# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004451
**Filing Date:** 2025-11
**Character Count:** 46195
**Document Hash:** 3987f47841f21c08b1b27c84b6653d0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004451.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004451

**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:** 251527999

**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 LARGE CAP VALUE SERIES (Series ID: S000087634)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000253502 | NAA LARGE CAP VALUE SERIES |  |

## Nport-Ex

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8%** |  |
|  | **Communications – 4.2%** |  |
| 64849 | AT&T, Inc. | $1831336 |
| 15804 | Match Group, Inc. | 558197 |
| 12676 | Omnicom Group, Inc. | 1033474 |
| 7838 | T-Mobile US, Inc. | 1876261 |
| 4923 | VeriSign, Inc. | 1376323 |
| 15222 | Walt Disney Company (The) | 1742919 |
|  |  | 8418510 |
|  | **Consumer Discretionary - 7.7%** |  |
| 29759 | Amazon.com, Inc.<sup>(a)</sup> | 6534183 |
| 165059 | Ford Motor Company | 1974106 |
| 17160 | LKQ Corporation | 524066 |
| 12508 | MGM Resorts International<sup>(a)</sup> | 433527 |
| 29482 | NIKE, Inc., Class B | 2055780 |
| 19179 | Starbucks Corporation | 1622544 |
| 14194 | TJX Companies, Inc. (The) | 2051601 |
|  |  | 15195807 |
|  | **Consumer Staples - 7.2%** |  |
| 29156 | Altria Group, Inc. | 1926045 |
| 26041 | Coca-Cola Company (The) | 1727039 |
| 19535 | Colgate-Palmolive Company | 1561628 |
| 11643 | Dollar Tree, Inc.<sup>(a)</sup> | 1098750 |
| 16068 | McCormick & Company, Inc. | 1075110 |
| 11273 | Molson Coors Beverage Company, Class B | 510103 |
| 26535 | Mondelez International, Inc., Class A | 1657641 |
| 17570 | Procter & Gamble Company (The) | 2699631 |
| 18775 | Walmart, Inc. | 1934952 |
|  |  | 14190899 |
|  | **Energy - 6.0%** |  |
| 44134 | Baker Hughes Company | 2150208 |
| 12121 | Chevron Corporation | 1882270 |
| 18930 | ConocoPhillips | 1790589 |
| 32318 | Exxon Mobil Corporation | 3643855 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Energy - 6.0% (Continued)** |  |
| 3549 | First Solar, Inc.<sup>(a)</sup> | $782661 |
| 48227 | SLB Ltd. | 1657562 |
|  |  | 11907145 |
|  | **Financials - 14.7%** |  |
| 49097 | Bank of America Corporation | 2532914 |
| 7009 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 3523704 |
| 9021 | Capital One Financial Corporation | 1917684 |
| 6282 | Chubb Ltd. | 1773095 |
| 22797 | Citigroup, Inc. | 2313896 |
| 2642 | Everest Group Ltd. | 925308 |
| 18529 | Franklin Resources, Inc. | 428576 |
| 2818 | Goldman Sachs Group, Inc. (The) | 2244115 |
| 8958 | JPMorgan Chase & Company | 2825622 |
| 13315 | Morgan Stanley | 2116552 |
| 5635 | Raymond James Financial, Inc. | 972601 |
| 15619 | T Rowe Price Group, Inc. | 1603134 |
| 6582 | Travelers Companies, Inc. (The) | 1837826 |
| 40449 | US Bancorp | 1954900 |
| 24076 | Wells Fargo & Company | 2018050 |
|  |  | 28987977 |
|  | **Health Care - 14.6%** |  |
| 6090 | Amgen, Inc. | 1718598 |
| 9885 | Bio-Techne Corporation | 549903 |
| 10386 | Cardinal Health, Inc. | 1630187 |
| 5834 | Cencora, Inc. | 1823300 |
| 30765 | Centene Corporation<sup>(a)</sup> | 1097695 |
| 3139 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 491128 |
| 26277 | CVS Health Corporation | 1981023 |
| 14413 | DexCom, Inc.<sup>(a)</sup> | 969850 |
| 4678 | Elevance Health, Inc. | 1511555 |
