# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004448
**Filing Date:** 2025-11
**Character Count:** 53721
**Document Hash:** e205abe392da9955022847040074e3d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004448.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004448

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 251527995

**BUSINESS ADDRESS:**
- **STREET 1:** 555 THEODORE FREMD AVENUE
- **STREET 2:** SUITE A-101
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 212-922-2699

**MAIL ADDRESS:**
- **STREET 1:** 555 THEODORE FREMD AVENUE
- **STREET 2:** SUITE A-101
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

## Series and Classes Contracts Data

### NAA SMID-CAP VALUE SERIES (Series ID: S000087639)

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

## Nport-Ex

---

| |
|:---|
| **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **Communication Services - 1.1%** |  |
| 7305 | Nexstar Media Group, Inc. | $1444491 |
|  | **Communications - 2.2%** |  |
| 22814 | Maplebear, Inc.<sup>(a)</sup> | 838643 |
| 21838 | Match Group, Inc. | 771318 |
| 17512 | Omnicom Group, Inc. | 1427753 |
|  |  | 3037714 |
|  | **Consumer Discretionary - 9.0%** |  |
| 25675 | Advance Auto Parts, Inc. | 1576445 |
| 16949 | Autoliv, Inc. | 2093202 |
| 5505 | Darden Restaurants, Inc. | 1047931 |
| 22544 | Etsy, Inc.<sup>(a)</sup> | 1496696 |
| 29865 | Harley-Davidson, Inc. | 833234 |
| 13956 | Lear Corporation | 1404113 |
| 5735 | Lululemon Athletica, Inc.<sup>(a)</sup> | 1020429 |
| 17307 | MGM Resorts International<sup>(a)</sup> | 599861 |
| 30685 | Mister Car Wash, Inc.<sup>(a)</sup> | 163551 |
| 4624 | Penske Automotive Group, Inc. | 804160 |
| 10360 | Shoe Carnival, Inc. | 215384 |
| 8008 | Sonic Automotive, Inc., Class A | 609329 |
| 13385 | YETI Holdings, Inc.<sup>(a)</sup> | 444114 |
|  |  | 12308449 |
|  | **Consumer Staples - 5.4%** |  |
| 17271 | BellRing Brands, Inc.<sup>(a)</sup> | 627801 |
| 15993 | Dollar Tree, Inc.<sup>(a)</sup> | 1509259 |
| 13767 | Five Below, Inc.<sup>(a)</sup> | 2129755 |
| 57870 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 928814 |
| 7370 | MGP Ingredients, Inc. | 178280 |
| 4896 | Post Holdings, Inc.<sup>(a)</sup> | 526222 |
| 12110 | PriceSmart, Inc. | 1467611 |
|  |  | 7367742 |
|  | **Energy - 5.5%** |  |
| 13766 | Chord Energy Corporation | 1367927 |
| 19934 | ConocoPhillips | 1885558 |

---

---

| |
|:---|
| **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **Energy - 5.5% (Continued)** |  |
| 4894 | First Solar, Inc.<sup>(a)</sup> | $1079274 |
| 21812 | Innovex International, Inc.<sup>(a)</sup> | 404394 |
| 91408 | Nov, Inc. COM | 1211156 |
| 190316 | Patterson-UTI Energy, Inc. | 985837 |
| 9486 | Weatherford International PLC | 649127 |
|  |  | 7583273 |
|  | **Financials - 18.6%** |  |
| 22083 | Air Lease Corporation | 1405583 |
| 10143 | American Financial Group, Inc. | 1478038 |
| 19758 | Ameris Bancorp | 1448459 |
| 73976 | Apollo Commercial Real Estate Finance, Inc. | 749377 |
| 27349 | Bank OZK | 1394252 |
| 25442 | CNO Financial Group, Inc. | 1006231 |
| 3639 | Everest Group Ltd. | 1274487 |
| 30460 | EZCORP, Inc., Class A<sup>(a)</sup> | 579958 |
| 95787 | First Horizon Corporation | 2165745 |
| 93410 | FNB Corporation | 1504835 |
| 56875 | Fulton Financial Corporation | 1059581 |
| 9202 | Hanover Insurance Group, Inc. (The) | 1671359 |
| 6960 | Lakeland Financial Corporation | 446832 |
| 17647 | NBT Bancorp, Inc. | 736939 |
| 10717 | OFG Bancorp | 466082 |
| 5791 | Raymond James Financial, Inc. | 999527 |
| 9521 | Reinsurance Group of America, Inc. | 1829270 |
| 15252 | Selective Insurance Group, Inc. | 1236480 |
| 7369 | Stifel Financial Corporation | 836160 |
| 11479 | StoneX Group, Inc.<sup>(a)</sup> | 1158461 |
| 23862 | Unum Group | 1855986 |
| 7070 | Westamerica BanCorporation | 353429 |
|  |  | 25657071 |
|  | **Health Care - 7.3%** |  |
| 62139 | AdaptHealth Corporation<sup>(a)</sup> | 556144 |
| 3958 | Addus HomeCare Corporation<sup>(a)</sup> | 467004 |
| 33819 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1831637 |

