# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004447
**Filing Date:** 2025-11
**Character Count:** 55730
**Document Hash:** 2f200ad8bbdc12f365dd08936ab7b62d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004447.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004447

**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:** 251527994

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

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

## Series and Classes Contracts Data

### NAA SMALL GROWTH SERIES (Series ID: S000087638)

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

## Nport-Ex

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9%** |  |
|  | **Communications - 1.8%** |  |
| 2096 | Cogent Communications Holdings, Inc. | $80382 |
| 2046 | EchoStar Corporation, Class A<sup>(a)</sup> | 156232 |
| 2488 | Iridium Communications, Inc. | 43440 |
| 3326 | Warner Music Group Corporation | 113284 |
| 1761 | Yelp, Inc.<sup>(a)</sup> | 54943 |
|  |  | 448281 |
|  | **Consumer Discretionary - 13.1%** |  |
| 1598 | Adtalem Global Education, Inc.<sup>(a)</sup> | 246811 |
| 2056 | Armstrong World Industries, Inc. | 402996 |
| 1953 | Brinker International, Inc.<sup>(a)</sup> | 247406 |
| 399 | Cavco Industries, Inc.<sup>(a)</sup> | 231710 |
| 4540 | Cinemark Holdings, Inc. | 127211 |
| 2661 | Etsy, Inc.<sup>(a)</sup> | 176664 |
| 1273 | Grand Canyon Education, Inc.<sup>(a)</sup> | 279449 |
| 291 | Group 1 Automotive, Inc. | 127316 |
| 708 | M/I Homes, Inc.<sup>(a)</sup> | 102264 |
| 785 | Madison Square Garden Sports<sup>(a)</sup> | 178195 |
| 1825 | Shake Shack, Inc., Class A<sup>(a)</sup> | 170838 |
| 2719 | Skyline Champion Corporation<sup>(a)</sup> | 207650 |
| 2489 | Steven Madden Ltd. | 83332 |
| 1923 | Stride, Inc.<sup>(a)</sup> | 286412 |
| 3201 | Travel + Leisure Company | 190427 |
| 2281 | TRI Pointe Homes, Inc.<sup>(a)</sup> | 77486 |
| 1191 | Urban Outfitters, Inc.<sup>(a)</sup> | 85073 |
| 1815 | YETI Holdings, Inc.<sup>(a)</sup> | 60222 |
|  |  | 3281462 |
|  | **Consumer Staples - 2.4%** |  |
| 1866 | Cal-Maine Foods, Inc. | 175591 |
| 2566 | e.l.f. Beauty, Inc.<sup>(a)</sup> | 339943 |
| 879 | Inter Parfums, Inc. | 86476 |
|  |  | 602010 |
|  | **Energy - 4.1%** |  |
| 7831 | Antero Midstream Corporation | 152234 |
| 8175 | Archrock, Inc. | 215085 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **Energy - 4.1% (Continued)** |  |
| 4050 | Liberty Energy, Inc., Class A | $49977 |
| 5441 | Magnolia Oil & Gas Corporation, Class A | 129877 |
| 4505 | Northern Oil & Gas, Inc. | 111724 |
| 4516 | Oceaneering International, Inc.<sup>(a)</sup> | 111906 |
| 2154 | Tidewater, Inc.<sup>(a)</sup> | 114873 |
| 2978 | Valaris Limited<sup>(a)</sup> | 145237 |
|  |  | 1030913 |
|  | **Financials - 12.8%** |  |
| 1027 | Assured Guaranty Ltd. | 86936 |
