# EDGAR Filing Document

**Accession Number:** 0002013853
**File Stem:** 0000910472-25-004105
**Filing Date:** 2025-11
**Character Count:** 45188
**Document Hash:** 4141dbac49938cad2effb86d96ec372e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004105.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004105

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New Age Alpha Funds Trust
- **CENTRAL INDEX KEY:** 0002013853

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23945
- **FILM NUMBER:** 251522890

**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 Risk Managed Real Estate Fund (Series ID: S000087630)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000253489 | Institutional Class |  |
| C000253490 | Class A             |  |
| C000253492 | Class C             |  |

## 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 Funds Trust

- **b. Investment Company Act file number:** 811-23945

- **c. CIK number of Registrant:** 0002013853

- **d. LEI of Registrant:** 529900860B9CQ8SDNS27

- **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 RISK MANAGED REAL ESTATE FUND

- **b. EDGAR series identifier (if any):** S000087630

- **c. LEI of Series:** 529900JOIA0Y5B3KRG74

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $293252220.13

**Total Liabilities:** $80917978.21

**Net Assets:** $212334241.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253492 | -1.65%               | 3.45%                | 1.42%                |
| Class ID C000253490 | -1.60%               | 3.52%                | 1.51%                |
| Class ID C000253489 | -1.55%               | 3.52%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-2195095.72                               |
| Month 2  | $-13561.02               | $5483477.86                                |
| Month 3  | $1435997.28              | $1022003.31                                |

