# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0001752724-23-046788
**Filing Date:** 2023-2
**Character Count:** 48557
**Document Hash:** 25d3a95488a650f73ea5a7e3f7d5e9e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046788.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046788

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JAMES ADVANTAGE FUNDS
- **CENTRAL INDEX KEY:** 0001045487
- **IRS NUMBER:** 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:** 23683107

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 225 Pictoria Drive

  - **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:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $445238018.31

**Total Liabilities:** $1095671.86

**Net Assets:** $444142346.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 240.39089100 | **1-Year:** 6416.62329500 | **5-Year:** 9524.81841100 | **10-Year:** 13836.33387400 | **30-Year:** 1376.75931600

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075008 | 3.58%                | 3.46%                | -2.31%               |
| Class ID C000009900 | 3.59%                | 3.46%                | -2.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $61391.31                | $58516474.44                               |
| Month 3  | $3338284.56              | $-14813106.19                              |

### Schedule of Portfolio Investments

| Name                                           | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury Notes                   | U.S. Treasury Notes 2.375%, Due 05/15/2027                       | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $13984570.35  | 3.15%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc                                 | Home Depot, Inc. (The)                                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     17618 | NS      | $5564821.48   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart, Inc.                                                    | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     30000 | NS      | $4253700.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. (The)                                  | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5424 | NS      | $1862493.12   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson                                                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     14030 | NS      | $2478399.50   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                   | US Treasury Bond 1.375% DUE 06/30/2023                           | CUSIP: 912828S35<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4921289.05   | 1.11%             | 2023-06-30      | Fixed         | 1.38%                 | No            |                  2 | 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      | $2219450.78   | 0.50%             | 2026-09-17      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                                | BlackRock, Inc.                                                  | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |      3164 | NS      | $2242105.32   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                    | PepsiCo, Inc.                                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      6028 | NS      | $1089018.48   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BEAVERCREEK OHIO CITY SCH DIST                 | Beavercreek, Ohio School District 2.25%, Due 12/01/2036          | CUSIP: 07539PCZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7450000 | PA      | $6968432.00   | 1.57%             | 2036-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Invesco Actively Managed Exchange-Traded Fd Tr | Invesco Actively Managed ETF                                     | CUSIP: 46090A879<br>LEI: 549300S7YWBLZ3UGI217 | Long             | EC               | RF                | US        |      4000 | NS      | $98840.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                    | AbbVie, Inc.                                                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     14792 | NS      | $2390535.12   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                   | U.S. Treasury Notes 2.000%, Due 08/15/2025                       | CUSIP: 912828K74<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $28327734.30  | 6.38%             | 2025-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. 3.500%, due 04/01/2025                 | CUSIP: 38141GXJ8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $961642.40    | 0.22%             | 2025-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                            | Abbott Laboratories                                              | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     27000 | NS      | $2964330.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                   | U.S. Treasury Bill 0.000%, Due 03/09/2023                        | CUSIP: 912796YK9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4961692.90   | 1.12%             | 2023-03-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Technology Select Sector SPDR Fund (The)       | Technology Select Sector SPDR Fund (The)                         | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      8553 | NS      | $1064335.32   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | Northrop Grumman Corporation                                     | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      5575 | NS      | $3041775.75   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca plc ADR                                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | US        |     60273 | NS      | $4086509.40   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                          | Microsoft Corporation                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     43454 | NS      | $10421138.28  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                        | Mastercard, Inc. Class A                                         | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      6796 | NS      | $2363173.08   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal                               | Bank of Montreal 2.00%, Due 012/22/2026                          | CUSIP: 06368GC54<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2187584.80   | 0.49%             | 2026-12-22      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                      | Federal Farm Credit Bank 4.67%, Due 07/26/2023                   | CUSIP: 3133ENV98<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   5000000 | PA      | $4996017.85   | 1.12%             | 2023-07-26      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                    | Pfizer, Inc.                                                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     40000 | NS      | $2049600.