# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004454
**Filing Date:** 2025-11
**Character Count:** 57225
**Document Hash:** a18992b17dcbe3a84d8b650eed9328f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004454.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004454

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 251528003

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **Communications - 2.7%** |  |
| 6181 | EchoStar Corporation, Class A<sup>(a)</sup> | $471981 |
| 8795 | IAC, Inc.<sup>(a)</sup> | 299646 |
| 7453 | Iridium Communications, Inc. | 130129 |
| 22134 | TEGNA, Inc. | 449984 |
|  |  | 1351740 |
|  | **Consumer Discretionary - 17.7%** |  |
| 8785 | Advance Auto Parts, Inc. | 539399 |
| 2715 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 663682 |
| 9340 | Autoliv, Inc. | 1153490 |
| 13555 | Bath & Body Works, Inc. | 349177 |
| 30041 | BorgWarner, Inc. | 1320601 |
| 7968 | Etsy, Inc.<sup>(a)</sup> | 528996 |
| 18527 | Gentex Corporation | 524314 |
| 43666 | Goodyear Tire & Rubber Company (The) <sup>(a)</sup> | 326622 |
| 869 | Group 1 Automotive, Inc. | 380196 |
| 5000 | KB Home | 318200 |
| 16948 | Kohl's Corporation | 260491 |
| 10469 | Meritage Homes Corporation | 758270 |
| 2475 | Penske Automotive Group, Inc. | 430427 |
| 3853 | Scotts Miracle-Gro Company (The) | 219428 |
| 2374 | Vail Resorts, Inc. | 355079 |
| 49009 | VF Corporation | 707200 |
|  |  | 8835572 |
|  | **Consumer Staples - 2.9%** |  |
| 1203 | Boston Beer Company, Inc. (The), Class A<sup>(a)</sup> | 254338 |
| 7192 | Edgewell Personal Care Company | 146429 |
| 13729 | Grocery Outlet Holding Corp<sup>(a)</sup> | 220350 |
| 3528 | PriceSmart, Inc. | 427559 |
| 6899 | Simply Good Foods Company (The)<sup>(a)</sup> | 171233 |
| 1330 | The Marzetti Company | 229811 |
|  |  | 1449720 |
|  | **Energy - 3.1%** |  |
| 9160 | California Resources Corporation | 487128 |
| 17094 | Murphy Oil Corporation | 485641 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Energy - 3.1% (Continued)** |  |
| 45058 | Patterson-UTI Energy, Inc. | $233400 |
| 5063 | Weatherford International PLC | 346462 |
|  |  | 1552631 |
|  | **Financials - 22.2%** |  |
| 14206 | Air Lease Corporation | 904211 |
| 4679 | Ameris Bancorp | 343017 |
| 26365 | Arbor Realty Trust, Inc. | 321917 |
| 20505 | Atlantic Union Bankshares Corporation | 723621 |
| 6176 | Bread Financial Holdings, Inc. | 344436 |
| 7539 | Brighthouse Financial, Inc.<sup>(a)</sup> | 400170 |
| 18584 | Comerica, Inc. | 1273377 |
| 2721 | Community Financial System, Inc. | 159559 |
| 10784 | CVB Financial Corporation | 203925 |
| 3970 | Federated Hermes, Inc., B | 206162 |
| 8105 | First Financial Bankshares, Inc. | 272733 |
| 10120 | First Hawaiian, Inc. | 251280 |
| 42552 | Flagstar Financial Inc | 491476 |
| 13497 | Fulton Financial Corporation | 251449 |
| 1864 | GATX Corporation | 325827 |
| 23026 | Lincoln National Corporation | 928638 |
| 9626 | Radian Group, Inc. | 348654 |
| 13067 | Renasant Corporation | 482042 |
| 12173 | Seacoast Banking Corporation of Florida | 370424 |
| 8165 | Selective Insurance Group, Inc. | 661937 |
| 17874 | Simmons First National Corporation, Class A | 342645 |
| 4065 | StepStone Group, Inc., Class A | 265485 |
| 17489 | United Community Banks, Inc. | 548280 |
| 11290 | WaFd, Inc. | 341974 |
| 4584 | Walker & Dunlop, Inc. | 383314 |
|  |  | 11146553 |
|  | **Health Care - 6.1%** |  |
| 8430 | Alkermes plc<sup>(a)</sup> | 252900 |
| 8470 | Bruker Corporation | 275190 |
| 4721 | CONMED Corporation | 222029 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Health Care - 6.1% (Continued)** |  |
| 2909 | Haemonetics Corporation<sup>(a)</sup> | $141785 |
| 31026 | Neogen Corporation<sup>(a)</sup> | 177158 |
| 6950 | Omnicell, Inc.<sup>(a)</sup> | 211628 |
| 11345 | Premier, Inc., Class A | 315391 |
| 9679 | QuidelOrtho Corporation<sup>(a)</sup> | 285047 |
| 14418 | Select Medical Holdings Corporation | 185127 |
