New Age Alpha Funds Trust NPORT-P Naa Opportunity Fund (Dec 2024 report)

NAA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 60.2%
		Communications - 4.1%
	10,041	AT&T, Inc.	$	228,633
	1,199	GoDaddy, Inc., Class A(a)		236,647
	2,512	HealthStream, Inc.		79,882
	2,816	IDT Corporation, Class B		133,816
	5,725	Liberty Global Ltd., Class A(a)		73,051
	6,485	Liberty Latin America Ltd., C(a)		41,115
	2,143	Spok Holdings, Inc.		34,395
	1,148	Telephone & Data Systems, Inc.		39,158
	980	T-Mobile US, Inc.		216,316
	872	VeriSign, Inc.(a)		180,469
	5,446	Verizon Communications, Inc.		217,786
				1,481,268
		Consumer Discretionary - 5.1%
	578	Abercrombie & Fitch Company, Class A		86,394
	245	Armstrong World Industries, Inc.		34,626
	521	Builders FirstSource, Inc.(a)		74,467
	997	Carter’s, Inc.		54,027
	1,199	Crocs, Inc.(a)		131,327
	66	Daily Journal Corporation(a)		37,487
	2,788	eBay, Inc.		172,717
	1,424	ePlus, Inc.(a)		105,206
	1,202	Fortune Brands Home & Security, Inc.		82,133
	416	Griffon Corporation		29,648
	1,510	Harley-Davidson, Inc.		45,496
	269	Home Depot, Inc. (The)		104,638
	4,714	Levi Strauss & Company, Class A(a)		81,552
	2,973	Masco Corporation		215,750
	329	McDonald’s Corp.		95,374
	17	NVR, Inc.(a)		139,041
	575	PC Connection, Inc. (a)		39,830
	1,602	Prog Holdings, Inc.		67,701
	439	Ralph Lauren Corporation		101,400
	1,352	ScanSource, Inc.(a)		64,152
	1,391	Shoe Carnival, Inc.		46,014

NAA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 60.2% (Continued)
		Consumer Discretionary - 5.1% (Continued)
	4,131	Wendy’s Company (The)	$	67,335
				1,876,315
		Consumer Staples - 4.6%
	3,551	Altria Group, Inc.		185,681
	2,062	Cal-Maine Foods, Inc.		212,221
	2,584	Coca-Cola Co. (The)		160,880
	2,452	Colgate-Palmolive Company		222,912
	2,252	General Mills, Inc.		143,610
	609	Ingredion, Inc.		83,774
	1,683	Kimberly-Clark Corp.		220,540
	928	PepsiCo, Inc.		141,112
	470	Philip Morris International, Inc.		56,565
	6,099	Reynolds Consumer Products, Inc.		164,612
	2,745	The Kraft Heinz Company		84,299
				1,676,206
		Energy - 2.3%
	6,258	Antero Midstream Corporation		94,433
	222	Cheniere Energy, Inc.		47,701
	7,611	DHT Holdings, Inc.(a)		70,706
	1,694	DT Midstream, Inc.		168,434
	426	Exxon Mobil Corporation		45,825
	2,484	Navigator Holdings Ltd.(a)		38,129
	1,179	Occidental Petroleum Corporation		58,255
	409	Targa Resources Corporation		73,007
	2,476	Williams Companies, Inc. (The)		134,001
	3,547	World Fuel Services Corporation		97,578
				828,069
		Financials - 6.2%
	2,257	AerCap Holdings N.V. (a)		215,995
	379	Affiliated Managers Group, Inc. (a)		70,085
	2,232	Air Lease Corporation		107,605
	6,281	Annaly Capital Management, Inc.		114,942
	11,169	ARMOUR Residential REIT Inc.		210,647
	4,008	Chimera Investment Corporation		56,112

NAA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 60.2% (Continued)
		Financials - 6.2% (Continued)
	3,411	Dynex Capital, Inc.	$	43,149
	6,699	Enact Holdings, Inc.		216,913
	2,031	Essent Group Ltd. (a)		110,568
	17,282	Invesco Mortgage Capital, Inc.		139,120
	939	LendingTree, Inc.(a)		36,386
	11,873	MFA Financial, Inc.		120,986
	9,298	MGIC Investment Corp.		220,456
	4,478	NMI Holdings, Inc.(a)		164,611
	16,356	Orchid Island Capital, Inc.		127,250
	2,839	PennyMac Mortgage Investment Trust		35,743
	711	Reinsurance Group of America, Inc.		151,891
	3,225	Starwood Property Trust, Inc.		61,114
	5,050	TPG RE Finance Trust, Inc.(a)		42,925
				2,246,498
		Health Care - 4.7%
	205	AmerisourceBergen Corporation		46,059
	393	Amgen, Inc.		102,432
	1,383	Collegium Pharmaceutical, Inc.(a)		39,623
	380	Cooper Cos Inc/The(a)		34,933
	491	DaVita, Inc.(a)		73,429
	1,003	Exelixis, Inc.(a)		33,400
	500	HCA Healthcare, Inc.		150,074
	10,156	Innoviva, Inc.(a)		176,207
	427	Lantheus Holdings, Inc.(a)		38,199
	1,326	Merck & Company, Inc.		131,910
	4,318	Novavax, Inc.(a)		34,717
	14,473	Organon & Co.		215,938
	3,863	Premier, Inc., Class A		81,896
	145	Regeneron Pharmaceuticals, Inc.(a)		103,287
	1,397	Solventum Corp.(a)		92,286
	503	Tenet Healthcare Corporation(a)		63,494
	92	Thermo Fisher Scientific, Inc.		47,861
	190	United Therapeutics Corporation(a)		67,040
	383	Universal Health Services, Inc., Class B		68,718

