NPORT-P false 0002013853 XXXXXXXX S000087630 C000253492 C000253490 C000253489 New Age Alpha Funds Trust 811-23945 0002013853 529900860B9CQ8SDNS27 555 Theodore Fremd Avenue Suite A-101 Rye 10580 212-922-2699 NAA RISK MANAGED REAL ESTATE FUND S000087630 529900JOIA0Y5B3KRG74 2026-09-30 2026-06-30 N 272673261.53 74983515.55 197689745.98 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0 N NAA Risk Managed RE Fd DRP NAA RISK MANAGED RE FD DRP ALEXANDRIA REAL ESTATE EQUITIES INC MGCJBT4MKTQBVLNUIS88 015271109 28257.00000000 NS USD 1493382.45000000 0.755417253736 Long EC CORP US N 1 N N N UDR INC P3CH2EG5X6Z1XWU1OO74 902653104 54469.00000000 NS USD 2174402.48000000 1.099906557733 Long EC CORP US N 1 N N N ALEXANDRIA REAL ESTA N/A N/A 38159.00000000 NS USD -432361.78000000 -0.21870723636 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 ALEXANDRIA REAL ESTA ALEXANDRIA REAL ESTA - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -2411260.63000000 USD -432361.78000000 N N N REXFORD INDUSTRIAL REALTY INC 549300MSLO0DF0EMX355 76169C100 42814.00000000 NS USD 1434269.00000000 0.725515121125 Long EC CORP US N 1 N N N PARK HOTELS & RESORT N/A N/A 86853.00000000 NS USD 295345.93000000 0.149398709850 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 PARK HOTELS & RESORT PARK HOTELS & RESORT - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -943188.84000000 USD 295345.93000000 N N N AMERICAN TOWER CORP N/A N/A 2168.00000000 NS USD -109794.98000000 -0.05553903641 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 AMERICAN TOWER CORP AMERICAN TOWER CORP - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -446230.16000000 USD -109794.98000000 N N N MACERICH COMPANY (THE) 529900PSWCB5KI0JYU46 554382101 47435.00000000 NS USD 1194887.65000000 0.604425709627 Long EC CORP US N 1 N N N OUTFRONT MEDIA INC N/A N/A 19756.00000000 NS USD 312378.29000000 0.158014412154 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 OUTFRONT MEDIA INC OUTFRONT MEDIA INC - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -319940.52000000 USD 312378.29000000 N N N CARETRUST REIT INC 5493001NVXE2B9GPLU96 14174T107 39776.00000000 NS USD 1604961.60000000 0.811858800285 Long EC CORP US N 1 N N N SIMON PROPERTY GROUP N/A N/A 4899.00000000 NS USD 321290.37000000 0.162522526602 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 SIMON PROPERTY GROUP SIMON PROPERTY GROUP - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -734943.32000000 USD 321290.37000000 N N N AMERICAN HEALTHCARE REIT INC 2549004GGE2APGNT6O92 398182303 31726.00000000 NS USD 1654510.90000000 0.836922973317 Long EC CORP US N 1 N N N NEWMARK GROUP INC-CL N/A N/A -37404.00000000 NS USD -23159.59000000 -0.01171511950 Short DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 NEWMARK GROUP INC-CL NEWMARK GROUP INC-CL - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD 537143.88000000 USD -23159.59000000 N N N REGENCY CENTERS CORP 529900053A7X7FJ97S58 758849103 28868.00000000 NS USD 2301934.32000000 1.164417662933 Long EC CORP US N 1 N N N RAYONIER INC HGV8VDVNL0W6SF2U9C50 754907103 -18847.00000000 NS USD -401064.16000000 -0.20287555027 Short EC CORP US N 1 N N N AMERICOLD REALTY TRUST INC 894500O3S3W62PQPO460 03064D108 -29037.00000000 NS USD -456461.64000000 -0.23089798499 Short EC CORP US N 1 N N N EQUITY RESIDENTIAL 5493008RACSH5EP3PI59 29476L107 61463.00000000 NS USD 4175181.59000000 2.111986926434 Long EC CORP US N 1 N N N ESSENTIAL PROPERTIES REALTY TRUST INC 2549009LXQLVYCGLZO50 29670E107 36254.00000000 NS USD 1082181.90000000 0.547414280207 Long EC CORP US N 1 N N N SABRA HEALTH CARE RE N/A N/A 40015.00000000 NS USD 29568.90000000 0.014957224945 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 SABRA HEALTH CARE