# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0000910472-26-008756
**Filing Date:** 2026-6
**Character Count:** 100366
**Document Hash:** 603443bae6cb5190cf4bd4a32a196b84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008756.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000910472-26-008756

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20260630

**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:** 261050280

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS** **-** **46.0%** | **Shares** | **Value** |
| **Communication Services** **-** **4.3%** | **Communication Services** **-** **4.3%** | **Communication Services** **-** **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 37159 | $10685441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corporation - Class B | 16459 | 873973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 6405 | 3664493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 10485 | 2202165 |
|  |  | 17426072 |
| **Consumer Discretionary** **-** **5.1%** | **Consumer Discretionary** **-** **5.1%** | **Consumer Discretionary** **-** **5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 28989 | 6037539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 10265 | 3376056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 4868 | 1290750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 17000 | 2081650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 13918 | 4325575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 15000 | 2395500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | 1828 | 955514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winmark Corporation | 534 | 228312 |
|  |  | 20690896 |
| **Consumer Staples** **-** **3.1%** | **Consumer Staples** **-** **3.1%** | **Consumer Staples** **-** **3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 3452 | 2512573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 5839 | 1119570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 7104 | 1026102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 61285 | 7616499 |
|  |  | 12274744 |
| **Energy** **-** **2.7%** | **Energy** **-** **2.7%** | **Energy** **-** **2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 23021 | 4763045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 20808 | 3530285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | 10032 | 2478707 |
|  |  | 10772037 |
| **Financials** **-** **6.4%** | **Financials** **-** **6.4%** | **Financials** **-** **6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 17616 | 946508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 6666 | 3194347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1642 | 1579128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 30563 | 4151372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 4377 | 3702898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 27545 | 8102637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | 15000 | 1934400 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 46.0% (Continued)** | **Shares** | **Value** |
| **Financials - 6.4% (Continued)** | **Financials - 6.4% (Continued)** | **Financials - 6.4% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corporation | 83675 | $2185591 |
|  |  | 25796881 |
| **Health Care** **-** **3.6%** | **Health Care** **-** **3.6%** | **Health Care** **-** **3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 19650 | 2017466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 13000 | 2827370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 8125 | 1602413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | 4540 | 4175755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 10625 | 2597175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 1709 | 1478900 |
|  |  | 14699079 |
| **Industrials** **-** **4.3%** | **Industrials** **-** **4.3%** | **Industrials** **-** **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 36350 | 2925448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 8592 | 6087088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 8845 | 3163591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | 4150 | 1177646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corporation | 3902 | 752696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 2268 | 464282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 4060 | 2957954 |
|  |  | 17528705 |
| **Information Technology** **-** **14.3%** | **Information Technology** **-** **14.3%** | **Information Technology** **-** **14.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 43350 | 11001796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 2049 | 2706381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 16803 | 5200697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 3177 | 770073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 19148 | 5086283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 7248 | 3621536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 30708 | 11367180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 14166 | 6152010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 53642 | 9355165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3534 | 1194315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corporation | 4483 | 1212607 |
|  |  | 57668043 |
| **Materials** **-** **0.7%** | **Materials** **-** **0.7%** | **Materials** **-** **0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 2309 | 1144710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corporation | 5957 | 1024997 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 46.0% (Continued)** | **Shares** | **Value** |
| **Materials - 0.7% (Continued)** | **Materials - 0.7% (Continued)** | **Materials - 0.7% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 3717 | $669060 |
|  |  | 2838767 |
| **Real Estate** **-** **0.4%** | **Real Estate** **-** **0.4%** | **Real Estate** **-** **0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 12898 | 1747163 |
| **Utilities** **-** **1.1%** | **Utilities** **-** **1.1%** | **Utilities** **-** **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 19082 | 2501269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 22276 | 2054738 |
|  |  | 4556007 |
| **Total Common Stocks** (Cost $73,607,622) | **Total Common Stocks** (Cost $73,607,622) | $185998394 |
| **EXCHANGE-TRADED FUNDS** **-** **7.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X Defense Tech ETF | 35150 | $2490026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Gold Trust <sup>(a)</sup> | 144217 | 12714172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF | 37518 | 3644123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets ETF | 16305 | 925961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 25000 | 6200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Silver Trust <sup>(a)</sup> | 25544 | 1740568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Nuclear Renaissance Index ETF | 7591 | 499260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | 30948 | 1672739 |
