NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9%      
    Communications - 0.8%      
27,614   Cogent Communications Holdings, Inc.       $ 383,282
8,137   GoDaddy, Inc., Class A(a)         690,669
21,059   Iridium Communications, Inc.         1,155,086
3,521   Maplebear, Inc.(a)         166,719
             

2,395,756

    Consumer Discretionary - 10.5%      
33,790   Adient plc(a)         621,060
28,268   Autoliv, Inc.         3,283,894
1,045   Avis Budget Group, Inc.(a)         154,482
28,613   Bath & Body Works, Inc.         661,819
6,700   Best Buy Company, Inc.         508,396
25,436   BorgWarner, Inc.         1,688,950
5,451   Brunswick Corporation         459,192
18,198   Builders FirstSource, Inc.(a)         1,628,357
56,468   Callaway Golf Company(a)         1,061,034
9,659   CarMax, Inc.(a)         510,865
13,543   Carter's, Inc.         557,430
17,268   Chewy, Inc., Class A(a)         339,316
17,025   Cracker Barrel Old Country Store, Inc.         907,432
7,733   Crocs, Inc.(a)         932,909
3,871   Darden Restaurants, Inc.         797,465
15,482   Floor & Decor Holdings, Inc., Class A(a)         919,012
30,830   Fortune Brands Innovations, Inc.         1,692,567
17,641   Fox Factory Holding Corporation(a)         298,927
19,358   Gap, Inc. (The)         361,607
11,624   KB Home         727,546
27,660   Kohl's Corporation         490,135
22,759   Lear Corporation         3,051,072
40,910   LKQ Corporation         1,077,160
36,916   Macy's, Inc.         869,372
7,628   MGM Resorts International(a)         364,695
6,300   Mohawk Industries, Inc.(a)         764,379
27,233   PROG Holdings, Inc.         1,269,330
3,759   RH(a)         619,220
 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Consumer Discretionary - 10.5% (Continued)      
17,257   Sonic Automotive, Inc., Class A       $ 1,463,221
3,117   Stride, Inc.(a)         268,810
2,784   Toll Brothers, Inc.         458,664
33,138   VF Corporation         552,742
44,453   Wendy's Company (The)         368,515
5,989   Winnebago Industries, Inc.         187,096
39,716   YETI Holdings, Inc.(a)         1,968,325
             

31,884,996

    Consumer Staples - 1.8%      
55,396   Albertsons Companies, Inc., Class A         749,508
6,000   BJ's Wholesale Club Holdings, Inc.(a)         523,320
13,622   Edgewell Personal Care Company         365,887
11,487   Lamb Weston Holdings, Inc.         496,009
5,922   Performance Food Group Company(a)         662,020
22,933   Quanex Building Products Corporation         427,012
11,090   Sprouts Farmers Market, Inc.(a)         937,993
13,172   US Foods Holding Corporation(a)         1,346,837
             

5,508,586

    Energy - 7.1%      
32,638   Chord Energy Corporation         3,730,524
15,940   ConocoPhillips         1,657,122
17,809   Enphase Energy, Inc.(a)         876,916
22,025   HF Sinclair Corporation         1,534,041
27,439   Innovex International, Inc.(a)         680,487
4,391   Kinetik Holdings, Inc.         212,261
77,031   Noble Corporation PLC         2,873,256
178,571   Nov, Inc. COM         3,312,492
12,841   ONEOK, Inc.         1,116,397
3,215   Par Pacific Holdings, Inc.(a)         180,297
376,225   Patterson-UTI Energy, Inc.         3,453,745
18,711   PBF Energy, Inc., Class A         851,725
19,233   SM Energy Company         501,981
9,919   SolarEdge Technologies, Inc.(a)         579,666
             

