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naavft:SPSmallCap600ValueIndexMember 2016-01-01 2025-12-31 0002013968 naavft:C000253506Member 2021-01-01 2025-12-31 0002013968 naavft:C000253506Member 2016-01-01 2025-12-31 0002013968 naavft:C000253506Member naavft:SPSmallCap600GrowthIndexMember 2025-01-01 2025-12-31 0002013968 naavft:C000253506Member naavft:SPSmallCap600GrowthIndexMember 2021-01-01 2025-12-31 0002013968 naavft:C000253506Member naavft:SPSmallCap600GrowthIndexMember 2016-01-01 2025-12-31 0002013968 naavft:C000253507Member 2021-01-01 2025-12-31 0002013968 naavft:C000253507Member 2016-01-01 2025-12-31 0002013968 naavft:C000253507Member naavft:SP1000ValueIndexMember 2025-01-01 2025-12-31 0002013968 naavft:C000253507Member naavft:SP1000ValueIndexMember 2021-01-01 2025-12-31 0002013968 naavft:C000253507Member naavft:SP1000ValueIndexMember 2016-01-01 2025-12-31 0002013968 naavft:C000253508Member 2021-01-01 2025-12-31 0002013968 naavft:C000253508Member 2016-01-01 2025-12-31 0002013968 naavft:C000253508Member naavft:SPDevelopedBMIIndexMember 2025-01-01 2025-12-31 0002013968 naavft:C000253508Member naavft:SPDevelopedBMIIndexMember 2021-01-01 2025-12-31 0002013968 naavft:C000253508Member naavft:SPDevelopedBMIIndexMember 2016-01-01 2025-12-31 0002013968 naavft:S000084965Member oef:RiskLoseMoneyMember 2026-04-24 2026-04-24 0002013968 naavft:S000087635Member oef:RiskLoseMoneyMember 2026-04-24 2026-04-24 0002013968 naavft:S000087640Member oef:RiskLoseMoneyMember 2026-04-24 2026-04-24 iso4217:USD pure false 485BPOS 2026-04-24 0002013968 N-1A New Age Alpha Variable Funds Trust 2026-04-30 SUMMARY – NAA ALL CAP VALUE SERIES INVESTMENT OBJECTIVE <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zm6nmIls7932" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA All Cap Value Series (the “Fund”) seeks long-term capital growth.</p> FEES AND EXPENSES <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zoPfx2PAEh57" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zLV752d4ZgZ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zZALutuSfqGh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; width: 85%"> <p id="xdx_984_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member_zVFqDPlkgib8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Shareholder Fees</b> <br/> (fees paid directly from your investment)</p> </td> <td id="xdx_98B_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_zIYrO2dQTDbg" style="vertical-align: bottom; width: 15%; text-align: center; font-size: 10pt" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zcBGMcpJf5Mj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zZGCsq5cGjej" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20"> </td> <td id="xdx_49B_20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_z6peLr9Djf5a" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zWCEVAu8lgr3" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 85%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt">0.70%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z8GrbBWjtuBe" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt">0.25%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zDwG7WnPW0Xa" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20">Other Expenses</td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt">0.20%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zCKXReIrdpsg" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20">Total Annual Fund Operating Expenses </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt">1.15%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zWSO7NNBoERa" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20">Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_zMQo5NKCcMkh">(1)(2)</sup> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt">(0.11)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zWqhRtkqCH59" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4E_zacxoQxyX9nd">(1)(2)</sup> </td> <td style="border-bottom: black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt">1.04%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0"></td><td id="xdx_F03_zQ6zXwpdoxRk" style="padding-bottom: 3pt; width: 0.25in">(1)</td> <td id="xdx_F11_zrVI5JsoUod8" style="padding-bottom: 3pt; text-align: justify"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member_zCFHMjkhYiVd">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.04% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F06_zKlWa0Ax0P4b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="text-align: justify"><span id="xdx_F17_zB0T7iAOXw3c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights.</span></td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> 0.0070 0.0025 0.0020 0.0115 -0.0011 0.0104 April 30, 2027 Example. <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_z2HZykwgAKw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztZbmiWpoXm1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zRqrgZqhfdK3" style="border-bottom: Black 1pt solid; width: 18%; text-align: center"><b>1 Year</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zTCpH20g3Dbj" style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><b>3 Years</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_z5HR4ylRety9" style="border-bottom: Black 1pt solid; vertical-align: top; width: 17%; text-align: center"><b>5 Years</b></td> <td id="xdx_487_eoef--ExpenseExampleYear10_z17OgGTIAe05" style="border-bottom: Black 1pt solid; vertical-align: top; width: 18%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_41A_20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_z8yZ8wIFbNbi"> <td style="text-align: center">$106</td> <td style="text-align: center">$354</td> <td style="vertical-align: top; text-align: center">$622</td> <td style="vertical-align: top; text-align: center">$1,388</td></tr> </table> 106 354 622 1388 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zXALiSVa4Sd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member_zgcZM7bI6N65">104%</span> of the average value of its portfolio.</p> 1.04 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zGzoNettaAHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in large-, mid-, and small capitalization securities that the Adviser considers having “value” characteristics. The Fund defines: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">“value” as investments that appear to be undervalued relative to assets, earnings, growth potential or cash flows.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">“large-capitalization” as those companies with market capitalizations generally falling within the range of the S&amp;P 500^® Index. The capitalization range of the S&amp;P 500^® Index is between $5.3 billion and $4.2 trillion as of March 31, 2026.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">“mid-capitalization” as those companies with market capitalizations generally within the range of the S&amp;P MidCap 400^® Index. The capitalization range of the S&amp;P MidCap 400^® Index is between $1.7 billion and $28.0 billion as of March 31, 2026.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">“small-capitalization” as those companies with market capitalizations generally within the range of the S&amp;P SmallCap 600^® Index. The capitalization range of the S&amp;P SmallCap 600^® Index is between $354.8 million and $8.7 billion as of March 31, 2026.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will primarily invest in equity securities, including common stocks, rights, real estate investment trusts (“REITs”), options, warrants, convertible debt securities of U.S. and U.S.-dollar denominated foreign issuers, and American Depositary Receipts (“ADRs”). Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder. The Fund may also invest in various investment vehicles for portfolio management purposes, such as mutual funds and exchange-traded funds (“ETFs”), including cash management and liquidity management, to obtain a higher return on collateral positions and achieve greater diversification and trading efficiency than would usually be experienced by investing directly and separately in individual securities. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to contribute to exceeding the total return of the S&amp;P Composite 1500 Value Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">to returns across sectors, styles, geographies, and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change or to meet redemption requests.</p> <p id="xdx_A8A_eoef--RiskTextBlock_zefrvZ5bh1ji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zMbobZgRJFu8">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zBKnHyHSCgMi"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zrgxog5vbHxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zuULO9eNhX85"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zwOyQwYVDfob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large-Capitalization Company Risk. </b>Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zXWu4tVr8zX8"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zM6ztRtZKQOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Mid-Capitalization Company Risk<i>. </i></b>Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification, and competitive strengths of larger companies. Therefore, the securities of mid-capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. Mid-capitalization companies are typically subject to greater earnings and changes in business prospects than larger, more established companies. Investors may not follow them widely, which can lower the demand for their stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zqy9XhqWe04"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_z3DnDXi6az6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Small-Capitalization Company Risk.</b> The Fund is subject to the risk that securities of small capitalization companies may underperform other segments of the equity market or the equity market as a whole. Investing in the securities of small capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger and more established companies. Because smaller companies may have inexperienced management and limited operating history, product lines, market diversification, and financial resources, the securities of these companies may be more speculative, volatile, and less liquid than the securities of larger companies. They can be particularly sensitive to expected changes in interest rates, borrowing costs and earnings, or other adverse developments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zN9eydn31hda"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zp9BCSgdpRsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Value Investing Risk.</b> Value investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn’t recognize their intrinsic value or value stocks are out of favor. Value investing may be out of favor with investors occasionally, and value stocks may underperform the securities of other companies or the stock market in general.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zQ4EgnuUYth4"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zzHTCHbzLgPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zO1u9vr3BSJh"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zKrzElqAcu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zCs51D2kEWW4"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_zdzpo8UzpNRb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zqvh3xBqxmUf"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zRIgw433qe6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zT5Ww2Wpmuzj"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zkQORpudZfs5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zHATwMp08God"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zu3Kjz8jFdFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zmzuOTIV6zY"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zwQ3OhjDGlKl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zOZ5CfOryFP4"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zyV4D1jRzQA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zc2xBKriMwYe"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_zFp0EvP85Nai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REITs Risk. </b>REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund’s REIT investments also subject it to management and tax risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z9CvQ2G0xFi7"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_z6VJfrPnDUW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> PERFORMANCE SUMMARY <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_z1Fn6dWcKfxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member_z0ABlwr9Uav">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index.</span> The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member_zzKLnm2L7vfg">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member_zb8mCbPIixk5">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member_zUtb5FmwjXtf">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series O (All Cap Value Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns 0.2271 0.1477 -0.1062 0.2374 0.0188 0.2695 -0.0117 0.0852 0.1025 0.1287 <p id="xdx_A8D_eoef--BarChartTableTextBlock_zZrZ2hmYYD0a" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="naavft_001.jpg" style="height: 329px; width: 500px"/></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zSzNiboEgdS3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_ziZN5rQ8yeJe">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_zCbyqqvyfMTb">December 31, 2020</span></td> <td style="text-align: center"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_z2HFYknTbVz7">20.29%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_z1AxqxFXuOsj">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_zYHNXJfpeCU4">March 31, 2020</span></td> <td style="text-align: center"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member__oef--ClassAxis__custom--C000253501Member_zal2DEhCLn3">-29.95%</span></td></tr> </table> Highest Quarter 2020-12-31 0.2029 Lowest Quarter 2020-03-31 -0.2995 Average Annual Total Returns (for periods ended December 31, 2025)  <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zhAcwusnMU0d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zTslLvtAUDed" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_492_20250101__20251231_z5dEQLa2oxdg" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_49B_20210101__20251231_zdhvWdZO5MKj" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_49C_20160101__20251231_zcXfUVApmy6e" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253501Member_zSJYIFAHHi2b" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA All Cap Value Series </td> <td style="text-align: center">12.87%</td> <td style="text-align: center">11.12%</td> <td style="text-align: center">10.40%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253501Member__oef--PerformanceMeasureAxis__custom--SPComposite1500ValueIndexMember_zH1c8Y45rVqk" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&amp;P Composite 1500 Value Index<br/> (<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000087633Member_zhv6Lw5W8RHl">reflects no deduction for fees, expenses, or taxes</span>) </td> <td style="text-align: center">12.72%</td> <td style="text-align: center">12.76%</td> <td style="text-align: center">11.63%</td></tr> </table> 0.1287 0.1112 0.1040 reflects no deduction for fees, expenses, or taxes 0.1272 0.1276 0.1163 SUMMARY – NAA LARGE CAP VALUE SERIES INVESTMENT OBJECTIVE <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zkEOHWRqPn8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA Large Cap Value Series (the “Fund”) seeks long-term capital growth.</p> FEES AND EXPENSES <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zeOvVr7DCmE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zdB9vgnK6f46"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zCAJ0PZmmvMc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; width: 85%"> <p id="xdx_98C_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member_z8K3jc8ZPQ15" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Shareholder Fees</b> <br/> (fees paid directly from your investment)</p> </td> <td id="xdx_98E_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_zZSP51Hl43I1" style="vertical-align: bottom; width: 15%; text-align: center" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z4mwHILFoAii"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zU8sn6lXTt4d" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20"> </td> <td id="xdx_49E_20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_z1UMJtmW0zG9" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zWKufMTUIdW8" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 85%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.65%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSoPA4qP3I22" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.25%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zK6G4vPeKf1" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Other Expenses</td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.15%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zOyE1VZ8Ey41" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.05%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zasC2efkw0aa" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4E_zEx4amAGLnN6">(1)(2)</sup> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.09)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zqYjTuY6Ws31" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4A_zTH8fp6pVmOc">(1)(2)</sup> </td> <td style="border-bottom: black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.96%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0"></td><td id="xdx_F06_zIlKJmbqs967" style="padding-bottom: 3pt; width: 0.25in">(1)</td> <td id="xdx_F1E_z1YiD2mIdBKf" style="padding-bottom: 3pt; text-align: justify"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member_zjVNy34tFZHe">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.96% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify"><span id="xdx_F0F_z9sWqrWZMuR2">(2)</span></td> <td style="text-align: justify"><span id="xdx_F10_zG4HC24Eci02"> The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights.</span></td> </tr> </table> 0.0065 0.0025 0.0015 0.0105 -0.0009 0.0096 April 30, 2027 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zrRJMeOJFr6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIlA3uT36Q6k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td id="xdx_482_eoef--ExpenseExampleYear01_z2HjbyGkTvRf" style="border-bottom: Black 1pt solid; width: 18%; text-align: center"><b>1 Year</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_z2BwX6RCk43a" style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><b>3 Years</b></td> <td id="xdx_480_eoef--ExpenseExampleYear05_zgSIYIw5kpm2" style="border-bottom: Black 1pt solid; vertical-align: top; width: 17%; text-align: center"><b>5 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zjqT4TJvpexj" style="border-bottom: Black 1pt solid; vertical-align: top; width: 18%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_416_20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_z87KhBLhi6Uc"> <td style="text-align: center">$98</td> <td style="text-align: center">$325</td> <td style="vertical-align: top; text-align: center">$571</td> <td style="vertical-align: top; text-align: center">$1,274</td></tr> </table> 98 325 571 1274 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zpq9IgQXtov3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member_z6sewbSvfMTd">82%</span> of the average value of its portfolio.