# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-26-007051
**Filing Date:** 2026-5
**Character Count:** 79733
**Document Hash:** 655a7fb0a97538860dc9af7a7ac92c41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007051.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000910472-26-007051

**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:** 261006278

**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** | **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME 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 — 97.2%** |  |
|  | **Communications - 3.6%** |  |
| 1867 | Fox Corporation, Class A | &nbsp;&nbsp;&nbsp; $109033 |
| 53436 | KDDI Corporation | &nbsp;&nbsp;&nbsp; 916957 |
| 1647 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; 124036 |
| 23296 | Orange S.A. | &nbsp;&nbsp;&nbsp; 477619 |
| 6786 | Rogers Communications Inc, Class B | &nbsp;&nbsp;&nbsp; 260929 |
| 564052 | SoftBank Corporation | &nbsp;&nbsp;&nbsp; 750231 |
| 546 | VeriSign, Inc. | &nbsp;&nbsp;&nbsp; 135605 |
| 24159 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 1212781 |
| 10064 | Walt Disney Company (The) | &nbsp;&nbsp;&nbsp; 969968 |
|  |  | &nbsp;&nbsp; 4957159 |
|  | **Consumer Discretionary - 6.7%** |  |
| 3820 | Bunzl plc | &nbsp;&nbsp;&nbsp; 114063 |
| 9906 | Cie Generale des Etablissements Michelin | &nbsp;&nbsp;&nbsp; 334207 |
| 4103 | D'ieteren Group | &nbsp;&nbsp;&nbsp; 750225 |
| 3584 | Evolution A.B.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 221515 |
| 22421 | Ford Motor Company | &nbsp;&nbsp;&nbsp; 258738 |
| 604 | Games Workshop Group plc | &nbsp;&nbsp;&nbsp; 141499 |
| 5212 | General Motors Company | &nbsp;&nbsp;&nbsp; 388294 |
| 1047 | Genuine Parts Company | &nbsp;&nbsp;&nbsp; 110720 |
| 5618 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 1847703 |
| 1314 | Lennar Corporation, Class A | &nbsp;&nbsp;&nbsp; 114108 |
| 2466 | LVMH Moet Hennessy Louis Vuitton S.E. | &nbsp;&nbsp;&nbsp; 1319931 |
| 4655 | Magna International, Inc. | &nbsp;&nbsp;&nbsp; 259920 |
| 1189 | Marriott International Inc, Class A | &nbsp;&nbsp;&nbsp; 388887 |
| 1837 | Ross Stores, Inc. | &nbsp;&nbsp;&nbsp; 397949 |
| 1288 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp; 354432 |
| 11429 | Sekisui House Ltd. | &nbsp;&nbsp;&nbsp; 253477 |
| 14632 | Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp; 772566 |
| 6405 | TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 1022879 |
| 1513 | Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp; 235241 |
|  |  | &nbsp;&nbsp; 9286354 |
|  | **Consumer Staples - 10.1%** |  |
| 30400 | Asahi Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 303592 |
| 24260 | British American Tobacco plc | &nbsp;&nbsp;&nbsp; 1403505 |