---

---

| |
|:---|
| **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **Health Care - 7.3% (Continued)** |  |
| 11298 | Cardinal Health, Inc. | $1773334 |
| 19883 | DexCom, Inc.<sup>(a)</sup> | 1337927 |
| 7281 | Encompass Health Corporation | 924833 |
| 47967 | Premier, Inc., Class A | 1333483 |
| 8487 | Tenet Healthcare Corporation<sup>(a)</sup> | 1723200 |
|  |  | 9947562 |
|  | **Industrials - 15.5%** |  |
| 18538 | AAR Corporation<sup>(a)</sup> | 1662302 |
| 27999 | ABM Industries, Inc. | 1291314 |
| 11887 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 630962 |
| 8642 | Albany International Corporation, Class A | 460619 |
| 33260 | Avista Corporation | 1257561 |
| 8356 | FTI Consulting, Inc.<sup>(a)</sup> | 1350746 |
| 44607 | GATES INDUSTRIAL CORP PLC<sup>(a)</sup> | 1107146 |
| 5482 | Heidrick & Struggles International, Inc. | 272839 |
| 5735 | ITT, Inc. | 1025189 |
| 10224 | Jacobs Solutions, Inc. | 1532168 |
| 11257 | MSC Industrial Direct Company, Inc., Class A | 1037220 |
| 31711 | Nextracker Inc - Class A, Class A<sup>(a)</sup> | 2346297 |
| 3718 | Novanta, Inc.<sup>(a)</sup> | 372358 |
| 16412 | Oshkosh Corporation | 2128636 |
| 59449 | Resideo Technologies, Inc.<sup>(a)</sup> | 2567008 |
| 10183 | Rollins, Inc. | 598149 |
| 4766 | UniFirst Corporation | 796828 |
| 43051 | WillScott Mobile Mini Holding<sup>(a)</sup> | 908807 |
|  |  | 21346149 |
|  | **Information Technology - 0.4%** |  |
| 21236 | Photronics, Inc.<sup>(a)</sup> | 487366 |
|  | **Materials - 8.8%** |  |
| 65853 | Alcoa Corporation | 2165906 |
| 7875 | AptarGroup, Inc. | 1052573 |
| 26692 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 763925 |
| 7187 | Ecolab, Inc. | 1968232 |

---

---

| |
|:---|
| **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **Materials - 8.8% (Continued)** |  |
| 58211 | Element Solutions, Inc. | $1465171 |
| 88583 | O-I Glass, Inc.<sup>(a)</sup> | 1148921 |
| 14921 | RPM International, Inc. | 1758887 |
| 47790 | SunCoke Energy, Inc. | 389966 |
| 4373 | Vulcan Materials Company | 1345222 |
|  |  | 12058803 |
|  | **Real Estate - 11.1%** |  |
| 16120 | Agree Realty Corporation | 1145165 |
| 11017 | American Assets Trust, Inc. | 223865 |
| 50074 | American Homes 4 Rent, Class A | 1664961 |
| 41745 | CareTrust REIT, Inc. | 1447717 |
| 26904 | CubeSmart | 1093917 |
| 19049 | EPR Properties | 1105032 |
| 24044 | Equity LifeStyle Properties, Inc. | 1459471 |
| 26447 | Four Corners Property Trust, Inc. | 645307 |
| 16771 | Getty Realty Corporation | 449966 |
| 5570 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1661420 |
| 43838 | NNN REIT, Inc. | 1866183 |
| 51034 | Rexford Industrial Realty, Inc. | 2098007 |
| 26245 | SITE Centers Corporation<sup>(a)</sup> | 236467 |
|  |  | 15097478 |
|  | **Technology - 6.4%** |  |
| 5707 | Broadridge Financial Solutions, Inc. | 1359235 |
| 2113 | CACI International, Inc., A<sup>(a)</sup> | 1053922 |
| 13978 | Ciena Corporation<sup>(a)</sup> | 2036176 |
| 7807 | CSG Systems International, Inc. | 502615 |
| 8927 | Digi International, Inc.<sup>(a)</sup> | 325478 |
| 35404 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 424140 |
| 4693 | Euronet Worldwide, Inc.<sup>(a)</sup> | 412092 |
| 13083 | EVERTEC, Inc. | 441944 |
| 19848 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 538675 |
| 14583 | MAXIMUS, Inc. | 1332449 |
| 44201 | Sprinklr, Inc., Class A<sup>(a)</sup> | 341232 |
|  |  | 8767958 |

