| NAA OPPORTUNITY FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
| June 30, 2026 | |||||||
| Shares | Fair Value | ||||||
| COMMON STOCKS — 44.9% | |||||||
| Communications - 3.9% | |||||||
| 17,808 | AT&T, Inc. | $ 368,625 | |||||
| 19,494 | Comcast Corporation, Class A | 478,578 | |||||
| 802 | GoDaddy, Inc., Class A(a) | 68,074 | |||||
| 298 | IDT Corporation, Class B | 17,332 | |||||
| 5,855 | Spok Holdings, Inc. | 59,955 | |||||
| 1,947 | T-Mobile US, Inc. | 326,570 | |||||
| 5,871 | Verizon Communications, Inc. | 248,578 | |||||
|
1,567,712 | |||||||
| Consumer Staples - 3.0% | |||||||
| 25,047 | Albertsons Companies, Inc., Class A | 338,886 | |||||
| 1,716 | Archer-Daniels-Midland Company | 131,102 | |||||
| 7,793 | Conagra Brands, Inc. | 104,894 | |||||
| 4,205 | General Mills, Inc. | 146,334 | |||||
| 1,012 | Kroger Company (The) | 56,196 | |||||
| 2,694 | Molson Coors Beverage Company, Class B | 104,958 | |||||
| 735 | Pilgrim's Pride Corporation | 20,661 | |||||
| 82 | Target Corporation | 10,710 | |||||
| 12,976 | The Kraft Heinz Company | 306,494 | |||||
|
1,220,235 | |||||||
| Energy - 5.0% | |||||||
| 8,437 | Antero Midstream Corporation | 191,942 | |||||
| 2,061 | Cheniere Energy, Inc. | 492,600 | |||||
| 1,151 | Chevron Corporation | 190,790 | |||||
| 4,275 | Exxon Mobil Corporation | 584,477 | |||||
| 6,414 | Kinder Morgan, Inc. | 205,056 | |||||
| 1,193 | Marathon Petroleum Corporation | 305,014 | |||||
| 1,205 | Occidental Petroleum Corporation | 58,527 | |||||
|
2,028,406 | |||||||
| Financials - 5.0% | |||||||
| 2,538 | AerCap Holdings N.V. | 369,990 | |||||
| 23,906 | AGNC Investment Corporation | 260,575 | |||||
| 914 | Allstate Corporation (The) | 217,477 | |||||
| 10,599 | Annaly Capital Management, Inc. | 236,994 | |||||
| 1,586 | Citigroup, Inc. | 221,977 | |||||
| NAA OPPORTUNITY FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| June 30, 2026 | |||||||
| Shares | Fair Value | ||||||
| COMMON STOCKS — 44.9% (Continued) | |||||||
| Financials - 5.0% (Continued) | |||||||
| 13,282 | KeyCorporation | $ 306,150 | |||||
| 694 | State Street Corporation | 117,702 | |||||
| 6,292 | Truist Financial Corporation | 313,467 | |||||
|
2,044,332 | |||||||
| Health Care - 9.3% | |||||||
| 1,998 | Abbott Laboratories | 181,299 | |||||
| 663 | Amgen, Inc. | 240,086 | |||||
| 1,612 | Becton Dickinson and Company | 243,944 | |||||
| 1,119 | Biogen, Inc.(a) | 241,771 | |||||
| 7,709 | Bristol-Myers Squibb Company | 444,193 | |||||
| 1,292 | Cardinal Health, Inc. | 306,927 | |||||
| 319 | Elevance Health, Inc. | 123,367 | |||||
| 2,758 | Gilead Sciences, Inc. | 348,446 | |||||
| 1,099 | Johnson & Johnson | 279,113 | |||||
| 270 | McKesson Corporation | 204,012 | |||||
| 1,745 | Medtronic PLC | 136,511 | |||||
| 2,470 | Merck & Company, Inc. | 317,395 | |||||
| 21,399 | Pfizer, Inc. | 515,287 | |||||
| 10,785 | Viatris, Inc. | 171,266 | |||||
|
3,753,617 | |||||||
| Industrials - 1.6% | |||||||
| 1,304 | A O Smith Corporation | 81,787 | |||||
| 5,465 | ADT, Inc. | 35,523 | |||||
| 1,161 | Fluor Corporation(a) | 60,825 | |||||
| 2,488 | Fortive Corporation | 151,992 | |||||
| 170 | Northrop Grumman Corporation | 86,582 | |||||
| 1,594 | PACCAR, Inc. | 191,471 | |||||
| 183 | RTX Corporation | 34,721 | |||||
|
642,901 | |||||||
| Materials - 1.0% | |||||||
| 1,106 | Reliance, Inc. | 413,202 | |||||
| Real Estate - 1.2% | |||||||
| 7,880 | Host Hotels & Resorts, Inc. | 186,835 | |||||
| NAA OPPORTUNITY FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| June 30, 2026 | |||||||
| Shares | Fair Value | ||||||
| COMMON STOCKS — 44.9% (Continued) | |||||||
| Real Estate - 1.2% (Continued) | |||||||
| 5,323 | Millrose Properties, Inc. | $ 159,956 | |||||
| 14,474 | New Residential Investment Corporation | 135,911 | |||||
|
482,702 | |||||||
| Technology - 5.1% | |||||||
| 810 | Accenture PLC, Class A | 100,796 | |||||
| 1,781 | Adobe, Inc.(a) | 365,140 | |||||
| 1,338 | Cisco Systems, Inc. | 157,161 | |||||
| 778 | Cognizant Technology Solutions Corporation, Class A | 30,132 | |||||
| 2,553 | Dolby Laboratories, Inc., Class A | 134,237 | |||||
| 880 | Dropbox, Inc., Class A(a) | 24,174 | |||||
| 9,366 | Gen Digital, Inc. | 233,120 | |||||
| 1,240 | QUALCOMM, Inc. | 229,140 | |||||
| 517 | Roper Technologies, Inc. | 174,948 | |||||
| 1,229 | Salesforce, Inc. | 192,535 | |||||
| 256 | TD SYNNEX Corporation | 68,439 | |||||
| 256 | Wix.com Ltd.(a) | 11,615 | |||||
| 681 | Workday, Inc., Class A(a) | 83,368 | |||||
| 2,826 | Zoom Video Communications, Inc.(a) | 243,912 | |||||
|
2,048,717 | |||||||
| Utilities - 9.8% | |||||||
| 4,699 | Ameren Corporation | 531,175 | |||||
| 2,004 | American Electric Power Company, Inc. | 274,167 | |||||
| 4,900 | Avista Corporation | 200,459 | |||||
| 2,664 | Consolidated Edison, Inc. | 294,718 | |||||
| 2,054 | Duke Energy Corporation | 259,995 | |||||
| 1,589 | Edison International | 118,301 | |||||
| 1,843 | Evergy, Inc. | 159,290 | |||||
| 14,082 | Exelon Corporation | 656,503 | |||||
| 1,963 | FirstEnergy Corporation | 93,321 | |||||
| 2,637 | NiSource, Inc. | 125,389 | |||||
| 13,688 | OGE Energy Corporation | 666,058 | |||||
| 17,597 | PG&E Corporation | 295,982 | |||||
| 1,964 | Portland General Electric Company | 101,794 | |||||
| NAA OPPORTUNITY FUND | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| June 30, 2026 | |||||||
| Shares | Fair Value | ||||||
| COMMON STOCKS — 44.9% (Continued) | |||||||
| Utilities - 9.8% (Continued) | |||||||
| 4,953 | UGI Corporation | $ 171,077 | |||||
|
3,948,229 | |||||||
| TOTAL COMMON STOCKS (Cost $18,275,362) |
18,150,053 | ||||||
| Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
| U.S. GOVERNMENT & AGENCIES — 22.0% | |||||||
| U.S. TREASURY BILLS — 22.0% | |||||||
| 9,000,000 | United States Treasury Bill (b) | – | 10/01/26 | 8,914,081 | |||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,920,650) | |||||||
| TOTAL INVESTMENTS - 66.9% (Cost $27,196,012) | $ 27,064,134 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 33.1% |
13,420,618 | ||||||
| NET ASSETS - 100.0% |
$ 40,484,752 | ||||||
| ADR | - American Depositary Receipt | |
| LTD | - Limited Company | |
| MSCI | - Morgan Stanley Capital International | |
| N.V. | - Naamioze Vennootschap | |
| PLC | - Public Limited Company | |
| S.A. | - Société Anonyme |
| (a) | Non-income producing security. |
| (b) | Zero coupon bond. |
| NAA OPPORTUNITY FUND | ||||||||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||
| June 30, 2026 | ||||||||||||||
| TOTAL RETURN SWAPS | ||||||||||||||
