Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$46	0.91%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$85,596,825
Number of Portfolio Holdings203
Advisory Fee (net of waivers)$157,409
Portfolio Turnover70%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Exchange-Traded Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA All Cap Value Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-ACVS

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$42	0.83%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$192,161,384
Number of Portfolio Holdings102
Advisory Fee (net of waivers)$336,377
Portfolio Turnover50%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Exchange-Traded Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA Large Cap Value Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-LCVS

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$46	0.91%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$251,565,163
Number of Portfolio Holdings103
Advisory Fee (net of waivers)$540,010
Portfolio Turnover51%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Exchange-Traded Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA Large Core Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-LCS

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$48	0.94%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$58,827,414
Number of Portfolio Holdings78
Advisory Fee (net of waivers)$83,950
Portfolio Turnover29%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Exchange-Traded Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA Large Growth Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-LGS

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$48	0.97%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$169,992,301
Number of Portfolio Holdings127
Advisory Fee (net of waivers)$400,784
Portfolio Turnover56%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Exchange-Traded Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA Mid Growth Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-MGS

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$54	1.14%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$47,342,448
Number of Portfolio Holdings127
Advisory Fee (net of waivers)$128,079
Portfolio Turnover68%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	97.1%
Exchange-Traded Funds	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA Small Cap Value Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-SCVS

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$54	1.07%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$25,354,334
Number of Portfolio Holdings128
Advisory Fee (net of waivers)$15,013
Portfolio Turnover38%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Exchange-Traded Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA Small Growth Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-SGS

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$47	0.94%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$133,317,636
Number of Portfolio Holdings122
Advisory Fee (net of waivers)$301,851
Portfolio Turnover61%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Exchange-Traded Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA SMid-Cap Value Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-SMID

Semi-Annual Shareholder Report - June 30, 2025

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
VIT	$48	0.93%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$112,310,300
Number of Portfolio Holdings177
Advisory Fee (net of waivers)$240,942
Portfolio Turnover90%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	98.0%
Exchange-Traded Funds	2.0%

What did the Fund invest in?

Country Weighting (% of net assets)

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

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

NAA World Equity Income Series - VIT

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.NAAFunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-WEI

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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.

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

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

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

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:

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

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

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

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

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

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.

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

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

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

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

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

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

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

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.

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.

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

Date of fiscal year end:	12/31

Date of reporting period:	6/30/2025

*SCHEDULES OF INVESTMENTS*
NAA ALL CAP VALUE SERIES		1
NAA LARGE CAP VALUE SERIES		9
NAA LARGE CORE SERIES		14
NAA LARGE GROWTH SERIES		19
NAA MID GROWTH SERIES		23
NAA SMALL CAP VALUE SERIES		28
NAA SMALL GROWTH SERIES		33
NAA SMID-CAP VALUE SERIES		38
NAA WORLD EQUITY INCOME SERIES		43
*STATEMENTS OF ASSETS AND LIABILITIES*		50
*STATEMENTS OF OPERATIONS*		52
*STATEMENTS OF CHANGES IN NET ASSETS*		54
*FINANCIAL HIGHLIGHTS*		59
*NOTES TO FINANCIAL STATEMENTS*		68
*ADDITIONAL INFORMATION*		80

Shares			Fair Value
		COMMON STOCKS — 97.5%
		Communications - 4.0%
	23,682	AT&T, Inc.	$	685,357
	3,720	Maplebear, Inc.^(a)		168,293
	5,787	Match Group, Inc.^(a)		178,760
	1,195	Nexstar Media Group, Inc.		206,675
	4,641	Omnicom Group, Inc.		333,874
	2,865	T-Mobile US, Inc.		682,615
	1,801	VeriSign, Inc.^(a)		520,129
	5,557	Walt Disney Co.		689,123
				3,464,826
		Consumer Discretionary - 8.0%
	4,199	Advance Auto Parts, Inc.		195,212
	10,869	Amazon.com, Inc.^(a)		2,384,550
	2,771	Autoliv, Inc.		310,075
	3,678	Etsy, Inc.^(a)		184,488
	60,297	Ford Motor Company		654,222
	4,873	Harley-Davidson, Inc.		115,003
	2,284	Lear Corporation		216,934
	6,277	LKQ Corporation		232,312
	4,600	MGM Resorts International^(a)		158,194
	5,011	Mister Car Wash, Inc.^(a)		30,116
	10,789	NIKE, Inc., Class B		766,451
	756	Penske Automotive Group, Inc.		129,888
	1,688	Shoe Carnival, Inc.		31,582
	1,309	Sonic Automotive, Inc., Class A		104,628
	7,023	Starbucks Corp.		643,517
	5,184	TJX Cos., Inc. (The)		640,173
	2,180	YETI Holdings, Inc.^(a)		68,714
				6,866,059
		Consumer Staples - 7.3%
	10,652	Altria Group, Inc.		624,527
	2,837	BellRing Brands, Inc.^(a)		164,347
	9,514	Coca-Cola Co. (The)		673,116
	7,142	Colgate-Palmolive Company		649,208
	4,249	Dollar Tree, Inc.^(a)		420,821

