NAA Allocation Fund - Class A (TVRAX)

Semi-Annual Shareholder Report - March 31, 2026

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

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$71	1.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$176,360,273
Number of Portfolio Holdings176
Advisory Fee $835,093
Portfolio Turnover30%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	78.3%
Convertible Bonds	0.6%
Corporate Bonds	18.2%
Exchange-Traded Funds	2.9%

Sector Weighting (% of net assets)

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

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Allocation Fund - Class A (TVRAX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-TVRAX

NAA Allocation Fund - Class C (TVRCX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$101	2.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$176,360,273
Number of Portfolio Holdings176
Advisory Fee $835,093
Portfolio Turnover30%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	78.3%
Convertible Bonds	0.6%
Corporate Bonds	18.2%
Exchange-Traded Funds	2.9%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Allocation Fund - Class C (TVRCX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-TVRCX

NAA Allocation Fund - Institutional (TVRIX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$52	1.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$176,360,273
Number of Portfolio Holdings176
Advisory Fee $835,093
Portfolio Turnover30%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	78.3%
Convertible Bonds	0.6%
Corporate Bonds	18.2%
Exchange-Traded Funds	2.9%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Allocation Fund - Institutional (TVRIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-TVRIX

NAA Allocation Fund - Class P (TVFRX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class P	$64	1.30%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$176,360,273
Number of Portfolio Holdings176
Advisory Fee $835,093
Portfolio Turnover30%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	78.3%
Convertible Bonds	0.6%
Corporate Bonds	18.2%
Exchange-Traded Funds	2.9%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Allocation Fund - Class P (TVFRX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-TVFRX

NAA Large Cap Value Fund - Class A (SECIX)

Semi-Annual Shareholder Report - March 31, 2026

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

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$55	1.10%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$66,581,545
Number of Portfolio Holdings102
Advisory Fee $175,891
Portfolio Turnover34%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.6%
Exchange-Traded Funds	1.4%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Large Cap Value Fund - Class A (SECIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SECIX

NAA Large Cap Value Fund - Class C (SEGIX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$93	1.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$66,581,545
Number of Portfolio Holdings102
Advisory Fee $175,891
Portfolio Turnover34%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.6%
Exchange-Traded Funds	1.4%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Large Cap Value Fund - Class C (SEGIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SEGIX

NAA Large Cap Value Fund - Institutional (GILCX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$43	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$66,581,545
Number of Portfolio Holdings102
Advisory Fee $175,891
Portfolio Turnover34%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.6%
Exchange-Traded Funds	1.4%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Large Cap Value Fund - Institutional (GILCX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-GILCX

NAA Large Core Fund - Class A (SECEX)

Semi-Annual Shareholder Report - March 31, 2026

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

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$61	1.25%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$235,448,251
Number of Portfolio Holdings140
Advisory Fee $954,313
Portfolio Turnover32%

Asset Weighting (% of total investments)

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

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NVIDIA Corporation	7.2%
Apple, Inc.	6.7%
Microsoft Corporation	4.8%
Alphabet, Inc. - Class A	4.3%
Amazon.com, Inc.	2.5%
Broadcom, Inc.	2.5%
Exxon Mobil Corporation	2.3%
Tesla, Inc.	1.9%
Chevron Corporation	1.7%
Micron Technology, Inc.	1.6%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Large Core Fund - Class A (SECEX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SECEX

NAA Large Core Fund - Class C (SFECX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$98	2.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$235,448,251
Number of Portfolio Holdings140
Advisory Fee $954,313
Portfolio Turnover32%

Asset Weighting (% of total investments)

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

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NVIDIA Corporation	7.2%
Apple, Inc.	6.7%
Microsoft Corporation	4.8%
Alphabet, Inc. - Class A	4.3%
Amazon.com, Inc.	2.5%
Broadcom, Inc.	2.5%
Exxon Mobil Corporation	2.3%
Tesla, Inc.	1.9%
Chevron Corporation	1.7%
Micron Technology, Inc.	1.6%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Large Core Fund - Class C (SFECX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SFECX

NAA Large Core Fund - Institutional (GILIX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$49	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$235,448,251
Number of Portfolio Holdings140
Advisory Fee $954,313
Portfolio Turnover32%

Asset Weighting (% of total investments)

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

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NVIDIA Corporation	7.2%
Apple, Inc.	6.7%
Microsoft Corporation	4.8%
Alphabet, Inc. - Class A	4.3%
Amazon.com, Inc.	2.5%
Broadcom, Inc.	2.5%
Exxon Mobil Corporation	2.3%
Tesla, Inc.	1.9%
Chevron Corporation	1.7%
Micron Technology, Inc.	1.6%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Large Core Fund - Institutional (GILIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-GILIX

NAA Mid Growth Fund - Class A (SECUX)

Semi-Annual Shareholder Report - March 31, 2026

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

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$70	1.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$67,685,795
Number of Portfolio Holdings127
Advisory Fee $262,860
Portfolio Turnover44%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.5%
Exchange-Traded Funds	1.5%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Mid Growth Fund - Class A (SECUX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SECUX

NAA Mid Growth Fund - Class C (SUFCX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$107	2.16%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$67,685,795
Number of Portfolio Holdings127
Advisory Fee $262,860
Portfolio Turnover44%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.5%
Exchange-Traded Funds	1.5%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Mid Growth Fund - Class C (SUFCX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SUFCX

NAA Mid Growth Fund - Institutional (GIUIX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$58	1.16%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$67,685,795
Number of Portfolio Holdings127
Advisory Fee $262,860
Portfolio Turnover44%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.5%
Exchange-Traded Funds	1.5%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Mid Growth Fund - Institutional (GIUIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-GIUIX

NAA Opportunity Fund - Class A (SAOAX)

Semi-Annual Shareholder Report - March 31, 2026

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

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$87	1.64%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$39,803,028
Number of Portfolio Holdings424
Advisory Fee $163,280
Portfolio Turnover75%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	67.0%
U.S. Government & Agencies	33.0%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	32.8%
Israel	0.1%
Cayman Islands	0.3%
Netherlands	0.9%
Ireland	1.2%
United States	64.7%

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Opportunity Fund - Class A (SAOAX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SAOAX

NAA Opportunity Fund - Class C (SAOCX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$126	2.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$39,803,028
Number of Portfolio Holdings424
Advisory Fee $163,280
Portfolio Turnover75%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	67.0%
U.S. Government & Agencies	33.0%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	32.8%
Israel	0.1%
Cayman Islands	0.3%
Netherlands	0.9%
Ireland	1.2%
United States	64.7%

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Opportunity Fund - Class C (SAOCX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SAOCX

NAA Opportunity Fund - Institutional (SAOIX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$74	1.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$39,803,028
Number of Portfolio Holdings424
Advisory Fee $163,280
Portfolio Turnover75%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	67.0%
U.S. Government & Agencies	33.0%

Country Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	32.8%
Israel	0.1%
Cayman Islands	0.3%
Netherlands	0.9%
Ireland	1.2%
United States	64.7%

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Opportunity Fund - Institutional (SAOIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SAOIX

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

Semi-Annual Shareholder Report - March 31, 2026

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

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$95	1.89%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$180,182,861
Number of Portfolio Holdings121
Advisory Fee $613,809
Portfolio Turnover8%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	112.4%
U.S. Government & Agencies	6.0%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.3%
U.S. Treasury Obligations	4.9%
Real Estate	91.8%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

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

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-GURAX

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

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$129	2.59%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$180,182,861
Number of Portfolio Holdings121
Advisory Fee $613,809
Portfolio Turnover8%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	112.4%
U.S. Government & Agencies	6.0%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.3%
U.S. Treasury Obligations	4.9%
Real Estate	91.8%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

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

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-GURCX

NAA Risk Managed Real Estate Fund - Institutional (GURIX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$79	1.57%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$180,182,861
Number of Portfolio Holdings121
Advisory Fee $613,809
Portfolio Turnover8%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	112.4%
U.S. Government & Agencies	6.0%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	3.3%
U.S. Treasury Obligations	4.9%
Real Estate	91.8%

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA Risk Managed Real Estate Fund - Institutional (GURIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-GURIX

NAA SMid Cap Value Fund - Class A (SEVAX)

Semi-Annual Shareholder Report - March 31, 2026

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

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$58	1.15%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$282,421,306
Number of Portfolio Holdings122
Advisory Fee $970,503
Portfolio Turnover46%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.7%
Exchange-Traded Funds	1.3%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA SMid Cap Value Fund - Class A (SEVAX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SEVAX