| **Total Exchange-Traded Funds** (Cost $16,051,894) | **Total Exchange-Traded Funds** (Cost $16,051,894) | $29886849 |
| **CORPORATE BONDS** **-** **12.2%** | **Par Value** | **Value** |
| **Communication Services** **-** **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation, 5.300%, due 05/15/35 | $1000000 | $1018148 |
| **Consumer Staples** **-** **1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, 4.700%, due 10/15/34 | 2500000 | 2385636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation, 6.300%, due 10/15/37 | 1000000 | 1096122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., 4.250%, due 05/06/28 | 2000000 | 1995974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc., 5.250%, due 09/01/35 | 2000000 | 2084748 |
|  |  | 7562480 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 12.2% (Continued)** | **Par Value** | **Value** |
| **Energy - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.550%, due 05/15/34 | $2000000 | $2036534 |
| <br> **Financials** **-** **4.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company, 5.750%, due 07/15/54 | 2000000 | 1918395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation, 1.250%, due 09/24/26 | 2000000 | 1968206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, due 02/11/33 | 1000000 | 988820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 02/27/34 | 1000000 | 970425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 7.000%, due 03/31/46 | 1000000 | 991986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corporation, 5.100%, due 04/11/34 | 4000000 | 4072548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company, 4.800%, due 07/29/27 | 2000000 | 2005247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.320%, (SOFR + 155.5, effective 7/19/34)<br> due 07/19/35 <sup>(b)</sup> | 2500000 | 2508671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | 2000000 | 2006609 |
|  |  | 17430907 |
| **Health Care** **-** **2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | 1000000 | 1020594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation, 5.400%, due 06/01/29 | 2500000 | 2559325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UC Health, LLC, 5.858%, due 08/01/35 | 2500000 | 2586593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 5.000%, due 04/15/34 | 2000000 | 2001566 |
|  |  | 8168078 |
| **Industrials** **-** **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc., 8.250%, due 12/15/38 | 1000000 | 1319653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies Financing Ltd., 5.100%, due 06/13/34 | 2000000 | 2026724 |
|  |  | 3346377 |
| **Information Technology** **-** **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 2.050%, due 09/11/26 | 2500000 | 2481358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc., 2.650%, due 10/01/26 | 1000000 | 992182 |
|  |  | 3473540 |
| **Materials** **-** **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc., 4.850%, due 02/08/34 | 1000000 | 1001196 |
| **Real Estate** **-** **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | 1000000 | 979602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage Operating Company, 4.375%, due 07/01/30 | 2500000 | 2496670 |
|  |  | 3476272 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 12.2% (Continued)** | **Par Value** | **Value** |
| **Utilities** **-** **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Utilities Company, 5.125%, due 11/01/40 | $1000000 | $964566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 1.875%, due 01/15/27 | 1000000 | 981110 |
|  |  | 1945676 |
| **Total Corporate Bonds** (Cost $49,024,284) | **Total Corporate Bonds** (Cost $49,024,284) | $49459208 |
| **MORTGAGE-BACKED SECURITIES** **–** **2.6%** | **Par Value** | **Value** |
| **Federal National Mortgage Association** **-** **2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, due 09/01/33 | 2066689 | 2016760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, due 05/25/47 | 156609 | 151995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, due 01/01/57 | 9777989 | 8278364 |
| **Total Mortgage-Backed Securities** (Cost $11,674,284) | **Total Mortgage-Backed Securities** (Cost $11,674,284) | $10447119 |
| **U.S. GOVERNMENT & AGENCIES** **–** **4.0%** | **Par Value** | **Value** |
| **Federal Farm Credit Bank** **-** **2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, due 11/06/26 | $5725000 | $5691843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.210%, due 10/02/30 | 2500000 | 2484972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.780%, due 10/29/35 | 1000000 | 990678 |
|  |  | 9167493 |
| **Federal Home Loan Bank** **-** **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.020%, due 09/17/26 | 2500000 | 2469754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 06/26/29 | 2500000 | 2504621 |
|  |  | 4974375 |
| **Federal Home Loan Mortgage Corporation - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation,<br> 4.070%, due 12/17/30 | 2000000 | 1982179 |
| **Total U.S. Government & Agencies** (Cost $16,218,742) | **Total U.S. Government & Agencies** (Cost $16,218,742) | $16124047 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **U.S. TREASURY OBLIGATIONS** **-** **25.7%** | **Par Value** | **Value** |
| **U.S. Treasury Bills** **<sup>(c)</sup> -** **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.633%, due 06/18/26 | $5000000 | $4961033 |
| **U.S. Treasury Bonds** **-** **14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, due 08/15/28 | 15000000 | 15572461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, due 02/15/31 | 20000000 | 21253124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 02/15/38 | 5000000 | 4990625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, due 11/15/44 | 5000000 | 4838086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | 10000000 | 9825781 |
|  |  | 56480077 |
| **U.S. Treasury Notes** **-** **10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | 10000000 | 10033301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, due 05/15/27 | 10000000 | 9842969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | 15000000 | 15158203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | 7500000 | 7480078 |
|  |  | 42514551 |
| **Total U.S. Treasury Obligations** (Cost $103,399,851) | **Total U.S. Treasury Obligations** (Cost $103,399,851) | $103955661 |
| **MONEY MARKET FUNDS** **-** **1.8%** | **Shares** | **Value** |
| First American Treasury Obligations Fund -<br> Class X, 3.59% <sup>(d)</sup> (Cost $7,394,790) | 7394790 | $7394790 |
| **Total Investments at Value - 99.7%** (Cost $277,371,467) | **Total Investments at Value - 99.7%** (Cost $277,371,467) | $403266068 |
| **Other Assets in Excess of Liabilities - 0.3%** | **Other Assets in Excess of Liabilities - 0.3%** | 1364338 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | $404630406 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. |
| <sup>(c)</sup> | The rate shown is the annualized yield at the time of purchase. |
| <sup>(d)</sup> | The rate shown is the 7-day effective yield as of March 31, 2026. |
| ADR | - American Depositary Receipt. |

