# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-26-007046
**Filing Date:** 2026-5
**Character Count:** 56772
**Document Hash:** 9ee054d88fa39cc0b85977a37fdff513
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007046.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000910472-26-007046

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**PERIOD START**: 20261231

**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:** 261006273

**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 SMID-CAP VALUE SERIES (Series ID: S000087639)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000253507 | NAA SMID-CAP VALUE SERIES |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **Communications - 3.0%** |  |
| 42014 | Maplebear, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1573844 |
| 15091 | Match Group, Inc. | &nbsp;&nbsp;&nbsp; 463445 |
| 3259 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 589325 |
| 16271 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; 1225369 |
|  |  | &nbsp;&nbsp; 3851983 |
|  | **Consumer Discretionary - 11.3%** |  |
| 15380 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp; 1617361 |
| 25836 | Callaway Golf Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 358604 |
| 18987 | Carter's, Inc. | &nbsp;&nbsp;&nbsp; 678975 |
| 14678 | Champion Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1091603 |
| 6620 | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp; 1297785 |
| 6715 | Green Brick Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 432782 |
| 3126 | Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp; 1033550 |
| 12525 | Lear Corporation | &nbsp;&nbsp;&nbsp; 1516527 |
| 5778 | Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 884612 |
| 49232 | Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 715340 |
| 19141 | MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 708408 |
| 46397 | Mister Car Wash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 323387 |
| 4821 | Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp; 720836 |
| 20646 | PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp; 592334 |
| 17095 | Service Corp International | &nbsp;&nbsp;&nbsp; 1410508 |
| 7807 | Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp; 535326 |
| 18115 | YETI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 662828 |
|  |  | &nbsp;&nbsp; 14580766 |
|  | **Consumer Staples - 4.3%** |  |
| 102315 | Albertsons Companies, Inc., Class A | &nbsp;&nbsp;&nbsp; 1743448 |
| 20149 | BellRing Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 324197 |
| 10791 | Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1181722 |
| 20625 | Quanex Building Products Corporation | &nbsp;&nbsp;&nbsp; 370631 |
| 45959 | Simply Good Foods Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 659512 |
| 15954 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1230532 |
|  |  | &nbsp;&nbsp; 5510042 |
|  | **Energy - 9.3%** |  |
| 15797 | Chord Energy Corporation | &nbsp;&nbsp;&nbsp; 2246017 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Energy - 9.3% (Continued)** |  |
| 20186 | ConocoPhillips | &nbsp;&nbsp;&nbsp; $2664552 |
| 12463 | Innovex International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 303973 |
| 35180 | Noble Corp PLC | &nbsp;&nbsp;&nbsp; 1726283 |
| 99350 | Nov, Inc. COM | &nbsp;&nbsp;&nbsp; 1868774 |
| 193763 | Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp; 2098453 |
| 11445 | Weatherford International PLC | &nbsp;&nbsp;&nbsp; 1082468 |
|  |  | &nbsp;&nbsp; 11990520 |
|  | **Financials - 21.6%** |  |
| 10584 | American Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1351683 |
| 14236 | Ameris Bancorp | &nbsp;&nbsp;&nbsp; 1110266 |
| 68489 | Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp; 723244 |
| 2873 | Assurant, Inc. | &nbsp;&nbsp;&nbsp; 625768 |
| 27123 | Bank OZK | &nbsp;&nbsp;&nbsp; 1244674 |
| 23490 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 964499 |
| 6383 | Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp; 260490 |
| 2419 | Everest Group Ltd. | &nbsp;&nbsp;&nbsp; 790650 |
| 80415 | First Horizon Corporation | &nbsp;&nbsp;&nbsp; 1830245 |
| 91851 | FNB Corp | &nbsp;&nbsp;&nbsp; 1535749 |
| 62822 | Fulton Financial Corporation | &nbsp;&nbsp;&nbsp; 1277799 |
| 3802 | GATX Corporation | &nbsp;&nbsp;&nbsp; 649153 |
| 4376 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 186680 |
| 5161 | Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 894659 |
| 6860 | Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp; 985233 |
| 16812 | Moelis & Company, Class A | &nbsp;&nbsp;&nbsp; 958284 |
| 12354 | OFG Bancorp | &nbsp;&nbsp;&nbsp; 499843 |
| 14964 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp; 1145494 |
| 60998 | Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp; 1290718 |
| 11020 | Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp; 1595586 |
| 9440 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp; 1927271 |
| 9932 | SEI Investments Company | &nbsp;&nbsp;&nbsp; 779364 |
| 14842 | Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp; 1118938 |
| 18446 | Stifel Financial Corporation | &nbsp;&nbsp;&nbsp; 1363528 |
| 6090 | Trupanion, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155965 |
| 24585 | Unum Group | &nbsp;&nbsp;&nbsp; 1795443 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Financials - 21.6% (Continued)** |  |
