# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0001580642-26-001702
**Filing Date:** 2026-3
**Character Count:** 135046
**Document Hash:** 2b03b651da51f55f57bbbf381d74ab71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001702.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001702

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08411
- **FILM NUMBER:** 26737754

**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           |

### James Small Cap Fund (Series ID: S000003563)

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

### JAMES MICRO CAP FUND (Series ID: S000029269)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000090023 | JAMES MICRO CAP FUND | JMCRX           |

### James Aggressive Allocation Fund (Series ID: S000049901)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000157576 | James Aggressive Allocation Fund | JAVAX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-08411</u>

**<u>James Advantage Funds</u>**

(Exact name of registrant as specified in charter)

<u>1349 Fairground Road&nbsp;&nbsp;&nbsp;&nbsp; Xenia, Ohio</u> <u>45385</u> <br> (Address of principal executive offices) (Zip code)

R. Brian Culpepper

<u>P.O. Box 8&nbsp;&nbsp;&nbsp;&nbsp; Alpha, Ohio 45301</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(937) 426-7640</u>

Date of fiscal year end: <u>June, 30</u> <br>Date of reporting period: <u>December 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) # James Balanced: Golden Rainbow Fund

# Retail Class (GLRBX)

# Semi-Annual Shareholder Report - December 31, 2025
![Image](i2d7451cdf62a6e5d7183b9b7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about James Balanced: Golden Rainbow Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.jamesfunds.com/forms-and-reports.php**. You can also request this information by contacting us at (800) 995-2637.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Retail Class | $65 | 1.23% |

---

### **Fund Statistics** 
* Net Assets$416,473,170

* Number of Portfolio Holdings104

* Total Advisory Fees Paid $1,557,751

* Portfolio Turnover6%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i84e11e5a823713b6a3a12959.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 47.2% |
| Corporate Bonds | 11.7% |
| Exchange-Traded Funds | 7.4% |
| Money Market Funds | 1.2% |
| Mortgage-Backed Securities | 2.6% |
| U.S. Government & Agencies | 3.4% |
| U.S. Treasury Obligations | 26.5% |

---

### What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib6c522e456e5d41d70a27fe8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Materials | 0.6% |
| Utilities | 1.0% |
| Money Market Funds | 1.2% |
| Energy | 1.6% |
| Consumer Staples | 2.5% |
| Mortgage-Backed Securities | 2.6% |
| U.S. Government & Agencies | 3.4% |
| Industrials | 3.7% |
| Health Care | 3.7% |
| Communication Services | 4.8% |
| Consumer Discretionary | 4.9% |
| Exchange-Traded Funds | 7.4% |
| Financials | 8.7% |
| Corporate Bonds | 11.6% |
| Information Technology | 15.1% |
| U.S. Treasury Obligations | 26.4% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 5.375%, due 02/15/31 | 5.2% |
| U.S. Treasury Bonds, 5.500%, due 08/15/28 | 3.8% |
| iShares Gold Trust | 3.8% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 3.7% |
| Microsoft Corporation | 3.6% |
| Apple, Inc. | 3.3% |
| Alphabet, Inc. - Class A | 2.8% |
| NVIDIA Corporation | 2.6% |
| U.S. Treasury Notes, 4.250%, due 11/30/26 | 2.4% |
| U.S. Treasury Bill, 3.641%, due 01/22/26 | 2.4% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i2d7451cdf62a6e5d7183b9b7.jpg)

# James Balanced: Golden Rainbow Fund - Retail Class (GLRBX)

# Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.jamesfunds.com/forms-and-reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-GLRBX

# James Balanced: Golden Rainbow Fund

# Institutional Class (GLRIX)

# Semi-Annual Shareholder Report - December 31, 2025
![Image](i2d7451cdf62a6e5d7183b9b7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about James Balanced: Golden Rainbow Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.jamesfunds.com/forms-and-reports.php**. You can also request this information by contacting us at (800) 995-2637.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $52 | 0.98% |

---

### **Fund Statistics** 
* Net Assets$416,473,170

* Number of Portfolio Holdings104

* Total Advisory Fees Paid $1,557,751

* Portfolio Turnover6%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i84e11e5a823713b6a3a12959.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 47.2% |
| Corporate Bonds | 11.7% |
| Exchange-Traded Funds | 7.4% |
| Money Market Funds | 1.2% |
| Mortgage-Backed Securities | 2.6% |
| U.S. Government & Agencies | 3.4% |
| U.S. Treasury Obligations | 26.5% |

