# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-26-007045
**Filing Date:** 2026-5
**Character Count:** 59070
**Document Hash:** 667e969b6850c77523421fb31b625ae0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007045.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000910472-26-007045

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 261006272

**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** | **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9%** |  |
|  | **Communications - 2.8%** |  |
| 8892 | IAC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $355947 |
| 6315 | Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp; 175178 |
| 13999 | Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp; 589358 |
| 5569 | Ziff Davis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 233675 |
|  |  | &nbsp;&nbsp; 1354158 |
|  | **Consumer Discretionary - 16.6%** |  |
| 2748 | Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 536987 |
| 3718 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp; 390985 |
| 748 | Avis Budget Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 109096 |
| 28786 | Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp; 537435 |
| 29089 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp; 1578369 |
| 39092 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 259180 |
| 1798 | Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp; 594473 |
| 9532 | HNI Corporation | &nbsp;&nbsp;&nbsp; 318273 |
| 9147 | KB Home | &nbsp;&nbsp;&nbsp; 473357 |
| 16847 | Kohl's Corporation | &nbsp;&nbsp;&nbsp; 217326 |
| 34507 | LKQ Corporation | &nbsp;&nbsp;&nbsp; 1013471 |
| 10389 | Meritage Homes Corporation | &nbsp;&nbsp;&nbsp; 642456 |
| 2620 | Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp; 391742 |
| 5745 | Scotts Miracle-Gro Company (The) | &nbsp;&nbsp;&nbsp; 349354 |
| 46391 | VF Corporation | &nbsp;&nbsp;&nbsp; 788183 |
|  |  | &nbsp;&nbsp; 8200687 |
|  | **Consumer Staples - 2.6%** |  |
| 1095 | Boston Beer Company, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 252288 |
| 6060 | Edgewell Personal Care Company | &nbsp;&nbsp;&nbsp; 129320 |
| 15707 | Grocery Outlet Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110734 |
| 12561 | Simply Good Foods Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 180250 |
| 1340 | The Marzetti Company | &nbsp;&nbsp;&nbsp; 185363 |
| 9096 | United Natural Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 409866 |
|  |  | &nbsp;&nbsp; 1267821 |
|  | **Energy - 8.8%** |  |
| 10969 | California Resources Corporation | &nbsp;&nbsp;&nbsp; 759274 |
| 26682 | DNOW, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 317783 |
| 18841 | Enphase Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 712378 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **Energy - 8.8% (Continued)** |  |
| 27405 | Magnolia Oil & Gas Corporation, Class A | &nbsp;&nbsp;&nbsp; $865176 |
| 53047 | Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp; 574499 |
| 16848 | SM Energy Company | &nbsp;&nbsp;&nbsp; 525321 |
| 6208 | Weatherford International PLC | &nbsp;&nbsp;&nbsp; 587152 |
|  |  | &nbsp;&nbsp; 4341583 |
|  | **Financials - 19.8%** |  |
| 3894 | Ameris Bancorp | &nbsp;&nbsp;&nbsp; 303693 |
| 19268 | Atlantic Union Bankshares Corporation | &nbsp;&nbsp;&nbsp; 688639 |
| 22383 | Blackstone Mortgage Trust, Inc., CLASS A | &nbsp;&nbsp;&nbsp; 428634 |
| 6341 | Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp; 474878 |
| 9299 | Carlyle Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 449978 |
| 3593 | Community Financial System, Inc. | &nbsp;&nbsp;&nbsp; 210729 |
| 10828 | First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp; 318885 |
| 17115 | First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp; 421714 |
| 12443 | First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp; 415596 |
| 41628 | Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp; 548242 |
| 24295 | Fulton Financial Corporation | &nbsp;&nbsp;&nbsp; 494160 |
| 2085 | GATX Corporation | &nbsp;&nbsp;&nbsp; 355993 |
| 10382 | HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp; 381539 |
| 23256 | Lincoln National Corporation | &nbsp;&nbsp;&nbsp; 825588 |
| 4632 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp; 354580 |
| 9206 | Radian Group, Inc. | &nbsp;&nbsp;&nbsp; 304534 |
| 13196 | Renasant Corporation | &nbsp;&nbsp;&nbsp; 476771 |
| 7448 | Seacoast Banking Corporation of Florida | &nbsp;&nbsp;&nbsp; 225600 |
| 8082 | Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp; 609302 |
| 20305 | Simmons First National Corporation, Class A | &nbsp;&nbsp;&nbsp; 394932 |
| 16952 | United Community Banks, Inc. | &nbsp;&nbsp;&nbsp; 533818 |
| 10895 | WaFd, Inc. | &nbsp;&nbsp;&nbsp; 342103 |
| 4988 | Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp; 221367 |
|  |  | &nbsp;&nbsp; 9781275 |