| 12499 | Sotera Health Co. <sup>(a)</sup> | 196609 |
| 6303 | Teleflex, Inc. | 771235 |
|  |  | 3034099 |
|  | **Industrials - 16.1%** |  |
| 9049 | ABM Industries, Inc. | 417340 |
| 2503 | Advanced Energy Industries, Inc. | 425860 |
| 2824 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 149898 |
| 2428 | Arcosa, Inc. | 227527 |
| 10895 | Avista Corporation | 411940 |
| 8363 | Enovis Corporation<sup>(a)</sup> | 253733 |
| 2797 | Exponent, Inc. | 194336 |
| 15814 | GXO Logistics, Inc.<sup>(a)</sup> | 836402 |
| 5595 | Hexcel Corporation | 350807 |
| 8497 | Hub Group, Inc., Class A | 292637 |
| 50280 | JetBlue Airways Corporation<sup>(a)</sup> | 247378 |
| 3704 | John Bean Technologies Corporation | 520228 |
| 10410 | Kennametal, Inc. | 217881 |
| 8038 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 734431 |
| 6929 | Mercury Systems, Inc.<sup>(a)</sup> | 536304 |
| 1999 | Novanta, Inc.<sup>(a)</sup> | 200200 |
| 20582 | Resideo Technologies, Inc. <sup>(a)</sup> | 888731 |
| 14566 | Robert Half, Inc. | 494953 |
| 8838 | Timken Company (The) | 664441 |
|  |  | 8065027 |
|  | **Information Technology - 0.6%** |  |
| 6554 | Concentrix Corporation | 302467 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Materials - 7.5%** |  |
| 3386 | Cabot Corporation | $257505 |
| 15970 | Celanese Corporation | 672017 |
| 3560 | Greif, Inc., Class A | 212746 |
| 7852 | H.B. Fuller Company | 465467 |
| 2999 | Materion Corporation | 362309 |
| 28462 | MDU Resources Group, Inc. | 506908 |
| 4706 | Minerals Technologies, Inc. | 292337 |
| 15401 | Peabody Energy Corporation | 408435 |
| 13021 | Sealed Air Corporation | 460292 |
| 11307 | SunCoke Energy, Inc. | 92265 |
|  |  | 3730281 |
|  | **Real Estate - 7.4%** |  |
| 5636 | Acadia Realty Trust | 113565 |
| 7259 | COPT Defense Properties | 210947 |
| 32090 | Cushman and Wakefield plc<sup>(a)</sup> | 510873 |
| 9575 | Douglas Emmett, Inc. | 149083 |
| 3791 | EastGroup Properties, Inc. | 641665 |
| 7593 | Hannon Armstrong Sustainable Infrastructure Capital | 233105 |
| 5587 | Highwoods Properties, Inc. | 177778 |
| 39652 | LXP Industrial Trust | 355282 |
| 11985 | Macerich Company (The) | 218127 |
| 10023 | PotlatchDeltic Corporation | 408437 |
| 20080 | Rayonier, Inc. | 532923 |
| 2890 | SL Green Realty Corporation | 172851 |
|  |  | 3724636 |
|  | **Technology - 9.9%** |  |
| 2726 | Blackbaud, Inc.<sup>(a)</sup> | 175309 |
| 2791 | Cirrus Logic, Inc.<sup>(a)</sup> | 349684 |
| 10491 | Dropbox, Inc., Class A<sup>(a)</sup> | 316933 |
| 6011 | FormFactor, Inc.<sup>(a)</sup> | 218921 |
| 12076 | Knowles Corporation<sup>(a)</sup> | 281492 |
| 7313 | Kulicke & Soffa Industries, Inc. | 297200 |
| 9524 | NetScout Systems, Inc.<sup>(a)</sup> | 246005 |
| 12954 | Qorvo, Inc.<sup>(a)</sup> | 1179851 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** |  |
|  | **Technology - 9.9% (Continued)** |  |
| 2107 | Qualys, Inc.<sup>(a)</sup> | $278819 |
| 3624 | Sanmina Corporation<sup>(a)</sup> | 417159 |
| 8625 | Teradata Corporation<sup>(a)</sup> | 185524 |
| 6409 | TTM Technologies, Inc.<sup>(a)</sup> | 369158 |
| 6066 | Ziff Davis, Inc.<sup>(a)</sup> | 231115 |
| 36272 | ZoomInfo Technologies, Inc., CLASS A<sup>(a)</sup> | 395727 |
|  |  | 4942897 |
|  | **Utilities - 1.7%** |  |
| 2604 | American States Water Company | 190925 |
| 8157 | California Water Service Group | 374326 |
| 3217 | Otter Tail Corporation | 263697 |
|  |  | 828948 |
|  | **TOTAL COMMON STOCKS (Cost $48,318,831)** | 48964571 |
|  | **EXCHANGE-TRADED FUNDS — 1.7%** |  |
|  | **Equity - 1.7%** |  |
| 1932 | iShares Russell 2000 Value ETF | 341597 |
| 2363 | Vanguard Small-Cap Value ETF | 493182 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $820,899)** | 834779 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $49,139,730)** | $49799350 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 176067 |
|  | **NET ASSETS - 100.0%** | $49975417 |