| Notional Amount at June 30, 2026 | Number of Shares | Reference Obligation# | Floating Rate | Pay/Receive Floating Rate | Maturity Date^ | Fair Value | Upfront Payments/ Receipts |
Unrealized Appreciation (Depreciation) | ||||||
| $ 279,130 | 1,935 | 3M Co. | FEDEF-1D + 45 bps | Pay | 11/24/2026 | $ 33,838 | $ - | $ 33,838 | ||||||
| (155,803) | (3,815) | Abm Industries Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (12,150) | - | (12,150) | ||||||
| (130,434) | (2,031) | Acadian Asset Management | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (14,343) | - | (14,343) | ||||||
| (213,462) | (15,127) | Accelerant Holdings | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 39,236 | - | 39,236 | ||||||
| 285,906 | 1,153 | Accenture Plc-Cl A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (146,390) | - | (146,390) | ||||||
| (490,649) | (39,391) | Acuren Corporation | FEDEF-1D - 93 bps | Receive | 11/24/2026 | 183,957 | - | 183,957 | ||||||
| (154,503) | (1,809) | Acushnet Holdings Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (58,818) | - | (58,818) | ||||||
| 84,445 | 862 | Aercap Holdings Nv | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 36,349 | - | 36,349 | ||||||
| 205,616 | 1,508 | Agco Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (27,418) | - | (27,418) | ||||||
| (101,364) | (1,089) | Agilysys Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (12,169) | - | (12,169) | ||||||
| (225,719) | (865) | Air Products & Chemicals | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (26,345) | - | (26,345) | ||||||
| 130,700 | 2,336 | Alcoa Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (10,717) | - | (10,717) | ||||||
| (185,294) | (843) | Alexander'S Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (51,241) | - | (51,241) | ||||||
| 97,372 | 1,277 | Allegiant Travel | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 52,283 | - | 52,283 | ||||||
| (141,533) | (3,614) | Amalgamated Financial | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (23,809) | - | (23,809) | ||||||
| 96,755 | 6,739 | American Airlines Group | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 24,702 | - | 24,702 | ||||||
| (273,107) | (2,132) | American Financial Group | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (24,525) | - | (24,525) | ||||||
| 132,125 | 1,824 | Amkor Technology Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 24,878 | - | 24,878 | ||||||
| 152,825 | 5,247 | Amn Healthcare Services | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 16,518 | - | 16,518 | ||||||
| (226,215) | (4,188) | Amrize Ltd | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 4,327 | - | 4,327 | ||||||
| 233,030 | 574 | Analog Devices Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (5,188) | - | (5,188) | ||||||
| 52,774 | 3,338 | Antero Midstream Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 23,749 | - | 23,749 | ||||||
| 570,325 | 14,097 | Apa Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (114,101) | - | (114,101) | ||||||
| 314,299 | 23,057 | Apple Hospitality Reit | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 74,906 | - | 74,906 | ||||||
| (457,024) | (3,675) | Aptargroup Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (1,675) | - | (1,675) | ||||||
| 434,549 | 6,854 | Archer-Daniels-Midland | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 86,960 | - | 86,960 | ||||||
| 182,028 | 3,713 | Array Digital Infrastructure | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 15,096 | - | 15,096 | ||||||
| 147,915 | 16,014 | Asana Inc - Cl A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (36,300) | - | (36,300) | ||||||
| (131,881) | (531) | Assurant Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (10,828) | - | (10,828) | ||||||
| 183,612 | 7,880 | At&T Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (20,906) | - | (20,906) | ||||||
| 159,463 | 2,106 | Atkore Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 322 | - | 322 | ||||||
| (363,337) | (8,956) | Atlanta Braves Holdings | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (88,226) | - | (88,226) | ||||||
| 299,904 | 13,013 | Atn International Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 47,763 | - | 47,763 | ||||||
| (233,153) | (11,494) | Autohome Inc-Adr | FEDEF-1D - 63 bps | Receive | 11/24/2026 | 16,857 | - | 16,857 | ||||||
| (373,803) | (1,876) | Autonation Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 28,152 | - | 28,152 | ||||||
| (403,846) | (118) | Autozone Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 30,039 | - | 30,039 | ||||||
| 154,667 | 19,400 | Avantor Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 36,374 | - | 36,374 | ||||||
| (417,318) | (2,758) | Balchem Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (41,694) | - | (41,694) | ||||||
| 46,138 | 3,108 | Bandwidth Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 148,361 | - | 148,361 | ||||||
| (201,816) | (1,465) | Bank First Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (14,850) | - | (14,850) | ||||||
| (384,467) | (5,056) | Bank Of Hawaii Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (28,190) | - | (28,190) | ||||||
| (156,163) | (4,286) | Bbb Foods Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (21,612) | - | (21,612) | ||||||
| 57,391 | 324 | Biogen Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 11,228 | - | 11,228 | ||||||
| (169,543) | (7,980) | Biolife Solutions Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (54,925) | - | (54,925) | ||||||
| 268,162 | 2,805 | Biontech Se-Adr | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (12,168) | - | (12,168) | ||||||
| (106,521) | (4,683) | Bkv Corporation | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (17,750) | - | (17,750) | ||||||
| 194,818 | 2,635 | Bread Financial Holdings | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 89,276 | - | 89,276 | ||||||
| 214,400 | 2,844 | Builders Firstsource | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 39,378 | - | 39,378 | ||||||
| (160,160) | (287) | Caci International Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 28,470 | - | 28,470 | ||||||
| (86,449) | (2,116) | Cactus Inc - A | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (20,630) | - | (20,630) | ||||||
| (118,734) | (1,936) | California Resources | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 16,691 | - | 16,691 | ||||||
| 124,187 | 2,661 | Calix Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (26,041) | - | (26,041) | ||||||
| NAA OPPORTUNITY FUND | ||||||||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||
| June 30, 2026 | ||||||||||||||
| TOTAL RETURN SWAPS | ||||||||||||||