NAA SMid Cap Value Fund - Class C (SEVSX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$100	2.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$282,421,306
Number of Portfolio Holdings122
Advisory Fee $970,503
Portfolio Turnover46%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.7%
Exchange-Traded Funds	1.3%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA SMid Cap Value Fund - Class C (SEVSX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SEVSX

NAA SMid Cap Value Fund - Institutional (SVUIX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$46	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$282,421,306
Number of Portfolio Holdings122
Advisory Fee $970,503
Portfolio Turnover46%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.7%
Exchange-Traded Funds	1.3%

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA SMid Cap Value Fund - Institutional (SVUIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SVUIX

NAA World Equity Income Fund - Class A (SEQAX)

Semi-Annual Shareholder Report - March 31, 2026

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

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$60	1.17%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$46,258,350
Number of Portfolio Holdings173
Advisory Fee $98,792
Portfolio Turnover27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.5%
Exchange-Traded Funds	1.5%

Country Weighting (% of net assets)

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

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA World Equity Income Fund - Class A (SEQAX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SEQAX

NAA World Equity Income Fund - Class C (SFGCX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$99	1.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$46,258,350
Number of Portfolio Holdings173
Advisory Fee $98,792
Portfolio Turnover27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.5%
Exchange-Traded Funds	1.5%

Country Weighting (% of net assets)

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

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA World Equity Income Fund - Class C (SFGCX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SFGCX

NAA World Equity Income Fund - Institutional (SEWIX)

Semi-Annual Shareholder Report - March 31, 2026

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$47	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$46,258,350
Number of Portfolio Holdings173
Advisory Fee $98,792
Portfolio Turnover27%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.5%
Exchange-Traded Funds	1.5%

Country Weighting (% of net assets)

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

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

NAA World Equity Income Fund - Institutional (SEWIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-SEWIX

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The following tables summarize the inputs used for the six months ended March 31, 2026, for the Funds’ assets and liabilities measured at fair value:

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

c. Security Transactions and Related Income – Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued daily using the effective yield method. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are unavailable. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as American depository receipts (“ADRs”) and ETFs, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities

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

e. Foreign Currency Translations – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

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

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

f. Futures Contracts – Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Funds did not hold any futures contracts as of March 31, 2026.

g. Short Sales – When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

h. Swap Agreements – Swap agreements are marked-to-market daily and any change is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Swap agreements are contracts between a Fund and, typically, a brokerage firm, bank, or other institutional buyer (the swap counterparty) for periods ranging from a few days to multiple years. In a basic swap transaction, a Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) earned or realized on a particular “notional amount” or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, fixed or variable interest rate, non-U.S. currency, or a “basket” of securities representing a particular index. A Fund customarily will enter into swap agreements based on the standard terms and conditions of an International Swaps and Derivatives Association (“ISDA”) Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter (“OTC”) derivatives markets that has developed standardized contracts used by participants who have agreed to be bound by such standardized contracts.

A Fund will enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the Fund and its counterparty are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. A Fund’s obligations (or rights) under a swap agreement that is entered into on a net basis will be the net amount to be paid or received under the agreement based on the relative values of each party’s obligations upon termination of the agreement or at set valuation dates. A Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If a Fund enters into a swap agreement on a net basis, it will segregate

assets with a daily value at least equal to the excess, if any, of the Fund’s accrued obligations under the swap agreement over the accrued amount the Fund is entitled to receive under the agreement. If the swap agreement does not provide for that type of netting, the full amount of a Fund’s obligations will be accrued daily. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a value equal to the full amount of the Fund’s accrued obligations under the agreement.

During the term of a swap agreement, a Fund is usually required to pledge to the swap counterparty, from time to time, an amount of cash and other assets equal to the total net amount (if any) that would be payable by the Fund to the counterparty if the swap were terminated on the date in question, including any early termination payments. Periodically, changes in the amount pledged are made to recognize changes in the value of the contract resulting from, among other things, interest on the contract’s notional value, market value changes in the underlying investment, and dividends paid by the issuer of the underlying instrument. Likewise, the counterparty may be required to pledge cash or other assets to cover its obligations to a Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to a Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund, and the Fund may sustain a loss.

The following table presents the Funds’ asset and liability derivatives available for offset under a master netting arrangement (“MNA”) along with collateral pledged for these contracts as of March 31, 2026:

The notional value of the derivative instruments outstanding as of March 31, 2026 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the six months ended March 31, 2026, as disclosed above and within the Statements of Operations, serve as indicators of the volume of derivative activity for the Funds.

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities for the six months ended March 31, 2026:

The following is a summary of the location of derivative investments on Funds’ Statements of Operations for the six months ended March 31, 2026:

i. Cash Management Transactions – The Funds subscribe to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. is subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included in the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of March 31, 2026, the Funds had the following cash balances participating in the BBH CMS:

As of March 31, 2026, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

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

Tax positions taken or expected to be taken while preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended September 30, 2023 through September 30, 2025 or expected to be taken in the Funds’ September 30, 2026 year-end tax return. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

k. Dividends and Distributions – Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for U.S. federal income tax purposes. Dividends from net investment income are declared quarterly in the World Equity Income Fund and Risk Managed Real Estate Fund. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions of net investment income in the remaining Equity Funds and distributions of net realized gains, if any, in all Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

l. Foreign Taxes – The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2026, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

n. Expenses – Expenses directly attributable to a Fund are charged directly to the Fund. Other expenses common to various funds within the fund complex are generally allocated amongst such funds based on average net assets. Expenses are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

o. Sales Charges (loads) – Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. Class A share purchases of $1 million or more are exempt from the front-end sales charge but have a 1.00% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. Class C shares have a 1.00% CDSC fee if shares are redeemed within 12 months of purchase. The respective shareholders pay such CDSC charges, which are not an expense of the Funds. For the six months ended March 31, 2026, there were the following CDSC fees paid to the distributor:

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

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

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

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

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

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

g. Depositary Receipt Risk – The Funds may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

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

i. Options Risk – Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position on a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.

j. Futures Contracts Risk – Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a specific price and date or cash settlement of the terms of the contract. The risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile, and using futures may increase the volatility of the Fund’s NAV. Futures are also subject to leverage and liquidity risks.

k. Swap Agreements Risk – Swap agreements are contracts between the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Risks associated with swap agreements differ from those associated with ordinary portfolio securities transactions because they could be considered illiquid, and many swaps trade on the OTC market. Swaps are subject to counterparty credit, correlation, valuation, liquidity, and leverage risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing specific margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.

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

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

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

Under the Advisory Agreement effective October 25, 2024, for its services, the NAA Large Core Fund pays the Adviser a monthly investment advisory fee (the “Management Fee”) computed at the annual rate of 0.75% of average daily net assets up to $500 million, 0.725% of average daily net assets over $500 million up to $1 billion, 0.70% of average daily net assets over $1 billion up to $1.5 billion, 0.65% of average daily net assets over $1.5

billion up to $2 billion, 0.60% of average daily net assets over $2 billion up to $2.5 billion, 0.55% of average daily net assets over $2.5 billion up to $3 billion, and 0.50% of average daily net assets over $3 billion. The amount paid to the Adviser for the six months ended March 31, 2026 was $954,313.

Each other Fund pays the Adviser a monthly Management Fee computed at the annual rate as a percentage of its average daily net assets listed in the table below for the six months ended March 31, 2026:

Under an amended Expense Limitation Agreement between the Trust and the Adviser (the “Expense Limitation Agreement”), the Adviser has contractually agreed, until January 31, 2027, to reduce the Management Fee and reimburse other expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business (with the exception of NAA Opportunity Fund which includes dividends and interest expenses)) to an amount not exceeding the percentage of the average daily net assets of each Fund in the table below:

For the six months ended March 31, 2026, the fee waivers/reimbursements attributed to the Adviser were as follows:

Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by a Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. As of March 31, 2026, the Adviser has waived/reimbursed expenses that may be recovered no later than September 30 of the years indicated below:

b. Distributor – The Funds’ Distributor is Ultimus Fund Distributors, LLC (the “Distributor”). The Funds have adopted a Distribution Plan (the “Plan”) under Rule 12b-1 under the 1940 Act. The Plan provides that the Funds will compensate the Distributor for distribution and other services provided to the Funds, its activities and expenses related to the sale and distribution of the Funds and ongoing services to the investors in the Funds. Under the Plan, the Funds pay the distributor an annual fee for distribution and shareholder servicing expenses up to 0.25% of the Fund’s average daily net assets attributable to Class A and P shares and 1.00% for Class C shares. The Distributor may pay up to the full amount of this fee to third parties that make available Fund shares and/or provide services to the Funds and their shareholders. The fee paid to a third party is based on the level of such services provided. Third parties may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing.