---

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 CAP VALUE SERIES

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $50194359.98

**Total Liabilities:** $218942.76

**Net Assets:** $49975417.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253505 | 1.61%                | 7.93%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $51691.04                | $763407.69                                 |
| Month 2  | $44672.43                | $3613363.83                                |
| Month 3  | $20468.96                | $91700.49                                  |

### Schedule of Portfolio Investments

| Name                                        | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Penske Automotive Group, Inc.               | Penske Automotive Group, Inc.                              | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      2475 | NS      | $430427.25    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation                      | Murphy Oil Corporation                                     | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     17094 | NS      | $485640.54    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc              | First Financial Bankshares, Inc.                           | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |      8105 | NS      | $272733.25    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                        | SunCoke Energy, Inc.                                       | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     11307 | NS      | $92265.12     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corporation                 | JetBlue Airways Corporation                                | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |     50280 | NS      | $247377.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                              | Ziff Davis, Inc.                                           | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |      6066 | NS      | $231114.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                     | Cushman and Wakefield plc                                  | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32090 | NS      | $510872.80    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                | Grocery Outlet Holding Corp                                | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13729 | NS      | $220350.45    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                          | CONMED Corporation                                         | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |      4721 | NS      | $222028.63    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc   | HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITA L, INC. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |      7593 | NS      | $233105.10    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc.                  | Minerals Technologies, Inc.                                | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |      4706 | NS      | $292336.72    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corporation                          | Enovis Corporation                                         | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      8363 | NS      | $253733.42    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corporation                           | Cabot Corporation                                          | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      3386 | NS      | $257505.30    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                         | Mercury Systems, Inc.                                      | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |      6929 | NS      | $536304.60    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                     | COPT Defense Properties REIT                               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      7259 | NS      | $210946.54    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc.                          | GXO Logistics, Inc.                                        | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     15814 | NS      | $836402.46    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                            | Quidel Corporation                                         | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |      9679 | NS      | $285046.55    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                               | Materion Corporation                                       | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      2999 | NS      | $362309.19    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation            | California Resources Corporation                           | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      9160 | NS      | $487128.80    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                            | Haemonetics Corporation                                    | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      2909 | NS      | $141784.66    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | Edgewell Personal Care Company                             | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      7192 | NS      | $146429.12    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| H B Fuller Company                          | H.B. Fuller Company                                        | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |      7852 | NS      | $465466.56    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                 | Gentex Corporation                                         | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     18527 | NS      | $524314.10    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | ISHARES RUSSELL 2000 VALUE ETF                             | CUSIP: 464287630<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      1932 | NS      | $341596.92    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                | Iridium Communications, Inc.                               | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      7453 | NS      | $130129.38    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation                      | Otter Tail Corporation                                     | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3217 | NS      | $263697.49    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                         | Knowles Corporation                                        | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     12076 | NS      | $281491.56    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotera Health Company                       | SOTERA HEALTH CO                                           | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12499 | NS      | $196609.27    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                 | Dropbox, Inc. Class A                                      | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     10491 | NS      | $316933.11    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings, Inc.                                   | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      2824 | NS      | $149897.92    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp.                        | Peabody Energy Corporation                                 | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     15401 | NS      | $408434.52    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation                                         | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     10895 | NS      | $411939.95    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                       | Bath & Body Works, Inc.                                    | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     13555 | NS      | $349176.80    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp                                             | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      4679 | NS      | $343017.49    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp.                             | John Bean Technologies Corporation                         | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |      3704 | NS      | $520226.80    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                        | TTM Technologies, Inc.                                     | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      6409 | NS      | $369158.40    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp              | Atlantic Union Bankshares Corporation                      | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20505 | NS      | $723621.45    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc               | Weatherford International PLC                              | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      5063 | NS      | $346461.09    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corporation                          | Hexcel Corporation                                         | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |      5595 | NS      | $350806.50    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                   | Simply Good Foods Company (The)                            | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6899 | NS      | $171233.18    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                 | Novanta, Inc.                                              | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      1999 | NS      | $200199.85    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Formfactor Inc                              | FormFactor, Inc.                                           | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |      6011 | NS      | $218920.62    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc.                  | Brighthouse Financial, Inc.                                | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      7539 | NS      | $400170.12    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                        | PotlatchDeltic Corporation REIT                            | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     10023 | NS      | $408437.25    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                    | Etsy, Inc.                                                 | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      7968 | NS      | $528995.52    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial, Inc.                    | Flagstar Financial Inc                                     | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     42552 | NS      | $491475.60    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                        | SL Green Realty Corporation REIT                           | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      2890 | NS      | $172850.90    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                       | Comerica, Inc.                                             | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     18584 | NS      | $1273375.68   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.            | Advanced Energy Industries, Inc.                           | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      2503 | NS      | $425860.42    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                          | Douglas Emmett, Inc. REIT                                  | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9575 | NS      | $149082.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                    | Group 1 Automotive, Inc.                                   | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       869 | NS      | $380196.19    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                         | Acadia Realty Trust                                        | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5636 | NS      | $113565.40    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke and Soffa Industries, Inc.          | Kulicke & Soffa Industries, Inc.                           | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |      7313 | NS      | $297200.32    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB Group Inc                               | Hub Group, Inc.                                            | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8497 | NS      | $292636.68    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corporation Of Florida     | Seacoast Banking Corporation of Florida                    | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     12173 | NS      | $370424.39    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                | Mural Oncology PLC                                         | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      8430 | NS      | $252900.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corporation                        | Celanese Corporation                                       | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     15970 | NS      | $672017.60    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                          | Cirrus Logic, Inc.                                         | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      2791 | NS      | $349684.39    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                        | Macerich Company (The) REIT                                | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     11985 | NS      | $218127.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group              | California Water Service Group                             | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      8157 | NS      | $374324.73    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                          | Vail Resorts, Inc.                                         | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      2374 | NS      | $355079.18    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                | Rayonier, Inc. REIT                                        | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     20080 | NS      | $532923.20    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                 | Neogen Corporation                                         | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     31026 | NS      | $177158.46    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BBH Overnight Sweep                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    243253 | PA      | $243253.32    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                 | Simmons First National Corporation Class A                 | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |     17874 | NS      | $342644.58    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                 | Premier, Inc. Class A                                      | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11345 | NS      | $315391.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                  | EastGroup Properties, Inc.                                 | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      3791 | NS      | $641664.66    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                             | BorgWarner, Inc.                                           | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     30041 | NS      | $1320602.36   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tegna Inc                                   | TEGNA, Inc.                                                | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     22134 | NS      | $449984.22    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.   | Kratos Defense & Security Solutions, Inc.                  | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      8038 | NS      | $734432.06    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSCOUT Systems Inc.                       | NetScout Systems, Inc.                                     | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      9524 | NS      | $246004.92    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo, Inc.                                                | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     12954 | NS      | $1179850.32   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                  | Highwoods Properties, Inc. REIT                            | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      5587 | NS      | $177778.34    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                | Kohl's Corporation                                         | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     16948 | NS      | $260490.76    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co. The              | Goodyear Tire & Rubber Company (The)                       | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     43666 | NS      | $326621.68    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                        | Federated Hermes, Inc. Class B                             | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      3970 | NS      | $206162.10    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                        | Vanguard Small-Cap Value ETF                               | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      2363 | NS      | $493181.73    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. Corp                                   | VF Corporation                                             | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |     49009 | NS      | $707199.87    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc                   | ZoomInfo Technologies, Inc. Class A                        | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |     36272 | NS      | $395727.52    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation                               | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     13497 | NS      | $251449.11    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                        | LXP Industrial Trust REIT                                  | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     39652 | NS      | $355281.92    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust, Inc.                    | Arbor Realty Trust, Inc. REIT                              | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               | CORP              | US        |     26365 | NS      | $321916.65    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                       | Air Lease Corporation                                      | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     14206 | NS      | $904211.90    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                | Bread Financial Holdings, Inc.                             | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      6176 | NS      | $344435.52    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                              | PriceSmart, Inc.                                           | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      3528 | NS      | $427558.32    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                              | EchoStar Corporation                                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      6181 | NS      | $471981.16    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                   | American States Water Company                              | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      2604 | NS      | $190925.28    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group, Inc.               | Asbury Automotive Group, Inc.                              | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      2715 | NS      | $663681.75    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc.                        | Walker & Dunlop, Inc.                                      | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4584 | NS      | $383314.08    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Beer Co Inc                          | Boston Beer Co., Inc./The Class A                          | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |      1203 | NS      | $254338.26    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                | Omnicell, Inc.                                             | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      6950 | NS      | $211627.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group, Inc.                   | MDU Resources Group, Inc.                                  | CUSIP: 552690109<br>LEI: 549300MA0UV6AI6SNV27 | Long             | EC               | CORP              | US        |     28462 | NS      | $506908.22    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies Inc.                                  | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     20582 | NS      | $888730.76    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company              | Scotts Miracle-Gro Company (The)                           | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |      3853 | NS      | $219428.35    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                     | Advance Auto Parts, Inc.                                   | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      8785 | NS      | $539399.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                      | Lincoln National Corporation                               | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     23026 | NS      | $928638.58    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Co.                                | The Marzetti Company                                       | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      1330 | NS      | $229810.70    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy, Inc.                                 | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     45058 | NS      | $233400.44    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.              | Selective Insurance Group, Inc.                            | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      8165 | NS      | $661936.55    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                    | WaFd, Inc.                                                 | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11290 | NS      | $341974.10    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial                               | CVB Financial Corporation                                  | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10784 | NS      | $203925.44    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Incorporated                       | Teleflex, Inc.                                             | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      6303 | NS      | $771235.08    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                               | Blackbaud, Inc.                                            | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |      2726 | NS      | $175309.06    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                | Autoliv, Inc.                                              | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      9340 | NS      | $1153490.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp.                              | Renasant Corporation                                       | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     13067 | NS      | $482041.63    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                         | Meritage Homes Corporation                                 | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     10469 | NS      | $758269.67    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                                     | IAC, Inc.                                                  | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |      8795 | NS      | $299645.65    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                           | Radian Group, Inc.                                         | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      9626 | NS      | $348653.72    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                | Exponent, Inc.                                             | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      2797 | NS      | $194335.56    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                          | Bruker Corporation                                         | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      8470 | NS      | $275190.30    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                                 | Greif, Inc. Class A                                        | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      3560 | NS      | $212745.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc.                         | First Hawaiian, Inc.                                       | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     10120 | NS      | $251279.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc.(South Carolina) | United Community Banks, Inc.                               | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     17489 | NS      | $548280.15    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                            | Concentrix Corporation                                     | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      6554 | NS      | $302467.10    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                               | Teradata Corporation                                       | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      8625 | NS      | $185523.75    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc.                            | Robert Half International, Inc.                            | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     14566 | NS      | $494952.68    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                         | StepStone Group, Inc.                                      | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4065 | NS      | $265485.15    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                  | Qualys, Inc.                                               | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      2107 | NS      | $278819.31    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                  | Arcosa, Inc.                                               | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      2428 | NS      | $227527.88    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                            | Sealed Air Corporation                                     | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     13021 | NS      | $460292.35    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                | Sanmina Corporation                                        | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      3624 | NS      | $417158.64    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.                         | ABM Industries, Inc.                                       | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      9049 | NS      | $417339.88    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc              | Community Bank System, Inc.                                | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |      2721 | NS      | $159559.44    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                     | KB Home                                                    | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      5000 | NS      | $318200.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| The Timken Company                          | Timken Company (The)                                       | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |      8838 | NS      | $664440.84    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                              | Kennametal, Inc.                                           | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     10410 | NS      | $217881.30    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corporation         | Select Medical Holdings Corporation                        | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14418 | NS      | $185127.12    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                            | GATX Corporation                                           | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      1864 | NS      | $325827.20    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Keith D. Kemp

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

**Title:** President