| Notional Amount at June 30, 2026 | Number of Shares | Reference Obligation# | Floating Rate | Pay/Receive Floating Rate | Maturity Date^ | Fair Value | Upfront Payments/ Receipts |
Unrealized Appreciation (Depreciation) | ||||||
| $ 316,914 | 3,316 | Cal-Maine Foods Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | $ (49,160) | $ - | $ (49,160) | ||||||
| (102,653) | (1,340) | Carvana Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 14,999 | - | 14,999 | ||||||
| (304,664) | (2,969) | Casella Waste System | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 20,927 | - | 20,927 | ||||||
| (124,661) | (168) | Casey's General Store | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (8,400) | - | (8,400) | ||||||
| (184,644) | (375) | Cavco Industries Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (44,239) | - | (44,239) | ||||||
| (93,597) | (3,193) | Cbiz Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (7,811) | - | (7,811) | ||||||
| 124,603 | 867 | Cdw Corp/De | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (4,160) | - | (4,160) | ||||||
| 285,471 | 5,538 | Centene Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 67,189 | - | 67,189 | ||||||
| (187,888) | (3,241) | Centerspace | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 4,806 | - | 4,806 | ||||||
| (121,919) | (1,163) | Choice Hotels Intl Inc | FEDEF-1D - 98 bps | Receive | 11/24/2026 | (5,601) | - | (5,601) | ||||||
| 70,413 | 2,814 | Cia De Minas Buenaventura | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 13,320 | - | 13,320 | ||||||
| (153,232) | (2,071) | Cimpress Plc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (56,153) | - | (56,153) | ||||||
| (390,567) | (13,063) | Cinemark Holdings Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (22,039) | - | (22,039) | ||||||
| (227,437) | (1,127) | Cintas Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 37,766 | - | 37,766 | ||||||
| 333,271 | 2,421 | Cirrus Logic Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 18,715 | - | 18,715 | ||||||
| (199,094) | (1,644) | City Holding Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (18,221) | - | (18,221) | ||||||
| 151,255 | 14,106 | Cnh Industrial Nv | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 5,601 | - | 5,601 | ||||||
| 353,071 | 4,695 | Cognizant Tech Solutions | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (175,614) | - | (175,614) | ||||||
| (156,869) | (2,307) | Cohen & Steers Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (20,159) | - | (20,159) | ||||||
| 147,883 | 1,920 | Commercial Metals Co | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (29,699) | - | (29,699) | ||||||
| 114,193 | 5,368 | Compass Minerals International | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 50,821 | - | 50,821 | ||||||
| (78,144) | (4,061) | Comstock Resources | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 19,601 | - | 19,601 | ||||||
| 24,365 | 1,715 | Conagra Brands Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (1,441) | - | (1,441) | ||||||
| 248,843 | 2,577 | Consolidated Edison | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 36,135 | - | 36,135 | ||||||
| 177,858 | 9,354 | Constellium Se | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 115,336 | - | 115,336 | ||||||
| (178,804) | (2,548) | Corvel Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 21,965 | - | 21,965 | ||||||
| 109,911 | 7,029 | Costamare Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (11,725) | - | (11,725) | ||||||
| 128,733 | 9,832 | Cross Country Health | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 725 | - | 725 | ||||||
| 130,923 | 248 | Cummins Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 44,283 | - | 44,283 | ||||||
| 213,857 | 2,702 | Cvs Health Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 64,114 | - | 64,114 | ||||||
| 155,670 | 1,315 | Danaos Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 4,308 | - | 4,308 | ||||||
| (152,765) | (785) | Darden Restaurants Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (8,879) | - | (8,879) | ||||||
| 157,060 | 3,416 | Delek Us Holdings Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 15,991 | - | 15,991 | ||||||
| 39,556 | 320 | Dell Technologies -C | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 98,044 | - | 98,044 | ||||||
| 391,555 | 5,281 | Delta Air Lines Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 100,765 | - | 100,765 | ||||||
| 135,377 | 13,307 | Dentsply Sirona Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 5,366 | - | 5,366 | ||||||
| 133,181 | 2,768 | Docusign Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (11,584) | - | (11,584) | ||||||
| 30,640 | 530 | Dolby Laboratories Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (2,884) | - | (2,884) | ||||||
| 106,175 | 1,032 | Dollar Tree Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 17,683 | - | 17,683 | ||||||
| 151,269 | 1,748 | Donaldson Co Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 5,217 | - | 5,217 | ||||||
| (380,353) | (3,535) | Dorman Products Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (99,268) | - | (99,268) | ||||||
| 76,184 | 2,842 | Dropbox Inc-Class A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (2,725) | - | (2,725) | ||||||
| 350,732 | 2,700 | Dte Energy Company | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 60,468 | - | 60,468 | ||||||
| (235,529) | (1,584) | Ducommun Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (57,223) | - | (57,223) | ||||||
| 248,737 | 2,166 | Duke Energy Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 20,929 | - | 20,929 | ||||||
| (216,415) | (4,110) | Dutch Bros Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (76,478) | - | (76,478) | ||||||
| 156,956 | 14,984 | Dxc Technology Co | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (24,860) | - | (24,860) | ||||||
| (442,495) | (2,101) | Eagle Materials Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (24,617) | - | (24,617) | ||||||
| 118,723 | 12,128 | Eastman Kodak Co | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (6,928) | - | (6,928) | ||||||
| (141,518) | (537) | Ecolab Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (6,615) | - | (6,615) | ||||||
| 289,907 | 5,468 | Edison International | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 121,777 | - | 121,777 | ||||||
| 191,299 | 2,209 | Edwards Lifesciences | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 5,935 | - | 5,935 | ||||||
| NAA OPPORTUNITY FUND | ||||||||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||
| June 30, 2026 | ||||||||||||||
| TOTAL RETURN SWAPS | ||||||||||||||