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                  | Prologis, Inc. REIT                                              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     28096 | NS      | $3167262.08   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                | Ross Stores, Inc. 4.70%, Due 04/15/2027                          | CUSIP: 778296AC7<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983812.16    | 0.22%             | 2027-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation         | Federal Home Loan Mortgage Corp. 3.125%, Due 06/28/2024          | CUSIP: 3134GXYM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1946066.00   | 0.44%             | 2024-06-28      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                    | WAL-MART STORES, INC. 5.25%, DUE 09/01/2035                      | CUSIP: 931142CB7<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2097098.18   | 0.47%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association          | Federal National Mortgage Association 2.50%, Due 01/01/2057      | CUSIP: 3140FXFR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12045824 | PA      | $10203080.09  | 2.30%             | 2057-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Celanese Corporation                           | Celanese Corporation                                             | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |      4718 | NS      | $482368.32    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                  | Alphabet, Inc. Class A                                           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     80000 | NS      | $7058400.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II          | Invesco S&P SmallCap 600 Revenue ETF CORPORATE BOND ETF          | CUSIP: 46138G664<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     21956 | NS      | $2382884.68   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                        | Federal Home Loan Bank 0.85%, Due 10/15/2027                     | CUSIP: 3130AKBU9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2119905.53   | 0.48%             | 2027-10-15      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                        | Federal Home Loan Bank 2.875%, Due 06/13/2025                    | CUSIP: 3130A5R35<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9643383.70   | 2.17%             | 2025-06-13      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc                                 | Home Depot Inc 2.70% Due 4/01/2023                               | CUSIP: 437076AZ5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4976578.65   | 1.12%             | 2023-04-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                              | Intel Corp. 2.875%, Due 05/11/2024                               | CUSIP: 458140BD1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4870559.05   | 1.10%             | 2024-05-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.               | BP Capital Markets 4.234%, Due 11/06/2028                        | CUSIP: 10373QAE0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $968861.50    | 0.22%             | 2028-11-06      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                | Eli Lilly & Company                                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     15000 | NS      | $5487600.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                | T-Mobile USA, Inc.                                               | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      8916 | NS      | $1248240.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextera Energy Inc                             | NextEra Energy, Inc.                                             | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35719 | NS      | $2986108.40   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                      | Valero Energy Corporation                                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     10032 | NS      | $1272659.52   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                        | Federal Home Loan Bank 3.65%, Due 07/19/2024                     | CUSIP: 3130ASLH0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $984600.73    | 0.22%             | 2024-07-19      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Automatic Data Processing, Inc.                | ADP, Inc. 1.25%, Due 09/01/2030                                  | CUSIP: 053015AF0<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1563162.00   | 0.35%             | 2030-09-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Insight Enterprises Inc.                       | Insight Enterprises, Inc.                                        | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     36000 | NS      | $3609720.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Company              | Pioneer Natural Resources Company                                | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |      3332 | NS      | $760995.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Limited                                    | ABB Ltd. ADR                                                     | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     31656 | NS      | $964241.76    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                       | Nova Measuring Instruments Ltd.                                  | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | US        |     20812 | NS      | $1699924.16   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Incorporation                  | PayPal Holdings, Inc. 2.65%, due 10/01/2026                      | CUSIP: 70450YAD5<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $923229.49    | 0.21%             | 2026-10-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FIRST AMERN FDS INC                            | First American Treasury Obligations Fund Class X                 | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   8887834 | PA      | $8887833.57   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corporation                             | Ameren Corporation                                               | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     10422 | NS      | $926724.24    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                 | Citigroup Inc 3.875% DUE 03/26/2025                              | CUSIP: 172967JL6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1944533.62   | 0.44%             | 2025-03-26      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| McDonald's Corporation                         | McDonald's Corporation                                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     28718 | NS      | $7568054.54   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                           | United Rentals, Inc.                                             | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      3600 | NS      | $1279512.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                        | Federal Home Loan Bank 3.125%, Due 094/29/2025                   | CUSIP: 3130ARPL9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2407204.28   | 0.54%             | 2025-04-29      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                    | Bank of America Corporation 1.25%, due 09/24/2026                | CUSIP: 06048WP20<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1710564.12   | 0.39%             | 2026-09-24      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                               | Amazon.com, Inc.                                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     19420 | NS      | $1631280.