NAA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 60.2% (Continued)
		Health Care - 4.7% (Continued)
	1,651	Utah Medical Products, Inc.	$	101,487
				1,702,990
		Industrials - 12.5%
	1,183	3M Company		152,713
	972	A.O. Smith Corporation		66,300
	595	Acuity Brands, Inc.		173,818
	1,494	Allegion plc		195,236
	1,323	Allison Transmission Holdings, Inc.		142,964
	11,214	Ardmore Shipping Corporation		136,250
	813	Atmus Filtration Tech(a)		31,853
	2,254	Blue Bird Corporation(a)		87,072
	832	C.H. Robinson Worldwide, Inc.		85,962
	408	Caterpillar, Inc.		148,006
	3,904	Costamare, Inc.		50,166
	178	Curtiss-Wright Corporation		63,167
	1,087	Danaos Corporation		87,036
	3,059	Donaldson Company, Inc.		206,024
	4,854	Dorian LPG Ltd. (a)		118,292
	569	Dover Corporation		106,744
	489	Expeditors International of Washington, Inc.		54,167
	1,988	Fortive Corporation		149,100
	4,006	Genco Shipping & Trade Ltd. (a)		55,844
	1,998	Global Industrials, Co.		49,530
	6,092	Global Ship Lease, Inc.		132,988
	754	H&R Block, Inc.		39,841
	287	Illinois Tool Works, Inc.		72,772
	5,655	International Seaways, Inc. (a)		203,241
	391	Lockheed Martin Corp., B		190,002
	355	Middleby Corporation (The)(a)		48,085
	409	Mueller Industries, Inc.		32,458
	900	Napco Security Technologies, Inc.(a)		32,004
	2,296	Otis Worldwide Corporation		212,632
	581	Pentair plc		58,472
	1,266	REV GROUP, INC.		40,347

NAA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 60.2% (Continued)
		Industrials - 12.5% (Continued)
	551	Ryder System, Inc.	$	86,430
	18,056	Safe Bulkers, Inc.(a)		64,460
	4,297	Scorpio Tankers Incorporated		213,518
	8,707	SFL Corporation Ltd		88,986
	385	SkyWest, Inc.(a)		38,550
	364	Snap-on, Inc.		123,571
	8,013	Teekay Corporation		55,530
	3,328	Teekay Tankers Ltd.		132,421
	1,279	Tennant Company		104,277
	199	Trane Technologies plc		73,501
	75	TransDigm Group, Inc. (a)		95,046
	4,763	Tsakos Energy Navigation Ltd.		82,590
	500	Union Pacific Corporation		114,020
	136	United Rentals, Inc. (a)		95,804
				4,591,790
		Materials - 4.7%
	202	Alpha Metallurgical Resource		40,424
	4,870	Anglogold Ashanti plc		112,400
	558	Apogee Enterprises, Inc.		39,847
	605	ATI, Inc.(a)		33,299
	482	Carlisle Companies, Inc.		177,781
	316	Carpenter Technology Corporation		53,628
	2,148	Century Aluminum Company(a)		39,137
	2,108	Commercial Metals Company		104,557
	6,805	Constellium SE(a)		69,887
	5,321	Freeport-McMoRan, Inc.		202,624
	4,867	McEwen Mining, Inc.(a)		37,865
	242	Nucor Corporation		28,244
	1,801	Olympic Steel, Inc.		59,091
	494	Reliance Steel & Aluminum Company		133,014
	1,503	Royal Gold, Inc.		198,171
	214	Simpson Manufacturing Company, Inc.		35,488
	2,296	Southern Copper Corporation		209,233
	595	Steel Dynamics, Inc.		67,872

NAA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 60.2% (Continued)
		Materials - 4.7% (Continued)
	1,335	Warrior Met Coal, Inc. (a)	$	72,410
				1,714,972
		Real Estate - 0.4%
	13,514	AGNC Investment Corporation		124,464
	296	McGrath RentCorp		33,099
				157,563
		Technology - 6.8%
	1,193	ACI Worldwide, Inc.(a)		61,929
	838	Akamai Technologies, Inc.(a)		80,155
	202	Apple, Inc.		50,585
	712	Arista Networks, Inc.(a)		78,697
	416	Arrow Electronics, Inc.(a)		47,058
	232	Autodesk, Inc.(a)		68,572
	2,946	Bandwidth, Inc., Class A(a)		50,141
	2,753	Box, Inc., Class A(a)		86,995
	1,264	Check Point Software Technologies Ltd.(a)		235,988
	1,743	Cirrus Logic, Inc.(a)		173,568
	746	Cisco Systems, Inc.		44,163
	2,979	Clear Secure, Inc.		79,361
	1,653	Dolby Laboratories, Inc., Class A		129,100
	409	F5, Inc.(a)		102,852
	2,103	Gen Digital, Inc.		57,580
	1,673	Informatica, Inc., Class A(a)		43,381
	452	InterDigital, Inc.		87,561
	717	International Business Machines Corporation		157,618
	86	Motorola Solutions, Inc.		39,752
	8,925	N-able, Inc.(a)		83,360
	1,120	NetApp, Inc.		130,010
	1,801	Progress Software Corporation		117,334
	420	PTC, Inc.(a)		77,225
	1,428	Radware Ltd.(a)		32,173
	744	Skyworks Solutions, Inc.		65,978
	6,335	SolarWinds Corp. (a)		90,273
	673	SYNNEX Corporation		78,929

NAA OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 60.2% (Continued)
		Technology - 6.8% (Continued)
	305	Universal Display Corporation(a)	$	44,591
	1,583	Varonis Systems, Inc.(a)		70,333
				2,465,262
		Utilities - 8.8%
	1,209	American Electric Power Company, Inc.		111,506
	411	American States Water Company		31,943
	1,250	Atmos Energy Corporation		174,088
	1,218	Black Hills Corporation		71,277
	3,153	California Water Service Group		142,925
	1,183	Clearway Energy, Inc., CLASS C		30,758
	3,348	CMS Energy Corporation		223,144
	191	Constellation Energy Corp.		42,729
	1,265	Dominion Energy, Inc.		68,133
	1,412	DTE Energy Company		170,499
	2,015	Duke Energy Corporation		217,096
	1,228	Essential Utilities, Inc.		44,601
	3,372	Evergy, Inc.		207,547
	3,644	National Fuel Gas Company		221,118
	2,691	NextEra Energy, Inc.		192,918
	3,716	NiSource, Inc.		136,600
	2,370	NRG Energy, Inc.		213,821
	5,121	OGE Energy Corporation		211,241
	1,269	Otter Tail Corporation		93,703
	2,628	Southern Company (The)		216,337
	8,183	UGI Corporation		231,006
	1,238	WEC Energy Group, Inc.		116,422
	1,243	York Water Company (The)		40,671
				3,210,083
		TOTAL COMMON STOCKS (Cost $23,128,533)		21,951,016
		TOTAL INVESTMENTS - 60.2% (Cost $23,128,533)	$	21,951,016
		OTHER ASSETS IN EXCESS OF LIABILITIES- 39.8%		14,542,116
		NET ASSETS - 100.0%	$	36,493,132

^(a) Non-income producing security.

