# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0001752724-25-211608
**Filing Date:** 2025-8
**Character Count:** 73302
**Document Hash:** 9ec34034ede5a9815667d21f70c73ab1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211608.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211608

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23944
- **FILM NUMBER:** 251272057

**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 |  |

## 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:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $85985529.96

**Total Liabilities:** $387990.08

**Net Assets:** $85597539.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253501 | -3.23%               | 3.40%                | 3.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-188303.84              | $-2644980.68                               |
| Month 2  | $43655.47                | $2632018.93                                |
| Month 3  | $-291039.69              | $3257715.36                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Five Below Inc                                 | Five Below, Inc.                               | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      2260 | NS      | $296466.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated     | Reinsurance Group of America, Inc.             | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      1561 | NS      | $309639.96    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Company                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3274 | NS      | $949165.34    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive, Inc.                         | Sonic Automotive, Inc.                         | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      1309 | NS      | $104628.37    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc.                                   | Textron, Inc.                                  | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      4136 | NS      | $332079.44    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                      | MGM Resorts International                      | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      4600 | NS      | $158194.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.                  | Penske Automotive Group, Inc.                  | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       756 | NS      | $129888.36    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc.                     | Innovex International, Inc.                    | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |      3590 | NS      | $56075.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc.                  | MSC Industrial Direct Company, Inc. Class A    | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |      1841 | NS      | $156521.82    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                | T-Mobile USA, Inc.                             | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      2865 | NS      | $682614.90    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                         | Micron Technology, Inc.                        | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      5334 | NS      | $657415.50    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                              | Ciena Corporation                              | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      2301 | NS      | $187140.33    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                           | CubeSmart REIT                                 | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4395 | NS      | $186787.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                         | TJX Companies, Inc. (The)                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5184 | NS      | $640172.16    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica Bancorp                            | Westamerica BanCorporation                     | CUSIP: 957090103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1146 | NS      | $55512.24     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                             | Chord Energy Corporation                       | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      2251 | NS      | $218009.35    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                       | Lam Research Corporation                       | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      7039 | NS      | $685176.26    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc.                           | MGP Ingredients, Inc.                          | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      1218 | NS      | $36503.46     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                    | Premier, Inc. Class A                          | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7811 | NS      | $171295.23    | 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        |      1505 | NS      | $255654.35    | 0.30%             |  |  |  | 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        |     12145 | NS      | $117563.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.                        | CACI International, Inc.                       | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       346 | NS      | $164938.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                          | Cardinal Health, Inc.                          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      3797 | NS      | $637896.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corporation.                            | Incyte Corporation                             | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      1488 | NS      | $101332.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                   | LyondellBasell Industries N.V. Class A         | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |      5985 | NS      | $346292.10    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                        | ITT, Inc.                                      | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |       940 | NS      | $147420.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                                  | O-I Glass, Inc.                                | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14435 | NS      | $212771.90    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                        | Ormat Technologies, Inc.                       | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      1207 | NS      | $101098.32    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                         | OGE Energy Corporation                         | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      6959 | NS      | $308840.42    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.               | Four Corners Property Trust, Inc.              | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |      4322 | NS      | $116305.02    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                        | Berkshire Hathaway, Inc. Class B               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2561 | NS      | $1244056.97   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                    | Humana, Inc.                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2592 | NS      | $633692.16    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc.                         | RPM International, Inc.                        | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      2448 | NS      | $268888.32    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                          | Freeport-McMoRan, Inc.                         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     15499 | NS      | $671881.65    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                | Match Group, Inc.                              | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      5787 | NS      | $178760.43    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                   | Stifel Financial Corporation                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      1210 | NS      | $125573.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                 | EPR Properties REIT                            | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      3107 | NS      | $181013.82    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc                | Equity LifeStyle Properties, Inc. REIT         | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      3917 | NS      | $241561.39    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc.                          | Jacobs Solutions, Inc.                         | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2710 | NS      | $356229.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                                   | Ameren Corporation                             | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      6170 | NS      | $592566.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                    | Capital One Financial Corporation              | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      3300 | NS      | $702108.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                            | Mister Car Wash, Inc.                          | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5011 | NS      | $30116.11     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                    | Zoetis, Inc.                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      4134 | NS      | $644697.30    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc.                        | Advance Auto Parts, Inc.                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      4199 | NS      | $195211.51    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                   | Mondelez International, Inc. Class A           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      9699 | NS      | $654100.56    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC             | Johnson Controls International plc             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |      6180 | NS      | $652731.60    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                                | Nextracker Inc - Class A                       | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5191 | NS      | $282234.67    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                           | Baker Hughes Company Class A                   | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16125 | NS      | $618232.