# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-26-007044
**Filing Date:** 2026-5
**Character Count:** 59900
**Document Hash:** d7c00df31c94d26aaed5c97c9ad9665d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007044.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000910472-26-007044

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**PERIOD START**: 20261231

**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:** 261006271

**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** | **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3%** |  |
|  | **Communications - 0.4%** |  |
| 3486 | Warner Music Group Corp., Class A | &nbsp;&nbsp;&nbsp; $89032 |
|  | **Consumer Discretionary - 11.2%** |  |
| 1879 | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp; 309660 |
| 1470 | Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 215149 |
| 1999 | Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 285398 |
| 346 | Cavco Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 167564 |
| 1176 | Champion Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 87459 |
| 3073 | Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp; 87642 |
| 1585 | Covista, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 182671 |
| 1760 | FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp; 330880 |
| 1208 | Grand Canyon Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205396 |
| 782 | Madison Square Garden Sports Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 251335 |
| 1804 | Shake Shack, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 159600 |
| 2853 | Travel + Leisure Company | &nbsp;&nbsp;&nbsp; 197399 |
| 2394 | Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151660 |
| 2165 | YETI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 79217 |
|  |  | &nbsp;&nbsp; 2711030 |
|  | **Consumer Staples - 1.3%** |  |
| 2093 | Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp; 165661 |
| 1836 | elf Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 111280 |
| 465 | Inter Parfums, Inc. | &nbsp;&nbsp;&nbsp; 42241 |
|  |  | &nbsp;&nbsp; 319182 |
|  | **Energy - 4.9%** |  |
| 8168 | Archrock, Inc. | &nbsp;&nbsp;&nbsp; 284246 |
| 4027 | Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp; 234855 |
| 3139 | Oceaneering International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 111340 |
| 2362 | Tidewater, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 197345 |
| 3603 | Valaris Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 353239 |
|  |  | &nbsp;&nbsp; 1181025 |
|  | **Financials - 11.3%** |  |
| 1670 | Ameris Bancorp | &nbsp;&nbsp;&nbsp; 130243 |
| 1008 | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp; 82132 |
| 591 | BancFirst Corporation | &nbsp;&nbsp;&nbsp; 64124 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **Financials - 11.3% (Continued)** |  |
| 9865 | BCG Group, Inc-A, Class A | &nbsp;&nbsp;&nbsp; $96480 |
| 573 | Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp; 35841 |
| 1213 | Community Financial System, Inc. | &nbsp;&nbsp;&nbsp; 71142 |
| 1472 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp; 201782 |
| 964 | Enova International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 130940 |
| 829 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35365 |
| 2543 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp; 93455 |
| 1191 | Mercury General Corporation | &nbsp;&nbsp;&nbsp; 104987 |
| 5039 | MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 132274 |
| 1973 | Moelis & Company, Class A | &nbsp;&nbsp;&nbsp; 112461 |
| 3324 | NMI Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 124683 |
| 1126 | Palomar Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 134557 |
| 1061 | Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp; 94673 |
| 1760 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp; 134728 |
| 1174 | Pjt Partners, Inc., Class A | &nbsp;&nbsp;&nbsp; 164031 |
| 2981 | Radian Group, Inc. | &nbsp;&nbsp;&nbsp; 98611 |
| 3500 | StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 167020 |
| 3235 | StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 260903 |
| 3941 | Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 173325 |
| 1304 | WSFS Financial Corporation | &nbsp;&nbsp;&nbsp; 85360 |
|  |  | &nbsp;&nbsp; 2729117 |
|  | **Health Care - 15.2%** |  |
| 11720 | ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 105597 |
| 7815 | Alkermes plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 276338 |
| 5285 | BrightSpring Health Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 225194 |
| 2799 | Bruker Corporation | &nbsp;&nbsp;&nbsp; 101100 |
| 5074 | Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 125632 |
| 1757 | Glaukos Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 189159 |
| 3382 | HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 282634 |
| 5854 | Indivior Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 178430 |
| 1465 | Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75565 |
| 1202 | Krystal Biotech, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 310501 |
| 1241 | Masimo Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 220737 |
| 1665 | Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 114768 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **Health Care - 15.2% (Continued)** |  |
| 15724 | Mirion Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $292309 |
| 5364 | Privia Health Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110337 |
| 3557 | Progyny, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60398 |
| 2706 | Protagonist Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 285212 |
