# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0001752724-25-211601
**Filing Date:** 2025-8
**Character Count:** 46344
**Document Hash:** 740f92e7d95e49049c4fda0b6c0451a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211601.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211601

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New Age Alpha Variable Funds Trust
- **CENTRAL INDEX KEY:** 0002013968

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 251272049

**BUSINESS ADDRESS:**
- **STREET 1:** 555 THEODORE FREMD AVENUE
- **STREET 2:** SUITE A-101
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 212-922-2699

**MAIL ADDRESS:**
- **STREET 1:** 555 THEODORE FREMD AVENUE
- **STREET 2:** SUITE A-101
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

## Series and Classes Contracts Data

### NAA MID GROWTH SERIES (Series ID: S000087636)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000253504 | NAA MID GROWTH SERIES |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** New Age Alpha Variable Funds Trust

- **b. Investment Company Act file number:** 811-23944

- **c. CIK number of Registrant:** 0002013968

- **d. LEI of Registrant:** 5299000HTJBNEG1Y8820

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 555 Theodore Fremd Avenue

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

  - **Telephone number:** 212-922-2699

**Item A.2. Information about the Series.**

- **a. Name of Series:** NAA MID GROWTH SERIES

- **b. EDGAR series identifier (if any):** S000087636

- **c. LEI of Series:** 5299006A5GBEJ15W2X96

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $171088487.64

**Total Liabilities:** $590111.78

**Net Assets:** $170498375.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253504 | -0.06%               | 6.77%                | 1.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-497632.77              | $307682.13                                 |
| Month 2  | $28511.90                | $10718698.74                               |
| Month 3  | $1968788.22              | $1133712.62                                |

