# EDGAR Filing Document

**Accession Number:** 0002013853
**File Stem:** 0000910472-26-002867
**Filing Date:** 2026-2
**Character Count:** 73578
**Document Hash:** 3f60f2373e358912f6ca23c7f6d7a21c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002867.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002867

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26683839

**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             |  |

## Nport-Ex

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.1%** |  |
|  | **Real Estate - 91.1%** |  |
| 19978 | Agree Realty Corporation | $1439015 |
| 26086 | Alexandria Real Estate Equities, Inc. | 1276649 |
| 53734 | American Homes 4 Rent, Class A | 1724861 |
| 23640 | AvalonBay Communities, Inc. | 4286168 |
| 25351 | BXP, Inc. | 1710685 |
| 17731 | Camden Property Trust | 1951828 |
| 40432 | CareTrust REIT, Inc. | 1462021 |
| 20515 | COPT Defense Properties | 570317 |
| 29251 | Cousins Properties, Inc. | 754091 |
| 39139 | CubeSmart | 1410961 |
| 48669 | Digital Realty Trust, Inc. | 7529581 |
| 9132 | EastGroup Properties, Inc. | 1626774 |
| 13997 | EPR Properties | 698450 |
| 14133 | Equinix, Inc. | 10828140 |
| 32674 | Equity LifeStyle Properties, Inc. | 1980371 |
| 58051 | Equity Residential | 3659535 |
| 35979 | Essential Properties Realty Trust, Inc. | 1067137 |
| 10765 | Essex Property Trust, Inc. | 2816985 |
| 34920 | Extra Space Storage, Inc. | 4547282 |
| 44938 | Gaming and Leisure Properties, Inc. | 2008279 |
| 120729 | Healthpeak Properties, Inc. | 1941322 |
| 19999 | Highwoods Properties, Inc. | 516374 |
| 104372 | Host Hotels & Resorts, Inc. | 1850516 |
| 93653 | Invitation Homes, Inc. | 2602617 |
| 53421 | Iron Mountain, Inc. | 4431272 |
| 19894 | Kilroy Realty Corporation | 743439 |
| 114803 | Kimco Realty Corporation | 2327057 |
| 36876 | Kite Realty Group Trust | 883918 |
| 15045 | Lamar Advertising Company, Class A | 1904396 |
| 10631 | LXP Industrial Trust | 527085 |
| 44635 | Macerich Company (The) | 823962 |
| 19554 | Mid-America Apartment Communities, Inc. | 2716246 |
| 17 | NexPoint Residential Trust, Inc. | 512 |
| 32406 | NNN REIT, Inc. | 1284250 |

---

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.1% (Continued)** |  |
|  | **Real Estate - 91.1% (Continued)** |  |
| 52204 | Omega Healthcare Investors, Inc. | $2314725 |
| 21758 | Phillips Edison & Company, Inc. | 773932 |
| 131411 | Prologis, Inc. | 16775928 |
| 26735 | Public Storage | 6937733 |
| 125540 | Realty Income Corporation | 7076690 |
| 28646 | Regency Centers Corporation | 1977433 |
| 39016 | Rexford Industrial Realty, Inc. | 1510700 |
| 10515 | Ryman Hospitality Properties, Inc. | 994929 |
| 45530 | Sabra Health Care REIT, Inc. | 862338 |
| 43056 | Simon Property Group, Inc. | 7970096 |
| 12261 | SL Green Realty Corporation | 562412 |
| 33400 | STAG Industrial, Inc. | 1227784 |
| 19951 | Sun Communities, Inc. | 2472128 |
| 20035 | Tanger, Inc. | 668568 |
| 18417 | Terreno Realty Corporation | 1081262 |
| 50545 | UDR, Inc. | 1853991 |
| 82768 | Ventas, Inc. | 6404588 |
| 180154 | VICI Properties, Inc. | 5065930 |
| 28788 | Vornado Realty Trust | 958065 |
| 95190 | Welltower, Inc. | 17668217 |
| 37816 | WP Carey, Inc. | 2433838 |
|  | **TOTAL COMMON STOCKS (Cost $154,903,200)** | 163493383 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 5.0%** |  |  |  |
|  | **U.S. TREASURY BILLS — 5.0%** |  |  |  |
| 9000000 | United States Treasury Bill <sup>(a)</sup> |  | 02/26/26 | 8950631 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,948,130)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,948,130)** |  |  |
|  | **TOTAL INVESTMENTS - 96.1% (Cost $163,851,330)** | **TOTAL INVESTMENTS - 96.1% (Cost $163,851,330)** |  | $172444014 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.9%** |  | 7522485 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $179966499 |