LTD	- Limited Company
NV	- Naamioze Vennootschap
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust

NAA OPPORTUNITY FUND

SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)

December 31, 2024

TOTAL RETURN SWAPS
Notional Amount at December 31, 2024		Number of Shares		Description#	Floating Rate to Pay	Termination Date	Unrealized Appreciation/ (Depreciation)
$	228,811		1,774	3M Co	OBFR + 45 bps	11/21/2025	$	195
	12,924		103,263	89Bio Inc	OBFR - 35 bps	11/21/2025		2,197
	132,616		867	Abercrombie & Fitch	OBFR + 45 bps	11/21/2025		(3,026	)
	2,862		144,102	Abm Industries Inc	OBFR - 35 bps	11/21/2025		(2,375	)
	17,116		90,544	Acco Brands Corp	OBFR - 35 bps	11/21/2025		685
	93,277		1,790	Aci Worldwide Inc	OBFR + 45 bps	11/21/2025		(358	)
	269,678		892	Acuity Brands Inc	OBFR + 45 bps	11/21/2025		(9,098	)
	26,501		567,651	Acv Auctions Inc-A	OBFR - 35 bps	11/21/2025		(4,770	)
	4,574		127,386	Advansix Inc	OBFR - 35 bps	11/21/2025		(2,927	)
	26,839		80,249	Advantage Solutions	OBFR - 38 bps	11/21/2025		1,879
	321,839		3,386	Aercap Holdings Nv	OBFR + 45 bps	11/21/2025		2,201
	17,367		106,460	Aersale Corp	OBFR - 35 bps	11/21/2025		(2,952	)
	105,060		569	Affiliated Managers	OBFR - 35 bps	11/21/2025		159
	1,327		86,189	Affirm Holdings Inc	OBFR - 35 bps	11/21/2025		5,374
	191,561		20,271	Agnc Investment Corp	OBFR + 45 bps	11/21/2025		(4,865	)
	162,746		3,348	Air Lease Corp	OBFR + 45 bps	11/21/2025		(1,339	)
	121,330		1,256	Akamai Technologies	OBFR + 45 bps	11/21/2025		(1,193	)
	4,847		432,352	Albemarle Corp	OBFR - 35 bps	11/21/2025		15,123
	40,821		276,358	Alight Inc - Class A	OBFR - 35 bps	11/21/2025		(6,123	)
	296,235		2,242	Allegion Plc	OBFR + 45 bps	11/21/2025		(3,251	)
	214,986		1,984	Allison Transmission	OBFR + 45 bps	11/21/2025		(595	)
	61,179		303	Alpha Metallurgical	OBFR + 45 bps	11/21/2025		(542	)
	285,421		5,327	Altria Group Inc	OBFR + 45 bps	11/21/2025		(6,872	)
	68,908		283,901	Amc Entertainment	OBFR - 35 bps	11/21/2025		9,647
	168,355		1,813	American Electric Power	OBFR + 45 bps	11/21/2025		(1,142	)
	11,055		310,646	American Healthcare	OBFR - 35 bps	11/21/2025		(3,538	)
	48,257		616	American States Water Company	OBFR + 45 bps	11/21/2025		(382	)
	155,760		590	Amgen Inc	OBFR + 45 bps	11/21/2025		(1,982	)
	172,836		7,305	Anglogold Ashanti	OBFR + 45 bps	11/21/2025		(4,237	)
	178,453		9,422	Annaly Capital Management	OBFR + 45 bps	11/21/2025		(6,030	)
	141,353		9,386	Antero Midstream Corp	OBFR + 45 bps	11/21/2025		282
	7,255		234,409	Antero Resources Corp	OBFR - 35 bps	11/21/2025		(19,879	)
	34,248		280,834	Apartment Invt & Mgm	OBFR - 35 bps	11/21/2025		(30,481	)
	5,906		196,138	Apellis Pharmaceutic	OBFR - 35 bps	11/21/2025		7,678
	59,611		837	Apogee Enterprises	OBFR + 45 bps	11/21/2025		159
	77,347		303	Apple Inc	OBFR + 45 bps	11/21/2025		(1,470	)
	199,833		16,821	Ardmore Shipping Corp	OBFR + 45 bps	11/21/2025		4,542
	120,328		1,064	Arista Networks Inc	OBFR + 45 bps	11/21/2025		(2,724	)
	313,132		16,754	Armour Residential Reit	OBFR + 45 bps	11/21/2025		2,848
	52,536		367	Armstrong World Industries	OBFR + 45 bps	11/21/2025		(668	)
	20,894		138,109	Arq Inc	OBFR - 35 bps	11/21/2025		(20,058	)
	71,723		624	Arrow Electronics Inc	OBFR + 45 bps	11/21/2025		(1,136	)
	10,272		202,872	Arrowhead Pharmaceuticals	OBFR - 35 bps	11/21/2025		9,758
	344,016		15,062	At&T Inc	OBFR + 45 bps	11/21/2025		(1,054	)
	50,094		907	Ati Inc	OBFR + 45 bps	11/21/2025		(172	)
	14,584		558,130	Atlanta Braves Holdings	OBFR - 35 bps	11/21/2025		146
	261,000		1,875	Atmos Energy Corp	OBFR + 45 bps	11/21/2025		131
	47,629		1,220	Atmus Filtration Technologies Inc.	OBFR + 45 bps	11/21/2025		171
	103,229		347	Autodesk Inc	OBFR + 45 bps	11/21/2025		(666	)
	6,589		77,421	Avita Medical Inc	OBFR - 73 bps	11/21/2025		(6,918	)
	3,366		135,145	Baker Hughes Co	OBFR - 35 bps	11/21/2025		(2,928	)
	79,321		4,419	Bandwidth Inc	OBFR + 45 bps	11/21/2025		(4,110	)
	106,828		1,828	Black Hills Corp	OBFR + 45 bps	11/21/2025		146
	24,737		256,523	Blacksky Technology	OBFR - 35 bps	11/21/2025		(10,390	)

NAA OPPORTUNITY FUND

SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)(Continued)