| Notional Amount at June 30, 2026 | Number of Shares | Reference Obligation# | Floating Rate | Pay/Receive Floating Rate | Maturity Date^ | Fair Value | Upfront Payments/ Receipts |
Unrealized Appreciation (Depreciation) | ||||||
| $ (189,553) | (4,556) | Element Solutions Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | $ (27,496) | $ - | $ (27,496) | ||||||
| 141,764 | 431 | Elevance Health Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 23,627 | - | 23,627 | ||||||
| (185,103) | (242) | Emcor Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (14,321) | - | (14,321) | ||||||
| (307,134) | (1,138) | Enpro Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (120,103) | - | (120,103) | ||||||
| (144,316) | (671) | Erie Indemnity Companies | FEDEF-1D - 48 bps | Receive | 11/24/2026 | (16,176) | - | (16,176) | ||||||
| 166,452 | 2,590 | Evergy Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 55,753 | - | 55,753 | ||||||
| 432,807 | 6,363 | Eversource Energy | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 30,673 | - | 30,673 | ||||||
| 230,967 | 5,245 | Exelixis Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 52,332 | - | 52,332 | ||||||
| (166,401) | (5,352) | Exlservice Holdings | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 29,823 | - | 29,823 | ||||||
| (428,961) | (6,217) | Exponent Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 68,424 | - | 68,424 | ||||||
| (114,898) | (7,964) | Exzeo Group Inc | FEDEF-1D - 98 bps | Receive | 11/24/2026 | (18,536) | - | (18,536) | ||||||
| (87,984) | (86) | Fair Isaac Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (14,308) | - | (14,308) | ||||||
| (251,812) | (17,483) | First Advantage Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (59,297) | - | (59,297) | ||||||
| (111,914) | (3,492) | First Finl Bankshare | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (9,383) | - | (9,383) | ||||||
| 103,959 | 463 | First Solar Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 3,575 | - | 3,575 | ||||||
| 299,973 | 6,559 | Firstenergy Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 11,048 | - | 11,048 | ||||||
| (213,379) | (6,129) | Firstsun Capital Bank | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (23,741) | - | (23,741) | ||||||
| 162,835 | 4,168 | Fluor Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 48,234 | - | 48,234 | ||||||
| (133,929) | (10,080) | Fmc Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 17,557 | - | 17,557 | ||||||
| 287,941 | 6,377 | Fortune Brands Innovations | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 57,356 | - | 57,356 | ||||||
| 169,123 | 4,181 | Freeport-Mcmoran Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 90,792 | - | 90,792 | ||||||
| 166,200 | 20,134 | Freshworks Inc-Cl A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 36,080 | - | 36,080 | ||||||
| (214,373) | (1,321) | Fti Consulting Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 22,843 | - | 22,843 | ||||||
| 441,355 | 20,725 | Fulton Financial Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 58,533 | - | 58,533 | ||||||
| 170,839 | 7,371 | Gates Industrial Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 33,573 | - | 33,573 | ||||||
| 243,508 | 7,632 | Gci Liberty Inc-Cl C | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (81,882) | - | (81,882) | ||||||
| 27,866 | 1,020 | Gen Digital Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (3,537) | - | (3,537) | ||||||
| (92,044) | (1,005) | Genedx Holdings Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 24,269 | - | 24,269 | ||||||
| 192,630 | 2,288 | General Motors Co | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (18,660) | - | (18,660) | ||||||
| 127,829 | 8,563 | Genie Energy Ltd-B | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (7,521) | - | (7,521) | ||||||
| 146,664 | 1,001 | Godaddy Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (68,898) | - | (68,898) | ||||||
| 285,638 | 3,330 | Graco Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (35,771) | - | (35,771) | ||||||
| (177,605) | (1,820) | Graham Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (47,226) | - | (47,226) | ||||||
| (148,735) | (140) | Graham Holdings Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (10,112) | - | (10,112) | ||||||
| (166,629) | (990) | Grand Canyon Education | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 26,148 | - | 26,148 | ||||||
| (192,225) | (2,822) | Green Brick Partners | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (33,141) | - | (33,141) | ||||||
| 283,577 | 17,487 | Green Plains Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (16,586) | - | (16,586) | ||||||
| (477,985) | (6,790) | Greif Inc-Cl A | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (29,893) | - | (29,893) | ||||||
| (155,677) | (12,709) | Grindr Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (24,725) | - | (24,725) | ||||||
| (208,140) | (629) | Group 1 Automotive Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 26,355 | - | 26,355 | ||||||
| 233,947 | 15,393 | Hawaiian Electric Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (27,875) | - | (27,875) | ||||||
| (362,780) | (2,706) | Hawkins Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (17,058) | - | (17,058) | ||||||
| (176,004) | (6,467) | Hbt Financial Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (31,056) | - | (31,056) | ||||||
| (123,410) | (4,323) | Heartflow Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (1,768) | - | (1,768) | ||||||
| 143,324 | 12,258 | Herbalife Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 17,399 | - | 17,399 | ||||||
| 172,877 | 7,851 | Hewlett Packard Enterprises | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 180,533 | - | 180,533 | ||||||
| 373,198 | 7,117 | Hf Sinclair Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 121,391 | - | 121,391 | ||||||
| 271,875 | 35,025 | Hillman Solutions Co | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 22,193 | - | 22,193 | ||||||
| 170,608 | 6,955 | Hp Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (16,578) | - | (16,578) | ||||||
| 138,226 | 581 | Humana Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 89,292 | - | 89,292 | ||||||
| 182,935 | 662 | Hunt (Jb) Transprt Services | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 8,067 | - | 8,067 | ||||||
| (213,095) | (1,560) | Huron Consulting Group | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 74,476 | - | 74,476 | ||||||
| NAA OPPORTUNITY FUND | ||||||||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||
| June 30, 2026 | ||||||||||||||
| TOTAL RETURN SWAPS | ||||||||||||||
