeds<br> From<br> Sales of<br> Securities** |
| NAA Allocation Fund | $97204929 | $100705979 |
| NAA Large Cap Value Fund | 57722520 | 54243261 |
| NAA Large Core Fund | 212012127 | 214021561 |
| NAA Mid Growth Fund | 93911044 | 94691945 |
| NAA Opportunity Fund | 17559860 | 21211482 |
| NAA Risk Managed Real Estate Fund | 2230752 | 73543772 |
| NAA SMid Cap Value Fund | 276334776 | 276122973 |
| NAA World Equity Income Fund | 30188967 | 31465394 |

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**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 September 30, 2025, ownership percentages of the holders of the voting securities of each Fund that may be deemed to control the Fund were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Owner** | **Percentage of<br> Interest** |
| NAA Opportunity Fund | Guggenheim Macro Opportunities Fund | 89.6% |
| NAA SMid Cap Value Fund | UMB Bank Custodian Security Financial Services | 36.3% |
| 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 Statements</u> <br> September 30, 2025

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost for Federal**<br> **Tax purposes** | **Gross Unrealized**<br> **Appreciation** | **Gross Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| NAA Allocation Fund | $163970278 | $32054664 | $(3772836) | $28281828 |
| NAA Large Cap Value Fund | 64657536 | 9049511 | (2773414) | 6276097 |
| NAA Large Core Fund | 223245592 | 38961201 | (7200052) | 31761149 |
| NAA Mid Growth Fund | 70840018 | 7841240 | (6852416) | 988824 |
| NAA Opportunity Fund | 28459486 | 6208617 | (3754172) | 2454445 |
| NAA Risk Managed Real Estate Fund | 159169756 | 24792719 | (12883413) | 11909306 |
| NAA SMid Cap Value Fund | 279954054 | 41956217 | (18538352) | 23417865 |
| NAA World Equity Income Fund | 41304377 | 6495254 | (807918) | 5687336 |

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The tax character of the Funds' distributions paid for the years ended September 30, 2025, and September 30, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended <br>9/30/2025** | **Ordinary <br>Income** | **Long-Term <br>Capital Gains** | **Return of <br>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 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br> **9/30/2024** | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Return of**<br> **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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Capital Loss<br> Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/<br> (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 Statements</u> <br> September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Paid In<br> Capital** | **Distributable**<br> **Earnings/<br> (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) |

---

**8.** **AFFILIATED INVESTMENTS** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under GI, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Funds invested in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Short Term Investment Vehicles"), each of which were open- end management investment companies managed by Guggenheim. The Short Term Investment Vehicles, which launched on March 11, 2014, were offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim and/or its affiliates, and were not available to the public. The Short Term Investment Vehicles paid no investment management fees. Their annual report on Form N-CSR dated September 30, 2024, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Funds invested in certain of the underlying series of Guggenheim Funds Trust, which were open-end management investment companies managed by Guggenheim, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

As of September 30, 2025, the Funds did not invest in any affiliated securities.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

Transactions during the year ended September 30, 2025, which the company is an affiliated issuer, were as follows:

**NAA Large Core Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 9/30/2024** | **Purchases** | **Sales** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Shares<br> 9/30/2025** | **Investment<br> Income** |
| Guggenheim Strategy Fund II | $72483129 | $195060 | $(72648964) | $1334571 | $(1363796) | $– |  | $195060 |
| Guggenheim Strategy Fund III | 83507185 | 213893 | (83721079) | 200200 | (200199) | – |  | 213894 |
| Guggenheim Ultra Short Duration Fund - Institutional Class | 34069259 | 84662 | (34085920) | 161800 | (229801) | – |  | 84663 |

---

**NAA Mid Growth Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 9/30/2024** | **Purchases** | **Sales** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Shares<br> 9/30/2025** | **Investment<br> Income** |
| Guggenheim Strategy Fund II | $26907363 | $1439865 | $(28335280) | $574117 | $(586065) | $– |  | $75865 |
| Guggenheim Strategy Fund III | 22974985 | 3170299 | (26146534) | 275917 | (274667) | – |  | 60299 |
| Guggenheim Ultra Short Duration Fund - Institutional Class | 2305552 | 5729 | (2306679) | 11350 | (15952) | – |  | 5729 |

---

**NAA SMid Cap Value Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 9/30/2024** | **Purchases** | **Realized<br> Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 9/30/2025** | **Investment<br> Income** |
| HydroGen Corp.\* | $2 | $– $– $| (2532) | $2530 | $– – $|  |

---

\* No longer affiliated at year end.