|  | **Health Care - 7.2%** |  |
| 7684 | Bruker Corporation | &nbsp;&nbsp;&nbsp; 277546 |
| 4369 | CONMED Corporation | &nbsp;&nbsp;&nbsp; 154488 |
| 8143 | Enovis Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 185253 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **Health Care - 7.2% (Continued)** |  |
| 2438 | Glaukos Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $262475 |
| 2829 | Haemonetics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 159442 |
| 4879 | Integer Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 429352 |
| 2771 | Lantheus Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 210180 |
| 2894 | Masimo Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 514757 |
| 28323 | Neogen Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 263121 |
| 6148 | Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205220 |
| 6668 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 395212 |
| 3841 | RadNet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 214673 |
| 15750 | Select Medical Holdings Corporation | &nbsp;&nbsp;&nbsp; 256568 |
|  |  | &nbsp;&nbsp; 3528287 |
|  | **Industrials - 9.7%** |  |
| 8175 | ABM Industries, Inc. | &nbsp;&nbsp;&nbsp; 314901 |
| 3020 | Alarm.com Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 130434 |
| 2537 | Arcosa, Inc. | &nbsp;&nbsp;&nbsp; 269277 |
| 1659 | Brink's Company (The) | &nbsp;&nbsp;&nbsp; 171922 |
| 3323 | Exponent, Inc. | &nbsp;&nbsp;&nbsp; 216826 |
| 17314 | Gates Industrial Corp plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 391470 |
| 16453 | GXO Logistics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 853088 |
| 10717 | Kennametal, Inc. | &nbsp;&nbsp;&nbsp; 387205 |
| 4213 | Matson, Inc. | &nbsp;&nbsp;&nbsp; 690679 |
| 2113 | MSA Safety, Inc. | &nbsp;&nbsp;&nbsp; 346426 |
| 2656 | Novanta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 313700 |
| 8492 | Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 286265 |
| 4084 | SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 375034 |
|  |  | &nbsp;&nbsp; 4747227 |
|  | **Materials - 10.4%** |  |
| 2207 | Balchem Corporation | &nbsp;&nbsp;&nbsp; 374042 |
| 5031 | Boise Cascade Company | &nbsp;&nbsp;&nbsp; 381601 |
| 7466 | Cabot Corporation | &nbsp;&nbsp;&nbsp; 562264 |
| 7374 | Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp; 772280 |
| 15750 | Eastman Chemical Company | &nbsp;&nbsp;&nbsp; 1202040 |
| 3498 | Greif, Inc., Class A | &nbsp;&nbsp;&nbsp; 234611 |
| 7373 | HB Fuller Company | &nbsp;&nbsp;&nbsp; 454767 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **Materials - 10.4% (Continued)** |  |
| 1344 | Materion Corporation | &nbsp;&nbsp;&nbsp; $194410 |
| 4267 | Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp; 302616 |
| 17651 | Peabody Energy Corporation | &nbsp;&nbsp;&nbsp; 581600 |
| 11912 | SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp; 77547 |
|  |  | &nbsp;&nbsp; 5137778 |
|  | **Real Estate - 7.2%** |  |
| 18565 | Acadia Realty Trust | &nbsp;&nbsp;&nbsp; 354963 |
| 9372 | COPT Defense Properties | &nbsp;&nbsp;&nbsp; 286783 |
| 32604 | Cushman & Wakefield Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 399725 |
| 2865 | EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp; 530283 |
| 15830 | Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp; 338920 |
| 3906 | LXP Industrial Trust | &nbsp;&nbsp;&nbsp; 180692 |
| 17084 | Macerich Company (The) | &nbsp;&nbsp;&nbsp; 322888 |
| 37434 | Rayonier, Inc. | &nbsp;&nbsp;&nbsp; 771889 |
| 9753 | SL Green Realty Corporation | &nbsp;&nbsp;&nbsp; 360276 |
|  |  | &nbsp;&nbsp; 3546419 |
|  | **Technology - 8.1%** |  |
| 5727 | ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 221692 |
| 8202 | Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp; 288054 |
| 6685 | BILL Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 256036 |
| 2558 | Blackbaud, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98764 |
| 3307 | Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 478258 |
| 6080 | Concentrix Corporation | &nbsp;&nbsp;&nbsp; 166349 |
| 6876 | Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 469356 |
| 4724 | Insight Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 316555 |
| 5655 | Knowles Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 145220 |
| 2347 | MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp; 387208 |
| 3451 | MAXIMUS, Inc. | &nbsp;&nbsp;&nbsp; 221209 |
| 4678 | NetScout Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148714 |
| 2745 | Parsons Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148697 |
| 4653 | Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 360142 |
| 6078 | Teradata Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155779 |
| 16518 | ZoomInfo Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98778 |
|  |  | &nbsp;&nbsp; 3960811 |