### Schedule of Portfolio Investments

| Name                                         | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lincoln Electric Holdings Inc.               | Lincoln Electric Holdings, Inc.          | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      4929 | NS      | $1021880.28   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc.                      | TKO Group Holdings Inc. Class A          | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4993 | NS      | $908476.35    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                        | AECOM                                    | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     10778 | NS      | $1216405.08   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                      | ATI, Inc.                                | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     21689 | NS      | $1872628.26   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc               | BJ's Wholesale Club Holdings, Inc.       | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      9564 | NS      | $1031286.12   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                             | RBC Bearings, Inc.                       | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4850 | NS      | $1866280.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                          | Clean Harbors, Inc.                      | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      7618 | NS      | $1761129.24   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                | Interactive Brokers Group, Inc. Class A  | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     46252 | NS      | $2562823.32   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                             | Donaldson Company, Inc.                  | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     10734 | NS      | $744402.90    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana Pacific Corporation                | Louisiana-Pacific Corporation            | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      9923 | NS      | $853278.77    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                   | Cullen/Frost Bankers, Inc.               | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      7184 | NS      | $923431.36    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                   | DexCom, Inc.                             | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     14068 | NS      | $1227995.72   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                       | Permian Resources Corporation            | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     93073 | NS      | $1267654.26   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                                    | Crocs, Inc.                              | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |      8999 | NS      | $911418.72    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                     | Sarepta Therapeutics, Inc.               | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |     28230 | NS      | $482733.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                            | Expedia Group, Inc.                      | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |     10380 | NS      | $1750898.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                           | SEI Investments Company                  | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      8923 | NS      | $801820.78    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                    | Matador Resources Company                | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     10684 | NS      | $509840.48    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                       | CommVault Systems, Inc.                  | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      7000 | NS      | $1220310.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.          | Broadridge Financial Solutions, Inc.     | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      4209 | NS      | $1022913.27   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                 | DUOLINGO                                 | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5077 | NS      | $2081671.54   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc                           | Light & Wonder, Inc.                     | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |     13593 | NS      | $1308462.18   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                 | Tenet Healthcare Corporation             | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      8089 | NS      | $1423664.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                        | Deckers Outdoor Corporation              | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     13166 | NS      | $1357019.62   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                  | Ecolab, Inc.                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      9349 | NS      | $2518994.56   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp.                                    | SLM Corporation                          | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31956 | NS      | $1047837.24   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                         | Eagle Materials, Inc.                    | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      5287 | NS      | $1068555.57   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation                | Paylocity Holding Corporation            | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      6973 | NS      | $1263437.87   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                        | Medpace Holdings, Inc.                   | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      3636 | NS      | $1141194.96   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                 | Encompass Health Corporation             | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     10893 | NS      | $1335808.59   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| The New York Times Company                   | New York Times Company (The) Class A     | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     13707 | NS      | $767317.86    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                              | Morningstar, Inc.                        | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      4068 | NS      | $1277067.24   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                       | Abercrombie & Fitch Company Class A      | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      7792 | NS      | $645567.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                    | Chewy, Inc. Class A                      | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     30383 | NS      | $1294923.46   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc.                        | BWX Technologies, Inc.                   | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     13089 | NS      | $1885601.34   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                     | Saia, Inc.                               | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      4111 | NS      | $1126372.89   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                          | Texas Roadhouse, Inc.                    | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      9931 | NS      | $1861168.71   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                  | Novanta, Inc.                            | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      3548 | NS      | $457443.64    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                  | Gentex Corporation                       | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     14661 | NS      | $322395.39    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                      | WEX, Inc.                                | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |      3737 | NS      | $548927.93    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                         | Curtiss-Wright Corporation               | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      5260 | NS      | $2569773.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                     | Comfort Systems USA, Inc.                | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      4871 | NS      | $2611878.91   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                               | Tetra Tech, Inc.                         | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     40222 | NS      | $1446383.12   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                                   | ONEOK, Inc.                              | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     28044 | NS      | $2289231.72   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                               | Globus Medical, Inc. Class A             | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     18495 | NS      | $1091574.90   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc.                                    | OKTA, INC.                               | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     24575 | NS      | $2456762.75   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                   | Qualys, Inc.                             | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      3321 | NS      | $474471.27    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc.                          | Planet Fitness, Inc. Class A             | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     12168 | NS      | $1326920.40   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                        | Colgate-Palmolive Company                | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     27601 | NS      | $2508930.90   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                            | Hamilton Lane, Inc.                      | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      7330 | NS      | $1041739.60   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Markets Inc                  | Sprouts Farmers Market, Inc.             | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     14945 | NS      | $2460544.80   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                 | Evercore Partners, Inc. Class A          | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      5433 | NS      | $1467018.66   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                          | Shift4 Pmts, Inc. CL A                   | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10656 | NS      | $1056116.16   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                              | Core & Main Inc. - Class A               | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18568 | NS      | $1120578.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                    | Lamar Advertising Company Class A        | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      8594 | NS      | $1042967.84   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                      | Boyd Gaming Corporation                  | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      5612 | NS      | $439026.76    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                  | RenaissanceRe Holdings Ltd.              | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |      7374 | NS      | $1791144.60   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc.                       | RPM International, Inc.                  | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     12108 | NS      | $1329942.72   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                  | Ryan Specialty Group Holdings, Inc.      | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16104 | NS      | $1094910.96   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                    | Halozyme Therapeutics, Inc.              | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     19052 | NS      | $991085.04    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                     | Western Alliance Bancorp                 | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     17262 | NS      | $1346090.76   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                    | Kinsale Capital Group, Inc.              | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      3371 | NS      | $1631226.90   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                         | Chart Industries, Inc.                   | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      7023 | NS      | $1156336.95   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Block(H&R)Inc                                | H&R Block, Inc.                          | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     20394 | NS      | $1119426.66   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NVent Electric PLC                           | nVent Electric PLC                       | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24251 | NS      | $1776385.75   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                        | Lantheus Holdings, Inc.                  | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     10735 | NS      | $878767.10    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corporation              | United Therapeutics Corporation          | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      6644 | NS      | $1909153.40   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                              | Primerica, Inc.                          | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      5004 | NS      | $1369444.68   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                   | DaVita, Inc.                             | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |      3387 | NS      | $482478.15    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                             | Ensign Group, Inc. (The)                 | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      8293 | NS      | $1279278.18   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc            | Gaming and Leisure Properties, Inc. REIT | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     18589 | NS      | $867734.52    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                | Owens Corning                            | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     13906 | NS      | $1912353.12   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                     | Manhattan Associates, Inc.               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      9499 | NS      | $1875767.53   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc.                | Watts Water Technologies, Inc. Class A   | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      2170 | NS      | $533581.30    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaon Inc                                     | AAON, Inc.                               | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     11279 | NS      | $831826.25    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                                | Penumbra, Inc.                           | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      3826 | NS      | $981866.38    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc.                | Somnigroup International                 | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     18937 | NS      | $1288662.85   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                  | Dropbox, Inc. Class A                    | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     18690 | NS      | $534534.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                        | MGIC Investment Corporation              | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     16953 | NS      | $471971.52    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                   | Neurocrine Biosciences, Inc.             | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     14821 | NS      | $1862851.49   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ansys Inc                                    | ANSYS, Inc.                              | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |      3169 | NS      | $1113016.18   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                             | DT Midstream, Inc.                       | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15402 | NS      | $1692833.82   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                                 | Doximity, Inc.                           | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20934 | NS      | $1284091.56   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp.                      | Universal Display Corporation            | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3263 | NS      | $504002.98    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                  | Paychex, Inc.                            | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     12400 | NS      | $1803704.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc.             | Pinnacle Financial Partners, Inc.        | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      7868 | NS      | $868705.88    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc.                                | Woodward, Inc.                           | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      8737 | NS      | $2141351.33   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                          | HOULIHAN LOKEY, INC.                     | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      8261 | NS      | $1486566.95   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc                | Weatherford International PLC            | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      5340 | NS      | $268655.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                                | RB Global Inc.                           | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |     23270 | NS      | $2471041.30   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB Corp.                                   | ESAB Corporation                         | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |      9289 | NS      | $1119788.95   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                          | Paycom Software, Inc.                    | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      4238 | NS      | $980673.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                             | HealthEquity, Inc.                       | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     13910 | NS      | $1457211.60   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                   | Grand Canyon Education, Inc.             | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      4158 | NS      | $785862.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp.                           | Ralph Lauren Corporation                 | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      3179 | NS      | $871936.12    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                              | AptarGroup, Inc.                         | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      5447 | NS      | $852074.21    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc.                    | Lennox International, Inc.               | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      2577 | NS      | $1477239.48   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                      | Tyler Technologies, Inc.                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      3543 | NS      | $2100432.12   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc.                    | Super Micro Computer, Inc.               | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     39447 | NS      | $1933297.47   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AppFolio Inc.                                | APPFOLIO, INC. CLASS A                   | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      3593 | NS      | $827396.04    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Topbuild Corporation                         | TopBuild Corporation                     | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      4508 | NS      | $1459419.92   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                       | Guidewire Software, Inc.                 | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      9855 | NS      | $2320359.75   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | BBH Overnight Sweep                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1247268 | PA      | $1247267.61   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES S&P MIDCAP 400 GROWTH INDEX FUND | CUSIP: 464287606<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     18914 | NS      | $1720795.72   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group Inc                              | EMCOR Group, Inc.                        | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      5010 | NS      | $2679798.90   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                                 | Docusign, Inc.                           | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     31675 | NS      | $2467165.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                        | American Homes 4 Rent Class A            | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     18666 | NS      | $673282.62    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                 | Wingstop, Inc.                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      4640 | NS      | $1562473.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated | Public Service Enterprise Group, Inc.    | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     18083 | NS      | $1522226.94   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                  | American Airlines Group, Inc.            | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112763 | NS      | $1265200.86   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                       | Equitable Holdings, Inc.                 | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     46028 | NS      | $2582170.80   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                      | ITT, Inc.                                | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      8595 | NS      | $1347953.85   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion PLC                                 | Allegion plc                             | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      3708 | NS      | $534396.96    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited               | Axalta Coating Systems Ltd.              | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     19052 | NS      | $565653.88    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                       | Burlington Stores, Inc.                  | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     10225 | NS      | $2378744.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                 | Stifel Financial Corporation             | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     11061 | NS      | $1147910.58   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                       | Travel + Leisure Company                 | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     10485 | NS      | $541130.85    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                | Dynatrace, Inc.                          | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43725 | NS      | $2414057.25   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                     | RLI Corporation                          | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |     13086 | NS      | $945070.92    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                             | e.l.f. Beauty, Inc.                      | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      8314 | NS      | $1034594.16   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES RUSSEL MIDCAP                    | CUSIP: 464287481<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     12410 | NS      | $1721018.80   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                       | IES Holdings, Inc.                       | CUSIP: 433000106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27095 | NS      | $1350685.75   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                           | Cirrus Logic, Inc.                       | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      4990 | NS      | $520232.45    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc.                | Simpson Manufacturing Company, Inc.      | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      4441 | NS      | $689731.71    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                     | Simon Property Group, Inc. REIT          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     15493 | NS      | $2490654.68   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc              | Equity LifeStyle Properties, Inc. REIT   | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     14619 | NS      | $901553.73    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                          | Churchill Downs, Inc.                    | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     11365 | NS      | $1147865.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                            | Brown & Brown, Inc.                      | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     18462 | NS      | $2046881.94   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** New Age Alpha Variable Funds Trust

**Signature:** Keith D. Kemp

**Name of Signer:** Keith D. Kemp

**Title:** President