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		Consumer Staples - 7.3% (Continued)
	2,260	Five Below, Inc.^(a)	$	296,467
	9,454	Grocery Outlet Holding Corporation^(a)		117,419
	5,880	McCormick & Company, Inc.		445,822
	1,218	MGP Ingredients, Inc.		36,503
	4,131	Molson Coors Brewing Company, Class B		198,660
	9,699	Mondelez International, Inc., Class A		654,100
	801	Post Holdings, Inc.^(a)		87,333
	2,001	PriceSmart, Inc.		210,185
	6,428	Procter & Gamble Co.		1,024,108
	6,854	Walmart, Inc.		670,184
				6,272,800
		Energy - 5.5%
	16,125	Baker Hughes Company		618,232
	4,433	Chevron Corporation		634,761
	6,922	ConocoPhillips		621,180
	11,812	Exxon Mobil Corporation		1,273,335
	1,306	First Solar, Inc.^(a)		216,195
	3,590	Innovex International, Inc.^(a)		56,076
	14,892	Nov, Inc.^(a)		185,108
	2,251	Oasis Petroleum, Inc.		218,009
	31,057	Patterson-UTI Energy, Inc.		184,168
	17,619	Schlumberger Ltd.		595,522
	1,554	Weatherford International plc		78,182
				4,680,768
		Financials - 15.9%
	3,606	Air Lease Corporation		210,915
	1,662	American Financial Group, Inc.		209,761
	3,211	Ameris Bancorp		207,752
	12,145	Apollo Commercial Real Estate Finance, Inc.		117,564
	17,958	Bank of America Corporation		849,772
	4,462	Bank OZK		209,982
	2,561	Berkshire Hathaway, Inc., Class B^(a)		1,244,057
	3,300	Capital One Financial Corporation		702,108
	2,298	Chubb Ltd.		665,776

	Fair Value

TOTAL INVESTMENTS - 99.5% (Cost $82,110,541)	$	85,131,629
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%		465,196
NET ASSETS - 100.0%	$	85,596,825

Shares			Fair Value
		COMMON STOCKS — 97.3%
		Communications - 4.5%
	66,302	AT&T, Inc.	$	1,918,779
	16,172	Match Group, Inc.^(a)		499,553
	12,967	Omnicom Group, Inc.		932,846
	8,018	T-Mobile US, Inc.		1,910,369
	5,044	VeriSign, Inc.^(a)		1,456,707
	15,567	Walt Disney Co.		1,930,464
				8,648,718
		Consumer Discretionary - 8.0%
	30,421	Amazon.com, Inc.^(a)		6,674,064
	168,758	Ford Motor Company		1,831,024
	17,565	LKQ Corporation		650,081
	12,839	MGM Resorts International^(a)		441,533
	30,186	NIKE, Inc., Class B		2,144,413
	19,629	Starbucks Corporation		1,798,605
	14,520	TJX Companies, Inc. (The)		1,793,075
				15,332,795
		Consumer Staples - 7.8%
	29,814	Altria Group, Inc.		1,747,995
	26,632	Coca-Cola Company (The)		1,884,214
	19,989	Colgate-Palmolive Company		1,817,000
	11,896	Dollar Tree, Inc.^(a)		1,178,180
	16,460	McCormick & Company, Inc.		1,247,997
	11,559	Molson Coors Beverage Company, Class B		555,872
	27,156	Mondelez International, Inc., Class A		1,831,401
	17,974	Procter & Gamble Co.		2,863,618
	19,186	Walmart, Inc.		1,876,007
				15,002,284
		Energy - 5.8%
	45,140	Baker Hughes Company		1,730,668
	12,406	Chevron Corporation		1,776,415
	19,360	ConocoPhillips		1,737,366
	33,051	Exxon Mobil Corporation		3,562,899
	3,643	First Solar, Inc.^(a)		603,062

Shares			Fair Value
		COMMON STOCKS — 97.3% (Continued)
		Energy - 5.8% (Continued)
	49,333	Schlumberger Ltd.	$	1,667,455
				11,077,865
		Financials - 14.4%
	50,210	Bank of America Corporation		2,375,937
	7,156	Berkshire Hathaway, Inc., Class B^(a)		3,476,170
	9,227	Capital One Financial Corporation		1,963,137
	6,427	Chubb Ltd.		1,862,030
	23,314	Citigroup, Inc.		1,984,488
	2,709	Everest Re Group Ltd.		920,654
	18,915	Franklin Resources, Inc.		451,123
	2,879	Goldman Sachs Group, Inc. (The)		2,037,612
	9,160	JPMorgan Chase & Company		2,655,575
	13,609	Morgan Stanley		1,916,964
	5,760	Raymond James Financial, Inc.		883,411
	15,978	T Rowe Price Group, Inc.		1,541,877
	6,722	Travelers Companies, Inc. (The)		1,798,404
	41,361	US Bancorp		1,871,585
	24,606	Wells Fargo & Company		1,971,433
				27,710,400
		Health Care - 15.0%
	6,230	Amgen, Inc.		1,739,478
	10,129	Bio-Techne Corporation		521,137
	10,619	Cardinal Health, Inc.		1,783,992
	5,963	Cencora, Inc.		1,788,006
	31,598	Centene Corporation^(a)		1,715,139
	3,218	Charles River Laboratories International, Inc.^(a)		488,267
	26,888	CVS Health Corporation		1,854,734
	14,748	DexCom, Inc.^(a)		1,287,353
	4,784	Elevance Health, Inc.		1,860,785
	16,885	Gilead Sciences, Inc.		1,872,040
	4,335	HCA Healthcare, Inc.		1,660,739
	7,254	Humana, Inc.		1,773,458
	4,160	Incyte Corporation^(a)		283,296
	10,700	IQVIA Holdings, Inc.^(a)		1,686,213

	Fair Value

TOTAL INVESTMENTS - 99.3% (Cost $179,886,818)	$	190,833,357
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%		1,328,027
NET ASSETS - 100.0%	$	192,161,384

	Fair Value

TOTAL INVESTMENTS - 99.3% (Cost $232,301,009)	$	249,886,185
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%		1,678,978
NET ASSETS - 100.0%	$	251,565,163