**9.** **LINE OF CREDIT** 

For the period January 1, 2024 through September 29, 2024, the Acquired Funds Trust, along with other affiliated trusts, secured a 364-day committed, $1,165,000,000 line of credit from a syndicated bank group led by Citibank, N.A., which was in place through September 29, 2024 at which time the line of credit was renewed as a 364-day committed $1,115,000,000 line of credit. The Acquired Funds could draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Acquired Fund's investment objective and program. For example, it may be advantageous for the Acquired Funds to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank's "base rate", SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Acquired Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Acquired Funds based on the respective net assets of each participating Acquired Fund and is referenced in the Funds' Statements of Operations under "Line of credit fees". The Funds did not have any borrowings under this agreement as of and for the period ended October 25, 2024. As of October 26, 2024, the Funds were no longer part of the Citibank line of credit.

<u>New Age Alpha Funds</u> <u>Notes to Financial Statements</u> <br> September 30, 2025

**10.** **PRONOUNCEMENTS** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**11.** **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.

![](img_001.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

New Age Alpha Funds Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 and NAA World Equity Income Fund (the "Funds"), each a series of New Age Alpha Funds Trust, as of September 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial statements as of and for the year ended September 30, 2024, and financial highlights for the years ended September 30, 2024, 2023, 2022 and 2021, prior to the reflection of the reverse stock splits as described in Note 1, were audited by other auditors whose reports dated November 27, 2024, expressed unqualified opinions on those financial statements and financial highlights.

We also have audited the adjustments to the financial highlights of NAA Large Core Fund, NAA Mid Growth Fund, NAA Opportunity Fund, and NAA SMid Cap Value Fund, for the years ended September 30, 2024, 2023, 2022, and 2021, to reflect the reverse stock splits, as described in Note 1. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the September 30, 2024, 2023, 2022 and 2021 financial highlights of the NAA Large Core Fund, NAA Mid Growth Fund, NAA Opportunity Fund, and NAA SMid Cap Value Fund, other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the September 30, 2024, 2023, 2022 and 2021 financial highlights taken as a whole.

<u>Basis for Opinion</u>

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](img_003.jpg)

We have served as the auditor of one or more investment companies advised by New Age Alpha Advisors, LLC since 2024.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 26, 2025

To the Shareholders and the Board of Trustees of New Age Alpha Funds Trust

**Opinion on the Financial Statements**

We have audited, before the effects of the adjustments to retrospectively apply the reverse stock splits, as described in Note 1, the accompanying statements of changes in net assets for the year ended September 30, 2024, and the financial highlights for each of the four years in the period ended September 30, 2024 and the related notes, (collectively referred to as the "financial statements") of NAA Allocation Fund (formerly Guggenheim Directional Allocation Fund), NAA Large Cap Value Fund (formerly Guggenheim Large Cap Value Fund), NAA Large Core Fund (formerly Guggenheim StylePlus - Large Core Fund), NAA Mid Growth Fund (formerly Guggenheim StylePlus - Mid Growth Fund), NAA Opportunity Fund (formerly Guggenheim Alpha Opportunity Fund), NAA Risk Managed Real Estate Fund (formerly Guggenheim Risk Managed Real Estate Fund), NAA SMid Cap Value Fund (formerly Guggenheim SMid Cap Value Fund) and NAA World Equity Income Fund (formerly Guggenheim World Equity Income Fund) (eight of the Funds constituting New Age Alpha Funds Trust (the "Trust") collectively referred to as the "Funds"), before the effects of the adjustments discussed in Note 1. In our opinion, the financial statements, before the effects of the adjustments to retrospectively reflect the reverse stock splits described in Note 1, present fairly the changes in net assets for the year ended September 30, 2024 and the financial highlights for the four years in the period ended September 30, 2024, in conformity with U.S. generally accepted accounting principles.