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc.                    | LPL Financial Holdings, Inc.                                     | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     10000 | NS      | $2161700.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group                                     | CBRE Group, Inc.                                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     12689 | NS      | $976545.44    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                          | Eaton Corporation plc                                            | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |     19768 | NS      | $3102587.60   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                            | Chevron Corporation                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48515 | NS      | $8707957.35   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                              | Nucor Corporation                                                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      3698 | NS      | $487433.38    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                  | ISHARES FLOATING RATE BOND ETF                                   | CUSIP: 46429B655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    100000 | NS      | $5033000.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                            | Fifth Third Bancorp                                              | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     45482 | NS      | $1492264.42   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                      | Linde plc                                                        | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | US        |      1757 | NS      | $573098.26    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association          | Federal National Mortgage Association Floater, Due 05/25/2047    | CUSIP: 3136B0KE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    298311 | PA      | $279975.18    | 0.06%             | 2047-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | U.S. Treasury Notes 1.50%, Due 02/28/2023                        | CUSIP: 912828P79<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19908183.80  | 4.48%             | 2023-02-28      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                     | Apple, Inc.                                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     52938 | NS      | $6878234.34   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson 1.30%, Due 09/01/2030                          | CUSIP: 478160CQ5<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4030655.55   | 0.91%             | 2030-09-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                | Caterpillar, Inc.                                                | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     11700 | NS      | $2802852.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc.                                    | Nelnet, Inc. Class A                                             | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |     17630 | NS      | $1599922.50   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                      | Union Pacific Corporation                                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      8562 | NS      | $1772933.34   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Farm Credit Banks                      | Federal Farm Credit Bank 5.57%, Due 11/14/2025                   | CUSIP: 3133ENZ86<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   2500000 | PA      | $2496671.33   | 0.56%             | 2025-11-14      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | U.S. Treasury Notes 2.75%, due 02/15/2028                        | CUSIP: 9128283W8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $28208203.20  | 6.35%             | 2028-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Deere & Company                                | Deere & Company                                                  | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      8500 | NS      | $3644460.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                        | UnitedHealth Group, Inc.                                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     12258 | NS      | $6498946.44   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                        | FEDERAL HOME LOAN BANK 4.05% due 7/28/2025                       | CUSIP: 3130ASNS4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1954002.74   | 0.44%             | 2025-07-28      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Vanguard Index Fds                             | Vanguard Small-Cap Value ETF                                     | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     36000 | NS      | $5716800.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                     | Avery Dennison Corporation                                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      8000 | NS      | $1448000.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                              | Sysco Corporation                                                | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     35125 | NS      | $2685306.25   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                              | ASML Holding N.V. - NY Registry Shares                           | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      3597 | NS      | $1965400.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                    | Bank of America Corporation 5.00%, due 06/22/2027                | CUSIP: 06048WW63<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $972752.43    | 0.22%             | 2027-06-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                        | Federal Home Loan Bank 3.00%, Due 12/30/2024                     | CUSIP: 3130ASCH0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $965945.30    | 0.22%             | 2024-12-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                             | ConocoPhillips                                                   | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      5300 | NS      | $625400.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TD Synnex Corp                                 | SYNNEX Corporation                                               | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     10114 | NS      | $957896.94    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                  | ISHARES INTERMEDIATE CREDIT                                      | CUSIP: 464288638<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     25000 | NS      | $1237750.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corporation                            | Danaher Corporation                                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      9000 | NS      | $2388780.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                               | Arthur J. Gallagher & Company                                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     12488 | NS      | $2354487.52   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Company                                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     40500 | NS      | $5431050.