</p> 0.82 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_ziyCxLph0G6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in large-capitalization securities that the Adviser considers having “value” characteristics. The Fund defines:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">“value” as investments that appear to be undervalued relative to assets, earnings, growth potential or cash flows.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">“large-capitalization” as those companies with market capitalizations generally falling within the range of the S&amp;P 500^® Index. The capitalization range of the S&amp;P 500^® Index is between $5.3 billion and $4.2 trillion as of March 31, 2026.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will primarily invest in equity securities, including common stocks, rights, real estate investment trusts (“REITs”), options, warrants, convertible debt securities of U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”). Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also invest in various investment vehicles for portfolio management purposes, such as mutual funds and exchange-traded funds (“ETFs”), including cash management and liquidity management, to obtain a higher return on collateral positions and achieve greater diversification and trading efficiency than would usually be experienced by investing directly and separately in individual securities. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to contribute to exceeding the total return of the S&amp;P 500 Value Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure to returns across sectors, styles, geographies, and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change, or to meet redemption requests.</p> <p id="xdx_A80_eoef--RiskTextBlock_zzVw392kbKm6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90C_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zHgRkUbMi3c8">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zZqOjZu57ebj"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zcVZh63Gr1Od" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_za06flS8pgM1"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z1xjb9yCuS5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large-Capitalization Company Risk. </b>Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zIxpdTAeNXW1"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zH8M00xPw5ug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Value Investing Risk.</b> Value investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn’t recognize their intrinsic value or value stocks are out of favor. Value investing may be out of favor with investors occasionally, and value stocks may underperform the securities of other companies or the stock market in general.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zQvRYOAuW2d9"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zWiEsslCVZbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zFL5dRd5YJ52"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zDCG5bEOcrHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zG5w9SQjOIX7"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_zfmaYMuGLmt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_z88zO2mLfgY9"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zEdCGpCZ4j95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zwmkM5HtwFA5"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zOJlScFA4aOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zSTKVl2Y7Nq7"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zm1TCjb9vlp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zi0FuAyHXLwl"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zmzgJx9IIym8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_znC2ER5FXkA2"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zwf0nM1i4Zt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zZEwxY9YytHd"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_z7X6cGunuj5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REITs Risk. </b>REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund’s REIT investments also subject it to management and tax risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zylEyzBuwBAi"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zQdUt5FXibDd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> PERFORMANCE SUMMARY <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zhNtJgjP0D17" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member_zveIfRtN5Kpa">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index.</span> The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member_zrj7J8lM7NV4">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member_zIx5Z0dEpqE9">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member_zLjeQdzEf2ri">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series B (Large Cap Value Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns <div id="xdx_A85_eoef--BarChartTableTextBlock_zwGBcnUJqVq3"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_dU_zgApQDVNVi9j" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; border-collapse: collapse; orphans: 2; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: center; width: 50%"> </td> <td style="text-align: right; width: 50%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000253502Member_zXU0HULQMyZ1" style="text-align: right">21.41%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000253502Member_zZJ1hUIC7M3i" style="text-align: right">15.81%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2018</td> <td id="xdx_989_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000253502Member_zJNpjOFWbH8c" style="text-align: right">(9.53%)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2019</td> <td id="xdx_987_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000253502Member_zWPMBQEs4GE7" style="text-align: right">21.82%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2020</td> <td id="xdx_985_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000253502Member_zcnT0Vrhom77" style="text-align: right">2.21%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000253502Member_zIX0C8O6pBF4" style="text-align: right">27.03%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000253502Member_zRmovkwYTgqb" style="text-align: right">(1.32%)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000253502Member_zkoIZXt7AjO8" style="text-align: right">9.27%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000253502Member_zIhOf7DaUch2" style="text-align: right">13.46%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000253502Member_zZhSpUzyYZSa" style="text-align: right">14.16%</td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="naavft_002.jpg" style="height: 329px; width: 500px"/></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> 0.2141 0.1581 -0.0953 0.2182 0.0221 0.2703 -0.0132 0.0927 0.1346 0.1416 <div id="xdx_A89_eoef--BarChartClosingTextBlock_znFflmhj81e7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_zIkB5xETIX6j">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_zOuv1ImSJ5X1">December 31, 2020</span></td> <td style="text-align: center"><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_zKxYGWLdZuZ5">18.57%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_z7XENDloY8ha">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_zKgIaBhR2Gyb">March 31, 2020</span></td> <td style="text-align: center"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member__oef--ClassAxis__custom--C000253502Member_z4KH0doDFmG7">-28.41%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b> </b></p> Highest Quarter 2020-12-31 0.1857 Lowest Quarter 2020-03-31 -0.2841 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A86_eoef--PerformanceTableTextBlock_zLRu15C4Hwp1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zlfOcYYr8YGj" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_494_20250101__20251231_zj1oryD8vWU6" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_498_20210101__20251231_zSrADdg0ZmY7" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_49F_20160101__20251231_z3j0ShoNWjEh" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253502Member_zuEPIb5tSd1e" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA Large Cap Value Series </td> <td style="text-align: center">14.16%</td> <td style="text-align: center">12.15%</td> <td style="text-align: center">10.88%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SP500ValueIndexMember__oef--ClassAxis__custom--C000253502Member_zXPCiy0aKv1f" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&amp;P 500^® Value Index<br/> (<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000087634Member_z5xnUI5ZHgZ8">reflects no deduction for fees, expenses, or taxes</span>) </td> <td style="text-align: center">13.19%</td> <td style="text-align: center">12.96%</td> <td style="text-align: center">11.73%</td></tr> </table> 0.1416 0.1215 0.1088 reflects no deduction for fees, expenses, or taxes 0.1319 0.1296 0.1173 SUMMARY – NAA LARGE CORE SERIES INVESTMENT OBJECTIVE <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zHhdkLE5kGkb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA Large Core Series (the “Fund”) seeks long-term capital growth.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> FEES AND EXPENSES <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_z1ZusasqLGnb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zN7E4TxMg8p3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zjwTBHxhNNSj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; width: 85%"> <p id="xdx_98E_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member_zCAU8i53mF3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Shareholder Fees</b><br/> (fees paid directly from your investment)</p> </td> <td id="xdx_985_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zm9VRT6FFSNl" style="vertical-align: bottom; width: 15%; text-align: center" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zQZxQ1ZsuQf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z7n5yomJV9R2" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20"> </td> <td id="xdx_493_20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zP6dc5jJzqY7" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td> <td id="xdx_494_20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000273206Member_zv0v8fEdfbb1" style="text-align: center"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zfq0DiD3uDy4" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 70%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.75%</td> <td style="text-align: center; width: 15%">0.75%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlkw4cLPslo4" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.25%</td> <td style="text-align: center">None</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zb0g1UTz1aRg" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Other Expenses<sup id="xdx_F4C_zJgLwtLdOtPc">(1)</sup></td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.16%</td> <td style="text-align: center">0.16%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zbveFAqlk4b" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.16%</td> <td style="text-align: center">0.91%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zjeJcgTwez8h" style="vertical-align: bottom"> <td style="padding: 1.5pt 1.5pt 1pt 0.125in; text-indent: -0.125in; text-align: left; color: #231F20">Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4D_zvvDt5wmr80b">(2)(3)</sup> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.22)%</td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.22)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zRxMGobVZana" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4A_z2TGW6sxNFQ4">(2)(3)</sup> </td> <td style="border-bottom: black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.94%</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.69%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F05_zilxkj7iwYd2" style="padding-bottom: 3pt">(1)</td> <td id="xdx_F1A_zZLGS3MDrGC6" style="padding-bottom: 3pt; text-align: justify">Other expenses for Class L shares are estimated based on fees and expenses incurred by Class S shares of the Fund for the year ended December 31, 2025. Class L shares have not commenced operations as of the date of this Prospectus.</td></tr> <tr style="vertical-align: top"> <td id="xdx_F0A_zjGPtfdZzHVc" style="padding-bottom: 3pt; width: 0.25in">(2)</td> <td id="xdx_F16_zJg28bOZWw62" style="padding-bottom: 3pt; text-align: justify"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member_zruDknc2nlGk">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.94% and 0.69% of the Fund’s average daily net assets for Class S shares and Class L shares, respectively. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: justify"><span id="xdx_F09_zZtIHSWere43">(3)</span></td> <td style="text-align: justify"><span id="xdx_F16_zv01FDcCbEv8"> The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights.</span></td> </tr> </table> 0.0075 0.0075 0.0025 0 0.0016 0.0016 0.0116 0.0091 -0.0022 -0.0022 0.0094 0.0069 April 30, 2027 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zK7hYhyssg75" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzPmk3YUVr4i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zP0ala5fUdi1" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td style="width: 14%"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zv71CH5PI0Oh" style="border-bottom: Black 1pt solid; width: 14%; text-align: center"><b>1 Year</b></td> <td id="xdx_488_eoef--ExpenseExampleYear03_z2OOBaLbLUw5" style="border-bottom: Black 1pt solid; width: 14%; text-align: center"><b>3 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear05_z4VKjNwFRfm4" style="border-bottom: Black 1pt solid; vertical-align: top; width: 14%; text-align: center"><b>5 Years</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zPfUnXomSM3d" style="border-bottom: Black 1pt solid; vertical-align: top; width: 14%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_418_20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zl4qiMbemZt1"> <td>Class S</td> <td style="text-align: center">$96</td> <td style="text-align: center">$347</td> <td style="vertical-align: top; text-align: center">$617</td> <td style="vertical-align: top; text-align: center">$1,389</td></tr> <tr id="xdx_413_20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000273206Member_z1R7Xfu5vI28"> <td>Class L</td> <td style="text-align: center">$70</td> <td style="text-align: center">$268</td> <td style="vertical-align: top; text-align: center">$482</td> <td style="vertical-align: top; text-align: center">$1,099</td></tr> </table> 96 347 617 1389 70 268 482 1099 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_z2BhplENgnQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member_zBwKWHAFiRM2">64%</span> of the average value of its portfolio.</p> 0.64 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zE88OCxJinff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in large-capitalization securities that the Adviser considers having “core” characteristics. The Fund defines “core” as investments that typically represent a balance between value and growth investing. However, any particular security may have different degrees of growth or value characteristics. The Fund defines “large-capitalization” as those companies with market capitalizations generally falling within the range of the S&amp;P 500^® Index. The capitalization range of the S&amp;P 500^® Index is between $5.3 billion and $4.2 trillion as of March 31, 2026. The Fund defines:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">“value” as investments that appear to be undervalued relative to assets, earnings, growth potential or cash flows. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">“growth” as investments having what the Adviser believes to be above-average growth rates (high growth rates for earnings, sales, book value, and cash flow) as compared to their industry or the overall market.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will primarily invest in equity securities, including common stocks, rights, real estate investment trusts (“REITs”), options, warrants, convertible debt securities of U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”). Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder. The Fund may also invest in various investment vehicles, such as mutual funds and exchange-traded funds (“ETFs”), for portfolio management purposes, including cash and liquidity management, to obtain a higher return on collateral positions and achieve greater diversification and trading efficiency than would usually be experienced by investing directly and separately in individual securities. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to exceed the total return of the S&amp;P 500 Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure to returns across sectors, styles, geographies,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change or to meet redemption requests.</p> <p id="xdx_A8F_eoef--RiskTextBlock_zS2hNnx7tgA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_906_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zJMYZdU1JKT6">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z4WR897epcrh"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestingRiskMember_zjVZFTlsUZT3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Growth Investing Risk. </b>Growth investing includes the risk of investing in securities whose prices have historically been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues, and if a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zdLlfkj46818"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zn9457X9lLGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Value Investing Risk.</b> Value investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn’t recognize their intrinsic value or value stocks are out of favor. Value investing may be out of favor with investors occasionally, and value stocks may underperform the securities of other companies or the stock market in general.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zZqJUExl52x6"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zN3dJTqk1bXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_znAUfZg4pP7i"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zML2CcCTt5R3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large-Capitalization Company Risk. </b>Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zJhvEf31T2J9"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zy0mKUHkpFKd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zpzBMKpFFN6e"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zQ33hnlodfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zUCJgXqwreue"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_zD8QoVi0VzR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zdR7NUQLLct7"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zl1IAQxf9bJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zXQcppfNSR6d"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zoYC35Vo92A6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zLMHnNLWBOLh"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_z2BRQtRhppjj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zqut0dWMmsEj"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorConcentrationRiskMember_zXhvGdmJGuJ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sector Concentration Risk.