---

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (15.9)%** |  |
|  | **REAL ESTATE - (15.9)%** |  |
| (2505) | Alexander's, Inc. | $(545940) |
| (26523) | American Healthcare REIT, Inc. | (1248172) |
| (43486) | Americold Realty Trust, Inc. | (559230) |
| (72819) | Brixmor Property Group, Inc. | (1909314) |
| (79964) | Broadstone Net Lease, Inc. | (1388975) |
| (9810) | Crown Castle, Inc. | (871815) |
| (370) | CTO Realty Growth, Inc. | (6812) |
| (68317) | Curbline Properties Corporation | (1585638) |
| (110167) | DiamondRock Hospitality Company | (987096) |
| (8469) | Easterly Government Properties, Inc. | (179458) |
| (18725) | eXp World Holdings, Inc. | (169461) |
| (18659) | Federal Realty Investment Trust | (1880827) |
| (32230) | First Industrial Realty Trust, Inc. | (1845812) |
| (35422) | Forestar Group, Inc. | (872444) |
| (82254) | Global Net Lease, Inc. | (707384) |
| (102126) | Healthcare Realty Trust, Inc. | (1731036) |
| (109546) | Independence Realty Trust, Inc. | (1914864) |

---

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (15.9)% (Continued)** |  |
|  | **REAL ESTATE - (15.9)% (Continued)** |  |
| (5477) | LTC Properties, Inc. | $(188299) |
| (12104) | Marcus & Millichap, Inc. | (330318) |
| (46473) | Millrose Properties, Inc. | (1388149) |
| (35342) | National Storage Affiliates Trust | (996998) |
| (27303) | Pebblebrook Hotel Trust | (309070) |
| (4429) | SBA Communications Corporation, Class A | (856701) |
| (8038) | Sila Realty Trust, Inc. | (187366) |
| (32719) | Smartstop Self Storage REIT, Inc. | (1012326) |
| (145938) | Veris Residential, Inc. | (2171557) |
| (15936) | Weyerhaeuser Company | (377524) |
| (72467) | Xenia Hotels & Resorts, Inc. | (1024683) |
| (13352) | Zillow Group, Inc., Class C | (910873) |
|  |  | (28158142) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $28,161,824)** | $(28158142) |

---

<sup>(a)</sup> Zero coupon bond.