We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the reverse stock splits for NAA Opportunity Fund, NAA Large Core Fund, NAA Mid Growth Fund, and NAA SMid Cap Value Fund described in Note 1 and, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditors.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024,

by correspondence with the custodian, transfer agent, brokers, and paying agents; when replies were not received from brokers or paying agents, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia

November 27, 2024

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

**Changes in and Disagreements with Accountants**

On December 3, 2024, the Audit Committee of New Age Alpha Funds Trust ("Committee") appointed and formally engaged Cohen & Company, Ltd. ("Cohen & Co") as the Funds' independent registered public accounting firm for the fiscal year ended September 30, 2025.

Ernst & Young LLP ("EY")'s reports on the Acquired Funds' financial statements for the years ended September 30, 2024 and 2023, did not contain an adverse opinion or a disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope or accounting principles.

During the years ended September 30, 2024 and 2023 and the period October 1, 2024 to December 3, 2024, there were no disagreements between the Acquired Funds and EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of EY, would have caused it to make reference to the subject matter of the disagreement in its report on the financial statements for such period. During the years ended September 30, 2024 and 2023 and the period October 1, 2024 to December 3, 2024, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

**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**

At an organizational meeting held on March 5, 2024, the Board considered the approval of the investment advisory agreement between the Trust and the Adviser (the "Advisory Agreement"), on behalf of the NAA Large Core Fund (the "Initial Fund").

Counsel to the Trust ("Counsel") reviewed with the Board a memorandum that summarized, among other things, the fiduciary duties and responsibilities of the Trustees when approving investment advisory agreements, noting that the Board must apply its business judgment to the question of whether the overall terms of the investment advisory agreement are reasonable business arrangements for the Initial Fund. Counsel noted that neither Section 15(c) nor Section 36(b) of the 1940 Act state the specific factors the Board should consider in evaluating an investment advisory agreement. Counsel stated, however, that judicial interpretations and rules adopted by the SEC require that the Board consider the following factors, among others: (i) the nature, extent, and quality of the services provided by the Advisers; (ii) the investment performance of the Initial Fund, its proposed predecessor Fund; (iii) the costs of the services to be provided to the Initial Fund; (iv) the extent to which economies of scale benefit shareholders; and (v) the profits to be realized by the adviser and its affiliates from the relationship with the Initial Fund.

To assess these factors, Counsel sent, and the Adviser responded to a questionnaire that provided the Board with the information it needed to make an informed decision (the "15(c) Responses"). During the meeting, the Adviser reviewed the 15(c) Responses, including the history of the Adviser and its founders, their prior history with Acquired Funds Trust, and the reasons for the proposed Reorganization of the Initial Fund. While the Board deemed the 15(c) Responses satisfactory, they provided feedback to the Adviser on its responses and requested that it consider this feedback during future 15(c) presentations. The Adviser agreed to incorporate the Board's feedback into its responses.

The Board then reviewed and discussed the approval of the Advisory Agreement. Counsel advised the Board during its deliberations. Additionally, the Board received and reviewed the information provided by the Adviser, which included: (i) industry data comparing advisory fees and expense ratios of comparable investment companies and other products; (ii) comparative performance information; (iii) the Adviser's estimated revenues, costs, and profitability of providing services to the Initial Fund; and (iv) information about the Adviser's personnel. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The nature, extent, and quality of
 the services to be provided by the Adviser.

The Board considered the Adviser's experience and knowledge of managing investment companies, including its senior personnel's professional experience and qualifications. In evaluating the quality of services to be provided by the Adviser, the Board considered the Adviser's operations and compliance policies and procedures. The Board also considered the Adviser's financial condition, resources, and potential conflicts of interest. The Board, including the Independent Trustees, concluded it was satisfied with the nature, extent, and quality of the Adviser's proposed services to the Initial Fund under the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The costs of the services to be provided,
 and profits realized, by the Adviser from the relationship with the Fund.

The Board considered the Adviser's financial condition, its expected profitability, and the direct and indirect benefits derived by the Adviser through its relationship with the Initial Fund. The Board considered the financial information provided by the Adviser, including its expected profit margin for managing the Initial Fund and the proposed expense limitation agreement (the "ELA"). The Board also considered whether the Adviser has the financial wherewithal to provide services to the Initial Fund, noting the ongoing commitment of the Adviser under the ELA. The Board noted that the Adviser will benefit from its association with the Initial Fund.

