# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-26-001694
**Filing Date:** 2026-2
**Character Count:** 47651
**Document Hash:** 592c13c078cd97f59989937249386117
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001694.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0000910472-26-001694

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 26652566

**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 |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

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

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

- **a. Name of Series:** NAA SMALL CAP VALUE SERIES

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $49791621.19

**Total Liabilities:** $206920.00

**Net Assets:** $49584701.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253505 | -1.58%               | 2.28%                | 0.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15213.09                | $-810202.36                                |
| Month 2  | $64341.39                | $973474.99                                 |
| Month 3  | $2050577.57              | $-1733995.72                               |

### 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        |      8387 | NS      | $354770.10    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Asgn Incorporated                           | ASGN, Inc.                                          | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |      5847 | NS      | $281649.99    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                         | Acadia Realty Trust                                 | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |     18997 | NS      | $390198.38    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings, Inc.                            | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      3091 | NS      | $157702.82    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                | Bread Financial Holdings, Inc.                      | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      6494 | NS      | $480750.82    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                   | American States Water Company                       | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |      1941 | NS      | $140683.68    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp                                      | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      3988 | NS      | $296188.76    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                  | Arcosa, Inc.                                        | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      2614 | NS      | $277920.48    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group, Inc.               | Asbury Automotive Group, Inc.                       | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      2820 | NS      | $655734.60    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp              | Atlantic Union Bankshares Corporation               | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19746 | NS      | $697033.80    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                | Autoliv, Inc.                                       | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      3812 | NS      | $452484.40    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Group Inc.                      | Avis Budget Group, Inc.                             | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |       768 | NS      | $98549.76     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation                                  | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      6321 | NS      | $243611.34    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                | Balchem Corporation                                 | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      2262 | NS      | $346900.32    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                       | Bath & Body Works, Inc.                             | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     29494 | NS      | $592239.52    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Incorporated                | Bentley Systems, Inc.                               | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |      8384 | NS      | $319975.36    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL Holdings Inc                           | Bill.Com Holdings, Inc.                             | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |      6845 | NS      | $373326.30    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                               | Blackbaud, Inc.                                     | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |      2614 | NS      | $165518.48    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc              | Blackstone Mortgage Trust, Inc. Class A             | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     22944 | NS      | $438918.72    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                            | Boise Cascade Company                               | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      5150 | NS      | $379040.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                             | BorgWarner, Inc.                                    | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     29828 | NS      | $1344049.68   | 2.71%             |  |  |  | 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        |      1121 | NS      | $218740.73    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinks Company                              | Brink's Company (The)                               | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |      1690 | NS      | $197273.70    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                          | Bruker Corporation                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      7850 | NS      | $369813.50    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corporation                           | Cabot Corporation                                   | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      7645 | NS      | $506710.60    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation            | California Resources Corporation                    | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     11240 | NS      | $502540.40    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group              | California Water Service Group                      | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      4406 | NS      | $190911.98    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                           | Carlyle Group, Inc. (The)                           | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |      9534 | NS      | $563554.74    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                          | Cirrus Logic, Inc.                                  | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      3388 | NS      | $401478.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                       | Civitas Resources, Inc.                             | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     11879 | NS      | $321802.11    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corporation                          | Enovis Corporation                                  | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      8337 | NS      | $222097.68    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc              | Community Financial System, Inc.                    | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |      3684 | NS      | $211608.96    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                            | Concentrix Corporation                              | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      6227 | NS      | $258918.66    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                          | CONMED Corporation                                  | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |      4477 | NS      | $181766.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc.                 | Core Natural Resources, Inc.                        | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      7537 | NS      | $667099.87    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                     | COPT Defense Properties REIT                        | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      9600 | NS      | $266880.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Incorporated                         | Diodes, Inc.                                        | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      7057 | NS      | $348192.38    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                  | EastGroup Properties, Inc.                          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      2939 | NS      | $523553.46    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                    | Eastman Chemical Company                            | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     16144 | NS      | $1030471.52   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | Edgewell Personal Care Company                      | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      6212 | NS      | $105914.60    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                          | Enphase Energy, Inc.                                | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |     19332 | NS      | $619590.60    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                | Exponent, Inc.                                      | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      3402 | NS      | $236302.92    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc              | First Financial Bankshares, Inc.                    | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |     11098 | NS      | $331497.26    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc.                         | First Hawaiian, Inc.                                | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     17527 | NS      | $443433.10    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate Bancsystem Inc.            | First Interstate BancSystem, Inc.                   | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     12742 | NS      | $440873.20    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| H B Fuller Company                          | HB Fuller Company                                   | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |      7547 | NS      | $448744.62    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation                        | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     24873 | NS      | $480795.09    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                            | GATX Corporation                                    | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      2135 | NS      | $362096.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc.                          | GXO Logistics, Inc.                                 | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     16855 | NS      | $887247.20    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                               | Glaukos Corporation                                 | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      2504 | NS      | $282726.64    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co. The              | Goodyear Tire & Rubber Company (The)                | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     40009 | NS      | $350478.84    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                                 | Greif, Inc. Class A                                 | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      3581 | NS      | $242433.70    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                | Grocery Outlet Holding Corporation                  | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16097 | NS      | $162579.70    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                    | Group 1 Automotive, Inc.                            | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      1839 | NS      | $723278.70    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                    | HNI Corporation                                     | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |      9757 | NS      | $410184.28    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                            | Haemonetics Corporation                             | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      2900 | NS      | $232435.00    | 0.47%             |  |  |  | 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        |     10630 | NS      | $334100.90    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                  | Highwoods Properties, Inc. REIT                     | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     16220 | NS      | $418800.40    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                                     | IAC, Inc.                                           | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |      9104 | NS      | $355966.40    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.                    | Insight Enterprises, Inc.                           | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      4844 | NS      | $394640.68    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                      | Integer Holdings Corporation                        | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      5008 | NS      | $392777.44    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                | Iridium Communications, Inc.                        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      6466 | NS      | $112379.08    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | iShares Russell 2000 Value ETF                      | CUSIP: 464287630<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2757 | NS      | $499595.97    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                              | Ziff Davis, Inc.                                    | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |      5712 | NS      | $200776.80    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                     | KB Home                                             | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      9381 | NS      | $529182.21    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                              | Kennametal, Inc.                                    | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     10977 | NS      | $311856.57    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corporation                         | Knowles Corporation                                 | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |      5810 | NS      | $124508.30    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                | Kohl's Corporation                                  | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     17286 | NS      | $352807.26    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                             | LKQ Corporation                                     | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     35388 | NS      | $1068717.60   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Co.                                | Marzetti Company (The)                              | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      1371 | NS      | $225419.82    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                       | Lantheus Holdings, Inc.                             | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      2838 | NS      | $188868.90    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                        | LXP Industrial Trust                                | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      3994 | NS      | $198022.52    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                      | Lincoln National Corporation                        | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     23811 | NS      | $1060303.83   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc.                             | MGE Energy, Inc.                                    | CUSIP: 55277P104<br>LEI: 549300BYWGHSXX2TEO67 | Long             | EC               | CORP              | US        |      2608 | NS      | $204519.36    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc.                             | MSA Safety, Inc.                                    | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      2165 | NS      | $346703.10    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                        | Macerich Company (The) REIT                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     17498 | NS      | $323013.08    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation              | Magnolia Oil & Gas Corporation                      | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28072 | NS      | $614496.08    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc.                   | MarketAxess Holdings, Inc.                          | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      2401 | NS      | $435181.25    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corporation                          | Masimo Corporation                                  | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      2967 | NS      | $385888.02    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                               | Materion Corporation                                | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      1384 | NS      | $172058.88    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                  | Matson, Inc.                                        | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      4325 | NS      | $534353.75    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                 | Maximus, Inc.                                       | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      3544 | NS      | $305918.08    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                         | Meritage Homes Corporation                          | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     10627 | NS      | $699256.60    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc.                  | Minerals Technologies, Inc.                         | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |      4374 | NS      | $266595.30    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                 | Neogen Corporation                                  | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     28986 | NS      | $202612.14    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSCOUT Systems Inc.                       | NetScout Systems, Inc.                              | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      4794 | NS      | $129725.64    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Bank National Association          | Flagstar Financial, Inc.                            | CUSIP: 649445400<br>LEI: SS1TRMSN6BRNMOREEV51 | Long             | EC               | CORP              | US        |     42633 | NS      | $536749.47    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                 | Novanta, Inc.                                       | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |      2729 | NS      | $324723.71    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc.                                   | DNOW Inc.                                           | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     27306 | NS      | $361804.50    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                | Omnicell, Inc.                                      | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      6279 | NS      | $284438.70    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation                      | Otter Tail Corporation                              | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3257 | NS      | $263198.17    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corporation                         | Parsons Corporation                                 | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      2814 | NS      | $173905.20    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy, Inc.                          | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     54196 | NS      | $331137.56    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp.                        | Peabody Energy Corporation                          | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     17944 | NS      | $532936.80    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.               | Penske Automotive Group, Inc.                       | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      2652 | NS      | $419785.08    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                     | Piper Sandler Cos                                   | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      1190 | NS      | $404254.90    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                        | PotlatchDeltic Corporation REIT                     | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |      9966 | NS      | $396447.48    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc            | Prestige Consumer Healthcare, Inc.                  | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6841 | NS      | $422021.29    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                   | Qorvo, Inc.                                         | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      4769 | NS      | $403028.19    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                           | Radian Group, Inc.                                  | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      9423 | NS      | $339133.77    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                                  | RadNet, Inc.                                        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |      3937 | NS      | $280904.95    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                | Rayonier, Inc. REIT                                 | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     20957 | NS      | $453719.05    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp.                              | Renasant Corporation                                | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     13537 | NS      | $476773.14    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies, Inc.                          | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      8689 | NS      | $305157.68    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                 | H2O America                                         | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4585 | NS      | $224619.15    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                        | SL Green Realty Corporation REIT                    | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      9979 | NS      | $457736.73    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company              | Scotts Miracle-Gro Company (The)                    | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |      5884 | NS      | $343331.40    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corporation Of Florida     | Seacoast Banking Corp of Florida                    | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |      7638 | NS      | $239985.96    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corporation         | Select Medical Holdings Corporation                 | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16138 | NS      | $239649.30    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.              | Selective Insurance Group, Inc.                     | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      8287 | NS      | $693373.29    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                 | Simmons First National Corporation Class A          | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |     20775 | NS      | $391608.75    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                   | Simply Good Foods Company (The)                     | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12868 | NS      | $258389.44    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                                 | SkyWest, Inc.                                       | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      4195 | NS      | $421219.95    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                        | SunCoke Energy, Inc.                                | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     12213 | NS      | $87933.60     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tegna Inc                                   | TEGNA, Inc.                                         | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     23710 | NS      | $460211.10    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone and Data Systems Inc.             | Telephone and Data Systems, Inc.                    | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14375 | NS      | $589375.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                               | Teradata Corporation                                | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      6224 | NS      | $189458.56    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc.(South Carolina) | United Community Banks Inc                          | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     17394 | NS      | $543040.68    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods, Inc.                  | United Natural Foods, Inc.                          | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |      9315 | NS      | $313636.05    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. Corp                                   | VF Corporation                                      | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |     47585 | NS      | $860336.80    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                        | Vanguard Small-Cap Value ETF                        | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      2364 | NS      | $500671.56    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc.                        | Walker & Dunlop, Inc.                               | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5073 | NS      | $305140.95    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                    | WaFd, Inc.                                          | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11160 | NS      | $357454.80    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc                   | ZoomInfo Technologies, Inc. Class A                 | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |     16923 | NS      | $172106.91    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BBH Overnight Sweep                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    221455 | PA      | $221454.69    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman And Wakefield Ltd.                  | Cushman & Wakefield Ltd.                            | CUSIP: G2717C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33403 | NS      | $540794.57    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                   | Gates Industrial Corp plc                           | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     17736 | NS      | $380791.92    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc               | Weatherford International plc                       | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      6349 | NS      | $496872.74    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Keith D. Kemp

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

**Title:** President