Shares			Fair Value
		COMMON STOCKS — 96.2%
		Communications - 16.3%
	10,140	Alphabet, Inc., Class A	$	1,786,972
	4,847	Alphabet, Inc., Class C		859,809
	163	Booking Holdings, Inc.		943,646
	627	Expedia Group, Inc.^(a)		105,762
	4,480	Meta Platforms, Inc., Class A		3,306,644
	944	Netflix, Inc.^(a)		1,264,139
	1,305	T-Mobile US, Inc.		310,929
	10,424	Uber Technologies, Inc.^(a)		972,559
				9,550,460
		Consumer Discretionary - 10.0%
	12,778	Amazon.com, Inc.^(a)		2,803,365
	351	Axon Enterprise, Inc.^(a)		290,607
	795	Deckers Outdoor Corporation^(a)		81,941
	1,171	Hilton Worldwide Holdings, Inc.^(a)		311,884
	1,888	Las Vegas Sands Corporation		82,147
	345	Lululemon Athletica, Inc.^(a)		81,965
	4,269	O’Reilly Automotive, Inc.^(a)		384,765
	5,522	Tesla, Inc.^(a)		1,754,119
	908	Wynn Resorts Ltd.		85,052
				5,875,845
		Consumer Staples - 5.5%
	1,789	Colgate-Palmolive Company		162,620
	1,184	Costco Wholesale Corporation		1,172,089
	3,966	Philip Morris International, Inc.		722,328
	12,117	Walmart, Inc.		1,184,800
				3,241,837
		Energy - 0.7%
	546	First Solar, Inc.^(a)		90,385
	1,286	Hess Corporation		178,162
	1,693	ONEOK, Inc.		138,200
				406,747
		Financials - 4.5%
	2,692	American Express Company		858,694
	1,786	Arch Capital Group Ltd.^(a)		162,615

Shares			Fair Value
		COMMON STOCKS — 96.2% (Continued)
		Financials - 4.5% (Continued)
	1,115	Brown & Brown, Inc.	$	123,620
	226	Erie Indemnity Company, Class A		78,375
	4,207	JPMorgan Chase & Company		1,219,651
	1,062	Marsh & McLennan Companies, Inc.		232,196
				2,675,151
		Health Care - 6.4%
	581	DaVita, Inc.^(a)		82,763
	974	DexCom, Inc.^(a)		85,020
	1,575	Eli Lilly & Company		1,227,759
	476	HCA Healthcare, Inc.		182,356
	335	Insulet Corporation^(a)		105,250
	1,791	Intuitive Surgical, Inc.^(a)		973,248
	710	ResMed, Inc.		183,180
	904	Stryker Corporation		357,650
	1,244	Vertex Pharmaceuticals, Inc.^(a)		553,829
				3,751,055
		Industrials - 4.9%
	1,666	Cintas Corporation		371,301
	526	Deere & Company		267,466
	3,416	Delta Air Lines, Inc.		167,999
	1,912	Howmet Aerospace, Inc.^(a)		355,881
	155	Lennox International, Inc.		88,852
	633	Parker-Hannifin Corporation		442,131
	1,407	Rollins, Inc.		79,383
	1,076	Trane Technologies PLC		470,653
	274	TransDigm Group, Inc.^(a)		416,655
	319	United Rentals, Inc.^(a)		240,335
				2,900,656
		Materials - 0.5%
	613	Ecolab, Inc.		165,167
	406	Vulcan Materials Company		105,893
				271,060
		Real Estate - 1.2%
	1,407	CBRE Group, Inc., Class A^(a)		197,149

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 2.0%
		Equity - 2.0%
	1,371	iShares Russell 1000 Growth ETF	$	582,099
	5,291	iShares S&P500 Growth Index Fund		582,539
		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,107,805)		1,164,638

		TOTAL INVESTMENTS - 98.2% (Cost $50,982,080)	$	57,758,771
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%		1,068,643
		NET ASSETS - 100.0%	$	58,827,414

Shares			Fair Value
		COMMON STOCKS — 97.7%
		Communications - 2.0%
	10,380	Expedia Group, Inc.^(a)	$	1,750,899
	13,707	New York Times Company (The), Class A		767,318
	4,993	TKO Group Holdings, Inc.		908,476
				3,426,693
		Consumer Discretionary - 10.6%
	7,792	Abercrombie & Fitch Company, Class A		645,567
	5,612	Boyd Gaming Corporation^(a)		439,027
	10,225	Burlington Stores, Inc.^(a)		2,378,744
	30,383	Chewy, Inc., Class A^(a)		1,294,923
	11,365	Churchill Downs, Inc.		1,147,865
	8,999	Crocs, Inc.^(a)		911,419
	13,166	Deckers Outdoor Corporation^(a)		1,357,019
	14,661	Gentex Corporation		322,395
	4,158	Grand Canyon Education, Inc.^(a)		785,862
	13,593	Light & Wonder, Inc.^(a)		1,308,462
	12,168	Planet Fitness, Inc., Class A^(a)		1,326,920
	3,179	Ralph Lauren Corporation		871,936
	18,937	Somnigroup International, Inc.		1,288,663
	9,931	Texas Roadhouse, Inc.		1,861,170
	10,485	Travel + Leisure Company		541,131
	4,640	Wingstop, Inc.^(a)		1,562,474
				18,043,577
		Consumer Staples - 4.9%
	9,564	BJ’s Wholesale Club Holdings, Inc.^(a)		1,031,286
	27,601	Colgate-Palmolive Company		2,508,931
	8,314	elf Beauty, Inc.^(a)		1,034,594
	27,095	Hims & Hers Health, Inc.^(a)		1,350,686
	14,945	Sprouts Farmers Market, Inc.^(a)		2,460,545
				8,386,042
		Energy - 3.5%
	15,402	DT Midstream, Inc.		1,692,834
	10,684	Matador Resources Company^(a)		509,840
	28,044	ONEOK, Inc.		2,289,233
	93,073	Permian Resources Corporation		1,267,654