---

### What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib6c522e456e5d41d70a27fe8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Materials | 0.6% |
| Utilities | 1.0% |
| Money Market Funds | 1.2% |
| Energy | 1.6% |
| Consumer Staples | 2.5% |
| Mortgage-Backed Securities | 2.6% |
| U.S. Government & Agencies | 3.4% |
| Industrials | 3.7% |
| Health Care | 3.7% |
| Communication Services | 4.8% |
| Consumer Discretionary | 4.9% |
| Exchange-Traded Funds | 7.4% |
| Financials | 8.7% |
| Corporate Bonds | 11.6% |
| Information Technology | 15.1% |
| U.S. Treasury Obligations | 26.4% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 5.375%, due 02/15/31 | 5.2% |
| U.S. Treasury Bonds, 5.500%, due 08/15/28 | 3.8% |
| iShares Gold Trust | 3.8% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 3.7% |
| Microsoft Corporation | 3.6% |
| Apple, Inc. | 3.3% |
| Alphabet, Inc. - Class A | 2.8% |
| NVIDIA Corporation | 2.6% |
| U.S. Treasury Notes, 4.250%, due 11/30/26 | 2.4% |
| U.S. Treasury Bill, 3.641%, due 01/22/26 | 2.4% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i2d7451cdf62a6e5d7183b9b7.jpg)

# James Balanced: Golden Rainbow Fund - Institutional Class (GLRIX)

# Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.jamesfunds.com/forms-and-reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-GLRIX

# James Small Cap Fund
(JASCX)

# Semi-Annual Shareholder Report - December 31, 2025
![Image](i9d980cf61d285c46211e22b0.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about James Small Cap Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.jamesfunds.com/forms-and-reports.php**. You can also request this information by contacting us at (800) 995-2637.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| James Small Cap Fund | $79 | 1.50% |

---

### **Fund Statistics** 
* Net Assets$73,883,302

* Number of Portfolio Holdings94

* Total Advisory Fees Paid (net of waivers)$434,969

* Portfolio Turnover4%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i898b35277927aa3b87d1a951.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.5% |
| Money Market Funds | 3.5% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i4ac4423ba860f8c1d435c4f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.7% |
| Utilities | 2.8% |
| Money Market Funds | 3.5% |
| Materials | 3.7% |
| Energy | 3.8% |
| Consumer Staples | 4.4% |
| Real Estate | 7.4% |
| Information Technology | 9.9% |
| Industrials | 11.1% |
| Health Care | 11.9% |
| Consumer Discretionary | 14.2% |
| Financials | 26.7% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Enova International, Inc. | 4.8% |
| Brinker International, Inc. | 3.8% |
| Evercore, Inc. - Class A | 3.7% |
| Piper Sandler Companies | 3.2% |
| MGIC Investment Corporation | 2.1% |
| Coca-Cola Consolidated, Inc. | 2.1% |
| Warrior Met Coal, Inc. | 1.9% |
| Radian Group, Inc. | 1.8% |
| PC Connection, Inc. | 1.8% |
| Patrick Industries, Inc. | 1.7% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i9d980cf61d285c46211e22b0.jpg)

# James Small Cap Fund (JASCX)

# Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.jamesfunds.com/forms-and-reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-JASCX

# James Micro Cap Fund
(JMCRX)

# Semi-Annual Shareholder Report - December 31, 2025
![Image](i9133ed11e38f8a7462e465e0.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about James Micro Cap Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.jamesfunds.com/forms-and-reports.php**. You can also request this information by contacting us at (800) 995-2637.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| James Micro Cap Fund | $78 | 1.50% |

