# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0001752724-25-212865
**Filing Date:** 2025-8
**Character Count:** 45092
**Document Hash:** 35aa3dcdf26c749ffc12d06c635ee73d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212865.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212865

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JAMES ADVANTAGE FUNDS
- **CENTRAL INDEX KEY:** 0001045487

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08411
- **FILM NUMBER:** 251281393

**BUSINESS ADDRESS:**
- **STREET 1:** 1349 FAIRGROUND RD
- **CITY:** BEAVERCREEK
- **STATE:** OH
- **ZIP:** 45385
- **BUSINESS PHONE:** 9374267640

**MAIL ADDRESS:**
- **STREET 1:** 1349 FAIRGROUND RD
- **CITY:** BEAVERCREEK
- **STATE:** OH
- **ZIP:** 45385

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAMES FUNDS
- **DATE OF NAME CHANGE:** 19970904

## Series and Classes Contracts Data

### James Balanced: Golden Rainbow Fund (Series ID: S000003560)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000009900 | Retail Class        | GLRBX           |
| C000075008 | Institutional Class | GLRIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** JAMES ADVANTAGE FUNDS

- **b. Investment Company Act file number:** 811-08411

- **c. CIK number of Registrant:** 0001045487

- **d. LEI of Registrant:** 549300426TIVT528ZP40

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

  - **Street Address 1:** 225 Pictoria Drive, Suite 450

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** JAMES BALANCED: GOLDEN RAINBOW FUND

- **b. EDGAR series identifier (if any):** S000003560

- **c. LEI of Series:** 5493002CAUTT0DENCO09

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

- **a. Date of fiscal year-end:** 2025-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $416983158.52

**Total Liabilities:** $5475368.60

**Net Assets:** $411507789.92

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 117.35244691 | **1-Year:** 3533.24375121 | **5-Year:** 4719.14005160 | **10-Year:** 19648.14729200 | **30-Year:** 276.97479570

