# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004455
**Filing Date:** 2025-11
**Character Count:** 75270
**Document Hash:** 24df6e7e5943cd8c9ef18ec2c90c3dae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004455.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004455

**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:** 251528004

**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 WORLD EQUITY INCOME SERIES (Series ID: S000087640)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000253508 | NAA WORLD EQUITY INCOME SERIES |  |

## Nport-Ex

---

| |
|:---|
| **NAA WORLD EQUITY INCOME SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **Communications - 2.9%** |  |
| 23924 | Comcast Corporation, Class A | $751692 |
| 2023 | Fox Corporation, Class A | 127570 |
| 4490 | Interpublic Group of Companies, Inc. (The) | 125316 |
| 36436 | KDDI Corporation | 581657 |
| 1508 | Omnicom Group, Inc. | 122947 |
| 17391 | Orange S.A. | 282083 |
| 5345 | Rogers Communications Inc, Class B | 184037 |
| 361952 | SoftBank Corporation | 532894 |
| 3151 | T-Mobile US, Inc. | 754287 |
|  |  | 3462483 |
|  | **Consumer Discretionary - 8.2%** |  |
| 4137 | Bunzl plc | 130528 |
| 6802 | Cie Generale des Etablissements Michelin | 243875 |
| 2947 | eBay, Inc. | 268030 |
| 24507 | Ford Motor Company | 293104 |
| 479 | Games Workshop Group plc | 93603 |
| 6033 | General Motors Company | 367832 |
| 916 | Genuine Parts Company | 126958 |
| 6532 | Home Depot, Inc. (The) | 2646700 |
| 1595 | Lennar Corporation, Class A | 201034 |
| 2857 | LKQ Corporation | 87253 |
| 2457 | LVMH Moet Hennessy Louis Vuitton S.E. | 1501372 |
| 3672 | Magna International, Inc. | 174014 |
| 1456 | Marriott International, Inc., Class A | 379201 |
| 11521 | Mercedes-Benz Group AG | 726128 |
| 2245 | Ross Stores, Inc. | 342116 |
| 1547 | Royal Caribbean Cruises Ltd. | 500578 |
| 8329 | Sekisui House Ltd. | 189656 |
| 24116 | Suzuki Motor Corporation | 352364 |
| 7106 | TJX Companies, Inc. (The) | 1027101 |
|  |  | 9651447 |

---

---

| |
|:---|
| **NAA WORLD EQUITY INCOME SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Consumer Staples - 9.6%** |  |
| 19100 | Asahi Group Holdings | $229343 |
| 20705 | British American Tobacco plc | 1099087 |
| 1574 | Church & Dwight Company, Inc. | 137930 |
| 24764 | Coca-Cola Company (The) | 1642347 |
| 2194 | Coca-Cola Europacific Partners plc | 198360 |
| 5202 | Colgate-Palmolive Company | 415848 |
| 1010 | Constellation Brands, Inc., Class A | 136017 |
| 1427 | Estee Lauder Companies, Inc. (The), Class A | 125747 |
| 6169 | Groupe DANONE | 537090 |
| 11936 | Kenvue, Inc. | 193721 |
| 15665 | Koninklijke Ahold Delhaize N.V. | 633841 |
| 15418 | Nestle S.A. | 1416022 |
| 8558 | PepsiCo, Inc. | 1201886 |
| 1249 | Royal Unibrew A/S | 95272 |
| 71699 | Tesco PLC | 429587 |
| 27244 | Walmart, Inc. | 2807767 |
|  |  | 11299865 |
|  | **Energy - 4.9%** |  |
| 9528 | Chevron Corporation | 1479603 |
| 24699 | Exxon Mobil Corporation | 2784812 |
| 2265 | s.a. D'Ieteren n.v. | 423324 |
| 8191 | SLB Ltd. | 281525 |
| 15052 | TC Energy Corporation | 818560 |
|  |  | 5787824 |
|  | **Financials - 30.9%** |  |
| 1634 | Allstate Corporation (The) | 350738 |
| 16543 | AXA SA | 789279 |
| 33921 | Banco Bilbao Vizcaya Argentaria S.A. | 650703 |
| 89076 | Banco Santander S.A. | 927988 |
| 14887 | Bank of Ireland Group PLC | 244942 |
| 4298 | Bank of New York Mellon Corporation (The) | 468310 |
| 17390 | Bank of Nova Scotia (The) | 1124673 |
| 8763 | Beazley plc | 106893 |
| 9472 | BNP Paribas | 859908 |