21,560,910

 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Financials - 21.6%      
718   Allstate Corporation (The)       $ 170,841
31,165   Ameris Bancorp         2,812,953
97,198   Annaly Capital Management, Inc.         2,173,347
149,512   Apollo Commercial Real Estate Finance, Inc.         1,596,788
72,842   Arbor Realty Trust, Inc.         394,804
4,980   Atlantic Union Bankshares Corporation         210,704
13,593   Banc of California, Inc.         277,705
21,426   Bank OZK         1,116,080
11,475   BankUnited, Inc.         555,964
10,146   Bread Financial Holdings, Inc.         1,099,319
47,522   Capitol Federal Financial, Inc.         404,412
5,403   Carlyle Group, Inc. (The)         227,520
51,452   CNO Financial Group, Inc.         2,623,023
50,370   Columbia Banking System, Inc.         1,614,359
1,164   Evercore, Inc., Class A         397,436
18,725   Fidelity National Financial, Inc.         883,071
13,020   First American Financial Corporation         893,042
64,094   First Financial Bancorp         2,168,300
42,196   First Hawaiian, Inc.         1,236,343
175,514   First Horizon Corporation         4,500,178
7,672   First Interstate BancSystem, Inc., Class A         295,832
62,946   Flagstar Financial, Inc.         940,413
200,472   FNB Corp         3,825,005
11,585   Franklin Resources, Inc.         385,433
137,114   Fulton Financial Corporation         3,316,788
40,256   Genworth Financial, Inc., Class A(a)         381,224
5,871   Hancock Whitney Corporation         438,681
39,764   Home BancShares, Inc.         1,135,262
31,858   Invesco Ltd.         840,733
5,599   Jackson Financial, Inc.         573,282
24,585   Jefferies Financial Group, Inc.         1,228,758
19,845   KeyCorporation         457,427
9,055   Lincoln National Corporation         320,094
6,165   MetLife, Inc.         521,621
 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Financials - 21.6% (Continued)      
8,468   OFG Bancorp       $ 415,525
38,100   Old National Bancorp         986,790
12,182   Old Republic International Corporation         498,487
11,044   Pinnacle Financial Partners, Inc.         1,114,119
10,989   Prosperity Bancshares, Inc.         802,527
124,544   Provident Financial Services, Inc.         2,944,220
6,605   Prudential Financial, Inc.         712,878
5,117   Radian Group, Inc.         192,757
18,764   Regions Financial Corporation         566,673
1,502   Reinsurance Group of America, Inc.         319,400
11,891   Ryan Specialty Holdings, Inc.         449,004
20,360   SEI Investments Company         1,785,776
11,419   Selective Insurance Group, Inc.         1,107,757
24,199   SLM Corporation         627,722
12,194   SouthState Bank Corporation         1,218,181
15,824   Starwood Property Trust, Inc.         259,197
37,101   Stifel Financial Corporation         2,588,537
5,363   T Rowe Price Group, Inc.         609,719
10,835   UMB Financial Corporation         1,546,805
23,383   United Bankshares, Inc.         1,071,643
61,776   United Community Banks, Inc.         2,167,720
153,084   Valley National Bancorp         2,242,681
5,134   WaFd, Inc.         196,992
4,936   Western Alliance Bancorp         405,739
5,459   Zions Bancorp NA         377,708
             

65,225,299

    Health Care - 5.1%      
22,248   Acadia Healthcare Company, Inc.(a)         656,983
27,168   AdaptHealth Corporation(a)         283,091
22,189   Baxter International, Inc.         473,069
1,312   Becton Dickinson and Company         198,545
6,387   Bruker Corporation         384,370
20,932   Cardinal Health, Inc.         4,972,606
6,298   Cytokinetics, Inc.(a)         536,527
 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Health Care - 5.1% (Continued)      
85,671   Dentsply Sirona, Inc.       $ 908,969
12,050   Enovis Corporation(a)         249,435
14,311   Envista Holdings Corporation(a)         377,095
1,339   Glaukos Corporation(a)         187,139
5,190   Integer Holdings Corporation(a)         485,006
51,118   Integra LifeSciences Holdings Corporation(a)         918,078
5,715   Lantheus Holdings, Inc.(a)         634,022
6,747   Molina Healthcare, Inc.(a)         1,543,039
33,646   Neogen Corporation(a)         302,478
67,541   Perrigo Company plc         701,750
21,713   Sarepta Therapeutics, Inc.(a)         390,183
12,853   Tandem Diabetes Care, Inc.(a)         193,952
5,921   Teleflex, Inc.         750,546
5,285   Zoetis, Inc.         379,780
             