December 31, 2024

TOTAL RETURN SWAPS (Continued)
Notional Amount at December 31, 2024		Number of Shares		Weyerhaeuser Co	Floating Rate to Pay	Termination Date	Unrealized Appreciation/ (Depreciation)
$	132,332		3,381	Blue Bird Corp	OBFR + 45 bps	11/21/2025	$	(1,724	)
	2,262		401,935	Boeing Co.	OBFR - 35 bps	11/21/2025		1,561
	23,018		323,173	Boston Omaha Corp	OBFR - 35 bps	11/21/2025		(3,223	)
	132,036		4,130	Box Inc - Class A	OBFR + 45 bps	11/21/2025		(1,528	)
	3,370		161,996	Brighthouse Financial	OBFR - 35 bps	11/21/2025		101
	5,198		90,861	Brt Apartments Corp	OBFR - 35 bps	11/21/2025		(2,859	)
	116,392		781	Builders Firstsource	OBFR + 45 bps	11/21/2025		(4,764	)
	129,804		1,248	C.H. Robinson Worldwide	OBFR + 45 bps	11/21/2025		(861	)
	215,028		4,729	California Water Service	OBFR + 45 bps	11/21/2025		(662	)
	311,125		3,093	Cal-Maine Foods Inc	OBFR + 45 bps	11/21/2025		7,207
	272,615		724	Carlisle Cos Inc	OBFR + 45 bps	11/21/2025		(5,575	)
	81,817		474	Carpenter Technology	OBFR + 45 bps	11/21/2025		(1,375	)
	6,970		121,696	Cars.Com Inc	OBFR - 35 bps	11/21/2025		906
	82,524		1,495	Carter’s Inc	OBFR + 45 bps	11/21/2025		(1,510	)
	4,497		471,331	Casella Waste System	OBFR - 35 bps	11/21/2025		(4,497	)
	223,619		612	Caterpillar Inc	OBFR + 45 bps	11/21/2025		(1,610	)
	4,901		395,119	Cbiz Inc	OBFR - 35 bps	11/21/2025		(5,930	)
	1,521		198,506	Cbre Group Inc - A	OBFR - 35 bps	11/21/2025		(1,186	)
	6,698		192,568	Ceco Environmental Corp.	OBFR - 35 bps	11/21/2025		(9,913	)
	6,926		171,557	Celldex Therapeutics	OBFR - 35 bps	11/21/2025		(3,463	)
	69,885		307	Cencora Inc	OBFR + 45 bps	11/21/2025		(909	)
	60,799		3,222	Century Aluminum Company	OBFR + 45 bps	11/21/2025		(2,094	)
	357,642		1,896	Check Point Software	OBFR + 45 bps	11/21/2025		(3,659	)
	21,238		372,515	Chemours Co/The	OBFR - 35 bps	11/21/2025		13,592
	69,724		333	Cheniere Energy Inc	OBFR + 45 bps	11/21/2025		1,828
	85,791		6,012	Chimera Investment Corp.	OBFR + 45 bps	11/21/2025		(1,623	)
	6,578		200,563	Cinemark Holdings Inc	OBFR - 35 bps	11/21/2025		(3,223	)
	268,351		2,615	Cirrus Logic Inc	OBFR + 45 bps	11/21/2025		(7,950	)
	65,999		1,119	Cisco Systems Inc	OBFR + 45 bps	11/21/2025		246
	120,037		4,469	Clear Secure Inc	OBFR + 45 bps	11/21/2025		(983	)
	7,356		222,813	Clearwater Paper Corp	OBFR - 35 bps	11/21/2025		3,825
	46,834		1,774	Clearway Energy Inc	OBFR + 45 bps	11/21/2025		(710	)
	334,750		5,021	Cms Energy Corp	OBFR + 45 bps	11/21/2025		(100	)
	241,785		3,876	Coca-Cola Co/The	OBFR + 45 bps	11/21/2025		(465	)
	338,045		3,678	Colgate-Palmolive Co	OBFR + 45 bps	11/21/2025		(3,678	)
	60,486		2,075	Collegium Pharmaceuticals	OBFR + 45 bps	11/21/2025		(1,038	)
	157,404		3,162	Commercial Metals Co	OBFR + 45 bps	11/21/2025		(569	)
	12,015		200,290	Comstock Resources I	OBFR - 35 bps	11/21/2025		(18,623	)
	3,294		137,986	Concentrix Corp	OBFR - 35 bps	11/21/2025		(4,546	)
	65,516		287	Constellation Energy	OBFR + 45 bps	11/21/2025		(1,312	)
	105,449		10,208	Constellium Se	OBFR + 45 bps	11/21/2025		(612	)
	52,736		570	Cooper Cos Inc/The	OBFR + 45 bps	11/21/2025		(336	)
	6,780		114,175	Core Laboratories Inc	OBFR - 35 bps	11/21/2025		(3,187	)
	7,175		151,751	Corecivic Inc	OBFR - 35 bps	11/21/2025		(4,233	)
	75,074		5,856	Costamare Inc	OBFR + 45 bps	11/21/2025		176
	203,659		1,798	Crocs Inc	OBFR + 45 bps	11/21/2025		(6,725	)
	7,557		175,549	Curbline Properties	OBFR - 35 bps	11/21/2025		76
	94,558		266	Curtiss-Wright Corp	OBFR + 45 bps	11/21/2025		(162	)
	55,767		99	Daily Journal Corp	OBFR + 45 bps	11/21/2025		464
	129,455		1,630	Danaos Corp	OBFR + 45 bps	11/21/2025		1,060
	112,776		737	Davita Inc	OBFR + 45 bps	11/21/2025		(2,557	)
	4,111		304,173	Dayforce Inc	OBFR - 35 bps	11/21/2025		5,550

NAA OPPORTUNITY FUND

SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)(Continued)