---

---

| | | |
|:---|:---|:---|
| **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME 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 — 97.2% (Continued)** |  |
|  | **Consumer Staples - 10.1% (Continued)** |  |
| 22409 | Coca-Cola Company (The) | &nbsp;&nbsp;&nbsp; $1704205 |
| 2476 | Coca-Cola Europacific Partners plc | &nbsp;&nbsp;&nbsp; 224499 |
| 952 | Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp; 142800 |
| 9035 | Imperial Brands plc | &nbsp;&nbsp;&nbsp; 366338 |
| 11917 | Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp; 556274 |
| 22383 | Nestle S.A. | &nbsp;&nbsp;&nbsp; 2195274 |
| 7684 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 1193248 |
| 12891 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 1861976 |
| 6195 | Royal Unibrew A/S | &nbsp;&nbsp;&nbsp; 502726 |
| 79044 | Tesco PLC | &nbsp;&nbsp;&nbsp; 494953 |
| 25440 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 3161682 |
|  |  | &nbsp;&nbsp; 14111072 |
|  | **Energy - 6.7%** |  |
| 10959 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 2267417 |
| 24743 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 4197897 |
| 16373 | TC Energy Corporation | &nbsp;&nbsp;&nbsp; 1025063 |
| 20795 | TotalEnergies S.E. | &nbsp;&nbsp;&nbsp; 1908364 |
|  |  | &nbsp;&nbsp; 9398741 |
|  | **Financials - 28.2%** |  |
| 7453 | AL Sydbank | &nbsp;&nbsp;&nbsp; 593282 |
| 4315 | Allianz S.E. | &nbsp;&nbsp;&nbsp; 1791933 |
| 1467 | Allstate Corporation (The) | &nbsp;&nbsp;&nbsp; 304168 |
| 1255 | Ares Management Corporation, Class A | &nbsp;&nbsp;&nbsp; 136921 |
| 15623 | AXA S.A. | &nbsp;&nbsp;&nbsp; 708560 |
| 92266 | Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp; 1946203 |
| 18913 | Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp; 337404 |
| 4146 | Bank of New York Mellon Corporation (The) | &nbsp;&nbsp;&nbsp; 491840 |
| 18981 | Bank of Nova Scotia (The) | &nbsp;&nbsp;&nbsp; 1316029 |
| 11477 | Beazley plc | &nbsp;&nbsp;&nbsp; 192311 |
| 9005 | BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 842944 |
| 2054 | Chubb Ltd. | &nbsp;&nbsp;&nbsp; 669460 |
| 10233 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 1160525 |
| 2314 | Deutsche Boerse A.G. | &nbsp;&nbsp;&nbsp; 671574 |
| 25799 | DNB Bank ASA | &nbsp;&nbsp;&nbsp; 802723 |

---

---

| | | |
|:---|:---|:---|
| **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME 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 — 97.2% (Continued)** |  |
|  | **Financials - 28.2% (Continued)** |  |
| 404 | Everest Group Ltd. | &nbsp;&nbsp;&nbsp; $132047 |
| 1754 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1483866 |
| 917 | Hannover Rueck S.E. | &nbsp;&nbsp;&nbsp; 283833 |
| 191885 | HSBC Holdings PLC | &nbsp;&nbsp;&nbsp; 3151146 |
| 35813 | ING Groep N.V. | &nbsp;&nbsp;&nbsp; 929548 |
| 3267 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 513834 |
| 165515 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp; 987313 |
| 15133 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 4451522 |
| 3276 | Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp; 240972 |
| 65610 | Legal & General Group plc | &nbsp;&nbsp;&nbsp; 213883 |
| 227532 | Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 3727377 |
| 46452 | Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1781539 |
| 7200 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 1184904 |
| 5965 | National Bank of Canada | &nbsp;&nbsp;&nbsp; 771723 |
| 49231 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp; 837396 |
| 3407 | Progressive Corporation (The) | &nbsp;&nbsp;&nbsp; 675404 |
| 13300 | Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp; 410783 |
| 37982 | Svenska Handelsbanken A.B., A Shares | &nbsp;&nbsp;&nbsp; 493618 |
| 21294 | Swedbank A.B., Class A | &nbsp;&nbsp;&nbsp; 717205 |
| 240 | Swiss Life Holding A.G. | &nbsp;&nbsp;&nbsp; 261421 |
| 34796 | Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1633276 |
| 1245 | Travelers Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 363142 |
| 22713 | UBS Group A.G. | &nbsp;&nbsp;&nbsp; 872932 |
| 15611 | UniCredit SpA | &nbsp;&nbsp;&nbsp; 1119946 |
| 1925 | W R Berkley Corporation | &nbsp;&nbsp;&nbsp; 127589 |
|  |  | &nbsp;&nbsp; 39332096 |
|  | **Health Care - 9.9%** |  |
| 3022 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 1063291 |
| 1616 | Becton Dickinson and Company | &nbsp;&nbsp;&nbsp; 254084 |
| 1493 | Cigna Group (The) | &nbsp;&nbsp;&nbsp; 398258 |
| 7434 | CVS Health Corporation | &nbsp;&nbsp;&nbsp; 533910 |
| 7117 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 991896 |
| 675 | Humana, Inc. | &nbsp;&nbsp;&nbsp; 117038 |
| 13356 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 3264740 |