</b> Because the Fund may invest a significant portion of its assets in a particular sector of the market it may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more broadly invested across numerous sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zj7qsC6PVDQj"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z3LZ1UUOQpRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zfAmU0zbqVn2"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_z2OjC1jTCpXa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zmm8EqBQD0n4"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_zcGj7HTLUNs" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REITs Risk. </b>REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund’s REIT investments also subject it to management and tax risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zxog2cqknM01"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zhWX5yYGb0ae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> PERFORMANCE SUMMARY <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zO8i649i8FW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Class L shares of the Fund have not commenced operations as of the date of this Prospectus, and do not have a full calendar year of performance history. <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member_zlHNv8a8FNdj">The bar chart and table that follow provide some indication of the risks of investing in shares of the Fund by showing changes in the Fund’s Class S shares performance from year to year and by showing how the Fund’s Class S share average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index.</span> Class L shares would have had substantially similar annual returns to Class S shares because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the share classes do not have the same expenses. The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member_zqbR8MPeG9Bk">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member_zObeUy2uPQo2">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member_zfcofeDw9ewe">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series A (StylePlus-Large Core Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> The bar chart and table that follow provide some indication of the risks of investing in shares of the Fund by showing changes in the Fund’s Class S shares performance from year to year and by showing how the Fund’s Class S share average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns 0.1335 0.2222 -0.0656 0.2997 0.1878 0.2848 -0.2067 0.2690 0.2588 0.1643 <p id="xdx_A80_eoef--BarChartTableTextBlock_zNrm6rojBeo8" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="naavft_003.jpg" style="height: 329px; width: 500px"/></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div id="xdx_A8F_eoef--BarChartClosingTextBlock_zlX1D4EVPOHe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zFF8VRlDFbbd">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zl75JrvbCKDh">June 30, 2020</span></td> <td style="text-align: center"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zT2XmMV5kep3">23.18%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zLFb7gCygdT7">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zSWEqUB9kTQj">March 31, 2020</span></td> <td style="text-align: center"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member__oef--ClassAxis__custom--C000249820Member_zVWdoZ8v35A4">-21.88%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b> </b></p> Highest Quarter 2020-06-30 0.2318 Lowest Quarter 2020-03-31 -0.2188 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zlhAXTKQrlWj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zddWNoJBU2qd" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_493_20250101__20251231_zT4jJJzlNjv7" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_494_20210101__20251231_z0BfW7lJhzn4" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_496_20160101__20251231_zNiQs1GxsaP" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249820Member_zsldbiIHtoX1" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA Large Core Series – Class S<span id="xdx_F4F_zsoIgpGBKE4h">*</span></td> <td style="text-align: center">16.43%</td> <td style="text-align: center">13.65%</td> <td style="text-align: center">14.25%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249820Member__oef--PerformanceMeasureAxis__custom--SP500IndexMember_zMDteI9sJ7x8" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&amp;P 500^® Index<br/> (<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000084965Member_zGQWL7oFXSxa">reflects no deduction for fees, expenses, or taxes</span>) </td> <td style="text-align: center">17.88%</td> <td style="text-align: center">14.42%</td> <td style="text-align: center">14.82%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F05_z1ysMe6qSLMd">*</span></td> <td style="text-align: justify"><span id="xdx_F19_z2UVh8NdAzm6">Returns are not presented for Class L shares. That share class has not commenced operations as of the date of this Prospectus. Performance information for Class L shares will be shown when that share class has a full calendar year of operations.</span></td> </tr> </table> 0.1643 0.1365 0.1425 reflects no deduction for fees, expenses, or taxes 0.1788 0.1442 0.1482 SUMMARY – NAA LARGE GROWTH SERIES INVESTMENT OBJECTIVE <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zqNgCMh04eAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA Large Growth Series (the “Fund”) seeks long-term capital growth.</p> FEES AND EXPENSES <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zSOrPpWnw39e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zzEL5H8oAW8h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z7sTHm2YP5Li" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; width: 85%"> <p id="xdx_986_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member_zsfXblxgEMzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Shareholder Fees</b> <br/> (fees paid directly from your investment)</p> </td> <td id="xdx_98B_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_zDzoNyBx7jXe" style="vertical-align: bottom; width: 15%; text-align: center" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class S Class L <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zJt6nFZSrXBe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zuc49dXYRfqk" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20"> </td> <td id="xdx_493_20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_zMvMt4Rn0h0g" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td> <td id="xdx_493_20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000273207Member_zHbkKrW2RQ8j" style="text-align: center"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zJyk3LP3UHT4" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 70%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.65%</td> <td style="text-align: center; width: 15%">0.65%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7Myl3FDSFUg" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.25%</td> <td style="text-align: center">None</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zHVzjMZVoHjl" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Other Expenses<sup id="xdx_F41_zZrZjQFN16wk">(1)</sup></td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.27%</td> <td style="text-align: center">0.27%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zq8HTAlNHl37" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses<sup id="xdx_F47_ziQDhTMTnJyg">(1)</sup> </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.17%</td> <td style="text-align: center">0.92%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zIp3vONNusJh" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F43_zuUSi5ekD3Nc">(2)</sup> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.16)%</td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.16)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_z12K1LdaK2me" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4D_z7dqZIOL6voe">(2)</sup> </td> <td style="border-bottom: black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.01%</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.76%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 3pt; width: 0in"></td> <td style="padding-bottom: 3pt; width: 0.25in; text-align: left"><span id="xdx_F0C_zShvY2agPP2b">(1)</span></td> <td style="padding-bottom: 3pt; text-align: justify"><span id="xdx_F15_z4z8drs50Cdd">Other expenses for Class L shares are estimated based on fees and expenses incurred by Class S shares of the Fund for the year ended December 31, 2025. Class L shares have not commenced operations as of the date of this Prospectus.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0A_zDYcRmWNyL04" style="width: 0.25in">(2)</td> <td id="xdx_F1A_zWRh4ijaDY6b" style="text-align: justify"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member_zRgeqjt5f1Rf">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.01% and 0.76% of the Fund’s average daily net assets for Class S shares and Class L shares, respectively. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</td></tr> </table> 0.0065 0.0065 0.0025 0 0.0027 0.0027 0.0117 0.0092 -0.0016 -0.0016 0.0101 0.0076 April 30, 2027 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zICajTX1Byud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5rIPZnQ8XLj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_za5HPz64oe7i" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td style="width: 14%"> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_zrqjsFQH4jZ" style="border-bottom: Black 1pt solid; width: 14%; text-align: center"><b>1 Year</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zspF4ea2qRla" style="border-bottom: Black 1pt solid; width: 14%; text-align: center"><b>3 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear05_z9glZeJ9kHT8" style="border-bottom: Black 1pt solid; vertical-align: top; width: 14%; text-align: center"><b>5 Years</b></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zWKFXDiFR4F6" style="border-bottom: Black 1pt solid; vertical-align: top; width: 14%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_41D_20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_zL0dhBb3pBGi"> <td>Class S</td> <td style="text-align: center">$103</td> <td style="text-align: center">$356</td> <td style="vertical-align: top; text-align: center">$628</td> <td style="vertical-align: top; text-align: center">$1,406</td></tr> <tr id="xdx_41C_20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000273207Member_zYUHOYCDE5Ul"> <td>Class L</td> <td style="text-align: center">$78</td> <td style="text-align: center">$277</td> <td style="vertical-align: top; text-align: center">$494</td> <td style="vertical-align: top; text-align: center">$1,117</td></tr> </table> 103 356 628 1406 78 277 494 1117 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zqGx13gALMQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member_zztbKCBwcTYd">60%</span> of the average value of its portfolio.</p> 0.60 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_za3N6a6CE6Xk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in large-capitalization securities that the Adviser considers having “growth” characteristics. The Fund defines: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">“growth” as investments having what the Adviser believes to be above-average growth rates (high growth rates for earnings, sales, book value, and cash flow) as compared to their industry or the overall market.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">“large-capitalization” as those companies with market capitalizations generally falling within the range of the S&amp;P 500^® Index. The capitalization range of the S&amp;P 500^® Index is between $5.3 billion and $4.2 trillion as of March 31, 2026.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will primarily invest in equity securities, including common stocks, real estate investment trusts (“REITs”), options, warrants, convertible debt securities of U.S. and U.S.-dollar denominated foreign issuers, and American Depositary Receipts (“ADRs”). Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder. The Fund may also invest in various investment vehicles for portfolio management purposes, such as mutual funds and exchange-traded funds (“ETFs”), including cash management and liquidity management, to obtain a higher return on collateral positions and achieve greater diversification and trading efficiency than would usually be experienced by investing directly and separately in individual securities. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to exceed the total return of the S&amp;P 500 Growth Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure to returns across sectors, styles, geographies, and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change or to meet redemption requests.</p> <p id="xdx_A8E_eoef--RiskTextBlock_zqJDkPhGPf6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90E_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zLtlum6QZpS2">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_ztMtUWvJIQyh"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5XQhGhL2yn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zZAGenEeaUK"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zTb3CE3HBz95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large-Capitalization Company Risk. </b>Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zq8I9CXYkjk6"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestingRiskMember_zJ9k7P0hpnwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Growth Investing Risk. </b>Growth investing includes the risk of investing in securities whose prices have historically been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues, and if a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zbo1yhoK1DPj"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zZM6f7VIO4Z1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zIS52MpwTcSa"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zkVbrNCcCRb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zJ4S9Wojszhi"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_zAII7MdNRxH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z2xK7WMgANgf"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zLIz5nh9yer7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zmTpOPnY1uTe"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_znPGx6FygkX2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zruzpEDpZdhg"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zOwyRjfyIGee" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zMj8j06Juq9l"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorConcentrationRiskMember_zKyL8WNDOzVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Sector Concentration Risk</b></span><b>. </b>Because the Fund may invest a significant portion of its assets in a particular sector of the market it may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more broadly invested across numerous sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_ziaIO9WeWMS6"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zKd17Y0O9V24" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zLvQ7rvM6dHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zdcGqBJjm5Da"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_zcT5ZzGrhV7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REITs Risk. </b>REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund’s REIT investments also subject it to management and tax risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_ztEeAMxLGi5e"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zjOCswvAibYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> PERFORMANCE SUMMARY <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zd3PlNtSpKh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Class L shares of the Fund have not commenced operations as of the date of this Prospectus, and do not have a full calendar year of performance history. <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member_zjibwOqMsUw7">The bar chart and table that follow provide some indication of the risks of investing in shares of the Fund by showing changes in the Fund’s Class S shares performance from year to year and by showing how the Fund’s Class S share average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index.</span> Class L shares would have had substantially similar annual returns to Class S shares because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the share classes do not have the same expenses. The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member_zS122ewStd1i">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member_zYOMcPMIi6Lb">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member_z4rhWPnI8E2h">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series Y (StylePlus-Large Growth Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> The bar chart and table that follow provide some indication of the risks of investing in shares of the Fund by showing changes in the Fund’s Class S shares performance from year to year and by showing how the Fund’s Class S share average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns 0.0872 0.3011 -0.0363 0.3392 0.3787 0.2777 -0.3069 0.3991 0.3218 0.1702 <p id="xdx_A82_eoef--BarChartTableTextBlock_zxHCrEliDES8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-weight: normal"><img alt="" src="naavft_004.jpg" style="height: 329px; width: 500px"/></span></p> <div id="xdx_A80_eoef--BarChartClosingTextBlock_zqTFB2FrIOv2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_zZwKDYsG4dll">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_zzcVRlsvtnSi">June 30, 2020</span></td> <td style="text-align: center"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_z8sBO4dESxkd">30.06%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_zZNZRVzxoNrb">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_zM1s8gYLJcvi">June 30, 2022</span></td> <td style="text-align: center"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member__oef--ClassAxis__custom--C000253503Member_zdoJ9fVMhL7k">-21.71%</span></td></tr> </table> Highest Quarter 2020-06-30 0.3006 Lowest Quarter 2022-06-30 -0.2171 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_z26dztCpiaTg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zsEC5S7D7ny2" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_495_20250101__20251231_zfxMLnLYkDl2" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_49D_20210101__20251231_zVAI6RuFOWgg" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_497_20160101__20251231_zGgSvm28WIRj" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253503Member_zRRxsHRxkTr5" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA Large Growth Series – Class S<span id="xdx_F43_zRzLLoTzx3xf">*</span></td> <td style="text-align: center">17.02%</td> <td style="text-align: center">13.89%</td> <td style="text-align: center">17.04%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253503Member__oef--PerformanceMeasureAxis__custom--SP500GrowthIndexMember_zNTP3GHC629e" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&amp;P 500^® Growth Index<br/> (<span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000087635Member_zijivOxBQw0l">reflects no deduction for fees, expenses, or taxes</span>) </td> <td style="text-align: center">22.23%</td> <td style="text-align: center">15.03%</td> <td style="text-align: center">16.99%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F03_zozM9wyDYRG">*</span></td> <td style="text-align: justify"><span id="xdx_F10_zfXjTvI3Rsh6">Returns are not presented for Class L shares. That share class has not commenced operations as of the date of this Prospectus. Performance information for Class L shares will be shown when that share class has a full calendar year of operations.