---

---

| | | |
|:---|:---|:---|
| **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** | **NAA SMALL CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.9% (Continued)** |  |
|  | **Utilities - 2.7%** |  |
| 1893 | American States Water Company | &nbsp;&nbsp;&nbsp; $143149 |
| 6163 | Avista Corporation | &nbsp;&nbsp;&nbsp; 247383 |
| 4298 | California Water Service Group | &nbsp;&nbsp;&nbsp; 194871 |
| 4470 | H2O America | &nbsp;&nbsp;&nbsp; 262255 |
| 2546 | MGE Energy, Inc. | &nbsp;&nbsp;&nbsp; 196780 |
| 3181 | Otter Tail Corporation | &nbsp;&nbsp;&nbsp; 279196 |
|  |  | &nbsp;&nbsp; 1323634 |
|  | **TOTAL COMMON STOCKS (Cost $47,682,286)** | &nbsp;&nbsp; 47189680 |
|  | **EXCHANGE-TRADED FUNDS — 2.5%** |  |
|  | **Equity - 2.5%** |  |
| 3187 | iShares Russell 2000 Value ETF | &nbsp;&nbsp;&nbsp; 604223 |
| 2804 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 609169 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,201,586)** | &nbsp;&nbsp; 1213392 |
|  | **TOTAL INVESTMENTS - 98.4% (Cost $48,883,872)** | &nbsp;&nbsp;&nbsp; $48403072 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** | &nbsp;&nbsp; 766378 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $49169450 |

---

ETF – Exchange-Traded Fund

Ltd. – Limited Company

PLC – Public Limited Company

<sup>(a)</sup> Non-income producing security.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** New Age Alpha Variable Funds Trust

- **b. Investment Company Act file number:** 811-23944

- **c. CIK number of Registrant:** 0002013968

- **d. LEI of Registrant:** 5299000HTJBNEG1Y8820

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 555 Theodore Fremd Avenue

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

  - **Telephone number:** 212-922-2699

**Item A.2. Information about the Series.**

- **a. Name of Series:** NAA SMALL 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:** 2026-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $49381592.22