---

---

| | | |
|:---|:---|:---|
| **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME 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 — 97.2% (Continued)** |  |
|  | **Health Care - 9.9% (Continued)** |  |
| 7582 | Medtronic PLC | &nbsp;&nbsp;&nbsp; $656979 |
| 14149 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 1701983 |
| 15847 | Novartis A.G. | &nbsp;&nbsp;&nbsp; 2432518 |
| 2320 | Orion OYJ, Class B | &nbsp;&nbsp;&nbsp; 186898 |
| 10819 | Sanofi S.A. | &nbsp;&nbsp;&nbsp; 1044746 |
| 4729 | Siemens Healthineers A.G.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 198408 |
| 1989 | Stryker Corporation | &nbsp;&nbsp;&nbsp; 653566 |
| 217 | Waters Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 64623 |
| 2435 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp; 287841 |
|  |  | &nbsp;&nbsp; 13850779 |
|  | **Industrials - 9.3%** |  |
| 13472 | ABB Ltd. | &nbsp;&nbsp;&nbsp; 1095422 |
| 34836 | BAE Systems plc | &nbsp;&nbsp;&nbsp; 1014363 |
| 14165 | Canadian Pacific Kansas City | &nbsp;&nbsp;&nbsp; 1114463 |
| 1949 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 329654 |
| 3654 | Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp; 242918 |
| 886 | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp; 126902 |
| 1468 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; 503847 |
| 3800 | Hoshizaki Corp | &nbsp;&nbsp;&nbsp; 120958 |
| 2194 | Rollins, Inc. | &nbsp;&nbsp;&nbsp; 117182 |
| 7583 | RTX Corporation | &nbsp;&nbsp;&nbsp; 1462761 |
| 8362 | Siemens A.G. | &nbsp;&nbsp;&nbsp; 1988053 |
| 3245 | Southwest Airlines Company | &nbsp;&nbsp;&nbsp; 121915 |
| 1476 | Spirax Group plc | &nbsp;&nbsp;&nbsp; 132413 |
| 4558 | Sunbelt Rentals Holdings, Inc. | &nbsp;&nbsp;&nbsp; 286557 |
| 1347 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp; 561349 |
| 342 | TransDigm Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 396364 |
| 3382 | Union Pacific Corporation | &nbsp;&nbsp;&nbsp; 820541 |
| 37519 | Volvo A.B., B Shares | &nbsp;&nbsp;&nbsp; 1210582 |
| 4102 | Waste Connections, Inc. | &nbsp;&nbsp;&nbsp; 666340 |
| 2059 | Waste Management, Inc. | &nbsp;&nbsp;&nbsp; 473138 |
| 1419 | Xylem Inc | &nbsp;&nbsp;&nbsp; 169570 |
|  |  | &nbsp;&nbsp; 12955292 |

---

---

| | | |
|:---|:---|:---|
| **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME 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 — 97.2% (Continued)** |  |
|  | **Materials - 3.0%** |  |
| 8256 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp; $1675492 |
| 3276 | DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp; 150041 |
| 1438 | Ecolab, Inc. | &nbsp;&nbsp;&nbsp; 382537 |
| 7839 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 460776 |
| 4356 | Holcim A.G. | &nbsp;&nbsp;&nbsp; 353680 |
| 6011 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 650691 |
| 107200 | Nippon Steel Corporation | &nbsp;&nbsp;&nbsp; 388982 |
| 3500 | Smurfit WestRock plc | &nbsp;&nbsp;&nbsp; 139475 |
|  |  | &nbsp;&nbsp; 4201674 |
|  | **Real Estate - 1.9%** |  |
| 12155 | Aena S.M.E. S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 358525 |
| 801 | AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp; 130843 |
| 566 | Equinix, Inc. | &nbsp;&nbsp;&nbsp; 554815 |
| 505 | Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp; 122210 |
| 4861 | Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp; 120796 |
| 159 | Japan Real Estate Investment Corporation | &nbsp;&nbsp;&nbsp; 117067 |
| 12307 | Merlin Properties Socimi, S.A. | &nbsp;&nbsp;&nbsp; 200502 |
| 5300 | Realty Income Corporation | &nbsp;&nbsp;&nbsp; 324254 |
| 16239 | Segro plc | &nbsp;&nbsp;&nbsp; 139205 |
| 1870 | Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp; 348811 |
| 6099 | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp; 166625 |
|  |  | &nbsp;&nbsp; 2583653 |
|  | **Technology - 15.7%** |  |
| 3561 | Accenture PLC, Class A | &nbsp;&nbsp;&nbsp; 706111 |
| 34312 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 10619908 |
| 670 | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp; 108862 |
| 925 | CDW Corp | &nbsp;&nbsp;&nbsp; 111944 |
| 24038 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 1865108 |
| 2724 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 167117 |
| 4853 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 659862 |
| 450 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp; 97646 |
| 956 | Garmin Ltd. | &nbsp;&nbsp;&nbsp; 221802 |
| 5574 | International Business Machines Corporation | &nbsp;&nbsp;&nbsp; 1351081 |
| 7843 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 1675735 |