REIT - Real Estate Investment Trust

---

| |
|:---|
| **NAA RISK MANAGED REAL ESTATE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** | **TOTAL RETURN SWAPS** |
| **Notional Amount at<br> December 31, 2025** | **Number of<br> Shares** | **Reference Obligation#** | **Floating Rate** | **Pay/Receive<br> Floating Rate** | **Maturity Date^** | **Fair Value** | **Upfront<br> payments/<br> receipts** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| 1181027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16271 | Agree Realty Corp | FEDEF-1D +45 bps | Pay | 11/25/2026 | (6508) |  | (6508) |
| 1234619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13726 | Alexandria Real Estate | FEDEF-1D +45 bps | Pay | 11/25/2026 | (560989) |  | (560989) |
| $425440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20557 | American Assets Trust | FEDEF-1D +45 bps | Pay | 11/25/2026 | $(31313) | $— | $(31313) |
| 1492922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7192 | American Tower Corp | FEDEF-1D +45 bps | Pay | 11/25/2026 | (233057) |  | (233057) |
| 937345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4588 | Avalonbay Communities | FEDEF-1D +45 bps | Pay | 11/25/2026 | (607226) |  | (607226) |
| 185144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 | Cbl & Associates Pro | FEDEF-1D +45 bps | Pay | 11/25/2026 | (6745) |  | (6745) |
| 742747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632 | Cbre Group Inc - A | FEDEF-1D +45 bps | Pay | 11/25/2026 | 935 |  | 935 |
| (1365415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19990) | Costar Group | FEDEF-1D -35 bps | Receive | 11/25/2026 | 35842 |  | 35842 |
| 878085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52774 | Cushman & Wakefield | FEDEF-1D +45 bps | Pay | 11/25/2026 | 594054 |  | 594054 |
| 325799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | Digital Realty Trust | FEDEF-1D +45 bps | Pay | 11/25/2026 | 16093 |  | 16093 |
| 376987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21613 | Elme Communities | FEDEF-1D +45 bps | Pay | 11/25/2026 | (1477) |  | (1477) |
| (185877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27528) | Empire State Realty | FEDEF-1D -35 bps | Receive | 11/25/2026 | 6616 |  | 6616 |
| 948340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14192 | Equity Residential | FEDEF-1D +45 bps | Pay | 11/25/2026 | (251192) |  | (251192) |
| 677644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593 | Essex Property Trust | FEDEF-1D +45 bps | Pay | 11/25/2026 | (109) |  | (109) |
| 861259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368 | Extra Space Storage | FEDEF-1D +45 bps | Pay | 11/25/2026 | (32985) |  | (32985) |
| (188167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6596) | Getty Realty Corp | FEDEF-1D -35 bps | Receive | 11/25/2026 | 4659 |  | 4659 |
| 826224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48699 | Healthpeak Properties | FEDEF-1D +45 bps | Pay | 11/25/2026 | (38329) |  | (38329) |
| 604221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35082 | Host Hotels & Resorts | FEDEF-1D +45 bps | Pay | 11/25/2026 | 29709 |  | 29709 |
| 727166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10632 | Howard Hughes Holdings | FEDEF-1D +45 bps | Pay | 11/25/2026 | 254827 |  | 254827 |
| 275013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48481 | Industrial Logistics | FEDEF-1D +45 bps | Pay | 11/25/2026 | (6835) |  | (6835) |
| 700860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12196 | Innovative Industrials | FEDEF-1D +45 bps | Pay | 11/25/2026 | (57120) |  | (57120) |
| (1862157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66015) | Inventrust Pptys Corp | FEDEF-1D -35 bps | Receive | 11/25/2026 | (11150) |  | (11150) |
| (1386001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58400) | Jbg Smith Properties | FEDEF-1D -35 bps | Receive | 11/25/2026 | 419166 |  | 419166 |
| 765087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904 | Jones Lang Lasalle Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | 198450 |  | 198450 |
| 930860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23481 | Kilroy Realty Corp | FEDEF-1D +45 bps | Pay | 11/25/2026 | (40424) |  | (40424) |
| 1701419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83479 | Kimco Realty Corp | FEDEF-1D +45 bps | Pay | 11/25/2026 | (6936) |  | (6936) |
| 313087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | Lamar Advertising Co | FEDEF-1D +45 bps | Pay | 11/25/2026 | (2870) |  | (2870) |
| 811288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20115 | Lineage Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | (105693) |  | (105693) |
| 757246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5542 | Mid-America Apartments | FEDEF-1D +45 bps | Pay | 11/25/2026 | 11409 |  | 11409 |
| (1149076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14659) | Natl Health Investors | FEDEF-1D -35 bps | Receive | 11/25/2026 | 17076 |  | 17076 |
| 1450028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35834 | Nnn Reit Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | (20927) |  | (20927) |
| 737760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19694 | Omega Healthcare Inv | FEDEF-1D +45 bps | Pay | 11/25/2026 | 232374 |  | 232374 |
| 444347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27438 | Ont Media Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | 865422 |  | 865422 |
| 163233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25889 | Opendoor Technologies | FEDEF-1D +45 bps | Pay | 11/25/2026 | (12555) |  | (12555) |
| 1111252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102329 | Park Hotels & Resorts | FEDEF-1D +45 bps | Pay | 11/25/2026 | (16950) |  | (16950) |
| (197544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30656) | Piedmont Office Realty Trust | FEDEF-1D -35 bps | Receive | 11/25/2026 | (67218) |  | (67218) |
| 181135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 | Prologis Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | 62533 |  | 62533 |
| 778479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 | Public Storage | FEDEF-1D +45 bps | Pay | 11/25/2026 | (8914) |  | (8914) |
| 1122039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19194 | Realty Income Corp | FEDEF-1D +45 bps | Pay | 11/25/2026 | (40114) |  | (40114) |
| 1565006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23091 | Regency Centers Corp | FEDEF-1D +45 bps | Pay | 11/25/2026 | 26518 |  | 26518 |
| 818738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19775 | Rexford Industrial Realty | FEDEF-1D +45 bps | Pay | 11/25/2026 | (47708) |  | (47708) |
| 964352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9602 | Ryman Hospitality Properties | FEDEF-1D +45 bps | Pay | 11/25/2026 | (62442) |  | (62442) |
| 969111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54845 | Sabra Health Care Reit | FEDEF-1D +45 bps | Pay | 11/25/2026 | 85942 |  | 85942 |
| 294111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18060 | Safehold Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | (76484) |  | (76484) |
| 771573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147 | Simon Property Group | FEDEF-1D +45 bps | Pay | 11/25/2026 | 231565 |  | 231565 |
| 360321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 | St Joe Co/The | FEDEF-1D +45 bps | Pay | 11/25/2026 | (12589) |  | (12589) |
| 349810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 | Sun Communities Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | 4376 |  | 4376 |
| 1292827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37484 | Tanger Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | (43895) |  | (43895) |
| (1399428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76053) | Urban Edge Prop | FEDEF-1D -35 bps | Receive | 11/25/2026 | (62852) |  | (62852) |
| 771681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9667 | Ventas Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | (20215) |  | (20215) |
| 552104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17319 | Vici Properties Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | (142202) |  | (142202) |
| 1169056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29983 | Vornado Realty | FEDEF-1D +45 bps | Pay | 11/25/2026 | (370730) |  | (370730) |
| 1118065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19326 | Wp Carey Inc | FEDEF-1D +45 bps | Pay | 11/25/2026 | 201658 |  | 201658 |
|  |  |  |  |  |  | $292471 | $— | $292471 |