Shares			Fair Value
		COMMON STOCKS — 97.7% (Continued)
		Energy - 3.5% (Continued)
	5,340	Weatherford International plc	$	268,655
				6,028,216
		Financials - 14.5%
	18,462	Brown & Brown, Inc.		2,046,881
	7,184	Cullen/Frost Bankers, Inc.		923,431
	46,028	Equitable Holdings, Inc.^(a)		2,582,170
	5,433	Evercore, Inc., Class A		1,467,019
	7,330	Hamilton Lane, Inc., Class A^(a)		1,041,740
	8,261	HOULIHAN LOKEY, INC.		1,486,567
	46,252	Interactive Brokers Group, Inc., Class A		2,562,823
	3,371	Kinsale Capital Group, Inc.		1,631,227
	16,953	MGIC Investment Corporation		471,972
	7,868	Pinnacle Financial Partners, Inc.		868,706
	5,004	Primerica, Inc.		1,369,445
	7,374	RenaissanceRe Holdings Ltd.		1,791,145
	13,086	RLI Corporation		945,071
	16,104	Ryan Specialty Holdings, Inc.^(a)		1,094,911
	8,923	SEI Investments Company		801,821
	31,956	SLM Corporation^(a)		1,047,837
	11,061	Stifel Financial Corporation^(a)		1,147,910
	17,262	Western Alliance Bancorp		1,346,091
				24,626,767
		Health Care - 8.9%
	3,387	DaVita, Inc.^(a)		482,478
	14,068	DexCom, Inc.^(a)		1,227,996
	10,893	Encompass Health Corporation		1,335,809
	8,293	Ensign Group, Inc. (The)		1,279,278
	18,495	Globus Medical, Inc., Class A^(a)		1,091,575
	19,052	Halozyme Therapeutics, Inc.^(a)		991,085
	10,735	Lantheus Holdings, Inc.^(a)		878,767
	3,636	Medpace Holdings, Inc.^(a)		1,141,195
	14,821	Neurocrine Biosciences, Inc.^(a)		1,862,851
	3,826	Penumbra, Inc.^(a)		981,866
	28,230	Sarepta Therapeutics, Inc.^(a)		482,733

Shares			Fair Value
		COMMON STOCKS — 96.0%
		Communications - 2.4%
	6,305	EchoStar Corporation, Class A^(a)	$	174,649
	8,966	IAC, Inc.^(a)		334,790
	7,577	Iridium Communications, Inc.^(a)		228,598
	22,561	TEGNA, Inc.		378,122
				1,116,159
		Consumer Discretionary - 17.0%
	8,975	Advance Auto Parts, Inc.		417,248
	2,768	Asbury Automotive Group, Inc.^(a)		660,280
	9,514	Autoliv, Inc.		1,064,616
	13,743	Bath & Body Works, Inc.		411,740
	30,562	BorgWarner, Inc.		1,023,216
	8,134	Etsy, Inc.^(a)		408,001
	18,870	Gentex Corporation		414,951
	44,253	Goodyear Tire & Rubber Company (The)		458,904
	888	Group 1 Automotive, Inc.		387,798
	5,093	KB Home		269,776
	17,175	Kohl’s Corporation		145,644
	10,678	Meritage Homes Corporation^(a)		715,106
	2,524	Penske Automotive Group, Inc.		433,648
	3,923	Scotts Miracle-Gro Company (The)^(a)		258,761
	2,422	Vail Resorts, Inc.		380,569
	49,958	VF Corporation		587,007
				8,037,265
		Consumer Staples - 3.0%
	1,224	Boston Beer Company, Inc. (The), Class A^(a)		233,551
	7,298	Edgewell Personal Care Company^(a)		170,846
	13,981	Grocery Outlet Holding Corp^(a)		173,644
	3,614	PriceSmart, Inc.		379,616
	7,026	Simply Good Foods Company (The)^(a)		221,951
	1,356	The Marzetti Company		234,276
				1,413,884
		Energy - 2.9%
	9,367	California Resources Corporation		427,791
	17,430	Murphy Oil Corporation		392,175

Shares			Fair Value
		COMMON STOCKS — 96.0% (Continued)
		Energy - 2.9% (Continued)
	45,891	Patterson-UTI Energy, Inc.	$	272,134
	5,172	Weatherford International plc		260,203
				1,352,303
		Financials - 22.3%
	14,469	Air Lease Corporation		846,291
	4,774	Ameris Bancorp		308,878
	26,787	Arbor Realty Trust, Inc.		286,621
	20,896	Atlantic Union Bankshares Corporation		653,627
	6,300	Bread Financial Holdings, Inc.^(a)		359,856
	7,693	Brighthouse Financial, Inc.^(a)		413,653
	18,942	Comerica, Inc.		1,129,890
	2,773	Community Financial System, Inc.		157,701
	10,996	CVB Financial Corporation		217,611
	4,041	Federated Hermes, Inc., B		179,097
	8,265	First Financial Bankshares, Inc.		297,375
	10,345	First Hawaiian, Inc.		258,211
	43,318	Flagstar Financial Inc		459,171
	13,696	Fulton Financial Corporation		247,076
	1,910	GATX Corporation		293,300
	23,442	Lincoln National Corporation		811,093
	9,814	Radian Group, Inc.		353,500
	13,322	Renasant Corporation		478,659
	12,401	Seacoast Banking Corporation of Florida		342,516
	8,311	Selective Insurance Group, Inc.		720,148
	18,204	Simmons First National Corporation, Class A		345,148
	4,159	StepStone Group, Inc., Class A		230,825
	17,803	United Community Banks, Inc.		530,351
	11,522	WaFd, Inc.		337,364
	4,702	Walker & Dunlop, Inc.		331,397
				10,589,359
		Health Care - 6.5%
	8,585	Alkermes plc^(a)		245,617
	8,633	Bruker Corporation		355,680
	4,818	CONMED Corporation		250,921

