# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004449
**Filing Date:** 2025-11
**Character Count:** 84410
**Document Hash:** 11dc73e328cde261f87ed3840e2fc661
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004449.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004449

**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:** 251527996

**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 ALL CAP VALUE SERIES (Series ID: S000087633)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000253501 | NAA ALL CAP VALUE SERIES |  |

## Nport-Ex

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **Communication Services - 0.3%** |  |
| 1195 | Nexstar Media Group, Inc. | $236299 |
|  | **Communications - 3.6%** |  |
| 23682 | AT&T, Inc. | 668779 |
| 3720 | Maplebear, Inc.<sup>(a)</sup> | 136747 |
| 5787 | Match Group, Inc. | 204397 |
| 4641 | Omnicom Group, Inc. | 378381 |
| 2865 | T-Mobile US, Inc. | 685823 |
| 1801 | VeriSign, Inc. | 503506 |
| 5557 | Walt Disney Company (The) | 636277 |
|  |  | 3213910 |
|  | **Consumer Discretionary - 8.0%** |  |
| 4199 | Advance Auto Parts, Inc. | 257819 |
| 10869 | Amazon.com, Inc.<sup>(a)</sup> | 2386506 |
| 2771 | Autoliv, Inc. | 342219 |
| 3678 | Etsy, Inc.<sup>(a)</sup> | 244182 |
| 60297 | Ford Motor Company | 721152 |
| 4873 | Harley-Davidson, Inc. | 135957 |
| 2284 | Lear Corporation | 229793 |
| 6277 | LKQ Corporation | 191700 |
| 4600 | MGM Resorts International<sup>(a)</sup> | 159436 |
| 5011 | Mister Car Wash, Inc.<sup>(a)</sup> | 26709 |
| 10789 | NIKE, Inc., Class B | 752317 |
| 756 | Penske Automotive Group, Inc. | 131476 |
| 1688 | Shoe Carnival, Inc. | 35094 |
| 1309 | Sonic Automotive, Inc., Class A | 99602 |
| 7023 | Starbucks Corporation | 594146 |
| 5184 | TJX Companies, Inc. (The) | 749294 |
| 2180 | YETI Holdings, Inc.<sup>(a)</sup> | 72332 |
|  |  | 7129734 |
|  | **Consumer Staples - 6.9%** |  |
| 10652 | Altria Group, Inc. | 703671 |
| 2837 | BellRing Brands, Inc.<sup>(a)</sup> | 103125 |
| 9514 | Coca-Cola Company (The) | 630969 |

---

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Consumer Staples - 6.9% (Continued)** |  |
| 7142 | Colgate-Palmolive Company | $570931 |
| 4249 | Dollar Tree, Inc.<sup>(a)</sup> | 400978 |
| 2260 | Five Below, Inc.<sup>(a)</sup> | 349622 |
| 9454 | Grocery Outlet Holding Corporation<sup>(a)</sup> | 151737 |
| 5880 | McCormick & Company, Inc. | 393431 |
| 1218 | MGP Ingredients, Inc. | 29463 |
| 4131 | Molson Coors Beverage Company, Class B | 186928 |
| 9699 | Mondelez International, Inc., Class A | 605897 |
| 801 | Post Holdings, Inc.<sup>(a)</sup> | 86091 |
| 2001 | PriceSmart, Inc. | 242501 |
| 6428 | Procter & Gamble Company (The) | 987662 |
| 6854 | Walmart, Inc. | 706373 |
|  |  | 6149379 |
|  | **Energy - 5.8%** |  |
| 16125 | Baker Hughes Company | 785611 |
| 4433 | Chevron Corporation | 688401 |
| 2251 | Chord Energy Corporation | 223682 |
| 6922 | ConocoPhillips | 654752 |
| 11812 | Exxon Mobil Corporation | 1331802 |
| 1306 | First Solar, Inc.<sup>(a)</sup> | 288012 |
| 3590 | Innovex International, Inc.<sup>(a)</sup> | 66559 |
| 14892 | Nov, Inc. COM | 197319 |
| 31057 | Patterson-UTI Energy, Inc. | 160875 |
| 17619 | SLB Ltd. | 605565 |
| 1554 | Weatherford International PLC | 106340 |
|  |  | 5108918 |
|  | **Financials - 16.2%** |  |
| 3606 | Air Lease Corporation | 229522 |
| 1662 | American Financial Group, Inc. | 242187 |
| 3211 | Ameris Bancorp | 235398 |
| 12145 | Apollo Commercial Real Estate Finance, Inc. | 123029 |
| 17958 | Bank of America Corporation | 926453 |
| 4462 | Bank OZK | 227473 |
| 2561 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1287516 |