December 31, 2024

TOTAL RETURN SWAPS (Continued)
Notional Amount at December 31, 2024		Number of Shares		Weyerhaeuser Co	Floating Rate to Pay	Termination Date	Unrealized Appreciation/ (Depreciation)
$	105,950		11,417	Dht Holdings Inc	OBFR + 45 bps	11/21/2025	$	114
	1,314		234,510	Digital Realty Trust	OBFR - 35 bps	11/21/2025		1,498
	1,557		99,352	Disc Medicine Inc	OBFR - 35 bps	11/21/2025		638
	192,420		2,479	Dolby Laboratories	OBFR + 45 bps	11/21/2025		1,190
	101,885		1,898	Dominion Energy Inc	OBFR + 45 bps	11/21/2025		342
	310,675		4,589	Donaldson Co Inc	OBFR + 45 bps	11/21/2025		(1,606	)
	175,326		7,281	Dorian Lpg Ltd	OBFR + 45 bps	11/21/2025		2,111
	161,055		853	Dover Corp	OBFR + 45 bps	11/21/2025		(1,032	)
	4,346		166,626	Draftkings Inc-Cl A	OBFR - 35 bps	11/21/2025		4,954
	29,282		469,976	Driven Brands Holdings	OBFR - 35 bps	11/21/2025		(2,635	)
	258,115		2,541	Dt Midstream Inc	OBFR + 45 bps	11/21/2025		(5,463	)
	254,569		2,117	Dte Energy Company	OBFR + 45 bps	11/21/2025		1,059
	328,068		3,022	Duke Energy Corp	OBFR + 45 bps	11/21/2025		(2,478	)
	63,899		5,116	Dynex Capital Inc	OBFR + 45 bps	11/21/2025		819
	266,037		4,181	Ebay Inc	OBFR + 45 bps	11/21/2025		(7,024	)
	5,977		135,618	Echostar Corp-A	OBFR - 35 bps	11/21/2025		(1,255	)
	326,761		10,048	Enact Holdings Inc	OBFR + 45 bps	11/21/2025		(1,407	)
	157,423		2,136	Eplus Inc	OBFR + 45 bps	11/21/2025		384
	7,726		338,862	Eqt Corp	OBFR - 35 bps	11/21/2025		(17,384	)
	162,656		3,046	Essent Group Ltd	OBFR + 45 bps	11/21/2025		3,168
	66,773		1,842	Essential Utilities	OBFR + 45 bps	11/21/2025		129
	310,157		5,058	Evergy Inc	OBFR + 45 bps	11/21/2025		1,163
	50,354		1,504	Exelixis Inc	OBFR + 45 bps	11/21/2025		(271	)
	1,087		105,037	Expand Energy Corp	OBFR - 35 bps	11/21/2025		(3,174	)
	81,107		734	Expeditors Intl Wash Inc.	OBFR + 45 bps	11/21/2025		198
	67,926		639	Exxon Mobil Corp	OBFR + 45 bps	11/21/2025		812
	156,208		614	F5 Inc	OBFR + 45 bps	11/21/2025		(1,805	)
	17,556		158,882	Flagstar Financial	OBFR - 35 bps	11/21/2025		(4,916	)
	222,040		2,982	Fortive Corp	OBFR + 45 bps	11/21/2025		1,610
	125,649		1,804	Fortune Brands Innovations	OBFR + 45 bps	11/21/2025		(2,381	)
	313,294		7,982	Freeport-Mcmoran Inc	OBFR + 45 bps	11/21/2025		(9,339	)
	177,331		242,943	Fubotv Inc	OBFR - 42 bps	11/21/2025		19,506
	8,210		116,828	Gambling.Com Group L	OBFR - 58 bps	11/21/2025		1,232
	87,362		3,155	Gen Digital Inc	OBFR + 45 bps	11/21/2025		(978	)
	84,380		6,010	Genco Shipping & Trading	OBFR + 45 bps	11/21/2025		(601	)
	214,672		3,378	General Mills Inc	OBFR + 45 bps	11/21/2025		743
	3,308		92,657	Geo Group Inc	OBFR - 35 bps	11/21/2025		99
	75,225		2,997	Global Industrial Co	OBFR + 45 bps	11/21/2025		(929	)
	199,208		9,138	Global Ship Lease Inc	OBFR + 45 bps	11/21/2025		274
	368,507		1,799	Godaddy Inc	OBFR + 45 bps	11/21/2025		(13,439	)
	1,960		119,090	Greif Inc-Cl A	OBFR - 35 bps	11/21/2025		(706	)
	45,315		624	Griffon Corp	OBFR + 45 bps	11/21/2025		(842	)
	6,014		186,675	Guardant Health Inc	OBFR - 35 bps	11/21/2025		2,947
	61,560		1,131	H&R Block Inc	OBFR + 45 bps	11/21/2025		(1,798	)
	10,069		110,457	Hallador Energy Co	OBFR - 35 bps	11/21/2025		(4,833	)
	69,536		2,265	Harley-Davidson Inc	OBFR + 45 bps	11/21/2025		(1,291	)
	227,944		751	Hca Healthcare Inc	OBFR + 45 bps	11/21/2025		(2,531	)
	9,608		162,279	Healthcare Realty Trust	OBFR - 35 bps	11/21/2025		(576	)
	17,020		189,262	Healthcare Services	OBFR - 35 bps	11/21/2025		(8,425	)
	118,428		3,768	Healthstream Inc	OBFR + 45 bps	11/21/2025		1,394
	158,157		403	Home Depot Inc	OBFR + 45 bps	11/21/2025		(1,394	)
	1,427		109,023	Howard Hughes Holdings	OBFR - 35 bps	11/21/2025		(742	)
	2,171		261,714	Huron Consulting Group	OBFR - 35 bps	11/21/2025		(8,054	)

NAA OPPORTUNITY FUND

SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)(Continued)

