# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-26-007049
**Filing Date:** 2026-5
**Character Count:** 91494
**Document Hash:** f476c3ef96dc7d6d1bf0a78576c980d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007049.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000910472-26-007049

**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:** 261006276

**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 ALL CAP VALUE SERIES (Series ID: S000087633)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000253501 | NAA ALL CAP VALUE SERIES |  |

## Nport-Ex

e

---

| | | |
|:---|:---|:---|
| **NAA ALL CAP VALUE SERIES** | **NAA ALL CAP VALUE SERIES** | **NAA ALL 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 — 97.2%** |  |
|  | **Communications - 4.0%** |  |
| 26065 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; $755624 |
| 4381 | GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 362178 |
| 6976 | Maplebear, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 261321 |
| 7971 | Match Group, Inc. | &nbsp;&nbsp;&nbsp; 244789 |
| 543 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 98191 |
| 7177 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; 540500 |
| 3149 | T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp; 661384 |
| 5750 | Walt Disney Company (The) | &nbsp;&nbsp;&nbsp; 554185 |
|  |  | &nbsp;&nbsp; 3478172 |
|  | **Consumer Discretionary - 9.6%** |  |
| 11487 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2392398 |
| 2555 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp; 268684 |
| 4290 | Callaway Golf Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 59545 |
| 3165 | Carter's, Inc. | &nbsp;&nbsp;&nbsp; 113180 |
| 2460 | Champion Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 182950 |
| 45816 | Ford Motor Company | &nbsp;&nbsp;&nbsp; 528717 |
| 1125 | Green Brick Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72506 |
| 518 | Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp; 171266 |
| 2499 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 821896 |
| 2092 | Lear Corporation | &nbsp;&nbsp;&nbsp; 253299 |
| 8184 | Mattel, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 118914 |
| 6581 | MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 243563 |
| 7715 | Mister Car Wash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53774 |
| 802 | Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp; 119915 |
| 3440 | PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp; 98694 |
| 2861 | Service Corp International | &nbsp;&nbsp;&nbsp; 236061 |
| 1313 | Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp; 90032 |
| 7370 | Starbucks Corporation | &nbsp;&nbsp;&nbsp; 660278 |
| 2681 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 996662 |
| 4000 | TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 638800 |
| 3009 | YETI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110099 |
|  |  | &nbsp;&nbsp; 8231233 |
|  | **Consumer Staples - 8.9%** |  |
| 17024 | Albertsons Companies, Inc., Class A | &nbsp;&nbsp;&nbsp; 290089 |

---

---

| | | |
|:---|:---|:---|
| **NAA ALL CAP VALUE SERIES** | **NAA ALL CAP VALUE SERIES** | **NAA ALL 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 — 97.2% (Continued)** |  |
|  | **Consumer Staples - 8.9% (Continued)** |  |
| 10612 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; $700286 |
| 3348 | BellRing Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 53869 |
| 8979 | Coca-Cola Company (The) | &nbsp;&nbsp;&nbsp; 682853 |
| 7717 | Colgate-Palmolive Company | &nbsp;&nbsp;&nbsp; 657720 |
| 1113 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 1109027 |
| 4603 | Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504075 |
| 7565 | McCormick & Company Inc | &nbsp;&nbsp;&nbsp; 381579 |
| 11540 | Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp; 665165 |
| 5871 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 848007 |
| 3437 | Quanex Building Products Corporation | &nbsp;&nbsp;&nbsp; 61763 |
| 7648 | Simply Good Foods Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 109749 |
| 2660 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 205166 |
| 11016 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 1369068 |
|  |  | &nbsp;&nbsp; 7638416 |
|  | **Energy - 7.9%** |  |
| 13476 | Baker Hughes Company | &nbsp;&nbsp;&nbsp; 822709 |
| 4291 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 887808 |
| 2657 | Chord Energy Corporation | &nbsp;&nbsp;&nbsp; 377772 |
| 6639 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 876348 |
| 10606 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 1799414 |
| 2092 | Innovex International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 51024 |
| 5867 | Noble Corp PLC | &nbsp;&nbsp;&nbsp; 287894 |
| 16536 | Nov, Inc. COM | &nbsp;&nbsp;&nbsp; 311042 |
| 32220 | Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp; 348943 |
| 15942 | SLB Ltd. | &nbsp;&nbsp;&nbsp; 819259 |
| 1901 | Weatherford International PLC | &nbsp;&nbsp;&nbsp; 179797 |
|  |  | &nbsp;&nbsp; 6762010 |
|  | **Financials - 15.7%** |  |
| 1764 | American Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 225280 |
| 2374 | Ameris Bancorp | &nbsp;&nbsp;&nbsp; 185148 |
| 11388 | Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp; 120257 |
| 6286 | Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 603393 |
| 3576 | Ares Management Corporation, Class A | &nbsp;&nbsp;&nbsp; 390142 |
| 16881 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 822950 |