---

# The counterparty for all swap contracts is Morgan Stanley.

^ Pays at maturity date.

REIT - Real Estate Investment Trust

FEDEF-1D - 1 Day Federal Funds Ratre. The FEDEF-1D was 3.64% on December 31, 2025.

## 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:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $254147887.52

**Total Liabilities:** $74181388.42

**Net Assets:** $179966499.10

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253489 | -2.02%               | 2.64%                | -2.84%               |
| Class ID C000253490 | -2.05%               | 2.62%                | -2.86%               |
| Class ID C000253492 | -2.10%               | 2.55%                | -2.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $96049.58                | $-2793030.19                               |
| Month 2  | $0.00                    | $4617096.31                                |
| Month 3  | $245229.83               | $-7665722.55                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Agree Realty Corp                       | Agree Realty Corporation                        | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     19978 | NS      | $1439015.34   | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexanders Inc                          | Alexander's, Inc. REIT                          | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Short            | EC               | CORP              | US        |     -2505 | NS      | $-545939.70   | -0.30%            |  |  |  | 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        |     26086 | NS      | $1276648.84   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                   | American Homes 4 Rent Class A                   | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     53734 | NS      | $1724861.40   | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Americold Realty Trust Inc              | Americold Realty Trust, Inc.                    | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Short            | EC               | CORP              | US        |    -43486 | NS      | $-559229.96   | -0.31%            |  |  |  | No            | 1                  | On Loan: No      |
| AvalonBay Communities, Inc.             | AvalonBay Communities, Inc. REIT                | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     23640 | NS      | $4286168.40   | 2.38%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                 | BXP, Inc. REIT                                  | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     25351 | NS      | $1710685.48   | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Brixmor Property Group Inc              | Brixmor Property Group, Inc.                    | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Short            | EC               | CORP              | US        |    -72819 | NS      | $-1909314.18  | -1.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Broadstone Net Lease Inc                | Broadstone Net Lease, Inc.                      | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Short            | EC               | CORP              | US        |    -79964 | NS      | $-1388974.68  | -0.77%            |  |  |  | No            | 1                  | On Loan: No      |
| Camden Property Trust                   | Camden Property Trust REIT                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     17731 | NS      | $1951828.48   | 1.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Caretrust Reit Inc                      | CareTrust REIT, Inc. REIT                       | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     40432 | NS      | $1462021.12   | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Sila Realty Trust Inc                   | Sila Realty Trust, Inc.                         | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Short            | EC               | CORP              | US        |     -8038 | NS      | $-187365.78   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| COPT Defense Properties                 | COPT Defense Properties REIT                    | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     20515 | NS      | $570317.00    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Cousins Properties Inc.                 | Cousins Properties, Inc. REIT                   | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     29251 | NS      | $754090.78    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Crown Castle Inc.                       | Crown Castle, Inc. REIT                         | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Short            | EC               | CORP              | US        |     -9810 | NS      | $-871814.70   | -0.48%            |  |  |  | No            | 1                  | On Loan: No      |
| CTO Realty Growth Inc New               | CTO Realty Growth, Inc.                         | CUSIP: 22948Q101<br>LEI: 254900ZQ99OFO1WXS678 | Short            | EC               | CORP              | US        |      -370 | NS      | $-6811.70     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| CubeSmart (Maryland)                    | CubeSmart REIT                                  | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39139 | NS      | $1410960.95   | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Curbline Properties Corp.               | Curbline Properties Corporation                 | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Short            | EC               | CORP              | US        |    -68317 | NS      | $-1585637.57  | -0.88%            |  |  |  | No            | 1                  | On Loan: No      |
| DiamondRock Hospitality Co.             | DiamondRock Hospitality Company REIT            | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Short            | EC               | CORP              | US        |   -110167 | NS      | $-987096.32   | -0.55%            |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc.               | Digital Realty Trust, Inc. REIT                 | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     48669 | NS      | $7529580.99   | 4.18%             |  |  |  | No            | 1                  | On Loan: No      |