---

---

| |
|:---|
| **NAA SMID-CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **Utilities - 6.7%** |  |
| 26963 | California Water Service Group | $1237332 |
| 19921 | Evergy, Inc. | 1514394 |
| 44112 | FirstEnergy Corporation | 2021212 |
| 17929 | H2O America | 873142 |
| 42551 | OGE Energy Corporation | 1968835 |
| 7387 | Ormat Technologies, Inc. | 710999 |
| 10264 | Pinnacle West Capital Corporation | 920270 |
|  |  | 9246184 |
|  | **TOTAL COMMON STOCKS (Cost $123,939,572)** | 134350240 |
|  | **EXCHANGE-TRADED FUNDS — 1.6%** |  |
|  | **Equity - 1.6%** |  |
| 8479 | iShares Russell Mid-Cap Value ETF | 1184262 |
| 5048 | Vanguard Small-Cap Value ETF | 1053568 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,235,418)** | 2237830 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $126,174,990)** | $136588070 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 525611 |
|  | **NET ASSETS - 100.0%** | $137113681 |

---

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| Ltd. | Limited Company |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

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

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

- **a. Name of Series:** NAA SMID-CAP VALUE SERIES

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $137699617.24

**Total Liabilities:** $585936.25

**Net Assets:** $137113680.99

**Cash Not Reported:** $441.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253507 | 1.20%                | 4.64%                | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $69834.19                | $1511258.16                                |
| Month 2  | $105748.93               | $5934381.36                                |
| Month 3  | $238480.54               | $-49480.47                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Unifirst Corp                               | UniFirst Corporation                        | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      4766 | NS      | $796827.54    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp.                 | Pinnacle West Capital Corporation           | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     10264 | NS      | $920270.24    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                       | Air Lease Corporation                       | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     22083 | NS      | $1405582.95   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                        | Vanguard Small-Cap Value ETF                | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      5048 | NS      | $1053568.08   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings, Inc.                    | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |     11887 | NS      | $630961.96    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp                              | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     19758 | NS      | $1448458.98   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.           | Hanover Insurance Group, Inc. (The)         | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      9202 | NS      | $1671359.26   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                                 | EZCORP, Inc. Class A                        | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     30460 | NS      | $579958.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                   | First Horizon National Corporation          | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     95787 | NS      | $2165744.07   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                              | PriceSmart, Inc.                            | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     12110 | NS      | $1467610.90   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                 | Novanta, Inc.                               | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      3718 | NS      | $372357.70    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                | Grocery Outlet Holding Corp                 | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57870 | NS      | $928813.50    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                     | ITT, Inc.                                   | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      5735 | NS      | $1025188.60   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation                | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     56875 | NS      | $1059581.25   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                           | Shoe Carnival, Inc.                         | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10360 | NS      | $215384.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.              | American Financial Group, Inc.              | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     10143 | NS      | $1478037.96   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                      | OGE Energy Corporation                      | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     42551 | NS      | $1968834.77   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                          | CareTrust REIT, Inc. REIT                   | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     41745 | NS      | $1447716.60   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                 | OFG Bancorp                                 | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |     10717 | NS      | $466082.33    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corporation               | WillScott Mobile Mini Holding               | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     43051 | NS      | $908806.61    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting, Inc.                        | FTI Consulting, Inc.                        | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      8356 | NS      | $1350747.40   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                    | Bank OZK                                    | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     27349 | NS      | $1394252.02   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive, Inc.                      | Sonic Automotive, Inc.                      | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      8008 | NS      | $609328.72    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                | Raymond James Financial, Inc.               | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      5791 | NS      | $999526.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc.               | MSC Industrial Direct Company, Inc. Class A | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     11257 | NS      | $1037219.98   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc.                      | RPM International, Inc.                     | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     14921 | NS      | $1758887.48   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Liveramp Holdings Inc                       | LiveRamp Holdings, Inc.                     | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |     19848 | NS      | $538674.72    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                                | Sprinklr, Inc.                              | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |     44201 | NS      | $341231.72    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.               | Penske Automotive Group, Inc.               | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      4624 | NS      | $804159.84    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                        | SunCoke Energy, Inc.                        | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     47790 | NS      | $389966.40    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                 | Rollins, Inc.                               | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     10183 | NS      | $598149.42    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corporation                    | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     16771 | NS      | $449965.93    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                    | Nov, Inc. COM                               | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     91408 | NS      | $1211156.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                   | MGM Resorts International                   | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |     17307 | NS      | $599860.62    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                            | StoneX Group, Inc.                          | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     11479 | NS      | $1158460.68   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc.                          | Post Holdings, Inc.                         | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |      4896 | NS      | $526222.08    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                  | Unum Group                                  | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     23862 | NS      | $1855986.36   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.              | Rexford Industrial Realty, Inc.             | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     51034 | NS      | $2098007.74   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc.              | CSG Systems International, Inc.             | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |      7807 | NS      | $502614.66    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.            | Four Corners Property Trust, Inc.           | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     26447 | NS      | $645306.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                               | O-I Glass, Inc.                             | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88583 | NS      | $1148921.51   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                   | CNO Financial Group, Inc.                   | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     25442 | NS      | $1006231.10   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation                          | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     33260 | NS      | $1257560.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc             | Equity LifeStyle Properties, Inc. REIT      | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     24044 | NS      | $1459470.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                             | First Solar, Inc.                           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      4894 | NS      | $1079273.82   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                             | Photronics, Inc.                            | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     21236 | NS      | $487366.20    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc.                       | Jacobs Solutions, Inc.                      | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10224 | NS      | $1532168.64   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy, Inc.                  | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    190316 | NS      | $985836.88    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.              | Selective Insurance Group, Inc.             | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     15252 | NS      | $1236479.64   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corporation                    | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     16120 | NS      | $1145164.80   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                | Autoliv, Inc.                               | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |     16949 | NS      | $2093201.50   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp.                                   | AAR Corporation                             | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |     18538 | NS      | $1662302.46   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                           | FirstEnergy Corporation                     | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     44112 | NS      | $2021211.84   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                | Tenet Healthcare Corporation                | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      8487 | NS      | $1723200.48   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                           | Alcoa Corporation                           | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     65853 | NS      | $2165905.17   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                 | Premier, Inc. Class A                       | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47967 | NS      | $1333482.60   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                | Encompass Health Corporation                | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      7281 | NS      | $924832.62    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                           | Yeti Holdings, Inc.                         | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     13385 | NS      | $444114.30    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                        | CubeSmart REIT                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26904 | NS      | $1093916.64   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                             | Match Group, Inc.                           | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     21838 | NS      | $771318.16    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                     | Advance Auto Parts, Inc.                    | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     25675 | NS      | $1576445.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                  | American Assets Trust, Inc. REIT            | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11017 | NS      | $223865.44    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                 | Maximus, Inc.                               | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     14583 | NS      | $1332448.71   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                              | ConocoPhillips                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     19934 | NS      | $1885557.06   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc               | Weatherford International PLC               | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      9486 | NS      | $649126.98    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                | Stifel Financial Corporation                | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      7369 | NS      | $836160.43    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | ISHARES RUSSELL MIDCAP VALUE                | CUSIP: 464287473<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      8479 | NS      | $1184261.93   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc      | Heidrick & Struggles International, Inc.    | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      5482 | NS      | $272839.14    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Site Centers Corp                           | SITE CTRS CORP COM                          | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |     26245 | NS      | $236467.45    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                           | Ciena Corporation                           | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     13978 | NS      | $2036175.26   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.         | Broadridge Financial Solutions, Inc.        | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      5707 | NS      | $1359236.19   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson, Inc.                       | Harley-Davidson, Inc.                       | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |     29865 | NS      | $833233.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                 | EVERTEC, Inc.                               | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13083 | NS      | $441943.74    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                | BioMarin Pharmaceutical, Inc.               | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     33819 | NS      | $1831637.04   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                             | NBT Bancorp, Inc.                           | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17647 | NS      | $736938.72    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.                         | ABM Industries, Inc.                        | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     27999 | NS      | $1291313.88   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |     73976 | NS      | $749376.88    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                    | Lululemon Athletica, Inc.                   | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      5735 | NS      | $1020428.55   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp.                    | Lakeland Financial Corporation              | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6960 | NS      | $446832.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | GATES INDUSTRIAL CORP PLC                   | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |     44607 | NS      | $1107145.74   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.                     | CACI International, Inc.                    | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      2113 | NS      | $1053922.14   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp.                  | Albany International Corporation Class A    | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |      8642 | NS      | $460618.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies Inc.                   | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     59449 | NS      | $2567007.82   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc.                        | MGP Ingredients, Inc.                       | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      7370 | NS      | $178280.30    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                           | Everest Group Ltd.                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |      3639 | NS      | $1274486.97   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.         | BellRing Brands, Inc.                       | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     17271 | NS      | $627800.85    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited              | Axalta Coating Systems Ltd.                 | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     26692 | NS      | $763925.04    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                 | H2O America                                 | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17929 | NS      | $873142.30    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corporation                         | Oshkosh Corporation                         | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     16412 | NS      | $2128636.40   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                             | Nextracker Inc - Class A                    | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31711 | NS      | $2346296.89   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                     | Euronet Worldwide, Inc.                     | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      4693 | NS      | $412092.33    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                   | F.N.B. Corporation                          | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     93410 | NS      | $1504835.10   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica Bancorp                         | Westamerica BanCorporation                  | CUSIP: 957090103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7070 | NS      | $353429.30    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                 | Ecolab, Inc.                                | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      7187 | NS      | $1968231.82   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc.                  | Innovex International, Inc.                 | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     21812 | NS      | $404394.48    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                   | DOUBLEVERIFY HOLDINGS INC COM               | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35404 | NS      | $424139.92    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                    | Darden Restaurants, Inc.                    | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      5505 | NS      | $1047931.80   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                  | DexCom, Inc.                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     19883 | NS      | $1337927.07   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                              | Five Below, Inc.                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     13767 | NS      | $2129754.90   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group, Inc.                         | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     17512 | NS      | $1427753.36   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                  | Evergy, Inc.                                | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     19921 | NS      | $1514394.42   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                              | EPR Properties REIT                         | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     19049 | NS      | $1105032.49   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                         | Mister Car Wash, Inc.                       | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30685 | NS      | $163551.05    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                | National Retail Properties, Inc. REIT       | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     43838 | NS      | $1866183.66   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                             | Dollar Tree, Inc.                           | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     15993 | NS      | $1509259.41   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc.                              | Maplebear Incorporated                      | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22814 | NS      | $838642.64    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                     | Ormat Technologies, Inc.                    | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      7387 | NS      | $710998.75    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc.                     | Digi International, Inc.                    | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      8927 | NS      | $325478.42    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                            | Lear Corporation                            | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     13956 | NS      | $1404113.16   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corporation                     | Adapthealth Corp.                           | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62139 | NS      | $556144.05    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                    | Vulcan Materials Company                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      4373 | NS      | $1345222.26   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                     | Nexstar Media Group, Inc.                   | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      7305 | NS      | $1444490.70   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated  | Reinsurance Group of America, Inc.          | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      9521 | NS      | $1829269.73   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BBH Overnight Sweep                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    623971 | PA      | $623971.15    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group              | California Water Service Group              | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     26963 | NS      | $1237332.07   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                       | Cardinal Health, Inc.                       | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     11298 | NS      | $1773334.08   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                          | Chord Energy Corporation                    | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     13766 | NS      | $1367927.42   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                    | Etsy, Inc.                                  | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     22544 | NS      | $1496696.16   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent Class A               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     50074 | NS      | $1664960.50   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                       | Element Solutions, Inc.                     | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     58211 | NS      | $1465170.87   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated             | Jones Lang LaSalle, Inc.                    | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      5570 | NS      | $1661419.60   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                             | AptarGroup, Inc.                            | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      7875 | NS      | $1052572.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus Homecare Corp                         | Addus HomeCare Corporation                  | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      3958 | NS      | $467004.42    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Keith D. Kemp

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

**Title:** President