---

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Financials - 16.2% (Continued)** |  |
| 3300 | Capital One Financial Corporation | $701514 |
| 2298 | Chubb Ltd. | 648611 |
| 8336 | Citigroup, Inc. | 846104 |
| 4158 | CNO Financial Group, Inc. | 164449 |
| 968 | Everest Group Ltd. | 339023 |
| 4990 | EZCORP, Inc., Class A<sup>(a)</sup> | 95010 |
| 15653 | First Horizon Corporation | 353914 |
| 15228 | FNB Corporation | 245323 |
| 6766 | Franklin Resources, Inc. | 156498 |
| 9298 | Fulton Financial Corporation | 173222 |
| 1029 | Goldman Sachs Group, Inc. (The) | 819443 |
| 1505 | Hanover Insurance Group, Inc. (The) | 273353 |
| 3274 | JPMorgan Chase & Company | 1032717 |
| 1148 | Lakeland Financial Corporation | 73702 |
| 4860 | Morgan Stanley | 772546 |
| 2887 | NBT Bancorp, Inc. | 120561 |
| 1752 | OFG Bancorp | 76194 |
| 2058 | Raymond James Financial, Inc. | 355211 |
| 1561 | Reinsurance Group of America, Inc. | 299915 |
| 2488 | Selective Insurance Group, Inc. | 201702 |
| 1210 | Stifel Financial Corporation | 137299 |
| 1880 | StoneX Group, Inc.<sup>(a)</sup> | 189730 |
| 5709 | T Rowe Price Group, Inc. | 585971 |
| 2405 | Travelers Companies, Inc. (The) | 671524 |
| 3896 | Unum Group | 303031 |
| 14793 | US Bancorp | 714946 |
| 8802 | Wells Fargo & Company | 737784 |
| 1146 | Westamerica BanCorporation | 57289 |
|  |  | 14418164 |
|  | **Health Care - 13.1%** |  |
| 10144 | AdaptHealth Corporation<sup>(a)</sup> | 90789 |
| 650 | Addus HomeCare Corporation<sup>(a)</sup> | 76694 |
| 2230 | Amgen, Inc. | 629306 |
| 5528 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 299396 |

---

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Health Care - 13.1% (Continued)** |  |
| 3625 | Bio-Techne Corporation | $201659 |
| 3797 | Cardinal Health, Inc. | 595977 |
| 2131 | Cencora, Inc. | 666001 |
| 11288 | Centene Corporation<sup>(a)</sup> | 402756 |
| 1151 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 180085 |
| 9614 | CVS Health Corporation | 724799 |
| 5278 | DexCom, Inc.<sup>(a)</sup> | 355156 |
| 1710 | Elevance Health, Inc. | 552535 |
| 1191 | Encompass Health Corporation | 151281 |
| 6032 | Gilead Sciences, Inc. | 669552 |
| 1549 | HCA Healthcare, Inc. | 660184 |
| 2592 | Humana, Inc. | 674361 |
| 1488 | Incyte Corporation<sup>(a)</sup> | 126197 |
| 3826 | IQVIA Holdings, Inc.<sup>(a)</sup> | 726710 |
| 6588 | Johnson & Johnson | 1221548 |
| 8265 | Merck & Company, Inc. | 693681 |
| 7811 | Premier, Inc., Class A | 217146 |
| 1383 | Tenet Healthcare Corporation<sup>(a)</sup> | 280804 |
| 2486 | UnitedHealth Group, Inc. | 858417 |
| 4134 | Zoetis, Inc. | 604887 |
|  |  | 11659921 |
|  | **Industrials - 9.9%** |  |
| 3035 | AAR Corporation<sup>(a)</sup> | 272148 |
| 4617 | ABM Industries, Inc. | 212936 |
| 1945 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 103241 |
| 1417 | Albany International Corporation, Class A | 75526 |
| 5431 | Avista Corporation | 205346 |
| 1220 | Deere & Company | 557857 |
| 1365 | FTI Consulting, Inc.<sup>(a)</sup> | 220652 |
| 7264 | Gates Industrial Corporation PLC<sup>(a)</sup> | 180292 |
| 895 | Heidrick & Struggles International, Inc. | 44544 |
| 940 | ITT, Inc. | 168034 |
| 2710 | Jacobs Solutions, Inc. | 406120 |
| 6180 | Johnson Controls International plc | 679491 |