---

### **Fund Statistics** 
* Net Assets$26,976,354

* Number of Portfolio Holdings78

* Total Advisory Fees Paid $201,425

* Portfolio Turnover12%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i98b0835b71656b6d36f3075b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 93.2% |
| Exchange-Traded Funds | 5.0% |
| Money Market Funds | 1.8% |
| Right | 0.0% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i79b5a478e9188a72bafa2331.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.2% |
| Utilities | 0.9% |
| Money Market Funds | 1.8% |
| Energy | 2.7% |
| Materials | 4.3% |
| Consumer Staples | 4.9% |
| Exchange-Traded Funds | 5.0% |
| Consumer Discretionary | 9.7% |
| Industrials | 12.0% |
| Information Technology | 14.0% |
| Health Care | 16.5% |
| Financials | 28.2% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Enova International, Inc. | 6.6% |
| iShares Russell Micro-Cap ETF | 5.1% |
| Nova Ltd. | 4.8% |
| United States Lime & Minerals, Inc. | 3.5% |
| Merchants Bancorp | 2.9% |
| Piper Sandler Companies | 2.9% |
| Donnelley Financial Solutions, Inc. | 2.9% |
| OFG Bancorp | 2.9% |
| Federal Agricultural Mortgage Corporation - Class C | 2.9% |
| Nelnet, Inc. - Class A | 2.8% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i9133ed11e38f8a7462e465e0.jpg)

# James Micro Cap Fund (JMCRX)

# Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.jamesfunds.com/forms-and-reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-JMCRX

# James Aggressive Allocation Fund
(JAVAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](ic80172ab95b360dddf1e0d06.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about James Aggressive Allocation Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.jamesfunds.com/forms-and-reports.php**. You can also request this information by contacting us at (800) 995-2637.

## What were the Fund's annualized costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| James Aggressive Allocation Fund | $54 | 1.01% |

---

### **Fund Statistics** 
* Net Assets$28,369,894

* Number of Portfolio Holdings77

* Total Advisory Fees Paid $136,669

* Portfolio Turnover10%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icffaee26b0b225e8854ae4a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 80.5% |
| Corporate Bonds | 6.6% |
| Exchange-Traded Funds | 4.3% |
| Money Market Funds | 1.5% |
| U.S. Government & Agencies | 0.4% |
| U.S. Treasury Obligations | 6.7% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i6439c42dafc366c2a5c2089e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government & Agencies | 0.4% |
| Money Market Funds | 1.5% |
| Materials | 1.7% |
| Utilities | 1.9% |
| Real Estate | 2.1% |
| Consumer Staples | 3.9% |
| Energy | 4.1% |
| Exchange-Traded Funds | 4.3% |
| Industrials | 5.1% |
| Consumer Discretionary | 5.4% |
| Corporate Bonds | 6.6% |
| U.S. Treasury Obligations | 6.7% |
| Health Care | 7.3% |
| Communication Services | 10.0% |
| Financials | 14.6% |
| Information Technology | 24.3% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 4.9% |
| Alphabet, Inc. - Class A | 4.9% |
| Enova International, Inc. | 4.2% |
| Broadcom, Inc. | 3.7% |
| Apple, Inc. | 3.1% |
| Goldman Sachs Group, Inc. (The) | 2.8% |
| Microsoft Corporation | 2.8% |
| Meta Platforms, Inc. - Class A | 2.6% |
| JPMorgan Chase & Company | 2.3% |
| Cadence Design Systems, Inc. | 2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](ic80172ab95b360dddf1e0d06.jpg)

# James Aggressive Allocation Fund (JAVAX)

# Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.jamesfunds.com/forms-and-reports.php**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-JAVAX

(b) Not applicable

**Item 2.** **Code of Ethics.**

Not applicable.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

(a) The Registrant's schedule of
 investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ![](img_001.jpg)

![](img_002.jpg)

Semi-Annual Financial Statements and Additional Information

December 31, 2025

James Balanced: Golden Rainbow Fund

James Small Cap Fund

James Micro Cap Fund

James Aggressive Allocation Fund

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Balanced: Golden Rainbow Fund | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Small Cap Fund | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Micro Cap Fund | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Aggressive Allocation Fund | 14 |
| **Statements of Assets and Liabilities** | 18 |
| **Statements of Operations** | 19 |
| **Statements of Changes in Net Assets** | 20 |
| **Financial Highlights** | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Balanced: Golden Rainbow Fund – Retail Class | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Balanced: Golden Rainbow Fund – Institutional Class | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Small Cap Fund | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Micro Cap Fund | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Aggressive Allocation Fund | 28 |
| **Notes to Financial Statements** | 29 |
| **Additional Information** | 37 |