The Board recognized that the Adviser would earn reasonable profits in exchange for the level of services it provides to the Initial Fund and the entrepreneurial risk that the Adviser assumes for managing the Initial Fund. Based upon its review, the Board, including the Independent Trustees, concluded that the Adviser's compensation and profitability from its relationship with the Initial Fund is reasonable and not excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment performance of the Fund
 and the Adviser.

The Board noted that the Initial Fund has not yet commenced operations in the Trust, but it considered the historical performance of the Acquired Fund, which would be reorganized into the Initial Fund. The Board compared the proposed advisory fee and total expense ratio for the Initial Fund with various comparative data, including the median and average advisory fees and total expense ratios of the Initial Fund's peer group, noting that the proposed management fee was above the average and median but within the range of the Initial Fund's peer group. The Board noted that the Adviser had proposed breakpoints for the Initial Fund's management fee and lower expense limits. The Board further considered the Adviser's plans to increase fund assets, which will positively affect the Initial Fund's expense ratios. In reviewing the estimated expense ratio of the Initial Fund, the Board also considered the nature, extent, and quality of the Adviser's proposed services. The Board considered, among other data, the specific factors, and concluded that the advisory fee was reasonable considering the Adviser's proposed services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The extent to which economies of
 scale would be realized if the Initial Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of
 the Initial Fund's investors.

The Board considered the potential growth of the Initial Fund based on the Adviser's estimated investor demand and its marketing plans. The Board noted that the advisory fee would decrease as asset levels increased and noted that under the ELA, the Adviser was obligated to pay some of the Initial Fund's operating expenses, which limited the overall fees and expenses paid by the Initial Fund at lower asset levels. The Board also noted that if the Initial Fund's assets increased over time, the Initial Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Possible conflicts of interest and
 benefits derived by the Adviser.

The Board noted that the terms of the Advisory Agreement were consistent with industry standards. The Board further noted that the Adviser did not manage any other products or accounts that would compete with the Initial Fund and that most of the Adviser's operations would focus on the Initial Fund's management. The Board determined that the compensation payable under the Advisory Agreement was fair and reasonable and reflected an arms-length negotiation considering all the surrounding circumstances.

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

Regarding the Adviser's potential conflicts of interest, the Board considered (i) the experience and ability of the advisory and compliance personnel assigned to the Fund; and (ii) the substance and administration of the Adviser's code of ethics and other relevant policies described in its compliance manual and Form ADV. The Board, including the Independent Trustees, determined that the Adviser's compliance policies and operational controls were reasonably designed to eliminate or mitigate these conflicts of interest.

In considering the Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the numerous factors. The Board reached the following conclusions regarding the Advisory Agreement, among others: (a) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (b) the Adviser maintains an appropriate compliance program; and (c) the Initial Fund's advisory fee is reasonable considering the Adviser's proposed services. Based on their conclusions, the Board, including the Independent Trustees, determined that approval of the Advisory Agreement was in the best interests of the Initial Fund and its future shareholders.

At a meeting held on April 26, 2024, the Board considered the approval of the investment advisory agreement between the Trust and the Adviser, on behalf of the other Funds.

Counsel again reviewed with the Board a memorandum that summarized, among other things, the fiduciary duties and responsibilities of the Trustees when approving investment advisory agreements, noting that the Board must apply its business judgment to the question of whether the overall terms of the investment advisory agreement are reasonable business arrangements for the Funds. Counsel reminded the Board that neither Section 15(c) nor Section 36(b) of the 1940 Act state the specific factors the Board should consider in evaluating an investment advisory agreement. Counsel stated, however, that judicial interpretations and rules adopted by the SEC require that the Board consider the following factors, among others: (i) the nature, extent, and quality of the services provided by the investment adviser to the fund; (ii) the investment performance of the fund and the investment adviser; (iii) the costs of the services to be provided to the fund; (iv) the extent to which economies of scale benefit shareholders; and (v) the profits to be realized by the adviser and its affiliates from the relationship with the fund.