The following table reflects the Funds’ incurred distribution fees for the six months ended March 31, 2026.

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 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 which serves as legal counsel of the Trust.

The cost of purchases and the proceeds from sales of investments, other than short-term investments, for the six months ended March 31, 2026 were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of the control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, ownership percentages of the holders of the voting securities of each Fund that may be deemed to control the Fund were as follows:

The Trust does not know if 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 the Funds’ distributions paid for the years ended September 30, 2025, and September 30, 2024 were as follows:

As of September 30, 2025, 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, mark-to-market on open passive foreign investment companies, adjustments for real estate investment trusts, C-Corporation return of capital distributions, and the tax deferral of losses on straddles.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes.

The NAA Risk Managed Real Estate Fund incurred and elected to defer such capital losses of $258,693.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The NAA Mid Growth Fund incurred and elected to defer such late year losses of $295,614.

At September 30, 2025, the below Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carryforwards utilized as follows:

During the fiscal year ended September 30, 2025, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to net operating losses, distributions in excess, the use of tax equalization credits, and the treatment of tax items related to the target funds’ acquired as a result of a merger, resulted in reclassifications as follows:

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.

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

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

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

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

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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)

Registrant’s telephone number, including area code:	212-922-2699

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

Shares			Fair Value
		COMMON STOCKS — 77.5%
		Communications - 7.5%
	7,316	Alphabet, Inc., Class A	$	2,103,789
	13,732	Alphabet, Inc., Class C		3,939,161
	68,722	AT&T, Inc.		1,992,251
	26,374	Comcast Corporation, Class A		757,198
	3,044	Meta Platforms, Inc., Class A		1,741,564
	17,558	Uber Technologies, Inc.^(a)		1,262,947
	31,417	Verizon Communications, Inc.		1,577,133
				13,374,043
		Consumer Discretionary - 4.1%
	17,049	Amazon.com, Inc.^(a)		3,550,795
	2,621	DR Horton, Inc.		359,654
	8,848	General Motors Company		659,176
	6,997	Tesla, Inc.^(a)		2,601,135
				7,170,760
		Consumer Staples - 0.3%
	3,575	Walmart, Inc.		444,301

		Energy - 7.2%
	2,616	APA Corporation		111,023
	9,556	Baker Hughes Company		583,394
	11,726	Chevron Corporation		2,426,110
	9,101	ConocoPhillips		1,201,332
	1,831	Diamondback Energy, Inc.		362,153
	4,616	EQT Corporation		293,762
	1,748	Expand Energy Corporation		191,895
	19,091	Exxon Mobil Corporation		3,238,980
	1,038	First Solar, Inc.^(a)		204,756
	14,514	Kinder Morgan, Inc.		486,654
	2,152	Marathon Petroleum Corporation		525,475
	5,376	Occidental Petroleum Corporation		349,440
	4,654	ONEOK, Inc.		420,675
	3,940	Phillips 66		717,789
	14,602	SLB Ltd.		750,397
	430	Texas Pacific Land Corporation		204,061

Shares			Fair Value
		COMMON STOCKS — 77.5% (Continued)
		Energy - 7.2% (Continued)
	8,960	Williams Companies, Inc. (The)	$	652,109
				12,720,005
		Financials - 7.5%
	2,544	Allstate Corporation (The)		527,473
	2,485	Arthur J Gallagher & Company		538,201
	30,620	Bank of America Corporation		1,492,725
	4,492	Berkshire Hathaway, Inc., Class B^(a)		2,152,567
	3,579	Chubb Ltd.		1,166,503
	14,546	Citigroup, Inc.		1,649,662
	1,878	Goldman Sachs Group, Inc. (The)		1,588,769
	2,713	Hartford Insurance Group, Inc. (The)		366,879
	6,711	JPMorgan Chase & Company		1,974,107
	9,336	Morgan Stanley		1,536,426
	2,293	Synchrony Financial		155,970
				13,149,282
		Health Care - 6.0%
	5,082	Amgen, Inc.		1,788,102
	2,711	Bristol-Myers Squibb Company		164,422
	1,598	Eli Lilly & Company		1,469,792
	12,271	Gilead Sciences, Inc.		1,710,209
	771	IDEXX Laboratories, Inc.^(a)		433,217
	583	Insulet Corporation^(a)		122,337
	16,986	Merck & Company, Inc.		2,043,247
	22,189	Pfizer, Inc.		623,067
	3,274	Stryker Corporation		1,075,804
	2,523	Vertex Pharmaceuticals, Inc.^(a)		1,126,620
				10,556,817
		Industrials - 10.4%
	11,808	Amphenol Corporation, Class A		1,491,941
	595	Boeing Company (The)^(a)		118,423
	4,747	Carrier Global Corporation		267,304
	2,978	Caterpillar, Inc.		2,109,793
	87	Comfort Systems USA, Inc.		119,972
	1,004	Cummins, Inc.		540,172

					Fair Value

		TOTAL EXCHANGE-TRADED FUNDS (Cost $5,224,223)			$	5,053,061

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 0.6%
		REAL ESTATE — 0.6%
	1,000,000	Marriott Vacations Worldwide Corp	4.7500	01/15/28		984,013
		TOTAL CONVERTIBLE BONDS (Cost $980,442)

		CORPORATE BONDS — 18.0%
		COMMUNICATIONS — 2.7%
	1,000,000	Boyd Gaming Corporation	4.7500	12/01/27		989,165
	1,000,000	CCO Holdings, LLC / CCO Holdings Capital^(b)	4.5000	06/01/33		870,493
	1,000,000	Nexstar Broadcasting, Inc. Series^(b)	4.7500	11/01/28		982,565
	1,000,000	Paramount Global	6.8750	04/30/36		877,379
	1,000,000	Telecom Italia Capital S.A.	7.2000	07/18/36		1,079,882
						4,799,484
		CONSUMER DISCRETIONARY — 3.3%
	1,000,000	Builders FirstSource, Inc. ^(b)	6.3750	03/01/34		986,851
	1,000,000	Caesars Entertainment, Inc. ^(b)	7.0000	02/15/30		1,012,378
	1,000,000	Nissan Motor Acceptance Company, LLC ^(b)	2.7500	03/09/28		934,938
	1,000,000	Papa John’s International, Inc.^(b)	3.8750	09/15/29		947,547
	1,000,000	Six Flags Entertainment Corporation^(b)	7.2500	05/15/31		962,646
	1,000,000	Thor Industries, Inc.^(b)	4.0000	10/15/29		944,373
						5,788,733
		CONSUMER STAPLES — 1.1%
	1,000,000	Lamb Weston Holdings, Inc. ^(b)	4.3750	01/31/32		928,963
	1,000,000	Performance Food Group Inc.^(b)	6.1250	09/15/32		1,001,585
						1,930,548
		ENERGY — 2.6%
	610,000	California Resources Corporation ^(b)	8.2500	06/15/29		638,114

ETF	- Exchange-Traded Fund

Ltd.	- Limited Company

S.A.	- Société Anonyme

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		COMMON STOCKS — 98.2%
		Communications - 4.6%
	25,561	AT&T, Inc.	$	741,013
	4,269	GoDaddy, Inc., Class A^(a)		352,918
	7,779	Match Group, Inc.		238,893
	7,006	Omnicom Group, Inc.		527,622
	3,085	T-Mobile US, Inc.		647,943
	5,634	Walt Disney Company (The)		543,005
				3,051,394
		Consumer Discretionary - 9.2%
	11,242	Amazon.com, Inc.^(a)		2,341,371
	44,974	Ford Motor Company		519,000
	2,451	Home Depot, Inc. (The)		806,110
	6,418	MGM Resorts International^(a)		237,530
	7,201	Starbucks Corporation		645,138
	2,623	Tesla, Inc.^(a)		975,100
	3,919	TJX Companies, Inc. (The)		625,864
				6,150,113
		Consumer Staples - 10.2%
	10,407	Altria Group, Inc.		686,758
	8,805	Coca-Cola Company (The)		669,620
	7,582	Colgate-Palmolive Company		646,214
	1,092	Costco Wholesale Corporation		1,088,102
	4,525	Dollar Tree, Inc.^(a)		495,533
	7,413	McCormick & Company, Inc.		373,912
	11,331	Mondelez International, Inc., Class A		653,119
	5,762	Procter & Gamble Company (The)		832,263
	10,815	Walmart, Inc.		1,344,087
				6,789,608
		Energy - 7.7%
	13,223	Baker Hughes Company		807,264
	4,206	Chevron Corporation		870,221
	6,513	ConocoPhillips		859,716
	10,389	Exxon Mobil Corporation		1,762,598
	15,633	SLB Ltd.		803,380
				5,103,179