| 16487 | Gilead Sciences, Inc. | 1830057 |
| 4239 | HCA Healthcare, Inc. | 1806662 |
| 7083 | Humana, Inc. | 1842784 |
| 4063 | Incyte Corporation<sup>(a)</sup> | 344583 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Health Care - 14.6% (Continued)** |  |
| 10445 | IQVIA Holdings, Inc.<sup>(a)</sup> | $1983923 |
| 18032 | Johnson & Johnson | 3343493 |
| 22574 | Merck & Company, Inc. | 1894636 |
| 6790 | UnitedHealth Group, Inc. | 2344588 |
| 11310 | Zoetis, Inc. | 1654879 |
|  |  | 28818844 |
|  | **Industrials - 7.9%** |  |
| 3339 | Deere & Company | 1526791 |
| 7400 | Jacobs Solutions, Inc. | 1108964 |
| 16894 | Johnson Controls International plc | 1857495 |
| 6950 | L3Harris Technologies, Inc. | 2122600 |
| 3532 | Northrop Grumman Corporation | 2152117 |
| 6651 | Old Dominion Freight Line, Inc. | 936328 |
| 7382 | Rollins, Inc. | 433619 |
| 3379 | Snap-on, Inc. | 1170925 |
| 38723 | Southwest Airlines Company | 1235651 |
| 11305 | Textron, Inc. | 955159 |
| 13685 | Xylem, Inc. | 2018538 |
|  |  | 15518187 |
|  | **Information Technology - 1.0%** |  |
| 11629 | QUALCOMM, Inc. | 1934600 |
|  | **Materials - 3.4%** |  |
| 6592 | Ecolab, Inc. | 1805285 |
| 42385 | Freeport-McMoRan, Inc. | 1662340 |
| 16356 | LyondellBasell Industries N.V., Class A | 802098 |
| 29906 | Newmont Corporation | 2521375 |
|  |  | 6791098 |
|  | **Real Estate - 2.7%** |  |
| 8206 | American Tower Corporation | 1578178 |
| 9834 | Digital Realty Trust, Inc. | 1700101 |
| 7441 | Extra Space Storage, Inc. | 1048735 |
| 34991 | Invitation Homes, Inc. | 1026286 |
|  |  | 5353300 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.8% (Continued)** |  |
|  | **Technology - 23.1%** |  |
| 8953 | Akamai Technologies, Inc.<sup>(a)</sup> | $678279 |
| 60433 | Apple, Inc. | 15388055 |
| 5655 | Automatic Data Processing, Inc. | 1659743 |
| 27321 | Cisco Systems, Inc. | 1869303 |
| 21538 | CoStar Group, Inc. <sup>(a)</sup> | 1817161 |
| 1284 | FactSet Research Systems, Inc. | 367853 |
| 82169 | Intel Corporation<sup>(a)</sup> | 2756770 |
| 19277 | Lam Research Corporation | 2581190 |
| 14591 | Micron Technology, Inc. | 2441366 |
| 26730 | Microsoft Corporation | 13844804 |
| 6626 | NetApp, Inc. | 784916 |
| 21552 | PayPal Holdings, Inc | 1445277 |
|  |  | 45634717 |
|  | **Utilities - 5.3%** |  |
| 16868 | Ameren Corporation | 1760682 |
| 12029 | American Water Works Company, Inc. | 1674317 |
| 15413 | Duke Energy Corporation | 1907358 |
| 14425 | Evergy, Inc. | 1096589 |
| 40705 | Exelon Corporation | 1832131 |
| 31949 | FirstEnergy Corporation | 1463903 |
| 21966 | PPL Corporation | 816257 |
|  |  | 10551237 |
|  | **TOTAL COMMON STOCKS (Cost $172,230,987)** | 193302321 |
|  | **EXCHANGE-TRADED FUNDS — 1.9%** |  |
|  | **Equity - 1.9%** |  |
| 8712 | iShares Russell 1000 Value ETF | 1773676 |
| 9674 | iShares S&P 500 Value ETF | 1997778 |
|  |  | 3771454 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 1.9% (Continued)** |  |
|  | **Equity - 1.9% (Continued)** |  |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,693,197)** | $3771454 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $175,924,184)** | $197073775 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%** | 516739 |
|  | **NET ASSETS - 100.0%** | $197590514 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| NV | - Naamioze Vennootschap |
| 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 LARGE CAP VALUE SERIES