RE SABRA HEALTH CARE RE - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -715506.18000000 USD 29568.90000000 N N N MARCUS & MILLICHAP INC 549300B2HE8ULXNB1N48 566324109 -12270.00000000 NS USD -382455.90000000 -0.19346268978 Short EC CORP US N 1 N N N AGREE REALTY CORP 98450090H010B37OEB68 008492100 20351.00000000 NS USD 1541384.74000000 0.779698882387 Long EC CORP US N 1 N N N INVENTRUST PPTYS COR N/A N/A -59928.00000000 NS USD -391971.43000000 -0.19827605526 Short DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 INVENTRUST PPTYS COR INVENTRUST PPTYS COR - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD 1693972.78000000 USD -391971.43000000 N N N SUN COMMUNITIES INC 549300H5GEOJYN41ZG57 866674104 20281.00000000 NS USD 2431894.71000000 1.230157233469 Long EC CORP US N 1 N N N KILROY REALTY CORP N/A N/A 29115.00000000 NS USD -13750.60000000 -0.00695564655 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 KILROY REALTY CORP KILROY REALTY CORP - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1091440.44000000 USD -13750.60000000 N N N IRON MOUNTAIN INC (REIT) SQL3F6CKNNBM3SQGHX24 46284V101 51352.00000000 NS USD 6486271.12000000 3.281035689456 Long EC CORP US N 1 N N N WELLTOWER INC 254900F33BIAR82QTA19 95040Q104 89367.00000000 NS USD 20283627.99000000 10.26033388299 Long EC CORP US N 1 N N N DIVERSIFIED HEALTHCARE TRUST N/A 25525P107 -17907.00000000 NS USD -166535.10000000 -0.08424063634 Short EC CORP US N 1 N N N KILROY REALTY CORP 549300CXXI18B214UN80 49427F108 20130.00000000 NS USD 754271.10000000 0.381542854567 Long EC CORP US N 1 N N N PHILLIPS EDISON & COMPANY INC 549300JPN4YHYPXTJQ85 71844V201 23119.00000000 NS USD 962212.78000000 0.486728724967 Long EC CORP US N 1 N N N JONES LANG LASALLE I N/A N/A 6217.00000000 NS USD 141222.90000000 0.071436633852 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 JONES LANG LASALLE I JONES LANG LASALLE I - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1745002.72000000 USD 141222.90000000 N N N TERRENO REALTY CORP N/A 88146M101 18887.00000000 NS USD 1223310.99000000 0.618803460915 Long EC CORP US N 1 N N N BRIXMOR PROPERTY GROUP INC 5299007UXW6Y0W2EGZ95 11120U105 -38297.00000000 NS USD -1207504.41000000 -0.61080781100 Short EC CORP US N 1 N N N AMERICAN ASSETS TRUS N/A N/A 21483.00000000 NS USD 62246.26000000 0.031486843028 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 AMERICAN ASSETS TRUS AMERICAN ASSETS TRUS - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -442636.91000000 USD 62246.26000000 N N N HOST HOTELS & RESORT N/A N/A 80318.00000000 NS USD 496124.18000000 0.250961008392 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 HOST HOTELS & RESORT HOST HOTELS & RESORT - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1451930.55000000 USD 496124.18000000 N N N SITE CENTERS CORP N/A N/A 184535.00000000 NS USD -283435.41000000 -0.14337385512 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 SITE CENTERS CORP SITE CENTERS CORP - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -1004663.90000000 USD -283435.41000000 N N N BXP INC N/A N/A 28152.00000000 NS USD 393973.91000000 0.199288996020 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 BXP INC BXP INC - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -1475623.68000000 USD 393973.91000000 N N N NATL HEALTH INVESTOR N/A N/A -22432.00000000 NS USD 83995.01000000 0.042488298815 Short DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 NATL HEALTH INVESTOR NATL HEALTH INVESTOR - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD 1787703.73000000 USD 83995.01000000 N N N VORNADO REALTY TRUST N/A 929042109 29595.00000000 NS USD 1163083.50000000 0.588337798824 Long EC CORP US N 1 N N N VICI PROPERTIES INC 