---

<u>James Balanced: Golden Rainbow Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 47.1%** |  |  |
| **Communication Services - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 37159 | $11630767 |
| &nbsp;&nbsp;&nbsp;Fox Corporation - Class B | 16459 | 1068683 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 6405 | 4227876 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 15000 | 3045600 |
|  |  | 19972926 |
| **Consumer Discretionary - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 28989 | 6691241 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation <sup>(a)</sup> | 9987 | 1035352 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 10265 | 3532187 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 17000 | 2175150 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | 15786 | 4824675 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 15000 | 2304150 |
|  |  | 20562755 |
| **Consumer Staples - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 3452 | 1907955 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 5839 | 895119 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 7104 | 1018074 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 61285 | 6827762 |
|  |  | 10648910 |
| **Energy - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation | 20000 | 3048200 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 15605 | 1877906 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corporation | 10032 | 1633109 |
|  |  | 6559215 |
| **Financials - 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | 9295 | 2405453 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 24149 | 1630540 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 7007 | 3522069 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1642 | 1757498 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 49844 | 7835477 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 4377 | 3847383 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 30926 | 9964977 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corporation | 31967 | 934076 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | 15000 | 1994400 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corporation | 89093 | 2414420 |
|  |  | 36306293 |
| **Health Care - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 19650 | 2461949 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 13000 | 2970370 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | 16251 | 1493954 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Company | 4540 | 4879046 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 10625 | 2198844 |
| &nbsp;&nbsp;&nbsp;McKesson Corporation | 1709 | 1401876 |
|  |  | 15406039 |
| **Industrials - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 36350 | 2688810 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 9252 | 5300193 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 8845 | 2817220 |
| &nbsp;&nbsp;&nbsp;General Electric Company | 4150 | 1278325 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 4060 | 3285839 |
|  |  | 15370387 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 3

<u>James Balanced: Golden Rainbow Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Information Technology - 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 50105 | $13621545 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 2049 | 2192143 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 16803 | 5815518 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 19148 | 4366127 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 9000 | 5137920 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 30708 | 14851004 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 14166 | 4651973 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corporation | 59028 | 11008723 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3534 | 1073947 |
|  |  | 62718900 |
| **Materials - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Linde plc | 2309 | 984534 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corporation | 5907 | 847477 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 3717 | 629846 |
|  |  | 2461857 |
| **Real Estate - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 12898 | 2073869 |
| **Utilities - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 19082 | 2200346 |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 22276 | 1924646 |
|  |  | 4124992 |
| **Total Common Stocks** |  |  |
| (Cost $72,029,995) |  | $196206143 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Defense Tech ETF | 32502 | $2105804 |
| &nbsp;&nbsp;&nbsp;iShares Gold Trust <sup>(a)</sup> | 193533 | 15709074 |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF | 35600 | 3418668 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 25000 | 6154000 |
| &nbsp;&nbsp;&nbsp;iShares Silver Trust <sup>(a)</sup> | 28989 | 1867471 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | 27506 | 1478723 |
| **Total Exchange-Traded Funds** |  |  |
| (Cost $15,512,635) |  | $30733740 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **CORPORATE BONDS - 11.6%** |  |  |
| **Communication Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 11/15/27 | $2000000 | $2046254 |
| &nbsp;&nbsp;&nbsp;5.300%, due 05/15/35 | 1000000 | 1022462 |
|  |  | 3068716 |
| **Consumer Staples - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;McCormick & Company, 4.700%, due 10/15/34 | 2500000 | 2463358 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation, 6.300%, due 10/15/37 | 1000000 | 1111544 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., 4.000%, due 03/01/26 | 1500000 | 1499572 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc., 5.250%, due 09/01/35 | 2000000 | 2116012 |
|  |  | 7190486 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 4 www.jamesinvestment.com

