# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004453
**Filing Date:** 2025-11
**Character Count:** 35534
**Document Hash:** 829c300ea9f3c2b2636dc40283f37b2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004453.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004453

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251528002

**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 LARGE GROWTH SERIES (Series ID: S000087635)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000253503 | NAA LARGE GROWTH SERIES |  |

## Nport-Ex

---

| |
|:---|
| **NAA LARGE GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **Communication Services - 1.8%** |  |
| 944 | Netflix, Inc.<sup>(a)</sup> | $1131780 |
|  | **Communications - 15.1%** |  |
| 10140 | Alphabet, Inc., Class A | 2465034 |
| 4847 | Alphabet, Inc., Class C | 1180487 |
| 163 | Booking Holdings, Inc. | 880081 |
| 627 | Expedia Group, Inc. | 134021 |
| 4480 | Meta Platforms, Inc., Class A | 3290023 |
| 1305 | T-Mobile US, Inc. | 312391 |
| 10424 | Uber Technologies, Inc.<sup>(a)</sup> | 1021239 |
|  |  | 9283276 |
|  | **Consumer Discretionary - 10.8%** |  |
| 12778 | Amazon.com, Inc. <sup>(a)</sup> | 2805665 |
| 351 | Axon Enterprise, Inc.<sup>(a)</sup> | 251892 |
| 795 | Deckers Outdoor Corporation<sup>(a)</sup> | 80589 |
| 1171 | Hilton Worldwide Holdings, Inc. | 303804 |
| 1888 | Las Vegas Sands Corporation | 101556 |
| 345 | Lululemon Athletica, Inc.<sup>(a)</sup> | 61386 |
| 4269 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 460241 |
| 5522 | Tesla, Inc.<sup>(a)</sup> | 2455744 |
| 908 | Wynn Resorts Ltd. | 116469 |
|  |  | 6637346 |
|  | **Consumer Staples - 5.1%** |  |
| 1789 | Colgate-Palmolive Company | 143013 |
| 1184 | Costco Wholesale Corporation | 1095946 |
| 3966 | Philip Morris International, Inc. | 643285 |
| 12117 | Walmart, Inc. | 1248778 |
|  |  | 3131022 |
|  | **Energy - 0.7%** |  |
| 1318 | Chevron Corporation | 204673 |
| 546 | First Solar, Inc.<sup>(a)</sup> | 120409 |
|  | 1,693ONEOK, Inc. | 123538 |
|  |  | 448620 |

---

---

| |
|:---|
| **NAA LARGE GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **Financials - 4.5%** |  |
| 2692 | American Express Company | $894175 |
| 1786 | Arch Capital Group Ltd. <sup>(a)</sup> | 162044 |
| 1115 | Brown & Brown, Inc. | 104576 |
| 226 | Erie Indemnity Company, Class A | 71904 |
| 4207 | JPMorgan Chase & Company | 1327013 |
| 1062 | Marsh & McLennan Companies, Inc. | 214025 |
|  |  | 2773737 |
|  | **Health Care - 5.6%** |  |
| 581 | DaVita, Inc.<sup>(a)</sup> | 77197 |
| 974 | DexCom, Inc.<sup>(a)</sup> | 65540 |
| 1575 | Eli Lilly & Company | 1201725 |
| 476 | HCA Healthcare, Inc. | 202872 |
| 335 | Insulet Corporation<sup>(a)</sup> | 103425 |
| 1791 | Intuitive Surgical, Inc.<sup>(a)</sup> | 800989 |
| 710 | ResMed, Inc. | 194348 |
| 904 | Stryker Corporation | 334182 |
| 1244 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 487200 |
|  |  | 3467478 |
|  | **Industrials - 4.7%** |  |
| 1666 | Cintas Corporation | 341963 |
| 526 | Deere & Company | 240519 |
| 3416 | Delta Air Lines, Inc. | 193858 |
| 1912 | Howmet Aerospace, Inc. | 375192 |
| 155 | Lennox International, Inc. | 82051 |
| 633 | Parker-Hannifin Corporation | 479909 |
| 1407 | Rollins, Inc. | 82647 |
| 1076 | Trane Technologies PLC | 454029 |
| 274 | TransDigm Group, Inc.<sup>(a)</sup> | 361137 |
| 319 | United Rentals, Inc. | 304537 |
|  |  | 2915842 |
|  | **Materials - 0.5%** |  |
| 613 | Ecolab, Inc. | 167876 |
| 406 | Vulcan Materials Company | 124894 |
|  |  | 292770 |