| Notional Amount at June 30, 2026 | Number of Shares | Reference Obligation# | Floating Rate | Pay/Receive Floating Rate | Maturity Date^ | Fair Value | Upfront Payments/ Receipts |
Unrealized Appreciation (Depreciation) | ||||||
| $ (141,445) | (853) | Hyatt Hotels Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | $ (23,288) | $ - | $ (23,288) | ||||||
| 366,347 | 6,965 | Idt Corp-Class B | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 20,234 | - | 20,234 | ||||||
| 633,906 | 76,708 | Ihs Holding Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (5,168) | - | (5,168) | ||||||
| (77,721) | (2,111) | Imax Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (4,922) | - | (4,922) | ||||||
| (169,373) | (1,191) | Impinj Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (766) | - | (766) | ||||||
| 557,957 | 5,866 | Incyte Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 101,991 | - | 101,991 | ||||||
| (143,615) | (2,844) | Ingevity Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (65,426) | - | (65,426) | ||||||
| 200,576 | 2,318 | Ingles Markets Inc-C | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 2,399 | - | 2,399 | ||||||
| 206,216 | 14,986 | Inmode Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 10,773 | - | 10,773 | ||||||
| (33,852) | (792) | Innodata Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (25,668) | - | (25,668) | ||||||
| (190,503) | (2,426) | Innospec Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (6,129) | - | (6,129) | ||||||
| 147,182 | 15,191 | Integra Lifesciences | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 124,131 | - | 124,131 | ||||||
| (161,690) | (2,246) | International Bancshares | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (8,041) | - | (8,041) | ||||||
| 216,672 | 2,716 | International Seaway | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 2,993 | - | 2,993 | ||||||
| (252,015) | (2,748) | Interparfums Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (56,910) | - | (56,910) | ||||||
| (171,569) | (2,112) | Intl Flavors & Fragrances | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 8,649 | - | 8,649 | ||||||
| 207,242 | 575 | Intuit Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (57,844) | - | (57,844) | ||||||
| 207,716 | 7,358 | Iridium Communications | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 190,334 | - | 190,334 | ||||||
| 90,427 | 391 | Jazz Pharmaceuticals | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 3,496 | - | 3,496 | ||||||
| 417,515 | 3,091 | Johnson Controls International | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 31,074 | - | 31,074 | ||||||
| 279,564 | 7,574 | Kennametal Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (15,311) | - | (15,311) | ||||||
| (226,890) | (739) | Kinsale Capital Group | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (16,241) | - | (16,241) | ||||||
| 144,502 | 1,016 | Kirby Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (6,830) | - | (6,830) | ||||||
| (239,264) | (3,366) | Knife River Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (36,899) | - | (36,899) | ||||||
| 324,365 | 4,972 | Kroger Co | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (51,851) | - | (51,851) | ||||||
| (212,223) | (4,310) | Lakeland Financial Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (8,828) | - | (8,828) | ||||||
| 118,120 | 1,217 | Lantheus Holdings Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 16,490 | - | 16,490 | ||||||
| (214,924) | (4,348) | Lgi Homes Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (61,390) | - | (61,390) | ||||||
| 396,311 | 48,936 | Liberty Latin America | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (22,103) | - | (22,103) | ||||||
| (4,893) | (0) | Liberty Latin America Ltd. | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 106,129 | - | 106,129 | ||||||
| (423,040) | (4,710) | Liberty Media Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (23,337) | - | (23,337) | ||||||
| (407,437) | (3,589) | Liberty Media Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (45,759) | - | (45,759) | ||||||
| (108,755) | (2,661) | Lincoln Educational | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (23,461) | - | (23,461) | ||||||
| (231,647) | (470) | Linde Plc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (11,111) | - | (11,111) | ||||||
| (122,290) | (3,814) | Liquidity Services Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (25,580) | - | (25,580) | ||||||
| (335,769) | (1,313) | Lithia Motors Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (43,838) | - | (43,838) | ||||||
| (194,867) | (2,667) | Louisiana-Pacific Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (14,405) | - | (14,405) | ||||||
| 388,285 | 42,020 | Lumen Technologies Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (71,192) | - | (71,192) | ||||||
| 290,629 | 21,087 | Lyft Inc-A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 15,012 | - | 15,012 | ||||||
| (228,855) | (1,680) | M/I Homes Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (40,669) | - | (40,669) | ||||||
| 140,124 | 6,376 | Macy'S Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 10,792 | - | 10,792 | ||||||
| (125,742) | (2,755) | Madison Square Garden Sports Corp. | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (94,016) | - | (94,016) | ||||||
| (321,886) | (20,944) | Magnite Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (74,782) | - | (74,782) | ||||||
| (163,871) | (2,990) | Makemytrip Ltd | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 6,340 | - | 6,340 | ||||||
| (362,092) | (21,948) | Manchester United Players | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (136,303) | - | (136,303) | ||||||
| 183,067 | 3,962 | Maplebear Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (4,013) | - | (4,013) | ||||||
| 71,525 | 405 | Marathon Petroleum Co. | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 31,595 | - | 31,595 | ||||||
| 156,484 | 11,542 | Marten Transport Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 42,903 | - | 42,903 | ||||||
| (285,517) | (534) | Martin Marietta Materials | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (17,685) | - | (17,685) | ||||||
| 118,824 | 1,579 | Masco Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 5,102 | - | 5,102 | ||||||
| (210,636) | (5,766) | Match Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (8,204) | - | (8,204) | ||||||
| (175,637) | (12,709) | Mcgraw Hill Inc | FEDEF-1D - 53 bps | Receive | 11/24/2026 | 56,658 | - | 56,658 | ||||||
| NAA OPPORTUNITY FUND | ||||||||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||
| June 30, 2026 | ||||||||||||||
| TOTAL RETURN SWAPS | ||||||||||||||