December 31, 2024

TOTAL RETURN SWAPS (Continued)
Notional Amount at December 31, 2024		Number of Shares		Weyerhaeuser Co	Floating Rate to Pay	Termination Date	Unrealized Appreciation/ (Depreciation)
$	56,600		172,064	Huya Inc-Adr	OBFR - 35 bps	11/21/2025	$	(1,698	)
	5,698		144,615	Ideaya Biosciences	OBFR - 35 bps	11/21/2025		(1,823	)
	198,824		4,224	Idt Corp-Class B	OBFR + 45 bps	11/21/2025		1,901
	111,043		431	Illinois Tool Works	OBFR + 45 bps	11/21/2025		(1,758	)
	7,033		181,170	Immunovant Inc	OBFR - 35 bps	11/21/2025		6,963
	66,766		2,510	Informatica Inc - Cl	OBFR + 45 bps	11/21/2025		(1,682	)
	7,814		321,468	Ingevity Corp	OBFR - 35 bps	11/21/2025		3,047
	126,772		914	Ingredion Inc	OBFR + 45 bps	11/21/2025		(1,042	)
	7,523		98,025	Innovex International	OBFR - 35 bps	11/21/2025		(7,072	)
	271,013		15,234	Innoviva Inc	OBFR + 45 bps	11/21/2025		(6,703	)
	128,847		678	Interdigital Inc	OBFR + 45 bps	11/21/2025		2,495
	286,556		8,483	International Seaway	OBFR + 45 bps	11/21/2025		18,323
	238,575		1,075	Intl Business Machines	OBFR + 45 bps	11/21/2025		(2,258	)
	213,346		25,923	Invesco Mortgage Cap	OBFR + 45 bps	11/21/2025		(4,666	)
	5,774		186,096	Invitation Homes Inc	OBFR - 35 bps	11/21/2025		1,501
	2,013		178,473	Irhythm Technologies	OBFR - 35 bps	11/21/2025		(3,040	)
	3,358		134,689	Jack In The Box Inc	OBFR - 35 bps	11/21/2025		(5,138	)
	12,582		518,630	Joyy Inc-Adr	OBFR - 35 bps	11/21/2025		(7,927	)
	5,820		107,146	Ke Holdings Inc-Adr	OBFR - 35 bps	11/21/2025		(58	)
	27,958		282,096	Kennedy-Wilson Holdings	OBFR - 35 bps	11/21/2025		2,796
	331,755		2,524	Kimberly-Clark Corp	OBFR + 45 bps	11/21/2025		(1,010	)
	125,434		4,118	Kraft Heinz Co/The	OBFR + 45 bps	11/21/2025		1,030
	58,337		641	Lantheus Holdings Inc	OBFR + 45 bps	11/21/2025		(994	)
	1,734		69,187	Lemonade Inc	OBFR - 53 bps	11/21/2025		5,583
	53,884		1,408	Lendingtree Inc	OBFR + 45 bps	11/21/2025		676
	122,470		7,071	Levi Strauss & Co- C	OBFR + 45 bps	11/21/2025		(141	)
	105,718		8,588	Liberty Global Ltd-A	OBFR + 45 bps	11/21/2025		3,865
	59,633		9,728	Liberty Latin America	OBFR + 45 bps	11/21/2025		2,043
	4,873		459,719	Liberty Media Corp	OBFR - 35 bps	11/21/2025		8,187
	8,190		565,356	Liberty Media Corp-L	OBFR - 35 bps	11/21/2025		7,944
	1,812		240,090	Live Nation Entertainment	OBFR - 35 bps	11/21/2025		5,436
	285,570		587	Lockheed Martin Corp	OBFR + 45 bps	11/21/2025		(323	)
	10,485		80,315	Lsb Industries Inc	OBFR - 35 bps	11/21/2025		734
	10,036		201,322	Macerich Co/The	OBFR - 35 bps	11/21/2025		1,405
	4,227		139,745	Madison Square Garden	OBFR - 35 bps	11/21/2025		(10,737	)
	482		149,839	Madrigal Pharmaceuticals	OBFR - 35 bps	11/21/2025		1,109
	7,260		274,501	Marcus & Millichap I	OBFR - 35 bps	11/21/2025		(3,267	)
	15,815		336,701	Marcus Corporation	OBFR - 35 bps	11/21/2025		(3,321	)
	329,505		4,460	Masco Corp	OBFR + 45 bps	11/21/2025		(5,843	)
	8,121		222,272	Matthews Intl Corp-C	OBFR - 35 bps	11/21/2025		(2,518	)
	2,792		63,434	Maui Land & Pineapple	OBFR - 35 bps	11/21/2025		2,066
	143,606		493	Mcdonald’S Corp	OBFR + 45 bps	11/21/2025		(690	)
	58,035		7,300	Mcewen Mining Inc	OBFR + 45 bps	11/21/2025		(1,241	)
	49,523		443	Mcgrath Rentcorp	OBFR + 45 bps	11/21/2025		13
	23,298		156,330	Mercer International	OBFR - 53 bps	11/21/2025		4,893
	197,548		1,988	Merck & Co. Inc.	OBFR + 45 bps	11/21/2025		219
	185,392		17,809	Mfa Financial Inc	OBFR + 45 bps	11/21/2025		(3,918	)
	330,265		13,947	Mgic Investment Corp	OBFR + 45 bps	11/21/2025		418
	71,793		532	Middleby Corp	OBFR + 45 bps	11/21/2025		266
	11,938		196,977	Montrose Environment	OBFR - 35 bps	11/21/2025		(24,473	)
	10,205		247,777	Mosaic Co/The	OBFR - 35 bps	11/21/2025		(3,062	)
	61,070		130	Motorola Solutions I	OBFR + 45 bps	11/21/2025		(980	)

NAA OPPORTUNITY FUND

SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)(Continued)