The Board reviewed the revised 15(c) Responses and thanked the Adviser for incorporating the Board's comments provided at the March 5, 2024, organizational meeting. The Adviser reviewed the 15(c) Responses and related exhibits and discussed them with the Board, clarified with Counsel the factors that should be considered when approving the Funds' management fee, including those listed below. The Board considered comparing the management fee to the Funds' peer group and category, its overall expense structure, the services provided by the Adviser, the Funds' size relative to their peers, the increasing costs of managing such products, the comparison of the Adviser's active strategy relative to its peer group, which includes passive funds, the Adviser's inclusion of unique technology in its offerings, and other factors. The Board also considered the Adviser's profitability and that the proposed expense limit for each Fund is lower than the current limit for its respective Acquired Fund. The Board also considered the data and analytics the Adviser conducts as part of its investment process, and how it competes with active managers.

The Board then reviewed and discussed the approval of the Amended Schedule A to the Advisory Agreement. Counsel advised the Board during its deliberations. Additionally, the Board received and reviewed the information provided by the Adviser, which included: (i) industry data comparing advisory fees and expense ratios of comparable investment companies and other products; (ii) comparative performance information; (iii) the Adviser's estimated revenues, costs, and profitability of providing services to the Funds; and (iv) information about the Adviser's personnel. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The nature, extent, and quality of
 the services to be provided by the Adviser.

The Board considered the Adviser's experience and knowledge of managing investment companies, including its senior personnel's professional experience and qualifications. In evaluating the quality of services to be provided by the Adviser, the Board considered the Adviser's operations and compliance policies and procedures and its financial condition, resources, and potential conflicts of interest. The Board, including the Independent Trustees, concluded that

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

it was satisfied with the nature, extent, and quality of the Adviser's proposed services to the Funds under the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The costs of the services to be provided,
 and profits realized, by the Adviser from the relationship with the Funds.

The Board considered the Adviser's financial condition, its expected profitability, and the direct and indirect benefits derived by the Adviser through its relationship with the Funds. The Board compared the proposed advisory fee and total expense ratio for the Funds with various comparative data, including the median and average advisory fees and total expense ratios of each Fund's peer groups, noting that the proposed management fee was above the average and median but within the range of each Fund's peer group. The Board noted that the Adviser had proposed breakpoints for the Funds' management fee and lower expense limits. The Board further considered the Adviser's plans to increase fund assets, positively affecting each Fund's expense ratios. In reviewing the estimated expense ratio of the Funds, the Board also considered the nature, extent, and quality of the Adviser's proposed services. The Board considered, among other data, the specific factors, and concluded that the advisory fee was reasonable considering the Adviser's proposed services. The Board considered the financial information provided by the Adviser, including its expected profit margin for managing the Funds and the proposed expense limitation agreement (the "ELA"). The Board also considered whether the Adviser has the financial wherewithal to provide services to the Funds, noting the ongoing commitment of the Adviser under the ELA. The Board noted that the Adviser will benefit from its association with the Funds.

The Board recognized that the Adviser would earn reasonable profits in exchange for the level of services it provides to the Funds and the entrepreneurial risk that the Adviser assumes for managing the Funds. Based upon its review, the Board, including the Independent Trustees, concluded that the Adviser's compensation and profitability from its relationship with the Funds is reasonable and not excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment performance of the Funds
 and the Adviser.

The Board noted that the Funds have not yet commenced operations in the Trust, but it considered the historical performance of the Acquired Funds, which would be reorganized into the Funds. The Board considered the Adviser's current portfolio management team, including their prior experience with Guggenheim. The Board noted that the Adviser has no separate accounts or institutional clients that utilize strategies similar to the Funds' strategies, but does have experience managing accounts using other strategies, including a private fund that leverages the H-factor process. Based on this, the Board concluded that the investment performance information presented for the Funds and the Adviser was satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The extent to which economies of
 scale would be realized if the Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of the Funds'
 investors.

The Board considered the potential growth of the Funds based on the Adviser's estimated investor demand and its marketing plans. The Board noted that although the advisory fee would stay the same as asset levels increased for all Funds other than the NAA Large Core Fund, under the ELA, the Adviser was obligated to pay some of each Fund's operating expenses, which limited the overall fees and expenses paid by the Funds at lower asset levels. The Board also noted that if a Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Possible conflicts of interest and
 benefits derived by the Adviser.

The Board noted that the terms of the Advisory Agreement were consistent with industry standards. The Board further noted that the Adviser did not manage any other products or accounts that would compete with the Funds and that most of its operations would focus on the Funds' management. The Board determined that the compensation payable under the Advisory Agreement was fair and reasonable and reflected an arms-length negotiation considering all the surrounding circumstances.

