# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004452
**Filing Date:** 2025-11
**Character Count:** 54949
**Document Hash:** 9da2f175022144e57eaf5f9221330591
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004452.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004452

**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:** 251528000

**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 MID GROWTH SERIES (Series ID: S000087636)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000253504 | NAA MID GROWTH SERIES |  |

## Nport-Ex

---

| |
|:---|
| **NAA MID GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7%** |  |
|  | **Communications - 2.3%** |  |
| 10061 | Expedia Group, Inc. | $2150539 |
| 13334 | New York Times Company (The), Class A | 765372 |
| 4864 | TKO Group Holdings, Inc. | 982333 |
|  |  | 3898244 |
|  | **Consumer Discretionary - 10.2%** |  |
| 7545 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 645475 |
| 5443 | Boyd Gaming Corporation | 470547 |
| 9921 | Burlington Stores, Inc.<sup>(a)</sup> | 2524894 |
| 29444 | Chewy, Inc., Class A<sup>(a)</sup> | 1191010 |
| 11018 | Churchill Downs, Inc. | 1068856 |
| 8740 | Crocs, Inc.<sup>(a)</sup> | 730227 |
| 12758 | Deckers Outdoor Corporation<sup>(a)</sup> | 1293279 |
| 14252 | Gentex Corporation | 403332 |
| 4041 | Grand Canyon Education, Inc.<sup>(a)</sup> | 887080 |
| 13135 | Light & Wonder, Inc.<sup>(a)</sup> | 1102552 |
| 11810 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 1225878 |
| 3079 | Ralph Lauren Corporation | 965451 |
| 18425 | Somnigroup International, Inc. | 1553780 |
| 9643 | Texas Roadhouse, Inc. | 1602185 |
| 10190 | Travel + Leisure Company | 606203 |
| 4511 | Wingstop, Inc. | 1135328 |
|  |  | 17406077 |
|  | **Consumer Staples - 4.2%** |  |
| 9284 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 865733 |
| 26753 | Colgate-Palmolive Company | 2138635 |
| 8051 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 1066596 |
| 26119 | Hims & Hers Health, Inc.<sup>(a)</sup> | 1481470 |
| 14532 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 1581082 |
|  |  | 7133516 |
|  | **Energy - 3.3%** |  |
| 14917 | DT Midstream, Inc. | 1686516 |
| 10363 | Matador Resources Company | 465610 |
| 27260 | ONEOK, Inc. | 1989162 |
| 90339 | Permian Resources Corporation | 1156339 |

---

---

| |
|:---|
| **NAA MID GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **Energy - 3.3% (Continued)** |  |
| 5174 | Weatherford International PLC | $354057 |
|  |  | 5651684 |
|  | **Financials - 14.1%** |  |
| 17946 | Brown & Brown, Inc. | 1683155 |
| 6974 | Cullen/Frost Bankers, Inc. | 884094 |
| 44593 | Equitable Holdings, Inc. | 2264432 |
| 5272 | Evercore, Inc., Class A | 1778351 |
| 7110 | Hamilton Lane, Inc., Class A | 958357 |
| 8002 | HOULIHAN LOKEY, INC. | 1642971 |
| 44848 | Interactive Brokers Group, Inc., Class A | 3085991 |
| 3272 | Kinsale Capital Group, Inc. | 1391451 |
| 16441 | MGIC Investment Corporation | 466431 |
| 7636 | Pinnacle Financial Partners, Inc. | 716180 |
| 4852 | Primerica, Inc. | 1346867 |
| 7158 | RenaissanceRe Holdings Ltd. | 1817631 |
| 12689 | RLI Corporation | 827577 |
| 15634 | Ryan Specialty Group Holdings, Inc. | 881132 |
| 8665 | SEI Investments Company | 735225 |
| 31061 | SLM Corporation | 859769 |
| 10737 | Stifel Financial Corporation | 1218327 |
| 16719 | Western Alliance Bancorp | 1449872 |
|  |  | 24007813 |
|  | **Health Care - 9.8%** |  |
| 3289 | DaVita, Inc.<sup>(a)</sup> | 437009 |
| 13616 | DexCom, Inc.<sup>(a)</sup> | 916221 |
| 10553 | Encompass Health Corporation | 1340442 |
| 8033 | Ensign Group, Inc. (The) | 1387861 |
| 17931 | Globus Medical, Inc., Class A<sup>(a)</sup> | 1026908 |
| 18525 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1358624 |
| 10470 | Lantheus Holdings, Inc.<sup>(a)</sup> | 537006 |
| 3532 | Medpace Holdings, Inc.<sup>(a)</sup> | 1816014 |
| 14372 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 2017541 |
| 3708 | Penumbra, Inc.<sup>(a)</sup> | 939311 |
| 27644 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 532700 |