| 2558 | Axos Financial, Inc.<sup>(a)</sup> | 216535 |
| 973 | BancFirst Corporation | 123036 |
| 2328 | Bancorp, Inc. (The)<sup>(a)</sup> | 174344 |
| 9890 | BCG Group, Inc-A, Class A<sup>(a)</sup> | 93559 |
| 1299 | Cohen & Steers, Inc. | 85227 |
| 3400 | Commerce Bancshares, Inc. | 203184 |
| 2195 | Cullen/Frost Bankers, Inc. | 278260 |
| 1166 | Enova International, Inc.<sup>(a)</sup> | 134195 |
| 4765 | First BanCorporation | 105068 |
| 1178 | FirstCash Holdings, Inc. | 186619 |
| 1263 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 93992 |
| 5170 | MGIC Investment Corporation | 146673 |
| 1803 | Moelis & Company, Class A | 128590 |
| 3549 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 136069 |
| 1252 | Palomar Holdings, Inc.<sup>(a)</sup> | 146171 |
| 784 | Piper Sandler Cos | 272040 |
| 1125 | Pjt Partners, Inc., Class A | 199946 |
| 2735 | Radian Group, Inc. | 99062 |
| 3527 | Virtu Financial, Inc., Class A | 125209 |
| 2384 | Voya Financial, Inc. | 178323 |
|  |  | 3213038 |
|  | **Health Care - 11.2%** |  |
| 12515 | ADMA Biologics, Inc.<sup>(a)</sup> | 183470 |
| 2512 | Bruker Corporation | 81615 |
| 4453 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 370088 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **Health Care - 11.2% (Continued)** |  |
| 2480 | Glaukos Corporation<sup>(a)</sup> | $202244 |
| 1435 | Inspire Medical Systems, Inc.<sup>(a)</sup> | 106477 |
| 1670 | Integer Holdings Corporation<sup>(a)</sup> | 172561 |
| 2171 | Masimo Corporation<sup>(a)</sup> | 320332 |
| 2819 | Merit Medical Systems, Inc.<sup>(a)</sup> | 234625 |
| 5203 | Mural Oncology PLC<sup>(a)</sup> | 156090 |
| 3197 | RadNet, Inc.<sup>(a)</sup> | 243643 |
| 19436 | roivant sciences ltd.<sup>(a)</sup> | 294067 |
| 7021 | TG Therapeutics, Inc.<sup>(a)</sup> | 253634 |
| 1796 | TransMedics Group, Inc.<sup>(a)</sup> | 201511 |
|  |  | 2820357 |
|  | **Industrials - 22.1%** |  |
| 837 | Advanced Energy Industries, Inc. | 142407 |
| 1302 | Aerovironment, Inc.<sup>(a)</sup> | 409987 |
| 1476 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 78346 |
| 6240 | Alaska Air Group, Inc.<sup>(a)</sup> | 310626 |
| 1399 | Badger Meter, Inc. | 249833 |
| 3273 | Cactus, Inc., Class A | 129185 |
| 861 | CSW Industrials, Inc. | 209008 |
| 1343 | Dycom Industries, Inc.<sup>(a)</sup> | 391834 |
| 1214 | ESCO Technologies, Inc. | 256288 |
| 2800 | Federal Signal Corporation | 333172 |
| 4362 | Flowserve Corporation | 231797 |
| 3375 | Frontdoor, Inc.<sup>(a)</sup> | 227104 |
| 2039 | Granite Construction, Inc. | 223576 |
| 1132 | Installed Building Products, Inc. | 279219 |
| 1001 | Matson, Inc. | 98689 |
| 1358 | Moog, Inc., Class A | 282016 |
| 1083 | Novanta, Inc.<sup>(a)</sup> | 108462 |
| 2259 | Parsons Corporation Com<sup>(a)</sup> | 187316 |
| 1996 | SkyWest, Inc.<sup>(a)</sup> | 200838 |