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

Regarding the Adviser's potential conflicts of interest, the Board considered (i) the experience and ability of the advisory and compliance personnel assigned to the Funds; and (ii) the substance and administration of the Adviser's code of ethics and other relevant policies described in its compliance manual and Form ADV. It also considered the Adviser's past experience managing registered investment companies alongside other investment products and the SEC's examination of those investment companies and the Adviser, which did not reveal any material deficiencies or control weaknesses. The Board, including the Independent Trustees, determined that the Adviser's compliance policies and operational controls were reasonably designed to eliminate or mitigate these conflicts of interest.

In considering the Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the numerous factors. The Board reached the following conclusions regarding the Advisory Agreement, among others: (a) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Advisory Agreement; (b) the Adviser maintains an appropriate compliance program; and (c) each Fund's advisory fee is reasonable considering the Adviser's proposed services. Based on their conclusions, the Board, including the Independent Trustees, determined that approval of the Advisory Agreement was in the best interests of each Fund and its future shareholders.

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

On December 3, 2024, the Audit Committee of New Age Alpha Funds Trust ("Committee") appointed and formally engaged Cohen & Company, Ltd. ("Cohen & Co") as the Funds' independent registered public accounting firm for the fiscal year ended September 30, 2025.

Ernst & Young LLP ("EY")'s reports on the Acquired Funds' financial statements for the years ended September 30, 2024 and 2023, did not contain an adverse opinion or a disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope or accounting principles.

During the years ended September 30, 2024 and 2023 and the period October 1, 2024 to December 3, 2024, there were no disagreements between the Acquired Funds and EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of EY, would have caused it to make reference to the subject matter of the disagreement in its report on the financial statements for such period. During the years ended September 30, 2024 and 2023 and the period October 1, 2024 to December 3, 2024, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics herewith.](ex99codeeth.htm)

(a)(2) Not applicable

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

 <u>/s/ Keith D. Kemp</u> 

<u>Keith D. Kemp</u>, Principal Executive Officer/President/Principal Financial Officer/Treasurer

Date <u>1/21/2026</u> 

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

By (Signature and Title)

 <u>/s/ Keith D. Kemp</u> 

<u>Keith D. Kemp</u>, Principal Executive Officer/President/Principal Financial Officer/Treasurer

Date <u>1/21/2026</u>

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

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

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

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

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

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

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

Date: <u>1/21/2026</u> <u>/s/ Keith D. Kemp</u>

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 September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&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

 <u>/s/ Keith D. Kemp</u> 

Keith D. Kemp

Date: <u>1/21/2026</u> 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to New Age Alpha 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.

## Ex-99.Code

**EX-99.CODE ETH**

**NEW AGE ALPHA FUNDS TRUST**

**CODE OF ETHICS**

**Effective: April 2024**

**CODE OF ETHICS**

Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") addresses conflicts of interest that arise from personal trading activities of investment company personnel. In particular, Rule 17j-1 prohibits fraudulent, deceptive or manipulative acts by such personnel in connection with their personal transactions in securities held or to be acquired by the investment company. The Rule also requires an investment company to adopt a code of ethics containing provisions reasonably necessary to prevent fraudulent, deceptive or manipulative acts and requires certain persons to report their personal securities transactions to the investment company.

This Code of Ethics has been adopted by the Board of Trustees of New Age Alpha Funds Trust (the "Trust"). It is based on the principle that the trustees and officers of the Trust owe a fiduciary duty to the Trust's shareholders to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (1) serving their own personal interests ahead of the shareholders, (2) taking advantage of their position, and (3) any actual or potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

As used in this Code of Ethics, the following terms shall have the following meanings:

---

| | |
|:---|:---|
| Ø | "Access person" shall mean any trustee or officer of the Trust. It shall also mean any consultant to the Trust or trustees who has access to the same information as a trustee or officer of the Trust. |

---

Ø "Adviser" shall mean an investment adviser and/or sub-advisor to a series of the Trust.