---

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS** **-** **96.9%** | **Shares** | **Value** |
| **Communication Services** **-** **0.6%** | **Communication Services** **-** **0.6%** | **Communication Services** **-** **0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 2427 | $438874 |
| **Consumer Discretionary** **-** **15.1%** | **Consumer Discretionary** **-** **15.1%** | **Consumer Discretionary** **-** **15.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Company - Class A <sup>(a)</sup> | 8173 | 746767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 9709 | 548073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc. <sup>(a)</sup> | 16770 | 322655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 5541 | 810981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> | 19704 | 2813140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 11452 | 576723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covista, Inc. <sup>(a)</sup> | 4847 | 558617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gigacloud Technology, Inc - Class A <sup>(a)</sup> | 17930 | 813663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 5775 | 405925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 5458 | 668332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 11845 | 1315624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)</sup> | 12104 | 766788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winmark Corporation | 1313 | 561373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | 22861 | 836484 |
|  |  | 11745145 |
| **Consumer Staples** **-** **5.3%** | **Consumer Staples** **-** **5.3%** | **Consumer Staples** **-** **5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 11505 | 825829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 342 | 248928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 10207 | 1957090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 7507 | 1129804 |
|  |  | 4161651 |
| **Energy** **-** **5.0%** | **Energy** **-** **5.0%** | **Energy** **-** **5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 3313 | 346970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 10912 | 680800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corporation - Class A | 23525 | 742684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company | 14016 | 885531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corporation | 18168 | 749430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 16868 | 493052 |
|  |  | 3898467 |
| **Financials** **-** **23.6%** | **Financials** **-** **23.6%** | **Financials** **-** **23.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 2975 | 379937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 13368 | 1089225 |

---

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 96.9% (Continued)** | **Shares** | **Value** |
| **Financials - 23.6% (Continued)** | **Financials - 23.6% (Continued)** | **Financials - 23.6% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial, Inc. <sup>(a)</sup> | 7498 | $638005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 8846 | 475296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. | 8894 | 401653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 22675 | 3079945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 8141 | 2430170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | 46600 | 1182708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. - Class B | 8893 | 504322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First BanCorporation | 60255 | 1287046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 5219 | 749553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corporation | 54020 | 1418025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 27424 | 2099307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radian Group, Inc. | 36949 | 1222273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank Corporation | 6788 | 628026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 58595 | 853143 |
|  |  | 18438634 |
| **Health Care** **-** **10.3%** | **Health Care** **-** **10.3%** | **Health Care** **-** **10.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)</sup> | 10212 | 361096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 4618 | 355124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 33482 | 829014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)</sup> | 17005 | 685472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc. <sup>(a)</sup> | 49485 | 410726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 2774 | 558961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | 12754 | 824291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 55904 | 1302564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 7067 | 621896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National HealthCare Corporation | 4427 | 706992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. <sup>(a)</sup> | 13012 | 350283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 20863 | 1078408 |
|  |  | 8084827 |
| **Industrials** **–** **13.5%** | **Industrials** **–** **13.5%** | **Industrials** **–** **13.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2813 | 746345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 10080 | 764568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brady Corporation - Class A | 9357 | 760163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 2975 | 837076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting, Inc. <sup>(a)</sup> | 7168 | 1267087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 5501 | 1074510 |

---

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 96.9% (Continued)** | **Shares** | **Value** |
| **Industrials – 13.5% (Continued)** | **Industrials – 13.5% (Continued)** | **Industrials – 13.5% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 2919 | $1579412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 4356 | 891717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 3339 | 1359875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 4767 | 1304346 |
|  |  | 10585099 |
| **Information Technology** **–** **9.3%** | **Information Technology** **–** **9.3%** | **Information Technology** **–** **9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Research, Inc. - Class A <sup>(a)</sup> | 29471 | 1159684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 10682 | 658225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DXC Technology Company <sup>(a)</sup> | 50173 | 630675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 1932 | 583464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 3866 | 1678926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Connection, Inc. | 22420 | 1310673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Software Corporation | 7780 | 199557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | 1235 | 208357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UiPath, Inc. - Class A <sup>(a)</sup> | 77889 | 864568 |
|  |  | 7294129 |
| **Materials** **-** **3.8%** | **Materials** **-** **3.8%** | **Materials** **-** **3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corporation | 12279 | 807590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. <sup>(a)</sup> | 24575 | 207659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERO Copper Corporation <sup>(a)</sup> | 19876 | 530093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 15660 | 1458729 |
|  |  | 3004071 |
| **Real Estate** **-** **6.7%** | **Real Estate** **-** **6.7%** | **Real Estate** **-** **6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corporation | 13224 | 996825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 40416 | 465188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 7174 | 262927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties | 6649 | 332184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 21361 | 524413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 13345 | 503640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 23904 | 459674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 11030 | 397742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corporation | 9740 | 598231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | 15541 | 310509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 28703 | 425665 |
|  |  | 5276998 |