</span></td> </tr> </table> 0.1702 0.1389 0.1704 reflects no deduction for fees, expenses, or taxes 0.2223 0.1503 0.1699 SUMMARY – NAA MID GROWTH SERIES INVESTMENT OBJECTIVE <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zDNoBWjanOhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA Mid Growth Series (the “Fund”) seeks long-term capital growth.</p> FEES AND EXPENSES <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zSnVtJztZrt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zJhdTsyjJdP3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zTzsvNmzqOx6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; width: 85%"> <p id="xdx_983_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member_zJjaVLVMCpOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Shareholder Fees</b> <br/> (fees paid directly from your investment)</p> </td> <td id="xdx_983_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_zZdzUANwAG4h" style="vertical-align: bottom; width: 15%; text-align: center" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class S <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zIMC9nlj4Uac"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zyvSvlZoati8" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20"> </td> <td id="xdx_493_20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_zpU0tYetbBu6" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zTxDoyVOK4T2" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 85%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.75%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zp1dcraEPBV8" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.25%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zkMKofHPao5b" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Other Expenses<sup id="xdx_F4E_zAiZcDXpdUe8">(1)</sup></td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.18%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z3DZIezxkr4" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.18%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zqxgDKI8jew5" style="vertical-align: bottom"> <td style="padding: 1.5pt 1.5pt 1pt 0.125in; text-indent: -0.125in; text-align: left; color: #231F20">Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F49_zHIttCOmpMGh">(1)(2)</sup> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.11)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_z0mOCJZUqdn1" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F49_zy6aVi3LyTGd">(1)(2)</sup> </td> <td style="border-bottom: black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.07%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 3pt; width: 0in"></td><td style="padding-bottom: 3pt; width: 0.25in; text-align: left"><span id="xdx_F01_z5p3uuKnPXHh">(1)</span></td> <td style="padding-bottom: 3pt; text-align: justify"><span id="xdx_F1B_zWl7Z9n4Qsq8"> The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0"></td><td id="xdx_F0B_zNGkUQqMACF5" style="width: 0.25in">(2)</td> <td id="xdx_F1C_z2WRrfo9bv8c" style="text-align: justify"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_908_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member_zX5ghpQuHkHa">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.07% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</td></tr> </table> 0.0075 0.0025 0.0018 0.0118 -0.0011 0.0107 April 30, 2027 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zrMqwGpjaSgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zu2hWXpuJBf3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zvvf7mJLs9r1" style="border-bottom: Black 1pt solid; width: 18%; text-align: center"><b>1 Year</b></td> <td id="xdx_484_eoef--ExpenseExampleYear03_z94dmhQ8krPd" style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><b>3 Years</b></td> <td id="xdx_485_eoef--ExpenseExampleYear05_zbJq7AWL0Rnk" style="border-bottom: Black 1pt solid; vertical-align: top; width: 17%; text-align: center"><b>5 Years</b></td> <td id="xdx_484_eoef--ExpenseExampleYear10_z4wGyOlXJRUd" style="border-bottom: Black 1pt solid; vertical-align: top; width: 18%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_41C_20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_zVYYnaOBTsE9"> <td style="text-align: center">$109</td> <td style="text-align: center">$364</td> <td style="vertical-align: top; text-align: center">$638</td> <td style="vertical-align: top; text-align: center">$1,422</td></tr> </table> 109 364 638 1422 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zqDnbvpkyB11" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member_z5T9aoR0a7Mb">104%</span> of the average value of its portfolio.</p> 1.04 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zHV6A7rsWPhh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Mid-capitalization securities that the Adviser considers having “growth” characteristics. The Fund defines: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">“growth” as investments having what the Adviser believes to be above-average growth rates (high growth rates for earnings, sales, book value, and cash flow) as compared to their industry or the overall market.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif;">“mid-capitalization” as those companies with market capitalizations generally within the range of the S&amp;P MidCap 400^® Index. The capitalization range of the S&amp;P MidCap 400^® Index is between $1.7 billion and $28.0 billion as of March 31, 2026.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will primarily invest in equity securities, including common stocks, real estate investment trusts (“REITs”), options, warrants, convertible debt securities of U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”). Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder. The Fund may also invest in various investment vehicles for portfolio management purposes, such as mutual funds and exchange-traded funds (“ETFs”), including cash management and liquidity management, to obtain a higher return on collateral positions and achieve greater diversification and trading efficiency than would usually be experienced by investing directly and separately in individual securities. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to contribute to exceed the S&amp;P MidCap 400 Growth Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure to returns across sectors, styles, geographies, and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change, or to meet redemption requests.</p> <p id="xdx_A8C_eoef--RiskTextBlock_zsvLEpDjMTMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_908_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zYfLLSsHgJF3">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zKIFymx4Sghk"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zetTa1MQkpb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zsSzUKPY1E27"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zMTNXLrMsXwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Mid-Capitalization Company Risk<i>. </i></b>Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification, and competitive strengths of larger companies. Therefore, the securities of mid capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. Mid-capitalization companies are typically subject to greater earnings and changes in business prospects than larger, more established companies. Investors may not follow them widely, which can lower the demand for their stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zrWAA71Gvsj2"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestingRiskMember_z13JcDwDeShl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Growth Investing Risk. </b>Growth investing includes the risk of investing in securities whose prices have historically been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues, and if a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zj1TjzqbFYrl"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zVPqLuxhxWq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zhznAkyu2zOi"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zNR6xATWjiq9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zWzpephe3e8b"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_zMyZTKrThyml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z17xxpSP0Ym2"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zDskbgZRsddl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zPVm6oZrIKKk"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zyUvKLEJYWF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zdna0crqPml4"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zZjx1RKQAkAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zGlnzZsa9795"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorConcentrationRiskMember_zHyPRbny4pYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Sector Concentration Risk</b></span><b>. </b>Because the Fund may invest a significant portion of its assets in a particular sector of the market it may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more broadly invested across numerous sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zVbEjvPpAlB8"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zpIgUgowB5dj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_z9n53aN5HMKj"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zEK1bOjrGndi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zJrtGahhIh9f"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_zH7i9qTSbuMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REITs Risk. </b>REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund’s REIT investments also subject it to management and tax risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zT0jaoTfwsEa"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zh4qWthXxi8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> PERFORMANCE SUMMARY  <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zmlyKHy9fLyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member_zj51C7q4YJff">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index.</span> The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member_z0MMn7WdkTyh">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member_zsCf9zkPTlI4">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member_zYnObBgDdKX1">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series J (StylePlus-Mid Cap Growth Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns 0.0865 0.2467 -0.0710 0.3270 0.3210 0.1369 -0.2778 0.2641 0.1737 0.0217 <p id="xdx_A8B_eoef--BarChartTableTextBlock_zcFw82elOCJ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-weight: normal"><img alt="" src="naavft_005.jpg" style="height: 329px; width: 500px"/></span></p> <div id="xdx_A84_eoef--BarChartClosingTextBlock_zP4iyBoe0fBc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_z2yqnrU4Rz8d">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_zR7kU0mpPxP6">June 30, 2020</span></td> <td style="text-align: center"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_zoC1USsyZSoj">32.11%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_zVNaeKNjYTQl">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_zFfLqxvprA6i">March 31, 2020</span></td> <td style="text-align: center"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member__oef--ClassAxis__custom--C000253504Member_zVOpr0tf8HIc">-23.91%</span></td></tr> </table> Highest Quarter 2020-06-30 0.3211 Lowest Quarter 2020-03-31 -0.2391 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zGJ9gatbNHb8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zuMyhtVIUTg6" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_499_20250101__20251231_zaiNJuNXhv38" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_49F_20210101__20251231_z2B67gxHaOrk" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_491_20160101__20251231_zRCWV4rV1yM7" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253504Member_zTU68LWp1BJ9" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA Mid Growth Series </td> <td style="text-align: center">2.17%</td> <td style="text-align: center">4.48%</td> <td style="text-align: center">10.63%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253504Member__oef--PerformanceMeasureAxis__custom--SPMidCap400GrowthIndexMember_zWMEj3fpBV72" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&amp;P MidCap 400^® Growth Index<br/> (<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000087636Member_z254ujpQQsLg">reflects no deduction for fees, expenses or taxes</span>) </td> <td style="text-align: center">7.46%</td> <td style="text-align: center">7.12%</td> <td style="text-align: center">10.44%</td></tr> </table> 0.0217 0.0448 0.1063 reflects no deduction for fees, expenses or taxes 0.0746 0.0712 0.1044 SUMMARY – NAA SMALL CAP VALUE SERIES INVESTMENT OBJECTIVE <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zwIwtbA2DbRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA Small Cap Value Series (the “Fund”) seeks long-term capital appreciation.</p> FEES AND EXPENSES <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zAFtytp92mgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zkzUm0mNX32i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_znk4v9kZLnw" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; width: 85%"> <p id="xdx_981_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member_zwaze5UxIqql" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Shareholder Fees</b> <br/> (fees paid directly from your investment)</p> </td> <td id="xdx_98E_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_z9vvNKXSHvhe" style="vertical-align: bottom; width: 15%; text-align: center" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class S <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zp9cwyCgG6C6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z3zBRF8GV1g8" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20"> </td> <td id="xdx_494_20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_z1XBTSUXCDN5" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zEKFkx2TsjCc" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 85%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.75%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLIqEZZMUamd" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.25%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zFi8m3dsqWw6" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Other Expenses</td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.29%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zNyl4LTCAqid" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.29%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zvRJ6aDM4Vz5" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4A_z48LmNhV8sQ1">(1)(2)</sup> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.12)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zpi5DIoJPy98" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F47_zFaHPkHjxP5g">(1)(2)</sup> </td> <td style="border-bottom: black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.17%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0"></td><td id="xdx_F06_zeT2uk6VyPbe" style="padding-bottom: 3pt; width: 0.25in">(1)</td> <td id="xdx_F1E_zPSsqqeuSYM5" style="padding-bottom: 3pt; text-align: justify"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_905_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member_z1HoaMDvncdc">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.17% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: justify"><span id="xdx_F0D_zjgwB82EcgLj">(2)</span></td> <td style="text-align: justify"><span id="xdx_F18_zXHlbRoDvRS"> The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights.</span></td> </tr> </table> 0.0075 0.0025 0.0029 0.0129 -0.0012 0.0117 April 30, 2027 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_z6qVDqwoQPi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJHd1X3xngQa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td id="xdx_482_eoef--ExpenseExampleYear01_zKXILXwaYVM4" style="border-bottom: Black 1pt solid; width: 18%; text-align: center"><b>1 Year</b></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zdMOvUHo1Ht2" style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><b>3 Years</b></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zgb7DshZvpBh" style="border-bottom: Black 1pt solid; vertical-align: top; width: 17%; text-align: center"><b>5 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zaToaYV0esV3" style="border-bottom: Black 1pt solid; vertical-align: top; width: 18%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_416_20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_z89RL9xbkdP3"> <td style="text-align: center">$119</td> <td style="text-align: center">$397</td> <td style="vertical-align: top; text-align: center">$696</td> <td style="vertical-align: top; text-align: center">$1,546</td></tr> </table> 119 397 696 1546 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_z6SOGtg9Tlf9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member_zVujXBF9Pja7">115%</span> of the average value of its portfolio.</p> 1.15 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zbJ99eVRXRa3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in small capitalization securities that the Adviser considers having “value” characteristics. The Fund defines: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">“value” as investments that appear to be undervalued relative to assets, earnings, growth potential or cash flows.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">“small-capitalization” as those companies with market capitalizations generally within the range of the S&amp;P SmallCap 600^® Index. The capitalization range of the S&amp;P SmallCap 600^® Index is between $354.8 million and $8.7 billion as of March 31, 2026</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will primarily invest in equity securities, including common stocks, real estate investment trusts (“REITs”), options, warrants, convertible debt securities of U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”). Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder The Fund may also invest in various investment vehicles for portfolio management purposes, such as mutual funds and exchange-traded funds (“ETFs”), including cash management and liquidity management, to obtain a higher return on collateral positions and achieve greater diversification and trading efficiency than would usually be experienced by investing directly and separately in individual securities. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to exceed the total return of the S&amp;P SmallCap 600 Value Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure to returns across sectors, styles, geographies, and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change or to meet redemption requests.</p> <p id="xdx_A80_eoef--RiskTextBlock_zDH9hkZvHZX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_904_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z8XVnWbMtMwh">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z5qoxX0EQ9b7"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zf4V1LG7zYL3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zSe4HV8XezJ6"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zOU1k9QQwYQf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Small-Capitalization Company Risk.</b> The Fund is subject to the risk that securities of small capitalization companies may underperform other segments of the equity market or the equity market as a whole. Investing in the securities of small capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger and more established companies. Because smaller companies may have inexperienced management and limited operating history, product lines, market diversification, and financial resources, the securities of these companies may be more speculative, volatile, and less liquid than the securities of larger companies. They can be particularly sensitive to expected changes in interest rates, borrowing costs and earnings, or other adverse developments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zlLgdvqO73ja"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_z6lVb5HXRA4j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Value Investing Risk.</b> Value investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn’t recognize their intrinsic value or value stocks are out of favor. Value investing may be out of favor with investors occasionally, and value stocks may underperform the securities of other companies or the stock market in general.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zsLN7kCYgW3h"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zrh0KVuEYtEl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zlmeZpyeLSA6"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zArxdau4Z9Sh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zIE3DsxiQS98"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_z2AjvYaZNPD6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zRO5sgHl5mT3"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zJM5UIS5SSN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zuDhmYECWHk1"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_z6ONDHQF8Nzh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zdUCUdtOCmre"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zeZcBOxdhRv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zHI4R0jjqScj"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorConcentrationRiskMember_z2MQx1jwr1Nl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Sector Concentration Risk</b></span><b>. </b>Because the Fund may invest a significant portion of its assets in a particular sector of the market it may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the share price of a fund that is more broadly invested across numerous sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zhlasbVKFFF7"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zWBdXPMD1sc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zJKjasDaEoD8"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zko6pOUfRcY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zMrbPYwXEX31"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_zSHR8LW3bwhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REITs Risk. </b>REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund’s REIT investments also subject it to management and tax risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z8rvTYXWAw4h"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_z6vNjDaVbeF1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> PERFORMANCE SUMMARY <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zHKsjZNY0Ikf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member_zfEo5mt7sxEb">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index.</span> The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member_zJkphPSZOuE5">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member_z3L2GlJ0lpvl">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member_zObsK59o0QB3">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series Q (Small Cap Value Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns <p id="xdx_A80_eoef--BarChartTableTextBlock_z9BuLBxE3ISh" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="naavft_006.jpg" style="height: 329px; width: 500px"/></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_dU_ztTh3QV5WsNe" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; border-collapse: collapse; orphans: 2; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: center; width: 50%"> </td> <td style="text-align: right; width: 50%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000253505Member_zgQTxrUzWpwe" style="text-align: right">26.60%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000253505Member_zMaCSrSdOZ73" style="text-align: right">3.70%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000253505Member_zUNxKCXmJDa7" style="text-align: right">(12.66%)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2019</td> <td id="xdx_981_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000253505Member_zjKkwbV3pOp4" style="text-align: right">22.58%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000253505Member_zc5iWWD0sVwj" style="text-align: right">(0.97%)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000253505Member_zjN1in2A0Izk" style="text-align: right">26.18%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2022</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000253505Member_zthmHnNmIlX6" style="text-align: right">(3.74%)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000253505Member_zmfmLFx12fEe" style="text-align: right">10.29%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000253505Member_zx1ylzmckDF8" style="text-align: right">8.51%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000253505Member_zjLGV0gZGeUg" style="text-align: right">3.30%</td></tr> </table> 0.2660 0.0370 -0.1266 0.2258 -0.0097 0.2618 -0.0374 0.1029 0.0851 0.0330 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zmhEMh0KZKe2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_zoelEVRE4ixa">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_zZRKbXGIOGHh">December 31, 2020</span></td> <td style="text-align: center"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_zujN93n16bPh">26.75%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_zBihspjfaOYc">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_z4BJEAU5Kcdd">March 31, 2020</span></td> <td style="text-align: center"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member__oef--ClassAxis__custom--C000253505Member_zlgPPnLxi7tl">-33.97%</span></td></tr> </table> Highest Quarter 2020-12-31 0.2675 Lowest Quarter 2020-03-31 -0.3397 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A80_eoef--PerformanceTableTextBlock_z3XJ4LOyKW4h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zfyR7AnvyhQ" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_495_20250101__20251231_zsIm3nJsobXc" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_498_20210101__20251231_z7QCZyWAF9dl" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_493_20160101__20251231_zZnXtAtlOuTj" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253505Member_zhMh1gUrjkU1" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA Small Cap Value Series </td> <td style="text-align: center">3.30%</td> <td style="text-align: center">8.47%</td> <td style="text-align: center">7.65%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253505Member__oef--PerformanceMeasureAxis__custom--SPSmallCap600ValueIndexMember_zRBpZ0gQDBP3" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&amp;P Small Cap 600 Value Index<br/> (<span id="xdx_900_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000087637Member_zS1Hc7CKQZg3">reflects no deduction for fees, expenses, or taxes</span>) </td> <td style="text-align: center">6.71%</td> <td style="text-align: center">8.96%</td> <td style="text-align: center">9.63%</td></tr> </table> 0.0330 0.0847 0.0765 reflects no deduction for fees, expenses, or taxes 0.0671 0.0896 0.0963 SUMMARY – NAA SMALL GROWTH SERIES INVESTMENT OBJECTIVE <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_z4PmB562BKdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA Small Growth Series (the “Fund”) seeks long-term capital growth.</p> FEES AND EXPENSES <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_ziWk6AHoP1Rh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zr8lJGPqeS39"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zriUIiLG3Kyd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; width: 85%"> <p id="xdx_98E_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member_zA48jIGbMqv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Shareholder Fees</b> <br/> (fees paid directly from your investment)</p> </td> <td id="xdx_984_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_zrbjQzyPkmed" style="vertical-align: bottom; width: 15%; text-align: center" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class S <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zNQQ2zUNvZB9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zJV0ZP5TmoVg" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt"> </td> <td id="xdx_491_20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_zpao4xoPHMH8" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zMwtUFMh6MPj" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 85%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.75%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztMBUSJ2bkqe" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.25%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z4JXgShdFL1e" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left">Other Expenses<sup id="xdx_F46_z7ZRBhvHiQd6">(1)</sup></td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.42%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zRrq5CgAfD4c" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left">Total Annual Fund Operating Expenses </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.42%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zMJl6fc3Xrdj" style="vertical-align: bottom"> <td style="padding: 1.5pt 1.5pt 1pt 0.125in; text-indent: -0.125in; text-align: left">Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F42_zcsMkztLWW09">(1)(2)</sup> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.28)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zaY4OYiaZvt2" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_zbIMcBkx9fE">(1)(2)</sup> </td> <td style="border-bottom: black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.14%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 3pt; width: 0in"></td><td style="padding-bottom: 3pt; width: 0.25in; text-align: left"><span id="xdx_F0B_zdPzqkO12NJ8">(1)</span></td> <td style="padding-bottom: 3pt; text-align: justify"><span id="xdx_F13_zbBkkbu9rVsh"> The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F04_zcmuVIBYmHEl">(2)</span></td> <td style="text-align: justify"><span id="xdx_F18_zJNKfyj2aFf2"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_901_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member_z5S48sU4XtGi">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.14% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</span></td></tr> </table> 0.0075 0.0025 0.0042 0.0142 -0.0028 0.0114 April 30, 2027 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zwRw7kkJmtSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zm1ZpQW7Y7C7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td id="xdx_481_eoef--ExpenseExampleYear01_zMtQi4PqzJb8" style="border-bottom: Black 1pt solid; width: 18%; text-align: center"><b>1 Year</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zSDdQiK6U2k3" style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><b>3 Years</b></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zYOVOHSqT29l" style="border-bottom: Black 1pt solid; vertical-align: top; width: 17%; text-align: center"><b>5 Years</b></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zmGoPgOjyGz6" style="border-bottom: Black 1pt solid; vertical-align: top; width: 18%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_412_20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_zYCoWSyr0HVf"> <td style="text-align: center">$116</td> <td style="text-align: center">$422</td> <td style="vertical-align: top; text-align: center">$750</td> <td style="vertical-align: top; text-align: center">$1,678</td></tr> </table> 116 422 750 1678 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zKOrWvXfqGd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member_zIA1tuAZ93s4">75%</span> of the average value of its portfolio.</p> 0.75 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zVORcgmAAP1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in small capitalization securities that the Adviser considers having “growth” characteristics. The Fund defines: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">“growth” as investments having what the Adviser believes to be above-average growth rates (high growth rates for earnings, sales, book value, and cash flow) as compared to their industry or the overall market.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">“small-capitalization” as those companies with market capitalizations generally within the range of the S&amp;P SmallCap 600^® Index. The capitalization range of the S&amp;P SmallCap 600^® Index is between $354.8 million and $8.7 billion as of March 31, 2026.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will primarily invest in equity securities, including common stocks, real estate investment trusts (“REITs”), options, warrants, convertible debt securities of U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”). Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder. The Fund may also invest in various investment vehicles for portfolio management purposes, such as mutual funds and exchange-traded funds (“ETFs”), including cash management and liquidity management, to obtain a higher return on collateral positions and achieve greater diversification and trading efficiency than would usually be experienced by investing directly and separately in individual securities. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to exceed the total return of the S&amp;P SmallCap 600 Growth Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure to returns across sectors, styles, geographies, and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change or to meet redemption requests.</p> <p id="xdx_A8F_eoef--RiskTextBlock_zyrb5j3MyKD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_901_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zKHkwxMeCLh">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zpxzNTvPwtN5"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zcPf3cHVD5o8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zOM2dgsOhyca"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_ztU5qGMb7Jq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Small-Capitalization Company Risk.</b> The Fund is subject to the risk that securities of small capitalization companies may underperform other segments of the equity market or the equity market as a whole. Investing in the securities of small capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger and more established companies. Because smaller companies may have inexperienced management and limited operating history, product lines, market diversification, and financial resources, the securities of these companies may be more speculative, volatile, and less liquid than the securities of larger companies. They can be particularly sensitive to expected changes in interest rates, borrowing costs and earnings, or other adverse developments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_z91LXDO84dXf"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestingRiskMember_z33LpjKHMMWi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Growth Investing Risk. </b>Growth investing includes the risk of investing in securities whose prices have historically been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues, and if a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z766jDrKFps2"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zZYlxxcf4Phh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zs9YmssUw6R4"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zSuruAZTGxW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zFVTF8kJrmQ5"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_zgIAFeE5KuU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zhuno7msoNig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zHYCkoqmTEMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zavacLdcEil7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zhF1j1mNfp8d"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_ziPBlWIjTlt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zViZWxzEHy74"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zsup0TAOVB8f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z5LNfNwu0lfa"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_zaKnUXx0KrXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REITs Risk. </b>REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund’s REIT investments also subject it to management and tax risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zfN3jZPkezs2"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zxUoOia0y86l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> PERFORMANCE SUMMARY <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_z5Z1axxeD4s6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member_z3GNyysBbSma">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index.