---

---

| | | |
|:---|:---|:---|
| **NAA ALL CAP VALUE SERIES** | **NAA ALL CAP VALUE SERIES** | **NAA ALL 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 — 97.2% (Continued)** |  |
|  | **Financials - 15.7% (Continued)** |  |
| 4515 | Bank OZK | &nbsp;&nbsp;&nbsp; $207193 |
| 2013 | Chubb Ltd. | &nbsp;&nbsp;&nbsp; 656098 |
| 5718 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 648478 |
| 3905 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 160339 |
| 2522 | Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 440366 |
| 1068 | Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp; 43585 |
| 1283 | Everest Group Ltd. | &nbsp;&nbsp;&nbsp; 419349 |
| 13369 | First Horizon Corporation | &nbsp;&nbsp;&nbsp; 304278 |
| 15279 | FNB Corp | &nbsp;&nbsp;&nbsp; 255465 |
| 9861 | Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp; 232917 |
| 10438 | Fulton Financial Corporation | &nbsp;&nbsp;&nbsp; 212309 |
| 640 | GATX Corporation | &nbsp;&nbsp;&nbsp; 109274 |
| 717 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 606575 |
| 728 | Goosehead Insurance, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31056 |
| 871 | Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 150988 |
| 1145 | Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp; 164445 |
| 2030 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 597145 |
| 2797 | Moelis & Company, Class A | &nbsp;&nbsp;&nbsp; 159429 |
| 3567 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 587021 |
| 2063 | OFG Bancorp | &nbsp;&nbsp;&nbsp; 83469 |
| 2490 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp; 190610 |
| 10155 | Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp; 214880 |
| 3726 | Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp; 539487 |
| 1569 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp; 320327 |
| 1652 | SEI Investments Company | &nbsp;&nbsp;&nbsp; 129632 |
| 2476 | Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp; 186666 |
| 3072 | Stifel Financial Corporation | &nbsp;&nbsp;&nbsp; 227082 |
| 5701 | T Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp; 513888 |
| 2116 | Travelers Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 617195 |
| 12259 | Truist Financial Corporation | &nbsp;&nbsp;&nbsp; 563546 |
| 1012 | Trupanion, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25917 |
| 4093 | Unum Group | &nbsp;&nbsp;&nbsp; 298912 |
| 11601 | US Bancorp | &nbsp;&nbsp;&nbsp; 603368 |
| 3021 | Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp; 134072 |

---

---

| | | |
|:---|:---|:---|
| **NAA ALL CAP VALUE SERIES** | **NAA ALL CAP VALUE SERIES** | **NAA ALL 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 — 97.2% (Continued)** |  |
|  | **Financials - 15.7% (Continued)** |  |
| 6920 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; $550901 |
|  |  | &nbsp;&nbsp; 13533432 |
|  | **Health Care - 10.2%** |  |
| 8524 | AdaptHealth Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 101436 |
| 1878 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 660774 |
| 3786 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 213871 |
| 5192 | Bio-Techne Corporation | &nbsp;&nbsp;&nbsp; 271334 |
| 3066 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 647875 |
| 1803 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 566394 |
| 14796 | Centene Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 484421 |
| 8073 | CVS Health Corporation | &nbsp;&nbsp;&nbsp; 579803 |
| 6222 | Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 390742 |
| 1798 | Elevance Health, Inc. | &nbsp;&nbsp;&nbsp; 526365 |
| 5109 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 712041 |
| 2312 | Humana, Inc. | &nbsp;&nbsp;&nbsp; 400878 |
| 2729 | IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 465404 |
| 3028 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 740165 |
| 6443 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 775029 |
| 2272 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 614780 |
| 4978 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp; 588449 |
|  |  | &nbsp;&nbsp; 8739761 |
|  | **Industrials - 9.1%** |  |
| 4384 | ABM Industries, Inc. | &nbsp;&nbsp;&nbsp; 168872 |
| 1842 | Alarm.com Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 79556 |
| 1556 | Arcosa, Inc. | &nbsp;&nbsp;&nbsp; 165154 |
| 1311 | Deere & Company | &nbsp;&nbsp;&nbsp; 738486 |
| 8698 | Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp; 578243 |
| 1020 | Exponent, Inc. | &nbsp;&nbsp;&nbsp; 66555 |
| 1801 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; 618139 |
| 2166 | General Electric Company | &nbsp;&nbsp;&nbsp; 614646 |
| 9053 | Hayward Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 121129 |
| 5108 | Johnson Controls International plc | &nbsp;&nbsp;&nbsp; 668893 |
| 2195 | L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp; 757604 |
| 1703 | Matson, Inc. | &nbsp;&nbsp;&nbsp; 279190 |