| Notional Amount at June 30, 2026 | Number of Shares | Reference Obligation# | Floating Rate | Pay/Receive Floating Rate | Maturity Date^ | Fair Value | Upfront Payments/ Receipts |
Unrealized Appreciation (Depreciation) | ||||||
| $ (213,697) | (14,559) | Mechanics Bancorp-A | FEDEF-1D - 35 bps | Receive | 11/24/2026 | $ (26,232) | $ - | $ (26,232) | ||||||
| (149,244) | (3,242) | Merchants Bancorp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (12,820) | - | (12,820) | ||||||
| (201,582) | (159) | Mettler-Toledo International Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (471) | - | (471) | ||||||
| (137,157) | (3,193) | Miami International | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 20,002 | - | 20,002 | ||||||
| 36,683 | 198 | Micron Technology Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 190,718 | - | 190,718 | ||||||
| 221,862 | 4,773 | Millicom Intl Cellular | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 216,146 | - | 216,146 | ||||||
| (338,725) | (5,545) | Minerals Technologies | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (63,936) | - | (63,936) | ||||||
| 109,977 | 7,533 | Mitek Systems Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 40,937 | - | 40,937 | ||||||
| 290,791 | 1,557 | Molina Healthcare Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 63,825 | - | 63,825 | ||||||
| 150,137 | 1,826 | Monster Beverage Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 23,341 | - | 23,341 | ||||||
| (152,076) | (911) | Msa Safety Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (6,212) | - | (6,212) | ||||||
| 467,010 | 4,573 | Msc Industrial Direct | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 73,932 | - | 73,932 | ||||||
| 169,496 | 2,024 | Mueller Industries Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 74,413 | - | 74,413 | ||||||
| 129,430 | 4,702 | Mueller Water Products | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (8,493) | - | (8,493) | ||||||
| (133,023) | (296) | Myr Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (14,745) | - | (14,745) | ||||||
| (202,113) | (4,692) | National Bank Holdings | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (6,786) | - | (6,786) | ||||||
| (413,338) | (11,221) | National Beverage Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 64,333 | - | 64,333 | ||||||
| (123,957) | (9,627) | Navan Inc-Cl A | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (95,283) | - | (95,283) | ||||||
| (233,614) | (9,473) | Neptune Insurance Holdings | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (62,990) | - | (62,990) | ||||||
| 147,187 | 14,418 | Nerdwallet Inc-Cl A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (15,200) | - | (15,200) | ||||||
| 428,261 | 13,324 | Netscout Systems Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 147,839 | - | 147,839 | ||||||
| (288,575) | (399) | Newmarket Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (26,947) | - | (26,947) | ||||||
| 510,090 | 5,931 | Newmont Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 37,924 | - | 37,924 | ||||||
| (224,913) | (1,167) | Nexstar Media Group | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 16,384 | - | 16,384 | ||||||
| 119,941 | 159 | Northrop Grumman Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (40,176) | - | (40,176) | ||||||
| (120,324) | (939) | Novanta Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (31,393) | - | (31,393) | ||||||
| 403,352 | 1,848 | Nucor Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 6,473 | - | 6,473 | ||||||
| 407,209 | 9,489 | Occidental Petroleum | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 47,460 | - | 47,460 | ||||||
| 158,171 | 14,131 | Oil States Internati | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (46,005) | - | (46,005) | ||||||
| 96,248 | 1,094 | Okta Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 51,220 | - | 51,220 | ||||||
| 82,848 | 1,632 | On Semiconductor | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 69,119 | - | 69,119 | ||||||
| 282,506 | 4,306 | Oneok Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 93,179 | - | 93,179 | ||||||
| 307,114 | 2,326 | Oshkosh Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 45,653 | - | 45,653 | ||||||
| 222,823 | 1,811 | Owens Corning | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 61,917 | - | 61,917 | ||||||
| 124,045 | 6,969 | P G & E Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (12,012) | - | (12,012) | ||||||
| 148,443 | 3,840 | Par Pacific Holdings | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 64,112 | - | 64,112 | ||||||
| (388,165) | (2,368) | Park National Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (44,588) | - | (44,588) | ||||||
| 260,071 | 25,266 | Patterson-Uti Energy | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (28,278) | - | (28,278) | ||||||
| (393,435) | (4,212) | Paychex Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (21,439) | - | (21,439) | ||||||
| (109,319) | (1,019) | Paylocity Holding Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 3,998 | - | 3,998 | ||||||
| 268,141 | 11,773 | Pediatrix Medical Group | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 28,312 | - | 28,312 | ||||||
| 110,022 | 6,062 | Penguin Solutions Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 349,515 | - | 349,515 | ||||||
| (137,825) | (4,907) | Pennant Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (41,652) | - | (41,652) | ||||||
| (208,993) | (1,250) | Penske Automotive Group | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (15,367) | - | (15,367) | ||||||
| (236,750) | (8,465) | Perimeter Solutions | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (61,872) | - | (61,872) | ||||||
| 214,236 | 4,560 | Pilgrim'S Pride Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (87,477) | - | (87,477) | ||||||
| 150,827 | 1,732 | Pinnacle West Capital | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 34,597 | - | 34,597 | ||||||
| (183,895) | (2,640) | Planet Fitness Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 47,463 | - | 47,463 | ||||||
| (198,203) | (948) | Plexus Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (85,234) | - | (85,234) | ||||||
| 513,870 | 10,955 | Portland General Electric | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 57,382 | - | 57,382 | ||||||
| (111,410) | (660) | Pricesmart Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (17,221) | - | (17,221) | ||||||
| (377,826) | (10,700) | Pursuit Attractions | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (214,369) | - | (214,369) | ||||||
| NAA OPPORTUNITY FUND | ||||||||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||