254900RKH6RY9KCJQH63 925652109 192500.00000000 NS USD 5110875.00000000 2.585301010259 Long EC CORP US N 1 N N N LXP INDUSTRIAL TRUST 549300S4MH2ICXDBFV43 529043408 10915.00000000 NS USD 588100.20000000 0.297486446292 Long EC CORP US N 1 N N N RMR GROUP INC (THE) 549300JP4L34E48UJM16 74967R106 29780.00000000 NS USD 611383.40000000 0.309264093071 Long EC CORP US N 1 N N N KITE REALTY GROUP TR N/A N/A 43756.00000000 NS USD 145525.71000000 0.073613180733 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 KITE REALTY GROUP TR KITE REALTY GROUP TR - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -1083923.63000000 USD 145525.71000000 N N N VENTAS INC N/A N/A 5320.00000000 NS USD 41120.42000000 0.020800481985 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 VENTAS INC VENTAS INC - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -424675.91000000 USD 41120.42000000 N N N N/A N/A N/A 1996234.74000000 PA USD 1996234.74000000 1.009781630354 Long STIV CORP US N N/A N N N AH REALTY TRUST INC N/A N/A 50621.00000000 NS USD 68391.09000000 0.034595163072 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 AH REALTY TRUST INC AH REALTY TRUST INC - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -293743.54000000 USD 68391.09000000 N N N HEALTHPEAK PROPERTIE N/A N/A 107049.00000000 NS USD 417617.10000000 0.211248741268 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 HEALTHPEAK PROPERTIE HEALTHPEAK PROPERTIE - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1838112.37000000 USD 417617.10000000 N N N Urban Edge Prop N/A N/A -90373.00000000 NS USD -324139.12000000 -0.16396354722 Short DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 Urban Edge Prop Urban Edge Prop - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD 1692356.70000000 USD -324139.12000000 N N N EPR PROPERTIES 549300YSSXFHMPOWZ492 26884U109 15065.00000000 NS USD 873920.65000000 0.442066757518 Long EC CORP US N 1 N N N HEALTHPEAK PROPERTIES INC 254900M6MTMZM0I22L81 42250P103 117407.00000000 NS USD 2512509.80000000 1.270935822970 Long EC CORP US N 1 N N N EXTRA SPACE STORAGE INC 529900SDJHKRQWED6A16 30225T102 39096.00000000 NS USD 5680648.80000000 2.873517173002 Long EC CORP US N 1 N N N LAMAR ADVERTISING COMPANY 529900Y8WW4MKVPTB543 512816109 15940.00000000 NS USD 2486321.20000000 1.257688499560 Long EC CORP US N 1 N N N OMEGA HEALTHCARE INVESTORS INC 549300OJ7ENK42CZ8E73 681936100 51251.00000000 NS USD 2443647.68000000 1.236102392608 Long EC CORP US N 1 N N N PUBLIC STORAGE 254900GLQZAD4N7N5Q19 74460D109 28996.00000000 NS USD 9229716.76000000 4.668788820707 Long EC CORP US N 1 N N N EQUITY RESIDENTIAL N/A N/A 26501.00000000 NS USD 104077.15000000 0.052646711383 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 EQUITY RESIDENTIAL EQUITY RESIDENTIAL - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1667777.17000000 USD 104077.15000000 N N N EASTERLY GOVERNMENT PROPERTIES INC 549300ERMCEFC6S8HL77 27616P301 -8809.00000000 NS USD -219608.37000000 -0.11108738539 Short EC CORP US N 1 N N N CBRE GROUP INC 52990016II9MJ2OSWA10 12504L109 -13919.00000000 NS USD -1874750.11000000 -0.94832946479 Short EC CORP US N 1 N N N RYMAN HOSPITALITY PROPERTIES INC 529900GCCWW9SRMPJR11 78377T107 11584.00000000 NS USD 1489123.20000000 0.753262741381 Long EC CORP US N 1 N N N SIMON PROPERTY GROUP INC 529900GQL5X8H7AO3T64 828806109 42767.00000000 NS USD 9564839.55000000 4.838308381946 Long EC CORP US N 1 N N N DIGITAL REALTY TRUST INC 549300HKCZ31D08NEI41 253868103 44884.00000000 NS USD 8060268.72000000 4.077231563044 Long EC CORP US N 1 N N N PROLOGIS INC 529900DFH19P073LZ636 74340W103 119829.00000000 NS USD 16233234.63000000 8.211470225492 Long EC CORP US N 1 N N N SILA REALTY TRUST INC 549300HXH142HWKKSW59 