---

---

| | | |
|:---|:---|:---|
| **NAA ALL CAP VALUE SERIES** | **NAA ALL CAP VALUE SERIES** | **NAA ALL 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 — 97.2% (Continued)** |  |
|  | **Industrials - 9.1% (Continued)** |  |
| 2355 | Nextpower, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $283895 |
| 1500 | Oshkosh Corporation | &nbsp;&nbsp;&nbsp; 220815 |
| 5152 | Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 173674 |
| 14116 | RXO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 206376 |
| 1933 | SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 177507 |
| 15567 | Southwest Airlines Company | &nbsp;&nbsp;&nbsp; 584852 |
| 5460 | Textron, Inc. | &nbsp;&nbsp;&nbsp; 478078 |
| 767 | UniFirst Corp | &nbsp;&nbsp;&nbsp; 192969 |
| 8324 | WillScot Holdings Corporation | &nbsp;&nbsp;&nbsp; 144505 |
| 4404 | Xylem Inc | &nbsp;&nbsp;&nbsp; 526278 |
|  |  | &nbsp;&nbsp; 7845416 |
|  | **Materials - 4.0%** |  |
| 6792 | Alcoa Corporation | &nbsp;&nbsp;&nbsp; 450513 |
| 2579 | AptarGroup, Inc. | &nbsp;&nbsp;&nbsp; 325005 |
| 895 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp; 169558 |
| 2357 | Ecolab, Inc. | &nbsp;&nbsp;&nbsp; 627009 |
| 12891 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 757733 |
| 1070 | Greif, Inc., Class A | &nbsp;&nbsp;&nbsp; 71765 |
| 8126 | LyondellBasell Industries N.V., A | &nbsp;&nbsp;&nbsp; 654631 |
| 2788 | Owens Corning | &nbsp;&nbsp;&nbsp; 301717 |
| 441 | WD-40 Company | &nbsp;&nbsp;&nbsp; 89938 |
|  |  | &nbsp;&nbsp; 3447869 |
|  | **Real Estate - 4.9%** |  |
| 2383 | Agree Realty Corporation | &nbsp;&nbsp;&nbsp; 179631 |
| 2742 | American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp; 50480 |
| 7371 | American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp; 205798 |
| 3499 | American Tower Corporation, Class A | &nbsp;&nbsp;&nbsp; 603857 |
| 5443 | CubeSmart | &nbsp;&nbsp;&nbsp; 199486 |
| 4119 | Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 742284 |
| 1643 | EPR Properties | &nbsp;&nbsp;&nbsp; 82084 |
| 3519 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp; 219656 |
| 4543 | Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp; 595724 |
| 2566 | Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp; 60686 |
| 2306 | Getty Realty Corporation | &nbsp;&nbsp;&nbsp; 73331 |