---

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Industrials - 9.9% (Continued)** |  |
| 2537 | L3Harris Technologies, Inc. | $774825 |
| 1841 | MSC Industrial Direct Company, Inc., Class A | 169630 |
| 5191 | Nextracker Inc - Class A<sup>(a)</sup> | 384082 |
| 1290 | Northrop Grumman Corporation | 786024 |
| 609 | Novanta, Inc.<sup>(a)</sup> | 60991 |
| 2435 | Old Dominion Freight Line, Inc. | 342799 |
| 2683 | Oshkosh Corporation | 347985 |
| 9709 | Resideo Technologies, Inc.<sup>(a)</sup> | 419234 |
| 2698 | Rollins, Inc. | 158481 |
| 1236 | Snap-on, Inc. | 428311 |
| 14176 | Southwest Airlines Company | 452356 |
| 4136 | Textron, Inc. | 349451 |
| 788 | UniFirst Corporation | 131746 |
| 7032 | WillScott Mobile Mini Holding | 148446 |
| 5003 | Xylem, Inc. | 737944 |
|  |  | 8818492 |
|  | **Information Technology - 0.9%** |  |
| 3514 | Photronics, Inc.<sup>(a)</sup> | 80646 |
| 4253 | QUALCOMM, Inc. | 707529 |
|  |  | 788175 |
|  | **Materials - 4.4%** |  |
| 10754 | Alcoa Corporation | 353699 |
| 1295 | AptarGroup, Inc. | 173090 |
| 4350 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 124497 |
| 2410 | Ecolab, Inc. | 660004 |
| 9520 | Element Solutions, Inc. | 239618 |
| 15499 | Freeport-McMoRan, Inc. | 607871 |
| 5985 | LyondellBasell Industries N.V., Class A | 293504 |
| 10920 | Newmont Corporation | 920664 |
| 14435 | O-I Glass, Inc.<sup>(a)</sup> | 187222 |
| 2448 | RPM International, Inc. | 288570 |
| 7801 | SunCoke Energy, Inc. | 63656 |
|  |  | 3912395 |

