# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0001752724-25-211604
**Filing Date:** 2025-8
**Character Count:** 47333
**Document Hash:** 8305c77dab3f45f06e0078fce9fc0a9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211604.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211604

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 251272051

**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 SMALL GROWTH SERIES (Series ID: S000087638)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000253506 | NAA SMALL GROWTH SERIES |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

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

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

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

- **b. EDGAR series identifier (if any):** S000087638

- **c. LEI of Series:** 5299004VTJDUNAUJGW29

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $25552828.27

**Total Liabilities:** $176156.07

**Net Assets:** $25376672.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253506 | -1.41%               | 7.45%                | 3.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3435.86                | $-358270.40                                |
| Month 2  | $18449.18                | $1715726.19                                |
| Month 3  | $142823.97               | $746599.23                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WD-40 Co.                              | WD-40 Company                                       | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |       388 | NS      | $88498.92     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc        | Installed Building Products, Inc.                   | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1158 | NS      | $208810.56    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                     | Cohen & Steers, Inc.                                | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |      1336 | NS      | $100667.60    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                   | SL Green Realty Corporation REIT                    | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      2393 | NS      | $148126.70    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                       | NMI Holdings, Inc.                                  | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      3630 | NS      | $153149.70    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                       | Badger Meter, Inc.                                  | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      1441 | NS      | $352972.95    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp.                        | Bancfirst Corporation                               | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |      1001 | NS      | $123743.62    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                       | Cavco Industries, Inc.                              | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       408 | NS      | $177247.44    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                             | Stride, Inc.                                        | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      1969 | NS      | $285879.11    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                            | Novanta, Inc.                                       | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      1105 | NS      | $142467.65    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                     | Liberty Oilfield Services, Inc. Class A             | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4128 | NS      | $47389.44     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                      | Yeti Holdings, Inc.                                 | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      1834 | NS      | $57807.68     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc.                               | BOX, INC. CLASS A                                   | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |      7176 | NS      | $245203.92    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                         | M/I Schottenstein Homes                             | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |       725 | NS      | $81287.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation       | Carpenter Technology Corporation                    | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      2321 | NS      | $641477.98    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc           | Adtalem Global Education, Inc.                      | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      1634 | NS      | $207893.82    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                   | TRI Pointe Homes, Inc.                              | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2339 | NS      | $74731.05     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.       | Armstrong World Industries, Inc.                    | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      2108 | NS      | $342423.52    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corporation         | Warner Music Group Corp.                            | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3378 | NS      | $92016.72     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                          | BCG Group, Inc-A                                    | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |     10088 | NS      | $103200.24    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                      | Agree Realty Corporation                            | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      2131 | NS      | $155690.86    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                | ATI, Inc.                                           | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |      6750 | NS      | $582795.00    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                | Euronet Worldwide, Inc.                             | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      1281 | NS      | $129867.78    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                            | SkyWest, Inc.                                       | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      2040 | NS      | $210058.80    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                      | ACI Worldwide, Inc.                                 | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      5276 | NS      | $242221.16    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                           | Archrock, Inc.                                      | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      8363 | NS      | $207653.29    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Adma Biologics Inc                     | ADMA BIOLOGICS, INC.                                | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13065 | NS      | $237913.65    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                  | Urban Outfitters, Inc.                              | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      1215 | NS      | $88136.10     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                    | VIRTU FINANCIAL, INC. CLASS A                       | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      3590 | NS      | $160796.10    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Madden(Steven)Ltd.                     | Steven Madden Ltd.                                  | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |      2545 | NS      | $61029.10     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust, Inc.    | First Industrial Realty Trust, Inc. REIT            | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3461 | NS      | $166577.93    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                   | Macerich Company (The) REIT                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |      8250 | NS      | $133485.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                     | Cirrus Logic, Inc.                                  | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      1557 | NS      | $162325.04    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment, Inc.                    | AeroVironment, Inc.                                 | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      1337 | NS      | $380978.15    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                     | Bruker Corporation                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      2563 | NS      | $105595.60    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                          | ISHARES S&P SMALLCAP 600 GROWTH INDEX FUND          | CUSIP: 464287887<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1806 | NS      | $240270.24    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                | Piper Sandler Companies                             | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |       807 | NS      | $224297.58    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                  | MGIC Investment Corporation                         | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      5280 | NS      | $146995.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                   | Vanguard Small-Cap Growth ETF                       | CUSIP: 922908595<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |        54 | NS      | $14954.76     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc.               | ExlService Holdings, Inc.                           | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |      8181 | NS      | $358245.99    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.               | Enova International, Inc.                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      1201 | NS      | $133935.52    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                            | Tanger Inc. REIT                                    | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |      3704 | NS      | $113268.32    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                 | Travel + Leisure Company                            | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |      3264 | NS      | $168455.04    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc             | Brixmor Property Group, Inc.                        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      7920 | NS      | $206236.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                   | roivant sciences ltd                                | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | US        |     19942 | NS      | $224746.34    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.           | Iridium Communications, Inc.                        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      2540 | NS      | $76631.80     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                           | Mural Oncology PLC                                  | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      5326 | NS      | $152376.86    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                     | CareTrust REIT, Inc. REIT                           | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      4310 | NS      | $131886.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.             | Cullen/Frost Bankers, Inc.                          | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      2235 | NS      | $287286.90    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                               | Etsy, Inc.                                          | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      2720 | NS      | $136435.20    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                      | Radian Group, Inc.                                  | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      2795 | NS      | $100675.90    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation           | Antero Midstream Corporation                        | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7980 | NS      | $151221.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.   | Cogent Communications Holdings, Inc.                | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2096 | NS      | $101048.16    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                   | Palomar Holdings, Inc.                              | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      1286 | NS      | $198365.50    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                | Goosehead Insurance, Inc.                           | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |      1292 | NS      | $136318.92    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Mara Holdings Inc                      | Marathon Digital Holdings, Inc.                     | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     19059 | NS      | $298845.12    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                | Ormat Technologies, Inc.                            | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      1148 | NS      | $96156.48     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                | Alarm.com Holdings, Inc.                            | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      1503 | NS      | $85024.71     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                       | Inter Parfums, Inc.                                 | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       900 | NS      | $118179.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corporation       | Chesapeake Utilities Corporation                    | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |       636 | NS      | $76459.92     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                       | e.l.f. Beauty, Inc.                                 | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      2587 | NS      | $321926.28    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | BBH Overnight Sweep                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    226214 | PA      | $226213.53    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd.                           | Valaris Limited Class A                             | CUSIP: G9460G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3040 | NS      | $128014.40    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc.                  | Alaska Air Group, Inc.                              | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |      6351 | NS      | $314247.48    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                 | TransMedics Group, Inc.                             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      1826 | NS      | $244702.26    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corporation                    | PARSONS CORPORATION COM                             | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      2287 | NS      | $164137.99    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation         | Magnolia Oil & Gas Corporation                      | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5547 | NS      | $124696.56    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc               | Granite Construction, Inc.                          | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      2097 | NS      | $196090.47    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                         | EchoStar Corporation                                | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      2106 | NS      | $58336.20     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana Pacific Corporation          | Louisiana-Pacific Corporation                       | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      3093 | NS      | $265967.07    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc.                   | CSW Industrials, Inc.                               | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |       881 | NS      | $252697.23    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc             | Apple Hospitality REIT, Inc.                        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |      5292 | NS      | $61757.64     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                     | InterDigital, Inc.                                  | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      1217 | NS      | $272887.91    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                   | Warrior Met Coal, Inc                               | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      2511 | NS      | $115079.13    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                     | Voya Financial, Inc.                                | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |      2435 | NS      | $172885.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                        | Shake Shack, Inc. Class A                           | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |      1868 | NS      | $262640.80    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc            | Sterling Infrastructure, Inc.                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1281 | NS      | $295565.13    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc.                               | MKS Instruments, Inc.                               | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |      1335 | NS      | $132645.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc.                              | Moog, Inc. Class A                                  | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1400 | NS      | $253358.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc.                 | Cinemark Holdings, Inc.                             | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |      4631 | NS      | $139763.58    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                          | ISHARES RUSSELL 2000 GROWTH INDEX FUND              | CUSIP: 464287648<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       893 | NS      | $255272.98    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.              | American States Water Company                       | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |       927 | NS      | $71063.82     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                   | Federal Signal Corporation                          | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      2860 | NS      | $304361.20    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.            | Brinker International, Inc.                         | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      1994 | NS      | $359578.02    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                          | Dynatrace, Inc.                                     | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13911 | NS      | $768026.31    | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc. | Essential Properties Realty Trust Incorporated REIT | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      9536 | NS      | $304293.76    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                 | FirstCash Holdings, Inc.                            | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1205 | NS      | $162843.70    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.               | Group 1 Automotive, Inc.                            | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       298 | NS      | $130139.58    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTFRONT Media Inc                     | OUTFRONT Media Inc.                                 | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |      6855 | NS      | $111873.60    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc             | Grand Canyon Education, Inc.                        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      1293 | NS      | $244377.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                           | Balchem Corporation                                 | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      1627 | NS      | $259018.40    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.              | Axcelis Technologies, Inc.                          | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |       955 | NS      | $66553.95     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                             | Matson, Inc.                                        | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      1025 | NS      | $114133.75    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Puerto Rico              | First BanCorporation                                | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4873 | NS      | $101504.59    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc       | Ryman Hospitality Properties, Inc. REIT             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      2906 | NS      | $286735.02    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                          | Frontdoor Inc.                                      | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      3454 | NS      | $203578.76    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                      | Tidewater Inc                                       | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      2191 | NS      | $101070.83    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation             | Terreno Realty Corporation                          | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2487 | NS      | $139446.09    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc.                 | ESCO Technologies, Inc.                             | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      1243 | NS      | $238494.41    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.        | Oceaneering International, Inc.                     | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |      4600 | NS      | $95312.00     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                   | Cal-Maine Foods, Inc.                               | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      1925 | NS      | $191787.75    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                 | Dycom Industries, Inc.                              | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1371 | NS      | $335058.69    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                       | HealthEquity, Inc.                                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      4332 | NS      | $453820.32    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                    | Skyline Champion Corporation                        | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2753 | NS      | $172365.33    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                    | TG THERAPEUTICS, INC.                               | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      7221 | NS      | $259883.79    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                       | SPS Commerce, Inc.                                  | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      1946 | NS      | $264831.14    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc.                      | Pjt Partners, Inc. CLASS A                          | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      1153 | NS      | $190256.53    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corporation                  | Flowserve Corporation                               | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |      4458 | NS      | $233376.30    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc                | Commerce Bancshares, Inc.                           | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3470 | NS      | $215729.90    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                     | Masimo Corporation                                  | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      2210 | NS      | $371766.20    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.       | Advanced Energy Industries, Inc.                    | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       862 | NS      | $114215.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corporation | Zurn Elkay Water Solutions Corporation              | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      6947 | NS      | $254051.79    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                            | Bancorp, Inc. (The)                                 | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2384 | NS      | $135816.48    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                 | Integer Holdings Corporation                        | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      1711 | NS      | $210401.67    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc            | Inspire Medical Systems, Inc.                       | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      1469 | NS      | $190632.13    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp.     | Madison Square Garden Sports Class A                | CUSIP: 55825T103<br>LEI: 529900BQELIZ5ZQYB788 | Long             | EC               | CORP              | US        |       802 | NS      | $167577.90    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                  | Assured Guaranty Ltd.                               | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      1051 | NS      | $91542.10     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                                | GMS, INC.                                           | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |      1147 | NS      | $124736.25    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                           | Moelis & Company                                    | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      1840 | NS      | $114668.80    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                               | Yelp, Inc.                                          | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |      1794 | NS      | $61480.38     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                             | Cactus, Inc. Class A                                | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      3356 | NS      | $146724.32    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                             | RadNet, Inc.                                        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      3260 | NS      | $185526.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                     | AXOS FINANCIAL, INC.                                | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      2614 | NS      | $198768.56    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc.              | Corcept Therapeutics, Inc.                          | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      4567 | NS      | $335217.80    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                          | Glaukos Corporation                                 | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      2541 | NS      | $262459.89    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                 | SPX Technologies, Inc.                              | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2322 | NS      | $389352.96    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.             | Northern Oil and Gas, Inc.                          | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      4576 | NS      | $129729.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc.             | Merit Medical Systems, Inc.                         | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      2884 | NS      | $269596.32    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                 | CommVault Systems, Inc.                             | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      2183 | NS      | $380562.39    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Keith D. Kemp

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

**Title:** President