---

---

| |
|:---|
| **NAA LARGE GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **Real Estate - 1.4%** |  |
| 1407 | CBRE Group, Inc., Class A<sup>(a)</sup> | $221687 |
| 539 | Extra Space Storage, Inc. | 75967 |
| 794 | Public Storage | 229347 |
| 1511 | Simon Property Group, Inc. | 283569 |
|  |  | 810570 |
|  | **Technology - 47.4%** |  |
| 949 | Adobe, Inc.<sup>(a)</sup> | 334760 |
| 21820 | Apple, Inc. | 5556027 |
| 10501 | Broadcom, Inc. | 3464385 |
| 186 | FactSet Research Systems, Inc. | 53287 |
| 119 | Fair Isaac Corporation<sup>(a)</sup> | 178087 |
| 3084 | Fortinet, Inc.<sup>(a)</sup> | 259303 |
| 784 | Garmin Ltd. | 193036 |
| 392 | Gartner, Inc.<sup>(a)</sup> | 103045 |
| 1350 | Intuit, Inc. | 921929 |
| 2142 | Mastercard, Inc., Class A | 1218391 |
| 10456 | Microsoft Corporation | 5415684 |
| 34967 | NVIDIA Corporation | 6524143 |
| 5446 | Oracle Corporation | 1531633 |
| 3110 | Palo Alto Networks, Inc.<sup>(a)</sup> | 633258 |
| 749 | Paychex, Inc. | 94943 |
| 722 | S&P Global, Inc. | 351405 |
| 4421 | Salesforce, Inc. | 1047777 |
| 213 | Tyler Technologies, Inc.<sup>(a)</sup> | 111433 |
| 3624 | Visa, Inc., Class A | 1237161 |
|  |  | 29229687 |
|  | **Utilities - 0.9%** |  |
| 1431 | Constellation Energy Corporation | 470899 |
| 1092 | Public Service Enterprise Group, Inc. | 91138 |
|  |  | 562037 |
|  | **TOTAL COMMON STOCKS (Cost $49,874,254)** | 60684165 |

---

---

| |
|:---|
| **NAA LARGE GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 1.4%** |  |
|  | **Equity - 1.4%** |  |
| 871 | iShares Russell 1000 Growth ETF | $407985 |
| 3991 | iShares S&P 500 Growth Index ETF | 481794 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $797,183)** | 889779 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $50,671,437)** | $61573944 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 81636 |
|  | **NET ASSETS - 100.0%** | $61655580 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |

---

 

<sup>(a)</sup> Non-income producing security.