**Designated Index Information**

- **Index Name:** NAA Risk Managed RE Fd DRP

- **Index Identifier:** NAA RISK MANAGED RE FD DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AvalonBay Communities, Inc.             | AvalonBay Communities, Inc. REIT                    | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     28578 | NS      | $5520412.26   | 2.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexandria Real Estate Equities, Inc.   | Alexandria Real Estate Equities, Inc. REIT          | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     30225 | NS      | $2518951.50   | 1.19%             |  |  |  | No            | 1                  | On Loan: No      |
| UDR Inc                                 | UDR, Inc. REIT                                      | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     62356 | NS      | $2323384.56   | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| ALEXANDRIA REAL ESTA                    | ALEXANDRIA REAL ESTA - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     12916 | NS      | $-116517.53   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Rexford Industrial Realty Inc.          | Rexford Industrial Realty, Inc.                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     49058 | NS      | $2016774.38   | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN TOWER CORP                     | AMERICAN TOWER CORP - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      7211 | NS      | $-130002.80   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| The Macerich Company                    | Macerich Company (The) REIT                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     53956 | NS      | $981999.20    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| OUTFRONT MEDIA INC                      | OUTFRONT MEDIA INC - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     99272 | NS      | $212890.59    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Caretrust Reit Inc                      | CareTrust REIT, Inc. REIT                           | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     44327 | NS      | $1537260.36   | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| SIMON PROPERTY GROUP                    | SIMON PROPERTY GROUP - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      6272 | NS      | $219101.02    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| UMH Properties Inc                      | UMH Properties, Inc. REIT                           | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Short            | EC               | CORP              | US        |    -48693 | NS      | $-723091.05   | -0.34%            |  |  |  | No            | 1                  | On Loan: No      |
| Regency Centers Corp.                   | Regency Centers Corporation REIT                    | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     33409 | NS      | $2435516.10   | 1.15%             |  |  |  | No            | 1                  | On Loan: No      |
| NEWMARK GROUP INC-CL                    | NEWMARK GROUP INC-CL - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |   -198768 | NS      | $-1222634.55  | -0.58%            |  |  |  | No            | 2                  | On Loan: No      |
| Americold Realty Trust Inc              | Americold Realty Trust, Inc.                        | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Short            | EC               | CORP              | US        |    -41742 | NS      | $-510922.08   | -0.24%            |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                      | Equity Residential REIT                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     70866 | NS      | $4587156.18   | 2.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Essential Properties Realty Trust Inc.  | Essential Properties Realty Trust Incorporated REIT | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     40273 | NS      | $1198524.48   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexander & Baldwin Inc                 | Alexander & Baldwin, Inc.                           | CUSIP: 014491104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -75699 | NS      | $-1376964.81  | -0.65%            |  |  |  | No            | 1                  | On Loan: No      |
| SABRA HEALTH CARE RE                    | SABRA HEALTH CARE RE - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     46796 | NS      | $32450.92     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Marcus & Millichap Inc                  | Marcus & Millichap, Inc.                            | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Short            | EC               | CORP              | US        |    -39105 | NS      | $-1147731.75  | -0.54%            |  |  |  | No            | 1                  | On Loan: No      |
| Agree Realty Corp                       | Agree Realty Corporation                            | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     22951 | NS      | $1630439.04   | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| ZILLOW GROUP INC - C                    | ZILLOW GROUP INC - C - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     12096 | NS      | $130157.28    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| INVENTRUST PPTYS COR                    | INVENTRUST PPTYS COR - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -45975 | NS      | $-29909.06    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Crown Castle Inc.                       | Crown Castle, Inc. REIT                             | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Short            | EC               | CORP              | US        |    -18308 | NS      | $-1766538.92  | -0.83%            |  |  |  | No            | 1                  | On Loan: No      |
| Sun Communities, Inc.                   | Sun Communities, Inc. REIT                          | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     23878 | NS      | $3080262.00   | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Cousins Properties Inc.                 | Cousins Properties, Inc. REIT                       | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     35188 | NS      | $1018340.72   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| KILROY REALTY CORP                      | KILROY REALTY CORP - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     11658 | NS      | $22328.53     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| RYMAN HOSPITALITY PR                    | RYMAN HOSPITALITY PR - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     27069 | NS      | $-278751.71   | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| St. Joe Co.                             | St Joe Company (The)                                | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Short            | EC               | CORP              | US        |     -7040 | NS      | $-348339.20   | -0.16%            |  |  |  | No            | 1                  | On Loan: No      |