Shares			Fair Value
		COMMON STOCKS — 97.5%
		Communications - 1.5%
	2,096	Cogent Communications Holdings, Inc.	$	101,048
	2,106	EchoStar Corporation, Class A^(a)		58,336
	2,540	Iridium Communications, Inc.^(a)		76,632
	3,378	Warner Music Group Corporation^(a)		92,017
	1,794	Yelp, Inc.^(a)		61,480
				389,513
		Consumer Discretionary - 13.0%
	1,634	Adtalem Global Education, Inc.^(a)		207,894
	2,108	Armstrong World Industries, Inc.		342,424
	1,994	Brinker International, Inc.		359,578
	408	Cavco Industries, Inc.^(a)		177,247
	2,753	Champion Homes, Inc.^(a)		172,365
	4,631	Cinemark Holdings, Inc.^(a)		139,764
	2,720	Etsy, Inc.^(a)		136,435
	1,147	GMS, Inc.^(a)		124,736
	1,293	Grand Canyon Education, Inc.^(a)		244,377
	298	Group 1 Automotive, Inc.		130,140
	725	M/I Homes, Inc.^(a)		81,287
	802	Madison Square Garden Sports^(a)		167,578
	1,868	Shake Shack, Inc., Class A^(a)		262,641
	2,545	Steven Madden Ltd.		61,029
	1,969	Stride, Inc.^(a)		285,879
	3,264	Travel + Leisure Company^(a)		168,455
	2,339	TRI Pointe Homes, Inc.^(a)		74,731
	1,215	Urban Outfitters, Inc.^(a)		88,136
	1,834	Yeti Holdings, Inc.^(a)		57,808
				3,282,504
		Consumer Staples - 2.5%
	1,925	Cal-Maine Foods, Inc.		191,788
	2,587	elf Beauty, Inc.^(a)		321,926
	900	Interparfums, Inc.		118,179
				631,893
		Energy - 3.9%
	7,980	Antero Midstream Corporation		151,220

Shares			Fair Value
		COMMON STOCKS — 97.6%
		Communications - 3.3%
	23,346	Maplebear, Inc.^(a)	$	1,056,173
	22,352	Match Group, Inc.^(a)		690,453
	7,517	Nexstar Media Group, Inc.		1,300,065
	17,925	Omnicom Group, Inc.		1,289,525
				4,336,216
		Consumer Discretionary - 8.9%
	26,298	Advance Auto Parts, Inc.		1,222,594
	17,359	Autoliv, Inc.		1,942,472
	5,637	Darden Restaurants, Inc.		1,228,697
	23,087	Etsy, Inc.^(a)		1,158,044
	30,546	Harley-Davidson, Inc.		720,886
	14,335	Lear Corporation		1,361,538
	5,877	Lululemon Athletica, Inc.^(a)		1,396,257
	17,731	MGM Resorts International^(a)		609,769
	31,377	Mister Car Wash, Inc.^(a)		188,576
	4,744	Penske Automotive Group, Inc.		815,067
	10,543	Shoe Carnival, Inc.		197,260
	8,209	Sonic Automotive, Inc., Class A		656,145
	13,685	Yeti Holdings, Inc.^(a)		431,351
				11,928,656
		Consumer Staples - 5.5%
	17,768	BellRing Brands, Inc.^(a)		1,029,300
	16,435	Dollar Tree, Inc.^(a)		1,627,722
	14,179	Five Below, Inc.^(a)		1,860,002
	59,316	Grocery Outlet Holding Corporation^(a)		736,705
	7,619	MGP Ingredients, Inc.		228,341
	5,026	Post Holdings, Inc.^(a)		547,985
	12,548	PriceSmart, Inc.		1,318,042
				7,348,097
		Energy - 5.4%
	14,113	Chord Energy Corporation		1,366,844
	20,421	ConocoPhillips		1,832,581
	5,030	First Solar, Inc.^(a)		832,666
	22,339	Innovex International, Inc.^(a)		348,935

Shares			Fair Value
		COMMON STOCKS — 97.6% (Continued)
		Energy - 5.4% (Continued)
	93,329	Nov, Inc. COM^(a)	$	1,160,080
	194,779	Patterson-UTI Energy, Inc.		1,155,039
	9,732	Weatherford International plc		489,617
				7,185,762
		Financials - 18.7%
	22,634	Air Lease Corporation		1,323,863
	10,422	American Financial Group, Inc.		1,315,361
	20,234	Ameris Bancorp		1,309,140
	75,733	Apollo Commercial Real Estate Finance, Inc.		733,095
	28,010	Bank OZK		1,318,151
	26,057	CNO Financial Group, Inc.		1,005,279
	3,736	Everest Re Group Ltd.		1,269,680
	31,265	EZCORP, Inc., Class A^(a)		433,958
	98,177	First Horizon Corporation		2,081,353
	95,616	FNB Corporation^(a)		1,394,081
	58,309	Fulton Financial Corporation		1,051,894
	9,453	Hanover Insurance Group, Inc. (The)		1,605,781
	7,204	Lakeland Financial Corporation		442,686
	18,107	NBT Bancorp, Inc.		752,346
	10,998	OFG Bancorp		470,714
	5,948	Raymond James Financial, Inc.		912,245
	9,776	Reinsurance Group of America, Inc.		1,939,167
	15,609	Selective Insurance Group, Inc.		1,352,520
	7,600	Stifel Financial Corporation^(a)		788,728
	11,801	StoneX Group, Inc.^(a)		1,075,543
	24,420	Unum Group		1,972,158
	7,255	Westamerica BanCorporation		351,432
				24,899,175
		Health Care - 7.7%
	63,600	AdaptHealth Corporation^(a)		599,748
	4,089	Addus HomeCare Corporation^(a)		471,012
	34,664	BioMarin Pharmaceutical, Inc.^(a)		1,905,480
	11,581	Cardinal Health, Inc.		1,945,608
	20,385	DexCom, Inc.^(a)		1,779,407

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 2.0% (Continued)
		Equity - 2.0% (Continued)
	1,381	Vanguard S&P 500 ETF	$	784,449
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,168,988)		2,240,795