---

---

| | | |
|:---|:---|:---|
| **NAA ALL CAP VALUE SERIES** | **NAA ALL CAP VALUE SERIES** | **NAA ALL 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 — 97.2% (Continued)** |  |
|  | **Real Estate - 4.9% (Continued)** |  |
| 17383 | Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp; $431968 |
| 956 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 290930 |
| 4623 | NNN REIT, Inc. | &nbsp;&nbsp;&nbsp; 194305 |
| 7746 | Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp; 253527 |
|  |  | &nbsp;&nbsp; 4183747 |
|  | **Technology - 16.8%** |  |
| 2894 | ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 118683 |
| 4539 | Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 521304 |
| 18560 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 4710342 |
| 2369 | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp; 481333 |
| 2607 | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp; 423585 |
| 1923 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 534345 |
| 8327 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 646092 |
| 7243 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 444358 |
| 9252 | CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 373226 |
| 2158 | CTS Corporation | &nbsp;&nbsp;&nbsp; 103066 |
| 4688 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44536 |
| 1664 | Euronet Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110440 |
| 1171 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp; 254095 |
| 336 | Fair Isaac Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 358693 |
| 17598 | Intel Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 776599 |
| 2082 | International Business Machines Corporation | &nbsp;&nbsp;&nbsp; 504656 |
| 5699 | KBR, Inc. | &nbsp;&nbsp;&nbsp; 210065 |
| 3278 | Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp; 509796 |
| 1536 | MAXIMUS, Inc. | &nbsp;&nbsp;&nbsp; 98458 |
| 540 | Morningstar, Inc. | &nbsp;&nbsp;&nbsp; 91287 |
| 5360 | NetApp, Inc. | &nbsp;&nbsp;&nbsp; 548810 |
| 2856 | NetScout Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90792 |
| 5332 | Nutanix, Inc., A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 202669 |
| 8381 | Payoneer Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 40480 |
| 10183 | PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp; 460577 |
| 4018 | Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 162367 |
| 2030 | Q2 Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 96019 |
| 3693 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 475585 |

---

---

| | | |
|:---|:---|:---|
| **NAA ALL CAP VALUE SERIES** | **NAA ALL CAP VALUE SERIES** | **NAA ALL 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 — 97.2% (Continued)** |  |
|  | **Technology - 16.8% (Continued)** |  |
| 3958 | ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $413809 |
| 5818 | Teradata Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149115 |
| 4282 | Veeco Instruments, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 144989 |
| 2777 | Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 360788 |
|  |  | &nbsp;&nbsp; 14460959 |
|  | **Utilities - 6.1%** |  |
| 6068 | Ameren Corporation | &nbsp;&nbsp;&nbsp; 666995 |
| 4448 | American Water Works Company, Inc. | &nbsp;&nbsp;&nbsp; 605328 |
| 3750 | Avista Corporation | &nbsp;&nbsp;&nbsp; 150525 |
| 5319 | Duke Energy Corporation | &nbsp;&nbsp;&nbsp; 696470 |
| 7437 | Evergy, Inc. | &nbsp;&nbsp;&nbsp; 609239 |
| 13741 | Exelon Corporation | &nbsp;&nbsp;&nbsp; 673584 |
| 13326 | FirstEnergy Corporation | &nbsp;&nbsp;&nbsp; 675095 |
| 2719 | H2O America | &nbsp;&nbsp;&nbsp; 159524 |
| 6375 | OGE Energy Corporation | &nbsp;&nbsp;&nbsp; 305745 |
| 17367 | PPL Corporation | &nbsp;&nbsp;&nbsp; 663419 |
|  |  | &nbsp;&nbsp; 5205924 |
|  | **TOTAL COMMON STOCKS (Cost $80,546,230)** | &nbsp;&nbsp; 83526939 |
|  | **EXCHANGE-TRADED FUNDS — 2.1%** |  |
|  | **Equity - 2.1%** |  |
| 2942 | iShares Russell 1000 Value ETF | &nbsp;&nbsp;&nbsp; 628617 |
| 2914 | iShares S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 615291 |
| 2455 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 533349 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,781,133)** | &nbsp;&nbsp; 1777257 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $82,327,363)** | &nbsp;&nbsp;&nbsp; $85304196 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%** | &nbsp;&nbsp; 613921 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $85918117 |

---

---

| |
|:---|
| **NAA ALL CAP VALUE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

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 ALL CAP VALUE SERIES

- **b. EDGAR series identifier (if any):** S000087633

- **c. LEI of Series:** 529900Z0MB1WFQ538D81

**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:** $86287467.72

**Total Liabilities:** $369350.85

**Net Assets:** $85918116.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253501 | 2.11%                | 1.45%                | -4.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24447.91                | $1834291.98                                |
| Month 2  | $35228.83                | $1224800.39                                |
| Month 3  | $79615.38                | $-4527632.25                               |