| 2193 | RadNet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 122567 |
| 6199 | TG Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205931 |
| 1758 | TransMedics Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 174763 |
| 3826 | Veracyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 123235 |
| 2495 | Vericel Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 80264 |
|  |  | &nbsp;&nbsp; 3660671 |
|  | **Industrials - 20.6%** |  |
| 1352 | Alarm.com Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 58393 |
| 5062 | ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 736318 |
| 1582 | Badger Meter, Inc. | &nbsp;&nbsp;&nbsp; 241018 |
| 2077 | Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp; 98387 |
| 1034 | Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 350340 |
| 1191 | ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp; 335112 |
| 2829 | Federal Signal Corporation | &nbsp;&nbsp;&nbsp; 305929 |
| 4118 | Flowserve Corporation | &nbsp;&nbsp;&nbsp; 302714 |
| 3226 | Frontdoor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 170526 |
| 1937 | Granite Construction, Inc. | &nbsp;&nbsp;&nbsp; 232208 |
| 1079 | Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp; 286097 |
| 1279 | Moog, Inc., Class A | &nbsp;&nbsp;&nbsp; 374287 |
| 769 | Novanta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90827 |
| 742 | OSI Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 197008 |
| 2180 | SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 435869 |
| 1099 | Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 447589 |
| 6494 | Zurn Elkay Water Solutions Corporation | &nbsp;&nbsp;&nbsp; 291191 |
|  |  | &nbsp;&nbsp; 4953813 |
|  | **Materials - 6.6%** |  |
| 825 | Balchem Corporation | &nbsp;&nbsp;&nbsp; 139821 |
| 1919 | Carpenter Technology Corporation | &nbsp;&nbsp;&nbsp; 756374 |
| 1437 | Century Aluminum Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 84338 |
| 5521 | Element Solutions, Inc. | &nbsp;&nbsp;&nbsp; 188488 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **Materials - 6.6% (Continued)** |  |
| 635 | Hawkins, Inc. | &nbsp;&nbsp;&nbsp; $97536 |
| 1905 | Sensient Technologies Corporation | &nbsp;&nbsp;&nbsp; 164668 |
| 1005 | Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp; 93615 |
| 343 | WD-40 Company | &nbsp;&nbsp;&nbsp; 69951 |
|  |  | &nbsp;&nbsp; 1594791 |
|  | **Real Estate - 5.9%** |  |
| 6368 | Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp; 183398 |
| 6313 | Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 191663 |
| 5991 | Macerich Company (The) | &nbsp;&nbsp;&nbsp; 113230 |
| 4422 | Outfront Media, Inc. | &nbsp;&nbsp;&nbsp; 117183 |
| 3259 | Phillips Edison & Company, Inc. | &nbsp;&nbsp;&nbsp; 121952 |
| 2742 | Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp; 253004 |
| 1784 | St Joe Company (The) | &nbsp;&nbsp;&nbsp; 112035 |
| 3389 | Tanger, Inc. | &nbsp;&nbsp;&nbsp; 115158 |
| 3404 | Terreno Realty Corporation | &nbsp;&nbsp;&nbsp; 209074 |
|  |  | &nbsp;&nbsp; 1416697 |
|  | **Technology - 19.9%** |  |
| 2998 | ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 122948 |
| 1293 | Axcelis Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 120352 |
| 4556 | Box, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 107704 |
| 1422 | Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205650 |
| 1244 | CommVault Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 96895 |
| 13858 | Dynatrace, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 512469 |
| 2850 | EVERTEC, Inc. | &nbsp;&nbsp;&nbsp; 80427 |
| 6976 | ExlService Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 212419 |
| 3927 | FormFactor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 380880 |
| 1174 | Impinj, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 120570 |
| 11972 | MARA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 97692 |
| 897 | MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp; 147987 |
| 2362 | MKS, Inc. | &nbsp;&nbsp;&nbsp; 542811 |
| 1802 | Parsons Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 97614 |
| 2569 | Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 198841 |
| 4105 | Semtech Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 315633 |
| 1005 | SPS Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 55948 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** | **NAA SMALL GROWTH SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.3% (Continued)** |  |
|  | **Technology - 19.9% (Continued)** |  |
| 5690 | TTM Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $554320 |
| 7073 | Viasat, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 323943 |
| 11545 | Viavi Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 384218 |
| 5048 | Waystar Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 121707 |
|  |  | &nbsp;&nbsp; 4801028 |
|  | **Utilities - 2.0%** |  |
| 1139 | American States Water Company | &nbsp;&nbsp;&nbsp; 86132 |
| 647 | Chesapeake Utilities Corporation | &nbsp;&nbsp;&nbsp; 81761 |
| 2891 | Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp; 323560 |
|  |  | &nbsp;&nbsp; 491453 |
|  | **TOTAL COMMON STOCKS (Cost $21,863,736)** | &nbsp;&nbsp; 23947839 |
|  | **EXCHANGE-TRADED FUNDS — 0.5%** |  |
|  | **Equity - 0.5%** |  |
| 236 | iShares Russell 2000 Growth ETF | &nbsp;&nbsp;&nbsp; 74059 |
| 193 | Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;&nbsp; 58334 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $142,611)** | &nbsp;&nbsp; 132393 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $22,006,347)** | &nbsp;&nbsp;&nbsp; $24080232 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | &nbsp;&nbsp; 57445 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $24137677 |