		TOTAL INVESTMENTS - 99.3% (Cost $104,193,442)	$	111,507,639
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%		802,661
		NET ASSETS - 100.0%	$	112,310,300

	NAA All Cap Value Series		NAA Large Cap Value Series		NAA Large Core Series		NAA Large Growth Series		NAA Mid Growth Series
Assets:
Investments in securities, at cost	$	82,110,541	$	179,886,818	$	232,301,009	$	50,982,080	$	170,000,290
Investments in securities, at value	$	85,131,629	$	190,833,357	$	249,886,185	$	57,758,771	$	169,482,690
Cash		535,789		1,458,131		1,943,497		433,345		1,249,855
Receivable for Portfolio shares sold		6,606		1,713		6,437		767,709		441
Interest receivable		7		-		86		-		53
Dividends receivable		106,696		220,377		144,317		9,094		63,343
Prepaid expenses		4,219		5,635		23,336		6,426		30,136
Total Assets		85,784,946		192,519,213		252,003,858		58,975,345		170,826,518
Liabilities:
Payable for Portfolio shares redeemed		7,321		30,682		27,130		12,008		506,516
Accrued investment advisory fees		39,019		76,070		116,885		28,741		114,400
Accrued distribution (12b-1) fees		37,834		84,429		108,525		24,801		74,681
Accrued administrative fees		24,205		41,157		45,970		17,700		34,434
Accrued transfer agency fees		17,613		24,122		32,287		12,922		26,560
Accrued miscellaneous fees		62,129		101,369		107,898		51,759		77,626
Total Liabilities		188,121		357,829		438,695		147,931		834,217
Net Assets	$	85,596,825	$	192,161,384	$	251,565,163	$	58,827,414	$	169,992,301

Components of Net Assets:
Paid-in capital	$	58,251,224	$	125,855,364	$	174,465,852	$	39,288,961	$	157,724,691
Accumulated earnings		27,345,601		66,306,020		77,099,311		19,538,453		12,267,610
Net Assets	$	85,596,825	$	192,161,384	$	251,565,163	$	58,827,414	$	169,992,301

Net assets	$	85,596,825	$	192,161,384	$	251,565,163	$	58,827,414	$	169,992,301
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,445,022		4,436,029		4,817,059		2,248,897		3,217,185
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	35.01	$	43.32	$	52.22	$	26.16	$	52.84

	NAA Small Cap Value Series		NAA Small Growth Series			NAA SMid-Cap Value Series		NAA World Equity Income Series
Assets:
Investments in securities, at cost	$	50,572,124	$	24,353,944		$	129,744,783	$	104,193,442
Investments in securities, at value	$	46,804,132	$	25,225,450		$	132,766,569	$	111,507,639
Cash		1,066,610		226,704			654,064		615,208
Foreign Cash (Cost $-, -, -,69,588)		-		-			-		69,588
Receivable for securities sold		-		-			-		13,601
Receivable for Portfolio shares sold		6,136		34			8,157		-
Interest receivable		11		19			52		102
Dividends receivable		59,748		16,177			209,155		157,928
Reclaims receivable		-		-			-		189,276
Prepaid expenses		8,781		1,878			13,109		8,867
Total Assets		47,945,418		25,470,262			133,651,106		112,562,209
Liabilities:
Payable for Portfolio shares redeemed		43,912		22,372			39,284		17,809
Payable for securities purchased		418,988		-			-		13,653
Accrued investment advisory fees		31,346		14,959			109,419		65,703
Accrued distribution (12b-1) fees		26,130		11,072			59,541		49,061
Accrued administrative fees		18,766		13,905			33,647		23,594
Accrued transfer agency fees		16,945		10,748			11,351		19,577
Accrued miscellaneous fees		46,883		42,872			80,228		62,512
Total Liabilities		602,970		115,928			333,470		251,909
Net Assets	$	47,342,448	$	25,354,334		$	133,317,636	$	112,310,300

Components of Net Assets:
Paid-in capital	$	40,836,507	$	26,445,646		$	97,135,551	$	82,106,649
Accumulated earnings (losses)		6,505,941		(1,091,312	)		36,182,085		30,203,651
Net Assets	$	47,342,448	$	25,354,334		$	133,317,636	$	112,310,300

Net assets	$	47,342,448	$	25,354,334		$	133,317,636	$	112,310,300
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1,155,379		835,109			1,761,878		6,976,405
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	40.98	$	30.36		$	75.67	$	16.10

	NAA All Cap Value Series						NAA Large Cap Value Series
	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	475,789		$	1,258,076		$	1,091,256		$	3,085,233
Net realized gain on investments		4,111,351			20,370,680			15,310,037			39,766,631
Net change in unrealized depreciation on investments		(1,740,640	)		(12,321,331	)		(8,291,493	)		(16,980,126	)
Net increase in net assets resulting from operations		2,846,500			9,307,425			8,109,800			25,871,738
From Distributions to Shareholders:
Total Distributions Paid		-			(6,287,518	)		-			(17,908,003	)
Total distributions to shareholders		-			(6,287,518	)		-			(17,908,003	)
From Shares of Beneficial Interest:
Proceeds from shares sold		546,193			1,957,443			1,589,925			3,734,900
Reinvestment of distributions		-			6,287,518			-			17,908,003
Cost of shares redeemed		(7,676,143	)		(14,749,269	)		(16,212,359	)		(30,507,642	)
Net decrease in net assets from share transactions of beneficial interest		(7,129,950	)		(6,504,308	)		(14,622,434	)		(8,864,739	)
Total Decrease In Net Assets		(4,283,450	)		(3,484,401	)		(6,512,634	)		(901,004	)

Net Assets:
Beginning of year/period		89,880,275			93,364,676			198,674,018			199,575,022
End of year/period	$	85,596,825		$	89,880,275		$	192,161,384		$	198,674,018