<u>James Balanced: Golden Rainbow Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Energy - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.550%, due 05/15/34 | $2000000 | $2055313 |
| **Financials - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company, 5.750%, due 07/15/54 | 2000000 | 1966254 |
| &nbsp;&nbsp;&nbsp;Bank of America Corporation, 1.250%, due 09/24/26 | 2000000 | 1961518 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corporation, 5.100%, due 04/11/34 | 4000000 | 4136201 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company, 4.800%, due 07/29/27 | 2000000 | 2013199 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.320%, due 07/19/35 <sup>(b)</sup> | 2500000 | 2573504 |
| &nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | 2000000 | 2012714 |
|  |  | 14663390 |
| **Health Care - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | 1000000 | 1033400 |
| &nbsp;&nbsp;&nbsp;CVS Health Corporation, 5.400%, due 06/01/29 | 2500000 | 2589239 |
| &nbsp;&nbsp;&nbsp;UC Health, LLC, 5.858%, due 08/01/35 | 2500000 | 2613128 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 5.000%, due 04/15/34 | 2000000 | 2032270 |
|  |  | 8268037 |
| **Industrials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc., 8.250%, due 12/15/38 | 1000000 | 1299217 |
| &nbsp;&nbsp;&nbsp;Trane Technologies Financing Ltd., 5.100%, due 06/13/34 | 2000000 | 2047351 |
|  |  | 3346568 |
| **Information Technology - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc., 2.050%, due 09/11/26 | 2500000 | 2471991 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc., 2.650%, due 10/01/26 | 1000000 | 991207 |
|  |  | 3463198 |
| **Materials - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc., 4.850%, due 02/08/34 | 1000000 | 1016673 |
| **Real Estate - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | 1000000 | 995722 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating Company, 4.375%, due 07/01/30 | 2500000 | 2520403 |
|  |  | 3516125 |
| **Utilities - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky Utilities Company, 5.125%, due 11/01/40 | 1000000 | 979770 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 1.875%, due 01/15/27 | 1000000 | 978847 |
|  |  | 1958617 |
| **Total Corporate Bonds** |  |  |
| (Cost $47,546,837) |  | $48547123 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 5

<u>James Balanced: Golden Rainbow Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **MORTGAGE-BACKED SECURITIES - 2.6%** |  |  |
| **Federal National Mortgage Association - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/33 | $2140976 | $2099416 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/25/47 | 167628 | 163172 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/57 | 9950630 | 8469067 |
| **Total Mortgage-Backed Securities** |  |  |
| (Cost $11,925,982) |  | $10731655 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **U.S. GOVERNMENT & AGENCIES - 3.4%** |  |  |
| **Federal Farm Credit Bank - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank, |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 11/06/26 | $5725000 | $5688616 |
| &nbsp;&nbsp;&nbsp;4.210%, due 10/02/30 | 2500000 | 2499616 |
| &nbsp;&nbsp;&nbsp;4.780%, due 10/29/35 | 1000000 | 997720 |
|  |  | 9185952 |
| **Federal Home Loan Bank - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank, |  |  |
| &nbsp;&nbsp;&nbsp;1.020%, due 09/17/26 | 2500000 | 2454999 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/26/29 | 2500000 | 2516435 |
|  |  | 4971434 |
| **Total U.S. Government & Agencies** |  |  |
| (Cost $14,218,033) |  | $14157386 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 26.4%** |  |  |
| **U.S. Treasury Bills <sup>(b)</sup> - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;3.641%, due 01/22/26 | $10000000 | $9980259 |
| **U.S. Treasury Bonds - 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/28 | 15000000 | 15740625 |
| &nbsp;&nbsp;&nbsp;5.375%, due 02/15/31 | 20000000 | 21502344 |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/38 | 5000000 | 5044336 |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/44 | 5000000 | 4899609 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | 10000000 | 9949219 |
|  |  | 57136133 |
| **U.S. Treasury Notes - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | 10000000 | 10061263 |
| &nbsp;&nbsp;&nbsp;2.375%, due 05/15/27 | 10000000 | 9849219 |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | 15000000 | 15328711 |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | 7500000 | 7562109 |
|  |  | 42801302 |
| **Total U.S. Treasury Obligations** |  |  |
| (Cost $108,477,641) |  | $109917694 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 6 www.jamesinvestment.com

<u>James Balanced: Golden Rainbow Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund - Class X, 3.67% <sup>(c)</sup> (Cost $4,853,390) | 4853390 | $4853390 |
| **Total Investments at Value - 99.7%** |  |  |
| (Cost $274,564,513) |  | $415147131 |
| **Other Assets in Excess of Liabilities - 0.3%** |  | 1306039 |
| **Net Assets - 100.0%** |  | $416453170 |

---

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

*<sup>(b)</sup>* *The rate shown is the 7-day effective yield at the time of purchase.* 

*<sup>(c)</sup>* *The rate shown is the 7-day effective yield as of December 31, 2025.* 