Ø "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

---

| | |
|:---|:---|
| ⮚ | "Beneficial ownership" shall have the same meaning as in Rule 16a-1(a)(2) for the purposes of Section 16 of the Securities Exchange Act of 1934. Generally, a person is considered the beneficial owner of securities if the person has a pecuniary interest in the securities and includes securities held by members of the person's immediate family<sup>1</sup> sharing the same household, or other persons if, by reason of any contract, understanding, relationship, agreement or other arrangement, the person obtains from such securities benefits substantially equivalent to those of ownership. |

---

---

| | |
|:---|:---|
| Ø | "Disinterested person" shall mean a trustee of the Trust who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act (a "Independent Trustee") and any consultant to the Trust or the trustees to the extent the consultant's access to information regarding the Trust and any series of the Trust is limited to the same information as an Independent Trustee. |

---

---

| | |
|:---|:---|
| Ø | "Investment Personnel of a Fund or of a Fund's investment adviser" means: (a) Any employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund, or (b) Any natural person who controls the Fund or Adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund. |

---

Ø "Fund" shall each existing and future series established by the Trust.

---

| | |
|:---|:---|
| Ø | "Security" shall have the same meaning set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include: shares of any registered open-end investment company (other than the Fund or any exchange-traded fund); direct obligations of the U.S. Government; bankers' acceptances; bank certificates of deposit; commercial paper; and high-quality short-term debt instruments, including repurchase agreements. |

---

---

| | |
|:---|:---|
| Ø | A "security held or to be acquired by the Fund" shall mean (1) any security which, within the most recent fifteen (15) days, is or has been held by the Fund or is being or has been considered by the Fund or the Adviser for purchase by the Fund, or (2) any option to purchase or sell, and any security convertible into or exchangeable for, any such security. |

---

Ø "Transaction" shall mean any purchase, sale or any type of acquisition or disposition of securities, including the writing of an option to purchase or sell securities.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Prohibition on Certain Actions** 

Trustees and officers of the Trust shall not, in connection with the purchase or sale, directly or indirectly, by such person of a security held or to be acquired by a Fund:

Ø Employ any device, scheme or artifice to defraud the Fund;

Ø Make any untrue statement of a material fact to the Trust or to omit to state a material fact necessary in order to make the statements made to the Trust, in light of the circumstances under which they are made, not misleading;

Ø Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

Ø Engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Code of Ethics of Adviser and Distributor** 

All trustees and officers of the Trust who are also directors, officers or employees of the Adviser or Distributor are subject to the Code of Ethics of the Adviser or the Distributor, as applicable, each of which is incorporated by reference herein. Such trustees and officers of the Trust will fulfill their reporting obligations of this Code of Ethics by following the reporting requirements of the Distributor's or Adviser's Code of Ethics, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Quarterly Reporting of Securities Transactions** 

Each trustee and officer, other than a Disinterested person, shall file with the Chief Compliance Officer of the Trust (or his or her designee) no later than ten (10) days after the end of each calendar quarter, all personal transactions in securities for that quarter. All reports will be reviewed by the Chief Compliance Officer of the Trust. A Disinterested person shall be required to file such reports only with respect to transactions where such person knows, or in the course of fulfilling his or her duties should have known, that during the 15-day period immediately preceding or following the date of a transaction in a security by the person such security was purchased or sold by the Fund or the purchase or sale of the security by the Fund is or was considered by the Fund or the Adviser. A trustee or officer need not make these reports if the report would duplicate information contained in broker trade confirmations or account statements actually received by the Chief Compliance Officer of the Trust with respect to the trustee or officer in the required time period, if all of the information required is contained in the broker trade confirmations or account statements or in the records of the Trust or the Adviser. An access person need not make a quarterly report with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Initial and Annual Reporting of Holdings** 

Each trustee and officer, other than a Disinterested person, shall file with the Chief Compliance Officer of the Trust, no later than ten (10) days after he or she becomes a trustee or officer, an initial holdings report listing all securities (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person) beneficially owned by such person as of the date he or she became a trustee or officer. On an annual basis, not later than January 30 of each year, each trustee and officer, other than a Disinterested person, shall file with the Chief Compliance Officer of the Trust, certification of compliance with this Code of Ethics which report shall also include a listing all securities beneficially owned by such person; such report must be current as of a date no more than thirty (30) days before the report is submitted. Any such initial or annual report shall set forth the following information: (1) the title, number of shares and principal amount of each security in which the trustee or officer had any direct or indirect beneficial ownership; (2) the name of any broker, dealer or bank which maintains an account in which any securities of which the trustee or officer has or had direct or indirect beneficial ownership were held; and (3) the date that the report is submitted. A trustee or officer need not make these reports if the report would duplicate information contained in broker trade confirmations or account statements actually received by the Chief Compliance Officer of the Trust with respect to the trustee or officer in the required time period, if all of the information required under this Section 5 is contained in the broker trade confirmations or account statements or in the records of the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Disclaimer of Beneficial Ownership** 