Shares			Fair Value
		COMMON STOCKS — 98.2% (Continued)
		Financials - 13.8%
	6,161	Arch Capital Group Ltd.^(a)	$	591,394
	3,494	Ares Management Corporation, Class A		381,195
	16,566	Bank of America Corporation		807,594
	1,972	Chubb Ltd.		642,734
	5,613	Citigroup, Inc.		636,570
	2,483	Coinbase Global, Inc., Class A^(a)		433,557
	1,255	Everest Group Ltd.		410,197
	9,629	Franklin Resources, Inc.		227,437
	704	Goldman Sachs Group, Inc. (The)		595,577
	1,996	JPMorgan Chase & Company		587,143
	3,506	Morgan Stanley		576,982
	3,651	Raymond James Financial, Inc.		528,628
	5,577	T Rowe Price Group, Inc.		502,711
	2,074	Travelers Companies, Inc. (The)		604,944
	12,024	Truist Financial Corporation		552,743
	11,372	US Bancorp		591,458
	6,789	Wells Fargo & Company		540,472
				9,211,336
		Health Care - 12.4%
	1,846	Amgen, Inc.		649,515
	5,058	Bio-Techne Corporation		264,331
	2,993	Cardinal Health, Inc.		632,452
	1,772	Cencora, Inc.		556,656
	14,488	Centene Corporation^(a)		474,337
	7,909	CVS Health Corporation		568,024
	6,100	Dexcom, Inc.^(a)		383,080
	1,756	Elevance Health, Inc.		514,069
	5,010	Gilead Sciences, Inc.		698,244
	2,262	Humana, Inc.		392,208
	2,674	IQVIA Holdings, Inc.^(a)		456,024
	2,980	Johnson & Johnson		728,431
	6,316	Merck & Company, Inc.		759,752
	2,221	UnitedHealth Group, Inc.		600,980

Shares			Fair Value
		COMMON STOCKS — 97.5%
		Communications - 9.5%
	35,264	Alphabet, Inc., Class A	$	10,140,517
	115,903	AT&T, Inc.		3,360,028
	44,262	Comcast Corporation, Class A		1,270,762
	5,109	Meta Platforms, Inc., Class A		2,923,012
	29,539	Uber Technologies, Inc.^(a)		2,124,740
	52,757	Verizon Communications, Inc.		2,648,401
				22,467,460
		Consumer Discretionary - 5.1%
	28,747	Amazon.com, Inc.^(a)		5,987,138
	4,397	DR Horton, Inc.		603,356
	14,860	General Motors Company		1,107,070
	11,760	Tesla, Inc.^(a)		4,371,780
				12,069,344
		Consumer Staples - 0.3%
	5,970	Walmart, Inc.		741,952

		Energy - 9.1%
	4,393	APA Corporation		186,439
	16,060	Baker Hughes Company		980,463
	19,690	Chevron Corporation		4,073,861
	15,273	ConocoPhillips		2,016,036
	3,082	Diamondback Energy, Inc.		609,589
	7,750	EQT Corporation		493,210
	2,936	Expand Energy Corporation		322,314
	32,126	Exxon Mobil Corporation		5,450,498
	1,745	First Solar, Inc.^(a)		344,219
	24,358	Kinder Morgan, Inc.		816,724
	3,616	Marathon Petroleum Corporation		882,955
	9,026	Occidental Petroleum Corporation		586,690
	7,814	ONEOK, Inc.		706,307
	6,652	Phillips 66		1,211,861
	24,665	SLB Ltd.		1,267,534
	724	Texas Pacific Land Corporation		343,581

Shares			Fair Value
		COMMON STOCKS — 97.5% (Continued)
		Energy - 9.1% (Continued)
	15,044	Williams Companies, Inc. (The)	$	1,094,902
				21,387,183
		Financials - 9.4%
	4,264	Allstate Corporation (The)		884,098
	4,169	Arthur J Gallagher & Company		902,922
	51,512	Bank of America Corporation		2,511,210
	7,534	Berkshire Hathaway, Inc., Class B^(a)		3,610,293
	5,994	Chubb Ltd.		1,953,624
	24,449	Citigroup, Inc.		2,772,761
	3,168	Goldman Sachs Group, Inc. (The)		2,680,096
	4,548	Hartford Insurance Group, Inc. (The)		615,026
	11,298	JPMorgan Chase & Company		3,323,420
	15,781	Morgan Stanley		2,597,079
	3,852	Synchrony Financial		262,013
				22,112,542
		Health Care - 7.5%
	8,488	Amgen, Inc.		2,986,503
	4,551	Bristol-Myers Squibb Company		276,018
	2,669	Eli Lilly & Company		2,454,866
	20,490	Gilead Sciences, Inc.		2,855,691
	1,293	IDEXX Laboratories, Inc.^(a)		726,524
	982	Insulet Corporation^(a)		206,063
	28,176	Merck & Company, Inc.		3,389,292
	37,252	Pfizer, Inc.		1,046,036
	5,487	Stryker Corporation		1,802,973
	4,228	Vertex Pharmaceuticals, Inc.^(a)		1,887,971
				17,631,937
		Industrials - 13.2%
	19,956	Amphenol Corporation, Class A		2,521,440
	999	Boeing Company (The)^(a)		198,831
	7,980	Carrier Global Corporation		449,354
	4,976	Caterpillar, Inc.		3,525,297
	146	Comfort Systems USA, Inc.		201,333
	1,685	Cummins, Inc.		906,564

Date of fiscal year end:	9/30

	Fair Value


TOTAL INVESTMENTS - 99.5% (Cost $211,513,718)	$	234,313,978
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%		1,134,273
NET ASSETS - 100.0%	$	235,448,251

Shares			Fair Value
		COMMON STOCKS — 98.1%
		Communications - 3.5%
	8,367	EchoStar Corporation, Class A^(a)	$	979,525
	1,688	Expedia Group, Inc.		389,742
	2,126	Fox Corporation, Class A		124,158
	10,197	New York Times Company (The), Class A		853,795
				2,347,220
		Consumer Discretionary - 7.4%
	1,104	Abercrombie & Fitch Company, Class A^(a)		100,872
	3,633	Boyd Gaming Corporation		298,560
	2,502	Burlington Stores, Inc.^(a)		814,101
	10,729	Chewy, Inc., Class A^(a)		289,683
	4,217	Churchill Downs, Inc.		378,813
	1,392	Crocs, Inc.^(a)		115,564
	1,722	Grand Canyon Education, Inc.^(a)		292,792
	3,402	Planet Fitness, Inc., Class A^(a)		253,041
	588	Ralph Lauren Corporation		202,266
	10,924	Somnigroup International, Inc.		807,502
	4,233	Texas Roadhouse, Inc.		699,038
	965	TKO Group Holdings, Inc.		194,592
	4,021	Travel + Leisure Company		278,213
	1,861	Wingstop, Inc.		288,399
				5,013,436
		Consumer Staples - 3.7%
	2,616	elf Beauty, Inc.^(a)		158,556
	3,622	Five Below, Inc.^(a)		827,554
	15,905	Hims & Hers Health, Inc.^(a)		330,188
	2,116	Ollie’s Bargain Outlet Holdings, Inc.^(a)		194,757
	4,643	Philip Morris International, Inc.		767,674
	2,673	Sprouts Farmers Market, Inc.^(a)		206,168
				2,484,897
		Energy - 4.0%
	4,917	DT Midstream, Inc.		662,172
	1,669	First Solar, Inc.^(a)		329,227
	21,775	TechnipFMC plc		1,505,306