---

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 96.9% (Continued)** | **Shares** | **Value** |
| **Utilities** **–** **3.7%** | **Utilities** **–** **3.7%** | **Utilities** **–** **3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | 15906 | $638467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 4898 | 700267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corporation | 10564 | 927203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Company | 11816 | 623530 |
|  |  | 2889467 |
| **Total Common Stocks** (Cost $49,438,894) | **Total Common Stocks** (Cost $49,438,894) | $75817362 |
| **MONEY MARKET FUNDS** **-** **3.2%** | **Shares** | **Value** |
| First American Treasury Obligations Fund -<br> Class X, 3.59% <sup>(b)</sup> (Cost $2,526,300) | 2526300 | $2526300 |
| **Total Investments at Value - 100.1%** (Cost $51,965,194) | **Total Investments at Value - 100.1%** (Cost $51,965,194) | $78343662 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65829) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | $78277833 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS** **-** **88.5%** | **Shares** | **Value** |
| **Consumer Discretionary** **-** **9.1%** | **Consumer Discretionary** **-** **9.1%** | **Consumer Discretionary** **-** **9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc | 4044 | $151448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | 4662 | 267506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 13509 | 286120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 4097 | 501677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Company <sup>(a)</sup> | 3119 | 675919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 1280 | 49293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 6066 | 673751 |
|  |  | 2605714 |
| **Consumer Staples** **-** **5.6%** | **Consumer Staples** **-** **5.6%** | **Consumer Staples** **-** **5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | 16385 | 531202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets, Inc. - Class A | 10714 | 963082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 1602 | 118067 |
|  |  | 1612351 |
| **Energy** **-** **3.6%** | **Energy** **-** **3.6%** | **Energy** **-** **3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 9544 | 326406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corporation <sup>(a)</sup> | 751 | 174870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REX American Resources Corporation <sup>(a)</sup> | 7220 | 329015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | 6558 | 204478 |
|  |  | 1034769 |
| **Financials** **-** **23.6%** | **Financials** **-** **23.6%** | **Financials** **-** **23.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. - Class E | 3372 | 172242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 2594 | 139376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 16726 | 788464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 9222 | 1252623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | 5505 | 139717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corporation - Class C | 4406 | 653630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investar Holding Corporation | 8542 | 232940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Bancorp | 23196 | 995340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | 5646 | 728108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFG Bancorp | 18941 | 766353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 9292 | 711303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 1072 | 91602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 2632 | 114966 |
|  |  | 6786664 |

---

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 88.5% (Continued)** | **Shares** | **Value** |
| **Health Care** **-** **14.5%** | **Health Care** **-** **14.5%** | **Health Care** **-** **14.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. <sup>(a)</sup> | 6753 | $247295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc. <sup>(a)</sup> | 7437 | 47894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 5755 | 190318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CorMedix, Inc. <sup>(a)</sup> | 6209 | 42159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc. <sup>(a)</sup> | 12175 | 101053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 20082 | 467911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 6396 | 562848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRadimed Corporation | 2400 | 231024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc <sup>(a)</sup> | 6909 | 332668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 2165 | 236353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The) <sup>(a)</sup> | 5582 | 170139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corporation - Class A | 6070 | 335732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 52400 | 280340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc. <sup>(a)</sup> | 2023 | 65869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc. <sup>(a)</sup> | 4236 | 110687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc. <sup>(a)</sup> | 14367 | 233176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies, Inc. <sup>(a)</sup> | 1193 | 230965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zymeworks, Inc. <sup>(a)</sup> | 10578 | 264873 |
|  |  | 4151304 |
| **Industrials** **-** **13.2%** | **Industrials** **-** **13.2%** | **Industrials** **-** **13.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acme United Corporation | 2095 | 94086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Company <sup>(a)</sup> | 888 | 71964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corporation | 5285 | 519833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | 628 | 342040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 3750 | 212963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 2500 | 189625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRA International, Inc. | 3384 | 547801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 8000 | 180400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) <sup>(a)</sup> | 7691 | 129286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 3500 | 117635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. <sup>(a)</sup> | 3394 | 264257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 389 | 210480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 604 | 245991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitil Corporation | 3401 | 177668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V2X, Inc. <sup>(a)</sup> | 6950 | 476075 |
|  |  | 3780104 |

---

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 88.5% (Continued)** | **Shares** | **Value** |
| **Information Technology** **-** **13.4%** | **Information Technology** **-** **13.4%** | **Information Technology** **-** **13.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | 3408 | $317217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corporation | 5326 | 145719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 4600 | 346150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 3020 | 1311525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Connection, Inc. | 12184 | 712277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> | 22198 | 897021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ScanSource, Inc. <sup>(a)</sup> | 3090 | 112167 |
|  |  | 3842076 |
| **Materials** **-** **4.3%** | **Materials** **-** **4.3%** | **Materials** **-** **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | 2821 | 205989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 7966 | 1040440 |
|  |  | 1246429 |
| **Real Estate** **-** **0.2%** | **Real Estate** **-** **0.2%** | **Real Estate** **-** **0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 3907 | 57941 |
| **Utilities** **-** **1.0%** | **Utilities** **-** **1.0%** | **Utilities** **-** **1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | 7332 | 288074 |
| **Total Common Stocks** (Cost $12,344,089) | **Total Common Stocks** (Cost $12,344,089) | $25405426 |
| **EXCHANGE-TRADED FUNDS** **-** **4.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Micro-Cap ETF (Cost $1,282,548) | 8653 | $1381105 |
| **RIGHT** **-** **0.0%** **<sup>(b)</sup>** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc. <sup>(a)(c)(d)</sup> (Cost $17,942) | 94737 | $947 |
| **U.S. GOVERNMENT & AGENCIES** **-** **3.4%** | **Par Value** | **Value** |
| **U.S. Treasury Bills** **<sup>(e)</sup> -** **3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.694%, due 09/17/26 (Cost $983,185) | $1000000 | $983155 |