| Iron Mountain Inc.                      | Iron Mountain, Inc.                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     57192 | NS      | $5830152.48   | 2.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower OP LLC                        | Welltower, Inc. REIT                                | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |    107470 | NS      | $19144705.80  | 9.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Kilroy Realty Corporation               | Kilroy Realty Corporation REIT                      | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     21928 | NS      | $926458.00    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| HOWARD HUGHES HOLDIN                    | HOWARD HUGHES HOLDIN - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     21165 | NS      | $272714.80    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Veris Residential Inc                   | Veris Residential, Inc. REIT                        | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Short            | EC               | CORP              | US        |   -216421 | NS      | $-3289599.20  | -1.55%            |  |  |  | No            | 1                  | On Loan: No      |
| Phillips Edison & Co Inc                | Phillips Edison & Company, Inc. REIT                | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     26247 | NS      | $901059.51    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| JONES LANG LASALLE I                    | JONES LANG LASALLE I - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      1843 | NS      | $129962.75    | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Apple Hospitality Reit Inc              | Apple Hospitality REIT, Inc.                        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     47147 | NS      | $566235.47    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| OMEGA HEALTHCARE INV                    | OMEGA HEALTHCARE INV - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     29768 | NS      | $106711.82    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Terreno Realty Corporation              | Terreno Realty Corporation                          | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21145 | NS      | $1199978.75   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN ASSETS TRUS                    | AMERICAN ASSETS TRUS - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     20955 | NS      | $-21698.26    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| HOST HOTELS & RESORT                    | HOST HOTELS & RESORT - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     30928 | NS      | $3202.33      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Independence Realty Trust Inc           | Independence Realty Trust, Inc.                     | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Short            | EC               | CORP              | US        |    -22597 | NS      | $-370364.83   | -0.17%            |  |  |  | No            | 1                  | On Loan: No      |
| NATL HEALTH INVESTOR                    | NATL HEALTH INVESTOR - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2098 | NS      | $-3847.08     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Vici Properties Inc                     | Vici Properties, Inc                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    219417 | NS      | $7155188.37   | 3.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Weyerhaeuser Company                    | Weyerhaeuser Company REIT                           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Short            | EC               | CORP              | US        |    -18829 | NS      | $-466770.91   | -0.22%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                     | Wells Fargo Margin Deposit                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    702877 | PA      | $702877.18    | 0.33%             |  |  |  | No            | N/A                | On Loan: No      |
| HEALTHPEAK PROPERTIE                    | HEALTHPEAK PROPERTIE - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     17098 | NS      | $18677.98     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Urban Edge Prop                         | Urban Edge Prop - TRS                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -66017 | NS      | $-133867.72   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| EPR Properties                          | EPR Properties REIT                                 | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     16254 | NS      | $942894.54    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc               | Healthpeak Properties, Inc.                         | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    136566 | NS      | $2615238.90   | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc.                | Extra Space Storage, Inc. REIT                      | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     43830 | NS      | $6177400.20   | 2.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Lamar Advertising Company               | Lamar Advertising Company Class A                   | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     18097 | NS      | $2215434.74   | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Omega Healthcare Investors, Inc.        | Omega Healthcare Investors, Inc. REIT               | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     60438 | NS      | $2551692.36   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                          | Public Storage REIT                                 | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     30778 | NS      | $8890225.30   | 4.19%             |  |  |  | No            | 1                  | On Loan: No      |
| EQUITY RESIDENTIAL                      | EQUITY RESIDENTIAL - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     35348 | NS      | $-173514.04   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| Easterly Government Properties Inc      | Easterly Government Properties, Inc.                | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Short            | EC               | CORP              | US        |    -13158 | NS      | $-301712.94   | -0.14%            |  |  |  | No            | 1                  | On Loan: No      |
| Ryman Hospitality Properties Inc        | Ryman Hospitality Properties, Inc. REIT             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     13359 | NS      | $1196832.81   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Emmett Inc                      | Douglas Emmett, Inc. REIT                           | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36613 | NS      | $570064.41    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc                | Simon Property Group, Inc. REIT                     | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     50700 | NS      | $9514869.00   | 4.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc.               | Digital Realty Trust, Inc. REIT                     | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     51095 | NS      | $8833303.60   | 4.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc.                           | Prologis, Inc. REIT                                 | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    147354 | NS      | $16874980.08  | 7.95%             |  |  |  | No            | 1                  | On Loan: No      |