December 31, 2024

TOTAL RETURN SWAPS (Continued)
Notional Amount at December 31, 2024		Number of Shares		Weyerhaeuser Co	Floating Rate to Pay	Termination Date	Unrealized Appreciation/ (Depreciation)
$	48,887		614	Mueller Industries I	OBFR + 45 bps	11/21/2025	$	(160	)
	127,846		13,387	N-Able Inc	OBFR + 45 bps	11/21/2025		(2,811	)
	48,236		1,350	Napco Security Technologies	OBFR + 45 bps	11/21/2025		(230	)
	329,982		5,466	National Fuel Gas Co	OBFR + 45 bps	11/21/2025		1,694
	56,412		3,726	Navigator Holdings L	OBFR + 45 bps	11/21/2025		782
	2,890		88,752	Net Lease Office Properties	OBFR - 68 bps	11/21/2025		(1,445	)
	8,026		80,180	Net Power Inc	OBFR - 63 bps	11/21/2025		(4,816	)
	198,374		1,680	Netapp Inc	OBFR + 45 bps	11/21/2025		(3,360	)
	11,387		319,405	News Corp - Class A	OBFR - 35 bps	11/21/2025		5,807
	292,642		4,037	Nextera Energy Inc	OBFR + 45 bps	11/21/2025		(3,230	)
	203,117		5,574	Nisource Inc	OBFR + 45 bps	11/21/2025		1,784
	245,977		6,717	Nmi Holdings Inc	OBFR + 45 bps	11/21/2025		940
	4,931		143,393	Noble Corp Plc	OBFR - 35 bps	11/21/2025		(11,440	)
	55,961		6,477	Novavax Inc	OBFR + 45 bps	11/21/2025		(3,886	)
	327,913		3,555	Nrg Energy Inc	OBFR + 45 bps	11/21/2025		(7,181	)
	42,329		363	Nucor Corp	OBFR + 45 bps	11/21/2025		36
	7,376		138,964	Nv5 Global Inc	OBFR - 35 bps	11/21/2025		—
	205,563		25	Nvr Inc	OBFR + 45 bps	11/21/2025		(1,090	)
	84,581		1,768	Occidental Petroleum	OBFR + 45 bps	11/21/2025		2,776
	4,113		101,961	Oceaneering Intl Inc	OBFR - 35 bps	11/21/2025		(5,306	)
	317,113		7,682	Oge Energy Corp	OBFR + 45 bps	11/21/2025		(230	)
	15,769		159,898	O-I Glass Inc	OBFR - 35 bps	11/21/2025		(11,038	)
	90,220		2,702	Olympic Steel Inc	OBFR + 45 bps	11/21/2025		(1,567	)
	191,365		24,534	Orchid Island Capital	OBFR + 45 bps	11/21/2025		(491	)
	319,122		21,709	Organon & Co	OBFR + 45 bps	11/21/2025		4,776
	12,908		200,978	Orion Sa	OBFR - 35 bps	11/21/2025		(2,840	)
	322,048		3,444	Otis Worldwide Corp	OBFR + 45 bps	11/21/2025		(3,100	)
	141,905		1,904	Otter Tail Corp	OBFR + 45 bps	11/21/2025		(1,314	)
	6,189		190,993	Patterson Cos Inc	OBFR - 35 bps	11/21/2025		—
	60,591		863	Pc Connection Inc	OBFR + 45 bps	11/21/2025		(811	)
	10,147		137,187	Pebblebrook Hotel Trust	OBFR - 35 bps	11/21/2025		(304	)
	9,468		171,655	Penn Entertainment I	OBFR - 35 bps	11/21/2025		(16,001	)
	54,941		4,259	Pennymac Mortgage Inc.	OBFR + 45 bps	11/21/2025		(1,320	)
	88,508		872	Pentair Plc	OBFR + 45 bps	11/21/2025		(750	)
	210,596		1,392	Pepsico Inc	OBFR + 45 bps	11/21/2025		1,072
	87,141		704	Philip Morris International	OBFR + 45 bps	11/21/2025		(2,415	)
	82,640		332,213	Planet Labs Pbc	OBFR - 37 bps	11/21/2025		(1,653	)
	9,586		379,414	Potlatchdeltic Corp	OBFR - 35 bps	11/21/2025		3,163
	123,876		5,794	Premier Inc-Class A	OBFR + 45 bps	11/21/2025		(1,043	)
	100,319		2,404	Prog Holdings Inc	OBFR + 45 bps	11/21/2025		1,274
	176,414		2,702	Progress Software Co	OBFR + 45 bps	11/21/2025		(378	)
	116,708		630	Ptc Inc	OBFR + 45 bps	11/21/2025		(869	)
	15,870		340,888	Quinstreet Inc	OBFR - 35 bps	11/21/2025		(25,233	)
	48,066		2,142	Radware Ltd	OBFR + 45 bps	11/21/2025		193
	151,610		658	Ralph Lauren Corp	OBFR + 45 bps	11/21/2025		375
	553		93,241	Reddit Inc-Cl A	OBFR - 35 bps	11/21/2025		2,859
	155,183		217	Regeneron Pharmaceuticals	OBFR + 45 bps	11/21/2025		(608	)
	222,911		1,066	Reinsurance Group Of America	OBFR + 45 bps	11/21/2025		4,818
	200,129		741	Reliance Inc	OBFR + 45 bps	11/21/2025		(608	)
	9,291		114,651	Replimune Group Inc	OBFR - 35 bps	11/21/2025		2,137
	58,546		1,899	Rev Group Inc	OBFR + 45 bps	11/21/2025		1,975
	2,146		94,274	Revolution Medicines	OBFR - 35 bps	11/21/2025		408
	248,734		9,148	Reynolds Consumer Products	OBFR + 45 bps	11/21/2025		(1,830	)

NAA OPPORTUNITY FUND

SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)(Continued)

December 31, 2024

TOTAL RETURN SWAPS (Continued)
Notional Amount at December 31, 2024		Number of Shares		Weyerhaeuser Co	Floating Rate to Pay	Termination Date	Unrealized Appreciation/ (Depreciation)
$	7,369		79,585	Riot Platforms Inc	OBFR - 35 bps	11/21/2025	$	4,348
	18,253		250,979	Rivian Automotive Inc	OBFR - 58 bps	11/21/2025		8,214
	6,947		411,749	Roblox Corp -Class A	OBFR - 35 bps	11/21/2025		9,795
	2,025		159,570	Roku Inc	OBFR - 35 bps	11/21/2025		9,032
	299,872		2,254	Royal Gold Inc	OBFR + 45 bps	11/21/2025		(2,682	)
	129,649		827	Ryder System Inc	OBFR + 45 bps	11/21/2025		74
	98,315		27,084	Safe Bulkers Inc	OBFR + 45 bps	11/21/2025		(1,625	)
	97,364		2,028	Scansource Inc	OBFR + 45 bps	11/21/2025		(1,136	)
	4,171		83,545	Scholastic Corp	OBFR - 35 bps	11/21/2025		(5,422	)
	9,980		197,205	Schrodinger Inc	OBFR - 35 bps	11/21/2025		4,691
	316,836		6,445	Scorpio Tankers Inc	OBFR + 45 bps	11/21/2025		3,416
	1,619		177,102	Sea Ltd-Adr	OBFR - 35 bps	11/21/2025		5,327
	130,469		13,060	Sfl Corp Ltd	OBFR + 45 bps	11/21/2025		3,004
	71,688		2,087	Shoe Carnival Inc	OBFR + 45 bps	11/21/2025		(2,650	)
	4,584		139,079	Shutterstock Inc	OBFR - 35 bps	11/21/2025		(46	)
	54,096		322	Simpson Manufacturing	OBFR + 45 bps	11/21/2025		(699	)
	18,347		291,167	Sinclair Inc	OBFR - 35 bps	11/21/2025		(4,954	)
	13,513		314,312	Sirius Xm Holdings I	OBFR - 53 bps	11/21/2025		6,216
	59,054		578	Skywest Inc	OBFR + 45 bps	11/21/2025		(1,179	)
	100,652		1,116	Skyworks Solutions I	OBFR + 45 bps	11/21/2025		(1,685	)
	3,963		267,621	Sl Green Realty Corp	OBFR - 35 bps	11/21/2025		(1,546	)
	99,960		1,458	Smith (A.O.) Corp	OBFR + 45 bps	11/21/2025		(510	)
	7,912		426,694	Smurfit Westrock Plc	OBFR - 35 bps	11/21/2025		554
	29,369		330,695	Snap Inc - A	OBFR - 35 bps	11/21/2025		14,391
	187,682		545	Snap-On Inc	OBFR + 45 bps	11/21/2025		(2,665	)
	4,207		117,628	Solaris Energy Infrastructure	OBFR - 35 bps	11/21/2025		(3,450	)
	135,893		9,503	Solarwinds Corp	OBFR + 45 bps	11/21/2025		(475	)
	139,656		2,096	Solventum Corp	OBFR + 45 bps	11/21/2025		(1,195	)
	327,427		3,943	Southern Co/The	OBFR + 45 bps	11/21/2025		(2,839	)
	322,255		3,444	Southern Copper Corp	OBFR + 45 bps	11/21/2025		(8,403	)
	5,955		225,278	Sphere Entertainment	OBFR - 35 bps	11/21/2025		(14,828	)
	50,411		3,215	Spok Holdings Inc	OBFR + 45 bps	11/21/2025		1,190
	11,803		78,726	Stagwell Inc	OBFR - 35 bps	11/21/2025		1,062
	93,277		4,838	Starwood Property Trust	OBFR + 45 bps	11/21/2025		(1,597	)
	103,365		893	Steel Dynamics Inc	OBFR + 45 bps	11/21/2025		(1,500	)
	3,248		217,031	Stepan Co	OBFR - 35 bps	11/21/2025		6,886
	9,998		505,799	Summit Materials Inc	OBFR - 35 bps	11/21/2025		(100	)
	1,466		181,593	Sun Communities Inc	OBFR - 35 bps	11/21/2025		1,319
	22,402		86,024	Taboola.Com Ltd	OBFR - 218 bps	11/21/2025		4,256
	3,112		570,181	Take-Two Interactive	OBFR - 35 bps	11/21/2025		(2,676	)
	109,341		613	Targa Resources Corp	OBFR + 45 bps	11/21/2025		80
	118,961		1,009	Td Synnex Corp	OBFR + 45 bps	11/21/2025		(626	)
	79,446		12,019	Teekay Corp Ltd	OBFR + 45 bps	11/21/2025		3,846
	195,137		4,992	Teekay Tankers Ltd-C	OBFR + 45 bps	11/21/2025		3,494
	18,291		283,328	Tejon Ranch Co	OBFR - 35 bps	11/21/2025		(7,499	)
	57,963		1,721	Telephone And Data Systems	OBFR + 45 bps	11/21/2025		740
	97,878		755	Tenet Healthcare Corp.	OBFR + 45 bps	11/21/2025		(2,575	)
	153,958		1,918	Tennant Co	OBFR + 45 bps	11/21/2025		2,417
	398		171,379	Tesla Inc	OBFR - 35 bps	11/21/2025		10,650
	23,593		80,216	Tetra Technologies I	OBFR - 35 bps	11/21/2025		(4,247	)
	72,490		138	Thermo Fisher Scientific	OBFR + 45 bps	11/21/2025		(698	)
	10,982		155,505	Thryv Holdings Inc	OBFR - 35 bps	11/21/2025		(7,028	)