---

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS** **-** **6.7%** | **Shares** | **Value** |
| First American Treasury Obligations Fund -<br> Class X, 3.59% <sup>(f)</sup> (Cost $1,913,113) | 1913113 | $1913113 |
| **Total Investments at Value - 103.4%** (Cost $16,540,877) | **Total Investments at Value - 103.4%** (Cost $16,540,877) | $29683746 |
| **Liabilities in Excess of Other Assets - (3.4%)** | **Liabilities in Excess of Other Assets - (3.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969408) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | $28714338 |

---

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

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Expiration date not available

<sup>(d)</sup> Level 3 security in accordance with fair value hierarchy.

<sup>(e)</sup> The rate shown is the annualized yield at time of purchase.

<sup>(f)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS** **-** **77.8%** | **Shares** | **Value** |
| **Communication Services** **-** **8.9%** | **Communication Services** **-** **8.9%** | **Communication Services** **-** **8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 3750 | $1078350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 13250 | 384117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1100 | 629343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 2000 | 420060 |
|  |  | 2511870 |
| **Consumer Discretionary** **-** **4.2%** | **Consumer Discretionary** **-** **4.2%** | **Consumer Discretionary** **-** **4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 600 | 124962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 1650 | 241494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation <sup>(a)</sup> | 500 | 50045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 700 | 230223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 2000 | 244900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 1000 | 310790 |
|  |  | 1202414 |
| **Consumer Staples** **-** **4.5%** | **Consumer Staples** **-** **4.5%** | **Consumer Staples** **-** **4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 500 | 95870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 300 | 298929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 1700 | 245548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 5100 | 633828 |
|  |  | 1274175 |
| **Energy** **-** **6.6%** | **Energy** **-** **6.6%** | **Energy** **-** **6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 1245 | 353281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 2000 | 413800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company | 5000 | 315900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - ADR | 20000 | 415000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | 1500 | 370620 |
|  |  | 1868601 |
| **Financials** **-** **11.2%** | **Financials** **-** **11.2%** | **Financials** **-** **11.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 4900 | 263277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 475 | 456812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 6500 | 882895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 915 | 774081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 2000 | 588320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 800 | 200384 |
|  |  | 3165769 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 77.8% (Continued)** | **Shares** | **Value** |
| **Health Care** **-** **7.4%** | **Health Care** **-** **7.4%** | **Health Care** **-** **7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1250 | $271863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 2000 | 394440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | 525 | 482879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 700 | 331268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 1500 | 366660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 300 | 259608 |
|  |  | 2106718 |
| **Industrials** **-** **6.6%** | **Industrials** **-** **6.6%** | **Industrials** **-** **6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 3850 | 309848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 1000 | 126350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 800 | 566768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corporation | 200 | 136224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1175 | 420262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | 1090 | 309310 |
|  |  | 1868762 |
| **Information Technology** **-** **21.8%** | **Information Technology** **-** **21.8%** | **Information Technology** **-** **21.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 3200 | 812128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 2000 | 245560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 575 | 759477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3000 | 928530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 1000 | 277870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 1800 | 478134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 690 | 344765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 1106 | 409408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 7150 | 1246960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1650 | 557618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corporation | 500 | 135245 |