---

---

| |
|:---|
| **NAA MID GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **Health Care - 9.8% (Continued)** |  |
| 7821 | Tenet Healthcare Corporation<sup>(a)</sup> | $1587976 |
| 6429 | United Therapeutics Corporation<sup>(a)</sup> | 2695101 |
|  |  | 16592714 |
|  | **Industrials - 24.1%** |  |
| 10982 | AAON, Inc. | 1026158 |
| 10456 | AECOM | 1364194 |
| 3598 | Allegion plc | 638105 |
| 109471 | American Airlines Group, Inc. | 1230454 |
| 12660 | BWX Technologies, Inc. | 2334125 |
| 6816 | Chart Industries, Inc.<sup>(a)</sup> | 1364222 |
| 7370 | Clean Harbors, Inc.<sup>(a)</sup> | 1711461 |
| 4719 | Comfort Systems USA, Inc. | 3894024 |
| 17997 | Core & Main, Inc., Class A<sup>(a)</sup> | 968779 |
| 5086 | Curtiss-Wright Corporation | 2761393 |
| 10418 | Donaldson Company, Inc. | 852713 |
| 4854 | EMCOR Group, Inc. | 3152867 |
| 9036 | ESAB Corporation | 1009683 |
| 19743 | H&R Block, Inc. | 998404 |
| 8336 | ITT, Inc. | 1490143 |
| 2500 | Lennox International, Inc. | 1323400 |
| 4784 | Lincoln Electric Holdings, Inc. | 1128211 |
| 3454 | Novanta, Inc.<sup>(a)</sup> | 345918 |
| 23526 | nVent Electric PLC | 2320605 |
| 22598 | RB Global, Inc. | 2448719 |
| 4705 | RBC Bearings, Inc.<sup>(a)</sup> | 1836315 |
| 3997 | Saia, Inc.<sup>(a)</sup> | 1196542 |
| 39169 | Tetra Tech, Inc. | 1307461 |
| 4371 | TopBuild Corporation<sup>(a)</sup> | 1708449 |
| 2108 | Watts Water Technologies, Inc., Class A | 588722 |
| 8472 | Woodward, Inc. | 2140959 |
|  |  | 41142026 |
|  | **Materials - 6.8%** |  |
| 5286 | AptarGroup, Inc. | 706527 |
| 20929 | ATI, Inc.<sup>(a)</sup> | 1702365 |

---

---

| |
|:---|
| **NAA MID GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **Materials - 6.8% (Continued)** |  |
| 18499 | Axalta Coating Systems Ltd.<sup>(a)</sup> | $529441 |
| 5123 | Eagle Materials, Inc. | 1193864 |
| 9058 | Ecolab, Inc. | 2480623 |
| 9644 | Louisiana-Pacific Corporation | 856773 |
| 13512 | Owens Corning | 1911408 |
| 11743 | RPM International, Inc. | 1384265 |
| 4309 | Simpson Manufacturing Company, Inc. | 721585 |
|  |  | 11486851 |
|  | **Real Estate - 3.7%** |  |
| 18108 | American Homes 4 Rent, Class A | 602091 |
| 14188 | Equity LifeStyle Properties, Inc. | 861212 |
| 18047 | Gaming and Leisure Properties, Inc. | 841171 |
| 8348 | Lamar Advertising Company, Class A | 1021962 |
| 15060 | Simon Property Group, Inc. | 2826310 |
|  |  | 6152746 |
|  | **Technology - 17.3%** |  |
| 3486 | Appfolio, Inc., A<sup>(a)</sup> | 960951 |
| 4089 | Broadridge Financial Solutions, Inc. | 973877 |
| 4866 | Cirrus Logic, Inc.<sup>(a)</sup> | 609661 |
| 6794 | CommVault Systems, Inc.<sup>(a)</sup> | 1282571 |
| 30762 | DocuSign, Inc.<sup>(a)</sup> | 2217633 |
| 20228 | Doximity, Inc., Class A<sup>(a)</sup> | 1479678 |
| 18170 | Dropbox, Inc., CLASS A<sup>(a)</sup> | 548916 |
| 4923 | DUOLINGO<sup>(a)</sup> | 1584418 |
| 42498 | Dynatrace, Inc.<sup>(a)</sup> | 2059028 |
| 9604 | Guidewire Software, Inc.<sup>(a)</sup> | 2207575 |
| 13505 | HealthEquity, Inc.<sup>(a)</sup> | 1279869 |
| 9249 | Manhattan Associates, Inc.<sup>(a)</sup> | 1895860 |
| 3951 | Morningstar, Inc. | 916672 |
| 23857 | Okta, Inc.<sup>(a)</sup> | 2187687 |
| 12047 | Paychex, Inc. | 1527077 |
| 4121 | Paycom Software, Inc. | 857745 |
| 6782 | Paylocity Holding Corporation<sup>(a)</sup> | 1080169 |
| 3235 | Qualys, Inc.<sup>(a)</sup> | 428088 |