---

---

| |
|:---|
| **NAA WORLD EQUITY INCOME SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Financials - 30.9% (Continued)** |  |
| 3991 | Capital One Financial Corporation | $848407 |
| 2323 | Chubb Ltd. | 655667 |
| 11386 | Citigroup, Inc. | 1155679 |
| 19104 | Danske Bank A/S | 813942 |
| 2972 | Deutsche Boerse A.G. | 795860 |
| 13244 | DNB Bank ASA | 360274 |
| 315 | Everest Group Ltd. | 110322 |
| 1824 | Goldman Sachs Group, Inc. (The) | 1452542 |
| 952 | Hannover Rueck SE | 286785 |
| 188959 | HSBC Holdings PLC | 2666801 |
| 52391 | ING Groep N.V. | 1373393 |
| 120119 | Intesa Sanpaolo SpA | 791674 |
| 24576 | JAPAN POST HOLDINGS CO LT | 244321 |
| 16645 | JPMorgan Chase & Company | 5250333 |
| 1812 | Julius Baer Group Ltd. | 126184 |
| 62757 | Legal & General Group plc | 200876 |
| 153932 | Mitsubishi UFJ Financial Group, Inc. | 2492211 |
| 32252 | Mizuho Financial Group, Inc. | 1087965 |
| 7525 | Morgan Stanley | 1196174 |
| 5519 | National Bank of Canada | 586348 |
| 33593 | Nordea Bank Abp | 550567 |
| 1180 | Northern Trust Corporation | 158828 |
| 1104 | Raymond James Financial, Inc. | 190550 |
| 76792 | Sony Financial Group, Inc. | 85171 |
| 20842 | Standard Chartered PLC | 402376 |
| 50240 | Sumitomo Mitsui Financial Group, Inc. | 1418867 |
| 9100 | Sumitomo Mitsui Trust Holdings, Inc. | 264570 |
| 42403 | Svenska Handelsbanken A.B., A Shares | 551281 |
| 25076 | SWEDBANK AB - Class A | 754305 |
| 165 | Swiss Life Holding AG | 178149 |
| 1565 | Sydbank A/S | 125652 |
| 946 | Talanx AG | 125719 |
| 25196 | Tokio Marine Holdings, Inc. | 1066511 |
| 1387 | Travelers Companies, Inc. (The) | 387278 |

---

---

| |
|:---|
| **NAA WORLD EQUITY INCOME SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Financials - 30.9% (Continued)** |  |
| 19509 | UBS Group AG | $796791 |
| 11928 | UniCredit SpA | 907612 |
| 1814 | W R Berkley Corporation | 138989 |
|  |  | 36122408 |
|  | **Health Care - 8.4%** |  |
| 3357 | Amgen, Inc. | 947345 |
| 1638 | Cigna Group (The) | 472154 |
| 7326 | CVS Health Corporation | 552306 |
| 7820 | Gilead Sciences, Inc. | 868020 |
| 45520 | GSK plc | 963906 |
| 704 | Humana, Inc. | 183160 |
| 7992 | Medtronic PLC | 761158 |
| 15768 | Merck & Company, Inc. | 1323409 |
| 11650 | Novartis A.G. | 1498052 |
| 10938 | Sanofi S.A. | 1035704 |
| 2172 | Stryker Corporation | 802923 |
| 2957 | Zoetis, Inc. | 432668 |
|  |  | 9840805 |
|  | **Industrials - 9.6%** |  |
| 9272 | ABB Ltd. | 671002 |
| 4435 | Ashtead Group PLC | 296144 |
| 13066 | Canadian Pacific Kansas City | 973295 |
| 2135 | Cintas Corporation | 438231 |
| 4415 | Delta Air Lines, Inc. | 250551 |
| 934 | Expeditors International of Washington, Inc. | 114499 |
| 1547 | General Dynamics Corporation | 527527 |
| 56092 | Hexagon AB | 666694 |
| 3100 | Hoshizaki Corp | 116481 |
| 1314 | Lockheed Martin Corporation, Class B | 655962 |
| 25660 | Mitsubishi Electric Corporation | 659956 |
| 3374 | PACCAR, Inc. | 331732 |
| 1883 | Rollins, Inc. | 110607 |
| 12123 | Siemens A.G. | 3262022 |
| 353 | Snap-on, Inc. | 122325 |