---

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 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $24297058.44

**Total Liabilities:** $159381.50

**Net Assets:** $24137676.94

**Cash Not Reported:** $2156.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253506 | 4.91%                | 5.34%                | -5.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $21809.13                | $1182042.08                                |
| Month 2  | $81101.61                | $1244157.25                                |
| Month 3  | $-15397.18               | $-1455031.56                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adma Biologics Inc                        | ADMA Biologics, Inc.                                | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11720 | NS      | $105597.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                         | ACI Worldwide, Inc.                                 | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      2998 | NS      | $122947.98    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Covista Inc.                              | Covista, Inc.                                       | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      1585 | NS      | $182671.25    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                   | Alarm.com Holdings, Inc.                            | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      1352 | NS      | $58392.88     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                   | ATI, Inc.                                           | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |      5062 | NS      | $736318.52    | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                 | American States Water Company                       | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      1139 | NS      | $86131.18     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                            | Ameris Bancorp                                      | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      1670 | NS      | $130243.30    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                              | Archrock, Inc.                                      | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      8168 | NS      | $284246.40    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.          | Armstrong World Industries, Inc.                    | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      1879 | NS      | $309659.20    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.                 | Axcelis Technologies, Inc.                          | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      1293 | NS      | $120352.44    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                          | Badger Meter, Inc.                                  | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      1582 | NS      | $241017.70    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                              | Balchem Corporation                                 | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       825 | NS      | $139821.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp.                           | BancFirst Corporation                               | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |       591 | NS      | $64123.50     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                             | BCG Group, Inc-A                                    | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |      9865 | NS      | $96479.70     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                    | Boot Barn Holdings, Inc.                            | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      1470 | NS      | $215149.20    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc.                                  | Box, Inc. CLASS A                                   | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |      4556 | NS      | $107703.84    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services Inc.         | BrightSpring Health Services, Inc.                  | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5285 | NS      | $225193.85    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.               | Brinker International, Inc.                         | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      1999 | NS      | $285397.23    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                | Brixmor Property Group, Inc.                        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      6368 | NS      | $183398.40    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                        | Bruker Corporation                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      2799 | NS      | $101099.88    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                | Cactus, Inc. Class A                                | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      2077 | NS      | $98387.49     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                      | Cal-Maine Foods, Inc.                               | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      2093 | NS      | $165660.95    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation          | Carpenter Technology Corporation                    | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      1919 | NS      | $756373.85    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc.             | Catalyst Pharmaceuticals, Inc.                      | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      5074 | NS      | $125632.24    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                          | Cavco Industries, Inc.                              | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       346 | NS      | $167564.34    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company                  | Century Aluminum Company                            | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |      1437 | NS      | $84337.53     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corporation          | Chesapeake Utilities Corporation                    | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |       647 | NS      | $81761.39     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc.                    | Cinemark Holdings, Inc.                             | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |      3073 | NS      | $87641.96     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                        | Cirrus Logic, Inc.                                  | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      1422 | NS      | $205649.64    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen And Steers Inc.                     | Cohen & Steers, Inc.                                | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |       573 | NS      | $35841.15     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc            | Community Financial System, Inc.                    | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |      1213 | NS      | $71142.45     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                    | Commvault Systems, Inc.                             | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1244 | NS      | $96895.16     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                | Cullen/Frost Bankers, Inc.                          | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      1472 | NS      | $201781.76    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                    | Dycom Industries, Inc.                              | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1034 | NS      | $350339.88    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                             | Dynatrace, Inc.                                     | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     13858 | NS      | $512468.84    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                          | elf Beauty, Inc.                                    | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      1836 | NS      | $111279.96    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                     | Element Solutions, Inc.                             | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      5521 | NS      | $188486.94    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                  | Enova International, Inc.                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |       964 | NS      | $130940.12    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc.                    | ESCO Technologies, Inc.                             | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      1191 | NS      | $335111.67    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc.    | Essential Properties Realty Trust, Inc. REIT        | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      6313 | NS      | $191662.68    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                               | EVERTEC, Inc.                                       | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |      2850 | NS      | $80427.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc.                  | ExlService Holdings, Inc.                           | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |      6976 | NS      | $212419.20    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                      | Federal Signal Corporation                          | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      2829 | NS      | $305928.06    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                    | FirstCash Holdings, Inc.                            | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1760 | NS      | $330880.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corporation                     | Flowserve Corporation                               | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |      4118 | NS      | $302714.18    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Formfactor Inc                            | FormFactor, Inc.                                    | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |      3927 | NS      | $380879.73    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                             | Frontdoor, Inc.                                     | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      3226 | NS      | $170526.36    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                             | Glaukos Corporation                                 | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      1757 | NS      | $189158.62    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                   | Goosehead Insurance, Inc.                           | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |       829 | NS      | $35365.14     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                | Grand Canyon Education, Inc.                        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      1208 | NS      | $205396.24    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                  | Granite Construction, Inc.                          | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      1937 | NS      | $232207.56    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc | HA Sustainable Infrastructure Capital, Inc. L, INC. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |      2543 | NS      | $93455.25     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                               | Hawkins, Inc.                                       | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       635 | NS      | $97536.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                          | HealthEquity, Inc.                                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      3382 | NS      | $282633.74    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                                | IMPINJ INC                                          | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      1174 | NS      | $120569.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Indivior Pharmaceuticals Inc.             | Indivior Pharmaceuticals, Inc.                      | CUSIP: 45579U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5854 | NS      | $178429.92    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc               | Inspire Medical Systems, Inc.                       | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      1465 | NS      | $75564.70     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc           | Installed Building Products, Inc.                   | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1079 | NS      | $286096.85    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                          | Interparfums, Inc.                                  | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       465 | NS      | $42240.60     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | iShares Russell 2000 Growth ETF                     | CUSIP: 464287648<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       236 | NS      | $74059.16     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc.                  | Kodiak Gas Services, Inc.                           | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4027 | NS      | $234854.64    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                       | Krystal Biotech, Inc.                               | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      1202 | NS      | $310500.64    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                     | MGIC Investment Corporation                         | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      5039 | NS      | $132273.75    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc.                                  | MKS, Inc.                                           | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |      2362 | NS      | $542811.22    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                      | Macerich Company (The) REIT                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |      5991 | NS      | $113229.90    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp.        | Madison Square Garden Sports Corporation Class A    | CUSIP: 55825T103<br>LEI: 529900BQELIZ5ZQYB788 | Long             | EC               | CORP              | US        |       782 | NS      | $251334.80    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mara Holdings Inc                         | MARA Holdings, Inc.                                 | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     11972 | NS      | $97691.52     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc.                 | MarketAxess Holdings, Inc.                          | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       897 | NS      | $147987.06    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                        | Masimo Corporation                                  | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      1241 | NS      | $220736.67    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corporation               | Mercury General Corporation                         | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      1191 | NS      | $104986.65    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc.                | Merit Medical Systems, Inc.                         | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      1665 | NS      | $114768.45    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                    | Pathward Financial, Inc.                            | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      1061 | NS      | $94673.03     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                   | Mirion Technologies, Inc.                           | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |     15724 | NS      | $292309.16    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                              | Moelis & Company                                    | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      1973 | NS      | $112461.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc.                                 | Moog, Inc. Class A                                  | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1279 | NS      | $374286.56    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                          | NMI Holdings, Inc.                                  | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      3324 | NS      | $124683.24    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                               | Novanta, Inc.                                       | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |       769 | NS      | $90826.59     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI System Inc.                           | OSI Systems, Inc.                                   | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |       742 | NS      | $197008.42    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.           | Oceaneering International, Inc.                     | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |      3139 | NS      | $111340.33    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                   | Ormat Technologies, Inc.                            | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      2891 | NS      | $323560.72    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTFRONT Media Inc                        | Outfront Media, Inc.                                | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |      4422 | NS      | $117183.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc.                         | Pjt Partners, Inc. CLASS A                          | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      1174 | NS      | $164031.28    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                      | Palomar Holdings, Inc.                              | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      1126 | NS      | $134557.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corporation                       | Parsons Corporation                                 | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      1802 | NS      | $97614.34     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                  | Phillips Edison & Company, Inc. REIT                | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |      3259 | NS      | $121951.78    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                   | Piper Sandler Cos                                   | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      1760 | NS      | $134728.