146280508 -8517.00000000 NS USD -258576.12000000 -0.13079895404 Short EC CORP US N 1 N N N EASTGROUP PROPERTIES INC 31TIGQQZC4P6JMHKSW85 277276101 9498.00000000 NS USD 1923629.94000000 0.973054991023 Long EC CORP US N 1 N N N CBL & ASSOCIATES PRO N/A N/A 4949.00000000 NS USD 68936.64000000 0.034871125792 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 CBL & ASSOCIATES PRO CBL & ASSOCIATES PRO - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -189657.54000000 USD 68936.64000000 N N N GAMING AND LEISURE PROPERTIES INC 5493006GWRDBCZYWTM57 36467J108 50317.00000000 NS USD 2240616.01000000 1.133400217038 Long EC CORP US N 1 N N N VICI PROPERTIES INC N/A N/A 51795.00000000 NS USD -121118.84000000 -0.06126713320 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 VICI PROPERTIES INC VICI PROPERTIES INC - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1490967.96000000 USD -121118.84000000 N N N COSTAR GROUP N/A N/A -43081.00000000 NS USD 1178924.71000000 0.596350966083 Short DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 COSTAR GROUP COSTAR GROUP - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD 2352153.15000000 USD 1178924.71000000 N N N XENIA HOTELS & RESORTS INC 54930075IWIPHF5IQL62 984017103 -74526.00000000 NS USD -1517349.36000000 -0.76754075052 Short EC CORP US N 1 N N N EMPIRE STATE REALTY N/A N/A -23120.00000000 NS USD 33833.13000000 0.017114256398 Short DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 EMPIRE STATE REALTY EMPIRE STATE REALTY - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD 156113.17000000 USD 33833.13000000 N N N AMERICAN HOMES 4 REN N/A N/A 13441.00000000 NS USD 76287.86000000 0.038589689931 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 AMERICAN HOMES 4 REN AMERICAN HOMES 4 REN - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -370015.94000000 USD 76287.86000000 N N N BROADSTONE NET LEASE INC 549300U8D7PT70B49V21 11135E203 -97351.00000000 NS USD -2012245.17000000 -1.01788039638 Short EC CORP US N 1 N N N COUSINS PROPERTIES INC 5493007XPYD5EJABN062 222795502 -81781.00000000 NS USD -2451794.38000000 -1.24022334484 Short EC CORP US N 1 N N N WP CAREY INC N/A N/A 20413.00000000 NS USD 222865.33000000 0.112734896236 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 WP CAREY INC WP CAREY INC - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1192075.30000000 USD 222865.33000000 N N N CTO REALTY GROWTH INC 254900ZQ99OFO1WXS678 22948Q101 -370.00000000 NS USD -7958.70000000 -0.00402585372 Short EC CORP US N 1 N N N INVITATION HOMES INC 984500FE452E665C9F85 46187W107 100330.00000000 NS USD 3030969.30000000 1.533194999555 Long EC CORP US N 1 N N N ST JOE CO/THE N/A N/A -12499.00000000 NS USD 27135.24000000 0.013726174752 Short DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 ST JOE CO/THE ST JOE CO/THE - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD 802643.28000000 USD 27135.24000000 N N N N/A N/A N/A 580707.07000000 PA USD 580707.07000000 0.293746682267 Long STIV CORP US N 1 N N N FEDERAL REALTY INVESTMENT TRUST 549300FHEI1SLVZ0RB48 313745101 -17596.00000000 NS USD -2172050.24000000 -1.09871669328 Short EC CORP US N 1 N N N COPT DEFENSE PROPERTIES YY1J47X6LF9TYY8JY420 22002T108 20422.00000000 NS USD 743156.58000000 0.375920650975 Long EC CORP US N 1 N N N DIAMONDROCK HOSPITALITY COMPANY 529900KKD4BPVBUAQ734 252784301 -102704.00000000 NS USD -1250934.72000000 -0.63277673497 Short EC CORP US N 1 N N N AVALONBAY COMMUNITIES INC K9G90K85RBWD2LAGQX17 053484101 -6118.00000000 NS USD -1154405.42000000 -0.58394805166 Short EC CORP US N 1 N N N MILLROSE PROPERTIES INC N/A 601137102 -65601.00000000 NS USD -1971310.05000000 -0.99717364713 Short EC CORP US N 1 N N N KIMCO REALTY CORP 254900ARY41P4V1JL861 