|  |  | 6195695 |
| **Materials** **-** **2.2%** | **Materials** **-** **2.2%** | **Materials** **-** **2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 600 | 297456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 1800 | 324000 |
|  |  | 621456 |
| **Real Estate** **-** **2.3%** | **Real Estate** **-** **2.3%** | **Real Estate** **-** **2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1500 | 270315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 2000 | 395420 |
|  |  | 665735 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 77.8% (Continued)** | **Shares** | **Value** |
| **Utilities** **-** **2.1%** | **Utilities** **-** **2.1%** | **Utilities** **-** **2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 2700 | $249048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 3780 | 351086 |
|  |  | 600134 |
| **Total Common Stocks** (Cost $10,986,463) | **Total Common Stocks** (Cost $10,986,463) | $22081329 |
| **EXCHANGE-TRADED FUNDS** **-** **4.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X Defense Tech ETF | 4500 | $318780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Germany ETF | 3400 | 134878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Nuclear Renaissance Index ETF | 5000 | 328850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select STOXX Europe Aerospace & Defense ETF | 6281 | 255888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Gold Shares <sup>(a)</sup> | 500 | 215145 |
| **Total Exchange-Traded Funds** (Cost $1,045,949) | **Total Exchange-Traded Funds** (Cost $1,045,949) | $1253541 |
| **CORPORATE BONDS** **-** **7.2%** | **Par Value** | **Value** |
| **Consumer Discretionary** **-** **1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation, 2.550%, due 11/15/30 | $500000 | $457349 |
| **Financials** **-** **3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company, 5.750%, due 07/15/54 | 500000 | 479599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 2.000%, due 12/22/26 | 200000 | 195916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 5.000%, due 02/27/34 | 100000 | 97042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 7.000%, due 03/31/46 | 100000 | 99199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | 100000 | 100330 |
|  |  | 972086 |
| **Health Care** **-** **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc, 0.700%, due 04/08/26 | 250000 | 249837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | 100000 | 102059 |
|  |  | 351896 |
| **Information Technology** **-** **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., 1.250%, due 09/01/30 | 200000 | 175680 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 7.2% (Continued)** | **Par Value** | **Value** |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | 100000 | $97960 |
| **Total Corporate Bonds** (Cost $2,138,490) | **Total Corporate Bonds** (Cost $2,138,490) | $2054971 |
| **U.S. GOVERNMENT & AGENCIES** **-** **1.7%** | **Par Value** | **Value** |
| **Federal Farm Credit Bank** **-** **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.780%, due 10/29/35 | $100000 | $99068 |
| **Federal Home Loan Bank** **-** **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, due 02/27/31 | 200000 | 196615 |
| **Federal Home Loan Mortgage Corporation - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.070%, due 12/17/30 | 200000 | 198218 |
| <br> **Total U.S. Government & Agencies** (Cost $499,657) | <br> **Total U.S. Government & Agencies** (Cost $499,657) | $493901 |
| **U.S. TREASURY OBLIGATIONS** **-** **6.7%** | **Par Value** | **Value** |
| **U.S. Treasury Bills** **<sup>(b)</sup> -** **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.666%, due 06/18/26 | $250000 | $248052 |
| **U.S. Treasury Bonds** **-** **3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, due 02/15/44 | 100000 | 84945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | 100000 | 98258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, due 08/15/49 | 750000 | 466494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 02/15/54 | 300000 | 268735 |
|  |  | 918432 |
| **U.S. Treasury Notes** **-** **2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | 75000 | 75250 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **U.S. TREASURY OBLIGATIONS - 6.7% (Continued)** | **Par Value** | **Value** |
| **U.S. Treasury Notes - 2.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, due 02/15/29 | $150000 | $145125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | 250000 | 252636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | 250000 | 249336 |
|  |  | 722347 |
| **Total U.S. Treasury Obligations** (Cost $1,950,660) | **Total U.S. Treasury Obligations** (Cost $1,950,660) | $1888831 |
| **MONEY MARKET FUNDS** **-** **2.1%** | **Shares** | **Value** |
| First American Treasury Obligations Fund -<br> Class X, 3.59% <sup>(c)</sup> (Cost $585,399) | 585399 | $585399 |
| **Total Investments at Value - 99.9%** (Cost $17,206,618) | **Total Investments at Value - 99.9%** (Cost $17,206,618) | $28357972 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | 22406 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | $28380378 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the annualized yield at the time of purchase. <br> <sup>(c)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