| EPR Properties                          | EPR Properties REIT                             | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     13997 | NS      | $698450.30    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Easterly Government Properties Inc      | Easterly Government Properties, Inc.            | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Short            | EC               | CORP              | US        |     -8469 | NS      | $-179458.11   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| Eastgroup Properties, Inc.              | EastGroup Properties, Inc.                      | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      9132 | NS      | $1626774.48   | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix, Inc.                           | Equinix, Inc. REIT                              | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     14133 | NS      | $10828139.28  | 6.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Lifestyle Properties Inc         | Equity LifeStyle Properties, Inc. REIT          | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     32674 | NS      | $1980371.14   | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                      | Equity Residential REIT                         | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     58051 | NS      | $3659535.04   | 2.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Essential Properties Realty Trust Inc.  | Essential Properties Realty Trust, Inc. REIT    | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     35979 | NS      | $1067137.14   | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust, Inc.              | Essex Property Trust, Inc. REIT                 | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     10765 | NS      | $2816985.20   | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| EXP World Holdings Inc                  | eXp World Holdings, Inc. -                      | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Short            | EC               | CORP              | US        |    -18725 | NS      | $-169461.25   | -0.09%            |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc.                | Extra Space Storage, Inc. REIT                  | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     34920 | NS      | $4547282.40   | 2.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal Realty Investment Trust         | Federal Realty Investment Trust REIT            | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Short            | EC               | CORP              | US        |    -18659 | NS      | $-1880827.20  | -1.05%            |  |  |  | No            | 1                  | On Loan: No      |
| First Industrial Realty Trust, Inc.     | First Industrial Realty Trust, Inc. REIT        | CUSIP: 32054K103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -32230 | NS      | $-1845812.10  | -1.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Forestar Group Inc.                     | Forestar Group, Inc.                            | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Short            | EC               | CORP              | US        |    -35422 | NS      | $-872443.86   | -0.48%            |  |  |  | No            | 1                  | On Loan: No      |
| Gaming and Leisure Properties Inc       | Gaming and Leisure Properties, Inc. REIT        | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     44938 | NS      | $2008279.22   | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                    | Global Net Lease, Inc.                          | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Short            | EC               | CORP              | US        |    -82254 | NS      | $-707384.40   | -0.39%            |  |  |  | No            | 1                  | On Loan: No      |
| American Healthcare REIT Inc.           | American Healthcare REIT, Inc.                  | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Short            | EC               | CORP              | US        |    -26523 | NS      | $-1248172.38  | -0.69%            |  |  |  | No            | 1                  | On Loan: No      |
| HRTI LLC                                | Healthcare Realty Trust, Inc. REIT              | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Short            | EC               | CORP              | US        |   -102126 | NS      | $-1731035.70  | -0.96%            |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc               | Healthpeak Properties, Inc.                     | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    120729 | NS      | $1941322.32   | 1.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Highwoods Properties, Inc.              | Highwoods Properties, Inc. REIT                 | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     19999 | NS      | $516374.18    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Host Hotels & Resorts Inc               | Host Hotels & Resorts, Inc. REIT                | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    104372 | NS      | $1850515.56   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Independence Realty Trust Inc           | Independence Realty Trust, Inc.                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Short            | EC               | CORP              | US        |   -109546 | NS      | $-1914864.08  | -1.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Invitation Homes Inc.                   | Invitation Homes, Inc.                          | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     93653 | NS      | $2602616.87   | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Iron Mountain Inc.                      | Iron Mountain, Inc.                             | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     53421 | NS      | $4431271.95   | 2.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Kilroy Realty Corporation               | Kilroy Realty Corporation REIT                  | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     19894 | NS      | $743438.78    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimco Realty Corporation                | Kimco Realty Corporation REIT                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    114803 | NS      | $2327056.81   | 1.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Kite Realty Group Trust                 | Kite Realty Group Trust REIT                    | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36876 | NS      | $883917.72    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| LTC Properties Inc                      | LTC Properties, Inc. REIT                       | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Short            | EC               | CORP              | US        |     -5477 | NS      | $-188299.26   | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| Lamar Advertising Company               | Lamar Advertising Company Class A               | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     15045 | NS      | $1904396.10   | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| LXP Industrial Trust                    | LXP Industrial Trust                            | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     10631 | NS      | $527084.98    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| The Macerich Company                    | Macerich Company (The) REIT                     | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     44635 | NS      | $823962.10    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Veris Residential Inc                   | Veris Residential, Inc. REIT                    | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Short            | EC               | CORP              | US        |   -145938 | NS      | $-2171557.44  | -1.21%            |  |  |  | No            | 1                  | On Loan: No      |