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075008 | -0.05%               | 1.95%                | 3.40%                |
| Class ID C000009900 | -0.09%               | 1.96%                | 3.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $631665.69               | $-1376008.44                               |
| Month 2  | $2018160.15              | $5168677.59                                |
| Month 3  | $-887595.76              | $13829212.92                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury Bonds                 | U.S. Treasury Bonds 4.375%, Due 02/15/2038                          | CUSIP: 912810PW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4994335.95   | 1.21%             | 2038-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc.                               | BlackRock, Inc.                                                     | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1642 | NS      | $1722868.50   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | U.S. Treasury Notes 2.375%, Due 05/15/2027                          | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9752734.40   | 2.37%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                              | Home Depot, Inc. (The)                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     11461 | NS      | $4202061.04   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart, Inc.                                                       | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     72964 | NS      | $7134419.92   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                           | State Street Corporation 5.272%, Due 08/03/2026                     | CUSIP: 857477CD3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2020083.22   | 0.49%             | 2026-08-03      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                    | Goldman Sachs Group, Inc. (The)                                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      4377 | NS      | $3097821.75   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corporation                                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     15605 | NS      | $1682219.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     10625 | NS      | $1622968.75   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation                | Regions Financial Corporation                                       | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     89093 | NS      | $2095467.36   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                      | Federal Home Loan Bank 1.02%, Due 09/17/2026                        | CUSIP: 3130ANQD5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2410966.93   | 0.59%             | 2026-09-17      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| GE Aerospace                                 | General Electric Company                                            | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      4150 | NS      | $1068168.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie, Inc.                                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     13000 | NS      | $2413060.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | U.S. Treasury Notes 5%, Due 9/30/2025                               | CUSIP: 91282CJB8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10015429.70  | 2.43%             | 2025-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories                                                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     19650 | NS      | $2672596.50   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                        | MGIC Investment Corporation                                         | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     31967 | NS      | $889961.28    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca plc ADR                                                 | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | US        |     28104 | NS      | $1963907.52   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds    | Vanguard FTSE Emerging Markets ETF Ftse Emerging Markets Etf Shares | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     27506 | NS      | $1360446.76   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     32035 | NS      | $15934529.35  | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | U.S. Treasury Notes 4.250%; Due 11/30/2026                          | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7538671.88   | 1.83%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                      | Mastercard, Inc. Class A                                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      9000 | NS      | $5057460.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                    | Halozyme Therapeutics, Inc.                                         | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     10676 | NS      | $555365.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                          | Comcast Corporation 5.35%, Due 11/15/2027                           | CUSIP: 20030NEA5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2052658.24   | 0.50%             | 2027-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| UC Health LLC                                | UC Health LLC 5.858% Due 08/01/2035                                 | CUSIP: 90293HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2562586.60   | 0.62%             | 2035-08-01      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP LLC                          | Kimco Realty OP LLC 4.85%, Due 3/1/2025                             | CUSIP: 49447BAB9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978964.29    | 0.24%             | 2035-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                           | Energy Transfer LP 5.55%, Due 05/15/2034                            | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2024742.82   | 0.49%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                     | John Deere Capital Corporation 5.10%, Due 04/11/2034                | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4089881.68   | 0.99%             | 2034-04-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                  | WAL-MART STORES, INC. 5.25%, DUE 09/01/2035                         | CUSIP: 931142CB7<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2100873.30   | 0.51%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association        | Federal National Mortgage Association 2.50%, Due 01/01/2057         | CUSIP: 3140FXFR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10365300 | PA      | $8602796.78   | 2.09%             | 2057-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                      | Federal Home Loan Bank 5.00%, DUE 06/26/2029                        | CUSIP: 3130B1UH8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2513196.23   | 0.61%             | 2029-06-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc. Class A                                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7372 | NS      | $5441199.48   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                            | TYSON FOODS INC 4.0%, due 03/01/2026                                | CUSIP: 902494BJ1<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1495193.18   | 0.36%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Casey'S General Stores Inc.                  | Casey's General Stores, Inc.                                        | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      3452 | NS      | $1761452.04   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                 | U.S. Treasury Bonds 5.50%, due 08/15/2028                           | CUSIP: 912810FE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $15813281.25  | 3.84%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                 | U.S. Treasury Bonds 5.375%, Due 02/15/2031                          | CUSIP: 912810FP8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $21512500.00  | 5.23%             | 2031-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                 | U.S. Treasury Note 4.750%, Due 02/15/2045                           | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9946875.00   | 2.42%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                | Alphabet, Inc. Class A                                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     44762 | NS      | $7888407.26   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds                               | GLOBAL X DEFENSE TECH ETF                                           | CUSIP: 37960A529<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |     14735 | NS      | $635815.25    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Inc                                  | ISHARES MSCI GERMANY INDEX FUND                                     | CUSIP: 464286806<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     58216 | NS      | $2463118.96   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Company                                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4874 | NS      | $3799429.22   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                              | T-Mobile USA, Inc.                                                  | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     15000 | NS      | $3573900.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                              | The Cigna Group SR GLBL NT 5.125% Due 05/15/2031                    | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1028620.20   | 0.25%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                          | Valero Energy Corporation                                           | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     10032 | NS      | $1348501.44   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                              | CVS Health Corporation 5.40%, DUE 06/01/2029                        | CUSIP: 126650EB2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2572914.13   | 0.63%             | 2029-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Insight Enterprises Inc.                     | Insight Enterprises, Inc.                                           | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     20011 | NS      | $2763218.94   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd.                                     | ABB Ltd. ADR                                                        | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     36350 | NS      | $2169004.50   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                     | Nova Measuring Instruments Ltd.                                     | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | US        |     14166 | NS      | $3898483.20   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds                               | GLOBAL X DEFENSE TECH ETF                                           | CUSIP: 37960A529<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |     32502 | NS      | $1958245.50   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                         | PayPal Holdings, Inc. 2.65%, due 10/01/2026                         | CUSIP: 70450YAD5<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982004.35    | 0.24%             | 2026-10-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                    | First American Treasury Obligations Fund Class X                    | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   5237673 | PA      | $5237672.85   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank, National Association    | JP Morgan Chase Bank 4.8% Due 07/29/2027                            | CUSIP: 46632FUG8<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2017528.17   | 0.49%             | 2027-07-29      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corporation                                              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     18350 | NS      | $5361319.50   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                         | United Rentals, Inc.                                                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      4060 | NS      | $3058804.