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                                 | PriceSmart, Inc.                               | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      2001 | NS      | $210185.04    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                  | ISHARES RUSSELL 1000 VALUE INDEX FUND          | CUSIP: 464287598<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |       887 | NS      | $172282.01    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                     | Evergy, Inc.                                   | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      5276 | NS      | $363674.68    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK Little Rock Arkansas                  | Bank OZK                                       | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |      4462 | NS      | $209981.72    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corporation                               | Lear Corporation                               | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      2284 | NS      | $216934.32    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                              | Shoe Carnival, Inc.                            | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1688 | NS      | $31582.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc         | Heidrick & Struggles International, Inc.       | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |       895 | NS      | $40955.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                    | NetApp, Inc.                                   | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      2426 | NS      | $258490.30    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                              | Intel Corporation                              | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     30100 | NS      | $674240.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                               | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     10869 | NS      | $2384549.91   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                               | StoneX Group, Inc.                             | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      1880 | NS      | $171343.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.                 | Rexford Industrial Realty, Inc.                | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |      8322 | NS      | $296013.54    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corporation                         | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      3625 | NS      | $186506.25    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corporation                        | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      5633 | NS      | $664694.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                          | Bank of America Corporation                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     17958 | NS      | $849772.56    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                | AptarGroup, Inc.                               | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      1295 | NS      | $202576.85    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                          | American Homes 4 Rent Class A                  | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |      8160 | NS      | $294331.20    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                             | Coca-Cola Company (The)                        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      9514 | NS      | $673115.50    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. (The)                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1029 | NS      | $728274.75    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                      | Digital Realty Trust, Inc. REIT                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      3593 | NS      | $626367.69    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                   | Raymond James Financial, Inc.                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      2058 | NS      | $315635.46    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                     | NIKE, Inc. Class B                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     10789 | NS      | $766450.56    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc.                        | Franklin Resources, Inc.                       | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      6766 | NS      | $161369.10    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                             | HCA Healthcare, Inc.                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1549 | NS      | $593421.90    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                               | Merck & Company, Inc.                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      8265 | NS      | $654257.40    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                            | IQVIA Holdings, Inc.                           | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      3826 | NS      | $602939.34    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                     | Amgen, Inc.                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2230 | NS      | $622638.30    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.                   | Grocery Outlet Holding Corp                    | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9454 | NS      | $117418.68    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc.                        | Digi International, Inc.                       | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      1464 | NS      | $51035.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                    | Novanta, Inc.                                  | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Long             | EC               | CORP              | US        |       609 | NS      | $78518.37     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                              | Getty Realty Corporation                       | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      2756 | NS      | $76175.84     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp.                     | Albany International Corporation Class A       | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |      1417 | NS      | $99374.21     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc.                 | CSG Systems International, Inc.                | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |      1274 | NS      | $83204.94     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                                 | Ameris Bancorp                                 | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      3211 | NS      | $207751.70    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                        | UnitedHealth Group, Inc.                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2486 | NS      | $775557.42    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart, Inc.                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      6854 | NS      | $670184.12    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                  | ISHARES RUSSELL MIDCAP VALUE                   | CUSIP: 464287473<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      5493 | NS      | $725845.02    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                              | Yeti Holdings, Inc.                            | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      2180 | NS      | $68713.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                  | U.S. Bancorp                                   | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     14793 | NS      | $669383.25    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                                    | EZCORP, Inc. Class A                           | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |      4990 | NS      | $69261.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                   | BioMarin Pharmaceutical, Inc.                  | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      5528 | NS      | $303874.16    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp.                       | Lakeland Financial Corporation                 | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1148 | NS      | $70544.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                                | NBT Bancorp, Inc.                              | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2887 | NS      | $119954.85    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                    | OFG Bancorp                                    | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |      1752 | NS      | $74985.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                      | Travelers Companies, Inc. (The)                | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      2405 | NS      | $643433.70    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International Plc                  | Weatherford International PLC                  | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | US        |      1554 | NS      | $78181.74     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                   | Encompass Health Corporation                   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      1191 | NS      | $146052.33    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar, Inc.                              | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      1306 | NS      | $216195.24    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                                  | UniFirst Corporation                           | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |       788 | NS      | $148317.36    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corporation                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      9614 | NS      | $663173.72    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | Northrop Grumman Corporation                   | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1290 | NS      | $644974.20    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                            | Walt Disney Company (The)                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      5557 | NS      | $689123.57    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                             | Ford Motor Company                             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     60297 | NS      | $654222.45    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.             | American Water Works Company, Inc.             | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      4400 | NS      | $612084.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                 | Citigroup, Inc.                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      8336 | NS      | $709560.32    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                          | Colgate-Palmolive Company                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      7142 | NS      | $649207.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                           | Gilead Sciences, Inc.                          | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6032 | NS      | $668767.84    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                      | GATES INDUSTRIAL CORP PLC                      | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |      7264 | NS      | $167289.92    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Costar Group Inc                               | CoStar Group, Inc.                             | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7878 | NS      | $633391.20    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                              | Alcoa Corporation                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     10754 | NS      | $317350.54    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc.                                 | Maplebear Incorporated                         | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3720 | NS      | $168292.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                          | Invitation Homes, Inc.                         | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     12796 | NS      | $419708.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                           | SunCoke Energy, Inc.                           | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |      7801 | NS      | $67010.59     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                      | Akamai Technologies, Inc.                      | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      3278 | NS      | $261453.28    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                 | California Water Service Group                 | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      4415 | NS      | $200794.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited                 | Axalta Coating Systems Ltd.                    | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      4350 | NS      | $129151.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                | Deere & Company                                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1220 | NS      | $620357.80    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corporation                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     11812 | NS      | $1273333.60   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                              | Everest Group Ltd.                             | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |       968 | NS      | $328974.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                       | Resideo Technologies Inc.                      | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      9709 | NS      | $214180.54    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Site Centers Corp                              | SITE CTRS CORP COM                             | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |      4284 | NS      | $48452.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                           | Snap-on, Inc.                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      1236 | NS      | $384618.48    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                     | American Assets Trust, Inc. REIT               | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1795 | NS      | $35451.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                     | Unum Group                                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      3896 | NS      | $314640.96    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.                            | ABM Industries, Inc.                           | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      4617 | NS      | $217968.57    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.                 | Old Dominion Freight Line, Inc.                | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      2435 | NS      | $395200.50    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                              | Omnicom Group, Inc.                            | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      4641 | NS      | $333873.54    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                  | Chevron Corporation                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4433 | NS      | $634761.27    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                            | Newmont Corporation                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     10920 | NS      | $636199.20    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.            | BellRing Brands, Inc.                          | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |      2837 | NS      | $164347.41    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                  | QUALCOMM, Inc.                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      4253 | NS      | $677332.78    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus Homecare Corp                            | Addus HomeCare Corporation                     | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |       650 | NS      | $74873.50     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                              | Wells Fargo & Company                          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      8802 | NS      | $705216.24    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                      | First Horizon National Corporation             | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     15653 | NS      | $331843.60    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                | Dollar Tree, Inc.                              | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      4249 | NS      | $420820.96    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                        | Alarm.com Holdings, Inc.                       | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      1945 | NS      | $110028.65    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins, Inc.                                  | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      2698 | NS      | $152221.16    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                     | L3Harris Technologies, Inc.                    | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      2537 | NS      | $636381.08    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Price T Rowe Group Inc.                        | T. Rowe Price Group, Inc.                      | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      5709 | NS      | $550918.50    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                   | Tenet Healthcare Corporation                   | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      1383 | NS      | $243408.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                 | American Financial Group, Inc.                 | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      1662 | NS      | $209761.02    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                           | Elevance Health Incorporated                   | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      1710 | NS      | $665121.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                     | Chubb Ltd.                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      2298 | NS      | $665776.56    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                            | Cisco Systems, Inc.                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      9993 | NS      | $693314.34    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                   | Exelon Corporation                             | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     14884 | NS      | $646263.28    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Company                  | Molson Coors Beverage Company Class B          | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      4131 | NS      | $198659.79    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                           | Schlumberger Ltd.                              | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     17619 | NS      | $595522.20    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | BBH Overnight Sweep                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    539446 | PA      | $539445.79    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                             | Avista Corporation                             | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      5431 | NS      | $206106.45    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                           | PayPal Holdings, Inc.                          | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      7873 | NS      | $585121.36    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                       | Extra Space Storage, Inc. REIT                 | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |      2725 | NS      | $401774.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                                   | Sprinklr, Inc.                                 | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |      7206 | NS      | $60962.76     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      1151 | NS      | $174641.23    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                      | F.N.B. Corporation                             | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     15228 | NS      | $222024.24    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      6922 | NS      | $621180.28    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                      | Patterson-UTI Energy, Inc.                     | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     31057 | NS      | $184168.01    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.                | Automatic Data Processing, Inc.                | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2068 | NS      | $637771.20    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting, Inc.                           | FTI Consulting, Inc.                           | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      1365 | NS      | $220447.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                  | ISHARES S&P MIDCAP 400 VALUE INDEX FUND        | CUSIP: 464287705<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      6740 | NS      | $832929.20    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Liveramp Holdings Inc                          | LiveRamp Holdings, Inc.                        | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |      3235 | NS      | $106884.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                   | Autoliv, Inc.                                  | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      2771 | NS      | $310074.90    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corporation                        | Adapthealth Corp.                              | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10144 | NS      | $95657.92     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                     | DexCom, Inc.                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      5278 | NS      | $460716.62    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | Altria Group, Inc.                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     10652 | NS      | $624526.76    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                 | VeriSign, Inc.                                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      1801 | NS      | $520128.80    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                              | FirstEnergy Corporation                        | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     11682 | NS      | $470317.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                       | Nov, Inc. COM                                  | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     14892 | NS      | $185107.56    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                       | Procter & Gamble Company (The)                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      6428 | NS      | $1024108.96   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                          | Air Lease Corporation                          | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      3606 | NS      | $210914.94    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                    | Ecolab, Inc.                                   | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      2410 | NS      | $649350.40    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                      | DOUBLEVERIFY HOLDINGS INC COM                  | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5774 | NS      | $86436.78     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                    | Cencora Incorporated                           | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      2131 | NS      | $638980.35    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc.                 | Selective Insurance Group, Inc.                | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      2488 | NS      | $215585.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                     | American Tower Corporation                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3000 | NS      | $663060.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                    | EVERTEC, Inc.                                  | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2144 | NS      | $77291.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                         | Southwest Airlines Company                     | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     14176 | NS      | $459869.44    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc.                             | Post Holdings, Inc.                            | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |       801 | NS      | $87333.03     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                             | CareTrust REIT, Inc. REIT                      | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      6809 | NS      | $208355.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                   | National Retail Properties, Inc. REIT          | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      7143 | NS      | $308434.74    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                | Microsoft Corporation                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9775 | NS      | $4862182.75   | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corporation                  | WillScott Mobile Mini Holding                  | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |      7032 | NS      | $192676.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                              | Agree Realty Corporation                       | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      2633 | NS      | $192366.98    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                                | LKQ Corporation                                | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      6277 | NS      | $232311.77    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      4860 | NS      | $684579.60    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                       | AT&T, Inc.                                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     23682 | NS      | $685357.08    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated                | Jones Lang LaSalle, Inc.                       | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       912 | NS      | $233271.36    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                    | H2O America                                    | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2948 | NS      | $153207.56    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                     | Apple, Inc.                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     22096 | NS      | $4533436.32   | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      6588 | NS      | $1006317.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                          | Element Solutions, Inc.                        | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      9520 | NS      | $215628.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                    | Xylem, Inc.                                    | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      5003 | NS      | $647188.08    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                  | Centene Corporation                            | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     11288 | NS      | $612712.64    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                                | PPL Corporation                                | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      8025 | NS      | $271967.25    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                | Starbucks Corporation                          | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      7023 | NS      | $643517.49    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                      | CNO Financial Group, Inc.                      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      4158 | NS      | $160415.64    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                        | Euronet Worldwide, Inc.                        | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |       767 | NS      | $77758.46     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson, Inc.                          | Harley-Davidson, Inc.                          | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |      4873 | NS      | $115002.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                       | Etsy, Inc.                                     | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      3678 | NS      | $184488.48    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                        | Nexstar Media Group, Inc.                      | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      1195 | NS      | $206675.25    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp.                                      | AAR Corporation                                | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |      3035 | NS      | $208777.65    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                                    | MAXIMUS, Inc.                                  | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      2380 | NS      | $167076.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                                | Photronics, Inc.                               | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      3514 | NS      | $66168.62     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                  | FactSet Research Systems, Inc.                 | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       472 | NS      | $211116.16    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corporation                            | Oshkosh Corporation                            | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |      2683 | NS      | $304627.82    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corporation                   | Fulton Financial Corporation                   | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |      9298 | NS      | $167735.92    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated              | McCormick & Company, Inc. Non-Voting Shares    | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      5880 | NS      | $445821.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Keith D. Kemp

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

**Title:** President