| June 30, 2026 | ||||||||||||||
| TOTAL RETURN SWAPS | ||||||||||||||
| Notional Amount at June 30, 2026 | Number of Shares | Reference Obligation# | Floating Rate | Pay/Receive Floating Rate | Maturity Date^ | Fair Value | Upfront Payments/ Receipts |
Unrealized Appreciation (Depreciation) | ||||||
| $ (355,286) | (2,539) | Quaker Chemical Corp | FEDEF-1D +45 bps | Receive | 11/24/2026 | $ (44,286) | $ - | $ (44,286) | ||||||
| 77,144 | 501 | Qualcomm Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | 14,036 | - | 14,036 | ||||||
| (131,878) | (1,874) | Radnet Inc | FEDEF-1D -35 bps | Receive | 11/24/2026 | 18,112 | - | 18,112 | ||||||
| (210,348) | (2,089) | Rb Global Inc | FEDEF-1D +45 bps | Receive | 11/24/2026 | (30,447) | - | (30,447) | ||||||
| (5,457) | (460) | Realreal Inc | FEDEF-1D +45 bps | Receive | 11/24/2026 | 94 | - | 94 | ||||||
| 79,160 | 555 | Regal Rexnord Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 51,521 | - | 51,521 | ||||||
| (115,621) | (1,598) | Republic Bancorp Inc | FEDEF-1D +45 bps | Receive | 11/24/2026 | (28,815) | - | (28,815) | ||||||
| (258,345) | (1,173) | Republic Services Inc | FEDEF-1D +45 bps | Receive | 11/24/2026 | 9,797 | - | 9,797 | ||||||
| 149,751 | 710 | Rtx Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | (16,543) | - | (16,543) | ||||||
| 131,697 | 595 | Ryder System Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 23,992 | - | 23,992 | ||||||
| (51,620) | (6,172) | Sable Offshore Corp | FEDEF-1D -35 bps | Receive | 11/24/2026 | 33,091 | - | 33,091 | ||||||
| (101,317) | (12,144) | Savers Value Village | FEDEF-1D +45 bps | Receive | 11/24/2026 | (20,700) | - | (20,700) | ||||||
| 118,085 | 3,288 | Schneider National Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | 1,967 | - | 1,967 | ||||||
| 342,202 | 5,470 | Scorpio Tankers Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 35,819 | - | 35,819 | ||||||
| (299,735) | (4,844) | Scotts Miracle-Gro Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | (31,693) | - | (31,693) | ||||||
| (172,399) | (14,876) | Select Water Solutions | FEDEF-1D -35 bps | Receive | 11/24/2026 | (124,211) | - | (124,211) | ||||||
| 123,022 | 2,982 | Sensata Technologies | FEDEF-1D +45 bps | Pay | 11/24/2026 | 18,880 | - | 18,880 | ||||||
| (361,963) | (3,805) | Sensient Technologies | FEDEF-1D +45 bps | Receive | 11/24/2026 | (104,514) | - | (104,514) | ||||||
| (158,973) | (2,148) | Service Corp International | FEDEF-1D +45 bps | Receive | 11/24/2026 | (4,543) | - | (4,543) | ||||||
| (426,587) | (5,589) | Servisfirst Bancshares | FEDEF-1D +45 bps | Receive | 11/24/2026 | (57,135) | - | (57,135) | ||||||
| 111,320 | 10,442 | Sfl Corp Ltd | FEDEF-1D +45 bps | Pay | 11/24/2026 | (3,657) | - | (3,657) | ||||||
| (155,865) | (1,694) | Shake Shack Inc | FEDEF-1D +45 bps | Receive | 11/24/2026 | 62,594 | - | 62,594 | ||||||
| (219,237) | (10,704) | Simmons First Natl Corp | FEDEF-1D +45 bps | Receive | 11/24/2026 | (25,203) | - | (25,203) | ||||||
| (184,251) | (11,875) | Six Flags Entertainment | FEDEF-1D -35 bps | Receive | 11/24/2026 | (65,626) | - | (65,626) | ||||||
| (144,567) | (3,161) | Sl Green Realty Corp | FEDEF-1D +45 bps | Receive | 11/24/2026 | (22,187) | - | (22,187) | ||||||
| 147,903 | 4,892 | Sm Energy Co | FEDEF-1D +45 bps | Pay | 11/24/2026 | (20,246) | - | (20,246) | ||||||
| (135,854) | (4,315) | Smartstop Self Storae | FEDEF-1D -35 bps | Receive | 11/24/2026 | (5,350) | - | (5,350) | ||||||
| 439,418 | 6,726 | Smith (A.O.) Corp | FEDEF-1D -35 bps | Pay | 11/24/2026 | (19,597) | - | (19,597) | ||||||
| (65,395) | (1,665) | Solaris Energy Infrastructure | FEDEF-1D +45 bps | Receive | 11/24/2026 | (67,564) | - | (67,564) | ||||||
| (218,849) | (2,752) | Solstice Adv Materials | FEDEF-1D -35 bps | Receive | 11/24/2026 | (23,330) | - | (23,330) | ||||||
| 291,183 | 6,881 | Southwest Airlines Co. | FEDEF-1D +45 bps | Pay | 11/24/2026 | 62,921 | - | 62,921 | ||||||
| 306,099 | 18,856 | Spok Holdings Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | (97,640) | - | (97,640) | ||||||
| (214,920) | (425) | Spotify Technology S.A. | FEDEF-1D -35 bps | Receive | 11/24/2026 | 20,357 | - | 20,357 | ||||||
| 562,882 | 99,901 | Sprinklr Inc-A | FEDEF-1D -35 bps | Pay | 11/24/2026 | (52,195) | - | (52,195) | ||||||
| 169,717 | 6,272 | St Corp-Class A | FEDEF-1D +45 bps | Pay | 11/24/2026 | (16,268) | - | (16,268) | ||||||
| (237,091) | (908) | Standex International | FEDEF-1D +45 bps | Receive | 11/24/2026 | (86,042) | - | (86,042) | ||||||
| 244,944 | 3,454 | Stanley Black & Deck | FEDEF-1D +45 bps | Pay | 11/24/2026 | 79,956 | - | 79,956 | ||||||
| 236,788 | 31,665 | Stealthgas Inc | FEDEF-1D +45 bps | Pay | 11/24/2026 | 8,601 | - | 8,601 | ||||||
| 227,699 | 1,334 | Steel Dynamics Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | 75,145 | - | 75,145 | ||||||
| (147,942) | (2,929) | Stepan Co | FEDEF-1D -35 bps | Receive | 11/24/2026 | (15,156) | - | (15,156) | ||||||
| (91,455) | (2,049) | Stepstone Group Inc | FEDEF-1D +45 bps | Receive | 11/24/2026 | 5,998 | - | 5,998 | ||||||
| (151,960) | (3,534) | Steven Madden Ltd | FEDEF-1D -35 bps | Receive | 11/24/2026 | 2,837 | - | 2,837 | ||||||
| (291,853) | (4,433) | Stock Yards Bancorp | FEDEF-1D +45 bps | Receive | 11/24/2026 | (46,505) | - | (46,505) | ||||||
| 110,237 | 1,443 | Stonex Group Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | 58,867 | - | 58,867 | ||||||
| (200,128) | (4,712) | Sylvamo Corp | FEDEF-1D +45 bps | Receive | 11/24/2026 | 21,540 | - | 21,540 | ||||||
| (382,039) | (1,722) | Take-Two Interactive | FEDEF-1D +45 bps | Receive | 11/24/2026 | (46,920) | - | (46,920) | ||||||
| 227,956 | 2,348 | Target Corp | FEDEF-1D -35 bps | Pay | 11/24/2026 | 79,183 | - | 79,183 | ||||||
| 159,672 | 994 | Td Synnex Corp | FEDEF-1D +45 bps | Pay | 11/24/2026 | 103,801 | - | 103,801 | ||||||
| 167,635 | 767 | Te Connectivity Plc | FEDEF-1D +45 bps | Pay | 11/24/2026 | (14,345) | - | (14,345) | ||||||
| 154,226 | 2,780 | Teekay Tankers Ltd-C | FEDEF-1D +45 bps | Pay | 11/24/2026 | 26,656 | - | 26,656 | ||||||
| 259,126 | 37,819 | Teladoc Health Inc | FEDEF-1D -35 bps | Pay | 11/24/2026 | 60,116 | - | 60,116 | ||||||
| (179,350) | (281) | Teledyne Technologies | FEDEF-1D +45 bps | Receive | 11/24/2026 | (7,101) | - | (7,101) | ||||||
| NAA OPPORTUNITY FUND | ||||||||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||
| June 30, 2026 | ||||||||||||||
| TOTAL RETURN SWAPS | ||||||||||||||
| Notional Amount at June 30, 2026 | Number of Shares | Reference Obligation# | Floating Rate | Pay/Receive Floating Rate | Maturity Date^ | Fair Value | Upfront Payments/ Receipts |