ADR - American Depositary Receipt. <br>

## 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

  - **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:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $405289342.03

**Total Liabilities:** $658935.58

**Net Assets:** $404630406.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 716.44734298 | **1-Year:** 1770.98998495 | **5-Year:** 8102.94723033 | **10-Year:** 18819.13460164 | **30-Year:** 2854.78937715

**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 C000009900 | 2.05%                | 0.98%                | -3.54%               |
| Class ID C000075008 | 2.04%                | 1.00%                | -3.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4252292.48              | $3845893.25                                |
| Month 2  | $6221221.77              | $-2461142.99                               |
| Month 3  | $607207.81               | $-16071576.39                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABB Ltd.                                     | ABB Ltd. ADR                                                        | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     36350 | NS      | $2925448.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories                                                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     19650 | NS      | $2017465.50   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie, Inc.                                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     13000 | NS      | $2827370.00   | 0.70%             |  |  |  | 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      | $1001196.38   | 0.25%             | 2034-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                | Alphabet, Inc. Class A                                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     37159 | NS      | $10685442.04  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     28989 | NS      | $6037539.03   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co, Inc.             | American Electric Power Company, Inc.                               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     19082 | NS      | $2501268.56   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc.                                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     43350 | NS      | $11001796.50  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc. 2.05%, Due 9/11/2026                                    | CUSIP: 037833DN7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2481357.85   | 0.61%             | 2026-09-11      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                             | GALLAGHER ARTHUR J & CO SR GLBL NT 54 .                             | CUSIP: 04316JAJ8<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1918395.10   | 0.47%             | 2054-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bancorp Inc                                  | Bancorp, Inc. (The)                                                 | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     17616 | NS      | $946507.68    | 0.23%             |  |  |  | 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      | $1968206.04   | 0.49%             | 2026-09-24      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc.                      | Berkshire Hathaway, Inc. Class B                                    | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      6666 | NS      | $3194347.20   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                               | Blackrock, Inc.                                                     | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1642 | NS      | $1579127.82   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     16803 | NS      | $5200696.53   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                              | CBRE Group, Inc.                                                    | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     12898 | NS      | $1747163.08   | 0.43%             |  |  |  | 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      | $1020593.99   | 0.25%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | 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      | $2559324.60   | 0.63%             | 2029-06-01      | Fixed         | 5.40%                 | 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      | $2512572.72   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                              | Caterpillar, Inc.                                                   | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      8592 | NS      | $6087088.32   | 1.50%             |  |  |  | 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      | $1319653.14   | 0.33%             | 2038-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                | Chevron Corporation                                                 | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23021 | NS      | $4763044.90   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc                   | Coca-Cola Consolidated, Inc.                                        | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      5839 | NS      | $1119569.86   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                          | Comcast Corporation 5.30%, due 05/15/2035                           | CUSIP: 20030NEP2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018148.39   | 0.25%             | 2035-05-15      | Fixed         | 5.30%                 | 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      | $4072547.96   | 1.01%             | 2034-04-11      | Fixed         | 5.10%                 | 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      | $2036534.40   | 0.50%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Enova International Inc.                     | Enova International, Inc.                                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     30563 | NS      | $4151372.29   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Exchange Traded Concepts Trust               | Range Nuclear Renaissance Index ETF                                 | CUSIP: 301505475<br>LEI: 549300TXJW88BSB0KL90 | Long             | EC               | RF                | US        |      7591 | NS      | $499260.07    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corporation                                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     20808 | NS      | $3530285.28   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc. Class A                                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      6405 | NS      | $3664492.65   | 0.91%             |  |  |  | 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      | $2469753.73   | 0.61%             | 2026-09-17      | Fixed         | 1.02%                 | 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      | $2504620.85   | 0.62%             | 2029-06-26      | Fixed         | 5.00%                 | No            |                  2 | 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      | $5691843.03   | 1.41%             | 2026-11-06      | Fixed         | 2.75%                 | No            |                  2 | 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        |   2500000 | PA      | $2484972.13   | 0.61%             | 2030-10-02      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                    | Federal Farm Credit Bank 4.78%, due 10/29/2035                      | CUSIP: 3133ETP35<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $990677.89    | 0.24%             | 2035-10-29      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.             | Federal Home Loan Mortgage Corp. 4.07%, Due 12/17/2030              | CUSIP: 3134HCKB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1982178.94   | 0.49%             | 2030-12-17      | Fixed         | 4.07%                 | 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        |    156609 | PA      | $151994.87    | 0.04%             | 2047-05-25      | Fixed         | 3.50%                 | No            |                  2 | 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        |   2066689 | PA      | $2016759.86   | 0.50%             | 2033-09-01      | Fixed         | 3.50%                 | 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        |   9777989 | PA      | $8278363.93   | 2.05%             | 2057-01-01      | Fixed         | 2.50%                 | 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        |   7394790 | PA      | $7394789.50   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                              | Fox Corporation                                                     | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     16459 | NS      | $873972.90    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                                 | General Electric Company                                            | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      4150 | NS      | $1177645.50   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds                               | GLOBAL X DEFENSE TECH ETF                                           | CUSIP: 37960A529<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |     35150 | NS      | $2490026.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                    | Goldman Sachs Group, Inc. (The)                                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      4377 | NS      | $3702898.23   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                    | Goldman Sachs Group Inc 5.00%, Due 02/27/2034                       | CUSIP: 38151FU43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $970424.84    | 0.24%             | 2034-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                    | Goldman Sachs Group Inc 4.80%, Due 02/11/2033                       | CUSIP: 38151FUB7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988819.75    | 0.24%             | 2033-02-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                              | Home Depot, Inc. (The)                                              | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     10265 | NS      | $3376055.85   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                              | Iberdrola S.A. ADR                                                  | CUSIP: 450737101<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     22276 | NS      | $2054738.24   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc              | Installed Building Products, Inc.                                   | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      4868 | NS      | $1290750.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corporation                         | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3177 | NS      | $770073.03    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Gold Trust                           | iShares Gold Trust                                                  | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |    144217 | NS      | $12714170.72  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | iShares MSCI Emerging Markets ETF                                   | CUSIP: 464287234<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     16305 | NS      | $925960.95    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | iShares MSCI EAFE ETF                                               | CUSIP: 464287465<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     37518 | NS      | $3644123.34   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | iShares Russell 2000 ETF                                            | CUSIP: 464287655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     25000 | NS      | $6200000.