### 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        |      4384 | NS      | $168871.68    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                    | AT&T, Inc.                                         | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     26065 | NS      | $755624.35    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                           | ACI Worldwide, Inc.                                | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      2894 | NS      | $118682.94    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corporation                     | AdaptHealth Corporation                            | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8524 | NS      | $101435.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corporation                           | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      2383 | NS      | $179630.54    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                   | Akamai Technologies, Inc.                          | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      4539 | NS      | $521304.15    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                     | Alarm.com Holdings, Inc.                           | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      1842 | NS      | $79555.98     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Companies Inc.                   | Albertsons Companies, Inc.                         | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |     17024 | NS      | $290088.96    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                           | Alcoa Corporation                                  | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      6792 | NS      | $450513.36    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                          | Altria Group, Inc.                                 | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     10612 | NS      | $700285.88    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                            | Amazon.com, Inc.                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     11487 | NS      | $2392397.49   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                                | Ameren Corporation                                 | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      6068 | NS      | $666994.56    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                  | American Assets Trust, Inc. REIT                   | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2742 | NS      | $50480.22     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.              | American Financial Group Inc                       | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      1764 | NS      | $225280.44    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent Class A                      | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |      7371 | NS      | $205798.32    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                  | American Tower Corporation                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3499 | NS      | $603857.42    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.          | American Water Works Company, Inc.                 | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      4448 | NS      | $605328.32    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                 | Cencora, Inc.                                      | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1803 | NS      | $566394.42    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | Ameris Bancorp                                     | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      2374 | NS      | $185148.26    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                  | Amgen, Inc.                                        | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1878 | NS      | $660774.30    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                        | Elevance Health, Inc.                              | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      1798 | NS      | $526364.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc.        | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |     11388 | NS      | $120257.28    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                  | Apple, Inc.                                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     18560 | NS      | $4710342.40   | 5.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                             | AptarGroup, Inc.                                   | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      2579 | NS      | $325005.58    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                  | Arcosa, Inc.                                       | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      1556 | NS      | $165153.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corporation                 | Ares Management Corporation Class A                | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      3576 | NS      | $390141.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                | Autoliv, Inc.                                      | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      2555 | NS      | $268683.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.             | Automatic Data Processing, Inc.                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2369 | NS      | $481333.42    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                          | Avista Corporation                                 | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      3750 | NS      | $150525.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                        | Baker Hughes Company Class A                       | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13476 | NS      | $822709.80    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                       | Bank of America Corporation                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     16881 | NS      | $822948.75    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                    | Bank OZK                                           | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |      4515 | NS      | $207193.35    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.         | BellRing Brands, Inc.                              | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |      3348 | NS      | $53869.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                | BioMarin Pharmaceutical, Inc.                      | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      3786 | NS      | $213871.14    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                             | Bio-Techne Corporation                             | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      5192 | NS      | $271333.92    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.         | Broadridge Financial Solutions, Inc.               | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      2607 | NS      | $423585.36    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                   | CNO Financial Group, Inc.                          | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      3905 | NS      | $160339.30    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corporation                             | CTS Corporation                                    | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |      2158 | NS      | $103066.08    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                             | CVS Health Corporation                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      8073 | NS      | $579802.86    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                | Cadence Design Systems, Inc.                       | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1923 | NS      | $534344.01    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Callaway Golf Co.                           | Callaway Golf Company                              | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |      4290 | NS      | $59545.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                       | Cardinal Health, Inc.                              | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      3066 | NS      | $647876.46    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters Inc.                                | Carter's, Inc.                                     | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |      3165 | NS      | $113180.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                               | Centene Corporation                                | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     14796 | NS      | $484421.04    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                               | Chevron Corporation                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4291 | NS      | $887807.90    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                         | Cisco Systems, Inc.                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      8327 | NS      | $646091.93    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                              | Citigroup, Inc.                                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      5718 | NS      | $648478.38    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                          | Coca-Cola Company (The)                            | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      8979 | NS      | $682852.95    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.        | Cognizant Technology Solutions Corporation Class A | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      7243 | NS      | $444358.05    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                         | Coinbase Global, Inc.                              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      2522 | NS      | $440366.42    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                       | Colgate-Palmolive Company                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      7717 | NS      | $657719.91    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                              | ConocoPhillips                                     | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      6639 | NS      | $876348.