Unrealized Appreciation (Depreciation) | ||||||
| $ 629,673 | 16,385 | Telephone And Data Systems | FEDEF-1D + 45 bps | Pay | 11/24/2026 | $ (41,808) | $ - | $ (41,808) | ||||||
| (268,301) | (713) | Texas Pacific Land Co. | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (43,030) | - | (43,030) | ||||||
| (278,546) | (1,584) | Texas Roadhouse Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (27,983) | - | (27,983) | ||||||
| 182,153 | 1,654 | Timken Co | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 56,323 | - | 56,323 | ||||||
| (142,492) | (9,301) | Titan America S.A. | FEDEF-1D - 73 bps | Receive | 11/24/2026 | (30,746) | - | (30,746) | ||||||
| 255,355 | 1,006 | T-Mobile Us Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (97,088) | - | (97,088) | ||||||
| 342,753 | 4,036 | Toro Co | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 44,694 | - | 44,694 | ||||||
| (252,497) | (219) | Transdigm Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (37,893) | - | (37,893) | ||||||
| (160,513) | (2,054) | Transunion | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 13,851 | - | 13,851 | ||||||
| (204,915) | (5,326) | Trimas Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (34,050) | - | (34,050) | ||||||
| (181,946) | (3,061) | Triumph Financial Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (49,927) | - | (49,927) | ||||||
| (117,379) | (18,572) | Tronox Holdings Plc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 59 | - | 59 | ||||||
| 64,953 | 1,456 | Truist Financial Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 7,374 | - | 7,374 | ||||||
| 381,216 | 31,758 | Ty Global Ltd-A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (21,959) | - | (21,959) | ||||||
| 184,865 | 2,012 | Ufp Industries Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (3,666) | - | (3,666) | ||||||
| (245,540) | (1,028) | Ufp Technologies Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (23,995) | - | (23,995) | ||||||
| 281,754 | 7,684 | Ugi Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (15,210) | - | (15,210) | ||||||
| 557,369 | 5,007 | United Airlines Holdings | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 118,905 | - | 118,905 | ||||||
| 207,035 | 6,149 | United Community Bank | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 8,913 | - | 8,913 | ||||||
| 131,399 | 2,568 | United Natural Foods | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (14,981) | - | (14,981) | ||||||
| 209,396 | 2,125 | United Parcel Services | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 20,383 | - | 20,383 | ||||||
| (453,356) | (3,864) | United States Lime & Minerals | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 55,453 | - | 55,453 | ||||||
| 124,527 | 329 | Unitedhealth Group Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 12,570 | - | 12,570 | ||||||
| (88,550) | (6,451) | Uranium Energy Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 20,016 | - | 20,016 | ||||||
| 493,377 | 2,261 | Valero Energy Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 93,210 | - | 93,210 | ||||||
| (173,985) | (333) | Valmont Industries | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (18,154) | - | (18,154) | ||||||
| (299,136) | (8,231) | Valvoline Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (23,522) | - | (23,522) | ||||||
| (293,845) | (1,386) | Verisk Analytics Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 46,884 | - | 46,884 | ||||||
| 316,627 | 7,420 | Verizon Communications | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 4,835 | - | 4,835 | ||||||
| 118,073 | 2,398 | Viasat Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 96,188 | - | 96,188 | ||||||
| (244,347) | (6,204) | Viper Energy Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (23,284) | - | (23,284) | ||||||
| 375,618 | 11,182 | Vornado Realty Trust | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 62,600 | - | 62,600 | ||||||
| (87,441) | (3,048) | Voyager Technologies | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (9,790) | - | (9,790) | ||||||
| (196,723) | (673) | Vulcan Materials Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 697 | - | 697 | ||||||
| (177,189) | (3,571) | Walker & Dunlop Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (18,613) | - | (18,613) | ||||||
| (151,498) | (5,392) | Warner Music Group | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 5,303 | - | 5,303 | ||||||
| (90,760) | (460) | Wd-40 Co | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (21,075) | - | (21,075) | ||||||
| (156,151) | (21,334) | Weride Inc-Adr | FEDEF-1D - 68 bps | Receive | 11/24/2026 | 33,766 | - | 33,766 | ||||||
| (137,653) | (2,493) | Westamerica Bancorporation | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (9,082) | - | (9,082) | ||||||
| (177,237) | (2,185) | Westlake Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 19,695 | - | 19,695 | ||||||
| (425,030) | (9,839) | Wiley (John) & Sons | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (51,140) | - | (51,140) | ||||||
| (197,568) | (1,956) | Willdan Group Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 45,820 | - | 45,820 | ||||||
| (235,405) | (576) | Winmark Corp | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (7,457) | - | (7,457) | ||||||
| 142,489 | 884 | Wix.Com Ltd | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (109,483) | - | (109,483) | ||||||
| 306,494 | 2,380 | Workday Inc-Class A | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (17,976) | - | (17,976) | ||||||
| 185,882 | 7,759 | World Kinect Corp | FEDEF-1D + 45 bps | Pay | 11/24/2026 | 69,585 | - | 69,585 | ||||||
| (224,489) | (2,773) | Wyndham Hotels & Resorts | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (8,954) | - | (8,954) | ||||||
| (192,880) | (1,817) | Wynn Resorts Ltd | FEDEF-1D - 35 bps | Receive | 11/24/2026 | 17,035 | - | 17,035 | ||||||
| (132,679) | (3,029) | Xpel Inc | FEDEF-1D - 35 bps | Receive | 11/24/2026 | (17,210) | - | (17,210) | ||||||
| 214,453 | 5,914 | Zillow Group Inc | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (28,747) | - | (28,747) | ||||||
| 67,806 | 777 | Zoom Communications | FEDEF-1D + 45 bps | Pay | 11/24/2026 | (1,334) | - | (1,334) | ||||||
| $ 1,203,887 | $ - | 1,203,887 | ||||||||||||
| # The counterparty for all swap contracts is Morgan Stanley. | ||||||||||||||
| ^ Pays at maturity date. | ||||||||||||||
| LTD - Limited Company | ||||||||||||||
| PLC - Public Limited Company | ||||||||||||||
| REIT - Real Estate Investment Trust | ||||||||||||||
| FEDEF-1D - 1 Day Federal Funds Rate. The FEDEF-1D was 3.63% on June 30, 2026. | ||||||||||||||