- **b. EDGAR series identifier (if any):** S000087634

- **c. LEI of Series:** 5299008N72YO91JAJD89

**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:** $198366293.41

**Total Liabilities:** $775778.97

**Net Assets:** $197590514.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253502 | 0.16%                | 3.78%                | 1.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $36457.75                | $313493.23                                 |
| Month 2  | $100488.29               | $6825195.50                                |
| Month 3  | $475395.56               | $3076037.87                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Textron Inc.                                   | Textron, Inc.                                  | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     11305 | NS      | $955159.45    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                   | LyondellBasell Industries N.V. Class A         | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |     16356 | NS      | $802098.24    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Costar Group Inc                               | CoStar Group, Inc.                             | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21538 | NS      | $1817161.06   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                      | Digital Realty Trust, Inc. REIT                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      9834 | NS      | $1700101.92   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                       | Extra Space Storage, Inc. REIT                 | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |      7441 | NS      | $1048734.54   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                           | Gilead Sciences, Inc.                          | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     16487 | NS      | $1830057.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                             | HCA Healthcare, Inc.                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      4239 | NS      | $1806661.80   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                            | Newmont Corporation                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     29906 | NS      | $2521374.86   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                             | Ford Motor Company                             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    165059 | NS      | $1974105.64   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      3139 | NS      | $491127.94    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                           | Elevance Health, Inc.                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      4678 | NS      | $1511555.36   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                                | PPL Corporation                                | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     21966 | NS      | $816256.56    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                   | Exelon Corporation                             | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     40705 | NS      | $1832132.05   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                              | Everest Group Ltd.                             | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |      2642 | NS      | $925307.66    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                | Microsoft Corporation                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     26730 | NS      | $13844803.50  | 7.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins, Inc.                                  | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      7382 | NS      | $433618.68    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                | Starbucks Corporation                          | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     19179 | NS      | $1622543.40   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                             | Coca-Cola Company (The)                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     26041 | NS      | $1727039.12   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                       | Lam Research Corporation                       | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     19277 | NS      | $2581190.30   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc.                          | Jacobs Solutions, Inc.                         | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7400 | NS      | $1108964.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corporation                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     32318 | NS      | $3643854.50   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                    | Zoetis, Inc.                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     11310 | NS      | $1654879.20   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | Northrop Grumman Corporation                   | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      3532 | NS      | $2152118.24   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                    | NetApp, Inc.                                   | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      6626 | NS      | $784915.96    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                    | Humana, Inc.                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      7083 | NS      | $1842784.11   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Company                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      8958 | NS      | $2825621.94   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc.                        | Franklin Resources, Inc.                       | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |     18529 | NS      | $428575.77    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                | Match Group, Inc.                              | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     15804 | NS      | $558197.28    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                  | ISHARES S&P 500 VALUE INDEX FUND               | CUSIP: 464287408<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      9674 | NS      | $1997777.74   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     13315 | NS      | $2116552.40   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                | Deere & Company                                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      3339 | NS      | $1526791.14   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Company                  | Molson Coors Beverage Company Class B          | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     11273 | NS      | $510103.25    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                     | Evergy, Inc.                                   | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     14425 | NS      | $1096588.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                            | Walt Disney Company (The)                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     15222 | NS      | $1742919.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                     | American Tower Corporation                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      8206 | NS      | $1578177.92   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                     | Chubb Ltd.                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      6282 | NS      | $1773094.50   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                            | IQVIA Holdings, Inc.                           | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     10445 | NS      | $1983923.30   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                              | Intel Corporation                              | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     82169 | NS      | $2756769.95   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated              | McCormick & Company, Inc. Non-Voting Shares    | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |     16068 | NS      | $1075109.88   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                          | Bank of America Corporation                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     49097 | NS      | $2532914.23   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.             | American Water Works Company, Inc.             | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     12029 | NS      | $1674316.51   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                    | Capital One Financial Corporation              | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      9021 | NS      | $1917684.18   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                    | Xylem, Inc.                                    | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     13685 | NS      | $2018537.50   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                           | SLB Limited                                    | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     48227 | NS      | $1657561.99   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                | T-Mobile USA, Inc.                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      7838 | NS      | $1876260.44   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     18032 | NS      | $3343493.44   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corporation                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     26277 | NS      | $1981023.03   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                    | Cencora Incorporated                           | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      5834 | NS      | $1823300.02   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                        | UnitedHealth Group, Inc.                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6790 | NS      | $2344587.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                       | Procter & Gamble Company (The)                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     17570 | NS      | $2699630.50   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                      | Akamai Technologies, Inc.                      | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      8953 | NS      | $678279.28    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                          | Cardinal Health, Inc.                          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     10386 | NS      | $1630186.56   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                 | VeriSign, Inc.                                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      4923 | NS      | $1376323.11   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                     | Amgen, Inc.                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      6090 | NS      | $1718598.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                         | Southwest Airlines Company                     | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     38723 | NS      | $1235650.93   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Price T Rowe Group Inc.                        | T. Rowe Price Group, Inc.                      | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |     15619 | NS      | $1603134.16   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                              | Wells Fargo & Company                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     24076 | NS      | $2018050.32   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                   | Raymond James Financial, Inc.                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      5635 | NS      | $972601.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.                 | Old Dominion Freight Line, Inc.                | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      6651 | NS      | $936327.78    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                              | Omnicom Group, Inc.                            | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     12676 | NS      | $1033474.28   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                  | Centene Corporation                            | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     30765 | NS      | $1097695.20   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                                   | Ameren Corporation                             | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     16868 | NS      | $1760681.84   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                           | PayPal Holdings, Inc.                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     21552 | NS      | $1445277.12   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | Altria Group, Inc.                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     29156 | NS      | $1926045.36   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     18930 | NS      | $1790588.70   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                       | AT&T, Inc.                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     64849 | NS      | $1831335.76   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                            | Cisco Systems, Inc.                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     27321 | NS      | $1869302.82   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart, Inc.                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     18775 | NS      | $1934951.50   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                  | FactSet Research Systems, Inc.                 | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      1284 | NS      | $367853.16    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corporation                        | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     15413 | NS      | $1907358.75   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                        | Berkshire Hathaway, Inc. Class B               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      7009 | NS      | $3523704.66   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corporation                         | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      9885 | NS      | $549902.55    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                    | Ecolab, Inc.                                   | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      6592 | NS      | $1805285.12   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                          | Invitation Homes, Inc.                         | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     34991 | NS      | $1026286.03   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                                | LKQ Corporation                                | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     17160 | NS      | $524066.40    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                  | QUALCOMM, Inc.                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     11629 | NS      | $1934600.44   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                     | Apple, Inc.                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     60433 | NS      | $15388054.79  | 7.79%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                  | US Bancorp                                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     40449 | NS      | $1954900.17   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                          | Freeport-McMoRan, Inc.                         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     42385 | NS      | $1662339.70   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                           | Snap-on, Inc.                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      3379 | NS      | $1170924.87   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                | Dollar Tree, Inc.                              | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     11643 | NS      | $1098749.91   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                               | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     29759 | NS      | $6534183.63   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                              | FirstEnergy Corporation                        | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     31949 | NS      | $1463903.18   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corporation.                            | Incyte Corporation                             | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      4063 | NS      | $344583.03    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar, Inc.                              | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      3549 | NS      | $782660.97    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                  | ISHARES RUSSELL 1000 VALUE INDEX FUND          | CUSIP: 464287598<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      8712 | NS      | $1773676.08   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                 | Citigroup, Inc.                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     22797 | NS      | $2313895.50   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC             | Johnson Controls International plc             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |     16894 | NS      | $1857495.30   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                   | Mondelez International, Inc. Class A           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     26535 | NS      | $1657641.45   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                      | MGM Resorts International                      | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |     12508 | NS      | $433527.28    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                     | DexCom, Inc.                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     14413 | NS      | $969850.77    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.                | Automatic Data Processing, Inc.                | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      5655 | NS      | $1659742.50   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                  | Chevron Corporation                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12121 | NS      | $1882270.09   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | BBH Overnight Sweep                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    622912 | PA      | $622911.74    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                               | Merck & Company, Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     22574 | NS      | $1894635.82   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                         | Micron Technology, Inc.                        | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     14591 | NS      | $2441366.12   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                      | Travelers Companies, Inc. (The)                | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      6582 | NS      | $1837826.04   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                         | TJX Companies, Inc. (The)                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     14194 | NS      | $2051600.76   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                     | L3Harris Technologies, Inc.                    | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      6950 | NS      | $2122599.50   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                          | Colgate-Palmolive Company                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     19535 | NS      | $1561627.90   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                     | NIKE, Inc. Class B                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     29482 | NS      | $2055779.86   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                           | Baker Hughes Company Class A                   | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44134 | NS      | $2150208.48   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. (The)                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      2818 | NS      | $2244114.30   | 1.14%             |  |  |  | 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