---

---

| | | |
|:---|:---|:---|
| **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME 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 — 97.2% (Continued)** |  |
|  | **Technology - 15.7% (Continued)** |  |
| 962 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; $417479 |
| 419 | MSCI, Inc. | &nbsp;&nbsp;&nbsp; 225845 |
| 1230 | NetApp, Inc. | &nbsp;&nbsp;&nbsp; 125940 |
| 5838 | Open Text Corporation | &nbsp;&nbsp;&nbsp; 130071 |
| 1289 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp; 504979 |
| 132892 | Sony Group Corporation | &nbsp;&nbsp;&nbsp; 2769693 |
| 2187 | Thomson Reuters Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 197358 |
|  |  | &nbsp;&nbsp; 21956541 |
|  | **Utilities - 2.1%** |  |
| 1091 | American Water Works Company, Inc. | &nbsp;&nbsp;&nbsp; 148474 |
| 1226 | DTE Energy Company | &nbsp;&nbsp;&nbsp; 179266 |
| 4457 | Duke Energy Corporation | &nbsp;&nbsp;&nbsp; 583600 |
| 5842 | Exelon Corporation | &nbsp;&nbsp;&nbsp; 286375 |
| 3054 | FirstEnergy Corporation | &nbsp;&nbsp;&nbsp; 154716 |
| 3228 | NiSource, Inc. | &nbsp;&nbsp;&nbsp; 150619 |
| 1244 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 181798 |
| 2892 | Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp; 234107 |
| 3179 | Severn Trent plc | &nbsp;&nbsp;&nbsp; 130378 |
| 6315 | Southern Company (The) | &nbsp;&nbsp;&nbsp; 609523 |
| 22065 | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp; 251559 |
|  |  | &nbsp;&nbsp; 2910415 |
|  | **TOTAL COMMON STOCKS (Cost $120,050,786)** | &nbsp;&nbsp; 135543776 |
|  | **EXCHANGE-TRADED FUNDS — 1.9%** |  |
|  | **Equity - 1.9%** |  |
| 8739 | iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp; 848819 |
| 1430 | State Street SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 929987 |
| 1555 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 929190 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,825,567)** | &nbsp;&nbsp; 2707996 |

---

---

| | |
|:---|:---|
| **NAA WORLD EQUITY INCOME SERIES** | **NAA WORLD EQUITY INCOME SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** |
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 99.1% (Cost $122,876,353)** | &nbsp;&nbsp;&nbsp; $138251772 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9%** | &nbsp;&nbsp; 1263534 |
| **NET ASSETS - 100.0%** | &nbsp;&nbsp; $139515306 |

---

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.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026, the total market value of 144A securities is 778,448 or 0.6% of net assets.