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc.                  | Privia Health Group, Inc.                           | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5364 | NS      | $110337.48    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                               | Progyny, Inc.                                       | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3557 | NS      | $60397.86     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc              | Protagonist Therapeutics, Inc.                      | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2706 | NS      | $285212.40    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                 | Qorvo, Inc.                                         | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      2569 | NS      | $198840.60    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                         | Radian Group, Inc.                                  | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      2981 | NS      | $98611.48     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                                | RadNet, Inc.                                        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      2193 | NS      | $122566.77    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc          | Ryman Hospitality Properties, Inc. REIT             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      2742 | NS      | $253004.34    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                          | SPS Commerce, Inc.                                  | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      1005 | NS      | $55948.35     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                    | SPX Technologies, Inc.                              | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2180 | NS      | $435869.20    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| St. Joe Co.                               | St Joe Company (The)                                | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |      1784 | NS      | $112035.20    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corporation                       | Semtech Corporation                                 | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      4105 | NS      | $315633.45    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp                | Sensient Technologies Corporation                   | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      1905 | NS      | $164668.20    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                           | Shake Shack, Inc. Class A                           | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |      1804 | NS      | $159599.88    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                       | Champion Homes, Inc.                                | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1176 | NS      | $87459.12     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                       | StepStone Group, Inc.                               | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $167020.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc               | Sterling Infrastructure, Inc.                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1099 | NS      | $447589.73    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                          | StoneX Group, Inc.                                  | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      3235 | NS      | $260902.75    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                      | TTM Technologies, Inc.                              | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      5690 | NS      | $554319.80    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                               | Tanger, Inc. REIT                                   | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |      3389 | NS      | $115158.22    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation                | Terreno Realty Corporation                          | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3404 | NS      | $209073.68    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                       | TG Therapeutics, Inc.                               | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      6199 | NS      | $205930.78    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                         | Tidewater Inc                                       | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      2362 | NS      | $197345.10    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                    | TransMedics Group, Inc.                             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      1758 | NS      | $174762.78    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                    | Travel + Leisure Company                            | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |      2853 | NS      | $197399.07    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                     | Urban Outfitters, Inc.                              | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      2394 | NS      | $151659.90    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                      | Vanguard Small-Cap Growth ETF                       | CUSIP: 922908595<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |       193 | NS      | $58334.25     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                              | Veracyte, Inc.                                      | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      3826 | NS      | $123235.46    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corporation                       | Vericel Corporation                                 | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |      2495 | NS      | $80264.15     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ViaSat, Inc.                              | Viasat, Inc.                                        | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |      7073 | NS      | $323943.40    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                       | Viavi Solutions, Inc.                               | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     11545 | NS      | $384217.60    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                       | Virtu Financial, Inc. CLASS A                       | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      3941 | NS      | $173325.18    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co.                                 | WD-40 Company                                       | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |       343 | NS      | $69951.42     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corporation                | WSFS Financial Corporation                          | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |      1304 | NS      | $85359.84     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corporation            | Warner Music Group Corp.                            | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3486 | NS      | $89032.44     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                      | Warrior Met Coal, Inc.                              | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      1005 | NS      | $93615.75     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                      | Waystar Holding Corporation Class A                 | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5048 | NS      | $121707.28    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                         | YETI Holdings, Inc.                                 | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      2165 | NS      | $79217.35     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corporation    | Zurn Elkay Water Solutions Corporation              | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      6494 | NS      | $291190.96    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                       | BBH Overnight Sweep                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    109050 | PA      | $109049.75    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                              | Alkermes plc                                        | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      7815 | NS      | $276338.40    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                     | Assured Guaranty Ltd.                               | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      1008 | NS      | $82131.84     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd.                              | Valaris Ltd. Class A                                | CUSIP: G9460G101<br>LEI: 5299008BQ9IREYWBTS30 | Long             | EC               | CORP              | US        |      3603 | NS      | $353238.12    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-21

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

**Signature:** Keith D. Kemp

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

**Title:** President