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Silver Trust                         | iShares Silver Trust                                                | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |     25544 | NS      | $1740568.16   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Company                                            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     27545 | NS      | $8102637.20   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                    | Jabil, Inc.                                                         | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     19148 | NS      | $5086283.24   | 1.26%             |  |  |  | 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      | $2005247.14   | 0.50%             | 2027-07-29      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                | Jefferies Fin Group Inc 7.00%, due 03/31/2046                       | CUSIP: 47233WLZ0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991986.08    | 0.25%             | 2046-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     10625 | NS      | $2597175.00   | 0.64%             |  |  |  | No            |                  1 | 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      | $964566.00    | 0.24%             | 2040-11-01      | Fixed         | 5.12%                 | 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      | $979601.72    | 0.24%             | 2035-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Company                                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4540 | NS      | $4175755.80   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                               | M/I Homes, Inc.                                                     | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     17000 | NS      | $2081650.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                      | Mastercard, Inc. Class A                                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      7248 | NS      | $3621535.68   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated            | McCormick & Co 4.7%  10/15/2034                                     | CUSIP: 579780AU1<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2385635.08   | 0.59%             | 2034-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corporation                                              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     13918 | NS      | $4325575.22   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corp Bond 6.3% 10/15/2037 .                              | CUSIP: 58013MEC4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1096122.37   | 0.27%             | 2037-10-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                               | McKesson Corporation                                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1709 | NS      | $1478900.24   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     30708 | NS      | $11367180.36  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc.                  | Mondelez International 4.25%, Due 05/06/2028                        | CUSIP: 609207BF1<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1995974.30   | 0.49%             | 2028-05-06      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | MORGAN STANLEY 5.32% Due 07/19/2035                                 | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2508670.55   | 0.62%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Nelnet Inc.                                  | Nelnet, Inc. Class A                                                | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |     15000 | NS      | $1934400.00   | 0.48%             |  |  |  | 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      | $981110.36    | 0.24%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corporation                                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     53642 | NS      | $9355164.80   | 2.31%             |  |  |  | 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      | $992182.48    | 0.25%             | 2026-10-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                     | Procter & Gamble Company (The)                                      | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      7104 | NS      | $1026101.76   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage Operating Co.                 | Public Storage Operating Co PSA 4.375  07/01/30                     | CUSIP: 74464AAC5<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2496669.83   | 0.62%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                    | RTX Corporation                                                     | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      3902 | NS      | $752695.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation                | Regions Financial Corporation                                       | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     83675 | NS      | $2185591.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System, Inc.                           | Ryder System, Inc.                                                  | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      2268 | NS      | $464282.28    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corporation                  | Southern Copper Corporation                                         | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      5957 | NS      | $1024997.47   | 0.25%             |  |  |  | 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      | $2006609.16   | 0.50%             | 2026-08-03      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                         | Steel Dynamics, Inc.                                                | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      3717 | NS      | $669060.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                       | TJX Companies, Inc. (The)                                           | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     15000 | NS      | $2395500.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                              | T-Mobile US, Inc.                                                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     10485 | NS      | $2202164.55   | 0.54%             |  |  |  | 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      | $1194315.30   | 0.30%             |  |  |  | No            |                  1 | 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      | $2026723.94   | 0.50%             | 2034-06-13      | Fixed         | 5.10%                 | 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      | $2586592.55   | 0.64%             | 2035-08-01      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Ulta Beauty Inc                              | Ulta Beauty, Inc.                                                   | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1828 | NS      | $955513.88    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                         | United Rentals, Inc.                                                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      4060 | NS      | $2957953.60   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | U.S. Treasury Bill 0.000%, Due 06/18/2026                           | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4961032.50   | 1.23%             | 2026-06-18      | None          | 0.00%                 | No            |                  2 | 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      | $15572460.90  | 3.85%             | 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      | $21253125.00  | 5.25%             | 2031-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| 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      | $4990625.00   | 1.23%             | 2038-02-15      | Fixed         | 4.38%                 | 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        |   5000000 | PA      | $4838085.95   | 1.20%             | 2044-11-15      | Fixed         | 4.62%                 | 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      | $9825781.20   | 2.43%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | 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      | $9842968.80   | 2.43%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | 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      | $15158203.20  | 3.75%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | 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        |  10000000 | PA      | $10033300.80  | 2.48%             | 2026-11-30      | Fixed         | 4.25%                 | 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        |   7500000 | PA      | $7480078.13   | 1.85%             | 2035-05-15      | Fixed         | 4.25%                 | 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      | $2001566.36   | 0.49%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                          | Valero Energy Corporation                                           | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     10032 | NS      | $2478706.56   | 0.61%             |  |  |  | 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        |     30948 | NS      | $1672739.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart, Inc.                                                       | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     61285 | NS      | $7616499.80   | 1.88%             |  |  |  | No            |                  1 | 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      | $2084748.02   | 0.52%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Digital Corp.                        | Western Digital Corporation                                         | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      4483 | NS      | $1212606.67   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp.                                | Winmark Corporation                                                 | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       534 | NS      | $228311.70    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca plc                                                     | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      8125 | NS      | $1602412.50   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                        | Eaton Corp plc                                                      | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      8845 | NS      | $3163591.15   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                    | Linde plc                                                           | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |      2309 | NS      | $1144709.84   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                     | Nova Ltd.                                                           | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     14166 | NS      | $6152010.48   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                            | ASML Holding N.V.                                                   | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      2049 | NS      | $2706380.67   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** Lesley Ott

**Signature:** Lesley Ott

**Name of Signer:** Lesley Ott

**Title:** Chief Compliance Officer