# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-26-001697
**Filing Date:** 2026-2
**Character Count:** 47381
**Document Hash:** a34b324ae24e843fd641265cf6a71129
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001697.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0000910472-26-001697

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**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:** 26652570

**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 |  |

## 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:** 2025-12-31

**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:** $24225985.79

**Total Liabilities:** $175521.92

**Net Assets:** $24050463.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253506 | -0.89%               | 0.96%                | -0.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $95350.63                | $-308860.25                                |
| Month 2  | $-12219.72               | $245330.64                                 |
| Month 3  | $269658.71               | $-368132.00                                |

### 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        |     11984 | NS      | $218588.16    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                         | ACI Worldwide, Inc.                                 | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      3069 | NS      | $146728.89    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc              | Adtalem Global Education, Inc.                      | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      1642 | NS      | $169897.74    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                   | Alarm.com Holdings, Inc.                            | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      1391 | NS      | $70968.82     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                   | ATI, Inc.                                           | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |      5178 | NS      | $594227.28    | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                 | American States Water Company                       | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      1171 | NS      | $84874.08     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                            | Ameris Bancorp                                      | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      1712 | NS      | $127150.24    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                              | Archrock, Inc.                                      | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      8356 | NS      | $217423.12    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.          | Armstrong World Industries, Inc.                    | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      1924 | NS      | $367676.40    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.                 | Axcelis Technologies, Inc.                          | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      1322 | NS      | $106209.48    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                          | Badger Meter, Inc.                                  | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      1626 | NS      | $283590.66    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                              | Balchem Corporation                                 | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       845 | NS      | $129589.20    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp.                           | BancFirst Corporation                               | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |       604 | NS      | $64036.08     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                             | BCG Group, Inc-A                                    | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |     10099 | NS      | $90184.07     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                    | Boot Barn Holdings, Inc.                            | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      1501 | NS      | $264881.47    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc.                                  | Box, Inc. CLASS A                                   | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |      4691 | NS      | $140307.81    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services Inc.         | BrightSpring Health Services, Inc.                  | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5407 | NS      | $202492.15    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.               | Brinker International, Inc.                         | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      2047 | NS      | $293785.44    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                | Brixmor Property Group, Inc.                        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      6521 | NS      | $170980.62    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                        | Bruker Corporation                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      2881 | NS      | $135723.91    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                | Cactus, Inc. Class A                                | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      2133 | NS      | $97435.44     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                      | Cal-Maine Foods, Inc.                               | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      2145 | NS      | $170677.65    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation          | Carpenter Technology Corporation                    | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      1966 | NS      | $618975.44    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc.             | Catalyst Pharmaceuticals, Inc.                      | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      5198 | NS      | $121321.32    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries                          | Cavco Industries, Inc.                              | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       354 | NS      | $209121.96    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company                  | Century Aluminum Company                            | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |      1463 | NS      | $57320.34     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corporation          | Chesapeake Utilities Corporation                    | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |       661 | NS      | $82466.36     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc.                    | Cinemark Holdings, Inc.                             | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |      3143 | NS      | $73043.32     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                        | Cirrus Logic, Inc.                                  | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      1453 | NS      | $172180.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen And Steers Inc.                     | Cohen & Steers, Inc.                                | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |       587 | NS      | $36851.86     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc            | Community Financial System, Inc.                    | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |      1241 | NS      | $71283.04     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                    | Commvault Systems, Inc.                             | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1274 | NS      | $159708.64    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                | Cullen/Frost Bankers, Inc.                          | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      1504 | NS      | $190451.52    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                    | Dycom Industries, Inc.                              | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1058 | NS      | $357498.20    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                             | Dynatrace, Inc.                                     | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     14358 | NS      | $622275.72    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                          | elf Beauty, Inc.                                    | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      1887 | NS      | $143487.48    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                     | Element Solutions, Inc.                             | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      5656 | NS      | $141343.44    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                  | Enova International, Inc.                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |       994 | NS      | $156256.80    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc.                    | ESCO Technologies, Inc.                             | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      1219 | NS      | $238180.41    | 0.99%             |  |  |  | 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        |      6466 | NS      | $191781.56    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                               | EVERTEC, Inc.                                       | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |      2926 | NS      | $85117.34     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc.                  | ExlService Holdings, Inc.                           | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |      7182 | NS      | $304804.08    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                      | Federal Signal Corporation                          | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      2895 | NS      | $314368.05    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                    | FirstCash Holdings, Inc.                            | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1806 | NS      | $287840.28    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corporation                     | Flowserve Corporation                               | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |      4233 | NS      | $293685.54    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Formfactor Inc                            | FormFactor, Inc.                                    | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |      4018 | NS      | $224124.04    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                             | Frontdoor, Inc.                                     | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      3302 | NS      | $190492.38    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                             | Glaukos Corporation                                 | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      1805 | NS      | $203802.55    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                   | Goosehead Insurance, Inc.                           | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |       846 | NS      | $62307.90     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                | Grand Canyon Education, Inc.                        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      1226 | NS      | $203896.06    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                  | Granite Construction, Inc.                          | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      1985 | NS      | $228969.75    | 0.95%             |  |  |  | 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        |      2598 | NS      | $81655.14     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                               | Hawkins, Inc.                                       | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       654 | NS      | $92907.24     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                          | HealthEquity, Inc.                                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      3449 | NS      | $315962.89    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                                | IMPINJ INC                                          | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      1201 | NS      | $208986.01    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc               | Inspire Medical Systems, Inc.                       | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      1513 | NS      | $139543.99    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc           | Installed Building Products, Inc.                   | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1111 | NS      | $288182.29    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                          | Interparfums, Inc.                                  | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       480 | NS      | $40718.40     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | iShares Russell 2000 Growth ETF                     | CUSIP: 464287648<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       754 | NS      | $243549.54    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc.                  | Kodiak Gas Services, Inc.                           | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4117 | NS      | $153975.80    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                       | Krystal Biotech, Inc.                               | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      1220 | NS      | $300778.80    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                     | MGIC Investment Corporation                         | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      5164 | NS      | $150892.08    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc.                                  | MKS, Inc.                                           | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |      2415 | NS      | $385917.00    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                      | Macerich Company (The) REIT                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |      6132 | NS      | $113196.72    | 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        |       798 | NS      | $206402.70    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mara Holdings Inc                         | MARA Holdings, Inc.                                 | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     12312 | NS      | $110561.76    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc.                 | MarketAxess Holdings, Inc.                          | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       914 | NS      | $165662.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                        | Masimo Corporation                                  | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      1271 | NS      | $165306.26    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corporation               | Mercury General Corporation                         | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      1221 | NS      | $114847.26    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc.                | Merit Medical Systems, Inc.                         | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      1709 | NS      | $150631.26    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                    | Pathward Financial, Inc.                            | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      1081 | NS      | $76751.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                   | Mirion Technologies, Inc.                           | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |     16077 | NS      | $376523.34    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                              | Moelis & Company                                    | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      2022 | NS      | $138992.28    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc.                                 | Moog, Inc. Class A                                  | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1306 | NS      | $318076.30    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                          | NMI Holdings, Inc.                                  | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      3395 | NS      | $138482.05    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                               | Novanta, Inc.                                       | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |       780 | NS      | $92812.20     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI System Inc.                           | OSI Systems, Inc.                                   | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |       750 | NS      | $191295.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.           | Oceaneering International, Inc.                     | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |      3221 | NS      | $77400.63     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                   | Ormat Technologies, Inc.                            | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      2962 | NS      | $327212.14    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTFRONT Media Inc                        | Outfront Media, Inc.                                | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |      4527 | NS      | $109100.70    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc.                         | Pjt Partners, Inc. CLASS A                          | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      1203 | NS      | $201141.60    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                      | Palomar Holdings, Inc.                              | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      1142 | NS      | $153895.92    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corporation                       | Parsons Corporation                                 | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      1847 | NS      | $114144.60    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                  | Phillips Edison & Company, Inc. REIT                | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |      3339 | NS      | $118768.23    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                   | Piper Sandler Cos                                   | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |       452 | NS      | $153548.92    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Privia Health Group Inc.                  | Privia Health Group, Inc.                           | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5506 | NS      | $130547.26    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                               | Progyny, Inc.                                       | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3649 | NS      | $93706.32     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc              | Protagonist Therapeutics, Inc.                      | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2784 | NS      | $243154.56    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                 | Qorvo, Inc.                                         | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      2630 | NS      | $222261.30    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                         | Radian Group, Inc.                                  | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      3054 | NS      | $109913.46    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                                | RadNet, Inc.                                        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      2255 | NS      | $160894.25    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc          | Ryman Hospitality Properties, Inc. REIT             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      2801 | NS      | $265030.62    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                          | SPS Commerce, Inc.                                  | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      1032 | NS      | $91982.16     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                    | SPX Technologies, Inc.                              | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2234 | NS      | $446934.04    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| St. Joe Co.                               | St Joe Company (The)                                | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |      1839 | NS      | $109181.43    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corporation                       | Semtech Corporation                                 | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      4208 | NS      | $310087.52    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp                | Sensient Technologies Corporation                   | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      1952 | NS      | $183390.40    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                           | Shake Shack, Inc. Class A                           | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |      1858 | NS      | $150813.86    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                       | Champion Homes, Inc.                                | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1210 | NS      | $102245.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                       | StepStone Group, Inc.                               | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3599 | NS      | $230947.83    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc               | Sterling Infrastructure, Inc.                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1125 | NS      | $344508.75    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                          | StoneX Group, Inc.                                  | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      2216 | NS      | $210808.08    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                      | TTM Technologies, Inc.                              | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      5835 | NS      | $402615.00    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                               | Tanger, Inc. REIT                                   | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |      3504 | NS      | $116928.48    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation                | Terreno Realty Corporation                          | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3482 | NS      | $204428.22    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                       | TG Therapeutics, Inc.                               | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      6354 | NS      | $189412.74    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                         | Tidewater Inc                                       | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      2412 | NS      | $121830.12    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                    | TransMedics Group, Inc.                             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      1800 | NS      | $218970.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                    | Travel + Leisure Company                            | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |      2923 | NS      | $206159.19    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                     | Urban Outfitters, Inc.                              | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      2449 | NS      | $184311.74    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                      | Vanguard Small-Cap Growth ETF                       | CUSIP: 922908595<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |       811 | NS      | $245011.21    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                              | Veracyte, Inc.                                      | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      3919 | NS      | $164989.90    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corporation                       | Vericel Corporation                                 | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |      2552 | NS      | $91897.52     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ViaSat, Inc.                              | Viasat, Inc.                                        | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |      7265 | NS      | $250351.90    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                       | Viavi Solutions, Inc.                               | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     11810 | NS      | $210454.20    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                       | Virtu Financial, Inc. CLASS A                       | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      4026 | NS      | $134146.32    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co.                                 | WD-40 Company                                       | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |       350 | NS      | $68915.00     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corporation                | WSFS Financial Corporation                          | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |      1335 | NS      | $73745.40     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corporation            | Warner Music Group Corp.                            | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3580 | NS      | $109798.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                      | Warrior Met Coal, Inc.                              | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      1028 | NS      | $90638.76     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                      | Waystar Holding Corporation Class A                 | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5181 | NS      | $169677.75    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                         | YETI Holdings, Inc.                                 | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      2225 | NS      | $98278.25     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corporation    | Zurn Elkay Water Solutions Corporation              | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      6648 | NS      | $309065.52    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                       | BBH Overnight Sweep                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    130284 | PA      | $130284.45    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                              | Alkermes plc                                        | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      8016 | NS      | $224287.68    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                     | Assured Guaranty Ltd.                               | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      1036 | NS      | $93105.32     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Indivior PLC                              | Indivior plc                                        | CUSIP: G4766E116<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |      5983 | NS      | $214670.04    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd.                              | Valaris Ltd. Class A                                | CUSIP: G9460G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3674 | NS      | $185169.60    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

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

**Signature:** Keith D. Kemp

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

**Title:** President