Shares			Fair Value
		COMMON STOCKS — 98.1% (Continued)
		Energy - 4.0% (Continued)
	2,077	Weatherford International PLC	$	196,443
				2,693,148
		Financials - 7.3%
	6,716	Carlyle Group, Inc. (The)		324,987
	2,108	Cullen/Frost Bankers, Inc.		288,965
	4,451	East West Bancorp, Inc.		475,188
	1,637	Evercore, Inc., Class A		488,661
	1,435	Hamilton Lane, Inc., Class A		142,639
	1,943	Houlihan Lokey, Inc.		279,054
	7,309	Interactive Brokers Group, Inc., Class A		490,214
	1,452	Kinsale Capital Group, Inc.		496,091
	7,234	MGIC Investment Corporation		189,892
	1,212	Primerica, Inc.		303,582
	1,523	RenaissanceRe Holdings Ltd.		452,681
	4,968	Ryan Specialty Holdings, Inc.		167,620
	3,608	SEI Investments Company		283,120
	7,297	SLM Corporation		156,229
	5,654	Stifel Financial Corporation		417,944
				4,956,867
		Health Care - 12.8%
	2,254	Amgen, Inc.		793,070
	3,142	Dexcom, Inc.^(a)		197,318
	6,683	Encompass Health Corporation		646,447
	3,794	Ensign Group, Inc. (The)		764,491
	7,758	Globus Medical, Inc., Class A^(a)		668,429
	7,389	Halozyme Therapeutics, Inc.^(a)		477,551
	5,616	HealthEquity, Inc.^(a)		469,329
	2,849	Lantheus Holdings, Inc.^(a)		216,097
	1,456	Medpace Holdings, Inc.^(a)		699,157
	6,779	Neurocrine Biosciences, Inc.^(a)		893,065
	2,438	Penumbra, Inc.^(a)		800,566
	4,966	Tenet Healthcare Corporation^(a)		937,133
	1,884	United Therapeutics Corporation^(a)		1,117,175
				8,679,828

Shares			Fair Value
		COMMON STOCKS — 45.0%
		Communications - 3.9%
	13,605	AT&T, Inc.	$	394,408
	12,840	Comcast Corporation, Class A		368,636
	802	GoDaddy, Inc., Class A^(a)		66,301
	298	IDT Corporation, Class B		14,632
	5,855	Spok Holdings, Inc.		63,820
	1,785	T-Mobile US, Inc.		374,904
	5,569	Verizon Communications, Inc.		279,564
				1,562,265
		Consumer Discretionary - 0.3%
	1,210	PDD Holdings, Inc. - ADR^(a)		123,638

		Consumer Staples - 3.5%
	11,339	Albertsons Companies, Inc., Class A		193,217
	1,716	Archer-Daniels-Midland Company		124,736
	7,793	Conagra Brands, Inc.		122,506
	4,205	General Mills, Inc.		156,510
	2,333	Ingredion, Inc.		262,835
	624	Kroger Company (The)		45,153
	2,694	Molson Coors Beverage Company, Class B		116,004
	1,642	Sysco Corporation		117,124
	82	Target Corporation		9,938
	9,873	The Kraft Heinz Company		222,044
	541	Tyson Foods, Inc., Class A		34,662
				1,404,729
		Energy - 7.6%
	10,647	Antero Midstream Corporation		242,752
	2,131	Cheniere Energy, Inc.		604,693
	3,612	Chevron Corporation		747,322
	1,101	DT Midstream, Inc.		148,272
	3,893	Exxon Mobil Corporation		660,486
	8,910	Kinder Morgan, Inc.		298,752
	229	Occidental Petroleum Corporation		14,885
	193	Targa Resources Corporation		48,391

Shares			Fair Value
		COMMON STOCKS — 45.0% (Continued)
		Energy - 7.6% (Continued)
	3,828	Williams Companies, Inc. (The)	$	278,602
				3,044,155
		Financials - 1.6%
	2,481	AerCap Holdings N.V.		340,344
	914	Allstate Corporation (The)		189,509
	2,253	Truist Financial Corporation		103,570
				633,423
		Health Care - 10.3%
	1,998	Abbott Laboratories		205,135
	663	Amgen, Inc.		233,277
	1,612	Becton Dickinson and Company		253,455
	1,119	Biogen, Inc.^(a)		205,146
	1,576	Boston Scientific Corporation^(a)		98,894
	9,080	Bristol-Myers Squibb Company		550,702
	2,758	Gilead Sciences, Inc.		384,382
	1,434	Johnson & Johnson		350,527
	4,211	Medtronic PLC		364,882
	4,172	Merck & Company, Inc.		501,850
	21,399	Pfizer, Inc.		600,885
	513	Stryker Corporation		168,567
	336	Vertex Pharmaceuticals, Inc.^(a)		150,037
				4,067,739
		Industrials - 2.8%
	288	Acuity, Inc.		80,703
	5,465	ADT, Inc.		35,905
	762	Allegion plc		110,711
	1,161	Fluor Corporation^(a)		54,161
	2,488	Fortive Corporation		137,537
	597	General Dynamics Corporation		204,903
	369	L3Harris Technologies, Inc.		127,360
	1,594	PACCAR, Inc.		184,107
	492	Snap-on, Inc.		178,704
	18	United Rentals, Inc.		13,114
				1,127,205