SHARE ACTIVITY
Shares Sold		16,095			56,641			38,074			88,846
Shares Reinvested		-			186,131			-			438,277
Shares Redeemed		(228,423	)		(429,933	)		(389,460	)		(726,045	)
Net decrease in shares of beneficial interest outstanding		(212,328	)		(187,161	)		(351,386	)		(198,922	)

	NAA Large Core Series						NAA Large Growth Series
	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets:
From Operations:
Net investment income/(loss)	$	428,797		$	7,085,413		$	(105,403	)	$	1,400,559
Net realized gain/(loss) on investments		5,252,299			60,736,808			(254,270	)		16,468,537
Net change in unrealized appreciation (depreciation) on investments		5,858,390			(11,617,206	)		3,855,403			(3,015,347	)
Net increase in net assets resulting from operations		11,539,486			56,205,015			3,495,730			14,853,749
From Distributions to Shareholders:
Total Distributions Paid		-			(7,520,187	)		-			(1,441,067	)
Total distributions to shareholders		-			(7,520,187	)		-			(1,441,067	)
From Shares of Beneficial Interest:
Proceeds from shares sold		1,463,629			4,612,268			1,732,674			6,582,849
Reinvestment of distributions		-			7,520,187			-			1,441,067
Cost of shares redeemed		(16,069,159	)		(33,689,927	)		(5,855,194	)		(10,711,798	)
Net decrease in net assets from share transactions of beneficial interest		(14,605,530	)		(21,557,472	)		(4,122,520	)		(2,687,882	)
Total Increase/(Decrease) In Net Assets		(3,066,044	)		27,127,356			(626,790	)		10,724,800

Net Assets:
Beginning of year/period		254,631,207			227,503,851			59,454,204			48,729,404
End of year/period	$	251,565,163		$	254,631,207		$	58,827,414		$	59,454,204

SHARE ACTIVITY
Shares Sold		29,726			100,582			69,739			285,142
Shares Reinvested		-			161,724			-			64,333
Shares Redeemed		(329,727	)		(728,156	)		(251,075	)		(482,839	)
Net decrease in shares of beneficial interest outstanding		(300,001	)		(465,850	)		(181,336	)		(133,364	)

	NAA Mid Growth Series						NAA Small Cap Value Series
	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets:
From Operations:
Net investment income/(loss)	$	(113,204	)	$	4,675,386		$	261,691		$	481,100
Net realized gain on investments		1,390,878			46,041,837			86,922			11,224,579
Net change in unrealized appreciation (depreciation) on investments		1,571,650			(22,971,363	)		(4,360,434	)		(6,968,603	)
Net increase/(decrease) in net assets resulting from operations		2,849,324			27,745,860			(4,011,821	)		4,737,076
From Distributions to Shareholders:
Total Distributions Paid		-			(5,214,553	)		-			(3,254,989	)
Total distributions to shareholders		-			(5,214,553	)		-			(3,254,989	)
From Shares of Beneficial Interest:
Proceeds from shares sold		18,658,971			3,844,451			2,146,816			3,238,916
Reinvestment of distributions		-			5,214,553			-			3,254,989
Cost of shares redeemed		(9,490,960	)		(46,944,857	)		(3,986,384	)		(17,001,410	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		9,168,011			(37,885,853	)		(1,839,568	)		(10,507,505	)
Total Increase (Decrease) In Net Assets		12,017,335			(15,354,546	)		(5,851,389	)		(9,025,418	)

Net Assets:
Beginning of year/period		157,974,966			173,329,512			53,193,837			62,219,255
End of year/period	$	169,992,301		$	157,974,966		$	47,342,448		$	53,193,837

SHARE ACTIVITY
Shares Sold		381,404			75,983			51,572			72,783
Shares Reinvested		-			106,965			-			75,173
Shares Redeemed		(186,127	)		(935,609	)		(96,849	)		(388,416	)
Net increase/(decrease) in shares of beneficial interest outstanding		195,277			(752,661	)		(45,277	)		(240,460	)

	NAA Small Growth Series						NAA SMid-Cap Value Series
	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	15,168		$	657,112		$	893,739		$	1,474,152
Net realized gain/(loss) on investments		(92,512	)		5,579,688			(1,020,524	)		36,033,220
Net change in unrealized appreciation (depreciation) on investments		978,121			(3,052,933	)		63,688			(23,429,634	)
Net increase/(decrease) in net assets resulting from operations		900,777			3,183,867			(63,097	)		14,077,738
From Distributions to Shareholders:
Total Distributions Paid		-			(788,282	)		-			(6,242,116	)
Total distributions to shareholders		-			(788,282	)		-			(6,242,116	)
From Shares of Beneficial Interest:
Proceeds from shares sold		183,872			785,249			543,979			3,420,683
Reinvestment of distributions		-			788,282			-			6,242,116
Cost of shares redeemed		(1,542,233	)		(4,786,765	)		(10,565,182	)		(34,652,302	)
Net decrease in net assets from share transactions of beneficial interest		(1,358,361	)		(3,213,234	)		(10,021,203	)		(24,989,503	)
Total Decrease In Net Assets		(457,584	)		(817,649	)		(10,084,300	)		(17,153,881	)

Net Assets:
Beginning of year/period		25,811,918			26,629,567			143,401,936			160,555,817
End of year/period	$	25,354,334		$	25,811,918		$	133,317,636		$	143,401,936

SHARE ACTIVITY
Shares Sold		6,558			27,227			7,185			47,160
Shares Reinvested		-			27,514			-			83,753
Shares Redeemed		(54,182	)		(168,094	)		(142,883	)		(458,572	)
Net decrease in shares of beneficial interest outstanding		(47,624	)		(113,353	)		(135,698	)		(327,659	)