</span> The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member_zqFgF7EkV1Yj">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member_zsyHJP5eqdh9">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member_z5YXnug93Av">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series X (StylePlus-Small Growth Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns 0.1345 0.2238 -0.1030 0.2568 0.3182 0.0654 -0.2661 0.2101 0.1268 0.0658 <p id="xdx_A8A_eoef--BarChartTableTextBlock_zJp9q38lH2P4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-weight: normal"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-weight: normal"><img alt="" src="naavft_007.jpg" style="height: 329px; width: 500px"/></span></p> <div id="xdx_A86_eoef--BarChartClosingTextBlock_z383Zvmm7dS8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_zW0C7WBMzRy4">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_z9qg41F60he2">June 30, 2020</span></td> <td style="text-align: center"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_zYyJqTIVKRga">32.21%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_zwgFyUOoTvRk">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_zV8nXq2Fp3Da">March 31, 2020</span></td> <td style="text-align: center"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member__oef--ClassAxis__custom--C000253506Member_zuiNPCQ7Wn8i">-28.59%</span></td></tr> </table> Highest Quarter 2020-06-30 0.3221 Lowest Quarter 2020-03-31 -0.2859 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A8B_eoef--PerformanceTableTextBlock_z2Nlj4zipGha"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zFIofcRrqjz8" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_49B_20250101__20251231_zGLRNWINuZaf" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_499_20210101__20251231_znD2AfHofqFk" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_496_20160101__20251231_z0Eub9W9kUo" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253506Member_zDYLWkeXCWve" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA Small Growth Series</td> <td style="text-align: center">6.58%</td> <td style="text-align: center">2.59%</td> <td style="text-align: center">8.89%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253506Member__oef--PerformanceMeasureAxis__custom--SPSmallCap600GrowthIndexMember_zpG2h83NI4R7" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&amp;P Small Cap 600 Growth Index<br/> (<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000087638Member_zcZM7dFai4Pc">reflects no deduction for fees, expenses, or taxes</span>)</td> <td style="text-align: center">5.38%</td> <td style="text-align: center">5.54%</td> <td style="text-align: center">9.82%</td></tr> </table> 0.0658 0.0259 0.0889 reflects no deduction for fees, expenses, or taxes 0.0538 0.0554 0.0982 SUMMARY – NAA SMID-CAP VALUE SERIES INVESTMENT OBJECTIVE <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zpJRfEvFiV01" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA SMid-Cap Value Series (the “Fund”) seeks long-term capital growth.</p> FEES AND EXPENSES <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zxPGtz0oaqKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zG9A2kKEDL6b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zTgoKASly1Ya" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td id="xdx_98F_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member_zhhhKWmaBBAh" style="vertical-align: top; width: 85%"><b>Shareholder Fees</b><br/> (fees paid directly from your investment)</td> <td style="vertical-align: bottom; width: 15%; text-align: center"><span><span id="xdx_90B_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_ztc7fu75AMj8" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class S <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zi0Typkpf6ul"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zRzBxfutU7a7" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20"> </td> <td id="xdx_498_20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_z7plJhyahre8" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zSGKJCPCBKMg" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 85%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.75%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOOqXtJCsvTh" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.25%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zleEqLcae1w8" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Other Expenses</td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.18%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z4fV8WAZrQU1" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses</td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.18%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zcXtckhM28v3" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20"><span>Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F49_ziE18nHmvh8i">(1)(2)</sup></span> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.11)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zKFVUbZaX4Ek" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_zGidwBjC5Vj2">(1)(2)</sup> </td> <td style="border-bottom: black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.07%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0%"></td><td id="xdx_F05_zI2GAx8ju08d" style="padding-bottom: 3pt; width: 0.25in">(1)</td> <td id="xdx_F1A_zwMdayxJw9R3" style="padding-bottom: 3pt; text-align: justify"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_900_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member_zdDT66VjzB22">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.07% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: justify"><span id="xdx_F0F_zURGa6C8nfp2">(2)</span></td> <td style="text-align: justify"><span id="xdx_F1C_zRarmq9tpYUa"> The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights.</span></td> </tr> </table> 0.0075 0.0025 0.0018 0.0118 -0.0011 0.0107 April 30, 2027 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zj8rdp4eLR15" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdXgBLO8pSac"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td id="xdx_489_eoef--ExpenseExampleYear01_ztfYo5aRPUYa" style="border-bottom: Black 1pt solid; width: 18%; text-align: center"><b>1 Year</b></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zYTKxLF2O9a7" style="border-bottom: Black 1pt solid; width: 17%; text-align: center"><b>3 Years</b></td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zsH0i2hSkllb" style="border-bottom: Black 1pt solid; vertical-align: top; width: 17%; text-align: center"><b>5 Years</b></td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zEt4oCBaTIll" style="border-bottom: Black 1pt solid; vertical-align: top; width: 18%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_41A_20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_zOgIKm1DuBo"> <td style="text-align: center">$109</td> <td style="text-align: center">$364</td> <td style="vertical-align: top; text-align: center">$638</td> <td style="vertical-align: top; text-align: center">$1,422</td></tr> </table> 109 364 638 1422 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zVVQXsznrct4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member_ziQNpBib0bz">106%</span> of the average value of its portfolio.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> 1.06 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zKc9yGdGKm35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Small- and Mid-capitalization securities that the Adviser considers having “value” characteristics. The Fund defines: </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">“value” as investments that appear to be undervalued relative to assets, earnings, growth potential or cash flows.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">“mid-capitalization” as those companies with market capitalizations generally within the range of the S&amp;P MidCap 400^® Index. The capitalization range of the S&amp;P MidCap 400^® Index is between $1.7 billion and $28.0 billion as of March 31, 2026.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">“small-capitalization” as those companies with market capitalizations generally within the range of the S&amp;P SmallCap 600^® Index. The capitalization range of the S&amp;P SmallCap 600^® Index is between $354.8 million and $8.7 billion as of March 31, 2026.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund will primarily invest in equity securities, including common stocks, real estate investment trusts (“REITs”), options, warrants, convertible debt securities of U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”). Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder. The Fund may also invest in various investment vehicles for portfolio management purposes, such as mutual funds and exchange-traded funds (“ETFs”), including cash management and liquidity management, to obtain a higher return on collateral positions and achieve greater diversification and trading efficiency than would usually be experienced by investing directly and separately in individual securities. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to exceed the S&amp;P 1000 Value Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure to returns across sectors, styles, geographies, and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change, or to meet redemption requests.</p> <p id="xdx_A8C_eoef--RiskTextBlock_zO9IRj37bJJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_908_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zwZ6rqOfU24f">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zLaNs4mWHPbc"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z6qoQVV837Rb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zweq2BU1O9dl"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zm3RCUOZBkX2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Mid-Capitalization Company Risk<i>. </i></b>Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification, and competitive strengths of larger companies. Therefore, the securities of mid capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. Mid-capitalization companies are typically subject to greater earnings and changes in business prospects than larger, more established companies. Investors may not follow them widely, which can lower the demand for their stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zCFqqgFig0rb"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zxGlTNTDITSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Small-Capitalization Company Risk.</b> The Fund is subject to the risk that securities of small capitalization companies may underperform other segments of the equity market or the equity market as a whole. Investing in the securities of small capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger and more established companies. Because smaller companies may have inexperienced management and limited operating history, product lines, market diversification, and financial resources, the securities of these companies may be more speculative, volatile, and less liquid than the securities of larger companies. They can be particularly sensitive to expected changes in interest rates, borrowing costs and earnings, or other adverse developments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zzqaXbEyr0Oj"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zHJpbW5UH19i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Value Investing Risk.</b> Value investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn’t recognize their intrinsic value or value stocks are out of favor. Value investing may be out of favor with investors occasionally, and value stocks may underperform the securities of other companies or the stock market in general.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zABYijjILpZ2"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zA24FSBWWAma" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zXnyvGns9Vy4"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zrDeCmj5vtPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zHljp3Znz2M"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_z3m1Jo49lng6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z7mG41G82cel"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zktLsdUtes32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zV2uOVSDt2G"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zkoGZpd4mc46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zSRayjuECwIi"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zzNzEBoq32R8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z8pOJahrWVr4"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zUXKq44U3ED4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_z71e9vnSsat2"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zthmvPeaVuAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z3Rg0CaCnAO5"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_zI90A6uJb4k1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>REITs Risk. </b>REITs are companies that own or finance income-producing real estate. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. The Fund’s REIT investments also subject it to management and tax risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zkdya6jKKxa7"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zOfixDiOE2Qh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> PERFORMANCE SUMMARY <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z8xD1vZQ2y1e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"> <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member_zdSzYzo2b6o2">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index.</span> The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member_znlXynhyQJWc">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member_z115KL5okdZe">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member_zpnavYINBu6f">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series V (Smid Cap Value Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns 0.2675 0.1371 -0.1297 0.2670 0.0430 0.2375 -0.0186 0.0973 0.0905 0.0735 <p id="xdx_A8B_eoef--BarChartTableTextBlock_zFwDTJmEa3b5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-weight: normal"><img alt="" src="naavft_008.jpg" style="height: 329px; width: 500px"/></span></p> <div id="xdx_A8D_eoef--BarChartClosingTextBlock_z2qgmUTPosV5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_zf9sdF3wlUSl">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_zoyS0C1ng9Yj">December 31, 2020</span></td> <td style="text-align: center"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_zF15iZQ5u1Uf">23.86%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_zlRVG5DSknme">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_zRD0CYFq1Iu5">March 31, 2020</span></td> <td style="text-align: center"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member__oef--ClassAxis__custom--C000253507Member_zv7Ahlr08JWh">-30.99%</span></td></tr> </table> Highest Quarter 2020-12-31 0.2386 Lowest Quarter 2020-03-31 -0.3099 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zuvIL4W53bc2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z5GcjPdqn7q4" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_493_20250101__20251231_zJHqhrJ3HjKh" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_495_20210101__20251231_ziExmOlltAQ9" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_498_20160101__20251231_z3rlFt3K5nJb" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253507Member_z0ISCQRAPyP4" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA SMid-Cap Value Series </td> <td style="text-align: center"> 7.35%</td> <td style="text-align: center">9.30%</td> <td style="text-align: center">9.97%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253507Member__oef--PerformanceMeasureAxis__custom--SP1000ValueIndexMember_ztfPgiwiayW" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">S&amp;P 1000 Value Index<br/> (<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000087639Member_zMxotqWJwRQ">reflects no deduction for fees, expenses, or taxes</span>) </td> <td style="text-align: center">7.37%</td> <td style="text-align: center">10.41%</td> <td style="text-align: center">10.37%</td></tr> </table> 0.0735 0.0930 0.0997 reflects no deduction for fees, expenses, or taxes 0.0737 0.1041 0.1037 SUMMARY – NAA WORLD EQUITY INCOME SERIES INVESTMENT OBJECTIVE <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_ziSlgMHicJR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NAA World Equity Income Series (the “Fund”) seeks total return comprised of capital appreciation and current income.</p> FEES AND EXPENSES <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zotaGE0TqWg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and additional fees to financial intermediaries, which are not reflected in the table and example. </b></p> <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zobDqgrHJie7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zg7rAyELSkt5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="vertical-align: top; width: 85%"> <p id="xdx_980_eoef--ShareholderFeesCaption_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member_zWn2w0WhvY14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Shareholder Fees</b> <br/> (fees paid directly from your investment)</p> </td> <td id="xdx_981_eoef--ShareholderFeeOther_dn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_zclCHj7VFPQd" style="vertical-align: bottom; width: 15%; text-align: center" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <div></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  Class S Class L <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zdgJSjAj13xk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zdgp16yJdaI3" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; font-size: 10pt; color: #231F20"> </td> <td id="xdx_49A_20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_znHI9kvqcTx3" style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 10pt"> </td> <td id="xdx_497_20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000273208Member_zffYFxMxKSU2" style="text-align: center"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zj1cDKT2e8E5" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 70%; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Management Fees </td> <td style="width: 15%; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.70%</td> <td style="text-align: center; width: 15%">0.70%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zegKCYccc9zj" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Distribution and/or Service (12b-1) Fees </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.25%</td> <td style="text-align: center">None</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zFPsJC5K3ld4" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Other Expenses<sup id="xdx_F43_zWkTiNTQLOIf">(1)</sup> </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">0.23%</td> <td style="text-align: center">0.23%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zYSJ3t6WUy4k" style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-top: 1.5pt; padding-right: 1.5pt; text-align: left; color: #231F20">Total Annual Fund Operating Expenses </td> <td style="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.18%</td> <td style="text-align: center">0.93%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zW2ZfN0hJah4" style="vertical-align: bottom"> <td style="padding: 1.5pt 1.5pt 1pt 0.125in; text-indent: -0.125in; text-align: left; color: #231F20">Less Management Fee Reductions and/or Expense Reimbursements<sup id="xdx_F4D_zPSJpYZPmjph">(2)(3)</sup> </td> <td style="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">(0.12)%</td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.12)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_z1FKoshr5b7i" style="vertical-align: bottom"> <td style="padding: 1.5pt 1.5pt 2.5pt 0.125in; text-indent: -0.125in; text-align: left; color: #231F20">Total Annual Fund Operating Expenses<br/> After Fee Reductions and/or Expense Reimbursements<sup id="xdx_F40_zA4Q4gPpra3k">(2)(3)</sup> </td> <td style="border-bottom: Black 2.5pt double; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">1.06%</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.81%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F02_zmM2HPyMtAF6" style="padding-bottom: 3pt">(1)</td> <td id="xdx_F12_zuO4ubGzbR02" style="padding-bottom: 3pt; text-align: justify">Other expenses for Class L shares are estimated based on fees and expenses incurred by Class S shares of the Fund for the year ended December 31, 2025. Class L shares have not commenced operations as of the date of this Prospectus.