ADR	- American Depositary Receipt

Ltd.	- Limited Company

N.V.	- Naamioze Vennootschap

PLC	- Public Limited Company

TOTAL RETURN SWAPS
													Upfront		Unrealized
Notional Amount at			Number of					Pay/Receive					Payments/		Appreciation
March 31, 2026			Shares			Reference Obligation#	Floating Rate	Floating Rate	Maturity Date^	Fair Value			Receipts		(Depreciation)
$	(212,823	)		(10,124	)	Acadia Realty Trust	FEDEF-1D -35 bps	Receive	11/24/2026	$	17,793		$	—	$	17,793
	(213,462	)		(15,127	)	Accelerant Holdings	FEDEF-1D -64 bps	Receive	11/24/2026		12,651			—		12,651
	285,906			1,153		Accenture Plc-Cl A	FEDEF-1D +45 bps	Pay	11/24/2026		(60,242	)		—		(60,242	)
	(476,710	)		(37,348	)	Acuren Corporation	FEDEF-1D -35 bps	Receive	11/24/2026		238,754			—		238,754
	(112,775	)		(1,336	)	Acushnet Holdings Co	FEDEF-1D +45 bps	Receive	11/24/2026		(11,590	)		—		(11,590	)
	84,445			862		Aercap Holdings Nv	FEDEF-1D +45 bps	Pay	11/24/2026		29,872			—		29,872
	167,852			14,935		Aes Corp	FEDEF-1D +45 bps	Pay	11/24/2026		44,154			—		44,154
	205,616			1,508		Agco Corp	FEDEF-1D +45 bps	Pay	11/24/2026		(31,554	)		—		(31,554	)
	(351,489	)		(1,347	)	Air Products & Chemicals	FEDEF-1D -35 bps	Receive	11/24/2026		(38,027	)		—		(38,027	)
	79,137			1,061		Akamai Technologies	FEDEF-1D +45 bps	Pay	11/24/2026		41,332			—		41,332
	(37,368	)		(528	)	Albemarle Corp	FEDEF-1D -35 bps	Receive	11/24/2026		(57,166	)		—		(57,166	)
	185,536			4,233		Alcoa Corp	FEDEF-1D +45 bps	Pay	11/24/2026		93,469			—		93,469
	(173,011	)		(789	)	Alexander’S Inc	FEDEF-1D -35 bps	Receive	11/24/2026		(15,314	)		—		(15,314	)
	38,477			295		Allegion Plc	FEDEF-1D +45 bps	Pay	11/24/2026		3,188			—		3,188
	(226,215	)		(4,188	)	Amrize Ltd	FEDEF-1D -35 bps	Receive	11/24/2026		(6,637	)		—		(6,637	)
	78,648			1,196		Anglogold Ashanti Plc	FEDEF-1D +45 bps	Pay	11/24/2026		39,160			—		39,160
	52,774			3,338		Antero Midstream Corp	FEDEF-1D +45 bps	Pay	11/24/2026		23,718			—		23,718
	116,290			2,878		Api Group Corp	FEDEF-1D +45 bps	Pay	11/24/2026		(803	)		—		(803	)
	105,790			449		Applied Industrial Technologies	FEDEF-1D +45 bps	Pay	11/24/2026		9,449			—		9,449
	(119,880	)		(841	)	Aptargroup Inc	FEDEF-1D -35 bps	Receive	11/24/2026		14,218			—		14,218
	(218,125	)		(8,298	)	Archer-Daniels-Midland	FEDEF-1D +45 bps	Receive	11/24/2026		62,527			—		62,527
	8,298			218,125		Archrock Inc	FEDEF-1D -35 bps	Pay	11/24/2026		(70,351	)		—		(70,351	)
	419,161			8,497		Array Digital Infrastructure	FEDEF-1D +45 bps	Pay	11/24/2026		42,376			—		42,376
	207,469			1,519		Arrow Electronics Inc	FEDEF-1D +45 bps	Pay	11/24/2026		9,131			—		9,131
	(276,563	)		(5,007	)	Ashland Inc	FEDEF-1D -35 bps	Receive	11/24/2026		(1,787	)		—		(1,787	)
	123,484			1,630		Ast Spacemobile Inc	FEDEF-1D +45 bps	Pay	11/24/2026		9,986			—		9,986
	192,808			8,280		At&T Inc	FEDEF-1D +45 bps	Pay	11/24/2026		46,480			—		46,480
	(363,337	)		(8,956	)	Atlanta Braves Holdings	FEDEF-1D -35 bps	Receive	11/24/2026		(8,848	)		—		(8,848	)
	239,421			10,873		Atn International Inc	FEDEF-1D +45 bps	Pay	11/24/2026		58,444			—		58,444
	(372,958	)		(16,651	)	Autohome Inc-Adr	FEDEF-1D -35 bps	Receive	11/24/2026		86,343			—		86,343
	(240,273	)		(1,124	)	Automatic Data Processing	FEDEF-1D -35 bps	Receive	11/24/2026		10,625			—		10,625
	168,883			2,606		Avnet Inc	FEDEF-1D +45 bps	Pay	11/24/2026		(7,943	)		—		(7,943	)
	147,697			1,325		Azz Inc	FEDEF-1D +45 bps	Pay	11/24/2026		16,934			—		16,934
	(345,802	)		(2,299	)	Balchem Corp	FEDEF-1D -35 bps	Receive	11/24/2026		(39,945	)		—		(39,945	)
	(104,819	)		(4,554	)	Baldwin Insurance Group	FEDEF-1D -35 bps	Receive	11/24/2026		5,184			—		5,184
	(124,898	)		(2,514	)	Ball Corp	FEDEF-1D -35 bps	Receive	11/24/2026		(21,189	)		—		(21,189	)
	364,034			22,082		Bandwidth Inc	FEDEF-1D +45 bps	Pay	11/24/2026		12,066			—		12,066
	(201,816	)		(1,465	)	Bank First Corp	FEDEF-1D -35 bps	Receive	11/24/2026		3,756			—		3,756
	(216,203	)		(7,122	)	Beacon Financial Corp	FEDEF-1D -35 bps	Receive	11/24/2026		3,118			—		3,118
	289,967			1,637		Biogen Inc	FEDEF-1D +45 bps	Pay	11/24/2026		6,159			—		6,159
	176,557			1,786		Biontech Se-Adr	FEDEF-1D +45 bps	Pay	11/24/2026		(20,076	)		—		(20,076	)
	184,539			657		Bio-Rad Laboratories	FEDEF-1D +45 bps	Pay	11/24/2026		(2,006	)		—		(2,006	)
	(175,754	)		(7,764	)	Bkv Corporation	FEDEF-1D -35 bps	Receive	11/24/2026		(40,641	)		—		(40,641	)
	116,863			2,522		Blue Bird Corp	FEDEF-1D +45 bps	Pay	11/24/2026		22,604			—		22,604
	(170,006	)		(10,646	)	Brookdale Senior Living	FEDEF-1D -35 bps	Receive	11/24/2026		25,259			—		25,259
	174,317			1,445		Bunge Global Sa	FEDEF-1D +45 bps	Pay	11/24/2026		8,912			—		8,912
	(140,710	)		(12,794	)	C3.Ai Inc-A	FEDEF-1D -35 bps	Receive	11/24/2026		33,726			—		33,726
	(193,856	)		(4,745	)	Cactus Inc - A	FEDEF-1D -35 bps	Receive	11/24/2026		(28,839	)		—		(28,839	)
	302,651			3,143		Cal-Maine Foods Inc	FEDEF-1D +45 bps	Pay	11/24/2026		(51,301	)		—		(51,301	)
	(130,966	)		(1,148	)	Camden Property Trust	FEDEF-1D -35 bps	Receive	11/24/2026		18,746			—		18,746
	(269,366	)		(11,203	)	Capri Holdings Ltd	FEDEF-1D -35 bps	Receive	11/24/2026		73,754			—		73,754
	(304,664	)		(2,969	)	Casella Waste System	FEDEF-1D -35 bps	Receive	11/24/2026		70,703			—		70,703

#	The counterparty for all swap contracts is Morgan Stanley.

^	Pays at maturity date.

Shares			Fair Value
		COMMON STOCKS — 91.8%
		Real Estate - 91.8%
	20,351	Agree Realty Corporation	$	1,534,058
	28,257	Alexandria Real Estate Equities, Inc.		1,311,690
	31,726	American Healthcare REIT, Inc.		1,496,198
	59,302	American Homes 4 Rent, Class A		1,655,712
	26,009	BXP, Inc.		1,349,867
	19,588	Camden Property Trust		1,912,964
	39,776	CareTrust REIT, Inc.		1,457,790
	20,422	COPT Defense Properties		624,913
	41,947	CubeSmart		1,537,358
	44,884	Digital Realty Trust, Inc.		8,088,546
	9,498	EastGroup Properties, Inc.		1,757,985
	15,065	EPR Properties		752,647
	12,573	Equinix, Inc.		12,324,559
	34,239	Equity LifeStyle Properties, Inc.		2,137,198
	61,463	Equity Residential		3,635,536
	36,254	Essential Properties Realty Trust, Inc.		1,100,671
	11,220	Essex Property Trust, Inc.		2,715,240
	39,096	Extra Space Storage, Inc.		5,126,658
	50,317	Gaming and Leisure Properties, Inc.		2,232,565
	117,407	Healthpeak Properties, Inc.		1,928,997
	111,152	Host Hotels & Resorts, Inc.		2,129,671
	44,951	Independence Realty Trust, Inc.		669,320
	100,330	Invitation Homes, Inc.		2,493,201
	51,352	Iron Mountain, Inc.		5,245,093
	20,130	Kilroy Realty Corporation		567,867
	116,643	Kimco Realty Corporation		2,620,968
	38,645	Kite Realty Group Trust		948,735
	15,940	Lamar Advertising Company, Class A		2,018,960
	10,915	LXP Industrial Trust		504,928
	47,435	Macerich Company (The)		896,522
	21,166	Mid-America Apartment Communities, Inc.		2,584,792
	17	NexPoint Residential Trust, Inc.		425
	33,496	NNN REIT, Inc.		1,407,837
	51,251	Omega Healthcare Investors, Inc.		2,245,819

Shares					Fair Value
		COMMON STOCKS — 91.8% (Continued)
		Real Estate - 91.8% (Continued)
	23,119	Phillips Edison & Company, Inc.			$	865,113
	119,829	Prologis, Inc.				15,838,997
	28,996	Public Storage				7,854,436
	130,391	Realty Income Corporation				7,977,321
	28,868	Regency Centers Corporation				2,184,153
	42,814	Rexford Industrial Realty, Inc.				1,401,302
	29,780	RMR Group, Inc. (The), Class A				460,696
	11,584	Ryman Hospitality Properties, Inc.				1,068,856
	44,480	Sabra Health Care REIT, Inc.				855,350
	42,767	Simon Property Group, Inc.				7,977,329
	33,963	STAG Industrial, Inc.				1,224,706
	20,281	Sun Communities, Inc.				2,554,595
	21,364	Tanger, Inc.				725,949
	18,887	Terreno Realty Corporation				1,160,040
	54,469	UDR, Inc.				1,839,963
	80,001	Ventas, Inc.				6,542,482
	192,500	VICI Properties, Inc.				5,259,100
	29,595	Vornado Realty Trust				769,174
	89,367	Welltower, Inc.				17,668,751
	39,350	WP Carey, Inc.				2,674,226
		TOTAL COMMON STOCKS (Cost $151,132,737)				165,917,829

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 4.9%
		U.S. TREASURY BILLS — 4.9%
	9,000,000	United States Treasury Bill ^(a)	—	10/01/26		8,835,834
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,842,163)