15,526,663

    Industrials - 20.6%      
13,467   A O Smith Corporation         844,650
90,985   ADT, Inc.         591,403
6,770   AECOM         472,546
10,850   AGCO Corporation         1,298,745
16,149   Alaska Air Group, Inc.(a)         842,978
3,969   Allegiant Travel Company(a)         466,754
145,381   American Airlines Group, Inc.(a)         2,627,035
8,447   Arcosa, Inc.         1,227,265
17,499   Carrier Global Corporation         1,283,552
191,316   CNH Industrial N.V.         2,148,479
13,460   Cognex Corporation         974,773
23,840   Core & Main, Inc., Class A(a)         1,150,280
6,191   Delta Air Lines, Inc.         579,849
12,966   Donaldson Company, Inc.         1,163,958
8,770   ESAB Corporation         864,985
8,258   Fortive Corporation         504,481
32,941   Forward Air Corporation(a)         445,033
19,795   Gates Industrial Corp plc(a)         553,666
 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Industrials - 20.6% (Continued)      
12,980   Graco, Inc.       $ 981,418
11,676   GXO Logistics, Inc.(a)         591,973
8,196   Ichor Holdings Ltd.(a)         920,247
1,837   IDEX Corporation         416,907
6,508   Itron, Inc.(a)         563,137
4,295   JB Hunt Transport Services, Inc.         1,243,102
19,922   Kennametal, Inc.         698,266
5,085   Kirby Corporation(a)         691,407
15,430   Knight-Swift Transportation Holdings, Inc.         1,201,534
19,055   Matson, Inc.         3,662,942
8,302   Middleby Corporation (The)(a)         1,428,027
11,923   MSC Industrial Direct Company, Inc., Class A         1,418,241
27,253   Mueller Water Products, Inc., Class A         703,945
31,118   Nextpower, Inc., Class A(a)         3,707,399
2,126   Old Dominion Freight Line, Inc.         460,492
19,804   Oshkosh Corporation         3,039,517
6,635   Pentair PLC         508,639
9,121   Ralliant Corporation         671,579
7,826   Regal Rexnord Corporation         1,864,075
64,426   Resideo Technologies, Inc.(a)         2,003,648
5,414   Rush Enterprises, Inc., Class A         395,141
125,124   RXO, Inc.(a)         3,452,171
2,089   Ryder System, Inc.         551,016
1,191   Saia, Inc.(a)         501,602
19,534   Schneider National, Inc., Class B         713,577
27,408   Sensata Technologies Holding PLC         1,308,458
15,905   Southwest Airlines Company         817,835
19,603   StandardAero, Inc.(a)         586,326
10,991   Stanley Black & Decker, Inc.         1,034,473
12,309   Terex Corporation         891,049
7,314   Timken Company (The)         1,062,870
18,328   Toro Company (The)         1,785,514
3,315   United Airlines Holdings, Inc.(a)         450,807
1,047   United Rentals, Inc.         1,186,136
 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Industrials - 20.6% (Continued)      
25,802   Vontier Corporation       $ 748,258
33,152   Werner Enterprises, Inc.         1,445,759
16,617   WillScot Holdings Corporation         479,567
             

62,227,486

    Materials - 6.0%      
89,443   Alcoa Corporation         4,663,559
11,469   Boise Cascade Company         890,338
6,304   Celanese Corporation         289,984
6,503   Century Aluminum Company(a)         299,203
11,940   Chemours Company (The)         245,009
127,606   Cleveland-Cliffs, Inc.(a)         1,198,220
7,817   Commercial Metals Company         490,517
7,039   Eastman Chemical Company         471,472
43,416   Graphic Packaging Holding Company         458,907
14,674   Owens Corning         2,332,579
7,508   Reliance, Inc.         2,804,989
5,026   Steel Dynamics, Inc.         1,153,266
37,227   Trex Company, Inc.(a)         1,862,839
11,534   Warrior Met Coal, Inc.         936,099
             

18,096,981

    Real Estate - 6.0%      
19,433   Acadia Realty Trust         406,344
14,788   Agree Realty Corporation         1,120,043
8,905   Alexandria Real Estate Equities, Inc.         470,629
29,546   Apple Hospitality REIT, Inc.         496,669
15,429   Brixmor Property Group, Inc.         486,476
36,386   Cushman & Wakefield Ltd.(a)         487,209
21,632   EPR Properties         1,254,872
35,990   Healthcare Realty Trust, Inc.         725,918
8,333   Highwoods Properties, Inc.         251,323
12,562   Jones Lang LaSalle, Inc.(a)         3,893,592
23,130   Kilroy Realty Corporation         866,681
96,817   New Residential Investment Corporation         909,112
49,810   NNN REIT, Inc.         2,317,660
 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Real Estate - 6.0% (Continued)      
15,536   Omega Healthcare Investors, Inc.       $ 740,756
18,837   Rayonier, Inc.         400,851
4,017   Regency Centers Corporation         320,316
3,108   Ventas, Inc.         275,990
50,652   Vornado Realty Trust         1,990,624
12,427   WP Carey, Inc.         888,531
             