---

---

| |
|:---|
| **NAA WORLD EQUITY INCOME SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Industrials - 9.6% (Continued)** |  |
| 3890 | Southwest Airlines Company | $124130 |
| 1347 | Spirax-Sarco Engineering plc | 124037 |
| 8900 | Tokyo Metro Company Ltd. | 101991 |
| 1386 | Trane Technologies PLC | 584837 |
| 351 | TransDigm Group, Inc. <sup>(a)</sup> | 462625 |
| 4658 | United Parcel Service, Inc., Class B | 389083 |
| 1559 | Xylem, Inc. | 229953 |
|  |  | 11213684 |
|  | **Materials - 2.7%** |  |
| 7125 | Agnico Eagle Mines Ltd. | 1200259 |
| 1622 | Ecolab, Inc. | 444201 |
| 5803 | Lafarge Holcim - Reclaim | 490928 |
| 1778 | LyondellBasell Industries N.V., Class A | 87193 |
| 6156 | Newmont Corporation | 519012 |
| 74200 | Nippon Steel Corporation | 305851 |
| 3174 | Smurfit WestRock plc | 135117 |
|  |  | 3182561 |
|  | **Real Estate - 1.4%** |  |
| 4335 | Aena S.M.E. SA | 118426 |
| 881 | AvalonBay Communities, Inc. | 170183 |
| 402 | Essex Property Trust, Inc. | 107599 |
| 3490 | Invitation Homes, Inc. | 102362 |
| 136 | Japan Real Estate Investment Corp. | 114542 |
| 5533 | Realty Income Corporation | 336351 |
| 14112 | Segro Plc | 124694 |
| 1959 | Simon Property Group, Inc. | 367645 |
| 6514 | VICI Properties, Inc. | 212422 |
|  |  | 1654224 |
|  | **Technology - 16.7%** |  |
| 4060 | Accenture PLC, Class A | 1001196 |
| 26119 | Broadcom, Inc. | 8616919 |
| 852 | CDW Corporation | 135707 |
| 24146 | Cisco Systems, Inc. | 1652069 |
| 4747 | Corning, Inc. | 389396 |