		TOTAL INVESTMENTS - 96.7% (Cost $159,974,900)			$	174,753,663
		OTHER ASSETS IN EXCESS OF LIABILITIES - 3.3%				5,429,198
		NET ASSETS - 100.0%			$	180,182,861

Shares				Fair Value
			COMMON STOCKS SOLD SHORT — (14.8)%
			REAL ESTATE - (14.8)%
	(29,037	)	Americold Realty Trust, Inc.	$	(332,764	)
	(6,118	)	AvalonBay Communities, Inc.		(999,375	)
	(38,297	)	Brixmor Property Group, Inc.		(1,102,954	)
	(97,351	)	Broadstone Net Lease, Inc.		(1,778,603	)
	(13,919	)	CBRE Group, Inc., Class A		(1,885,468	)
	(3,207	)	Centerspace		(184,242	)
	(81,781	)	Cousins Properties, Inc.		(1,845,797	)
	(370	)	CTO Realty Growth, Inc.		(6,841	)
	(72,278	)	Curbline Properties Corporation		(1,864,050	)
	(102,704	)	DiamondRock Hospitality Company		(962,336	)
	(17,907	)	Diversified Healthcare Trust		(118,902	)
	(8,809	)	Easterly Government Properties, Inc.		(188,777	)
	(17,596	)	Federal Realty Investment Trust		(1,868,871	)
	(32,091	)	First Industrial Realty Trust, Inc.		(1,856,464	)
	(64,682	)	Global Net Lease, Inc.		(605,424	)
	(106,282	)	Healthcare Realty Trust, Inc.		(1,805,731	)
	(69,896	)	Highwoods Properties, Inc.		(1,496,473	)
	(49,461	)	LTC Properties, Inc.		(1,837,971	)
	(12,270	)	Marcus & Millichap, Inc.		(326,259	)
	(65,601	)	Millrose Properties, Inc.		(1,836,828	)
	(18,847	)	Rayonier, Inc.		(388,625	)
	(4,265	)	SBA Communications Corporation, Class A		(734,049	)
	(8,517	)	Sila Realty Trust, Inc.		(201,683	)
	(59,390	)	Smartstop Self Storage REIT, Inc.		(1,798,329	)
	(74,526	)	Xenia Hotels & Resorts, Inc.		(1,105,221	)
			TOTAL SECURITIES SOLD SHORT - (Proceeds - $26,721,655)	$	(27,132,037	)

Shares			Fair Value
		COMMON STOCKS — 97.6%
		Communications - 3.6%
	622	Fox Corporation, Class A	$	36,325
	17,908	KDDI Corporation		307,300
	549	Omnicom Group, Inc.		41,345
	7,760	Orange S.A.		159,097
	2,259	Rogers Communications Inc, Class B		86,861
	187,836	SoftBank Corporation		249,836
	182	VeriSign, Inc.		45,202
	8,041	Verizon Communications, Inc.		403,658
	3,349	Walt Disney Company (The)		322,776
				1,652,400
		Consumer Discretionary - 6.7%
	1,277	Bunzl plc		38,131
	3,299	Cie Generale des Etablissements Michelin		111,301
	1,364	D’ieteren Group		249,405
	1,192	Evolution A.B.^(a)(b)		73,674
	7,469	Ford Motor Company		86,192
	203	Games Workshop Group PLC		47,557
	1,735	General Motors Company		129,258
	352	Genuine Parts Company		37,224
	1,871	Home Depot, Inc. (The)		615,352
	437	Lennar Corporation, Class A		37,949
	822	LVMH Moet Hennessy Louis Vuitton S.E.		439,977
	1,545	Magna International, Inc.		86,268
	396	Marriott International Inc, Class A		129,520
	612	Ross Stores, Inc.		132,578
	429	Royal Caribbean Cruises Ltd.		118,052
	3,862	Sekisui House Ltd.		85,653
	4,963	Sumitomo Electric Industries Ltd.		262,045
	2,133	TJX Companies, Inc. (The)		340,639
	503	Yum! Brands, Inc.		78,206
				3,098,981
		Consumer Staples - 10.2%
	10,200	Asahi Group Holdings Ltd. ^(a)		101,863
	8,082	British American Tobacco plc		467,565

Shares			Fair Value
		COMMON STOCKS — 97.6% (Continued)
		Consumer Staples - 10.2% (Continued)
	7,454	Coca-Cola Company (The)	$	566,876
	828	Coca-Cola Europacific Partners plc		75,075
	317	Constellation Brands, Inc., Class A		47,550
	3,010	Imperial Brands plc		122,045
	3,972	Koninklijke Ahold Delhaize N.V.		185,409
	7,443	Nestle S.A.		729,992
	2,561	PepsiCo, Inc.		397,698
	4,292	Procter & Gamble Company (The)		619,936
	2,060	Royal Unibrew A/S		167,170
	26,341	Tesco PLC		164,941
	8,456	Walmart, Inc.		1,050,912
				4,697,032
		Energy - 6.8%
	3,654	Chevron Corporation		756,013
	8,252	Exxon Mobil Corporation		1,400,033
	5,465	TC Energy Corporation		342,147
	6,929	TotalEnergies S.E.		635,877
				3,134,070
		Financials - 28.2%^(c)
	2,476	AL Sydbank		197,097
	1,438	Allianz S.E.		597,173
	488	Allstate Corporation (The)		101,182
	421	Ares Management Corporation, Class A		45,931
	5,206	AXA S.A.		236,111
	30,716	Banco Bilbao Vizcaya Argentaria S.A.		647,905
	6,298	Bank of Ireland Group PLC		112,355
	1,379	Bank of New York Mellon Corporation (The)		163,591
	6,325	Bank of Nova Scotia (The)		438,538
	3,848	Beazley plc		64,478
	3,000	BNP Paribas S.A.		280,825
	683	Chubb Ltd.		222,610
	3,409	Citigroup, Inc.		386,615
	771	Deutsche Boerse A.G.		223,761
	8,586	DNB Bank ASA		267,149

	Fair Value

TOTAL INVESTMENTS - 99.1% (Cost $39,983,521)	$	45,820,017
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%		438,333
NET ASSETS - 100.0%	$	46,258,350

A/S	- Anonim Sirketi

ETF	- Exchange-Traded Fund

Ltd.	- Limited Company

MSCI	- Morgan Stanley Capital International

N.V.	- Naamioze Vennootschap

PLC	- Public Limited Company

S.A.	- Société Anonyme

S.E.	- Société Européene

SPDR	- Standard & Poor’s Depositary Receipt

	NAA Allocation		NAA Large Cap		NAA Large		NAA Mid
Assets:	Fund		Value Fund		Core Fund		Growth Fund
Investments in securities, at cost	$	155,760,891	$	63,970,324	$	211,513,718	$	64,458,049
Investments in securities, at value	$	174,667,063	$	66,306,394	$	234,313,978	$	67,434,271
Cash		1,423,929		52,677		1,565,807		257,305
Receivable for securities sold		—		275,210		—		79,062
Receivable for Portfolio shares sold		4,578		1,391		1,422		1,172
Interest receivable		542,001		653		458		1,225
Dividends receivable		77,803		79,506		131,055		34,333
Prepaid expenses		26,241		59,203		59,833		22,504
Total Assets		176,741,615		66,775,034		236,072,553		67,829,872
Liabilities:
Payable for Portfolio shares redeemed		72,169		148,292		136,726		12,069
Accrued investment advisory fees		146,280		14,153		148,044		44,182
Accrued distribution (12b-1) fees		86,062		9,230		281,040		52,994
Accrued administrative fees		25,366		13,304		27,646		17,331
Accrued Transfer Agency Fees		22,010		7,110		21,737		10,693
Accrued miscellaneous fees		29,455		1,400		9,109		6,808
Total Liabilities		381,342		193,489		624,302		144,077
Net Assets	$	176,360,273	$	66,581,545	$	235,448,251	$	67,685,795

Components of Net Assets:
Paid-in capital	$	152,027,620	$	53,527,841	$	210,687,201	$	68,167,868
Accumulated earnings (losses)		24,332,653		13,053,704		24,761,050		(482,073	)
Net Assets	$	176,360,273	$	66,581,545	$	235,448,251	$	67,685,795

Class A Shares:
Net assets	$	108,593,384	$	41,751,999	$	226,826,923	$	66,371,469
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		6,679,392		968,863		10,374,183		1,723,121

Net asset value and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	16.26	$	43.09	$	21.86	$	38.52