	NAA World Equity Income Series
	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	1,040,629		$	2,221,224
Net realized gain on investments		1,871,513			21,160,529
Net change in unrealized appreciation (depreciation) on investments		6,162,041			(9,638,330	)
Net increase in net assets resulting from operations		9,074,183			13,743,423
From Distributions to Shareholders:
Total Distributions Paid		-			(3,114,326	)
Total distributions to shareholders		-			(3,114,326	)
From Shares of Beneficial Interest:
Proceeds from shares sold		1,670,070			2,992,282
Reinvestment of distributions		-			3,114,326
Cost of shares redeemed		(9,596,091	)		(18,460,050	)
Net decrease in net assets from share transactions of beneficial interest		(7,926,021	)		(12,353,442	)
Total Increase/(Decrease) In Net Assets		1,148,162			(1,724,345	)

Net Assets:
Beginning of year/period		111,162,138			112,886,483
End of year/period	$	112,310,300		$	111,162,138

SHARE ACTIVITY
Shares Sold		111,589			200,774
Shares Reinvested		-			210,285
Shares Redeemed		(631,823	)		(1,255,057	)
Net decrease in shares of beneficial interest outstanding		(520,234	)		(843,998	)

		Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Net asset value, beginning of year/period		$	33.82		$	32.82		$	33.47		$	38.53		$	31.06		$	32.89
Income (loss) from investment operations:
Net investment income (a)			0.19			0.46			0.53			0.52			0.38			0.56
Net realized and unrealized gain (loss) on investments			1.00			2.90			2.24			(1.15	)		7.93			(0.33	)
Total income (loss) from investment operations			1.19			3.36			2.77			(0.63	)		8.31			0.23
Less distributions from:
Net investment income			-			(0.57	)		(0.53	)		(0.43	)		(0.65	)		(0.52	)
Net realized gain			-			(1.79	)		(2.89	)		(4.00	)		(0.19	)		(1.54	)
Total distributions			-			(2.36	)		(3.42	)		(4.43	)		(0.84	)		(2.06	)
Net asset value, end of year/period		$	35.01		$	33.82		$	32.82		$	33.47		$	38.53		$	31.06
Total return (b)(c)			3.52	%(h)		10.25	%		8.52	%		(1.17	)%		26.95	%		1.88	%

Ratios and Supplemental Data:
Net assets, end of year/period (in 000’s)		$	85,597		$	89,880		$	93,365		$	93,912		$	103,134		$	91,661
Net Investment Income (d)			1.12	%(i)		1.33	%		1.63	%		1.45	%		1.06	%		2.03	%
Total Expenses (d)			1.24	%(i)		1.13	%		1.14	%		1.11	%		1.13	%		1.21	%
Net Expenses (e)			0.91	%(i)		0.84	%		0.85	%(f)		0.86	%(f)		0.87	%(f)		0.87	%(f)
Portfolio turnover rate			70	%(h)		12	%(g)		25	%		30	%		26	%		22	%

(a)	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
(b)	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products.
(c)	Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.
(d)	Does not include the expenses of the underlying investment companies in which the Fund invests.
(e)	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
(f)	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

								12/31/2023			12/31/2022			12/31/2021			12/31/2020
									0.85	%		0.86	%		0.87	%		0.87	%

(g)	Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios.
(h)	Not annualized.
(i)	Annualized.

(g)	Includes adjustments in accordance with generally accepted accounting principles in the United States and consequently, the net asset values for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing.
(h)	Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios.
(i)	Not annualized.
(j)	Annualized.

	(g)	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
	(h)	Portfolio Turnover excludes investments that were purchased/sold to realign the portfolios.
	(i)	Not annualized.
	(j)	Annualized.

		Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Net asset value, beginning of year/period		$	14.83		$	13.53		$	12.37		$	17.74		$	14.79		$	14.45
Income (loss) from investment operations:
Net investment income (a)			0.14			0.28			0.28			0.32			0.34			0.22
Net realized and unrealized gain (loss) on investments			1.13			1.42			1.22			(2.01	)		2.86			0.66
Total income (loss) from investment operations			1.27			1.70			1.50			(1.69	)		3.20			0.88
Less distributions from:
Net investment income			-			(0.40	)		(0.34	)		(0.36	)		(0.25	)		(0.40	)
Net realized gain			-			-			-			(3.32	)		-			(0.14	)
Total distributions			-			(0.40	)		(0.34	)		(3.68	)		(0.25	)		(0.54	)
Net asset value, end of year/period		$	16.10		$	14.83		$	13.53		$	12.37		$	17.74		$	14.79
Total return (b)(c)			8.56	%(h)		12.59	%		12.28	%		(9.12	)%		21.74	%		6.65	%

Ratios and Supplemental Data:
Net assets, end of year/period (in 000’s)		$	112,310		$	111,162		$	112,886		$	113,334		$	138,193		$	126,007
Net Investment Income (d)			1.92	%(i)		1.92	%		2.22	%		2.25	%		2.02	%		1.70	%
Total Expenses (d)			1.18	%(i)		1.14	%		1.14	%		1.10	%		1.15	%		1.20	%
Net Expenses (e)			0.93	%(i)		0.86	%		0.87	%(f)		0.88	%(f)		0.89	%(f)		0.89	%(f)
Portfolio turnover rate			90	%(h)		105	%(g)		177	%		140	%		185	%		196	%

(a)	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
(b)	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had been taken into account these expenses, performance would have been lower. Shares of a series of New Age Variable Funds Trust are available only through the purchase of such products.
(c)	Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any.
(d)	Does not include the expenses of the underlying investment companies in which the Fund invests.
(e)	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
(f)	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

								12/31/2023			12/31/2022			12/31/2021			12/31/2020
									0.87	%		0.88	%		0.89	%		0.89	%

New Age Alpha Variable Funds	Notes to Financial Statements (Unaudited)
	June 30, 2025

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