| 2264 | SPX Technologies, Inc.<sup>(a)</sup> | 422871 |
| 1258 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 427317 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **Industrials - 22.1% (Continued)** |  |
| 6811 | Zurn Elkay Water Solutions Corporation | $320321 |
|  |  | 5520212 |
|  | **Information Technology - 0.4%** |  |
| 942 | Axcelis Technologies, Inc.<sup>(a)</sup> | 91977 |
|  | **Materials - 7.3%** |  |
| 6631 | ATI, Inc.<sup>(a)</sup> | 539365 |
| 1592 | Balchem Corporation | 238896 |
| 2281 | Carpenter Technology Corporation | 560076 |
| 3032 | Louisiana-Pacific Corporation | 269363 |
| 2470 | Warrior Met Coal, Inc. | 157191 |
| 380 | WD-40 Company | 75088 |
|  |  | 1839979 |
|  | **Real Estate - 7.8%** |  |
| 2084 | Agree Realty Corporation | 148047 |
| 5187 | Apple Hospitality REIT, Inc. | 62296 |
| 7756 | Brixmor Property Group, Inc. | 214686 |
| 4207 | CareTrust REIT, Inc. | 145899 |
| 9334 | Essential Properties Realty Trust Incorporated | 277780 |
| 3392 | First Industrial Realty Trust, Inc. | 174586 |
| 8094 | Macerich Company (The) | 147311 |
| 6708 | Outfront Media, Inc. | 122891 |
| 2845 | Ryman Hospitality Properties, Inc. | 254884 |
| 2346 | SL Green Realty Corporation | 140314 |
| 3623 | Tanger Inc. | 122602 |
| 2440 | Terreno Realty Corporation | 138470 |
|  |  | 1949766 |
|  | **Technology - 14.9%** |  |
| 5147 | ACI Worldwide, Inc.<sup>(a)</sup> | 271607 |
| 7026 | Box, Inc., Class A<sup>(a)</sup> | 226729 |
| 1526 | Cirrus Logic, Inc.<sup>(a)</sup> | 191192 |
| 2129 | CommVault Systems, Inc.<sup>(a)</sup> | 401913 |
| 13585 | Dynatrace, Inc.<sup>(a)</sup> | 658194 |
| 1256 | Euronet Worldwide, Inc.<sup>(a)</sup> | 110289 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.9% (Continued)** |  |
|  | **Technology - 14.9% (Continued)** |  |
| 7991 | ExlService Holdings, Inc.<sup>(a)</sup> | $351844 |
| 4239 | HealthEquity, Inc.<sup>(a)</sup> | 401729 |
| 1186 | InterDigital, Inc. | 409443 |
| 18641 | MARA Holdings, Inc.<sup>(a)</sup> | 340385 |
| 1306 | MKS, Inc. | 161644 |
| 1891 | SPS Commerce, Inc.<sup>(a)</sup> | 196929 |
|  |  | 3721898 |
|  | **Utilities - 1.0%** |  |
| 904 | American States Water Company | 66281 |
| 618 | Chesapeake Utilities Corporation | 83239 |
| 1124 | Ormat Technologies, Inc. | 108185 |
|  |  | 257705 |
|  | **TOTAL COMMON STOCKS (Cost $23,260,665)** | 24777598 |
|  | **EXCHANGE-TRADED FUNDS — 0.9%** |  |
|  | **Equity - 0.9%** |  |
| 274 | iShares Russell 2000 Growth Index ETF | 87691 |
| 496 | Vanguard Small-Cap Growth ETF | 147619 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $217,864)** | 235310 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $23,478,529)** | $25012908 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 61053 |
|  | **NET ASSETS - 100.0%** | $25073961 |