*ADR - American Depositary Receipt.*

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 7

<u>James Small Cap Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.6%** |  |  |
| **Communication Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 2427 | $492802 |
| **Consumer Discretionary - 14.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 9709 | 485062 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. <sup>(a)</sup> | 4847 | 501519 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc. <sup>(a)</sup> | 16770 | 339928 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 5541 | 977821 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> | 19704 | 2827919 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 11452 | 611765 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 5775 | 352795 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 5458 | 698351 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 11845 | 1284353 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)</sup> | 12104 | 910947 |
| &nbsp;&nbsp;&nbsp;Winmark Corporation | 1313 | 531686 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | 22861 | 1009770 |
|  |  | 10531916 |
| **Consumer Staples - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 11505 | 611721 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 342 | 189027 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 10207 | 1564732 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 7507 | 920884 |
|  |  | 3286364 |
| **Energy - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy Corporation | 3457 | 320464 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 3313 | 293234 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 10912 | 502825 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corporation - Class A | 23525 | 514962 |
| &nbsp;&nbsp;&nbsp;Matador Resources Company | 14016 | 594839 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corporation | 18168 | 567750 |
|  |  | 2794074 |
| **Financials - 26.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 2975 | 406623 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 13368 | 1201382 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc. <sup>(a)</sup> | 7498 | 646028 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 8846 | 597282 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 8894 | 396406 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 22675 | 3564510 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 8141 | 2769975 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | 46600 | 904972 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. - Class B | 8893 | 463059 |
| &nbsp;&nbsp;&nbsp;First BanCorporation | 60255 | 1249085 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 5219 | 909098 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corporation | 54020 | 1578464 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Companies | 6856 | 2329052 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 36949 | 1329795 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corporation | 6788 | 638819 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 58595 | 714273 |
|  |  | 19698823 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 8 www.jamesinvestment.com

<u>James Small Cap Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care - 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)</sup> | 10212 | $285732 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 4618 | 364545 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 33482 | 781470 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)</sup> | 17005 | 591774 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corporation <sup>(a)</sup> | 70439 | 1083352 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc. <sup>(a)</sup> | 49485 | 611635 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 2774 | 483231 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | 12754 | 858344 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 55904 | 1117521 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 7067 | 554265 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corporation | 4427 | 606898 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. <sup>(a)</sup> | 13012 | 414562 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 20863 | 1036890 |
|  |  | 8790219 |
| **Industrials - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 1800 | 462186 |
| &nbsp;&nbsp;&nbsp;Avista Corporation | 15906 | 613017 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Company | 10080 | 741888 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc. <sup>(a)</sup> | 7168 | 1224509 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 5501 | 750171 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 14981 | 475197 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 2919 | 930519 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 4356 | 833695 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 3339 | 1022502 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 4767 | 1166200 |
|  |  | 8219884 |
| **Information Technology - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. - Class A <sup>(a)</sup> | 29471 | 1162631 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 10682 | 513591 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | 4849 | 389569 |
| &nbsp;&nbsp;&nbsp;Concentrix Corporation | 3235 | 134511 |
| &nbsp;&nbsp;&nbsp;DXC Technology Company <sup>(a)</sup> | 50173 | 735034 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc - Class A <sup>(a)</sup> | 17930 | 704290 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 1932 | 615110 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 3866 | 1269556 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 22420 | 1294979 |
| &nbsp;&nbsp;&nbsp;Progress Software Corporation <sup>(a)</sup> | 7780 | 334229 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | 1235 | 185534 |
|  |  | 7339034 |
| **Materials - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. <sup>(a)</sup> | 24575 | 326356 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | 17989 | 270914 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 6901 | 528203 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corporation | 4319 | 207960 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 15660 | 1380742 |
|  |  | 2714175 |
| **Real Estate - 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty Corporation | 13224 | 952525 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 40416 | 478930 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 7174 | 259412 |
| &nbsp;&nbsp;&nbsp;EPR Properties | 6649 | 331785 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 21361 | 512022 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 9

<u>James Small Cap Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Real Estate - 7.4% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 13345 | $376462 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 23904 | 452742 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corporation | 8510 | 390354 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 11030 | 405463 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corporation | 9740 | 571835 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 15541 | 298232 |
| &nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 28703 | 405860 |
|  |  | 5435622 |
| **Utilities - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 4898 | 619891 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corporation | 10564 | 853677 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Company | 11816 | 567050 |
|  |  | 2040618 |
| **Total Common Stocks** |  |  |
| (Cost $48,245,127) |  | $71343531 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund - Class X, 3.67% <sup>(b)</sup> (Cost $2,621,368) | 2621368 | $2621368 |
| **Total Investments at Value - 100.1%** |  |  |
| (Cost $50,866,495) |  | $73964899 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (81597) |
| **Net Assets - 100.0%** |  | $73883302 |