| Marcus & Millichap Inc                  | Marcus & Millichap, Inc.                        | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Short            | EC               | CORP              | US        |    -12104 | NS      | $-330318.16   | -0.18%            |  |  |  | No            | 1                  | On Loan: No      |
| Mid-America Apartment Communities, Inc. | Mid-America Apartment Communities, Inc. REIT    | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     19554 | NS      | $2716246.14   | 1.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Millrose Properties Inc.                | Millrose Properties, Inc.                       | CUSIP: 601137102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -46473 | NS      | $-1388148.51  | -0.77%            |  |  |  | No            | 1                  | On Loan: No      |
| NNN REIT Inc                            | NNN REIT, Inc. REIT                             | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     32406 | NS      | $1284249.78   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| National Storage Affiliates Trust       | National Storage Affiliates Trust               | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Short            | EC               | CORP              | US        |    -35342 | NS      | $-996997.82   | -0.55%            |  |  |  | No            | 1                  | On Loan: No      |
| Nexpoint Residential Trust Inc          | NexPoint Residential Trust, Inc.                | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |        17 | NS      | $511.70       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Omega Healthcare Investors, Inc.        | Omega Healthcare Investors, Inc. REIT           | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     52204 | NS      | $2314725.36   | 1.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                 | Pebblebrook Hotel Trust REIT                    | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Short            | EC               | CORP              | US        |    -27303 | NS      | $-309069.96   | -0.17%            |  |  |  | No            | 1                  | On Loan: No      |
| Phillips Edison & Co Inc                | Phillips Edison & Company, Inc. REIT            | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     21758 | NS      | $773932.06    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc.                           | Prologis, Inc. REIT                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    131411 | NS      | $16775928.26  | 9.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                          | Public Storage REIT                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     26735 | NS      | $6937732.50   | 3.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Realty Income Corporation               | Realty Income Corporation REIT                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    125540 | NS      | $7076689.80   | 3.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Regency Centers Corp.                   | Regency Centers Corporation REIT                | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     28646 | NS      | $1977433.38   | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realty Inc.          | Rexford Industrial Realty, Inc.                 | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     39016 | NS      | $1510699.52   | 0.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Ryman Hospitality Properties Inc        | Ryman Hospitality Properties, Inc. REIT         | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     10515 | NS      | $994929.30    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| SBA Communications Corp.                | SBA Communications Corporation                  | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Short            | EC               | CORP              | US        |     -4429 | NS      | $-856701.47   | -0.48%            |  |  |  | No            | 1                  | On Loan: No      |
| Sl Green Realty Corp                    | SL Green Realty Corporation REIT                | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     12261 | NS      | $562412.07    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Sabra Health Care REIT, Inc.            | Sabra Health Care REIT, Inc. REIT               | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     45530 | NS      | $862338.20    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc                | Simon Property Group, Inc. REIT                 | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     43056 | NS      | $7970096.16   | 4.43%             |  |  |  | No            | 1                  | On Loan: No      |
| SmartStop Self Storage REIT Inc         | Smartstop Self Storage REIT, Inc.               | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Short            | EC               | CORP              | US        |    -32719 | NS      | $-1012325.86  | -0.56%            |  |  |  | No            | 1                  | On Loan: No      |
| STAG Industrial, Inc.                   | STAG Industrial, Inc.                           | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     33400 | NS      | $1227784.00   | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Communities, Inc.                   | Sun Communities, Inc. REIT                      | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     19951 | NS      | $2472128.41   | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Tanger Inc.                             | Tanger, Inc. REIT                               | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     20035 | NS      | $668567.95    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Terreno Realty Corporation              | Terreno Realty Corporation                      | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18417 | NS      | $1081262.07   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| UDR Inc                                 | UDR, Inc. REIT                                  | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     50545 | NS      | $1853990.60   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Bills            | U.S. Treasury Bill 0.000%, Due 2/26/2026        | CUSIP: 912797RU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9000000 | PA      | $8950630.59   | 4.97%             | 2026-02-26      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Ventas Inc.                             | Ventas, Inc. REIT                               | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     82768 | NS      | $6404587.84   | 3.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Vici Properties Inc                     | VICI Properties, Inc.                           | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    180154 | NS      | $5065930.48   | 2.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                    | Vornado Realty Trust REIT                       | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28788 | NS      | $958064.64    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| W. P. Carey Inc                         | WP Carey, Inc. REIT                             | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     37816 | NS      | $2433837.76   | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower Inc.                          | Welltower, Inc. REIT                            | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     95190 | NS      | $17668215.90  | 9.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Weyerhaeuser Company                    | Weyerhaeuser Company REIT                       | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Short            | EC               | CORP              | US        |    -15936 | NS      | $-377523.84   | -0.21%            |  |  |  | No            | 1                  | On Loan: No      |