</td></tr> <tr style="vertical-align: top"> <td id="xdx_F0B_z6kj5qNMtCZk" style="padding-bottom: 3pt; width: 0.25in">(2)</td> <td id="xdx_F10_z3ML6GRiROSb" style="padding-bottom: 3pt; text-align: justify"> New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until <span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member_zgdh3XDIs4Dk">April 30, 2027</span>, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.06% and 0.81% of the Fund’s average daily net assets of Class S shares and Class L shares, respectively. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: justify"><span id="xdx_F0B_zVR9QPQMfaO">(3)</span></td> <td style="text-align: justify"><span id="xdx_F14_zUC5deq0CVY5"> The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> 0.0070 0.0070 0.0025 0 0.0023 0.0023 0.0118 0.0093 -0.0012 -0.0012 0.0106 0.0081 April 30, 2027 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zmx818rdBqal" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the operating expenses remain the same, and the contractual agreement to limit expenses remains in effect through the expiration date described above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFA1bS3rsi9j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z1zytGozm0v2" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td style="width: 14%"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_z1ALSivdKaoe" style="border-bottom: Black 1pt solid; width: 14%; text-align: center"><b>1 Year</b></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zUim5meIKi9h" style="border-bottom: Black 1pt solid; width: 14%; text-align: center"><b>3 Years</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_ztzMAjKXEP56" style="border-bottom: Black 1pt solid; vertical-align: top; width: 14%; text-align: center"><b>5 Years</b></td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zzE0ulI4dVF4" style="border-bottom: Black 1pt solid; vertical-align: top; width: 14%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_414_20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_zGghhiR1qt2a"> <td>Class S</td> <td style="text-align: center">$108</td> <td style="text-align: center">$363</td> <td style="vertical-align: top; text-align: center">$637</td> <td style="vertical-align: top; text-align: center">$1,421</td></tr> <tr id="xdx_410_20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000273208Member_zHYxU5UXBMTa"> <td>Class L</td> <td style="text-align: center">$83</td> <td style="text-align: center">$284</td> <td style="vertical-align: top; text-align: center">$503</td> <td style="vertical-align: top; text-align: center">$1,132</td></tr> </table> 108 363 637 1421 83 284 503 1132 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zvMwqUfa3JEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member_z0xp9XTVm0He">119%</span> of the average value of its portfolio.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> 1.19 PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zDjVsZErAo6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in equity securities. Generally, the Fund intends to invest in dividend-yielding equity securities. The Fund is not limited in the percentage of assets it may invest in securities listed, traded, or dealt in any one country, region, or geographic area, and it may invest in several countries throughout the world, including emerging markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Fund tends to focus its investments in equity securities of large capitalization companies, it can also invest in companies that represent a broad range of market capitalizations and will not be constrained by capitalization limits. At times, the Fund may thus invest a significant portion of its assets in small- and mid-capitalization companies. The equity securities in which the Fund may invest include, but are not limited to, common stock, REITs, preferred stock, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary Shares (“ADS”), convertible debt securities and warrants. Convertible securities are hybrid financial instruments that typically consist of bonds, debentures, or preferred shares that can be converted into a specified number of common shares of the issuing company, typically at the option of the security holder. The Fund invests in securities denominated in a wide variety of currencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in various investment vehicles, such as exchange-traded funds (“ETFs”) and other mutual funds, to manage its cash position or gain exposure to the equity markets or a particular sector of the equity markets. These investments may be more liquid than investing directly in individual issuers. In selecting mutual funds and ETFs for investment, the Adviser will prioritize investments that align with and support the Fund’s overall strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also hold up to 20% of its assets (net assets, plus the amount of any borrowing for investment purposes) in non-equity securities of foreign or U.S. issuers. These investments may include both investment-grade and high-yield fixed income securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund may invest in securities of “investment grade” quality. “Investment grade” quality means securities that are rated at the time of purchase Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), BBB- or higher by S&amp;P Global Ratings (“S&amp;P”), an equivalent rating by another nationally recognized statistical rating organization, or unrated securities determined by the Adviser to be of comparable credit quality. High-yield securities, often referred to as “below investment grade,” include those rated below Baa3 by Moody’s, BBB- by S&amp;P, an equivalent rating by another nationally recognized statistical rating organization, or unrated securities determined by the Adviser to be of comparable credit quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund will seek to reduce its interest rate or foreign currency exposure by engaging in transactions and derivatives designed to hedge against adverse movements in interest rates or foreign currencies, including forward foreign currency contracts, spot market transactions, currency futures, swaps, and options. At times, the Fund may engage in extensive foreign currency hedging transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In selecting investments for the Fund, the Adviser uses qualitative and quantitative analysis, and other proprietary strategies to identify securities that, in combination, are expected to exceed the total return of the S&amp;P Developed BMI Index by attempting to avoid the “losers” in the Index. The “avoid the losers” philosophy is fundamental to the underlying actuarial-like approach of the Adviser with respect to asset management. In its attempts to generate alpha, the Adviser does not aim to pick the winners; instead, it aims to avoid the losers. A loser is a company that, according to the Adviser’s investment methodology, cannot deliver revenue growth to support its stock price. The Adviser has developed a probability-based measure to identify and avoid these stocks, called the h-factor (“h-factor”), which is the foundation of the Adviser’s investment philosophy. The h-factor measures the probability a company cannot deliver the revenue growth indicated by its stock price. In buying and selling securities for the Fund, the Adviser will apply its proprietary h-factor methodology to its security selection process. H-factor uses an algorithm rooted in actuarial risk principles to construct a portfolio with exposure to returns across sectors, styles, geographies, and asset classes. Using an actuarial-based approach, h-factor aims to identify underpriced and overpriced securities and assign them an h-factor score, which is the probability that the issuer will not deliver revenue growth to support the securities’ current price. Utilizing these scores, the Adviser seeks to avoid the overpriced securities and invest in the underpriced securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will sell investments when they no longer meet the Adviser’s investment criteria, market conditions change, to meet redemption requests, or close or unwind derivatives transactions. Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and more capital gains tax liabilities than a fund with a buy and hold strategy.</p> <p id="xdx_A84_eoef--RiskTextBlock_zZWjUbGSht1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--RiskTextBlock_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zbTgKeNwIW3d">As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund.</span> The success of the Fund’s investment strategy depends upon the Adviser’s skill in selecting securities for purchase and sale by the Fund, and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term. The Fund may not be appropriate for use as a complete investment program. The principal risks of an investment in the Fund are described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zTY9fzNM3FQ5"></span></div> As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8PSyF3yDmX9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk. </b>Market risk is the risk that the value of the securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets that are beyond the Adviser’s control, including fluctuations in interest rates, the quality of the Fund’s investments, economic conditions, and general equity market conditions. Certain market events could increase volatility and exacerbate market risks, such as changes in government’s economic policies, political turmoil, environmental events, trade disputes, epidemics, pandemics, or other public health issues. Turbulence in financial markets and reduced liquidity in equity, credit, and fixed-income markets may negatively affect many issuers domestically and worldwide. It can result in trading halts, any of which could hurt the Fund. During periods of market volatility, security prices (including securities held by the Fund) could fall drastically and rapidly and, therefore, adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zVx2CROVqeS3"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zIaUkSxPeUIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large-Capitalization Company Risk. </b>Large-capitalization companies are more mature and may be unable to respond as quickly as smaller companies to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zFvjoN0nob1"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zjdKYx0pb4Kh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Mid-Capitalization Company Risk<i>. </i></b>Investments in mid-capitalization companies often involve higher risks than large-capitalization companies because these companies may lack the management experience, financial resources, product diversification, and competitive strengths of larger companies. Therefore, the securities of mid capitalization companies may be more susceptible to market downturns and other events, and their prices may be subject to greater price fluctuations. Mid-capitalization companies are typically subject to greater earnings and changes in business prospects than larger, more established companies. Investors may not follow them widely, which can lower the demand for their stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zXK7K5sugMR3"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompanyRiskMember_zdH3WZ1eKok" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Small-Capitalization Company Risk.</b> The Fund is subject to the risk that securities of small capitalization companies may underperform other segments of the equity market or the equity market as a whole. Investing in the securities of small capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger and more established companies. Because smaller companies may have inexperienced management and limited operating history, product lines, market diversification, and financial resources, the securities of these companies may be more speculative, volatile, and less liquid than the securities of larger companies. They can be particularly sensitive to expected changes in interest rates, borrowing costs and earnings, or other adverse developments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zo7OVnaUYm3e"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementStyleRiskMember_zrjNSU4qVuSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Style Risk. </b>The Adviser’s method of security selection may not be successful, and the Fund may underperform relative to its benchmark index or to other mutual funds that employ similar investment strategies. In addition, the Adviser may select investments that fail to perform as anticipated. The ability of the Fund to meet its investment objective is directly related to the success of the Adviser’s investment process, and there is no guarantee that the Adviser’s judgments about the attractiveness, value, and potential appreciation of a particular investment for the Fund will be correct or produce the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zyPQIp5kdtUh"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zmEU1k5T4ged" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Securities Risk.</b> Equity risk is the risk that securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Below are additional risks related to specific equity securities the Fund invests in. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_z7vul2OgL5xg"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanyRiskMember_zCZbPb0Okfql" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Investment Company Risk.</b> Investing in other investment vehicles, including ETFs, closed-end funds, and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, reducing the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares, and the listing exchange may halt trading of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zUK5fFhZ7igc"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_znlxhTUx5m86" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Preferred Stock Risk.</b> Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and has precedence over common stock in paying dividends. If an issuer is liquidated or declares bankruptcy, the claims of bond owners take precedence over those who own preferred and common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zRHz21nt9lGd"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zXezKM87yaUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Convertible Securities Risk.</b> Convertible securities may be subordinate to other securities. The total return for a convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z5s74GaWaeCb"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zSmuDEnblinf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Warrants Risk.</b> Warrants are instruments that entitle the holder to buy an equity security at a specific price for a particular period. Warrants may be more speculative than other types of investments. The cost of a warrant may be more volatile than the price of its underlying security, and a warrant may offer more significant potential for capital appreciation and loss. A warrant ceases to have value if it is not exercised before its expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zAOzecs4Ndce"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z1RqeeTIUXBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Portfolio Turnover Risk.</b> </span>Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund’s performance and result in substantial capital gains, including net short-term capital gains. As a result, high portfolio turnover may reduce the Fund’s returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zdMEudYnmnz6"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z1NPUGT44rcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk<i>. </i></b>Since the Fund’s investments may include ADRs, representing interests in foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements as U.S. companies, resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards differ from those applicable to U.S. companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Below are additional risks related to specific types of foreign securities the Fund invests in</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zECA8JYKt2f"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zP1CsNbjGB32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Depositary Receipt Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zu0kTnKrIT8a"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zhPxLEHWtpvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Emerging Markets Risk. </b>Non-U.S. securities may be subject to additional risks due to, among other things, political, social, and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting, and audit environments. These additional risks may be heightened for emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting, auditing, and financial record-keeping standards or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may differ from investments in developed markets. A lack of reliable information, rights, and remedies increases the risk of investing in emerging markets compared to more developed ones.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z3P94gsbfT1k"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z7KzuAIM2qb7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Foreign Currency Risk. </b>The Fund may be exposed to foreign currencies by using various instruments. Foreign currencies may fluctuate significantly over short periods for several reasons, including changes in interest rates, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund, and may be affected by the imposition of currency controls or political developments in the U.S. or abroad. As a result, the Fund’s exposure to foreign currencies may reduce its returns. Foreign currencies may decline in value relative to the U.S. dollar and other currencies, affecting the Fund’s investments. In addition, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency derivatives may not always work as intended, and in specific cases, the Fund may be worse off than if it had not used such instrument(s). In the case of hedging positions, the U.S. dollar or other currency may decline</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">in value relative to the foreign currency being hedged, thereby affecting the Fund’s investments. There may not always be suitable hedging instruments available. Even where suitable hedging instruments are available, the Fund may choose not to hedge its currency risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zOgq0plxzVyl"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z14MlqilSopc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed-Income Securities Risk.