| LXP INDUSTRIAL TRUST                    | LXP INDUSTRIAL TRUST - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |   -142157 | NS      | $17785.96     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Sila Realty Trust Inc                   | Sila Realty Trust, Inc.                             | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Short            | EC               | CORP              | US        |    -11682 | NS      | $-293218.20   | -0.14%            |  |  |  | No            | 1                  | On Loan: No      |
| Eastgroup Properties, Inc.              | EastGroup Properties, Inc.                          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     10728 | NS      | $1815821.28   | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| JBG SMITH PROPERTIES                    | JBG SMITH PROPERTIES - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |   -143348 | NS      | $-277247.38   | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| VICI PROPERTIES INC                     | VICI PROPERTIES INC - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     51414 | NS      | $71168.53     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| COSTAR GROUP                            | COSTAR GROUP - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6339 | NS      | $-47624.62    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Xenia Hotels & Resorts Inc              | Xenia Hotels & Resorts, Inc.                        | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Short            | EC               | CORP              | US        |   -109531 | NS      | $-1502765.32  | -0.71%            |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN HOMES 4 REN                    | AMERICAN HOMES 4 REN - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      8146 | NS      | $-2018.61     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Broadstone Net Lease Inc                | Broadstone Net Lease, Inc.                          | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Short            | EC               | CORP              | US        |    -58828 | NS      | $-1051256.36  | -0.50%            |  |  |  | No            | 1                  | On Loan: No      |
| WP CAREY INC                            | WP CAREY INC - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     26822 | NS      | $242649.41    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Highwoods Properties, Inc.              | Highwoods Properties, Inc. REIT                     | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     23165 | NS      | $737110.30    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Invitation Homes Inc.                   | Invitation Homes, Inc.                              | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |    115695 | NS      | $3393334.35   | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                     | BBH Overnight Sweep                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |  10677410 | PA      | $10677410.11  | 5.03%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Bills            | U.S. Treasury Bill 0.000%, Due 10/2/2025            | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $8998998.12   | 4.24%             | 2025-10-02      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| COPT Defense Properties                 | COPT Defense Properties REIT                        | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     23693 | NS      | $688518.58    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| DiamondRock Hospitality Co.             | DiamondRock Hospitality Company REIT                | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Short            | EC               | CORP              | US        |   -133180 | NS      | $-1060112.80  | -0.50%            |  |  |  | No            | 1                  | On Loan: No      |
| REXFORD INDUSTRIAL R                    | REXFORD INDUSTRIAL R - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4970 | NS      | $-13949.18    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Millrose Properties Inc.                | Millrose Properties, Inc.                           | CUSIP: 601137102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -107774 | NS      | $-3622284.14  | -1.71%            |  |  |  | No            | 1                  | On Loan: No      |
| Kimco Realty Corporation                | Kimco Realty Corporation REIT                       | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    137879 | NS      | $3012656.15   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| NNN REIT INC                            | NNN REIT INC - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     26808 | NS      | $32489.11     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| REALTY INCOME CORP                      | REALTY INCOME CORP - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     28186 | NS      | $53453.66     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| American Homes 4 Rent                   | American Homes 4 Rent Class A                       | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     67202 | NS      | $2234466.50   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Sl Green Realty Corp                    | SL Green Realty Corporation REIT                    | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     15417 | NS      | $922090.77    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| W. P. Carey Inc                         | W.P. Carey, Inc. REIT                               | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     44657 | NS      | $3017473.49   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexanders Inc                          | ALEXANDER'S, INC. REIT                              | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Short            | EC               | CORP              | US        |     -5828 | NS      | $-1366607.72  | -0.64%            |  |  |  | No            | 1                  | On Loan: No      |
| Tanger Inc.                             | Tanger Inc. REIT                                    | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     24194 | NS      | $818724.96    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Camden Property Trust                   | Camden Property Trust REIT                          | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     21960 | NS      | $2344888.80   | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Kite Realty Group Trust                 | Kite Realty Group Trust REIT                        | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46220 | NS      | $1030706.00   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix, Inc.                           | Equinix, Inc. REIT                                  | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     16065 | NS      | $12582750.60  | 5.93%             |  |  |  | No            | 1                  | On Loan: No      |
| CubeSmart (Maryland)                    | CubeSmart REIT                                      | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46670 | NS      | $1897602.20   | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| KIMCO REALTY CORP                       | KIMCO REALTY CORP - TRS                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     51946 | NS      | $55646.07     | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Centerspace                             | Cyberspace REIT                                     | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Short            | EC               | CORP              | US        |    -36355 | NS      | $-2141309.50  | -1.01%            |  |  |  | No            | 1                  | On Loan: No      |