---

---

| |
|:---|
| **NAA WORLD EQUITY INCOME SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.4% (Continued)** |  |
|  | **Technology - 16.7% (Continued)** |  |
| 1844 | Dell Technologies, Inc., Class C | $261424 |
| 249 | FactSet Research Systems, Inc. | 71336 |
| 1009 | Garmin Ltd. | 248436 |
| 8283 | Hewlett Packard Enterprise Company | 203430 |
| 5555 | International Business Machines Corporation | 1567399 |
| 7750 | Lam Research Corporation | 1037725 |
| 1048 | Motorola Solutions, Inc. | 479240 |
| 1247 | NetApp, Inc. | 147720 |
| 4364 | Open Text Corporation | 163150 |
| 29100 | Panasonic Holdings Corporation | 315895 |
| 2038 | Paychex, Inc. | 258337 |
| 1273 | Seagate Technology Holdings PLC | 300504 |
| 76792 | Sony Corporation | 2207801 |
| 10032 | Sumitomo Electric Industries Ltd. | 286171 |
| 1876 | Thomson Reuters Corporation | 291353 |
|  |  | 19635208 |
|  | **Utilities - 2.1%** |  |
| 1205 | American Water Works Company, Inc. | 167724 |
| 4840 | Duke Energy Corporation | 598950 |
| 6294 | Exelon Corporation | 283293 |
| 3197 | FirstEnergy Corporation | 146487 |
| 2907 | NiSource, Inc. | 125873 |
| 1156 | NRG Energy, Inc. | 187214 |
| 2973 | Public Service Enterprise Group, Inc. | 248127 |
| 3278 | Severn Trent plc | 114293 |
| 6806 | Southern Company (The) | 645004 |
|  |  | 2516965 |
|  | **TOTAL COMMON STOCKS (Cost $99,750,110)** | 114367474 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 7366 | iShares MSCI EAFE ETF | 687763 |

---

---

| |
|:---|
| **NAA WORLD EQUITY INCOME SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 2.0% (Continued)** |  |
|  | **Equity - 2.0% (Continued)** |  |
| 1246 | SPDR S&P 500 ETF | $830060 |
| 1356 | Vanguard S&P 500 ETF | 830388 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,299,831)** | 2348211 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $102,049,941)** | $116715685 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | 662569 |
|  | **NET ASSETS - 100.0%** | $117378254 |

---

---

| | |
|:---|:---|
| A/S | - Anonim Sirketi |
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.E. | - Société Européene |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<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 WORLD EQUITY INCOME SERIES

