# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0001752724-25-212866
**Filing Date:** 2025-8
**Character Count:** 32712
**Document Hash:** 6e7cdd9573ce5128cfd71e4a1c0e6ce4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212866.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212866

**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:** 251281392

**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 Small Cap Fund (Series ID: S000003563)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000009903 | James Small Cap Fund | JASCX           |

## 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 SMALL CAP FUND

- **b. EDGAR series identifier (if any):** S000003563

- **c. LEI of Series:** 54930078VSHCHGG5AQ06

**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:** $51859759.56

**Total Liabilities:** $118729.25

**Net Assets:** $51741030.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009903 | -3.59%               | 3.77%                | 4.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1801915.39                               |
| Month 2  | $0.00                    | $1763318.64                                |
| Month 3  | $-117058.91              | $2382664.02                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| M/I Homes Inc.                       | M/I Schottenstein Homes                          | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      2458 | NS      | $275590.96    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                     | Concentrix Corporation                           | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      2500 | NS      | $132137.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                  | HOULIHAN LOKEY, INC.                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      6300 | NS      | $1133685.00   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                     | Ensign Group, Inc. (The)                         | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      2241 | NS      | $345696.66    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                             | Nova Measuring Instruments Ltd.                  | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | US        |      3000 | NS      | $825600.00    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                   | Chord Energy Corporation                         | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      1480 | NS      | $143338.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc.                      | BankUnited, Inc.                                 | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |      7059 | NS      | $251229.81    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                       | PriceSmart, Inc.                                 | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      6383 | NS      | $670470.32    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc                           | Buckle, Inc. (The)                               | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      9450 | NS      | $428557.50    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                | Assured Guaranty Ltd.                            | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     10300 | NS      | $897130.00    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                         | Innospec, Inc.                                   | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      5286 | NS      | $444499.74    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                 | Cleveland-Cliffs, Inc.                           | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     24575 | NS      | $186770.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                     | Boise Cascade Company                            | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      4976 | NS      | $432016.32    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.             | Enova International, Inc.                        | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     17830 | NS      | $1988401.60   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TD Synnex Corp                       | SYNNEX Corporation                               | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      1100 | NS      | $149270.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp.              | Progress Software Corporation                    | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      5935 | NS      | $378890.40    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc.          | Core Natural Resources, Inc.                     | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      3313 | NS      | $231048.62    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.       | American Financial Group, Inc.                   | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      2630 | NS      | $331932.30    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc.             | Ani Pharmaceuticals, Inc.                        | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |      4050 | NS      | $264262.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc               | Option Care Helath, Inc.                         | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     10500 | NS      | $341040.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc          | Sterling Infrastructure, Inc.                    | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      2979 | NS      | $687344.67    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Company    | Graphic Packaging Holding Company                | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15189 | NS      | $320032.23    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc           | Coca-Cola Bottling Company Consolidated          | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     11080 | NS      | $1237082.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand, Inc.                    | Hillenbrand, Inc.                                | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     13136 | NS      | $263639.52    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazer Homes USA Inc.                | Beazer Homes USA, Inc.                           | CUSIP: 07556Q881<br>LEI: 549300DUPYT2T0F60I45 | Long             | EC               | CORP              | US        |     14370 | NS      | $321456.90    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc            | Halozyme Therapeutics, Inc.                      | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     10595 | NS      | $551151.90    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.               | Integer Holdings Corporation                     | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      5696 | NS      | $700437.12    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation               | Otter Tail Corporation                           | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8253 | NS      | $636223.77    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Idacorp Inc                          | IDACORP, Inc.                                    | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      4183 | NS      | $482927.35    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc. | Applied Industrial Technologies, Inc.            | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      1593 | NS      | $370292.85    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                 | Warrior Met Coal, Inc                            | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     13785 | NS      | $631766.55    | 1.22%             |  |  |  | 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        |     19667 | NS      | $362659.48    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc               | Boot Barn Holdings, Inc.                         | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      4647 | NS      | $706344.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                   | InterDigital, Inc.                               | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      1700 | NS      | $381191.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                    | Yeti Holdings, Inc.                              | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     13361 | NS      | $421138.72    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies              | Piper Sandler Companies                          | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      6085 | NS      | $1691264.90   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals, Inc        | Supernus Pharmaceuticals, Inc.                   | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     17531 | NS      | $552577.12    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp.           | Dynavax Technologies Corporation                 | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |     55014 | NS      | $545738.88    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                | STAG Industrial, Inc.                            | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |      8912 | NS      | $323327.36    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation           | Terreno Realty Corporation                       | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7950 | NS      | $445756.50    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company            | Matador Resources Company                        | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     11181 | NS      | $533557.32    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                         | Innoviva, Inc.                                   | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     44092 | NS      | $885808.28    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Puerto Rico            | First BanCorporation                             | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47750 | NS      | $994632.50    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                    | Radian Group, Inc.                               | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     26798 | NS      | $965263.96    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                          | EZCORP, Inc. Class A                             | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     38400 | NS      | $532992.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.            | WESCO International, Inc.                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      3831 | NS      | $709501.20    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp.                        | Sylvamo Corporation                              | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      3724 | NS      | $186572.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                          | Bancorp, Inc. (The)                              | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7299 | NS      | $415824.03    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports and Outdoors Inc      | Academy Sports & Outdoors, Inc.                  | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4504 | NS      | $201824.24    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.            | Axcelis Technologies, Inc.                       | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      3952 | NS      | $275414.88    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.           | Northern Oil and Gas, Inc.                       | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     10498 | NS      | $297618.30    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc         | Adtalem Global Education, Inc.                   | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      3708 | NS      | $471768.84    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                         | Mural Oncology PLC                               | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      9050 | NS      | $258920.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree, Inc.                     | WisdomTree Investments, Inc.                     | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     48595 | NS      | $559328.45    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                    | Agree Realty Corporation                         | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     10755 | NS      | $785760.30    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.              | Patrick Industries, Inc.                         | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      9285 | NS      | $856726.95    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                   | Kontoor Brands, Inc.                             | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      4564 | NS      | $301087.08    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                | Urban Outfitters, Inc.                           | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     10454 | NS      | $758333.16    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                | Generac Holdings, Inc.                           | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      4288 | NS      | $614084.48    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| The Andersons Inc                    | Andersons, Inc. (The)                            | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |      9421 | NS      | $346221.75    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Acm Research Inc                     | ACM Research, Inc. Class A                       | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |     16000 | NS      | $414400.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.          | Casey's General Stores, Inc.                     | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       809 | NS      | $412808.43    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                | Urban Edge Properties REIT                       | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13725 | NS      | $256108.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc.               | POWELL INDUSTRIES, INC.                          | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      2109 | NS      | $443839.05    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet, Inc.                          | Avnet, Inc.                                      | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |      8250 | NS      | $437910.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp.                     | South State Corporation                          | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      5620 | NS      | $517208.60    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System, Inc.                   | Ryder System, Inc.                               | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      3873 | NS      | $615807.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp.                    | HF Sinclair Corporation                          | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |      8907 | NS      | $365899.56    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.             | Insight Enterprises, Inc.                        | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      3605 | NS      | $497796.43    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting, Inc.                 | FTI Consulting, Inc.                             | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      5610 | NS      | $906015.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation       | Magnolia Oil & Gas Corporation                   | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19100 | NS      | $429368.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                 | Federated Investors, Inc. Class B                | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      7849 | NS      | $347867.68    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| National Healthcare Corporation      | National Healthcare Corporation                  | CUSIP: 635906100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3545 | NS      | $379350.45    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc.                   | PC Connection, Inc.                              | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     17500 | NS      | $1151150.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                   | Avista Corporation                               | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     12505 | NS      | $474564.75    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation               | Murphy Oil Corporation                           | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      9285 | NS      | $208912.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc           | Xenia Hotels & Resorts, Inc.                     | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     25153 | NS      | $316173.21    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                | MGIC Investment Corporation                      | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     37900 | NS      | $1055136.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.            | First American Treasury Obligations Fund Class X | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1953216 | PA      | $1953215.63   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp.                        | Winmark Corporation                              | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1921 | NS      | $725388.81    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                         | Evercore Partners, Inc. Class A                  | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      6730 | NS      | $1817234.60   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Company    | Portland General Electric Company                | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     10455 | NS      | $424786.65    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.          | Brinker International, Inc.                      | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     14791 | NS      | $2667261.03   | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                       | EPR Properties REIT                              | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      5860 | NS      | $341403.60    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                   | AXOS FINANCIAL, INC.                             | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      6132 | NS      | $466277.28    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc.            | Corcept Therapeutics, Inc.                       | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     14427 | NS      | $1058941.80   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust    | National Storage Affiliates Trust                | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     21991 | NS      | $703492.09    | 1.36%             |  |  |  | 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