| AVALONBAY COMMUNITIE                    | AVALONBAY COMMUNITIE - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     16012 | NS      | $-442374.70   | -0.21%            |  |  |  | No            | 2                  | On Loan: No      |
| Curbline Properties Corp.               | Curbline Properties Corporation                     | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Short            | EC               | CORP              | US        |    -60578 | NS      | $-1350889.40  | -0.64%            |  |  |  | No            | 1                  | On Loan: No      |
| STAG Industrial, Inc.                   | STAG Industrial, Inc.                               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     39304 | NS      | $1387038.16   | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                     | Wells Fargo Margin Deposit                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1076309 | PA      | $1076309.42   | 0.51%             |  |  |  | No            | N/A                | On Loan: No      |
| Ventas Inc.                             | Ventas, Inc. REIT                                   | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     94144 | NS      | $6589138.56   | 3.10%             |  |  |  | No            | 1                  | On Loan: No      |
| HRTI LLC                                | Healthcare Realty Trust, Inc. REIT                  | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Short            | EC               | CORP              | US        |   -185531 | NS      | $-3345123.93  | -1.58%            |  |  |  | No            | 1                  | On Loan: No      |
| EXTRA SPACE STORAGE                     | EXTRA SPACE STORAGE - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      3207 | NS      | $4224.83      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                     | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT     | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |  28085614 | PA      | $28085614.14  | 13.23%            |  |  |  | No            | N/A                | On Loan: No      |
| COMPASS INC - CLASS                     | COMPASS INC - CLASS - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |    107960 | NS      | $-102665.42   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| First Industrial Realty Trust, Inc.     | First Industrial Realty Trust, Inc. REIT            | CUSIP: 32054K103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -28408 | NS      | $-1462159.76  | -0.69%            |  |  |  | No            | 1                  | On Loan: No      |
| PROLOGIS INC                            | PROLOGIS INC - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      3266 | NS      | $16263.77     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| PIEDMONT OFFICE REAL                    | PIEDMONT OFFICE REAL - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -36907 | NS      | $-92887.61    | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| KE HOLDINGS INC-ADR                     | KE HOLDINGS INC-ADR - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     60846 | NS      | $-7171.08     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Mid-America Apartment Communities, Inc. | Mid-America Apartment Communities, Inc. REIT        | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     23703 | NS      | $3312020.19   | 1.56%             |  |  |  | No            | 1                  | On Loan: No      |
| LTC Properties Inc                      | LTC Properties, Inc. REIT                           | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Short            | EC               | CORP              | US        |     -5584 | NS      | $-205826.24   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| SAFEHOLD INC                            | SAFEHOLD INC - TRS                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     38416 | NS      | $-7286.26     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| VORNADO REALTY                          | VORNADO REALTY - TRS                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     95443 | NS      | $264353.80    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Forestar Group Inc.                     | Forestar Group, Inc.                                | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Short            | EC               | CORP              | US        |    -48758 | NS      | $-1296475.22  | -0.61%            |  |  |  | No            | 1                  | On Loan: No      |
| Host Hotels & Resorts Inc               | Host Hotels & Resorts, Inc. REIT                    | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    128889 | NS      | $2193690.78   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| INNOVATIVE INDUSTRIA                    | INNOVATIVE INDUSTRIA - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     40281 | NS      | $-88274.23    | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| Realty Income Corporation               | Realty Income Corporation REIT                      | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    146120 | NS      | $8882634.80   | 4.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust, Inc.              | Essex Property Trust, Inc. REIT                     | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     12827 | NS      | $3433274.82   | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| NNN REIT Inc                            | National Retail Properties, Inc. REIT               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     38934 | NS      | $1657420.38   | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Lifestyle Properties Inc         | Equity LifeStyle Properties, Inc. REIT              | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     39574 | NS      | $2402141.80   | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Nexpoint Residential Trust Inc          | NexPoint Residential Trust Inc                      | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |        17 | NS      | $547.74       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                 | Boston Properties, Inc. REIT                        | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     29441 | NS      | $2188643.94   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| CUSHMAN & WAKEFIELD                     | CUSHMAN & WAKEFIELD - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |    134510 | NS      | $598214.69    | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| LINEAGE INC                             | LINEAGE INC - TRS                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     21687 | NS      | $-26253.92    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EXP World Holdings Inc                  | EXP World Holdings Inc -                            | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Short            | EC               | CORP              | US        |    -15947 | NS      | $-169995.02   | -0.08%            |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Keith D. Kemp

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

**Title:** President