49446R109 116643.00000000 NS USD 2956900.05000000 1.495727578252 Long EC CORP US N 1 N N N NNN REIT INC N/A N/A 19739.00000000 NS USD 68761.24000000 0.034782400907 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 NNN REIT INC NNN REIT INC - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -821035.25000000 USD 68761.24000000 N N N REALTY INCOME CORP N/A N/A 14936.00000000 NS USD 20308.97000000 0.010273152964 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 REALTY INCOME CORP REALTY INCOME CORP - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -875022.56000000 USD 20308.97000000 N N N AMERICAN HOMES 4 RENT 549300ZJUO7A58PNUW40 02665T306 59302.00000000 NS USD 1987803.04000000 1.005516512829 Long EC CORP US N 1 N N N W.P. CAREY INC 54930042CRNE713E3Q67 92936U109 39350.00000000 NS USD 2813525.00000000 1.423202294106 Long EC CORP US N 1 N N N TANGER INC UKEW8YSXE4Y581KYOL30 875465106 21364.00000000 NS USD 843237.08000000 0.426545684410 Long EC CORP US N 1 N N N CAMDEN PROPERTY TRUST 5493002MYX22OHYJBD89 133131102 19588.00000000 NS USD 2242630.12000000 1.134419040746 Long EC CORP US N 1 N N N KITE REALTY GROUP TRUST N/A 49803T300 38645.00000000 NS USD 1096745.10000000 0.554780974887 Long EC CORP US N 1 N N N EQUINIX INC 549300EVUN2BTLJ3GT74 29444U700 12573.00000000 NS USD 13105969.47000000 6.629564626647 Long EC CORP US N 1 N N N CUBESMART N/A 229663109 41947.00000000 NS USD 1668232.19000000 0.843863793607 Long EC CORP US N 1 N N N KIMCO REALTY CORP N/A N/A 85853.00000000 NS USD 354575.88000000 0.179359773185 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 KIMCO REALTY CORP KIMCO REALTY CORP - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1755409.93000000 USD 354575.88000000 N N N HIGHWOODS PROPERTIES INC ZIIGTYKL9T0X3HLTDX53 431284108 -69896.00000000 NS USD -2108063.36000000 -1.06634936958 Short EC CORP US N 1 N N N CENTERSPACE REAL ESTATE INVESTMENT TRUST 5493002LG2SH9EEHT720 15202L107 -3207.00000000 NS USD -180201.33000000 -0.09115360491 Short EC CORP US N 1 N N N SABRA HEALTH CARE REIT INC 549300E3BC7GU7TAZ621 78573L106 44480.00000000 NS USD 867804.80000000 0.438973096807 Long EC CORP US N 1 N N N CURBLINE PROPERTIES CORP 529900PGR41LH0I81I15 23128Q101 -72278.00000000 NS USD -2197251.20000000 -1.11146442578 Short EC CORP US N 1 N N N STAG INDUSTRIAL INC 549300QWYX2W6FASVQ07 85254J102 33963.00000000 NS USD 1292631.78000000 0.653868906347 Long EC CORP US N 1 N N N N/A N/A N/A 87653.17000000 PA USD 87653.17000000 0.044338753922 Long STIV CORP US N N/A N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797SA6 9000000.00000000 PA USD 8914195.62000000 4.509184619470 Long DBT UST US N 2 2026-10-01 None 0.00000000 N N N N N N VENTAS INC ORQTRC074CWLT3DKHT41 92276F100 80001.00000000 NS USD 7104088.80000000 3.593554518866 Long EC CORP US N 1 N N N HEALTHCARE REALTY TRUST INC 549300L0I14L7I0VLX84 42226K105 -106282.00000000 NS USD -2143707.94000000 -1.08437993552 Short EC CORP US N 1 N N N EXTRA SPACE STORAGE N/A N/A 11047.00000000 NS USD 94989.21000000 0.048049639362 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 EXTRA SPACE STORAGE EXTRA SPACE STORAGE - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1479250.85000000 USD 94989.21000000 N N N N/A N/A N/A 27792973.50000000 PA USD 27792973.50000000 14.05888472476 Long STIV CORP US N N/A N N N FIRST INDUSTRIAL REALTY TRUST INC N/A 32054K103 -32091.00000000 NS USD -1967499.21000000 -0.99524595989 Short EC CORP US N 1 N N N REGENCY CENTERS CORP N/A N/A 11714.00000000 NS USD 131318.88000000 0.066426753370 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 REGENCY CENTERS CORP REGENCY CENTERS CORP - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -793923.38000000 USD 131318.88000000 N N