- **b. EDGAR series identifier (if any):** S000087640

- **c. LEI of Series:** 529900U9UZJCVIPSBD84

**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:** $117807783.94

**Total Liabilities:** $429530.19

**Net Assets:** $117378253.75

**Cash Not Reported:** $24204.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253508 | 0.31%                | 4.58%                | 2.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $35193.93                | $313044.53                                 |
| Month 2  | $141130.08               | $4958740.07                                |
| Month 3  | $530594.11               | $2085561.87                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMorgan Chase & Co.                           | JPMorgan Chase & Company                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     16645 | NS      | $5250332.35   | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                         | Motorola Solutions, Inc.                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1048 | NS      | $479239.92    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE                              | Hannover Rueck S.E.                          | CUSIP: D3015J135<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |       952 | NS      | $286784.69    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Axa SA                                         | AXA S.A.                                     | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     16543 | NS      | $789278.61    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Paccar Inc                                     | PACCAR, Inc.                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      3374 | NS      | $331731.68    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                             | Ford Motor Company                           | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     24507 | NS      | $293103.72    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                | Ross Stores, Inc.                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      2245 | NS      | $342115.55    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Panasonic Holdings Corp.                       | Panasonic Holdings Corporation               | CUSIP: J6354Y104<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |     29100 | NS      | $315894.86    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                           | SLB Limited                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      8191 | NS      | $281524.67    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Real Estate Investment Corp.             | JAPAN REAL ESTATE INVESTMENT CORPORATION     | CUSIP: J27523109<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               | CORP              | JP        |       136 | NS      | $114541.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Electric Industries Ltd.              | Sumitomo Electric Industries Ltd.            | CUSIP: J77411114<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |     10032 | NS      | $286171.10    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                                    | Kenvue, Inc.                                 | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     11936 | NS      | $193721.28    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Group Holdings Ltd                       | Asahi Group Holdings                         | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     19100 | NS      | $229343.12    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                      | Groupe DANONE                                | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |      6169 | NS      | $537089.74    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp                           | Thomson Reuters Corporation                  | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |      1876 | NS      | $291353.34    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                  | FactSet Research Systems, Inc.               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       249 | NS      | $71336.01     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                 | BNP Paribas                                  | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      9472 | NS      | $859908.15    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                    | Lockheed Martin Corporation                  | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1314 | NS      | $655961.94    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc.                        | Church & Dwight Company, Inc.                | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      1574 | NS      | $137929.62    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                                      | KDDI Corporation                             | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     36436 | NS      | $581656.22    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corporation                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     24699 | NS      | $2784812.25   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                  | Accenture plc Class A                        | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      4060 | NS      | $1001196.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                       | Lam Research Corporation                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      7750 | NS      | $1037725.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                         | Mercedes-Benz Group AG                       | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |     11521 | NS      | $726128.07    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE            | LVMH Moet Hennessy Louis Vuitton SE          | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      2457 | NS      | $1501371.80   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                     | Chubb Ltd.                                   | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      2323 | NS      | $655666.75    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                    | NetApp, Inc.                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1247 | NS      | $147719.62    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                   | Broadcom, Inc.                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     26119 | NS      | $8616919.29   | 7.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                              | HSBC HOLDINGS PLC                            | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    188959 | NS      | $2666799.93   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                               | Merck & Company, Inc.                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     15768 | NS      | $1323408.24   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SEGRO PLC                                      | Segro Plc                                    | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |     14112 | NS      | $124694.22    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                           | Gilead Sciences, Inc.                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      7820 | NS      | $868020.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corporation                       | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7326 | NS      | $552307.14    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshizaki Corp.                                | Hoshizaki Corporation                        | CUSIP: J23254105<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |      3100 | NS      | $116481.14    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Corp                                  | SoftBank Corporation                         | CUSIP: J75963132<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |    361952 | NS      | $532894.31    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.           | Sumitomo Mitsui Financial Group, Inc.        | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     50240 | NS      | $1418867.35   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME S.A.                                  | Aena S.M.E. SA                               | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |      4335 | NS      | $118426.22    | 0.10%             |  |  |  | Yes           |                  1 | On Loan: No      |