A trustee or officer may include in any report required under Sections 4 or 5, a disclaimer as to the beneficial ownership in any securities covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Review of Reports; Sanctions** 

The Chief Compliance Officer of the Trust shall review the reports required under this Code and shall report material violations of the Code at least quarterly to the Board of Trustees. If any trustee or officer violates any provisions set forth in this Code of Ethics, the Board of Trustees shall impose such sanctions as it deems appropriate including, but not limited to, a letter of censure or termination of employment, censure, fines, or to the extent possible freezing of one's personal account or securities in that account for a specified time frame.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Reporting to Board of Trustees** 

(a.) At least once each year, the Chief Compliance Officer of the Trust shall provide the Board of Trustees with a written report that (1) describes issues that arose during the previous year under this Code of Ethics including, but not limited to, information about material violations and sanctions imposed in response to those material violations, and (2) certifies to the Board of Trustees that the Trust has adopted procedures reasonably necessary to prevent its Access Persons from violating this Code of Ethics.

(b.) At least once each year, the Chief Compliance Officer of the Trust shall provide the Board of Trustees with a written report from the Trust's Adviser that (1) describes any issues arising under the Adviser's code of ethics since the last report to the board of trustees, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations, and (2) certifies that the Adviser has adopted procedures reasonably necessary to prevent access persons from violating its codes of ethics.

(c.) At least once each year, the Chief Compliance Officer of the Trust shall provide the Board of Trustees with a written report from the Trust's Distributor that (1) describes any issues arising under the Distributor's code of ethics since the last report to the board of trustees, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations, and (2) certifies that the Trust's Distributor has adopted procedures reasonably necessary to prevent access persons from violating its codes of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Notification of Reporting Obligation** 

The Chief Compliance Officer of the Trust shall identify all persons who are required to make the reports required under Sections 4 and 5 and shall inform those persons of their reporting obligation. Each Access Person of the Trust shall be required to acknowledge that he or she has received a copy of, has read and fully understands and will comply with, this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Restrictions on Trading** 

Investment Personnel of a Fund or its Adviser must obtain approval from the Chief Compliance Officer of the Trust or the Chief Compliance Officer of the Fund's Adviser before directly or indirectly acquiring beneficial ownership in any securities in: (A) an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to SEC reporting obligations under the 1934 Act; or (B) an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to rule 504, rule 505, or rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Retention of Records** 

The Trust shall maintain the following records, for the time periods and in the manner set forth below, at its principal place of business:

Ø A copy of this Code of Ethics and each code of ethics previously in effect for the Trust at any time within the past five years, must be maintained in an easily accessible place.

Ø A record of any violation of the Trust's Code of Ethics, and any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs.

Ø A copy of each report required to be made by an officer or trustee pursuant to this Code of Ethics must be maintained for at least five years after the end of the fiscal year in which the report is made, the first two years in an easily accessible place.

Ø A record of all persons, currently or within the past five years, who are or were required to make reports under Sections 4 and 5, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place.

Ø A copy of each report required to be made by the Chief Compliance Officer of the Trust to the Board of Trustees pursuant to Section 8 must be maintained for at least five years after the end of the fiscal year in which the report is made, the first two years in an easily accessible place.

⮚ A record of any decision, and the reasons supporting the decision, to approve the acquisition by investment personnel of securities under Section 10, for at least five years after the end of the fiscal year in which the approval is granted.

## Ex-19.A4

December 3, 2025

Securities and Exchange Commission

100 F Street, N. E.

Washington, D.C. 20549

Ladies and Gentlemen:

We have read **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies** to Form N-CSR dated September 30, 2025, of New Age Alpha Funds and we are in agreement with the statements contained in the second and third paragraphs therein. We have no basis to agree or disagree with other statements of the registrant contained therein.

Yours very truly,

*/s/* Ernst & Young LLP

McLean, Virginia