Maximum offering price per share (net asset value plus maximum sales charge of 4.75%)	$	17.07	$	45.24	$	22.95	$	40.44

Class C Shares:
Net assets	$	5,604,315	$	1,223,161	$	562,655	$	196,875
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		393,377		33,217		23,467		5,027

Net asset value, offering and redemption price per share (a) (Net assets ÷ Total shares of beneficial interest outstanding)	$	14.25	$	36.82	$	23.98	$	39.16

Institutional Class Shares:
Net assets	$	58,205,651	$	23,606,385	$	8,058,673	$	1,117,451
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,384,629		562,707		376,155		28,950

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	17.20	$	41.95	$	21.42	$	38.60

Class P Shares
Net assets	$	3,956,923
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		239,436

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	16.53

	NAA Opportunity			NAA Risk Managed		NAA SMid Cap		NAA World Equity
Assets:	Fund			Real Estate Fund		Value Fund		Income Fund
Investments in securities, at cost	$	26,081,010		$	159,974,900	$	272,875,756	$	39,983,521
Investments in securities, at value	$	26,734,209		$	174,753,663	$	281,007,221	$	45,820,017
Cash		7,530,713			6,612,207		1,047,337		142,596
Foreign Cash (Cost $-, -, -, 20,467)		—			—		—		20,467
Cash at Broker for Swaps		2,262,610			1,387,653		—		—
Cash at Broker for Short Sales		—			24,967,722		—		—
Receivable for securities sold		—			—		331,743		96,123
Receivable for Portfolio shares sold		113			4,604		12,388		1,334
Interest receivable		3,368			977		567		322
Dividends receivable		15,858			637,906		322,335		154,325
Unrealized appreciation on swap agreements		6,834,447			1,975,593		—		—
Reclaims receivable		—			—		302		58,493
Prepaid expenses		62,404			15,541		140,397		63,598
Total Assets		43,443,722			210,355,866		282,862,290		46,357,275
Liabilities:
Securities sold short, at value (proceeds $-,26,721,655,-,-)		—			27,132,037		—		—
Payable for Portfolio shares redeemed		7			32,761		223,352		51,937
Accrued investment advisory fees		20,786			115,533		119,622		7,144
Accrued distribution (12b-1) fees		3,088			11,243		47,087		10,961
Accrued administrative fees		5,500			34,312		29,409		16,280
Accrued transfer agency fees		3,593			35,002		20,787		8,826
Unrealized depreciation on swap agreements		3,604,819			2,675,815		—		—
Accrued miscellaneous fees		2,901			29,356		727		3,777
Dividends payable from short positions		—			106,946		—		—
Total Liabilities		3,640,694			30,173,005		440,984		98,925
Net Assets	$	39,803,028		$	180,182,861	$	282,421,306	$	46,258,350

Components of Net Assets:
Paid-in capital	$	58,388,347		$	169,292,579	$	255,424,594	$	37,673,784
Accumulated earnings (losses)		(18,585,319	)		10,890,282		26,996,712		8,584,566
Net Assets	$	39,803,028		$	180,182,861	$	282,421,306	$	46,258,350

Class A Shares:
Net assets	$	3,451,342		$	10,839,685	$	246,626,037	$	43,005,999
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		101,067			333,005		7,110,684		2,506,119

Net asset value and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	34.15		$	32.55	$	34.68	$	17.16

Maximum offering price per share (net asset value plus maximum sales charge of 4.75%)	$	35.85		$	34.17	$	36.41	$	18.02

Class C Shares:
Net assets	$	32,448		$	3,020,547	$	1,816,011	$	826,401
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		814			93,616		46,502		62,032

Net asset value, offering and redemption price per share (a) (Net assets ÷ Total shares of beneficial interest outstanding)	$	39.88	(b)	$	32.27	$	39.05	$	13.32

Institutional Class Shares:
Net assets	$	36,319,238		$	166,322,629	$	33,979,258	$	2,425,950
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1,075,175			5,026,776		929,434		142,549

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	33.78		$	33.09	$	36.56	$	17.02

	NAA Allocation Fund						NAA Large Cap Value Fund

	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	March 31, 2026			September 30, 2025			March 31, 2026			September 30, 2025
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	735,920		$	1,779,437		$	305,971		$	629,466
Net realized gain on investments		4,712,322			24,632,933			4,913,538			14,642,202
Net change in unrealized depreciation on investments		(9,389,520	)		(1,517,946	)		(4,088,756	)		(9,164,836	)
Net increase (decrease) in net assets resulting from operations		(3,941,278	)		24,894,424			1,130,753			6,106,832
From Distributions to Shareholders:
Class A		(10,905,047	)		(17,699,918	)		(5,698,075	)		(4,831,600	)
Class C		(643,778	)		(1,381,988	)		(197,120	)		(202,881	)
Institutional Class		(5,290,456	)		(8,130,642	)		(3,612,132	)		(1,711,890	)
Class P		(415,738	)		(639,492	)		—			(87,996	) (b)
Total distributions to shareholders		(17,255,019	)		(27,852,040	)		(9,507,327	)		(6,834,367	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class A		1,526,800			3,475,427			334,827			8,145,303	(c)
Class C		33,944			754,151			30,813			14,714
Institutional Class		7,986,850			4,688,028			2,689,293			7,805,337
Class P		116,999			250,491			—			9,026	(b)
Proceeds received in connection with merger^(a)
Class A		—			—			—			11,273,118
Class C		—			—			—			1,163,467
Institutional Class		—			—			—			16,146,418
Class P		—			—			—			1,027,969	(b)
Reinvestment of distributions
Class A		9,929,440			15,966,752			5,589,118			4,742,848
Class C		641,066			1,377,351			197,120			202,881
Institutional Class		5,032,248			7,732,897			3,604,167			1,707,117
Class P		409,884			633,027			—			87,996	(b)
Cost of shares redeemed
Class A		(10,910,750	)		(24,310,972	)		(3,706,333	)		(15,408,305	)
Class C		(1,571,739	)		(4,347,969	)		(367,507	)		(930,305	)
Institutional Class		(8,156,026	)		(13,762,416	)		(4,753,717	)		(3,848,413	)
Class P		(988,119	)		(604,126	)		—			(227,836	) (b)(c)
Tax-free interclass conversion
Class A		—			—			—			845,327
Class P		—			—			—			(845,327	) (c)
Net increase (decrease) in net assets from share transactions of beneficial interest		4,050,597			(8,147,359	)		3,617,781			31,911,335
Total Increase (Decrease) In Net Assets		(17,145,700	)		(11,104,975	)		(4,758,793	)		31,183,800

Net Assets:
Beginning of year/period		193,505,973			204,610,948			71,340,338			40,156,538
End of year/period	$	176,360,273		$	193,505,973		$	66,581,545		$	71,340,338

	Class A Shares
	Six Months Ended
	March 31, 2026			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			September 30, 2025			September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021
Net asset value, beginning of period/year	$	18.29		$	18.64		$	14.04		$	14.23		$	18.11		$	14.00

Income (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.15			(0.04	)		0.26			(0.01	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(0.39	)		2.18			4.90			(0.40	)		(1.27	)		4.18
Total income (loss) from investment operations		(0.33	)		2.33			4.86			(0.14	)		(1.28	)		4.12

Less distributions from:
Net investment income		(0.14	)		(0.02	)		(0.26	)		(0.05	)		—			(0.01	)
Net realized gain		(1.56	)		(2.66	)		—			—			(2.60	)		—
Total distributions		(1.70	)		(2.68	)		(0.26	)		(0.05	)		(2.60	)		(0.01	)

Net asset value, end of period/year	$	16.26		$	18.29		$	18.64		$	14.04		$	14.23		$	18.11
Total return (b)		(2.37	)% (g)		13.80	%		35.05	%		(0.97	)%		(9.40	)%		29.42	%

Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	108,593		$	121,344		$	128,383		$	111,157		$	135,504		$	152,598

Net investment income (loss)		0.67	% (h)		0.84	%		(0.25)’%			1.81	%		(0.03	)%		(0.38	)%

Total expenses (c)		1.46	% (h)		1.50	%		1.54	%		1.58	%		1.48	%		1.44	%
Net expenses (d)(e)		1.45	% (h)		1.45	%		1.43	%		1.47	%		1.39	%		1.42	%

Portfolio turnover rate		30	% (g)		87	% (f)		125	%		130	%		149	%		131	%

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