---

---

| |
|:---|
| **NAA MID GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **Technology - 17.3% (Continued)** |  |
| 10358 | Shift4 Payments, Inc., Class A<sup>(a)</sup> | $801709 |
| 38368 | Super Micro Computer, Inc.<sup>(a)</sup> | 1839362 |
| 3439 | Tyler Technologies, Inc.<sup>(a)</sup> | 1799147 |
| 3157 | Universal Display Corporation | 453440 |
| 3628 | WEX, Inc.<sup>(a)</sup> | 571519 |
|  |  | 29562652 |
|  | **Utilities - 0.9%** |  |
| 17520 | Public Service Enterprise Group, Inc. | 1462219 |
|  | **TOTAL COMMON STOCKS (Cost $160,941,146)** | 164496542 |
|  | **EXCHANGE-TRADED FUNDS — 2.5%** |  |
|  | **Equity - 2.5%** |  |
| 15110 | iShares Russell Mid-Cap Growth ETF | 2151815 |
| 22500 | iShares S&P Mid-Cap 400 Growth ETF | 2157525 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $4,326,316)** | 4309340 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $165,267,462)** | $168805882 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | 1362375 |
|  | **NET ASSETS - 100.0%** | $170168257 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

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

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

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

- **b. EDGAR series identifier (if any):** S000087636

- **c. LEI of Series:** 5299006A5GBEJ15W2X96

**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:** $170764856.95

**Total Liabilities:** $596599.77

**Net Assets:** $170168257.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253504 | 2.25%                | 1.07%                | -0.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $362206.92               | $3533718.64                                |
| Month 2  | $92962.55                | $1772914.58                                |
| Month 3  | $386140.72               | $-1249855.24                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lincoln Electric Holdings Inc.               | Lincoln Electric Holdings, Inc.          | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      4784 | NS      | $1128210.72   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc.                      | TKO Group Holdings Inc. Class A          | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4864 | NS      | $982333.44    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                        | AECOM                                    | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     10456 | NS      | $1364194.32   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                      | ATI, Inc.                                | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     20929 | NS      | $1702364.86   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc               | BJ's Wholesale Club Holdings, Inc.       | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      9284 | NS      | $865733.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                             | RBC Bearings, Inc.                       | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4705 | NS      | $1836314.45   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors, Inc.                          | Clean Harbors, Inc.                      | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      7370 | NS      | $1711461.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                | Interactive Brokers Group, Inc. Class A  | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     44848 | NS      | $3085990.88   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                             | Donaldson Company, Inc.                  | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     10418 | NS      | $852713.30    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana Pacific Corporation                | Louisiana-Pacific Corporation            | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      9644 | NS      | $856772.96    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                   | Cullen/Frost Bankers, Inc.               | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      6974 | NS      | $884093.98    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                   | DexCom, Inc.                             | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     13616 | NS      | $916220.64    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                       | Permian Resources Corporation            | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     90339 | NS      | $1156339.20   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                                    | Crocs, Inc.                              | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |      8740 | NS      | $730227.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                     | Sarepta Therapeutics, Inc.               | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |     27644 | NS      | $532699.88    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                            | Expedia Group, Inc.                      | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |     10061 | NS      | $2150538.75   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                           | SEI Investments Company                  | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      8665 | NS      | $735225.25    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                    | Matador Resources Company                | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     10363 | NS      | $465609.59    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                       | Commvault Systems, Inc.                  | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      6794 | NS      | $1282571.32   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.          | Broadridge Financial Solutions, Inc.     | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      4089 | NS      | $973877.13    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                                 | DUOLINGO                                 | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4923 | NS      | $1584418.32   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc                           | Light & Wonder, Inc.                     | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |     13135 | NS      | $1102551.90   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                 | Tenet Healthcare Corporation             | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      7821 | NS      | $1587975.84   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                        | Deckers Outdoor Corporation              | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     12758 | NS      | $1293278.46   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                  | Ecolab, Inc.                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      9058 | NS      | $2480623.88   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp.                                    | SLM Corporation                          | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31061 | NS      | $859768.48    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                         | Eagle Materials, Inc.                    | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      5123 | NS      | $1193863.92   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation                | Paylocity Holding Corporation            | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      6782 | NS      | $1080169.14   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                        | Medpace Holdings, Inc.                   | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      3532 | NS      | $1816013.12   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                 | Encompass Health Corporation             | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     10553 | NS      | $1340442.06   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| The New York Times Company                   | New York Times Company (The) Class A     | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     13334 | NS      | $765371.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                              | Morningstar, Inc.                        | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      3951 | NS      | $916671.51    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                       | Abercrombie & Fitch Company Class A      | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      7545 | NS      | $645474.75    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                    | Chewy, Inc. Class A                      | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     29444 | NS      | $1191009.80   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc.                        | BWX Technologies, Inc.                   | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     12660 | NS      | $2334124.20   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                     | Saia, Inc.                               | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      3997 | NS      | $1196541.92   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                          | Texas Roadhouse, Inc.                    | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      9643 | NS      | $1602184.45   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                  | Novanta, Inc.                            | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      3454 | NS      | $345918.10    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                  | Gentex Corporation                       | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     14252 | NS      | $403331.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                      | WEX, Inc.                                | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |      3628 | NS      | $571518.84    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                         | Curtiss-Wright Corporation               | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      5086 | NS      | $2761392.84   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                     | Comfort Systems USA, Inc.                | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      4719 | NS      | $3894024.42   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                               | Tetra Tech, Inc.                         | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     39169 | NS      | $1307461.22   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                                   | ONEOK, Inc.                              | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     27260 | NS      | $1989162.20   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                               | Globus Medical, Inc. Class A             | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     17931 | NS      | $1026908.37   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc.                                    | Okta, Inc.                               | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     23857 | NS      | $2187686.90   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                   | Qualys, Inc.                             | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      3235 | NS      | $428087.55    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc.                          | Planet Fitness, Inc. Class A             | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     11810 | NS      | $1225878.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                        | Colgate-Palmolive Company                | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     26753 | NS      | $2138634.82   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                            | Hamilton Lane, Inc.                      | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      7110 | NS      | $958356.90    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Markets Inc                  | Sprouts Farmers Market, Inc.             | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     14532 | NS      | $1581081.60   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                 | Evercore Partners, Inc. Class A          | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      5272 | NS      | $1778351.04   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                          | Shift4 Pmts, Inc. CL A                   | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10358 | NS      | $801709.20    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                              | Core & Main Inc. - Class A               | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17997 | NS      | $968778.51    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                    | Lamar Advertising Company Class A        | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      8348 | NS      | $1021962.16   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corporation                      | Boyd Gaming Corporation                  | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      5443 | NS      | $470547.35    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                  | RenaissanceRe Holdings Ltd.              | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |      7158 | NS      | $1817630.94   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc.                       | RPM International, Inc.                  | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     11743 | NS      | $1384264.84   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                  | Ryan Specialty Group Holdings, Inc.      | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15634 | NS      | $881132.24    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                    | Halozyme Therapeutics, Inc.              | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     18525 | NS      | $1358623.50   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                     | Western Alliance Bancorp                 | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     16719 | NS      | $1449871.68   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                    | Kinsale Capital Group, Inc.              | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      3272 | NS      | $1391450.72   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                         | Chart Industries, Inc.                   | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      6816 | NS      | $1364222.40   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Block(H&R)Inc                                | H&R Block, Inc.                          | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     19743 | NS      | $998403.51    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NVent Electric PLC                           | nVent Electric PLC                       | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23526 | NS      | $2320604.64   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                        | Lantheus Holdings, Inc.                  | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     10470 | NS      | $537006.30    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corporation              | United Therapeutics Corporation          | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      6429 | NS      | $2695101.09   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                              | Primerica, Inc.                          | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      4852 | NS      | $1346866.68   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                   | DaVita, Inc.                             | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |      3289 | NS      | $437009.43    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                             | Ensign Group, Inc. (The)                 | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      8033 | NS      | $1387861.41   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc            | Gaming and Leisure Properties, Inc. REIT | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     18047 | NS      | $841170.67    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                | Owens Corning                            | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     13512 | NS      | $1911407.52   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                     | Manhattan Associates, Inc.               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      9249 | NS      | $1895860.02   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc.                | Watts Water Technologies, Inc. Class A   | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      2108 | NS      | $588722.24    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaon Inc                                     | AAON, Inc.                               | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     10982 | NS      | $1026158.08   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                                | Penumbra, Inc.                           | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      3708 | NS      | $939310.56    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc.                | Somnigroup International                 | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     18425 | NS      | $1553780.25   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                  | Dropbox, Inc. Class A                    | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     18170 | NS      | $548915.70    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                        | MGIC Investment Corporation              | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     16441 | NS      | $466431.17    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                   | Neurocrine Biosciences, Inc.             | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     14372 | NS      | $2017541.36   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                             | DT Midstream, Inc.                       | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14917 | NS      | $1686516.02   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                                 | Doximity, Inc.                           | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20228 | NS      | $1479678.20   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp.                      | Universal Display Corporation            | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3157 | NS      | $453439.91    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                  | Paychex, Inc.                            | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     12047 | NS      | $1527077.72   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc.             | Pinnacle Financial Partners, Inc.        | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      7636 | NS      | $716180.44    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc.                                | Woodward, Inc.                           | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      8472 | NS      | $2140959.12   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                          | HOULIHAN LOKEY, INC.                     | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      8002 | NS      | $1642970.64   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc                | Weatherford International PLC            | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      5174 | NS      | $354056.82    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                                | RB Global Inc.                           | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |     22598 | NS      | $2448719.28   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB Corp.                                   | ESAB Corporation                         | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |      9036 | NS      | $1009682.64   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                          | Paycom Software, Inc.                    | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      4121 | NS      | $857744.94    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                             | HealthEquity, Inc.                       | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     13505 | NS      | $1279868.85   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                   | Grand Canyon Education, Inc.             | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      4041 | NS      | $887080.32    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp.                           | Ralph Lauren Corporation                 | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      3079 | NS      | $965451.24    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                              | AptarGroup, Inc.                         | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      5286 | NS      | $706526.76    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc.                    | Lennox International, Inc.               | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      2500 | NS      | $1323400.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                      | Tyler Technologies, Inc.                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      3439 | NS      | $1799147.24   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc.                    | Super Micro Computer, Inc.               | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     38368 | NS      | $1839361.92   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AppFolio Inc.                                | APPFOLIO, INC. CLASS A                   | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      3486 | NS      | $960950.76    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Topbuild Corporation                         | TopBuild Corporation                     | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      4371 | NS      | $1708449.06   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                       | Guidewire Software, Inc.                 | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      9604 | NS      | $2207575.44   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | BBH Overnight Sweep                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1586146 | PA      | $1586145.64   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES S&P MIDCAP 400 GROWTH INDEX FUND | CUSIP: 464287606<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     22500 | NS      | $2157525.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group Inc                              | EMCOR Group, Inc.                        | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      4854 | NS      | $3152867.16   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                                 | Docusign, Inc.                           | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     30762 | NS      | $2217632.58   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                        | American Homes 4 Rent Class A            | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     18108 | NS      | $602091.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                 | Wingstop, Inc.                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      4511 | NS      | $1135328.48   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated | Public Service Enterprise Group, Inc.    | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     17520 | NS      | $1462219.20   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                  | American Airlines Group, Inc.            | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109471 | NS      | $1230454.04   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                       | Equitable Holdings, Inc.                 | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     44593 | NS      | $2264432.54   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                      | ITT, Inc.                                | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      8336 | NS      | $1490143.36   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion PLC                                 | Allegion plc                             | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      3598 | NS      | $638105.30    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited               | Axalta Coating Systems Ltd.              | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     18499 | NS      | $529441.38    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                       | Burlington Stores, Inc.                  | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      9921 | NS      | $2524894.50   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                 | Stifel Financial Corporation             | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     10737 | NS      | $1218327.39   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                       | Travel + Leisure Company                 | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     10190 | NS      | $606203.10    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                | Dynatrace, Inc.                          | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42498 | NS      | $2059028.10   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                     | RLI Corporation                          | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |     12689 | NS      | $827576.58    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                             | e.l.f. Beauty, Inc.                      | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      8051 | NS      | $1066596.48   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES RUSSEL MIDCAP                    | CUSIP: 464287481<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     15110 | NS      | $2151815.10   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                       | IES Holdings, Inc.                       | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     26119 | NS      | $1481469.68   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                           | Cirrus Logic, Inc.                       | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      4866 | NS      | $609661.14    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc.                | Simpson Manufacturing Company, Inc.      | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      4309 | NS      | $721585.14    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                     | Simon Property Group, Inc. REIT          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     15060 | NS      | $2826310.20   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc              | Equity LifeStyle Properties, Inc. REIT   | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     14188 | NS      | $861211.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                          | Churchill Downs, Inc.                    | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     11018 | NS      | $1068856.18   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                            | Brown & Brown, Inc.                      | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     17946 | NS      | $1683155.34   | 0.99%             |  |  |  | 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