## 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 LARGE GROWTH SERIES

- **b. EDGAR series identifier (if any):** S000087635

- **c. LEI of Series:** 529900NQNJCG6LD9Q546

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $61937138.67

**Total Liabilities:** $281559.04

**Net Assets:** $61655579.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253503 | 2.26%                | 0.60%                | 4.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26650.28                | $1322225.41                                |
| Month 2  | $25631.20                | $351833.27                                 |
| Month 3  | $36890.83                | $2451757.25                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Expedia Group Inc                            | Expedia Group, Inc.                   | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |       627 | NS      | $134021.25    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                     | Extra Space Storage, Inc. REIT        | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |       539 | NS      | $75966.66     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                       | Palo Alto Networks, Inc.              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      3110 | NS      | $633258.20    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     10501 | NS      | $3464384.91   | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Company                   | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1575 | NS      | $1201725.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                                 | Gartner, Inc.                         | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       392 | NS      | $103045.04    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc.                    | Lennox International, Inc.            | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       155 | NS      | $82050.80     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                     | Simon Property Group, Inc. REIT       | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      1511 | NS      | $283569.37    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                         | Howmet Aerospace, Inc.                | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      1912 | NS      | $375191.76    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corporation                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     34967 | NS      | $6524142.86   | 10.58%            |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                      | Mastercard, Inc. Class A              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      2142 | NS      | $1218391.02   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                       | Fair Isaac Corporation                | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       119 | NS      | $178087.07    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                     | American Express Company              | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      2692 | NS      | $894174.72    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                | Netflix, Inc.                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       944 | NS      | $1131780.48   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                         | Delta Air Lines, Inc.                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      3416 | NS      | $193858.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                        | Parker-Hannifin Corporation           | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       633 | NS      | $479908.95    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                     | O'Reilly Automotive, Inc.             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      4269 | NS      | $460240.89    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                     | Visa, Inc. Class A                    | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      3624 | NS      | $1237161.12   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                  | ResMed, Inc.                          | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       710 | NS      | $194348.30    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                              | CBRE Group, Inc.                      | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      1407 | NS      | $221686.92    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                  | Rollins, Inc.                         | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      1407 | NS      | $82647.18     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                    | Adobe, Inc.                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       949 | NS      | $334759.75    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES RUSSELL 1000 GROWTH ETF       | CUSIP: 464287614<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       871 | NS      | $407985.11    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                          | Axon Enterprise, Inc.                 | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       351 | NS      | $251891.64    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                        | Colgate-Palmolive Company             | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      1789 | NS      | $143012.66    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                      | Tyler Technologies, Inc.              | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |       213 | NS      | $111433.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet, Inc. Class A                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     10140 | NS      | $2465034.00   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Company              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4207 | NS      | $1327014.01   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corporation                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1318 | NS      | $204672.22    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | BBH Overnight Sweep                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    225731 | PA      | $225731.14    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | Philip Morris International, Inc.     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      3966 | NS      | $643285.20    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                  | Ecolab, Inc.                          | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       613 | NS      | $167876.18    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                              | T-Mobile USA, Inc.                    | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      1305 | NS      | $312390.90    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                                   | ONEOK, Inc.                           | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      1693 | NS      | $123538.21    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10456 | NS      | $5415685.20   | 8.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc.                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     21820 | NS      | $5556026.60   | 9.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc.             | Marsh & McLennan Companies, Inc.      | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1062 | NS      | $214024.86    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                     | Lululemon Athletica, Inc.             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       345 | NS      | $61385.85     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                         | Booking Holdings, Inc.                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       163 | NS      | $880081.01    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated | Public Service Enterprise Group, Inc. | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      1092 | NS      | $91138.32     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet, Inc. Class C                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4847 | NS      | $1180486.85   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Limited                         | Wynn Resorts Ltd.                     | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |       908 | NS      | $116469.16    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                | Hilton Worldwide Holdings, Inc.       | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      1171 | NS      | $303804.24    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                       | Trane Technologies plc                | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      1076 | NS      | $454028.96    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                           | Cintas Corporation                    | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1666 | NS      | $341963.16    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                           | HCA Healthcare, Inc.                  | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       476 | NS      | $202871.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                        | Uber Technologies, Inc.               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     10424 | NS      | $1021239.28   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                              | Deere & Company                       | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       526 | NS      | $240518.76    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                   | Intuit, Inc.                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1350 | NS      | $921928.50    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                            | Brown & Brown, Inc.                   | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |      1115 | NS      | $104575.85    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES S&P 500 GROWTH INDEX FUND     | CUSIP: 464287309<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      3991 | NS      | $481793.52    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corporation                    | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5446 | NS      | $1531633.04   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                 | Costco Wholesale Corporation          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1184 | NS      | $1095945.92   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                  | Paychex, Inc.                         | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       749 | NS      | $94943.24     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                | FactSet Research Systems, Inc.        | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       186 | NS      | $53287.14     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                         | United Rentals, Inc.                  | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       319 | NS      | $304536.54    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                   | DaVita, Inc.                          | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |       581 | NS      | $77197.47     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                              | First Solar, Inc.                     | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       546 | NS      | $120409.38    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                         | Las Vegas Sands Corporation           | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      1888 | NS      | $101555.52    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                              | Salesforce, Inc.                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      4421 | NS      | $1047777.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage REIT                   | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |       794 | NS      | $229346.90    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                   | DexCom, Inc.                          | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       974 | NS      | $65540.46     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     12778 | NS      | $2805665.46   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                    | Tesla, Inc.                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      5522 | NS      | $2455743.84   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                          | Stryker Corporation                   | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       904 | NS      | $334181.68    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart, Inc.                         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     12117 | NS      | $1248778.02   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc. Class A          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4480 | NS      | $3290022.40   | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                      | Arch Capital Group Ltd.               | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      1786 | NS      | $162043.78    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                      | Intuitive Surgical, Inc.              | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1791 | NS      | $800988.93    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corporation                          | Insulet Corporation                   | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       335 | NS      | $103424.55    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                        | Deckers Outdoor Corporation           | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       795 | NS      | $80589.15     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated          | Vertex Pharmaceuticals, Inc.          | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1244 | NS      | $487200.16    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                 | Fortinet, Inc.                        | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      3084 | NS      | $259302.72    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                            | Erie Indemnity Company                | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |       226 | NS      | $71904.16     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                   | Constellation Energy Corporation      | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1431 | NS      | $470899.17    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Transdigm Group Inc.                         | TransDigm Group, Inc.                 | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       274 | NS      | $361137.48    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                               | S&P Global, Inc.                      | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       722 | NS      | $351404.62    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                     | Vulcan Materials Company              | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       406 | NS      | $124893.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                   | Garmin Ltd.                           | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | US        |       784 | NS      | $193036.48    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Keith D. Kemp

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

**Title:** President