# EDGAR Filing Document

**Accession Number:** 0002013968
**File Stem:** 0000910472-25-004450
**Filing Date:** 2025-11
**Character Count:** 44386
**Document Hash:** f19d5760712ea3bec26979ebb87612fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004450.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004450

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251528001

**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 LARGE CORE SERIES (Series ID: S000084965)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000249820 | NAA LARGE CORE SERIES |  |

## Nport-Ex

---

| |
|:---|
| **NAA LARGE CORE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7%** |  |
|  | **Communications - 11.5%** |  |
| 40423 | Alphabet, Inc., Class A | $9826832 |
| 6834 | Alphabet, Inc., Class C | 1664421 |
| 103327 | AT&T, Inc. | 2917954 |
| 553 | Booking Holdings, Inc. | 2985796 |
| 9571 | Meta Platforms, Inc., Class A | 7028751 |
| 8965 | T-Mobile US, Inc. | 2146042 |
| 33505 | Uber Technologies, Inc.<sup>(a)</sup> | 3282485 |
|  |  | 29852281 |
|  | **Consumer Discretionary - 9.2%** |  |
| 41888 | Amazon.com, Inc.<sup>(a)</sup> | 9197348 |
| 24984 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 979123 |
| 5416 | DR Horton, Inc. | 917850 |
| 18339 | General Motors Company | 1118129 |
| 4623 | Hilton Worldwide Holdings, Inc. | 1199391 |
| 4396 | Lennar Corporation, Class A | 554072 |
| 2109 | Lululemon Athletica, Inc.<sup>(a)</sup> | 375254 |
| 4400 | Marriott International, Inc., Class A | 1145936 |
| 16627 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 1792557 |
| 3826 | PulteGroup, Inc. | 505529 |
| 13929 | Tesla, Inc.<sup>(a)</sup> | 6194505 |
|  |  | 23979694 |
|  | **Consumer Staples - 4.9%** |  |
| 45110 | Coca-Cola Company (The) | 2991696 |
| 25292 | Keurig Dr Pepper, Inc. | 645199 |
| 20842 | PepsiCo, Inc. | 2927050 |
| 19233 | Procter & Gamble Company (The) | 2955150 |
| 30699 | Walmart, Inc. | 3163839 |
|  |  | 12682934 |
|  | **Energy - 2.9%** |  |
| 19003 | Baker Hughes Company | 925826 |
| 3589 | Diamondback Energy, Inc. | 513586 |
| 28214 | Exxon Mobil Corporation | 3181129 |
| 2047 | First Solar, Inc.<sup>(a)</sup> | 451425 |
| 16173 | Halliburton Company | 397856 |

---

---

| |
|:---|
| **NAA LARGE CORE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Energy - 2.9% (Continued)** |  |
| 7709 | Phillips 66 | $1048578 |
| 28722 | SLB Ltd. | 987175 |
|  |  | 7505575 |
|  | **Financials - 8.8%** |  |
| 5051 | Allstate Corporation (The) | 1084197 |
| 9316 | American Express Company | 3094403 |
| 4939 | Arthur J. Gallagher & Company | 1529806 |
| 61842 | Bank of America Corporation | 3190429 |
| 7965 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 4004324 |
| 7150 | Chubb Ltd. | 2018088 |
| 31864 | Citigroup, Inc. | 3234196 |
| 5383 | Hartford Insurance Group, Inc. (The) | 718038 |
| 12584 | JPMorgan Chase & Company | 3969370 |
|  |  | 22842851 |
|  | **Health Care - 8.9%** |  |
| 10248 | Amgen, Inc. | 2891986 |
| 4628 | Cardinal Health, Inc. | 726411 |
| 3889 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 266630 |
| 4250 | Eli Lilly & Company | 3242749 |
| 24088 | Gilead Sciences, Inc. | 2673768 |
| 1565 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 999863 |
| 1363 | Insulet Corporation<sup>(a)</sup> | 420799 |
| 36143 | Merck & Company, Inc. | 3033482 |
| 6646 | Stryker Corporation | 2456827 |
| 9725 | UnitedHealth Group, Inc. | 3358042 |
| 4933 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1931960 |
| 8462 | Zoetis, Inc. | 1238160 |
|  |  | 23240677 |
|  | **Industrials - 7.9%** |  |
| 23561 | Amphenol Corporation, Class A | 2915674 |
| 7219 | Caterpillar, Inc. | 3444546 |
| 6555 | Cintas Corporation | 1345480 |
| 12629 | Delta Air Lines, Inc. | 716696 |
| 22248 | Fastenal Company | 1091042 |