| 18221 | Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp; $808649 |
|  |  | &nbsp;&nbsp; 27869875 |
|  | **Health Care - 3.6%** |  |
| 50994 | AdaptHealth Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 606829 |
| 22718 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1283340 |
| 9666 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 2042522 |
| 11768 | Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 739030 |
|  |  | &nbsp;&nbsp; 4671721 |
|  | **Industrials - 11.6%** |  |
| 26394 | ABM Industries, Inc. | &nbsp;&nbsp;&nbsp; 1016697 |
| 11018 | Alarm.com Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 475867 |
| 9349 | Arcosa, Inc. | &nbsp;&nbsp;&nbsp; 992303 |
| 6052 | Exponent, Inc. | &nbsp;&nbsp;&nbsp; 394893 |
| 54450 | Hayward Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 728541 |
| 10189 | Matson, Inc. | &nbsp;&nbsp;&nbsp; 1670384 |
| 14223 | Nextpower, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1714583 |
| 9052 | Oshkosh Corporation | &nbsp;&nbsp;&nbsp; 1332545 |
| 31002 | Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1045077 |
| 85144 | RXO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1244805 |
| 11592 | SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1064493 |
| 4563 | UniFirst Corp | &nbsp;&nbsp;&nbsp; 1148005 |
| 1702 | United Rentals, Inc. | &nbsp;&nbsp;&nbsp; 1240010 |
| 50023 | WillScot Holdings Corporation | &nbsp;&nbsp;&nbsp; 868399 |
|  |  | &nbsp;&nbsp; 14936602 |
|  | **Materials - 9.5%** |  |
| 40880 | Alcoa Corporation | &nbsp;&nbsp;&nbsp; 2711570 |
| 15347 | AptarGroup, Inc. | &nbsp;&nbsp;&nbsp; 1934029 |
| 5380 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp; 1019241 |
| 7325 | Ecolab, Inc. | &nbsp;&nbsp;&nbsp; 1948596 |
| 6383 | Greif, Inc., Class A | &nbsp;&nbsp;&nbsp; 428108 |
| 16736 | Owens Corning | &nbsp;&nbsp;&nbsp; 1811170 |
| 6714 | Vulcan Materials Company | &nbsp;&nbsp;&nbsp; 1828223 |
| 2652 | WD-40 Company | &nbsp;&nbsp;&nbsp; 540849 |
|  |  | &nbsp;&nbsp; 12221786 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Real Estate - 8.5%** |  |
| 14311 | Agree Realty Corporation | &nbsp;&nbsp;&nbsp; $1078763 |
| 16470 | American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp; 303213 |
| 44346 | American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp; 1238140 |
| 32739 | CubeSmart | &nbsp;&nbsp;&nbsp; 1199884 |
| 9905 | EPR Properties | &nbsp;&nbsp;&nbsp; 494854 |
| 21161 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp; 1320870 |
| 15366 | Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp; 363406 |
| 13857 | Getty Realty Corporation | &nbsp;&nbsp;&nbsp; 440653 |
| 5740 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1746797 |
| 27784 | NNN REIT, Inc. | &nbsp;&nbsp;&nbsp; 1167762 |
| 46552 | Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp; 1523646 |
|  |  | &nbsp;&nbsp; 10877988 |
|  | **Technology - 9.6%** |  |
| 17401 | ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 713615 |
| 7002 | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1137685 |
| 12989 | CTS Corporation | &nbsp;&nbsp;&nbsp; 620354 |
| 28186 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 267767 |
| 9965 | Euronet Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 661377 |
| 34271 | KBR, Inc. | &nbsp;&nbsp;&nbsp; 1263229 |
| 7964 | Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1238561 |
| 9265 | MAXIMUS, Inc. | &nbsp;&nbsp;&nbsp; 593887 |
| 3244 | Morningstar, Inc. | &nbsp;&nbsp;&nbsp; 548398 |
| 17077 | NetScout Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 542878 |
| 32099 | Nutanix, Inc., A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1220083 |
| 50572 | Payoneer Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 244263 |
| 24279 | Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 981115 |
| 12229 | Q2 Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 578432 |
| 34954 | Teradata Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 895871 |
| 25820 | Veeco Instruments, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 874265 |
|  |  | &nbsp;&nbsp; 12381780 |
|  | **Utilities - 5.6%** |  |
| 22557 | Avista Corporation | &nbsp;&nbsp;&nbsp; 905438 |
| 14054 | Evergy, Inc. | &nbsp;&nbsp;&nbsp; 1151304 |
| 31952 | FirstEnergy Corporation | &nbsp;&nbsp;&nbsp; 1618688 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** | **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Utilities - 5.6% (Continued)** |  |
| 16294 | H2O America | &nbsp;&nbsp;&nbsp; $955969 |
| 38328 | OGE Energy Corporation | &nbsp;&nbsp;&nbsp; 1838211 |
| 7151 | Pinnacle West Capital Corporation | &nbsp;&nbsp;&nbsp; 720463 |
|  |  | &nbsp;&nbsp; 7190073 |
|  | **TOTAL COMMON STOCKS (Cost $122,435,774)** | &nbsp;&nbsp; 126083136 |
|  | **EXCHANGE-TRADED FUNDS — 1.7%** |  |
|  | **Equity - 1.7%** |  |
| 7950 | iShares Russell Mid-Cap Value ETF | &nbsp;&nbsp;&nbsp; 1158633 |
| 4655 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 1011299 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,266,902)** | &nbsp;&nbsp; 2169932 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $124,702,676)** | &nbsp;&nbsp;&nbsp; $128253068 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** | &nbsp;&nbsp; 555170 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $128808238 |