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corporation 1.25%, due 09/24/2026                   | CUSIP: 06048WP20<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1928697.64   | 0.47%             | 2026-09-24      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| McCormick & Company, Incorporated            | McCormick & Co 4.7%  10/15/2034                                     | CUSIP: 579780AU1<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2424533.80   | 0.59%             | 2034-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     32385 | NS      | $7104945.15   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                              | CBRE Group, Inc.                                                    | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     12898 | NS      | $1807267.76   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                        | Eaton Corporation plc                                               | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |     10179 | NS      | $3633801.21   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corporation                                                 | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $2863800.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | iShares MSCI EAFE ETF                                               | CUSIP: 464287465<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     55527 | NS      | $4963558.53   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                                  | Bancorp, Inc. (The)                                                 | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24149 | NS      | $1375768.53   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | U.S. Treasury Notes 4.75%, Due 07/31/2025                           | CUSIP: 91282CHN4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5001339.45   | 1.22%             | 2025-07-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                 | U.S. Treasury Notes 4.25%, Due 05/15/2035                           | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5007812.50   | 1.22%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association        | Federal National Mortgage Association 3.50%, Due 05/25/2047         | CUSIP: 3136B0KE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    193376 | PA      | $187049.14    | 0.05%             | 2047-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc.                                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     50105 | NS      | $10280042.85  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                        | Deckers Outdoor Corporation                                         | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      9268 | NS      | $955252.76    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                              | Caterpillar, Inc.                                                   | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      9252 | NS      | $3591718.92   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | United States Treasury Notes 4.375%, Due 05/15/2034                 | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $15233789.10  | 3.70%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Nelnet Inc.                                  | Nelnet, Inc. Class A                                                | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |     15000 | NS      | $1816800.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | U.S. Treasury Bill 0.000%, Due 1/22/2026                            | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4885719.60   | 1.19%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                      | Republic Services, Inc.                                             | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      5273 | NS      | $1300374.53   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                              | Primerica, Inc.                                                     | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      2086 | NS      | $570875.62    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                               | MORGAN STANLEY 5.32% Due 07/19/2035                                 | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2530518.95   | 0.61%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                      | FEDERAL HOME LOAN BANK 4.05% due 7/28/2025                          | CUSIP: 3130ASNS4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1999506.72   | 0.49%             | 2025-07-28      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Company                   | KENTUCKY UTILITIES COMPANY 5.125%, due 11/01/2040                   | CUSIP: 491674BG1<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $963521.37    | 0.23%             | 2040-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                              | Iberdrola S.A. ADR                                                  | CUSIP: 450737101<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     22276 | NS      | $1714806.48   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                            | ASML Holding N.V. - NY Registry Shares                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      2632 | NS      | $2109258.48   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                             | Arthur J. Gallagher & Company                                       | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      9295 | NS      | $2975515.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Company                                            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     30926 | NS      | $8965756.66   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | iShares Russell 2000 Index Fund                                     | CUSIP: 464287655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     25000 | NS      | $5394750.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Gold Trust                           | iShares COMEX Gold Trust                                            | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |    209455 | NS      | $13061613.80  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                               | M/I Schottenstein Homes                                             | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     17000 | NS      | $1906040.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                    | Jabil, Inc.                                                         | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     19148 | NS      | $4176178.80   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Company Ltd. ADR                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      3534 | NS      | $800415.66    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                    | Linde plc                                                           | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |      2309 | NS      | $1083336.62   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.               | AIR PRODUCTS AND CHEMICALS INC 4.85%, DUE 02/08/2034                | CUSIP: 009158BK1<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002480.17   | 0.24%             | 2034-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                      | Federal Home Loan Bank 0.58%, Due 09/11/2025                        | CUSIP: 3130AK4T0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1984922.88   | 0.48%             | 2025-09-11      | Fixed         | 0.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                 | U.S. Treasury Notes 4.625%; Due 11/15/2044                          | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3915625.00   | 0.95%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corporation                                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     70000 | NS      | $11059300.00  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     16803 | NS      | $4631746.95   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                       | TJX Companies, Inc. (The)                                           | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     15000 | NS      | $1852350.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                | Netflix, Inc.                                                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       990 | NS      | $1325738.70   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T, Inc. 2.95%, Due 07/15/2026                                    | CUSIP: 00206RHV7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984793.94    | 0.24%             | 2026-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Trane Technologies Financing Ltd.            | Trane Tech Fin Ltd 5.10% Due 06/13/2034                             | CUSIP: 892938AB7<br>LEI: 549300A5OEF3CJI2CO89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2029528.04   | 0.49%             | 2034-06-13      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc. 2.05%, Due 9/11/2026                                    | CUSIP: 037833DN7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2442675.35   | 0.59%             | 2026-09-11      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                    | Federal Farm Credit Bank 0.67%, Due 08/04/2025                      | CUSIP: 3133EL2S2<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1992935.00   | 0.48%             | 2025-08-04      | Fixed         | 0.67%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                     | Procter & Gamble Company (The)                                      | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     25363 | NS      | $4040833.16   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Financial Services Corp.         | CATERPILLAR FINANCIAL SERVICES CORPORATION 8.25%, Due 12/15/2038    | CUSIP: 14912L6T3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1263380.69   | 0.31%             | 2038-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | U.S. Treasury Bill 0.000%, Due 09/04/2025                           | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4961552.95   | 1.21%             | 2025-09-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                      | UnitedHealth Group, Inc. 5.000%, due  04/15/2034                    | CUSIP: 91324PFB3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1999231.96   | 0.49%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                     | AT&T, Inc.                                                          | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     34083 | NS      | $986362.02    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Capital Holdings Inc          | Nextera Energy Cap Hldgs Inc 1.875% 1/15/2027                       | CUSIP: 65339KBY5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $964342.17    | 0.23%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Enova International Inc.                     | Enova International, Inc.                                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     49844 | NS      | $5558602.88   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Farm Credit Banks                    | Federal Farm Credit Bank 2.75%, Due 11/06/2026                      | CUSIP: 3133EFNH6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   5725000 | PA      | $5633138.83   | 1.37%             | 2026-11-06      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc.                      | Berkshire Hathaway, Inc. Class B                                    | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      7007 | NS      | $3403790.39   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association        | Federal National Mortgage Association 3.50%, Due 09/01/2033         | CUSIP: 3138X5R82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2352766 | PA      | $2293978.75   | 0.56%             | 2033-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.             | American Electric Power Company, Inc.                               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     19082 | NS      | $1979948.32   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** Lesley Ott

**Signature:** Lesley Ott

**Name of Signer:** Lesley Ott

**Title:** Chief Compliance Officer