---

---

| |
|:---|
| **NAA LARGE CORE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Industrials - 7.9% (Continued)** |  |
| 11004 | General Electric Company | $3310222 |
| 12274 | Honeywell International, Inc. | 2583677 |
| 752 | Huntington Ingalls Industries, Inc. | 216508 |
| 2467 | Parker-Hannifin Corporation | 1870356 |
| 3888 | Republic Services, Inc. | 892218 |
| 10224 | Southwest Airlines Company | 326248 |
| 1232 | United Rentals, Inc. | 1176141 |
| 852 | WW Grainger, Inc. | 811922 |
|  |  | 20700730 |
|  | **Materials - 2.1%** |  |
| 4958 | Ecolab, Inc. | 1357798 |
| 21073 | Newmont Corporation | 1776665 |
| 4508 | Sherwin-Williams Company (The) | 1560940 |
| 2581 | Vulcan Materials Company | 793967 |
|  |  | 5489370 |
|  | **Real Estate - 2.1%** |  |
| 8823 | American Tower Corporation | 1696839 |
| 5619 | CBRE Group, Inc., Class A<sup>(a)</sup> | 885330 |
| 12302 | Host Hotels & Resorts, Inc. | 209380 |
| 5708 | Iron Mountain, Inc. | 581874 |
| 17585 | Realty Income Corporation | 1068992 |
| 6302 | Simon Property Group, Inc. | 1182696 |
|  |  | 5625111 |
|  | **Technology - 37.0%** |  |
| 63798 | Apple, Inc. | 16244884 |
| 7875 | Automatic Data Processing, Inc. | 2311313 |
| 22202 | Broadcom, Inc. | 7324662 |
| 45780 | Cisco Systems, Inc. | 3132268 |
| 4925 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 2415122 |
| 464 | Fair Isaac Corporation<sup>(a)</sup> | 694390 |
| 10494 | Fiserv, Inc.<sup>(a)</sup> | 1352991 |
| 1459 | Gartner, Inc.<sup>(a)</sup> | 383527 |
| 4528 | Intuit, Inc. | 3092216 |
| 1406 | Jack Henry & Associates, Inc. | 209396 |

---

---

| |
|:---|
| **NAA LARGE CORE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.7% (Continued)** |  |
|  | **Technology - 37.0% (Continued)** |  |
| 5288 | Mastercard, Inc., Class A | $3007867 |
| 21624 | Micron Technology, Inc. | 3618128 |
| 33653 | Microsoft Corporation | 17430571 |
| 114218 | NVIDIA Corporation | 21310794 |
| 13198 | Oracle Corporation | 3711806 |
| 13075 | Palo Alto Networks, Inc.<sup>(a)</sup> | 2662332 |
| 966 | Paycom Software, Inc. | 201063 |
| 18482 | PayPal Holdings, Inc. | 1239403 |
| 5642 | S&P Global, Inc. | 2746018 |
| 12224 | Salesforce, Inc. | 2897088 |
| 842 | Tyler Technologies, Inc.<sup>(a)</sup> | 440501 |
|  |  | 96426340 |
|  | **Utilities - 2.4%** |  |
| 3671 | American Water Works Company, Inc. | 510966 |
| 5966 | Constellation Energy Corporation | 1963231 |
| 14941 | Duke Energy Corporation | 1848949 |
| 19297 | Exelon Corporation | 868558 |
| 10541 | FirstEnergy Corporation | 482989 |
| 14142 | PPL Corporation | 525517 |
|  |  | 6200210 |
|  | **TOTAL COMMON STOCKS (Cost $221,308,418)** | 254545773 |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **Equity - 2.0%** |  |
| 3933 | iShares Core S&P 500 ETF | 2632357 |
| 3941 | SPDR S&P 500 ETF | 2625415 |
|  |  | 5257772 |

---

---

| |
|:---|
| **NAA LARGE CORE SERIES** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **EXCHANGE-TRADED FUNDS — 2.0% (Continued)** |  |
| **Equity - 2.0% (Continued)** |  |
| **TOTAL EXCHANGE-TRADED FUNDS (Cost $5,220,930)** | $5257772 |
| **TOTAL INVESTMENTS - 99.7% (Cost $226,529,348)** | $259803545 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%** | 712290 |
| **NET ASSETS - 100.0%** | $260515835 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

 