---

ETF – Exchange-Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

<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 SMID-CAP VALUE SERIES

- **b. EDGAR series identifier (if any):** S000087639

- **c. LEI of Series:** 529900I7DE1BHLA1AK67

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $129392756.99

**Total Liabilities:** $584518.62

**Net Assets:** $128808238.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253507 | 2.95%                | 1.91%                | -4.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $52343.71                | $3819383.78                                |
| Month 2  | $98974.38                | $2447316.53                                |
| Month 3  | $175815.89               | $-6583431.31                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABM Industries Inc.                         | ABM Industries, Inc.                        | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     26394 | NS      | $1016696.88   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                           | ACI Worldwide, Inc.                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     17401 | NS      | $713615.01    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corporation                     | AdaptHealth Corporation                     | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50994 | NS      | $606828.60    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corporation                    | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     14311 | NS      | $1078763.18   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings, Inc.                    | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |     11018 | NS      | $475867.42    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Companies Inc.                   | Albertsons Companies, Inc.                  | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    102315 | NS      | $1743447.60   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                           | Alcoa Corporation                           | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     40880 | NS      | $2711570.40   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                  | American Assets Trust, Inc. REIT            | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16470 | NS      | $303212.70    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.              | American Financial Group Inc                | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     10584 | NS      | $1351682.64   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent Class A               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     44346 | NS      | $1238140.32   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp                              | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     14236 | NS      | $1110265.64   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |     68489 | NS      | $723243.84    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                             | AptarGroup, Inc.                            | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     15347 | NS      | $1934028.94   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                  | Arcosa, Inc.                                | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      9349 | NS      | $992302.86    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                               | Assurant, Inc.                              | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      2873 | NS      | $625768.13    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                | Autoliv, Inc.                               | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |     15380 | NS      | $1617360.80   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation                          | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     22557 | NS      | $905437.98    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                    | Bank OZK                                    | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     27123 | NS      | $1244674.47   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.         | BellRing Brands, Inc.                       | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     20149 | NS      | $324197.41    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                | BioMarin Pharmaceutical, Inc.               | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     22718 | NS      | $1283339.82   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.         | Broadridge Financial Solutions, Inc.        | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      7002 | NS      | $1137684.96   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                   | CNO Financial Group, Inc.                   | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     23490 | NS      | $964499.40    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corporation                             | CTS Corporation                             | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     12989 | NS      | $620354.64    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Callaway Golf Co.                           | Callaway Golf Company                       | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |     25836 | NS      | $358603.68    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                       | Cardinal Health, Inc.                       | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      9666 | NS      | $2042522.46   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters Inc.                                | Carter's, Inc.                              | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     18987 | NS      | $678975.12    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                              | ConocoPhillips                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     20186 | NS      | $2664552.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                        | CubeSmart REIT                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32739 | NS      | $1199884.35   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                    | Darden Restaurants, Inc.                    | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      6620 | NS      | $1297784.80   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                  | Dexcom, Inc.                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     11768 | NS      | $739030.40    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                             | Dollar Tree, Inc.                           | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     10791 | NS      | $1181722.41   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                   | DOUBLEVERIFY HOLDINGS INC COM               | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28186 | NS      | $267767.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                              | EPR Properties REIT                         | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      9905 | NS      | $494853.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                        | Eagle Materials, Inc.                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      5380 | NS      | $1019241.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                 | Ecolab, Inc.                                | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      7325 | NS      | $1948596.50   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                          | Enact Holdings, Inc.                        | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |      6383 | NS      | $260490.23    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc             | Equity LifeStyle Properties, Inc. REIT      | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     21161 | NS      | $1320869.62   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                     | Euronet Worldwide, Inc.                     | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      9965 | NS      | $661377.05    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                  | Evergy, Inc.                                | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     14054 | NS      | $1151303.68   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                | Exponent, Inc.                              | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      6052 | NS      | $394893.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                   | FNB Corp                                    | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     91851 | NS      | $1535748.72   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                   | First Horizon Corporation                   | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     80415 | NS      | $1830245.40   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                           | FirstEnergy Corporation                     | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     31952 | NS      | $1618688.32   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.            | Four Corners Property Trust, Inc.           | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     15366 | NS      | $363405.90    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation                | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     62822 | NS      | $1277799.48   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                            | GATX Corporation                            | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      3802 | NS      | $649153.48    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corporation                    | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     13857 | NS      | $440652.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                     | Goosehead Insurance, Inc.                   | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |      4376 | NS      | $186680.16    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc.                   | Green Brick Partners, Inc.                  | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |      6715 | NS      | $432781.75    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                                 | Greif, Inc. Class A                         | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      6383 | NS      | $428107.81    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                    | Group 1 Automotive, Inc.                    | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      3126 | NS      | $1033549.38   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.           | Hanover Insurance Group, Inc. (The)         | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      5161 | NS      | $894659.35    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                        | Hayward Holdings, Inc. Class A              | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54450 | NS      | $728541.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                         | Houlihan Lokey, Inc.                        | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      6860 | NS      | $985233.20    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc.                  | Innovex International, Inc.                 | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     12463 | NS      | $303972.57    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | iShares Russell Mid-Cap Value ETF           | CUSIP: 464287473<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      7950 | NS      | $1158633.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated             | Jones Lang LaSalle, Inc.                    | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      5740 | NS      | $1746796.80   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                     | KBR, Inc.                                   | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     34271 | NS      | $1263229.06   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                            | Lear Corporation                            | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     12525 | NS      | $1516527.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                         | Leidos Holdings, Inc.                       | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      7964 | NS      | $1238561.28   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                    | Lululemon Athletica, Inc.                   | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |      5778 | NS      | $884611.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                   | MGM Resorts International                   | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |     19141 | NS      | $708408.41    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc.                              | Maplebear, Inc.                             | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42014 | NS      | $1573844.44   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                             | Match Group, Inc.                           | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     15091 | NS      | $463444.61    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                  | Matson, Inc.                                | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     10189 | NS      | $1670384.66   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                                | Mattel, Inc.                                | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |     49232 | NS      | $715340.96    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                 | Maximus, Inc.                               | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      9265 | NS      | $593886.50    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                         | Mister Car Wash, Inc.                       | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46397 | NS      | $323387.09    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                                | Moelis & Company                            | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     16812 | NS      | $958284.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                             | Morningstar, Inc.                           | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      3244 | NS      | $548398.20    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                    | Nov, Inc. COM                               | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     99350 | NS      | $1868773.50   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                | NNN REIT, Inc. REIT                         | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     27784 | NS      | $1167761.52   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSCOUT Systems Inc.                       | NetScout Systems, Inc.                      | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |     17077 | NS      | $542877.83    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc.                              | Nextpower, Inc.                             | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14223 | NS      | $1714582.65   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                     | Nexstar Media Group, Inc.                   | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      3259 | NS      | $589324.97    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                 | Nutanix, Inc. CLASS A                       | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     32099 | NS      | $1220082.99   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                      | OGE Energy Corporation                      | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     38328 | NS      | $1838210.88   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                 | OFG Bancorp                                 | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     12354 | NS      | $499842.84    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                          | Chord Energy Corporation                    | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     15797 | NS      | $2246017.46   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group, Inc.                         | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     16271 | NS      | $1225369.01   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corporation                         | Oshkosh Corporation                         | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |      9052 | NS      | $1332544.92   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                               | Owens Corning                               | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     16736 | NS      | $1811169.92   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy, Inc.                  | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    193763 | NS      | $2098453.29   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc.                        | Payoneer Global, Inc.                       | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |     50572 | NS      | $244262.76    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.               | Penske Automotive Group, Inc.               | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      4821 | NS      | $720835.92    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                             | Photronics, Inc.                            | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     24279 | NS      | $981114.39    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp.                 | Pinnacle West Capital Corporation           | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      7151 | NS      | $720463.25    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                     | Piper Sandler Cos                           | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |     14964 | NS      | $1145494.20   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc.                          | PROG Holdings, Inc.                         | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     20646 | NS      | $592333.74    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc.           | Provident Financial Services, Inc.          | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     60998 | NS      | $1290717.68   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                             | Q2 Holdings, Inc.                           | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     12229 | NS      | $578431.70    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp.              | Quanex Building Products Corporation        | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |     20625 | NS      | $370631.25    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc.                                    | RXO, Inc.                                   | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     85144 | NS      | $1244805.28   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                | Raymond James Financial, Inc.               | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     11020 | NS      | $1595585.80   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated  | Reinsurance Group of America, Inc.          | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      9440 | NS      | $1927270.40   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies, Inc.                  | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     31002 | NS      | $1045077.42   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.              | Rexford Industrial Realty, Inc.             | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     46552 | NS      | $1523646.96   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                          | SEI Investments Company                     | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      9932 | NS      | $779364.04    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                 | H2O America                                 | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16294 | NS      | $955968.98    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.              | Selective Insurance Group, Inc.             | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     14842 | NS      | $1118938.38   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corporation International           | Service Corp International                  | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |     17095 | NS      | $1410508.45   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                   | Simply Good Foods Company (The)             | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45959 | NS      | $659511.65    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                         | Champion Homes, Inc.                        | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14678 | NS      | $1091602.86   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                                 | SkyWest, Inc.                               | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     11592 | NS      | $1064493.36   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive, Inc.                      | Sonic Automotive, Inc.                      | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      7807 | NS      | $535325.99    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Markets Inc                 | Sprouts Farmers Market, Inc.                | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     15954 | NS      | $1230532.02   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                | Stifel Financial Corporation                | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     18446 | NS      | $1363528.32   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                               | Teradata Corporation                        | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |     34954 | NS      | $895871.02    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                               | Trupanion, Inc.                             | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |      6090 | NS      | $155964.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                               | UniFirst Corp                               | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      4563 | NS      | $1148005.17   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                        | United Rentals, Inc.                        | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1702 | NS      | $1240009.12   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                  | Unum Group                                  | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     24585 | NS      | $1795442.55   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc.                      | Veeco Instruments, Inc.                     | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |     25820 | NS      | $874265.20    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                        | Vanguard Small-Cap Value ETF                | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      4655 | NS      | $1011298.75   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                    | Vulcan Materials Company                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      6714 | NS      | $1828222.20   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co.                                   | WD-40 Company                               | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |      2652 | NS      | $540848.88    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc.                        | Walker & Dunlop, Inc.                       | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18221 | NS      | $808647.98    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corporation               | WillScot Holdings Corporation               | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     50023 | NS      | $868399.28    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                           | YETI Holdings, Inc.                         | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     18115 | NS      | $662827.85    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BBH Overnight Sweep                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    558904 | PA      | $558903.66    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                           | Everest Group Ltd.                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      2419 | NS      | $790650.15    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc               | Weatherford International plc               | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |     11445 | NS      | $1082468.10   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corporation PLC                       | Noble Corp plc                              | CUSIP: G65431127<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | US        |     35180 | NS      | $1726282.60   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-21

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

**Signature:** Keith D. Kemp

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

**Title:** President