**Total Liabilities:** $212141.73

**Net Assets:** $49169450.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253505 | 4.91%                | 1.04%                | -4.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24810.96                | $2443807.22                                |
| Month 2  | $26291.16                | $467437.42                                 |
| Month 3  | $49300.03                | $-2480941.25                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABM Industries Inc.                         | ABM Industries, Inc.                                | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      8175 | NS      | $314901.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Asgn Incorporated                           | ASGN, Inc.                                          | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |      5727 | NS      | $221692.17    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                         | Acadia Realty Trust                                 | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |     18565 | NS      | $354962.80    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings, Inc.                            | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      3020 | NS      | $130433.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                | Bread Financial Holdings, Inc.                      | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      6341 | NS      | $474877.49    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                   | American States Water Company                       | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      1893 | NS      | $143148.66    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp                                      | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      3894 | NS      | $303693.06    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                  | Arcosa, Inc.                                        | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      2537 | NS      | $269277.18    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group, Inc.               | Asbury Automotive Group, Inc.                       | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      2748 | NS      | $536986.68    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp              | Atlantic Union Bankshares Corporation               | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19268 | NS      | $688638.32    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                | Autoliv, Inc.                                       | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      3718 | NS      | $390984.88    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Group Inc.                      | Avis Budget Group, Inc.                             | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |       748 | NS      | $109095.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation                                  | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      6163 | NS      | $247382.82    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                | Balchem Corporation                                 | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      2207 | NS      | $374042.36    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                       | Bath & Body Works, Inc.                             | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     28786 | NS      | $537434.62    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Incorporated                | Bentley Systems, Inc.                               | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |      8202 | NS      | $288054.24    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL Holdings Inc                           | Bill.Com Holdings, Inc.                             | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |      6685 | NS      | $256035.50    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                               | Blackbaud, Inc.                                     | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |      2558 | NS      | $98764.38     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc              | Blackstone Mortgage Trust, Inc. Class A             | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     22383 | NS      | $428634.45    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                            | Boise Cascade Company                               | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      5031 | NS      | $381601.35    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                             | BorgWarner, Inc.                                    | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     29089 | NS      | $1578369.14   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Beer Co Inc                          | Boston Beer Company, Inc. (The) Class A             | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |      1095 | NS      | $252288.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinks Company                              | Brink's Company (The)                               | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |      1659 | NS      | $171922.17    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                          | Bruker Corporation                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      7684 | NS      | $277546.08    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corporation                           | Cabot Corporation                                   | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      7466 | NS      | $562264.46    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation            | California Resources Corporation                    | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     10969 | NS      | $759274.18    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group              | California Water Service Group                      | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      4298 | NS      | $194871.32    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                           | Carlyle Group, Inc. (The)                           | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |      9299 | NS      | $449978.61    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                          | Cirrus Logic, Inc.                                  | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      3307 | NS      | $478258.34    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corporation                          | Enovis Corporation                                  | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      8143 | NS      | $185253.25    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc              | Community Financial System, Inc.                    | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |      3593 | NS      | $210729.45    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                            | Concentrix Corporation                              | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      6080 | NS      | $166348.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                          | CONMED Corporation                                  | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |      4369 | NS      | $154487.84    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc.                 | Core Natural Resources, Inc.                        | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      7374 | NS      | $772279.02    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                     | COPT Defense Properties REIT                        | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      9372 | NS      | $286783.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Incorporated                         | Diodes, Inc.                                        | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      6876 | NS      | $469355.76    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                  | EastGroup Properties, Inc.                          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      2865 | NS      | $530282.85    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                    | Eastman Chemical Company                            | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     15750 | NS      | $1202040.00   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | Edgewell Personal Care Company                      | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      6060 | NS      | $129320.40    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                          | Enphase Energy, Inc.                                | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |     18841 | NS      | $712378.21    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                | Exponent, Inc.                                      | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      3323 | NS      | $216825.75    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc              | First Financial Bankshares, Inc.                    | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |     10828 | NS      | $318884.60    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc.                         | First Hawaiian, Inc.                                | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     17115 | NS      | $421713.60    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate Bancsystem Inc.            | First Interstate BancSystem, Inc.                   | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     12443 | NS      | $415596.20    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| H B Fuller Company                          | HB Fuller Company                                   | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |      7373 | NS      | $454766.64    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation                        | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     24295 | NS      | $494160.30    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                            | GATX Corporation                                    | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      2085 | NS      | $355992.90    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc.                          | GXO Logistics, Inc.                                 | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     16453 | NS      | $853088.05    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                               | Glaukos Corporation                                 | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      2438 | NS      | $262475.08    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co. The              | Goodyear Tire & Rubber Company (The)                | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     39092 | NS      | $259179.96    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                                 | Greif, Inc. Class A                                 | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      3498 | NS      | $234610.86    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                | Grocery Outlet Holding Corporation                  | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15707 | NS      | $110734.35    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                    | Group 1 Automotive, Inc.                            | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      1798 | NS      | $594472.74    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                    | HNI Corporation                                     | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |      9532 | NS      | $318273.48    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                            | Haemonetics Corporation                             | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      2829 | NS      | $159442.44    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc   | HA Sustainable Infrastructure Capital, Inc. L, INC. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     10382 | NS      | $381538.50    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                  | Highwoods Properties, Inc. REIT                     | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     15830 | NS      | $338920.30    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                                     | IAC, Inc.                                           | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |      8892 | NS      | $355946.76    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.                    | Insight Enterprises, Inc.                           | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      4724 | NS      | $316555.24    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                      | Integer Holdings Corporation                        | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      4879 | NS      | $429352.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                | Iridium Communications, Inc.                        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      6315 | NS      | $175178.10    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | iShares Russell 2000 Value ETF                      | CUSIP: 464287630<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      3187 | NS      | $604223.33    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                              | Ziff Davis, Inc.                                    | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |      5569 | NS      | $233675.24    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                     | KB Home                                             | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      9147 | NS      | $473357.25    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                              | Kennametal, Inc.                                    | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     10717 | NS      | $387205.21    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                         | Knowles Corporation                                 | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |      5655 | NS      | $145220.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                | Kohl's Corporation                                  | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     16847 | NS      | $217326.30    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                             | LKQ Corporation                                     | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     34507 | NS      | $1013470.59   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Co.                                | Marzetti Company (The)                              | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      1340 | NS      | $185362.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                       | Lantheus Holdings, Inc.                             | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      2771 | NS      | $210180.35    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                        | LXP Industrial Trust                                | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      3906 | NS      | $180691.56    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                      | Lincoln National Corporation                        | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     23256 | NS      | $825588.00    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc.                             | MGE Energy, Inc.                                    | CUSIP: 55277P104<br>LEI: 549300BYWGHSXX2TEO67 | Long             | EC               | CORP              | US        |      2546 | NS      | $196780.34    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc.                             | MSA Safety, Inc.                                    | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      2113 | NS      | $346426.35    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                        | Macerich Company (The) REIT                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     17084 | NS      | $322887.60    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation              | Magnolia Oil & Gas Corporation                      | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27405 | NS      | $865175.85    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc.                   | MarketAxess Holdings, Inc.                          | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      2347 | NS      | $387208.06    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                          | Masimo Corporation                                  | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      2894 | NS      | $514755.78    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                               | Materion Corporation                                | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      1344 | NS      | $194409.60    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                  | Matson, Inc.                                        | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      4213 | NS      | $690679.22    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                 | Maximus, Inc.                                       | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      3451 | NS      | $221209.10    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                         | Meritage Homes Corporation                          | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     10389 | NS      | $642455.76    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc.                  | Minerals Technologies, Inc.                         | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |      4267 | NS      | $302615.64    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                 | Neogen Corporation                                  | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     28323 | NS      | $263120.67    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSCOUT Systems Inc.                       | NetScout Systems, Inc.                              | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      4678 | NS      | $148713.62    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Bank National Association          | Flagstar Financial, Inc.                            | CUSIP: 649445400<br>LEI: SS1TRMSN6BRNMOREEV51 | Long             | EC               | CORP              | US        |     41628 | NS      | $548240.76    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                 | Novanta, Inc.                                       | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      2656 | NS      | $313700.16    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc.                                   | DNOW Inc.                                           | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     26682 | NS      | $317782.62    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                | Omnicell, Inc.                                      | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      6148 | NS      | $205220.24    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation                      | Otter Tail Corporation                              | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3181 | NS      | $279196.37    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corporation                         | Parsons Corporation                                 | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      2745 | NS      | $148696.65    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy, Inc.                          | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     53047 | NS      | $574499.01    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp.                        | Peabody Energy Corporation                          | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     17651 | NS      | $581600.45    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.               | Penske Automotive Group, Inc.                       | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      2620 | NS      | $391742.40    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                     | Piper Sandler Cos                                   | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      4632 | NS      | $354579.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc            | Prestige Consumer Healthcare, Inc.                  | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6668 | NS      | $395212.36    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo, Inc.                                         | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      4653 | NS      | $360142.20    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                           | Radian Group, Inc.                                  | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      9206 | NS      | $304534.48    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                                  | RadNet, Inc.                                        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      3841 | NS      | $214673.49    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                | Rayonier, Inc. REIT                                 | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     37434 | NS      | $771889.08    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp.                              | Renasant Corporation                                | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     13196 | NS      | $476771.48    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies, Inc.                          | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      8492 | NS      | $286265.32    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                 | H2O America                                         | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4470 | NS      | $262254.90    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                        | SL Green Realty Corporation REIT                    | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      9753 | NS      | $360275.82    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co.                               | SM Energy Company                                   | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     16848 | NS      | $525320.64    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company              | Scotts Miracle-Gro Company (The)                    | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |      5745 | NS      | $349353.45    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corporation Of Florida     | Seacoast Banking Corp of Florida                    | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |      7448 | NS      | $225599.92    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corporation         | Select Medical Holdings Corporation                 | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15750 | NS      | $256567.50    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.              | Selective Insurance Group, Inc.                     | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      8082 | NS      | $609301.98    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                 | Simmons First National Corporation Class A          | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |     20305 | NS      | $394932.25    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                   | Simply Good Foods Company (The)                     | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12561 | NS      | $180250.35    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                                 | SkyWest, Inc.                                       | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      4084 | NS      | $375033.72    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                        | SunCoke Energy, Inc.                                | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     11912 | NS      | $77547.12     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc.             | Telephone and Data Systems, Inc.                    | CUSIP: 879433829<br>LEI: 5299003YZW5BE2NNLO37 | Long             | EC               | CORP              | US        |     13999 | NS      | $589357.90    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                               | Teradata Corporation                                | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      6078 | NS      | $155779.14    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc.(South Carolina) | United Community Banks Inc                          | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     16952 | NS      | $533818.48    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods, Inc.                  | United Natural Foods, Inc.                          | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |      9096 | NS      | $409865.76    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. Corp                                   | VF Corporation                                      | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |     46391 | NS      | $788183.09    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                        | Vanguard Small-Cap Value ETF                        | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      2804 | NS      | $609169.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc.                        | Walker & Dunlop, Inc.                               | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4988 | NS      | $221367.44    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                    | WaFd, Inc.                                          | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10895 | NS      | $342103.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc                   | ZoomInfo Technologies, Inc. Class A                 | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |     16518 | NS      | $98777.64     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BBH Overnight Sweep                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    817775 | PA      | $817775.18    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman And Wakefield Ltd.                  | Cushman & Wakefield Ltd.                            | CUSIP: G2717C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32604 | NS      | $399725.04    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | Gates Industrial Corp plc                           | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     17314 | NS      | $391469.54    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc               | Weatherford International plc                       | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      6208 | NS      | $587152.64    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Keith D. Kemp

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

**Title:** President