NAA OPPORTUNITY FUND

SCHEDULE OF TOTAL RETURN SWAPS (Unaudited)(Continued)

December 31, 2024

TOTAL RETURN SWAPS (Continued)
Notional Amount at December 31, 2024		Number of Shares		Weyerhaeuser Co	Floating Rate to Pay	Termination Date	Unrealized Appreciation/ (Depreciation)
$	325,619		1,469	T-Mobile Us Inc	OBFR + 45 bps	11/21/2025	$	(1,366	)
	65,439		7,574	Tpg Re Finance Trust	OBFR + 45 bps	11/21/2025		(1,060	)
	867		105,488	Trade Desk Inc/The -	OBFR - 35 bps	11/21/2025		3,589
	112,492		298	Trane Technologies Plc	OBFR + 45 bps	11/21/2025		(2,426	)
	145,839		113	Transdigm Group Inc	OBFR + 45 bps	11/21/2025		(2,636	)
	121,751		7,145	Tsakos Energy Navigation	OBFR + 45 bps	11/21/2025		2,144
	338,299		12,275	Ugi Corp	OBFR + 45 bps	11/21/2025		8,224
	170,348		750	Union Pacific Corp	OBFR + 45 bps	11/21/2025		683
	146,798		204	United Rentals Inc	OBFR + 45 bps	11/21/2025		(3,093	)
	104,004		286	United Therapeutics	OBFR + 45 bps	11/21/2025		(3,092	)
	69,360		458	Universal Display Co	OBFR + 45 bps	11/21/2025		(2,400	)
	103,914		575	Universal Health Services	OBFR + 45 bps	11/21/2025		(748	)
	16,851		121,327	Uranium Energy Corp	OBFR - 53 bps	11/21/2025		8,594
	63,242		72,096	Ur-Energy Inc	OBFR - 35 bps	11/21/2025		(632	)
	151,358		2,476	Utah Medical Product	OBFR + 45 bps	11/21/2025		842
	107,210		2,374	Varonis Systems Inc	OBFR + 45 bps	11/21/2025		(1,733	)
	12,783		211,303	Veris Residential Inc	OBFR - 35 bps	11/21/2025		(1,278	)
	261,748		1,309	Verisign Inc	OBFR + 45 bps	11/21/2025		9,163
	326,270		8,169	Verizon Communications	OBFR + 45 bps	11/21/2025		408
	3,848		378,143	Vse Corp	OBFR - 35 bps	11/21/2025		12,198
	5,008		557,891	Walt Disney Co/The	OBFR - 35 bps	11/21/2025		250
	37,371		390,153	Warner Bros Discover	OBFR - 35 bps	11/21/2025		(4,858	)
	109,945		2,003	Warrior Met Coal Inc	OBFR + 45 bps	11/21/2025		(1,302	)
	176,118		1,857	Wec Energy Group Inc	OBFR + 45 bps	11/21/2025		(1,486	)
	1,740		218,579	Welltower Inc	OBFR - 35 bps	11/21/2025		(713	)
	102,127		6,197	Wendy’S Co/The	OBFR + 45 bps	11/21/2025		(1,115	)
	1,677		191,849	Westlake Corp	OBFR - 35 bps	11/21/2025		(419	)
	13,124		368,522	Weyerhaeuser Co	OBFR - 35 bps	11/21/2025		(919	)
	200,688		3,713	Williams Cos Inc	OBFR + 45 bps	11/21/2025		260
	142,576		5,320	World Kinect Corp	OBFR + 45 bps	11/21/2025		3,777
	61,717		1,864	York Water Co	OBFR + 45 bps	11/21/2025		(727	)
	4,216		234,199	Ziff Davis Inc	OBFR - 35 bps	11/21/2025		5,101
							$	(318,499	)

# The counterparty for all swap contracts is Morgan Stanley.

PLC - Public Limited Company

REIT - Real Estate

OBFR - Overnight Bank Funding Rate. The OBFR was 4.33% on December 31, 2024.