## 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:** 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:** $143769591.47

**Total Liabilities:** $4254285.81

**Net Assets:** $139515305.66

**Cash Not Reported:** $77924.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253508 | 3.72%                | 3.78%                | -6.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-260.07                 | $4917924.28                                |
| Month 2  | $8833.97                 | $5235740.70                                |
| Month 3  | $-6701.35                | $-9578522.86                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Allstate Corporation                       | Allstate Corporation (The)                         | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1467 | NS      | $304167.78    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                                | BAE Systems plc                                    | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     34836 | NS      | $1014363.24   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                   | British American Tobacco plc                       | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     24260 | NS      | $1403505.57   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.             | American Water Works Company, Inc.                 | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      1091 | NS      | $148474.19    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                     | Amgen, Inc.                                        | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      3022 | NS      | $1063290.70   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Games Workshop Group PLC                       | Games Workshop Group plc                           | CUSIP: G3715N102<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |       604 | NS      | $141498.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corporation                    | Ares Management Corporation Class A                | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      1255 | NS      | $136920.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC                            | Imperial Brands plc                                | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |      9035 | NS      | $366337.52    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                    | AvalonBay Communities, Inc. REIT                   | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       801 | NS      | $130843.35    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                              | HSBC HOLDINGS PLC                                  | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    191885 | NS      | $3151146.17   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Legal & General Group PLC                      | Legal & General Group plc                          | CUSIP: G54404127<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |     65610 | NS      | $213883.35    | 0.15%             |  |  |  | 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        |      4146 | NS      | $491839.98    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company                  | Becton Dickinson & Company                         | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      1616 | NS      | $254083.68    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. Berkley Corporation                       | W R Berkley Corporation                            | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      1925 | NS      | $127589.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.            | Broadridge Financial Solutions, Inc.               | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       670 | NS      | $108861.60    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                   | Broadcom, Inc.                                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     34312 | NS      | $10619907.12  | 7.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp                                       | CDW Corp                                           | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       925 | NS      | $111943.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                                | Cigna Group (The)                                  | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1493 | NS      | $398257.75    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corporation                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7434 | NS      | $533909.88    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                  | Chevron Corporation                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10959 | NS      | $2267417.10   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                            | Cisco Systems, Inc.                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     24038 | NS      | $1865108.42   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                             | Cintas Corporation                                 | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1949 | NS      | $329653.86    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                 | Citigroup, Inc.                                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     10233 | NS      | $1160524.53   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                             | Coca-Cola Company (The)                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     22409 | NS      | $1704204.45   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.           | Cognizant Technology Solutions Corporation Class A | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      2724 | NS      | $167117.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                         | Agnico Eagle Mines Ltd.                            | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      8256 | NS      | $1675492.48   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                            | Bank of Nova Scotia (The)                          | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |     18981 | NS      | $1316029.46   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Canada                        | National Bank of Canada                            | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |      5965 | NS      | $771722.79    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                     | Constellation Brands, Inc. Class A                 | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       952 | NS      | $142800.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc.                     | Rogers Communications, Inc.                        | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |      6786 | NS      | $260928.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                           | Corning, Inc.                                      | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      4853 | NS      | $659862.41    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                                 | Open Text Corporation                              | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      5838 | NS      | $130070.86    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                                 | DTE Energy Company                                 | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      1226 | NS      | $179265.72    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                           | Delta Air Lines, Inc.                              | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      3654 | NS      | $242917.92    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                            | Walt Disney Company (The)                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     10064 | NS      | $969968.32    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc                        | Magna International, Inc.                          | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      4655 | NS      | $259919.61    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corporation                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      4457 | NS      | $583599.58    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                          | DuPont de Nemours, Inc.                            | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      3276 | NS      | $150040.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                    | Ecolab, Inc.                                       | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      1438 | NS      | $382536.76    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                  | Equinix, Inc. REIT                                 | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       566 | NS      | $554815.84    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                     | Essex Property Trust, Inc. REIT                    | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       505 | NS      | $122210.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                   | Exelon Corporation                                 | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      5842 | NS      | $286374.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc.    | Expeditors International of Washington, Inc.       | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |       886 | NS      | $126901.78    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corporation                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     24743 | NS      | $4197897.38   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                  | FactSet Research Systems, Inc.                     | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       450 | NS      | $97645.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                              | FirstEnergy Corporation                            | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      3054 | NS      | $154715.64    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                             | Ford Motor Company                                 | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     22421 | NS      | $258738.34    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                                | Fox Corporation Non-Voting                         | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      1867 | NS      | $109032.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                          | Freeport-McMoRan, Inc.                             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      7839 | NS      | $460776.42    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                   | General Dynamics Corporation                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      1468 | NS      | $503846.96    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                         | General Motors Company                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      5212 | NS      | $388294.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Company                              | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      1047 | NS      | $110720.25    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                           | Gilead Sciences, Inc.                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      7117 | NS      | $991896.29    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. (The)                    | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1754 | NS      | $1483866.46   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE            | LVMH Moet Hennessy Louis Vuitton S.E.              | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      2466 | NS      | $1319931.35   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                         | Intesa Sanpaolo SpA                                | CUSIP: T55067101<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    165515 | NS      | $987312.67    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| D'Ieteren Group                                | D'ieteren Group                                    | CUSIP: B49343187<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      4103 | NS      | $750224.92    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                | Home Depot, Inc. (The)                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5618 | NS      | $1847704.02   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                    | Humana, Inc.                                       | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       675 | NS      | $117038.25    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE                              | Hannover Rueck S.E.                                | CUSIP: D3015J135<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |       917 | NS      | $283833.33    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                  | Intercontinental Exchange, Inc.                    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      3267 | NS      | $513833.76    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.          | International Business Machines Corporation        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5574 | NS      | $1351081.86   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                          | Invitation Homes, Inc.                             | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |      4861 | NS      | $120795.85    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                  | iShares MSCI EAFE ETF                              | CUSIP: 464287465<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      8739 | NS      | $848819.07    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Company                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     15133 | NS      | $4451523.28   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     13356 | NS      | $3264740.64   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB (publ)                             | Swedbank A.B.                                      | CUSIP: W94232100<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |     21294 | NS      | $717205.20    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                       | Lam Research Corporation                           | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      7843 | NS      | $1675735.38   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                      | Orange S.A.                                        | CUSIP: F6866T100<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     23296 | NS      | $477619.49    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                     | Allianz S.E.                                       | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      4315 | NS      | $1791931.92   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                   | Lennar Corporation Class A                         | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      1314 | NS      | $114107.76    | 0.08%             |  |  |  | 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        |     92266 | NS      | $1946202.61   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                      | MSCI, Inc.                                         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       419 | NS      | $225845.19    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                      | Sanofi S.A.                                        | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     10819 | NS      | $1044745.70   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                   | Marriott International Inc Class A                 | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1189 | NS      | $388886.23    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                     | Siemens A.G.                                       | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      8362 | NS      | $1988052.94   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                               | Merck & Company, Inc.                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     14149 | NS      | $1701983.21   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Group Holdings Ltd                       | Asahi Group Holdings Ltd.                          | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     30400 | NS      | $303592.02    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      7200 | NS      | $1184904.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                         | Motorola Solutions, Inc.                           | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       962 | NS      | $417479.14    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                                      | KDDI Corporation                                   | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     53436 | NS      | $916956.68    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                               | NRG Energy, Inc.                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1244 | NS      | $181798.16    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.            | Mitsubishi UFJ Financial Group, Inc.               | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    227532 | NS      | $3727377.09   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Real Estate Investment Corp.             | Japan Real Estate Investment Corporation           | CUSIP: J27523109<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               | CORP              | JP        |       159 | NS      | $117066.72    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                    | NetApp, Inc.                                       | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1230 | NS      | $125939.70    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.               | Sumitomo Mitsui Trust Group, Inc.                  | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |     13300 | NS      | $410782.99    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc.                     | Tokio Marine Holdings, Inc.                        | CUSIP: J86298106<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     34796 | NS      | $1633275.77   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                            | Newmont Corporation                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      6011 | NS      | $650690.75    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc.                                  | NiSource, Inc.                                     | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      3228 | NS      | $150618.48    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc.                    | Mizuho Financial Group, Inc.                       | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     46452 | NS      | $1781538.53   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Steel Corp.                             | Nippon Steel Corporation                           | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |    107200 | NS      | $388981.87    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Ltd                              | Sekisui House Ltd.                                 | CUSIP: J70746136<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |     11429 | NS      | $253476.90    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                              | Omnicom Group, Inc.                                | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      1647 | NS      | $124035.57    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                               | Sony Group Corporation                             | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    132892 | NS      | $2769693.33   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Electric Industries Ltd.              | Sumitomo Electric Industries Ltd.                  | CUSIP: J77411114<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |     14632 | NS      | $772565.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                             | Deutsche Boerse A.G.                               | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      2314 | NS      | $671573.51    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Axa SA                                         | AXA S.A.                                           | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     15623 | NS      | $708560.47    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | Novartis A.G.                                      | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     15847 | NS      | $2432517.62   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd.                                       | ABB Ltd.                                           | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     13472 | NS      | $1095422.03   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                      | Holcim A.G.                                        | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |      4356 | NS      | $353679.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                      | Nestle S.A.                                        | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     22383 | NS      | $2195273.53   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                    | PepsiCo, Inc.                                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      7684 | NS      | $1193248.36   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                 | BNP Paribas S.A.                                   | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      9005 | NS      | $842943.77    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                       | Procter & Gamble Company (The)                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     12891 | NS      | $1861976.04   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                    | Progressive Corporation (The)                      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      3407 | NS      | $675403.68    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Life Holding AG                          | Swiss Life Holding A.G.                            | CUSIP: H8404J162<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |       240 | NS      | $261421.06    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated   | Public Service Enterprise Group, Inc.              | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      2892 | NS      | $234107.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                      | RTX Corporation                                    | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      7583 | NS      | $1462760.70   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                      | Realty Income Corporation REIT                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      5300 | NS      | $324254.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins, Inc.                                      | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      2194 | NS      | $117181.54    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                | Ross Stores, Inc.                                  | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      1837 | NS      | $397949.31    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Spdr S&p 500 Etf Trust            | State Street SPDR S&P 500 ETF Trust                | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      1430 | NS      | $929986.20    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group, Inc. REIT                    | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      1870 | NS      | $348811.10    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                   | Southern Company (The)                             | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      6315 | NS      | $609523.80    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                         | Southwest Airlines Company                         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      3245 | NS      | $121914.65    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                            | Stryker Corporation                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      1989 | NS      | $653565.51    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                         | TJX Companies, Inc. (The)                          | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      6405 | NS      | $1022878.50   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Transdigm Group Inc.                           | TransDigm Group, Inc.                              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       342 | NS      | $396364.32    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                      | Travelers Companies, Inc. (The)                    | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      1245 | NS      | $363141.60    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                      | Union Pacific Corporation                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      3382 | NS      | $820540.84    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                           | Vanguard S&P 500 ETF                               | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      1555 | NS      | $929190.25    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                 | VeriSign, Inc.                                     | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       546 | NS      | $135604.56    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                    | Verizon Communications, Inc.                       | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     24159 | NS      | $1212781.80   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                            | VICI Properties, Inc.                              | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      6099 | NS      | $166624.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart, Inc.                                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     25440 | NS      | $3161683.20   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                         | Waste Management, Inc.                             | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      2059 | NS      | $473137.61    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corporation                             | Waters Corporation                                 | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       217 | NS      | $64622.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                    | Xylem Inc                                          | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      1419 | NS      | $169570.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc.                               | Yum! Brands, Inc.                                  | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      1513 | NS      | $235241.24    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                    | Zoetis, Inc.                                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      2435 | NS      | $287841.35    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TERNA - Rete Elettrica Nazionale S.p.A.        | Terna - Rete Elettrica Nazionale                   | CUSIP: T9471R100<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |     22065 | NS      | $251559.36    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Sydbank AS                                  | AL Sydbank                                         | CUSIP: K9419V113<br>LEI: GP5DT10VX1QRQUKVBK64 | Long             | EC               | CORP              | DK        |      7453 | NS      | $593281.55    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunzl PLC                                      | Bunzl plc                                          | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |      3820 | NS      | $114063.05    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                               | TotalEnergies S.E.                                 | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     20795 | NS      | $1908364.10   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Oyj                                      | Orion OYJ Class B                                  | CUSIP: X6002Y112<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |      2320 | NS      | $186897.83    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                               | Severn Trent plc                                   | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      3179 | NS      | $130378.06    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                                       | Volvo A.B. B Shares                                | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     37519 | NS      | $1210581.77   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshizaki Corp.                                | Hoshizaki Corporation                              | CUSIP: J23254105<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |      3800 | NS      | $120957.96    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group AG                           | Julius Baer Group Ltd.                             | CUSIP: H4414N103<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |      3276 | NS      | $240971.93    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SEGRO PLC                                      | Segro plc                                          | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |     16239 | NS      | $139205.27    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | BBH Overnight Sweep                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   3053833 | PA      | $3053832.72   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                  | Koninklijke Ahold Delhaize N.V.                    | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     11917 | NS      | $556273.54    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC                      | Bank of Ireland Group plc                          | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |     18913 | NS      | $337404.25    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Healthineers AG                        | Siemens Healthineers A.G.                          | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |      4729 | NS      | $198408.11    | 0.14%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SoftBank Corp                                  | SoftBank Corporation                               | CUSIP: J75963132<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |    564052 | NS      | $750230.78    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp                           | Thomson Reuters Corporation                        | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |      2187 | NS      | $197357.82    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                 | TC Energy Corporation                              | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     16373 | NS      | $1025062.91   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB                                   | Evolution A.B.                                     | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |      3584 | NS      | $221515.43    | 0.16%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Tesco PLC                                      | Tesco plc                                          | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |     79044 | NS      | $494953.49    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.              | Canadian Pacific Kansas City                       | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     14165 | NS      | $1114463.73   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DnB Bank ASA                                   | DNB Bank ASA                                       | CUSIP: R1R15X100<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |     25799 | NS      | $802722.50    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Merlin Properties Socimi SA                    | Merlin Properties Socimi, S.A.                     | CUSIP: E7390Z100<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |     12307 | NS      | $200501.62    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin | Cie Generale des Etablissements Michelin           | CUSIP: F61824870<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |      9906 | NS      | $334207.28    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                   | UBS Group A.G.                                     | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     22713 | NS      | $872932.31    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME S.A.                                  | Aena S.M.E. SA                                     | CUSIP: E526LK101<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |     12155 | NS      | $358524.73    | 0.26%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sunbelt Rentals Holdings Inc.                  | Sunbelt Rentals Holdings, Inc.                     | CUSIP: 866966104<br>LEI: 529900W4BQDNMAOSRA49 | Long             | EC               | CORP              | US        |      4558 | NS      | $286556.63    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax Group PLC                               | Spirax Group plc                                   | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |      1476 | NS      | $132413.33    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Unibrew A/S                              | Royal Unibrew A/S                                  | CUSIP: K8390X122<br>LEI: 529900D69KFL8IAP8Q63 | Long             | EC               | CORP              | DK        |      6195 | NS      | $502725.77    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Svenska Handelsbanken AB                       | Svenska Handelsbanken A.B.                         | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |     37982 | NS      | $493618.14    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit S.p.A.                               | UniCredit SpA                                      | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     15611 | NS      | $1119946.19   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazley PLC (UK)                               | Beazley plc                                        | CUSIP: G0936K107<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |     11477 | NS      | $192311.22    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc.                         | Waste Connections, Inc.                            | CUSIP: 94106B101<br>LEI: 549300ZX1Z8QGWASPX54 | Long             | EC               | CORP              | CA        |      4102 | NS      | $666341.36    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordea Bank ABP                                | Nordea Bank Abp                                    | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |     49231 | NS      | $837396.32    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                 | ING GROEP                                          | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     35813 | NS      | $929548.10    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                  | Accenture plc Class A                              | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      3561 | NS      | $706110.69    | 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              | GB        |      2476 | NS      | $224498.92    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                              | Everest Group Ltd.                                 | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       404 | NS      | $132047.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                  | Medtronic plc                                      | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      7582 | NS      | $656980.30    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                | Seagate Technology Holdings plc (Ireland)          | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |      1289 | NS      | $504978.64    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock plc                           | Smurfit WestRock plc                               | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |      3500 | NS      | $139475.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                         | Trane Technologies plc                             | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      1347 | NS      | $561348.78    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd. Switzerland                         | Chubb Ltd.                                         | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      2054 | NS      | $669460.22    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                     | Garmin Ltd.                                        | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |       956 | NS      | $221801.56    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Group                          | Royal Caribbean Cruises Ltd.                       | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |      1288 | NS      | $354431.84    | 0.25%             |  |  |  | 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