| ING Groep N.V.                                 | ING GROEP                                    | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     52391 | NS      | $1373393.04   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                         | Intesa Sanpaolo SpA                          | CUSIP: T55067101<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    120119 | NS      | $791674.18    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                       | Svenska Handelsbanken AB                     | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |     42403 | NS      | $551281.43    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Metro Co Ltd                             | Tokyo Metro Company Ltd.                     | CUSIP: J8T324105<br>LEI: 35380049N9IQPZ74JY58 | Long             | EC               | CORP              | JP        |      8900 | NS      | $101991.33    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc.                    | Mizuho Financial Group, Inc.                 | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     32252 | NS      | $1087964.62   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin | Cie Generale des Etablissements Michelin     | CUSIP: F61824870<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |      6802 | NS      | $243875.42    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                                      | Tesco plc                                    | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | US        |     71699 | NS      | $429586.51    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                         | AGNICO EAGLE MINES LTD                       | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      7125 | NS      | $1200258.72   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                           | Corning, Inc.                                | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      4747 | NS      | $389396.41    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                   | UBS Group AG                                 | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     19509 | NS      | $796790.90    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                 | TC Energy Corp Com                           | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     15052 | NS      | $818559.66    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                      | Realty Income Corporation REIT               | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      5533 | NS      | $336351.07    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins, Inc.                                | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      1883 | NS      | $110607.42    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                      | Orange S.A.                                  | CUSIP: F6866T100<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     17391 | NS      | $282083.25    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc.                                  | NiSource, Inc.                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      2907 | NS      | $125873.10    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Legal & General Group PLC                      | Legal & General Group plc                    | CUSIP: G54404127<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |     62757 | NS      | $200876.42    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                   | British American Tobacco plc                 | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | US        |     20705 | NS      | $1099087.28   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                         | TJX Companies, Inc. (The)                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      7106 | NS      | $1027101.24   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                 | Citigroup, Inc.                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     11386 | NS      | $1155679.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                            | Newmont Corporation                          | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      6156 | NS      | $519012.36    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                    | United Parcel Service, Inc. Class B          | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      4658 | NS      | $389082.74    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                            | Stryker Corporation                          | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      2172 | NS      | $802923.24    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                | Seagate Technology Holdings plc (Ireland)    | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |      1273 | NS      | $300504.38    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock plc                           | Smurfit WestRock plc                         | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |      3174 | NS      | $135117.18    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                      | Nestle S.A.                                  | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     15418 | NS      | $1416022.53   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                   | Southern Company                             | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      6806 | NS      | $645004.62    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                   | Raymond James Financial, Inc.                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      1104 | NS      | $190550.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Unibrew A/S                              | ROYAL UNIBREW A/S                            | CUSIP: K8390X122<br>LEI: 529900D69KFL8IAP8Q63 | Long             | EC               | CORP              | DK        |      1249 | NS      | $95271.83     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd.                                       | ABB Ltd.                                     | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |      9272 | NS      | $671003.37    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                              | FirstEnergy Corporation                      | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      3197 | NS      | $146486.54    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart, Inc.                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     27244 | NS      | $2807766.64   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                   | Lennar Corporation Class A                   | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      1595 | NS      | $201033.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                           | Vanguard S&P 500 ETF                         | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      1356 | NS      | $830387.28    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                                | Danske Bank A/S                              | CUSIP: K22272114<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |     19104 | NS      | $813942.39    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                     | Garmin Ltd.                                  | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | US        |      1009 | NS      | $248435.98    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                              | Everest Group Ltd.                           | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |       315 | NS      | $110322.45    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corp.              | Bank of New York Mellon Corporation (The)    | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      4298 | NS      | $468310.08    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                             | Cintas Corporation                           | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2135 | NS      | $438230.10    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunzl PLC                                      | Bunzl plc                                    | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |      4137 | NS      | $130527.90    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                                | LKQ Corporation                              | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      2857 | NS      | $87252.78     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Life Holding AG                          | Swiss Life Holding AG                        | CUSIP: H8404J162<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |       165 | NS      | $178149.32    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB (publ)                             | SWEDBANK AB - A SHARES                       | CUSIP: W94232100<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |     25076 | NS      | $754304.80    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Post Holdings Co Ltd.                    | JAPAN POST HOLDINGS CO LT                    | CUSIP: J2800D109<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |     24576 | NS      | $244320.67    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                     | Siemens A.G.                                 | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     12123 | NS      | $3262023.48   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                           | Snap-on, Inc.                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       353 | NS      | $122325.09    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.             | American Water Works Company, Inc.           | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      1205 | NS      | $167723.95    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corporation                      | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      4840 | NS      | $598950.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC             | Coca-Cola Europacific Partners plc           | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | US        |      2194 | NS      | $198359.54    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated   | Public Service Enterprise Group, Inc.        | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      2973 | NS      | $248126.58    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                         | Standard Chartered plc                       | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |     20842 | NS      | $402376.32    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                  | Chevron Corporation                          | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9528 | NS      | $1479603.12   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DnB Bank ASA                                   | DNB Bank ASA                                 | CUSIP: R1R15X100<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |     13244 | NS      | $360273.89    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                             | Coca-Cola Company (The)                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     24764 | NS      | $1642348.48   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                  | Medtronic plc                                | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |      7992 | NS      | $761158.08    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                               | Severn Trent plc                             | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      3278 | NS      | $114292.58    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                    | PepsiCo, Inc.                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      8558 | NS      | $1201885.52   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Transdigm Group Inc.                           | TransDigm Group, Inc.                        | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       351 | NS      | $462625.02    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                      | eBay, Inc.                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      2947 | NS      | $268029.65    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                            | Bank of Nova Scotia (The)                    | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |     17390 | NS      | $1124672.90   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Steel Corp.                             | NIPPON STEEL & SUMITOMO METAL CORPORATION    | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |     74200 | NS      | $305850.57    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. (The)              | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1824 | NS      | $1452542.40   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                  | iShares MSCI EAFE ETF                        | CUSIP: 464287465<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      7366 | NS      | $687763.42    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                      | Travelers Companies, Inc. (The)              | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      1387 | NS      | $387278.14    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc.                     | Rogers Communications, Inc.                  | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |      5345 | NS      | $184037.48    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                | T-Mobile USA, Inc.                           | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      3151 | NS      | $754286.38    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                             | Deutsche Boerse AG                           | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      2972 | NS      | $795859.59    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                | Home Depot, Inc. (The)                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      6532 | NS      | $2646701.08   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                               | Sony Corporation                             | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     76792 | NS      | $2207800.39   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc.    | Expeditors International of Washington, Inc. | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |       934 | NS      | $114499.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank ABP                                | Nordea Bank Abp                              | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |     33593 | NS      | $550566.87    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                     | Northern Trust Corporation                   | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      1180 | NS      | $158828.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                    | Paychex, Inc.                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      2038 | NS      | $258336.88    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                      | Sanofi S.A.                                  | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     10938 | NS      | $1035704.14   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                               | NRG Energy, Inc.                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1156 | NS      | $187214.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                    | Zoetis, Inc.                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      2957 | NS      | $432668.24    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group AG                           | Julius Baer Group Ltd.                       | CUSIP: H4414N103<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |      1812 | NS      | $126183.55    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                   | General Dynamics Corporation                 | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      1547 | NS      | $527527.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Ltd                              | Sekisui House Ltd.                           | CUSIP: J70746136<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |      8329 | NS      | $189656.47    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Company                        | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       916 | NS      | $126957.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc.                     | Tokio Marine Holdings, Inc.                  | CUSIP: J86298106<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     25196 | NS      | $1066511.20   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                          | Invitation Homes, Inc.                       | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |      3490 | NS      | $102361.70    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                     | Constellation Brands, Inc. Class A           | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      1010 | NS      | $136016.70    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sydbank AS                                     | Sydbank A/S                                  | CUSIP: K9419V113<br>LEI: GP5DT10VX1QRQUKVBK64 | Long             | EC               | CORP              | DK        |      1565 | NS      | $125652.30    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.                 | Hewlett Packard Enterprise Company           | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      8283 | NS      | $203430.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Games Workshop Group PLC                       | Games Workshop Group plc                     | CUSIP: G3715N102<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |       479 | NS      | $93603.25     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                  | Koninklijke Ahold Delhaize N.V.              | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     15665 | NS      | $633841.07    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                    | AvalonBay Communities, Inc. REIT             | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       881 | NS      | $170182.77    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                               | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      7525 | NS      | $1196174.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc.                      | Sony Financial Group, Inc.                   | CUSIP: J7639Z106<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |     76792 | NS      | $85170.95     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                         | Southwest Airlines Company                   | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      3890 | NS      | $124129.90    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                   | Exelon Corporation                           | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      6294 | NS      | $283292.94    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax Group PLC                               | SPIRAX-SARCO ENGINEERING PLC                 | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |      1347 | NS      | $124036.98    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | Novartis A.G.                                | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     11650 | NS      | $1498051.18   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC                              | Ashtead Group plc                            | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | US        |      4435 | NS      | $296143.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.              | Canadian Pacific Kansas City                 | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     13066 | NS      | $973294.69    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Group                          | Royal Caribbean Cruises Ltd.                 | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |      1547 | NS      | $500578.26    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                            | Comcast Corporation Class A                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     23924 | NS      | $751692.08    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.          | International Business Machines Corporation  | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5555 | NS      | $1567398.80   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                    | Capital One Financial Corporation            | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      3991 | NS      | $848406.78    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                                 | Open Text Corpation                          | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      4364 | NS      | $163150.15    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzuki Motor Corp.                             | Suzuki Motor Corporation                     | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |     24116 | NS      | $352363.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | BBH Overnight Sweep                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    449877 | PA      | $449877.33    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                   | LyondellBasell Industries N.V. Class A       | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |      1778 | NS      | $87193.12     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc                        | Magna International, Inc.                    | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      3672 | NS      | $174013.93    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp                                       | CDW Corporation                              | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       852 | NS      | $135706.56    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC                      | Bank of Ireland Group PLC                    | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | US        |     14887 | NS      | $244941.66    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                     | Essex Property Trust, Inc. REIT              | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       402 | NS      | $107599.32    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Electric Corp.                      | Mitsubishi Electric Corporation              | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |     25660 | NS      | $659955.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                      | Lafarge Holcim - Reclaim                     | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |      5803 | NS      | $490928.30    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Talanx AG                                      | Talanx A.G.                                  | CUSIP: D82827110<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |       946 | NS      | $125718.71    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                                | Cigna Group (The)                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1638 | NS      | $472153.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                            | Vici Properties, Inc                         | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      6514 | NS      | $212421.54    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                       | Allstate Corporation (The)                   | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1634 | NS      | $350738.10    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                    | Xylem, Inc.                                  | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      1559 | NS      | $229952.50    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA             | Banco Bilbao Vizcaya Argentaria S.A.         | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |     33921 | NS      | $650703.38    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr S&P 500 Etf Trust                         | SPDR S&P 500 ETF Trust                       | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      1246 | NS      | $830060.28    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit S.p.A.                               | UniCredit SpA                                | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     11928 | NS      | $907611.85    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| The Estee Lauder Companies Inc.                | Estee Lauder Companies, Inc. (The) Class A   | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      1427 | NS      | $125747.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Canada                        | National Bank of Canada                      | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |      5519 | NS      | $586347.89    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander, S.A.                          | Banco Santander S.A.                         | CUSIP: E19790109<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     89076 | NS      | $927988.28    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group, Inc. REIT              | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      1959 | NS      | $367645.53    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                    | Ecolab, Inc.                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      1622 | NS      | $444200.92    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                              | Omnicom Group, Inc.                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      1508 | NS      | $122947.24    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| The Interpublic Group of Companies, Inc.       | Interpublic Group of Companies, Inc. (The)   | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |      4490 | NS      | $125315.90    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| D'Ieteren Group                                | s.a. D'Ieteren n.v.                          | CUSIP: B49343187<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      2265 | NS      | $423324.72    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                         | Trane Technologies plc                       | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      1386 | NS      | $584836.56    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                          | Colgate-Palmolive Company                    | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      5202 | NS      | $415847.88    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                           | Delta Air Lines, Inc.                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      4415 | NS      | $250551.25    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.            | Mitsubishi UFJ Financial Group, Inc.         | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    153932 | NS      | $2492210.57   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon AB                                     | Hexagon AB B-Shares                          | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |     56092 | NS      | $666693.73    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                   | Marriott International, Inc. Class A         | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1456 | NS      | $379200.64    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. Berkley Corporation                       | W R Berkley Corporation                      | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      1814 | NS      | $138988.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                        | GSK plc                                      | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | US        |     45520 | NS      | $963906.13    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                    | Humana, Inc.                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       704 | NS      | $183159.68    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                            | Cisco Systems, Inc.                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     24146 | NS      | $1652069.32   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                     | Amgen, Inc.                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      3357 | NS      | $947345.40    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazley PLC (UK)                               | Beazley plc                                  | CUSIP: G0936K107<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |      8763 | NS      | $106893.16    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                          | Dell Technologies, Inc. Class C              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      1844 | NS      | $261423.88    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.               | Sumitomo Mitsui Trust Holdings, Inc.         | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |      9100 | NS      | $264569.95    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                                | Fox Corporation - Class A Non-Voting         | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      2023 | NS      | $127570.38    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                         | General Motors Company                       | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      6033 | NS      | $367832.01    | 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