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                | Costco Wholesale Corporation                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1113 | NS      | $1109026.59   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Costar Group Inc                            | CoStar Group, Inc.                                 | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |      9252 | NS      | $373225.68    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                        | CubeSmart REIT                                     | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5443 | NS      | $199485.95    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                             | Deere & Company                                    | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1311 | NS      | $738486.30    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                        | Delta Air Lines, Inc.                              | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      8698 | NS      | $578243.04    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                  | Dexcom, Inc.                                       | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      6222 | NS      | $390741.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                   | Digital Realty Trust, Inc. REIT                    | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      4119 | NS      | $742284.99    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                         | Walt Disney Company (The)                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      5750 | NS      | $554185.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                             | Dollar Tree, Inc.                                  | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      4603 | NS      | $504074.53    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                   | DOUBLEVERIFY HOLDINGS INC COM                      | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4688 | NS      | $44536.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                            | Duke Energy Corporation                            | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      5319 | NS      | $696469.86    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                              | EPR Properties REIT                                | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      1643 | NS      | $82084.28     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                        | Eagle Materials, Inc.                              | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       895 | NS      | $169557.75    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                 | Ecolab, Inc.                                       | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      2357 | NS      | $627009.14    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                          | Enact Holdings, Inc.                               | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |      1068 | NS      | $43585.08     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc             | Equity LifeStyle Properties, Inc. REIT             | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      3519 | NS      | $219655.98    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                     | Euronet Worldwide, Inc.                            | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      1664 | NS      | $110439.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                  | Evergy, Inc.                                       | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      7437 | NS      | $609239.04    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                | Exelon Corporation                                 | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     13741 | NS      | $673583.82    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                | Exponent, Inc.                                     | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |      1020 | NS      | $66555.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                    | Extra Space Storage, Inc. REIT                     | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |      4543 | NS      | $595723.59    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                           | Exxon Mobil Corporation                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     10606 | NS      | $1799413.96   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                   | FNB Corp                                           | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     15279 | NS      | $255464.88    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.               | FactSet Research Systems, Inc.                     | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      1171 | NS      | $254095.29    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                      | Fair Isaac Corporation                             | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       336 | NS      | $358693.44    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                   | First Horizon Corporation                          | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     13369 | NS      | $304278.44    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                           | FirstEnergy Corporation                            | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     13326 | NS      | $675095.16    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                          | Ford Motor Company                                 | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     45816 | NS      | $528716.64    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.            | Four Corners Property Trust, Inc.                  | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |      2566 | NS      | $60685.90     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc.                     | Franklin Resources, Inc.                           | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      9861 | NS      | $232916.82    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                       | Freeport-McMoRan, Inc.                             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     12891 | NS      | $757732.98    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                | Fulton Financial Corporation                       | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     10438 | NS      | $212308.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                            | GATX Corporation                                   | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |       640 | NS      | $109273.60    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                | General Dynamics Corporation                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      1801 | NS      | $618139.22    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                                | General Electric Company                           | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      2166 | NS      | $614645.82    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corporation                           | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      2306 | NS      | $73330.80     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                        | Gilead Sciences, Inc.                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      5109 | NS      | $712041.33    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Godaddy Inc                                 | GoDaddy, Inc.                                      | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      4381 | NS      | $362177.27    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                   | Goldman Sachs Group, Inc. (The)                    | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       717 | NS      | $606574.83    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                     | Goosehead Insurance, Inc.                          | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |       728 | NS      | $31056.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc.                   | Green Brick Partners, Inc.                         | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |      1125 | NS      | $72506.25     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                                 | Greif, Inc. Class A                                | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      1070 | NS      | $71764.90     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                    | Group 1 Automotive, Inc.                           | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       518 | NS      | $171266.34    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.           | Hanover Insurance Group, Inc. (The)                | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       871 | NS      | $150987.85    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                        | Hayward Holdings, Inc. Class A                     | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9053 | NS      | $121129.14    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                             | Home Depot, Inc. (The)                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2499 | NS      | $821896.11    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                         | Houlihan Lokey, Inc.                               | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      1145 | NS      | $164444.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                 | Humana, Inc.                                       | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2312 | NS      | $400877.68    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc.                  | Innovex International, Inc.                        | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |      2092 | NS      | $51023.88     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                           | Intel Corporation                                  | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     17598 | NS      | $776599.74    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.       | International Business Machines Corporation        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2082 | NS      | $504655.98    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                       | Invitation Homes, Inc.                             | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     17383 | NS      | $431967.55    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                         | IQVIA Holdings, Inc.                               | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      2729 | NS      | $465403.66    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | iShares S&P 500 Value ETF                          | CUSIP: 464287408<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2914 | NS      | $615291.10    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                               | iShares Russell 1000 Value ETF                     | CUSIP: 464287598<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      2942 | NS      | $628617.14    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                        | JPMorgan Chase & Company                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2030 | NS      | $597144.80    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                           | Johnson & Johnson                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3028 | NS      | $740164.32    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated             | Jones Lang LaSalle, Inc.                           | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       956 | NS      | $290929.92    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                     | KBR, Inc.                                          | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      5699 | NS      | $210065.14    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                  | L3Harris Technologies, Inc.                        | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      2195 | NS      | $757604.25    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                            | Lear Corporation                                   | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      2092 | NS      | $253299.36    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                         | Leidos Holdings, Inc.                              | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      3278 | NS      | $509794.56    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                   | MGM Resorts International                          | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      6581 | NS      | $243562.81    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc.                              | Maplebear, Inc.                                    | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6976 | NS      | $261320.96    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                             | Match Group, Inc.                                  | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      7971 | NS      | $244789.41    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                  | Matson, Inc.                                       | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      1703 | NS      | $279189.82    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                                | Mattel, Inc.                                       | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |      8184 | NS      | $118913.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                 | Maximus, Inc.                                      | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      1536 | NS      | $98457.60     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated           | McCormick & Company Inc Non-Voting Shares          | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      7565 | NS      | $381578.60    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                            | Merck & Company, Inc.                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      6443 | NS      | $775028.47    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                         | Mister Car Wash, Inc.                              | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7715 | NS      | $53773.55     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co.                                | Moelis & Company                                   | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      2797 | NS      | $159429.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc.                 | Mondelez International, Inc. Class A               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     11540 | NS      | $665165.60    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                              | Morgan Stanley                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      3567 | NS      | $587021.19    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                             | Morningstar, Inc.                                  | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |       540 | NS      | $91287.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                    | Nov, Inc. COM                                      | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     16536 | NS      | $311042.16    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                | NNN REIT, Inc. REIT                                | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      4623 | NS      | $194304.69    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                 | NetApp, Inc.                                       | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      5360 | NS      | $548810.40    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSCOUT Systems Inc.                       | NetScout Systems, Inc.                             | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      2856 | NS      | $90792.24     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc.                              | Nextpower, Inc.                                    | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2355 | NS      | $283895.25    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                     | Nexstar Media Group, Inc.                          | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       543 | NS      | $98190.69     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                 | Nutanix, Inc. CLASS A                              | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      5332 | NS      | $202669.32    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                      | OGE Energy Corporation                             | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      6375 | NS      | $305745.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                 | OFG Bancorp                                        | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      2063 | NS      | $83468.98     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                          | Chord Energy Corporation                           | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      2657 | NS      | $377772.26    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | Omnicom Group, Inc.                                | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      7177 | NS      | $540499.87    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corporation                         | Oshkosh Corporation                                | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |      1500 | NS      | $220815.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                               | Owens Corning                                      | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      2788 | NS      | $301717.36    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                             | PPL Corporation                                    | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     17367 | NS      | $663419.40    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                   | Patterson-UTI Energy, Inc.                         | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     32220 | NS      | $348942.60    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                        | PayPal Holdings, Inc.                              | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     10183 | NS      | $460577.09    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc.                        | Payoneer Global, Inc.                              | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |      8381 | NS      | $40480.23     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.               | Penske Automotive Group, Inc.                      | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       802 | NS      | $119915.04    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                             | Photronics, Inc.                                   | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      4018 | NS      | $162367.38    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                     | Piper Sandler Cos                                  | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      2490 | NS      | $190609.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Price T Rowe Group Inc.                     | T Rowe Price Group, Inc.                           | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      5701 | NS      | $513888.14    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                    | Procter & Gamble Company (The)                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5871 | NS      | $848007.24    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc.                          | PROG Holdings, Inc.                                | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |      3440 | NS      | $98693.60     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc.           | Provident Financial Services, Inc.                 | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     10155 | NS      | $214879.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                             | Q2 Holdings, Inc.                                  | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |      2030 | NS      | $96019.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                               | QUALCOMM, Inc.                                     | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3693 | NS      | $475584.54    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp.              | Quanex Building Products Corporation               | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |      3437 | NS      | $61762.89     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc.                                    | RXO, Inc.                                          | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     14116 | NS      | $206375.92    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                | Raymond James Financial, Inc.                      | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      3726 | NS      | $539487.54    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated  | Reinsurance Group of America, Inc.                 | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      1569 | NS      | $320327.04    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                    | Resideo Technologies, Inc.                         | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      5152 | NS      | $173673.92    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.              | Rexford Industrial Realty, Inc.                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |      7746 | NS      | $253526.58    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                          | SEI Investments Company                            | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      1652 | NS      | $129632.44    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                 | H2O America                                        | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2719 | NS      | $159523.73    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                    | SLB Ltd.                                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     15942 | NS      | $819259.38    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.              | Selective Insurance Group, Inc.                    | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      2476 | NS      | $186665.64    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corporation International           | Service Corp International                         | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      2861 | NS      | $236061.11    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                              | ServiceNow, Inc.                                   | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      3958 | NS      | $413808.90    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                   | Simply Good Foods Company (The)                    | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7648 | NS      | $109748.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc.                         | Champion Homes, Inc.                               | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2460 | NS      | $182950.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                                 | SkyWest, Inc.                                      | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      1933 | NS      | $177507.39    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive, Inc.                      | Sonic Automotive, Inc.                             | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      1313 | NS      | $90032.41     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                      | Southwest Airlines Company                         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     15567 | NS      | $584852.19    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Markets Inc                 | Sprouts Farmers Market, Inc.                       | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      2660 | NS      | $205165.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                             | Starbucks Corporation                              | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      7370 | NS      | $660278.30    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                | Stifel Financial Corporation                       | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      3072 | NS      | $227082.24    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                      | TJX Companies, Inc. (The)                          | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      4000 | NS      | $638800.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                             | T-Mobile US, Inc.                                  | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      3149 | NS      | $661384.47    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                               | Teradata Corporation                               | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      5818 | NS      | $149115.34    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                   | Tesla, Inc.                                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2681 | NS      | $996661.75    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc.                                | Textron, Inc.                                      | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      5460 | NS      | $478077.60    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                   | Travelers Companies, Inc. (The)                    | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      2116 | NS      | $617194.88    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                               | Trupanion, Inc.                                    | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |      1012 | NS      | $25917.32     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                      | Truist Financial Corporation                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     12259 | NS      | $563546.23    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                               | US Bancorp                                         | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     11601 | NS      | $603368.01    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                               | UniFirst Corp                                      | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |       767 | NS      | $192969.53    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                     | UnitedHealth Group, Inc.                           | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2272 | NS      | $614780.48    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                  | Unum Group                                         | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      4093 | NS      | $298911.79    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc.                      | Veeco Instruments, Inc.                            | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |      4282 | NS      | $144988.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                        | Vanguard Small-Cap Value ETF                       | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      2455 | NS      | $533348.75    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co.                                   | WD-40 Company                                      | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |       441 | NS      | $89937.54     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                 | Walmart, Inc.                                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     11016 | NS      | $1369068.48   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc.                        | Walker & Dunlop, Inc.                              | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3021 | NS      | $134071.98    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                           | Wells Fargo & Company                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      6920 | NS      | $550901.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corporation               | WillScot Holdings Corporation                      | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |      8324 | NS      | $144504.64    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                 | Workday, Inc. Class A                              | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      2777 | NS      | $360787.84    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                 | Xylem Inc                                          | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      4404 | NS      | $526278.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                           | YETI Holdings, Inc.                                | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      3009 | NS      | $110099.31    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                 | Zoetis, Inc.                                       | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      4978 | NS      | $588449.38    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BBH Overnight Sweep                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    650506 | PA      | $650506.39    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                     | Arch Capital Group Ltd.                            | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      6286 | NS      | $603393.14    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                           | Everest Group Ltd.                                 | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      1283 | NS      | $419348.55    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc               | Weatherford International plc                      | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      1901 | NS      | $179796.58    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC          | Johnson Controls International plc                 | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |      5108 | NS      | $668892.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corporation PLC                       | Noble Corp plc                                     | CUSIP: G65431127<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | US        |      5867 | NS      | $287893.69    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd. Switzerland                      | Chubb Ltd.                                         | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      2013 | NS      | $656097.09    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                | LyondellBasell Industries N.V. Class A             | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |      8126 | NS      | $654630.56    | 0.76%             |  |  |  | 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