| Xenia Hotels & Resorts Inc              | Xenia Hotels & Resorts, Inc.                    | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Short            | EC               | CORP              | US        |    -72467 | NS      | $-1024683.38  | -0.57%            |  |  |  | No            | 1                  | On Loan: No      |
| Zillow Group Inc                        | Zillow Group, Inc. Class C                      | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Short            | EC               | CORP              | US        |    -13352 | NS      | $-910873.44   | -0.51%            |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN ASSETS TRUS                    | AMERICAN ASSETS TRUS - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     20557 | NS      | $-53395.90    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| AGREE REALTY CORP                       | AGREE REALTY CORP - TRS                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     16271 | NS      | $-6508.49     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| AMERICAN TOWER CORP                     | AMERICAN TOWER CORP - TRS                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      7192 | NS      | $-266147.27   | -0.15%            |  |  |  | No            | 2                  | On Loan: No      |
| ALEXANDRIA REAL ESTA                    | ALEXANDRIA REAL ESTA - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     13726 | NS      | $-590262.52   | -0.33%            |  |  |  | No            | 2                  | On Loan: No      |
| AVALONBAY COMMUNITIE                    | AVALONBAY COMMUNITIE - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4588 | NS      | $-226261.77   | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                     | BBH Overnight Sweep                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   6710766 | PA      | $6710766.10   | 3.73%             |  |  |  | No            | 1                  | On Loan: No      |
| CBL & ASSOCIATES PRO                    | CBL & ASSOCIATES PRO - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4829 | NS      | $-6744.73     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| CBRE GROUP INC - A                      | CBRE GROUP INC - A - TRS                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4632 | NS      | $935.12       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| COSTAR GROUP                            | COSTAR GROUP - TRS                              | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -19990 | NS      | $35841.64     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| CUSHMAN & WAKEFIELD                     | CUSHMAN & WAKEFIELD - TRS                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     52774 | NS      | $-56766.97    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| DIGITAL REALTY TRUST                    | DIGITAL REALTY TRUST - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      2213 | NS      | $16092.91     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| HEALTHPEAK PROPERTIE                    | HEALTHPEAK PROPERTIE - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     48699 | NS      | $-49813.40    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| ELME COMMUNITIES                        | ELME COMMUNITIES - TRS                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     21613 | NS      | $-1477.50     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| EQUITY RESIDENTIAL                      | EQUITY RESIDENTIAL - TRS                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     14192 | NS      | $-134627.40   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| EMPIRE STATE REALTY                     | EMPIRE STATE REALTY - TRS                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -27528 | NS      | $6615.62      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| ESSEX PROPERTY TRUST                    | ESSEX PROPERTY TRUST - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      2593 | NS      | $-108.88      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| EXTRA SPACE STORAGE                     | EXTRA SPACE STORAGE - TRS                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      6368 | NS      | $-38180.20    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| GETTY REALTY CORP                       | GETTY REALTY CORP - TRS                         | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6596 | NS      | $4658.75      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| HOWARD HUGHES HOLDIN                    | HOWARD HUGHES HOLDIN - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     10632 | NS      | $86689.15     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| HOST HOTELS & RESORT                    | HOST HOTELS & RESORT - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     35082 | NS      | $22177.78     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| INNOVATIVE INDUSTRIA                    | INNOVATIVE INDUSTRIA - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     12196 | NS      | $-148012.64   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| INDUSTRIAL LOGISTICS                    | INDUSTRIAL LOGISTICS - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     48481 | NS      | $-6834.70     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| INVENTRUST PPTYS COR                    | INVENTRUST PPTYS COR - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -66015 | NS      | $10706.05     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| JBG SMITH PROPERTIES                    | JBG SMITH PROPERTIES - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -58400 | NS      | $421485.87    | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| JONES LANG LASALLE I                    | JONES LANG LASALLE I - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      2904 | NS      | $198449.96    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| ST JOE CO/THE                           | ST JOE CO/THE - TRS                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      5866 | NS      | $-12588.61    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| KIMCO REALTY CORP                       | KIMCO REALTY CORP - TRS                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     83479 | NS      | $-39159.73    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| KILROY REALTY CORP                      | KILROY REALTY CORP - TRS                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     23481 | NS      | $-49111.67    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| LAMAR ADVERTISING CO                    | LAMAR ADVERTISING CO - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      2420 | NS      | $-7226.07     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| LINEAGE INC                             | LINEAGE INC - TRS                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     20115 | NS      | $-107280.70   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| MID-AMERICA APARTMEN                    | MID-AMERICA APARTMEN - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      5542 | NS      | $11409.05     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                     | Wells Fargo Margin Deposit                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1201353 | PA      | $1201353.17   | 0.67%             |  |  |  | No            | N/A                | On Loan: No      |
| NATL HEALTH INVESTOR                    | NATL HEALTH INVESTOR - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14659 | NS      | $19005.75     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| NNN REIT INC                            | NNN REIT INC - TRS                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     35834 | NS      | $-62684.98    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| REALTY INCOME CORP                      | REALTY INCOME CORP - TRS                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     19194 | NS      | $-68778.12    | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| OMEGA HEALTHCARE INV                    | OMEGA HEALTHCARE INV - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     19694 | NS      | $89719.08     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| OPENDOOR TECHNOLOGIE                    | OPENDOOR TECHNOLOGIE - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     25889 | NS      | $-12555.05    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| OUTFRONT MEDIA INC                      | OUTFRONT MEDIA INC - TRS                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     27438 | NS      | $166076.21    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| PIEDMONT OFFICE REAL                    | PIEDMONT OFFICE REAL - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -30656 | NS      | $-52367.13    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| PARK HOTELS & RESORT                    | PARK HOTELS & RESORT - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |    102329 | NS      | $-16949.67    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| PROLOGIS INC                            | PROLOGIS INC - TRS                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      1675 | NS      | $24382.96     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                     | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |  27017831 | PA      | $27017831.28  | 15.01%            |  |  |  | No            | N/A                | On Loan: No      |
| PUBLIC STORAGE                          | PUBLIC STORAGE - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      2970 | NS      | $-8913.60     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| REGENCY CENTERS CORP                    | REGENCY CENTERS CORP - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     23091 | NS      | $26518.23     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| REXFORD INDUSTRIAL R                    | REXFORD INDUSTRIAL R - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     19775 | NS      | $-56024.96    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| RYMAN HOSPITALITY PR                    | RYMAN HOSPITALITY PR - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      9602 | NS      | $-133629.65   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| SAFEHOLD INC                            | SAFEHOLD INC - TRS                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     18060 | NS      | $-57342.64    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| SABRA HEALTH CARE RE                    | SABRA HEALTH CARE RE - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     54845 | NS      | $37302.41     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| TANGER INC                              | TANGER INC - TRS                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     37484 | NS      | $-43895.27    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| SIMON PROPERTY GROUP                    | SIMON PROPERTY GROUP - TRS                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      5147 | NS      | $150513.84    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| SUN COMMUNITIES INC                     | SUN COMMUNITIES INC - TRS                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      2839 | NS      | $4376.20      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Urban Edge Prop                         | Urban Edge Prop - TRS                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -76053 | NS      | $-34141.96    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| VICI PROPERTIES INC                     | VICI PROPERTIES INC - TRS                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     17319 | NS      | $-76279.82    | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| VORNADO REALTY                          | VORNADO REALTY - TRS                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     29983 | NS      | $-248101.63   | -0.14%            |  |  |  | No            | 2                  | On Loan: No      |
| VENTAS INC                              | VENTAS INC - TRS                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      9667 | NS      | $-20214.88    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                     | Wells Fargo Margin Deposit                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1235880 | PA      | $1235880.29   | 0.69%             |  |  |  | No            | N/A                | On Loan: No      |
| WP CAREY INC                            | WP CAREY INC - TRS                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     19326 | NS      | $82426.33     | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

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

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

**Signature:** Keith D. Kemp

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

**Title:** President