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580

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

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

- **a. Name of Series:** NAA LARGE CORE SERIES

- **b. EDGAR series identifier (if any):** S000084965

- **c. LEI of Series:** 529900BXGCPGMJ25T631

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

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

- **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:** $261542923.98

**Total Liabilities:** $1027088.79

**Net Assets:** $260515835.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249820 | 1.67%                | 1.90%                | 3.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $81016.39                | $4133217.76                                |
| Month 2  | $237835.90               | $4520294.64                                |
| Month 3  | $2169330.42              | $7044703.20                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ecolab Inc.                         | Ecolab, Inc.                         | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      4958 | NS      | $1357797.88   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                 | Cisco Systems, Inc.                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     45780 | NS      | $3132267.60   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation            | Allstate Corporation (The)           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      5051 | NS      | $1084197.15   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                 | Stryker Corporation                  | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      6646 | NS      | $2456826.82   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.  | American Water Works Company, Inc.   | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      3671 | NS      | $510966.49    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                 | Newmont Corporation                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     21073 | NS      | $1776664.63   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                     | Caterpillar, Inc.                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      7219 | NS      | $3444545.85   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cooper Companies, Inc.          | Cooper Companies, Inc. (The)         | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      3889 | NS      | $266629.84    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                | Keurig Dr Pepper Inc.                | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     25292 | NS      | $645198.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation           | Realty Income Corporation REIT       | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     17585 | NS      | $1068992.15   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                 | BBH Overnight Sweep                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    969583 | PA      | $969583.14    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc.  | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |       752 | NS      | $216508.32    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                       | iShares Core S&P 500 ETF             | CUSIP: 464287200<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      3933 | NS      | $2632356.90   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated             | Mastercard, Inc. Class A             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5288 | NS      | $3007867.28   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc            | Simon Property Group, Inc. REIT      | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      6302 | NS      | $1182696.34   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.              | Micron Technology, Inc.              | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     21624 | NS      | $3618127.68   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.     | Automatic Data Processing, Inc.      | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      7875 | NS      | $2311312.50   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation          | American Tower Corporation           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      8823 | NS      | $1696839.36   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr S&P 500 Etf Trust              | SPDR S&P 500 ETF Trust               | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |      3941 | NS      | $2625415.38   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation              | Fair Isaac Corporation               | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       464 | NS      | $694389.92    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                    | Grainger (W.W.), Inc.                | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       852 | NS      | $811921.92    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                  | Cintas Corporation                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6555 | NS      | $1345479.30   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                         | Phillips 66                          | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      7709 | NS      | $1048578.18   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corporation                 | Insulet Corporation                  | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      1363 | NS      | $420798.99    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                   | D.R. Horton, Inc.                    | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      5416 | NS      | $917849.52    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                    | Duke Energy Corporation              | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     14941 | NS      | $1848948.75   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                    | Amazon.com, Inc.                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     41888 | NS      | $9197348.16   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                | Booking Holdings, Inc.               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       553 | NS      | $2985796.31   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                        | Broadcom, Inc.                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     22202 | NS      | $7324661.82   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                     | Eli Lilly & Company                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4250 | NS      | $3242750.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.        | Honeywell International, Inc.        | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     12274 | NS      | $2583677.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                     | CBRE Group, Inc.                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      5619 | NS      | $885329.64    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                       | Alphabet, Inc. Class C               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6834 | NS      | $1664420.70   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                   | FirstEnergy Corporation              | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     10541 | NS      | $482988.62    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                         | Walmart, Inc.                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     30699 | NS      | $3163838.94   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                | PayPal Holdings, Inc.                | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     18482 | NS      | $1239402.92   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc              | Palo Alto Networks, Inc.             | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     13075 | NS      | $2662331.50   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.             | Tyler Technologies, Inc.             | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |       842 | NS      | $440500.72    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.            | Procter & Gamble Company (The)       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     19233 | NS      | $2955150.45   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                 | Halliburton Company                  | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     16173 | NS      | $397855.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.              | Southwest Airlines Company           | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     10224 | NS      | $326247.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.             | UnitedHealth Group, Inc.             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      9725 | NS      | $3358042.50   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                    | Merck & Company, Inc.                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     36143 | NS      | $3033481.99   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                    | Arthur J. Gallagher & Company        | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      4939 | NS      | $1529805.86   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                         | Zoetis, Inc.                         | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      8462 | NS      | $1238159.84   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company              | General Motors Company               | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     18339 | NS      | $1118128.83   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.            | Lululemon Athletica, Inc.            | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      2109 | NS      | $375254.37    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company            | American Express Company             | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      9316 | NS      | $3094402.56   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.            | O'Reilly Automotive, Inc.            | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     16627 | NS      | $1792556.87   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                      | Citigroup, Inc.                      | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     31864 | NS      | $3234196.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                     | Microsoft Corporation                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     33653 | NS      | $17430571.35  | 6.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                 | Paycom Software, Inc.                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       966 | NS      | $201063.24    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                        | Exelon Corporation                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     19297 | NS      | $868557.97    | 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        |     19003 | NS      | $925826.16    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                            | AT&T, Inc.                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    103327 | NS      | $2917954.48   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.               | Bank of America Corporation          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     61842 | NS      | $3190428.78   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc          | Chipotle Mexican Grill, Inc.         | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24984 | NS      | $979122.96    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc              | Diamondback Energy, Inc.             | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      3589 | NS      | $513585.90    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.        | Jack Henry & Associates, Inc.        | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      1406 | NS      | $209395.58    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                        | Oracle Corporation                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     13198 | NS      | $3711805.52   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                          | Amgen, Inc.                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     10248 | NS      | $2891985.60   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                     | PulteGroup, Inc.                     | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3826 | NS      | $505529.38    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.               | Parker-Hannifin Corporation          | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      2467 | NS      | $1870356.05   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.             | Republic Services, Inc.              | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      3888 | NS      | $892218.24    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                | Amphenol Corporation Class A         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     23561 | NS      | $2915673.75   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                       | Alphabet, Inc. Class A               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     40423 | NS      | $9826831.30   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                         | PepsiCo, Inc.                        | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     20842 | NS      | $2927050.48   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.          | Constellation Energy Corporation     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      5966 | NS      | $1963231.62   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                      | S&P Global, Inc.                     | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      5642 | NS      | $2746017.82   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                | United Rentals, Inc.                 | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1232 | NS      | $1176141.12   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                          | Chubb Ltd.                           | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      7150 | NS      | $2018087.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.        | Marriott International, Inc. Class A | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      4400 | NS      | $1145936.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.             | Berkshire Hathaway, Inc. Class B     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      7965 | NS      | $4004324.10   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                     | PPL Corporation                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     14142 | NS      | $525516.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company        | Sherwin-Williams Company (The)       | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      4508 | NS      | $1560940.08   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc           | Host Hotels & Resorts, Inc. REIT     | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     12302 | NS      | $209380.04    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                     | Salesforce, Inc.                     | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     12224 | NS      | $2897088.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                        | Gartner, Inc.                        | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1459 | NS      | $383527.33    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                | Delta Air Lines, Inc.                | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     12629 | NS      | $716695.75    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                          | Apple, Inc.                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     63798 | NS      | $16244884.74  | 6.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                     | First Solar, Inc.                    | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      2047 | NS      | $451424.91    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company            | Vulcan Materials Company             | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      2581 | NS      | $793967.22    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                          | Intuit, Inc.                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      4528 | NS      | $3092216.48   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                | Gilead Sciences, Inc.                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     24088 | NS      | $2673768.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                  | Meta Platforms, Inc. Class A         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      9571 | NS      | $7028750.98   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                | SLB Limited                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     28722 | NS      | $987175.14    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                  | Iron Mountain, Inc.                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      5708 | NS      | $581873.52    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                  | Coca-Cola Company (The)              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     45110 | NS      | $2991695.20   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                     | T-Mobile USA, Inc.                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      8965 | NS      | $2146041.70   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                        | Lennar Corporation Class A           | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      4396 | NS      | $554071.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc               | Uber Technologies, Inc.              | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     33505 | NS      | $3282484.85   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                   | Exxon Mobil Corporation              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     28214 | NS      | $3181128.50   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.   | Hartford Insurance Group, Inc. (The) | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      5383 | NS      | $718038.37    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                         | Fiserv, Inc.                         | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     10494 | NS      | $1352991.42   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                        | General Electric Company             | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     11004 | NS      | $3310223.28   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                        | Fastenal Company                     | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     22248 | NS      | $1091041.92   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.               | Cardinal Health, Inc.                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      4628 | NS      | $726410.88    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc            | Crowdshare Holdings, Inc.            | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      4925 | NS      | $2415121.50   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                        | NVIDIA Corporation                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    114218 | NS      | $21310794.44  | 8.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                | JPMorgan Chase & Company             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12584 | NS      | $3969371.12   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                           | Tesla, Inc.                          | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     13929 | NS      | $6194504.88   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc.             | IDEXX Laboratories, Inc.             | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      1565 | NS      | $999862.85    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc       | Hilton Worldwide Holdings, Inc.      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      4623 | NS      | $1199391.12   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated | Vertex Pharmaceuticals, Inc.         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      4933 | NS      | $1931960.12   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Keith D. Kemp

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

**Title:** President