N INDEPENDENCE REALTY TRUST INC 549300Z3L8NU44NQEB29 45378A106 44951.00000000 NS USD 750232.19000000 0.379499799689 Long EC CORP US N 1 N N N INDUSTRIAL LOGISTICS N/A N/A 48452.00000000 NS USD 148788.72000000 0.075263751927 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 INDUSTRIAL LOGISTICS INDUSTRIAL LOGISTICS - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -274848.81000000 USD 148788.72000000 N N N MID-AMERICA APARTMENT COMMUNITIES INC 549300FQZKFR5YNSHZ21 59522J103 21166.00000000 NS USD 2940804.04000000 1.487585522163 Long EC CORP US N 1 N N N GLOBAL NET LEASE INC 549300NUYANCT5SU8Z65 379378201 -64682.00000000 NS USD -578257.08000000 -0.29250737165 Short EC CORP US N 1 N N N LTC PROPERTIES INC 549300NRZP8IJG2KY677 502175102 -49461.00000000 NS USD -1901775.45000000 -0.96200004738 Short EC CORP US N 1 N N N SBA COMMUNICATIONS CORP 5299001HX8ZN8Y8QIT49 78410G104 -4265.00000000 NS USD -752601.90000000 -0.38069850121 Short EC CORP US N 1 N N N SAFEHOLD INC N/A N/A 19145.00000000 NS USD -15198.82000000 -0.00768821869 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 SAFEHOLD INC SAFEHOLD INC - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -309368.28000000 USD -15198.82000000 N N N VORNADO REALTY N/A N/A 71291.00000000 NS USD 509243.38000000 0.257597265591 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 VORNADO REALTY VORNADO REALTY - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -2236120.18000000 USD 509243.38000000 N N N HOST HOTELS & RESORTS INC N6EL63S0K3PB1YFTDI24 44107P104 111152.00000000 NS USD 2635413.92000000 1.333106027799 Long EC CORP US N 1 N N N INNOVATIVE INDUSTRIA N/A N/A 12096.00000000 NS USD 54994.82000000 0.027818751917 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 INNOVATIVE INDUSTRIA INNOVATIVE INDUSTRIA - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -695113.57000000 USD 54994.82000000 N N N REALTY INCOME CORP 549300CUWDAUZSH43859 756109104 130391.00000000 NS USD 8079026.36000000 4.086719986385 Long EC CORP US N 1 N N N ESSEX PROPERTY TRUST INC 549300TR2H2VEFX0NC60 297178105 11220.00000000 NS USD 3271639.80000000 1.654936518726 Long EC CORP US N 1 N N N NNN REIT INC 5493008JKH5SOTI0JS97 637417106 33496.00000000 NS USD 1558568.88000000 0.788391361561 Long EC CORP US N 1 N N N EQUITY LIFESTYLE PROPERTIES INC 529900PEQG66LENB6798 29472R108 34239.00000000 NS USD 2206703.55000000 1.116245832104 Long EC CORP US N 1 N N N SMARTSTOP SELF STORAGE REIT INC 549300EC266625K12S42 83192D402 -59390.00000000 NS USD -1930175.00000000 -0.97636576466 Short EC CORP US N 1 N N N CHIRON REAL ESTATE I N/A N/A 18434.00000000 NS USD 82313.17000000 0.041637551604 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 CHIRON REAL ESTATE I CHIRON REAL ESTATE I - TRS Y Underlying Return 2026-11-23 0.00000000 USD 0.00000000 USD -605378.09000000 USD 82313.17000000 N N N NEXPOINT RESIDENTIAL TRUST INC 549300U2J6XVYBF87166 65341D102 17.00000000 NS USD 474.64000000 0.000240093383 Long EC CORP US N 1 N N N BXP INC 549300OF70FSEUQBT254 101121101 26009.00000000 NS USD 1724656.79000000 0.872405789916 Long EC CORP US N 1 N N N CUSHMAN & WAKEFIELD N/A N/A 102733.00000000 NS USD -129005.98000000 -0.06525678879 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 CUSHMAN & WAKEFIELD CUSHMAN & WAKEFIELD - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1469365.23000000 USD -129005.98000000 N N N LINEAGE INC N/A N/A 48892.00000000 NS USD 271616.13000000 0.137395153528 Long DE CORP US N 2 MORGAN STANLEY & CO. LLC 9R7GPTSO7KV3UQJZQ078 LINEAGE INC LINEAGE INC - TRS Y Underlying Return 2026-11-25 0.00000000 USD 0.00000000 USD -1830963.82000000 USD 271616.13000000 N N N 2026-08-19 New Age Alpha Funds Trust Keith D. Kemp Keith D. Kemp President XXXX