</b> The value of the Fund may fluctuate based upon changes in interest rates and market conditions. As interest rates rise, the value of most income-producing instruments decreases to adjust the price to market yields. Interest rate risk is more significant for long-term debt securities than short-term and floating-rate securities. An issuer of a security may become unable to meet its obligations. This risk is more significant for securities that are rated below investment grade or that are unrated. Below are additional risks related to fixed-income securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zFkYMxFEltkh"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zRB4KVLqphri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Credit Risk.</b> The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial, or political conditions in general or that affect a particular type of instrument, issuer, guarantor, or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity, and value of an instrument. The value of an instrument may also decline for reasons that relate directly to the issuer, guarantor, or counterparty, such as management performance, financial leverage, reduced demand for goods and services, or an actual or perceived change in financial condition or reputation. The issuer, guarantor, or counterparty could also suffer a rapid decline in credit rating, adversely affecting the instrument’s value, price volatility, and liquidity. Credit ratings may not be an accurate assessment of liquidity or credit risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zdBCRo0kjje7"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zrjCYxsRiHj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Interest Rate Risk.</b> Fixed-income and other debt instruments are subject to the possibility that interest rates could change. Changes in interest rates may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of and income generated by the investments. Interest rates may change due to various factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During rising interest rates, because changes in interest rates on adjustable-rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During declining interest rates, because the interest rates on adjustable-rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed-rate securities. Changing interest rates may adversely affect the Fund’s yield, returns, and performance. Changes in monetary policy may exacerbate the risks associated with changing interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zxGxRFS82dPi"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentRisksMember_zfqT3hm5KF7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Prepayment Risk. </b>Certain debt instruments, including loans and mortgage- and other asset-backed securities, are subject to the risk that payments on principal may occur more quickly or earlier than expected. If this happens, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These instruments are subject to prepayment risk and offer less potential for gains during declining interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zab1TSk3Cwf3"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_zp8Lkgv9E2tj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>High-Yield Bond Risk. </b>Lower-quality bonds, known as high-yield bonds (or “junk bonds”), present a significant risk for loss of principal and interest. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation. These bonds offer the potential for</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">higher return but also involve greater risk than bonds of higher quality, including an increased possibility that the bond’s issuer, obligor, or guarantor may be unable to make its interest and principal payments (credit quality risk). If that happens, the value of the bond may decrease, the Fund’s share price may decrease, and its income distribution may be reduced.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zDfG7vj3FZWj"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zPLsVGDQst71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) pose risks in addition to and more significant than those associated with investing directly in securities, currencies, or other investments, including risks relating to leverage, market conditions, and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions, and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Adviser is incorrect about its expectations of market conditions, using derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund’s use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments. The Fund’s derivatives may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty credit, legal, liquidity, and valuation risks. Certain risks are also specific to the derivatives in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zK2UdtwK25Qk"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zU3zhstrplei" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Leverage Risk. </b>The Fund’s use of derivative instruments may have the economic effect of financial leverage. Financial leverage magnifies the exposure to the movement in prices of an asset or class of assets underlying a derivative instrument. It may result in increased volatility, which means that the Fund will have the potential for greater losses than if it does not use the derivative instruments that have a leveraging effect. Leverage may result in losses that exceed the amount originally invested and may accelerate the rate of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset or class of assets and may cause the Fund’s NAV per share to be volatile. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. In addition, the Fund’s costs to engage in these practices are additional costs borne by the Fund and could reduce or eliminate any net investment profits. There can be no assurance that the Fund’s use of leverage will be successful. The Fund may experience leverage risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets needed to purchase the securities directly so that the remainder of the assets may be invested in other investments. Such investments may leverage the Fund because it may experience gains or losses not only on its investments in derivatives but also on the investments purchased with the remainder of the assets. If the value of the Fund’s investments in derivatives increases, this increases by declining values of the other investments. Conversely, it is possible that the rise in the value of the Fund’s non-derivative investments could be offset by a decline in the value of the Fund’s investments in derivatives. In either scenario, the Fund may experience losses. In a market where the value of the Fund’s investments in derivatives is declining, and the value of its other investments is declining, the Fund may experience substantial losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zPNrhOylAYge"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyCreditRiskMember_zz4AT91FT6g7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Counterparty Credit Risk.</b> The Fund makes investments in financial instruments and OTC-traded derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class, or other reference asset without purchasing those securities or investments, to hedge a</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes bankrupt or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the Fund, the Fund may not receive the total amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated exposure to such a counterparty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zgEMeqhdnzmi"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsRiskMember_z2PrfPW7fHE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Futures Contracts Risk.</b> Futures contracts are exchange-traded contracts that call for the future delivery of an asset at a specific price and date or cash settlement of the terms of the contract. The risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile, and using futures may increase the volatility of the Fund’s net asset value (“NAV”). Futures are also subject to leverage and liquidity risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z0DVKIn3zjA1"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zNMDtXd5E84k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Options Risk.</b> Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zsK7Z5SFcpV5"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsRiskMember_zXr14nqSvOgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Swap Agreements Risk.</b> Swap agreements are contracts between the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Risks associated with swap agreements differ from those associated with ordinary portfolio securities transactions because they could be considered illiquid, and many swaps trade on the OTC market. Swaps are subject to counterparty credit, correlation, valuation, liquidity, and leverage risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing specific margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zdv2g7XMekad"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyForwardContractsRiskMember_zAjf2Jx1OgNj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in;text-align: justify"><b>Foreign Currency Forward Contracts Risk. </b>Foreign currency forward contracts, including non-deliverable forwards (“NDFs”), are derivative instruments under a contract where the parties agree to a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the contract and include the</p> PERFORMANCE SUMMARY <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zX4jkUD9Cb25" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Class L shares of the Fund have not commenced operations as of the date of this Prospectus, and do not have a full calendar year of performance history. <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member_zjeHd9iSHJHd">The bar chart and table that follow provide some indication of the risks of investing in shares of the Fund by showing changes in the Fund’s Class S shares performance from year to year and by showing how the Fund’s Class S share average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. Class L shares would have had substantially similar annual returns to Class S shares because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the share classes do not have the same expenses.</span> The bar chart and table do not reflect the impact of variable contract expenses. If they did, returns would be lower than those shown. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member_zhI87RmR7qV4">How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information, current through the most recent month end, is available by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member_z6WxKoTii0M8">(833) 840-3937</span> or visiting the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member_zvnpac8UNmta">www.naafunds.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund was reorganized as of the close of business on October 25, 2024, from Series D (World Equity Income Series), a series of Guggenheim Variable Funds Trust (the “Predecessor Fund”). As a result of the reorganization, the Fund is the accounting successor of the Predecessor Fund. Performance results shown in the bar chart and the performance table below for periods prior to October 25, 2024 reflect the performance of the Predecessor Fund prior to the commencement of the Fund’s operations.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> The bar chart and table that follow provide some indication of the risks of investing in shares of the Fund by showing changes in the Fund’s Class S shares performance from year to year and by showing how the Fund’s Class S share average annual total returns for the one, five, and ten year or, if shorter, since inception periods, as applicable, for the Fund’s shares compare with those of a broad-based securities market index. Class L shares would have had substantially similar annual returns to Class S shares because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the share classes do not have the same expenses. How the Fund has performed in the past does not necessarily indicate how the Fund will perform in the future. (833) 840-3937 www.naafunds.com Calendar Year Returns 0.1038 0.1506 -0.0817 0.2140 0.0665 0.2174 -0.0912 0.1228 0.1259 0.2275 <p id="xdx_A8D_eoef--BarChartTableTextBlock_z1UAf6MbKns8" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-weight: normal"><img alt="" src="naavft_009.jpg" style="height: 329px; width: 500px"/></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div id="xdx_A87_eoef--BarChartClosingTextBlock_zkfl6bgTIKXj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 33%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>During the periods shown in</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the chart above:</b></p></td> <td style="border-bottom: Black 1pt solid; width: 34%; text-align: center"><b>Quarter Ended</b></td> <td style="border-bottom: Black 1pt solid; width: 33%; text-align: center"><b>Return</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_zvY9aAWzcZMf">Highest Quarter</span></td> <td style="text-align: center"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_zHDhPx0X2CEa">June 30, 2020</span></td> <td style="text-align: center"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_zojIjsCbh7yg">16.77%</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_zkQ7FoPTA8Ag">Lowest Quarter</span></td> <td style="text-align: center"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_z88z9aCa8vi6">March 31, 2020</span></td> <td style="text-align: center"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member__oef--ClassAxis__custom--C000253508Member_zebMi8VrMxsc">-23.25%</span></td></tr> </table> Highest Quarter 2020-06-30 0.1677 Lowest Quarter 2020-03-31 -0.2325 Average Annual Total Returns (for periods ended December 31, 2025) <div id="xdx_A84_eoef--PerformanceTableTextBlock_zpFw7zJ7tyAk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zIlj65HLFMEl" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 55%; text-align: justify"> </td> <td id="xdx_491_20250101__20251231_z9Bxw2QHLxng" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>One Year</b></td> <td id="xdx_499_20210101__20251231_zLDVxkv4Go7j" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>Five Years</b></td> <td id="xdx_491_20160101__20251231_zuAnweJSC0He" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><b>10 Years </b></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253508Member_ztDwbgRZI0Lj" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20">NAA World Equity Income Series – Class S<span id="xdx_F46_z8z2lRMOGZ63">*</span></td> <td style="text-align: center">22.75%</td> <td style="text-align: center"> 11.42%</td> <td style="text-align: center">9.99%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253508Member__oef--PerformanceMeasureAxis__custom--SPDevelopedBMIIndexMember_zWXrwwAnulAl" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; color: #231F20"><span>S&amp;P Developed BMI Index<br/> (<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000087640Member_zcFcWrNmJnM">reflects no deduction for fees, expenses, or taxes</span></span>)</td> <td style="text-align: center">22.26%</td> <td style="text-align: center">11.73%</td> <td style="text-align: center">12.21%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span id="xdx_F0C_zreGfDEPKFPk" style="font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F1D_zXNOIWAaRitg" style="font-size: 10pt"> Returns are not presented for Class L shares. That share class has not commenced operations as of the date of this Prospectus. Performance information for Class L shares will be shown when that share class has a full calendar year of operations.</span></td></tr> </table> 0.2275 0.1142 0.0999 reflects no deduction for fees, expenses, or taxes 0.2226 0.1173 0.1221 New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.04% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights. New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.96% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights. Other expenses for Class L shares are estimated based on fees and expenses incurred by Class S shares of the Fund for the year ended December 31, 2025. Class L shares have not commenced operations as of the date of this Prospectus. New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.94% and 0.69% of the Fund’s average daily net assets for Class S shares and Class L shares, respectively. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights. Returns are not presented for Class L shares. That share class has not commenced operations as of the date of this Prospectus. Performance information for Class L shares will be shown when that share class has a full calendar year of operations. Other expenses for Class L shares are estimated based on fees and expenses incurred by Class S shares of the Fund for the year ended December 31, 2025. Class L shares have not commenced operations as of the date of this Prospectus. New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.01% and 0.76% of the Fund’s average daily net assets for Class S shares and Class L shares, respectively. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. Returns are not presented for Class L shares. That share class has not commenced operations as of the date of this Prospectus. Performance information for Class L shares will be shown when that share class has a full calendar year of operations. The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights. New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.07% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.17% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights. The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights. New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.14% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.07% of the Fund’s average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights. Other expenses for Class L shares are estimated based on fees and expenses incurred by Class S shares of the Fund for the year ended December 31, 2025. Class L shares have not commenced operations as of the date of this Prospectus. New Age Alpha Advisors, LLC (d/b/a New Age Alpha) (the “Adviser”) has contractually agreed, until April 30, 2027, to reduce the Fund’s Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund fees and expenses, and extraordinary expenses such as litigation costs and other expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 1.06% and 0.81% of the Fund’s average daily net assets of Class S shares and Class L shares, respectively. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses (after the repayment is taken into account) to exceed (i) the expense limitation then in effect if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred. This agreement may not be terminated without the approval of the Board of Trustees, including a majority of the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended. The Expense Limitation Agreement was amended on April 30, 2025. As a result, the Total Annual Fund Operating Expense After Fee Reductions and/or Expense Reimbursements will not correlate to the net expense ratio in the Fund’s financial highlights. Returns are not presented for Class L shares. That share class has not commenced operations as of the date of this Prospectus. Performance information for Class L shares will be shown when that share class has a full calendar year of operations.