---

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Real Estate - 5.1%** |  |
| 2633 | Agree Realty Corporation | $187048 |
| 1795 | American Assets Trust, Inc. | 36474 |
| 8160 | American Homes 4 Rent, Class A | 271320 |
| 3000 | American Tower Corporation | 576960 |
| 6809 | CareTrust REIT, Inc. | 236136 |
| 4395 | CubeSmart | 178701 |
| 3593 | Digital Realty Trust, Inc. | 621158 |
| 3107 | EPR Properties | 180237 |
| 3917 | Equity LifeStyle Properties, Inc. | 237762 |
| 2725 | Extra Space Storage, Inc. | 384062 |
| 4322 | Four Corners Property Trust, Inc. | 105457 |
| 2756 | Getty Realty Corporation | 73943 |
| 12796 | Invitation Homes, Inc. | 375307 |
| 912 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 272031 |
| 7143 | NNN REIT, Inc. | 304078 |
| 8322 | Rexford Industrial Realty, Inc. | 342117 |
| 4284 | SITE Centers Corporation<sup>(a)</sup> | 38599 |
|  |  | 4421390 |
|  | **Technology - 20.2%** |  |
| 3278 | Akamai Technologies, Inc.<sup>(a)</sup> | 248341 |
| 22096 | Apple, Inc. | 5626305 |
| 2068 | Automatic Data Processing, Inc. | 606958 |
| 346 | CACI International, Inc., A<sup>(a)</sup> | 172578 |
| 2301 | Ciena Corporation<sup>(a)</sup> | 335187 |
| 9993 | Cisco Systems, Inc. | 683721 |
| 7878 | CoStar Group, Inc.<sup>(a)</sup> | 664667 |
| 1274 | CSG Systems International, Inc. | 82020 |
| 1464 | Digi International, Inc.<sup>(a)</sup> | 53377 |
| 5774 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | 69173 |
| 767 | Euronet Worldwide, Inc.<sup>(a)</sup> | 67350 |
| 2144 | EVERTEC, Inc. | 72424 |
| 472 | FactSet Research Systems, Inc. | 135223 |
| 30100 | Intel Corporation<sup>(a)</sup> | 1009855 |
| 7039 | Lam Research Corporation | 942522 |

---

**NAA ALL CAP VALUE SERIES**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Technology - 20.2% (Continued)** |  |
| 3235 | LiveRamp Holdings, Inc.<sup>(a)</sup> | $87798 |
| 2380 | MAXIMUS, Inc. | 217461 |
| 5334 | Micron Technology, Inc. | 892485 |
| 9775 | Microsoft Corporation | 5062962 |
| 2426 | NetApp, Inc. | 287384 |
| 7873 | PayPal Holdings, Inc. | 527963 |
| 7206 | Sprinklr, Inc., Class A<sup>(a)</sup> | 55630 |
|  |  | 17901384 |
|  | **Utilities - 5.2%** |  |
| 6170 | Ameren Corporation | 644025 |
| 4400 | American Water Works Company, Inc. | 612436 |
| 4415 | California Water Service Group | 202604 |
| 5633 | Duke Energy Corporation | 697083 |
| 5276 | Evergy, Inc. | 401082 |
| 14884 | Exelon Corporation | 669929 |
| 11682 | FirstEnergy Corporation | 535269 |
| 2948 | H2O America | 143568 |
| 6959 | OGE Energy Corporation | 321993 |
| 1207 | Ormat Technologies, Inc. | 116174 |
| 8025 | PPL Corporation | 298209 |
|  |  | 4642372 |
|  | **TOTAL COMMON STOCKS (Cost $80,430,857)** | 88400533 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $80,430,857)** | $88400533 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** | 319799 |
|  | **NET ASSETS - 100.0%** | $88720332 |

---

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

PLC – Public Limited Company

REIT – Real Estate Investment Trust

## 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 ALL CAP VALUE SERIES

- **b. EDGAR series identifier (if any):** S000087633

- **c. LEI of Series:** 529900Z0MB1WFQ538D81

**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:** $89108192.42

**Total Liabilities:** $387860.16

**Net Assets:** $88720332.26

**Cash Not Reported:** $77.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253501 | 0.37%                | 4.07%                | 1.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19699.22                | $313392.22                                 |
| Month 2  | $28803.06                | $3333368.84                                |
| Month 3  | $56322.02                | $1312073.41                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Five Below Inc                                 | Five Below, Inc.                               | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      2260 | NS      | $349622.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated     | Reinsurance Group of America, Inc.             | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      1561 | NS      | $299914.93    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Company                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3274 | NS      | $1032717.82   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive, Inc.                         | Sonic Automotive, Inc.                         | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      1309 | NS      | $99601.81     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc.                                   | Textron, Inc.                                  | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      4136 | NS      | $349450.64    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                      | MGM Resorts International                      | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      4600 | NS      | $159436.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.                  | Penske Automotive Group, Inc.                  | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       756 | NS      | $131475.96    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc.                     | Innovex International, Inc.                    | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |      3590 | NS      | $66558.60     | 0.08%             |  |  |  | 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        |      1841 | NS      | $169629.74    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                | T-Mobile USA, Inc.                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      2865 | NS      | $685823.70    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                         | Micron Technology, Inc.                        | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      5334 | NS      | $892484.88    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                              | Ciena Corporation                              | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      2301 | NS      | $335186.67    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                           | CubeSmart REIT                                 | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4395 | NS      | $178700.70    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                         | TJX Companies, Inc. (The)                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5184 | NS      | $749295.36    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica Bancorp                            | Westamerica BanCorporation                     | CUSIP: 957090103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1146 | NS      | $57288.54     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                             | Chord Energy Corporation                       | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      2251 | NS      | $223681.87    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                       | Lam Research Corporation                       | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      7039 | NS      | $942522.10    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc.                           | MGP Ingredients, Inc.                          | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      1218 | NS      | $29463.42     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                    | Premier, Inc. Class A                          | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7811 | NS      | $217145.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.              | Hanover Insurance Group, Inc. (The)            | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      1505 | NS      | $273353.15    | 0.31%             |  |  |  | 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        |     12145 | NS      | $123028.85    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.                        | CACI International, Inc.                       | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       346 | NS      | $172577.88    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                          | Cardinal Health, Inc.                          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      3797 | NS      | $595977.12    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corporation.                            | Incyte Corporation                             | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      1488 | NS      | $126197.28    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                   | LyondellBasell Industries N.V. Class A         | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |      5985 | NS      | $293504.40    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                        | ITT, Inc.                                      | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |       940 | NS      | $168034.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                                  | O-I Glass, Inc.                                | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14435 | NS      | $187221.95    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                        | Ormat Technologies, Inc.                       | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      1207 | NS      | $116173.75    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                         | OGE Energy Corporation                         | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      6959 | NS      | $321992.93    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.               | Four Corners Property Trust, Inc.              | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |      4322 | NS      | $105456.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                        | Berkshire Hathaway, Inc. Class B               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2561 | NS      | $1287517.14   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                    | Humana, Inc.                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2592 | NS      | $674360.64    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc.                         | RPM International, Inc.                        | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      2448 | NS      | $288570.24    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                          | Freeport-McMoRan, Inc.                         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     15499 | NS      | $607870.78    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                | Match Group, Inc.                              | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      5787 | NS      | $204396.84    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                   | Stifel Financial Corporation                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      1210 | NS      | $137298.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                 | EPR Properties REIT                            | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      3107 | NS      | $180237.07    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc                | Equity LifeStyle Properties, Inc. REIT         | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      3917 | NS      | $237761.90    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc.                          | Jacobs Solutions, Inc.                         | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2710 | NS      | $406120.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                                   | Ameren Corporation                             | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      6170 | NS      | $644024.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                    | Capital One Financial Corporation              | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      3300 | NS      | $701514.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                            | Mister Car Wash, Inc.                          | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5011 | NS      | $26708.63     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                    | Zoetis, Inc.                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      4134 | NS      | $604886.88    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                        | Advance Auto Parts, Inc.                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      4199 | NS      | $257818.60    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                   | Mondelez International, Inc. Class A           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      9699 | NS      | $605896.53    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC             | Johnson Controls International plc             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |      6180 | NS      | $679491.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                                | Nextracker Inc - Class A                       | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5191 | NS      | $384082.09    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                           | Baker Hughes Company Class A                   | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16125 | NS      | $785610.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                                 | PriceSmart, Inc.                               | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      2001 | NS      | $242501.19    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                     | Evergy, Inc.                                   | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      5276 | NS      | $401081.52    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                       | Bank OZK                                       | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |      4462 | NS      | $227472.76    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                               | Lear Corporation                               | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      2284 | NS      | $229793.24    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                              | Shoe Carnival, Inc.                            | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1688 | NS      | $35093.52     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc         | Heidrick & Struggles International, Inc.       | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |       895 | NS      | $44544.15     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                    | NetApp, Inc.                                   | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      2426 | NS      | $287383.96    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                              | Intel Corporation                              | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     30100 | NS      | $1009855.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                               | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     10869 | NS      | $2386506.33   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                               | StoneX Group, Inc.                             | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      1880 | NS      | $189729.60    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.                 | Rexford Industrial Realty, Inc.                | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |      8322 | NS      | $342117.42    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corporation                         | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      3625 | NS      | $201658.75    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corporation                        | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      5633 | NS      | $697083.75    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                          | Bank of America Corporation                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     17958 | NS      | $926453.22    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                | AptarGroup, Inc.                               | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      1295 | NS      | $173089.70    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                          | American Homes 4 Rent Class A                  | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |      8160 | NS      | $271320.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                             | Coca-Cola Company (The)                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      9514 | NS      | $630968.48    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. (The)                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1029 | NS      | $819444.15    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                      | Digital Realty Trust, Inc. REIT                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      3593 | NS      | $621157.84    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                   | Raymond James Financial, Inc.                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      2058 | NS      | $355210.80    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                     | NIKE, Inc. Class B                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     10789 | NS      | $752316.97    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc.                        | Franklin Resources, Inc.                       | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      6766 | NS      | $156497.58    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                             | HCA Healthcare, Inc.                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1549 | NS      | $660183.80    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                               | Merck & Company, Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      8265 | NS      | $693681.45    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                            | IQVIA Holdings, Inc.                           | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      3826 | NS      | $726710.44    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                     | Amgen, Inc.                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2230 | NS      | $629306.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                   | Grocery Outlet Holding Corp                    | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9454 | NS      | $151736.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc.                        | Digi International, Inc.                       | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      1464 | NS      | $53377.44     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                    | Novanta, Inc.                                  | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |       609 | NS      | $60991.35     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                              | Getty Realty Corporation                       | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      2756 | NS      | $73943.48     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp.                     | Albany International Corporation Class A       | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |      1417 | NS      | $75526.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc.                 | CSG Systems International, Inc.                | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |      1274 | NS      | $82020.12     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                                 | Ameris Bancorp                                 | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      3211 | NS      | $235398.41    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                        | UnitedHealth Group, Inc.                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2486 | NS      | $858415.80    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart, Inc.                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      6854 | NS      | $706373.24    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                              | Yeti Holdings, Inc.                            | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      2180 | NS      | $72332.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                  | US Bancorp                                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     14793 | NS      | $714945.69    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                                    | EZCORP, Inc. Class A                           | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |      4990 | NS      | $95009.60     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                   | BioMarin Pharmaceutical, Inc.                  | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      5528 | NS      | $299396.48    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp.                       | Lakeland Financial Corporation                 | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1148 | NS      | $73701.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                                | NBT Bancorp, Inc.                              | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2887 | NS      | $120561.12    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                    | OFG Bancorp                                    | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |      1752 | NS      | $76194.48     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                      | Travelers Companies, Inc. (The)                | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      2405 | NS      | $671524.10    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc                  | Weatherford International PLC                  | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      1554 | NS      | $106340.22    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                   | Encompass Health Corporation                   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      1191 | NS      | $151280.82    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar, Inc.                              | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      1306 | NS      | $288012.18    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                                  | UniFirst Corporation                           | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |       788 | NS      | $131745.72    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corporation                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      9614 | NS      | $724799.46    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | Northrop Grumman Corporation                   | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1290 | NS      | $786022.80    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                            | Walt Disney Company (The)                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      5557 | NS      | $636276.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                             | Ford Motor Company                             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     60297 | NS      | $721152.12    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.             | American Water Works Company, Inc.             | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      4400 | NS      | $612436.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                 | Citigroup, Inc.                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      8336 | NS      | $846104.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                          | Colgate-Palmolive Company                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      7142 | NS      | $570931.48    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                           | Gilead Sciences, Inc.                          | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6032 | NS      | $669552.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                      | GATES INDUSTRIAL CORP PLC                      | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |      7264 | NS      | $180292.48    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Costar Group Inc                               | CoStar Group, Inc.                             | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7878 | NS      | $664666.86    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                              | Alcoa Corporation                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     10754 | NS      | $353699.06    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc.                                 | Maplebear Incorporated                         | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3720 | NS      | $136747.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                          | Invitation Homes, Inc.                         | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     12796 | NS      | $375306.68    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                           | SunCoke Energy, Inc.                           | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |      7801 | NS      | $63656.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                      | Akamai Technologies, Inc.                      | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      3278 | NS      | $248341.28    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                 | California Water Service Group                 | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      4415 | NS      | $202604.35    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited                 | Axalta Coating Systems Ltd.                    | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      4350 | NS      | $124497.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                | Deere & Company                                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1220 | NS      | $557857.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corporation                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     11812 | NS      | $1331803.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                              | Everest Group Ltd.                             | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |       968 | NS      | $339022.64    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                       | Resideo Technologies Inc.                      | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      9709 | NS      | $419234.62    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Site Centers Corp                              | SITE CTRS CORP COM                             | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |      4284 | NS      | $38598.84     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                           | Snap-on, Inc.                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      1236 | NS      | $428311.08    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                     | American Assets Trust, Inc. REIT               | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1795 | NS      | $36474.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                     | Unum Group                                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      3896 | NS      | $303030.88    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.                            | ABM Industries, Inc.                           | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      4617 | NS      | $212936.04    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.                 | Old Dominion Freight Line, Inc.                | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      2435 | NS      | $342799.30    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                              | Omnicom Group, Inc.                            | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      4641 | NS      | $378380.73    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                  | Chevron Corporation                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4433 | NS      | $688400.57    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                            | Newmont Corporation                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     10920 | NS      | $920665.20    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.            | BellRing Brands, Inc.                          | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |      2837 | NS      | $103124.95    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                  | QUALCOMM, Inc.                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      4253 | NS      | $707529.08    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus Homecare Corp                            | Addus HomeCare Corporation                     | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |       650 | NS      | $76693.50     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                              | Wells Fargo & Company                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      8802 | NS      | $737783.64    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                      | First Horizon National Corporation             | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     15653 | NS      | $353914.33    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                | Dollar Tree, Inc.                              | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      4249 | NS      | $400978.13    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                        | Alarm.com Holdings, Inc.                       | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      1945 | NS      | $103240.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins, Inc.                                  | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      2698 | NS      | $158480.52    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                     | L3Harris Technologies, Inc.                    | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      2537 | NS      | $774825.17    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Price T Rowe Group Inc.                        | T. Rowe Price Group, Inc.                      | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      5709 | NS      | $585971.76    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                   | Tenet Healthcare Corporation                   | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      1383 | NS      | $280804.32    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                 | American Financial Group, Inc.                 | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      1662 | NS      | $242186.64    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                           | Elevance Health, Inc.                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      1710 | NS      | $552535.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                     | Chubb Ltd.                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      2298 | NS      | $648610.50    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                            | Cisco Systems, Inc.                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      9993 | NS      | $683721.06    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                   | Exelon Corporation                             | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     14884 | NS      | $669928.84    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Company                  | Molson Coors Beverage Company Class B          | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      4131 | NS      | $186927.75    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                           | SLB Limited                                    | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     17619 | NS      | $605565.03    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | BBH Overnight Sweep                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    389184 | PA      | $389184.11    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                             | Avista Corporation                             | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      5431 | NS      | $205346.11    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                           | PayPal Holdings, Inc.                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      7873 | NS      | $527963.38    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                       | Extra Space Storage, Inc. REIT                 | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |      2725 | NS      | $384061.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                                   | Sprinklr, Inc.                                 | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |      7206 | NS      | $55630.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      1151 | NS      | $180085.46    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                      | F.N.B. Corporation                             | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     15228 | NS      | $245323.08    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      6922 | NS      | $654751.98    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                      | Patterson-UTI Energy, Inc.                     | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     31057 | NS      | $160875.26    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.                | Automatic Data Processing, Inc.                | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2068 | NS      | $606958.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting, Inc.                           | FTI Consulting, Inc.                           | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      1365 | NS      | $220652.25    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Liveramp Holdings Inc                          | LiveRamp Holdings, Inc.                        | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |      3235 | NS      | $87797.90     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                   | Autoliv, Inc.                                  | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      2771 | NS      | $342218.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corporation                        | Adapthealth Corp.                              | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10144 | NS      | $90788.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                     | DexCom, Inc.                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      5278 | NS      | $355156.62    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | Altria Group, Inc.                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     10652 | NS      | $703671.12    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                 | VeriSign, Inc.                                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      1801 | NS      | $503505.57    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                              | FirstEnergy Corporation                        | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     11682 | NS      | $535269.24    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                       | Nov, Inc. COM                                  | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     14892 | NS      | $197319.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                       | Procter & Gamble Company (The)                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      6428 | NS      | $987662.20    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                          | Air Lease Corporation                          | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      3606 | NS      | $229521.90    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                    | Ecolab, Inc.                                   | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      2410 | NS      | $660002.60    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                      | DOUBLEVERIFY HOLDINGS INC COM                  | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5774 | NS      | $69172.52     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                    | Cencora Incorporated                           | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      2131 | NS      | $666001.43    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.                 | Selective Insurance Group, Inc.                | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      2488 | NS      | $201702.16    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                     | American Tower Corporation                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3000 | NS      | $576960.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                    | EVERTEC, Inc.                                  | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2144 | NS      | $72424.32     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                         | Southwest Airlines Company                     | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     14176 | NS      | $452356.16    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc.                             | Post Holdings, Inc.                            | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |       801 | NS      | $86091.48     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                             | CareTrust REIT, Inc. REIT                      | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      6809 | NS      | $236136.12    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                   | National Retail Properties, Inc. REIT          | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      7143 | NS      | $304077.51    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                | Microsoft Corporation                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9775 | NS      | $5062961.25   | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corporation                  | WillScott Mobile Mini Holding                  | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |      7032 | NS      | $148445.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                              | Agree Realty Corporation                       | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      2633 | NS      | $187048.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                                | LKQ Corporation                                | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      6277 | NS      | $191699.58    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      4860 | NS      | $772545.60    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                       | AT&T, Inc.                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     23682 | NS      | $668779.68    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated                | Jones Lang LaSalle, Inc.                       | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       912 | NS      | $272031.36    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                    | H2O America                                    | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2948 | NS      | $143567.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                     | Apple, Inc.                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     22096 | NS      | $5626304.48   | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      6588 | NS      | $1221546.96   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                          | Element Solutions, Inc.                        | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      9520 | NS      | $239618.40    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                    | Xylem, Inc.                                    | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      5003 | NS      | $737942.50    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                  | Centene Corporation                            | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     11288 | NS      | $402755.84    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                                | PPL Corporation                                | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      8025 | NS      | $298209.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                | Starbucks Corporation                          | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      7023 | NS      | $594145.80    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                      | CNO Financial Group, Inc.                      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      4158 | NS      | $164448.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                        | Euronet Worldwide, Inc.                        | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |       767 | NS      | $67350.27     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson, Inc.                          | Harley-Davidson, Inc.                          | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |      4873 | NS      | $135956.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                       | Etsy, Inc.                                     | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      3678 | NS      | $244182.42    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                        | Nexstar Media Group, Inc.                      | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      1195 | NS      | $236299.30    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp.                                      | AAR Corporation                                | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |      3035 | NS      | $272148.45    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                    | Maximus, Inc.                                  | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      2380 | NS      | $217460.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                                | Photronics, Inc.                               | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      3514 | NS      | $80646.30     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                  | FactSet Research Systems, Inc.                 | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       472 | NS      | $135223.28    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corporation                            | Oshkosh Corporation                            | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |      2683 | NS      | $347985.10    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                   | Fulton Financial Corporation                   | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |      9298 | NS      | $173221.74    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated              | McCormick & Company, Inc. Non-Voting Shares    | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      5880 | NS      | $393430.80    | 0.44%             |  |  |  | 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