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                         | Sempra Energy                                                    | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     19450 | NS      | $3005803.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                  | iShares Russell 2000 Index Fund                                  | CUSIP: 464287655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     30000 | NS      | $5230800.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Gold Trust                             | iShares COMEX Gold Trust                                         | CUSIP: 464285204<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    209455 | NS      | $7245048.45   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                   | U.S. Treasury Bill 0.000%, Due 04/06/2023                        | CUSIP: 912796YN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $989150.00    | 0.22%             | 2023-04-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Target Corporation                             | Target Corporation                                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      9835 | NS      | $1465808.40   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                           | Elevance Health Incorporated                                     | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      3467 | NS      | $1778466.99   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                   | U.S. Treasury Notes 0.25%, Due 03/15/2024                        | CUSIP: 91282CBR1<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  15000000 | PA      | $14220117.15  | 3.20%             | 2024-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                     | American Tower Corporation                                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      5946 | NS      | $1259719.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                   | Thermo Fisher Scientific, Inc.                                   | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      6000 | NS      | $3304140.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                        | Federal Home Loan Bank 0.58%, Due 09/11/2025                     | CUSIP: 3130AK4T0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1797881.64   | 0.40%             | 2025-09-11      | Fixed         | 0.58%                 | No            |                  2 | On Loan: No      |
| Nestle SA                                      | Nestle S.A. ADR                                                  | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     16300 | NS      | $1880042.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                   | NVIDIA Corporation                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     13039 | NS      | $1905519.46   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                         | TJX Companies, Inc. (The)                                        | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      7051 | NS      | $561259.60    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.         | CITIGROUP, INC. 3.0%, DUE 03/28/2024                             | CUSIP: 17329FXG4<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2385353.03   | 0.54%             | 2024-03-28      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | US Treasury Inflation Indexed 0.625%, Due 04/15/23               | CUSIP: 9128284H0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $17812718.12  | 4.01%             | 2023-04-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                       | AT&T, Inc. 2.95%, Due 07/15/2026                                 | CUSIP: 00206RHV7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $930454.47    | 0.21%             | 2026-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings Inc.         | CITIGROUP, INC. 0.75%, DUE 06/07/2024                            | CUSIP: 17329FXG4<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1869217.20   | 0.42%             | 2024-06-07      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                     | Apple, Inc. 2.05%, Due 9/11/2026                                 | CUSIP: 037833DN7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2281982.70   | 0.51%             | 2026-09-11      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                      | Federal Farm Credit Bank 0.67%, Due 08/04/2025                   | CUSIP: 3133EL2S2<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $1810497.62   | 0.41%             | 2025-08-04      | Fixed         | 0.67%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Company                   | Procter & Gamble Company (The)                                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     31100 | NS      | $4713516.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Financial Services Corporation     | CATERPILLAR FINANCIAL SERVICES CORPORATION 8.25%, Due 12/15/2038 | CUSIP: 14912L6T3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1247863.64   | 0.28%             | 2038-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Enphase Energy Inc                             | ENPHASE ENERGY, INC.                                             | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      3356 | NS      | $889205.76    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International, Incorporation             | Enova International, Inc.                                        | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     63000 | NS      | $2417310.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Farm Credit Banks                      | Federal Farm Credit Bank 2.75%, Due 11/06/2026                   | CUSIP: 3133EFNH6<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   5725000 | PA      | $5456524.87   | 1.23%             | 2026-11-06      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc.                        | Berkshire Hathaway, Inc. Class B                                 | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      7007 | NS      | $2164462.30   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association          | Federal National Mortgage Association 3.50%, Due 09/01/2033      | CUSIP: 3138X5R82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3435239 | PA      | $3292462.58   | 0.74%             | 2033-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.               | American Electric Power Company, Inc.                            | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     28200 | NS      | $2677590.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                   | U.S. Treasury Bonds 3.125%, due 05/15/2048                       | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4202148.45   | 0.95%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Accenture PLC                                  | Accenture plc Class A                                            | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5983 | NS      | $1596503.72   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** JAMES ADVANTAGE FUNDS

**Signature:** Lesley Ott

**Name of Signer:** Lesley Ott

**Title:** Chief Compliance Officer