18,303,596

    Technology - 13.8%      
1,039   Akamai Technologies, Inc.(a)         122,820
13,663   Alpha & Omega Semiconductor Ltd.(a)         646,670
12,979   Amkor Technology, Inc.         1,119,179
2,448   Arrow Electronics, Inc.(a)         522,428
7,766   Avnet, Inc.         689,776
22,263   Bentley Systems, Inc., Class B         665,441
6,382   BILL Holdings, Inc.(a)         230,773
17,089   Blackbaud, Inc.(a)         506,176
4,007   Booz Allen Hamilton Holding Corporation         243,105
17,686   Box, Inc., Class A(a)         469,386
5,794   CDW Corp         814,868
6,769   Cirrus Logic, Inc.(a)         1,005,400
20,012   Cleanspark, Inc.(a)         291,175
17,444   Cognizant Technology Solutions Corporation, Class A         675,606
5,185   CommVault Systems, Inc.(a)         734,870
20,973   Corsair Gaming, Inc.(a)         202,809
6,426   Crane NXT Company         328,754
28,488   CTS Corporation         1,857,133
7,326   Diodes, Inc.(a)         801,757
9,003   Dolby Laboratories, Inc., Class A         473,378
14,204   Entegris, Inc.         2,554,730
3,761   EPAM Systems, Inc.(a)         298,435
14,928   Everforth, Inc.(a)         266,763
20,533   Extreme Networks, Inc.(a)         664,653
6,334   Fiserv, Inc.(a)         310,683
5,106   Gartner, Inc.(a)         661,840
 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Technology - 13.8% (Continued)      
12,456   Gen Digital, Inc.       $ 310,030
49,129   Grid Dynamics Holdings, Inc.(a)         279,053
18,934   Harmonic, Inc.(a)         309,192
34,172   HP, Inc.         749,734
12,675   Insight Enterprises, Inc.(a)         1,543,815
4,543   IPG Photonics Corporation(a)         532,985
16,959   Knowles Corporation(a)         703,459
12,431   Kulicke & Soffa Industries, Inc.         1,662,771
4,271   Lattice Semiconductor Corporation(a)         653,292
7,161   Manhattan Associates, Inc.(a)         997,169
1,404   MKS, Inc.         624,499
37,450   NetScout Systems, Inc.(a)         1,630,948
16,159   Nutanix, Inc., A(a)         823,463
6,619   ON Semiconductor Corporation(a)         625,760
2,739   Onto Innovation, Inc.(a)         1,036,575
6,978   PayPal Holdings, Inc.         301,310
12,584   Penguin Solutions, Inc.(a)         956,510
53,119   Photronics, Inc.(a)         1,727,961
13,654   Power Integrations, Inc.         1,143,659
5,888   Progress Software Corporation(a)         197,719
10,782   RingCentral, Inc., Class A         420,282
1,356   Roper Technologies, Inc.         458,857
12,032   SPS Commerce, Inc.(a)         687,869
3,247   Synaptics, Inc.(a)         403,375
8,149   TD SYNNEX Corporation         2,178,553
38,000   Teradata Corporation(a)         1,316,701
24,065   UiPath, Inc., Class A(a)         261,587
10,262   Ultra Clean Holdings, Inc.(a)         1,463,259
4,643   Universal Display Corporation         402,037
2,298   WEX, Inc.(a)         324,225
             

41,885,257

    Utilities - 5.6%      
6,068   Alliant Energy Corporation         462,928
49,363   Avista Corporation         2,019,440
 
 

 

NAA SMID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.9% (Continued)      
    Utilities - 5.6% (Continued)      
30,686   Evergy, Inc.       $ 2,652,191
20,395   Exelon Corporation         950,815
45,852   FirstEnergy Corporation         2,179,804
25,832   H2O America         1,569,811
83,654   OGE Energy Corporation         4,070,603
15,631   Pinnacle West Capital Corporation         1,672,517
28,070   Portland General Electric Company         1,454,868
             

17,032,977

               
    TOTAL COMMON STOCKS (Cost $247,496,238)    

  299,648,507

               
    EXCHANGE-TRADED FUNDS — 0.6%      
    Equity - 0.6%      
1,667   iShares Russell Mid-Cap Value ETF         274,388
6,735   Vanguard Small-Cap Value ETF         1,636,538
    TOTAL EXCHANGE-TRADED FUNDS (Cost $1,798,160)    

1,910,926

               
               
    TOTAL INVESTMENTS - 99.5% (Cost $249,294,398)     $ 301,559,433
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%    

1,631,083

    NET ASSETS - 100.0%        

$ 303,190,516

           
               
 

 

 

 

(a) Non-income producing security.

 

 

ETF – Exchange-Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust