# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0001752724-25-211610
**Filing Date:** 2025-8
**Character Count:** 48555
**Document Hash:** 204957a0fd68e86e2348920ccb9982d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211610.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211610

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 251272059

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

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

## Series and Classes Contracts Data

### NAA SMALL CAP VALUE SERIES (Series ID: S000087637)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000253505 | NAA SMALL CAP VALUE SERIES |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

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

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

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

- **b. EDGAR series identifier (if any):** S000087637

- **c. LEI of Series:** 529900Q76BGDXUTB3W21

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $48015358.65

**Total Liabilities:** $635135.15

**Net Assets:** $47380223.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253505 | -6.47%               | 4.58%                | 3.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-516335.45              | $-2578677.36                               |
| Month 2  | $-29400.55               | $1983154.43                                |
| Month 3  | $-909231.39              | $2269571.40                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Penske Automotive Group, Inc.               | Penske Automotive Group, Inc.                              | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      2524 | NS      | $433648.44    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation                      | Murphy Oil Corporation                                     | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     17430 | NS      | $392175.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc              | First Financial Bankshares, Inc.                           | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |      8265 | NS      | $297374.70    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                        | SunCoke Energy, Inc.                                       | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     11532 | NS      | $99059.88     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corporation                 | JetBlue Airways Corporation                                | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |     51246 | NS      | $216770.58    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                              | Ziff Davis, Inc.                                           | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |      6207 | NS      | $187885.89    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                     | Cushman and Wakefield plc                                  | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32614 | NS      | $361036.98    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                | Grocery Outlet Holding Corp                                | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13981 | NS      | $173644.02    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                          | CONMED Corporation                                         | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |      4818 | NS      | $250921.44    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc   | HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITA L, INC. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |      7741 | NS      | $207923.26    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc.                  | Minerals Technologies, Inc.                                | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |      4827 | NS      | $265822.89    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corporation                          | Enovis Corporation                                         | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      8542 | NS      | $267877.12    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corporation                           | Cabot Corporation                                          | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      3451 | NS      | $258825.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                         | Mercury Systems, Inc.                                      | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      7095 | NS      | $382136.70    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                     | COPT Defense Properties REIT                               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      7392 | NS      | $203871.36    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc.                          | GXO Logistics, Inc.                                        | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     16125 | NS      | $785287.50    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                            | Quidel Corporation                                         | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |      9874 | NS      | $284568.68    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                               | Materion Corporation                                       | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      3036 | NS      | $240967.32    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation            | California Resources Corporation                           | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      9367 | NS      | $427790.89    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                            | Haemonetics Corporation                                    | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      2969 | NS      | $221517.09    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | Edgewell Personal Care Company                             | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      7298 | NS      | $170846.18    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| H B Fuller Company                          | H.B. Fuller Company                                        | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |      8014 | NS      | $482042.10    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                 | Gentex Corporation                                         | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     18870 | NS      | $414951.30    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | ISHARES RUSSELL 2000 VALUE ETF                             | CUSIP: 464287630<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      4287 | NS      | $676317.12    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                | Iridium Communications, Inc.                               | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      7577 | NS      | $228598.09    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation                      | Otter Tail Corporation                                     | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3294 | NS      | $253934.46    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                         | Knowles Corporation                                        | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     12330 | NS      | $217254.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotera Health Company                       | SOTERA HEALTH CO                                           | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12720 | NS      | $141446.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                 | Dropbox, Inc. Class A                                      | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     10695 | NS      | $305877.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings, Inc.                                   | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      2882 | NS      | $163034.74    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp.                        | Peabody Energy Corporation                                 | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     15704 | NS      | $210747.68    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation                                         | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     11107 | NS      | $421510.65    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                       | Bath & Body Works, Inc.                                    | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     13743 | NS      | $411740.28    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp                                             | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      4774 | NS      | $308877.80    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp.                             | John Bean Technologies Corporation                         | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |      3787 | NS      | $455424.62    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                        | TTM Technologies, Inc.                                     | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      6526 | NS      | $266391.32    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp              | Atlantic Union Bankshares Corporation                      | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20896 | NS      | $653626.88    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc               | Weatherford International PLC                              | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      5172 | NS      | $260203.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corporation                          | Hexcel Corporation                                         | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |      5709 | NS      | $322501.41    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                   | Simply Good Foods Company (The)                            | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7026 | NS      | $221951.34    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                 | Novanta, Inc.                                              | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      2025 | NS      | $261083.25    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Formfactor Inc                              | FormFactor, Inc.                                           | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |      6120 | NS      | $210589.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc.                  | Brighthouse Financial, Inc.                                | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      7693 | NS      | $413652.61    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                        | PotlatchDeltic Corporation REIT                            | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     10240 | NS      | $392908.80    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                    | Etsy, Inc.                                                 | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      8134 | NS      | $408001.44    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial, Inc.                    | Flagstar Financial Inc                                     | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     43318 | NS      | $459170.80    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                        | SL Green Realty Corporation REIT                           | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      2955 | NS      | $182914.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                       | Comerica, Inc.                                             | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     18942 | NS      | $1129890.30   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.            | Advanced Energy Industries, Inc.                           | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      2577 | NS      | $341452.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                          | Douglas Emmett, Inc. REIT                                  | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9758 | NS      | $146760.32    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                    | Group 1 Automotive, Inc.                                   | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       888 | NS      | $387798.48    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                         | Acadia Realty Trust                                        | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5747 | NS      | $106721.79    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke and Soffa Industries, Inc.          | Kulicke & Soffa Industries, Inc.                           | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |      7450 | NS      | $257770.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB Group Inc                               | Hub Group, Inc.                                            | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8676 | NS      | $290038.68    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corporation Of Florida     | Seacoast Banking Corporation of Florida                    | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     12401 | NS      | $342515.62    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                | Mural Oncology PLC                                         | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      8585 | NS      | $245616.85    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corporation                        | Celanese Corporation                                       | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     16322 | NS      | $903096.26    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                          | Cirrus Logic, Inc.                                         | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      2859 | NS      | $298065.05    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                        | Macerich Company (The) REIT                                | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     12243 | NS      | $198091.74    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group              | California Water Service Group                             | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      8333 | NS      | $378984.84    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                          | Vail Resorts, Inc.                                         | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      2422 | NS      | $380568.86    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                | Rayonier, Inc. REIT                                        | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     20446 | NS      | $453492.28    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                 | Neogen Corporation                                         | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     31527 | NS      | $150699.06    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BBH Overnight Sweep                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1065565 | PA      | $1065565.40   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                 | Simmons First National Corporation Class A                 | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |     18204 | NS      | $345147.84    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                 | Premier, Inc. Class A                                      | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11563 | NS      | $253576.59    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                  | EastGroup Properties, Inc.                                 | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      3856 | NS      | $644414.72    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                             | BorgWarner, Inc.                                           | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     30562 | NS      | $1023215.76   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tegna Inc                                   | TEGNA, Inc.                                                | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     22561 | NS      | $378122.36    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.   | Kratos Defense & Security Solutions, Inc.                  | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      8210 | NS      | $381354.50    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSCOUT Systems Inc.                       | NetScout Systems, Inc.                                     | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      9715 | NS      | $241029.15    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo, Inc.                                                | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     13199 | NS      | $1120727.09   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                  | Highwoods Properties, Inc. REIT                            | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      5698 | NS      | $177150.82    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                | Kohl's Corporation                                         | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     17175 | NS      | $145644.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co. The              | Goodyear Tire & Rubber Company (The)                       | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     44253 | NS      | $458903.61    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                        | Federated Investors, Inc. Class B                          | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      4041 | NS      | $179097.12    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                        | Vanguard Small-Cap Value ETF                               | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      3510 | NS      | $684485.10    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. Corp                                   | VF Corporation                                             | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |     49958 | NS      | $587006.50    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc                   | ZoomInfo Technologies, Inc. Class A                        | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |     36878 | NS      | $373205.36    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation                               | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     13696 | NS      | $247075.84    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                        | LXP Industrial Trust REIT                                  | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     40391 | NS      | $333629.66    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust, Inc.                    | Arbor Realty Trust, Inc. REIT                              | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               | CORP              | US        |     26787 | NS      | $286620.90    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                       | Air Lease Corporation                                      | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     14469 | NS      | $846291.81    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                | Bread Financial Holdings, Inc.                             | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      6300 | NS      | $359856.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                              | PriceSmart, Inc.                                           | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      3614 | NS      | $379614.56    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                              | EchoStar Corporation                                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      6305 | NS      | $174648.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                   | American States Water Company                              | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      2659 | NS      | $203838.94    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group, Inc.               | Asbury Automotive Group, Inc.                              | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      2768 | NS      | $660278.72    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc.                        | Walker & Dunlop, Inc.                                      | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4702 | NS      | $331396.96    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Beer Co Inc                          | Boston Beer Co., Inc./The Class A                          | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |      1224 | NS      | $233551.44    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                | Omnicell, Inc.                                             | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      7076 | NS      | $208034.40    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group, Inc.                   | MDU Resources Group, Inc.                                  | CUSIP: 552690109<br>LEI: 549300MA0UV6AI6SNV27 | Long             | EC               | CORP              | US        |     28967 | NS      | $482879.89    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies Inc.                                  | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     20964 | NS      | $462465.84    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company              | Scotts Miracle-Gro Company (The)                           | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |      3923 | NS      | $258761.08    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                     | Advance Auto Parts, Inc.                                   | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      8975 | NS      | $417247.75    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                      | Lincoln National Corporation                               | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     23442 | NS      | $811093.20    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Co.(The)                           | The Marzetti Company                                       | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      1356 | NS      | $234276.12    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy, Inc.                                 | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     45891 | NS      | $272133.63    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.              | Selective Insurance Group, Inc.                            | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      8311 | NS      | $720148.15    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                    | WaFd, Inc.                                                 | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11522 | NS      | $337364.16    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial                               | CVB Financial Corporation                                  | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10996 | NS      | $217610.84    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Incorporated                       | Teleflex, Inc.                                             | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      6437 | NS      | $761883.32    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                               | Blackbaud, Inc.                                            | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |      2769 | NS      | $177797.49    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                | Autoliv, Inc.                                              | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      9514 | NS      | $1064616.60   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp.                              | Renasant Corporation                                       | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     13322 | NS      | $478659.46    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                         | Meritage Homes Corporation                                 | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     10678 | NS      | $715105.66    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                                     | IAC, Inc.                                                  | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |      8966 | NS      | $334790.44    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                           | Radian Group, Inc.                                         | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      9814 | NS      | $353500.28    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                | Exponent, Inc.                                             | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      2863 | NS      | $213894.73    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                          | Bruker Corporation                                         | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      8633 | NS      | $355679.60    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                                 | Greif, Inc. Class A                                        | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      3630 | NS      | $235913.70    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc.                         | First Hawaiian, Inc.                                       | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     10345 | NS      | $258211.20    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc.(South Carolina) | United Community Banks, Inc.                               | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     17803 | NS      | $530351.37    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                            | Concentrix Corporation                                     | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      6695 | NS      | $353864.23    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                               | Teradata Corporation                                       | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      8798 | NS      | $196283.38    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc.                            | Robert Half International, Inc.                            | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     14844 | NS      | $609346.20    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                         | StepStone Group, Inc.                                      | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4159 | NS      | $230824.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                  | Qualys, Inc.                                               | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      2153 | NS      | $307599.11    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                  | Arcosa, Inc.                                               | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      2474 | NS      | $214520.54    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                            | Sealed Air Corporation                                     | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     13266 | NS      | $411643.98    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                | Sanmina Corporation                                        | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      3727 | NS      | $364612.41    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.                         | ABM Industries, Inc.                                       | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      9223 | NS      | $435417.83    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc              | Community Bank System, Inc.                                | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |      2773 | NS      | $157700.51    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                     | KB Home                                                    | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      5093 | NS      | $269776.21    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| The Timken Company                          | Timken Company (The)                                       | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |      9013 | NS      | $653893.15    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                              | Kennametal, Inc.                                           | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     10610 | NS      | $243605.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corporation         | Select Medical Holdings Corporation                        | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14702 | NS      | $223176.36    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                            | GATX Corporation                                           | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      1910 | NS      | $293299.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Keith D. Kemp

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

**Title:** President