New Age Alpha Funds Trust NPORT-P Naa Large Cap Value Fund (Dec 2024 report)

NAA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 100.0%
		Communications - 4.6%
	16,423	Match Group, Inc.(a)	$	537,196
	5,965	Omnicom Group, Inc.		513,229
	2,820	T-Mobile US, Inc.		622,459
	3,331	VeriSign, Inc.(a)		689,384
	6,586	Walt Disney Co. (The)		733,350
				3,095,618
		Consumer Discretionary - 5.5%
	59,852	Ford Motor Company		592,535
	11,339	Las Vegas Sands Corp. (a)		582,371
	16,091	LKQ Corporation		591,344
	8,051	NIKE, Inc., Class B		609,219
	521	O’Reilly Automotive, Inc.(a)		617,802
	5,462	TJX Cos., Inc. (The)		659,864
				3,653,135
		Consumer Staples - 10.7%
	11,506	Altria Group, Inc.		601,649
	9,669	Coca-Cola Co. (The)		601,992
	6,610	Colgate-Palmolive Company		600,915
	918	Costco Wholesale Corp.		841,136
	7,694	McCormick & Company, Inc.		586,590
	10,876	Molson Coors Brewing Company, Class B		623,412
	9,057	Mondelez International, Inc., Class A		540,975
	5,101	Procter & Gamble Co. (The)		855,183
	62,061	Walgreens Boots Alliance, Inc.		579,029
	14,840	Walmart, Inc.		1,340,794
				7,171,675
		Energy - 6.2%
	5,937	Chevron Corporation		859,915
	11,024	ConocoPhillips		1,093,250
	24,523	Coterra Energy, Inc.		626,317
	14,528	Exxon Mobil Corporation		1,562,778
				4,142,260
		Financials - 20.7%
	2,289	American Express Co.		679,352

NAA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 100.0% (Continued)
		Financials - 20.7% (Continued)
	23,811	Bank of America Corporation	$	1,046,493
	4,903	Berkshire Hathaway, Inc., Class B(a)		2,222,432
	5,592	Brown & Brown, Inc.		570,496
	3,831	Capital One Financial Corporation		683,144
	2,224	Chubb Ltd.		614,492
	9,830	Citigroup, Inc.		691,933
	4,035	Discover Financial Services		698,983
	1,680	Everest Re Group Ltd.		608,933
	28,242	Franklin Resources, Inc.		573,030
	1,220	Goldman Sachs Group, Inc. (The)		698,596
	9,300	JPMorgan Chase & Co.		2,229,304
	2,527	Travelers Companies, Inc. (The)		608,729
	14,449	Truist Financial Corporation		626,798
	12,934	U.S. Bancorp		618,633
	9,773	Wells Fargo & Company		686,456
				13,857,804
		Health Care - 16.4%
	1,947	Amgen, Inc.		507,466
	8,049	Bio-Techne Corporation		579,769
	5,585	Cardinal Health, Inc.		660,538
	9,771	Centene Corporation(a)		591,927
	3,308	Charles River Laboratories International, Inc.(a)		610,657
	11,062	CVS Health Corporation		496,573
	8,405	DexCom, Inc.(a)		653,657
	1,546	Elevance Health Incorporated		570,319
	7,085	Gilead Sciences, Inc.		654,442
	1,707	HCA Healthcare, Inc.		512,356
	2,353	Humana, Inc.		596,980
	2,560	Insulet Corporation(a)		668,339
	2,930	IQVIA Holdings, Inc.(a)		575,774
	6,169	Merck & Company, Inc.		613,692
	2,532	ResMed, Inc.		579,043
	1,962	UnitedHealth Group, Inc.		992,498
	1,293	Vertex Pharmaceuticals, Inc.(a)		520,691

NAA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 100.0% (Continued)
		Health Care - 16.4% (Continued)
	3,434	Zoetis, Inc.	$	559,502
				10,944,223
		Industrials - 12.8%
	2,960	Cintas Corp.		540,792
	1,524	Deere & Company		645,718
	10,431	Delta Air Lines, Inc.		631,076
	4,265	Jacobs Solutions, Inc.		569,889
	8,195	Johnson Controls International PLC		646,831
	2,501	L3Harris Technologies, Inc.		525,910
	1,226	Northrop Grumman Corporation		575,350
	945	Parker-Hannifin Corporation		601,048
	2,234	Rockwell Automation, Inc.		638,455
	12,486	Rollins, Inc.		578,726
	19,681	Southwest Airlines Company		661,675
	7,728	United Airlines Holdings, Inc.(a)		750,389
	3,250	Westinghouse Air Brake Technologies Corporation		616,168
	4,987	Xylem, Inc.		578,592
				8,560,619
		Materials - 2.4%
	2,468	Ecolab, Inc.		578,302
	13,597	Freeport-McMoRan, Inc.		517,773
	4,194	Nucor Corporation		489,482
				1,585,557
		Real Estate - 3.5%
	2,922	American Tower Corp. REIT		535,924
	3,422	Digital Realty Trust, Inc. REIT		606,823
	3,752	Extra Space Storage, Inc. REIT		561,299
	3,613	Simon Property Group, Inc. REIT		622,195
				2,326,241
		Technology - 12.0%
	5,840	Akamai Technologies, Inc.(a)		558,596
	14,444	Cisco Systems, Inc.		855,085
	8,224	CoStar Group, Inc.(a)		588,756
	1,299	FactSet Research Systems, Inc.		623,884

NAA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

Shares			Fair Value
		COMMON STOCKS — 100.0% (Continued)
		Technology - 12.0% (Continued)
	3,142	Fiserv, Inc.(a)	$	645,430
	20,428	Gen Digital, Inc.		559,319
	29,185	Intel Corp.		585,159
	1,262	Mastercard, Inc., Class A		664,531
	1,356	Motorola Solutions, Inc.		626,784
	5,168	NetApp, Inc.		599,901
	2,548	NXP Semiconductors N.V.		529,602
	8,519	ON Semiconductor Corporation(a)		537,123
	7,898	PayPal Holdings, Inc.(a)		674,094
				8,048,264
		Utilities - 5.2%
	4,383	American Water Works Company, Inc.		545,640
	5,437	Duke Energy Corporation		585,782
	7,394	Edison International		590,337
	15,662	Exelon Corporation		589,518
	14,437	FirstEnergy Corporation		574,304
	18,579	PPL Corporation		603,074
				3,488,655
		TOTAL COMMON STOCKS (Cost $63,600,163)		66,874,051
		TOTAL INVESTMENTS - 100.0% (Cost $63,600,163)	$	66,874,051
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%(b)		18,105
		NET ASSETS - 100.0%	$	66,892,156

(a)	Non-income producing security.
(b)	Percentage rounds to less than 0.1%
plc – Public Limited Company
REIT – Real Estate Investment Trust