---

---

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

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

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

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

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

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

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

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

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

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

**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:** $25264529.40

**Total Liabilities:** $190568.17

**Net Assets:** $25073961.23

**Cash Not Reported:** $13.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253506 | -1.32%               | 3.40%                | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3855.99                 | $-312646.33                                |
| Month 2  | $44542.17                | $776341.04                                 |
| Month 3  | $41766.17                | $200764.90                                 |

### Schedule of Portfolio Investments

| Name                                   | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WD-40 Co.                              | WD-40 Company                                       | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |       380 | NS      | $75088.00     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc        | Installed Building Products, Inc.                   | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1132 | NS      | $279219.12    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                     | Cohen & Steers, Inc.                                | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |      1299 | NS      | $85227.39     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                   | SL Green Realty Corporation REIT                    | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      2346 | NS      | $140314.26    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                       | NMI Holdings, Inc.                                  | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      3549 | NS      | $136068.66    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                       | Badger Meter, Inc.                                  | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      1399 | NS      | $249833.42    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp.                        | Bancfirst Corporation                               | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |       973 | NS      | $123035.85    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                       | Cavco Industries, Inc.                              | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       399 | NS      | $231711.27    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                             | Stride, Inc.                                        | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      1923 | NS      | $286411.62    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                            | Novanta, Inc.                                       | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      1083 | NS      | $108462.45    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                     | Liberty Oilfield Services, Inc. Class A             | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4050 | NS      | $49977.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                      | Yeti Holdings, Inc.                                 | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      1815 | NS      | $60221.70     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc.                               | Box, Inc. CLASS A                                   | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |      7026 | NS      | $226729.02    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                         | M/I Schottenstein Homes                             | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |       708 | NS      | $102263.52    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation       | Carpenter Technology Corporation                    | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      2281 | NS      | $560076.74    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc           | Adtalem Global Education, Inc.                      | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      1598 | NS      | $246811.10    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                   | TRI Pointe Homes, Inc.                              | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2281 | NS      | $77485.57     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.       | Armstrong World Industries, Inc.                    | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      2056 | NS      | $402996.56    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corporation         | Warner Music Group Corp.                            | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3326 | NS      | $113283.56    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                          | BCG Group, Inc-A                                    | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |      9890 | NS      | $93559.40     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                      | Agree Realty Corporation                            | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      2084 | NS      | $148047.36    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                | ATI, Inc.                                           | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |      6631 | NS      | $539365.54    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                | Euronet Worldwide, Inc.                             | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      1256 | NS      | $110289.36    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                            | SkyWest, Inc.                                       | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      1996 | NS      | $200837.52    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                      | ACI Worldwide, Inc.                                 | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      5147 | NS      | $271607.19    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                           | Archrock, Inc.                                      | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      8175 | NS      | $215084.25    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Adma Biologics Inc                     | ADMA BIOLOGICS, INC.                                | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12515 | NS      | $183469.90    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                  | Urban Outfitters, Inc.                              | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      1191 | NS      | $85073.13     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                    | Virtu Financial, Inc. CLASS A                       | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      3527 | NS      | $125208.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Madden(Steven)Ltd.                     | Steven Madden Ltd.                                  | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |      2489 | NS      | $83331.72     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust, Inc.    | First Industrial Realty Trust, Inc. REIT            | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3392 | NS      | $174586.24    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                   | Macerich Company (The) REIT                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |      8094 | NS      | $147310.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                     | Cirrus Logic, Inc.                                  | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      1526 | NS      | $191192.54    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment, Inc.                    | AeroVironment, Inc.                                 | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      1302 | NS      | $409986.78    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                     | Bruker Corporation                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      2512 | NS      | $81614.88     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                | Piper Sandler Cos                                   | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |       784 | NS      | $272040.16    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                  | MGIC Investment Corporation                         | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      5170 | NS      | $146672.90    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                   | Vanguard Small-Cap Growth ETF                       | CUSIP: 922908595<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |       496 | NS      | $147619.52    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc.               | ExlService Holdings, Inc.                           | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |      7991 | NS      | $351843.73    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.               | Enova International, Inc.                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      1166 | NS      | $134194.94    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                            | Tanger Inc. REIT                                    | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |      3623 | NS      | $122602.32    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                 | Travel + Leisure Company                            | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |      3201 | NS      | $190427.49    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc             | Brixmor Property Group, Inc.                        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      7756 | NS      | $214686.08    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                   | roivant sciences ltd                                | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | US        |     19436 | NS      | $294066.68    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.           | Iridium Communications, Inc.                        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      2488 | NS      | $43440.48     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                           | Mural Oncology PLC                                  | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      5203 | NS      | $156090.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                     | CareTrust REIT, Inc. REIT                           | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      4207 | NS      | $145898.76    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.             | Cullen/Frost Bankers, Inc.                          | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      2195 | NS      | $278260.15    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                               | Etsy, Inc.                                          | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      2661 | NS      | $176663.79    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                      | Radian Group, Inc.                                  | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      2735 | NS      | $99061.70     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation           | Antero Midstream Corporation                        | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7831 | NS      | $152234.64    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.   | Cogent Communications Holdings, Inc.                | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2096 | NS      | $80381.60     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                   | Palomar Holdings, Inc.                              | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      1252 | NS      | $146171.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                | Goosehead Insurance, Inc.                           | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |      1263 | NS      | $93992.46     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mara Holdings Inc                      | Marathon Digital Holdings, Inc.                     | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     18641 | NS      | $340384.66    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                | Ormat Technologies, Inc.                            | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      1124 | NS      | $108185.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                | Alarm.com Holdings, Inc.                            | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      1476 | NS      | $78346.08     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                       | Inter Parfums, Inc.                                 | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       879 | NS      | $86476.02     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corporation       | Chesapeake Utilities Corporation                    | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |       618 | NS      | $83238.42     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                       | e.l.f. Beauty, Inc.                                 | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      2566 | NS      | $339943.68    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | BBH Overnight Sweep                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    141683 | PA      | $141682.79    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd.                           | Valaris Limited Class A                             | CUSIP: G9460G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2978 | NS      | $145237.06    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc.                  | Alaska Air Group, Inc.                              | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |      6240 | NS      | $310627.20    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                 | TransMedics Group, Inc.                             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      1796 | NS      | $201511.20    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corporation                    | PARSONS CORPORATION COM                             | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      2259 | NS      | $187316.28    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation         | Magnolia Oil & Gas Corporation                      | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5441 | NS      | $129876.67    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc               | Granite Construction, Inc.                          | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      2039 | NS      | $223576.35    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                         | EchoStar Corporation                                | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      2046 | NS      | $156232.56    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana Pacific Corporation          | Louisiana-Pacific Corporation                       | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      3032 | NS      | $269362.88    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc.                   | CSW Industrials, Inc.                               | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |       861 | NS      | $209007.75    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc             | Apple Hospitality REIT, Inc.                        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |      5187 | NS      | $62295.87     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                     | InterDigital, Inc.                                  | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      1186 | NS      | $409442.78    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                   | Warrior Met Coal, Inc                               | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      2470 | NS      | $157190.80    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                     | Voya Financial, Inc.                                | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |      2384 | NS      | $178323.20    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                        | Shake Shack, Inc. Class A                           | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |      1825 | NS      | $170838.25    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc            | Sterling Infrastructure, Inc.                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1258 | NS      | $427317.44    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc.                               | MKS Instruments, Inc.                               | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |      1306 | NS      | $161643.62    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc.                              | Moog, Inc. Class A                                  | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1358 | NS      | $282015.86    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc.                 | Cinemark Holdings, Inc.                             | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |      4540 | NS      | $127210.80    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                          | ISHARES RUSSELL 2000 GROWTH INDEX FUND              | CUSIP: 464287648<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       274 | NS      | $87690.96     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.              | American States Water Company                       | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |       904 | NS      | $66281.28     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                   | Federal Signal Corporation                          | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      2800 | NS      | $333172.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.            | Brinker International, Inc.                         | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      1953 | NS      | $247406.04    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                          | Dynatrace, Inc.                                     | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13585 | NS      | $658193.25    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc. | Essential Properties Realty Trust Incorporated REIT | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      9334 | NS      | $277779.84    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                 | FirstCash Holdings, Inc.                            | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1178 | NS      | $186618.76    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.               | Group 1 Automotive, Inc.                            | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       291 | NS      | $127315.41    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTFRONT Media Inc                     | OUTFRONT Media Inc.                                 | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |      6708 | NS      | $122890.56    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc             | Grand Canyon Education, Inc.                        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      1273 | NS      | $279448.96    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                           | Balchem Corporation                                 | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      1592 | NS      | $238895.52    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.              | Axcelis Technologies, Inc.                          | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |       942 | NS      | $91976.88     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                             | Matson, Inc.                                        | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      1001 | NS      | $98688.59     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Puerto Rico              | First BanCorporation                                | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4765 | NS      | $105068.25    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc       | Ryman Hospitality Properties, Inc. REIT             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      2845 | NS      | $254883.55    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                          | Frontdoor, Inc.                                     | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      3375 | NS      | $227103.75    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                      | Tidewater Inc                                       | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      2154 | NS      | $114872.82    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation             | Terreno Realty Corporation                          | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2440 | NS      | $138470.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc.                 | ESCO Technologies, Inc.                             | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      1214 | NS      | $256287.54    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.        | Oceaneering International, Inc.                     | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |      4516 | NS      | $111906.48    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                   | Cal-Maine Foods, Inc.                               | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      1866 | NS      | $175590.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                 | Dycom Industries, Inc.                              | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1343 | NS      | $391833.68    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                       | HealthEquity, Inc.                                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      4239 | NS      | $401730.03    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                    | Skyline Champion Corporation                        | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2719 | NS      | $207650.03    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                    | TG THERAPEUTICS, INC.                               | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      7021 | NS      | $253633.63    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                       | SPS Commerce, Inc.                                  | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      1891 | NS      | $196928.74    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc.                      | Pjt Partners, Inc. CLASS A                          | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      1125 | NS      | $199946.25    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corporation                  | Flowserve Corporation                               | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |      4362 | NS      | $231796.68    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc                | Commerce Bancshares, Inc.                           | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3400 | NS      | $203184.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                     | Masimo Corporation                                  | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      2171 | NS      | $320331.05    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.       | Advanced Energy Industries, Inc.                    | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       837 | NS      | $142407.18    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corporation | Zurn Elkay Water Solutions Corporation              | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      6811 | NS      | $320321.33    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                            | Bancorp, Inc. (The)                                 | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2328 | NS      | $174343.92    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                 | Integer Holdings Corporation                        | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      1670 | NS      | $172561.10    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc            | Inspire Medical Systems, Inc.                       | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      1435 | NS      | $106477.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp.     | Madison Square Garden Sports Class A                | CUSIP: 55825T103<br>LEI: 529900BQELIZ5ZQYB788 | Long             | EC               | CORP              | US        |       785 | NS      | $178195.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                  | Assured Guaranty Ltd.                               | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      1027 | NS      | $86935.55     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                           | Moelis & Company                                    | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      1803 | NS      | $128589.96    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                               | Yelp, Inc.                                          | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |      1761 | NS      | $54943.20     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                             | Cactus, Inc. Class A                                | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      3273 | NS      | $129185.31    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                             | RadNet, Inc.                                        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      3197 | NS      | $243643.37    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                     | AXOS FINANCIAL, INC.                                | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      2558 | NS      | $216534.70    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc.              | Corcept Therapeutics, Inc.                          | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      4453 | NS      | $370088.83    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                          | Glaukos Corporation                                 | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      2480 | NS      | $202244.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                 | SPX Technologies, Inc.                              | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2264 | NS      | $422869.92    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.             | Northern Oil and Gas, Inc.                          | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      4505 | NS      | $111724.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc.             | Merit Medical Systems, Inc.                         | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      2819 | NS      | $234625.37    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                 | Commvault Systems, Inc.                             | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      2129 | NS      | $401912.62    | 1.60%             |  |  |  | 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