# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0001752724-25-211606
**Filing Date:** 2025-8
**Character Count:** 44943
**Document Hash:** c07761ebc2bbecbae337b32425021793
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211606.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211606

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251272053

**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 SMID-CAP VALUE SERIES (Series ID: S000087639)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000253507 | NAA SMID-CAP VALUE 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 SMID-CAP VALUE SERIES

- **b. EDGAR series identifier (if any):** S000087639

- **c. LEI of Series:** 529900I7DE1BHLA1AK67

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $133931785.13

**Total Liabilities:** $583022.25

**Net Assets:** $133348762.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253507 | -3.37%               | 4.42%                | 2.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-80278.04               | $-4573518.19                               |
| Month 2  | $16285.90                | $5503506.94                                |
| Month 3  | $-2893065.88             | $5816244.34                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Unifirst Corp                               | UniFirst Corporation                        | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      4937 | NS      | $929242.14    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp.                 | Pinnacle West Capital Corporation           | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     10537 | NS      | $942745.39    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                       | Air Lease Corporation                       | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     22634 | NS      | $1323862.66   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                        | Vanguard Small-Cap Value ETF                | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      6911 | NS      | $1347714.11   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings, Inc.                    | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |     12209 | NS      | $690663.13    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp                              | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     20234 | NS      | $1309139.80   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.           | Hanover Insurance Group, Inc. (The)         | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      9453 | NS      | $1605781.11   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                                 | EZCORP, Inc. Class A                        | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     31265 | NS      | $433958.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                   | First Horizon National Corporation          | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     98177 | NS      | $2081352.40   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                              | PriceSmart, Inc.                            | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     12548 | NS      | $1318041.92   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                 | Novanta, Inc.                               | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      3821 | NS      | $492641.53    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                | Grocery Outlet Holding Corp                 | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59316 | NS      | $736704.72    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                     | ITT, Inc.                                   | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      5900 | NS      | $925297.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation                | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     58309 | NS      | $1051894.36   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                           | Shoe Carnival, Inc.                         | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10543 | NS      | $197259.53    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.              | American Financial Group, Inc.              | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     10422 | NS      | $1315360.62   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                      | OGE Energy Corporation                      | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     43604 | NS      | $1935145.52   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                          | CareTrust REIT, Inc. REIT                   | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     42747 | NS      | $1308058.20   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                 | OFG Bancorp                                 | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |     10998 | NS      | $470714.40    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corporation               | WillScott Mobile Mini Holding               | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     44083 | NS      | $1207874.20   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting, Inc.                        | FTI Consulting, Inc.                        | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      8560 | NS      | $1382440.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK Little Rock Arkansas               | Bank OZK                                    | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     28010 | NS      | $1318150.60   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive, Inc.                      | Sonic Automotive, Inc.                      | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      8209 | NS      | $656145.37    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                | Raymond James Financial, Inc.               | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      5948 | NS      | $912244.76    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc.               | MSC Industrial Direct Company, Inc. Class A | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     11561 | NS      | $982916.22    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc.                      | RPM International, Inc.                     | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     15365 | NS      | $1687691.60   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Liveramp Holdings Inc                       | LiveRamp Holdings, Inc.                     | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |     20321 | NS      | $671405.84    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                                | Sprinklr, Inc.                              | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |     45230 | NS      | $382645.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.               | Penske Automotive Group, Inc.               | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      4744 | NS      | $815066.64    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                        | SunCoke Energy, Inc.                        | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     48900 | NS      | $420051.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                 | Rollins, Inc.                               | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     10431 | NS      | $588517.02    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corporation                    | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     17182 | NS      | $474910.48    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                    | Nov, Inc. COM                               | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     93329 | NS      | $1160079.47   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                   | MGM Resorts International                   | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |     17731 | NS      | $609769.09    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                            | StoneX Group, Inc.                          | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     11801 | NS      | $1075543.14   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc.                          | Post Holdings, Inc.                         | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |      5026 | NS      | $547984.78    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                  | Unum Group                                  | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     24420 | NS      | $1972159.20   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.              | Rexford Industrial Realty, Inc.             | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     52190 | NS      | $1856398.30   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc.              | CSG Systems International, Inc.             | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |      7996 | NS      | $522218.76    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.            | Four Corners Property Trust, Inc.           | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     27089 | NS      | $728964.99    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                               | O-I Glass, Inc.                             | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90539 | NS      | $1334544.86   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                   | CNO Financial Group, Inc.                   | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     26057 | NS      | $1005279.06   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation                          | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     34043 | NS      | $1291931.85   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc             | Equity LifeStyle Properties, Inc. REIT      | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     24586 | NS      | $1516218.62   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                             | First Solar, Inc.                           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      5030 | NS      | $832666.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                             | Photronics, Inc.                            | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     21759 | NS      | $409721.97    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc.                       | Jacobs Solutions, Inc.                      | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10470 | NS      | $1376281.50   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy, Inc.                  | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    194779 | NS      | $1155039.47   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.              | Selective Insurance Group, Inc.             | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     15609 | NS      | $1352519.85   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corporation                    | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     16519 | NS      | $1206878.14   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                | Autoliv, Inc.                               | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |     17359 | NS      | $1942472.10   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp.                                   | AAR Corporation                             | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |     19025 | NS      | $1308729.75   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                           | FirstEnergy Corporation                     | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     45171 | NS      | $1818584.46   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                | Tenet Healthcare Corporation                | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      8683 | NS      | $1528208.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                           | Alcoa Corporation                           | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     67501 | NS      | $1991954.51   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                 | Premier, Inc. Class A                       | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49001 | NS      | $1074591.93   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                | Encompass Health Corporation                | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      7478 | NS      | $917027.14    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                           | Yeti Holdings, Inc.                         | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     13685 | NS      | $431351.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                        | CubeSmart REIT                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27555 | NS      | $1171087.50   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                             | Match Group, Inc.                           | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     22352 | NS      | $690453.28    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                     | Advance Auto Parts, Inc.                    | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     26298 | NS      | $1222594.02   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                  | American Assets Trust, Inc. REIT            | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11247 | NS      | $222128.25    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                 | MAXIMUS, Inc.                               | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     14940 | NS      | $1048788.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                              | ConocoPhillips                              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     20421 | NS      | $1832580.54   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc               | Weatherford International PLC               | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      9732 | NS      | $489616.92    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                | Stifel Financial Corporation                | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      7600 | NS      | $788728.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | ISHARES RUSSELL MIDCAP VALUE                | CUSIP: 464287473<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     10232 | NS      | $1352056.48   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc      | Heidrick & Struggles International, Inc.    | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      5655 | NS      | $258772.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Site Centers Corp                           | SITE CTRS CORP COM                          | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |     26867 | NS      | $303865.77    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                           | Ciena Corporation                           | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     14333 | NS      | $1165702.89   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.         | Broadridge Financial Solutions, Inc.        | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      5849 | NS      | $1421482.47   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson, Inc.                       | Harley-Davidson, Inc.                       | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |     30546 | NS      | $720885.60    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                 | EVERTEC, Inc.                               | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13439 | NS      | $484475.95    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                | BioMarin Pharmaceutical, Inc.               | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     34664 | NS      | $1905480.08   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                             | NBT Bancorp, Inc.                           | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18107 | NS      | $752345.85    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.                         | ABM Industries, Inc.                        | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     29002 | NS      | $1369184.42   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |     75733 | NS      | $733095.44    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                    | Lululemon Athletica, Inc.                   | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      5877 | NS      | $1396257.66   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp.                    | Lakeland Financial Corporation              | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7204 | NS      | $442685.80    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | GATES INDUSTRIAL CORP PLC                   | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |     45571 | NS      | $1049500.13   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.                     | CACI International, Inc.                    | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      2170 | NS      | $1034439.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp.                  | Albany International Corporation Class A    | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |      8894 | NS      | $623736.22    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies Inc.                   | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     60909 | NS      | $1343652.54   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc.                        | MGP Ingredients, Inc.                       | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      7619 | NS      | $228341.43    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                           | Everest Group Ltd.                          | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |      3736 | NS      | $1269679.60   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.         | BellRing Brands, Inc.                       | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     17768 | NS      | $1029300.24   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited              | Axalta Coating Systems Ltd.                 | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     27285 | NS      | $810091.65    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                 | H2O America                                 | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18536 | NS      | $963315.92    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corporation                         | Oshkosh Corporation                         | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     16812 | NS      | $1908834.48   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                             | Nextracker Inc - Class A                    | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32512 | NS      | $1767677.44   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                     | Euronet Worldwide, Inc.                     | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      4820 | NS      | $488651.60    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                   | F.N.B. Corporation                          | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     95616 | NS      | $1394081.28   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica Bancorp                         | Westamerica BanCorporation                  | CUSIP: 957090103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7255 | NS      | $351432.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                 | Ecolab, Inc.                                | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      7358 | NS      | $1982539.52   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc.                  | Innovex International, Inc.                 | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     22339 | NS      | $348935.18    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                   | DOUBLEVERIFY HOLDINGS INC COM               | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36226 | NS      | $542303.22    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                    | Darden Restaurants, Inc.                    | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      5637 | NS      | $1228696.89   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                  | DexCom, Inc.                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     20385 | NS      | $1779406.65   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                              | Five Below, Inc.                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     14179 | NS      | $1860001.22   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group, Inc.                         | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     17925 | NS      | $1289524.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                  | Evergy, Inc.                                | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     20399 | NS      | $1406103.07   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                              | EPR Properties REIT                         | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     19497 | NS      | $1135895.22   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                         | Mister Car Wash, Inc.                       | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31377 | NS      | $188575.77    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                | National Retail Properties, Inc. REIT       | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     44859 | NS      | $1937011.62   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                             | Dollar Tree, Inc.                           | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     16435 | NS      | $1627722.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc.                              | Maplebear Incorporated                      | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23346 | NS      | $1056173.04   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                     | Ormat Technologies, Inc.                    | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      7567 | NS      | $633811.92    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc.                     | Digi International, Inc.                    | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      9180 | NS      | $320014.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                            | Lear Corporation                            | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     14335 | NS      | $1361538.30   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corporation                     | Adapthealth Corp.                           | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63600 | NS      | $599748.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                    | Vulcan Materials Company                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      4491 | NS      | $1171342.62   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                     | Nexstar Media Group, Inc.                   | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      7517 | NS      | $1300065.15   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated  | Reinsurance Group of America, Inc.          | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      9776 | NS      | $1939167.36   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BBH Overnight Sweep                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    652183 | PA      | $652182.92    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group              | California Water Service Group              | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |     27698 | NS      | $1259705.04   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                       | Cardinal Health, Inc.                       | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     11581 | NS      | $1945608.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                          | Chord Energy Corporation                    | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     14113 | NS      | $1366844.05   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                    | Etsy, Inc.                                  | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     23087 | NS      | $1158043.92   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent Class A               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     51233 | NS      | $1847974.31   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                       | Element Solutions, Inc.                     | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     59769 | NS      | $1353767.85   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated             | Jones Lang LaSalle, Inc.                    | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      5732 | NS      | $1466130.96   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                             | AptarGroup, Inc.                            | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      8126 | NS      | $1271150.18   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus Homecare Corp                         | Addus HomeCare Corporation                  | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      4089 | NS      | $471011.91    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

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

**Signature:** Keith D. Kemp

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

**Title:** President