---

*<sup>(a)</sup>* *Non-income producing security.* <br> *<sup>(b)</sup>* *The rate shown is the 7-day effective yield as of December 31, 2025.* 

<u>*See Notes to Financial Statements.*</u>   <br> 10 www.jamesinvestment.com

<u>James Micro Cap Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 93.4%** |  |  |
| **Consumer Discretionary - 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | 4044 | $247776 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 4662 | 276690 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 13509 | 315570 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 4097 | 524211 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Company <sup>(a)</sup> | 4078 | 544454 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 1280 | 43776 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 6066 | 657736 |
|  |  | 2610213 |
| **Consumer Staples - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | 16385 | 478278 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. - Class A | 10714 | 734445 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 1602 | 94646 |
|  |  | 1307369 |
| **Energy - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 4523 | 122528 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 9544 | 232301 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corporation <sup>(a)</sup> | 751 | 128421 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corporation <sup>(a)</sup> | 7220 | 233350 |
|  |  | 716600 |
| **Financials - 28.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. - Class E | 3372 | 150391 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 6900 | 465888 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 16726 | 780937 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 11277 | 1772745 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | 5505 | 106907 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corporation - Class C | 4406 | 773561 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corporation | 8542 | 228242 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 23196 | 790056 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | 5646 | 750692 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 18941 | 776203 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Companies | 2323 | 789146 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 1072 | 89298 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 2632 | 134522 |
|  |  | 7608588 |
| **Health Care - 16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Artivion, Inc. <sup>(a)</sup> | 6753 | 308004 |
| &nbsp;&nbsp;&nbsp;Atara Biotherapeutics, Inc. <sup>(a)</sup> | 4160 | 75254 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc. <sup>(a)</sup> | 7437 | 60760 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 5755 | 266457 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc. <sup>(a)</sup> | 6209 | 72211 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corporation <sup>(a)</sup> | 11764 | 180930 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc. <sup>(a)</sup> | 12175 | 150483 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 20082 | 401439 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 6396 | 501639 |
| &nbsp;&nbsp;&nbsp;iRadimed Corporation | 2400 | 233472 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc <sup>(a)</sup> | 6909 | 284996 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 2165 | 175582 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The) <sup>(a)</sup> | 5582 | 157133 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corporation - Class A | 6070 | 226775 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc. <sup>(a)</sup> | 2765 | 42277 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. <sup>(a)</sup> | 52400 | 320164 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 11

<u>James Micro Cap Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care - 16.5% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc. <sup>(a)</sup> | 2023 | $64210 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc. <sup>(a)</sup> | 4236 | 122844 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc. <sup>(a)</sup> | 14367 | 268806 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc. <sup>(a)</sup> | 1193 | 264882 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc. <sup>(a)</sup> | 10578 | 278519 |
|  |  | 4456837 |
| **Industrials - 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Acme United Corporation | 2095 | 84449 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Company <sup>(a)</sup> | 888 | 75720 |
| &nbsp;&nbsp;&nbsp;ArcBest Corporation | 5285 | 392094 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 628 | 196766 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 3750 | 176250 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Company | 2500 | 184000 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 3384 | 679151 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 8000 | 147440 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) <sup>(a)</sup> | 7691 | 123979 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 3500 | 110845 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. <sup>(a)</sup> | 3394 | 212091 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 389 | 124005 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 604 | 184963 |
| &nbsp;&nbsp;&nbsp;Unitil Corporation | 3401 | 164744 |
| &nbsp;&nbsp;&nbsp;V2X, Inc. <sup>(a)</sup> | 6950 | 379123 |
|  |  | 3235620 |
| **Information Technology - 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | 3408 | 273799 |
| &nbsp;&nbsp;&nbsp;Concentrix Corporation | 5326 | 221455 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. | 4600 | 403420 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 3906 | 1282692 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc. <sup>(a)</sup> | 402 | 66177 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 12184 | 703748 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> | 22198 | 710336 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc. <sup>(a)</sup> | 3090 | 120695 |
|  |  | 3782322 |
| **Materials - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 2821 | 215919 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 7966 | 953849 |
|  |  | 1169768 |
| **Real Estate - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 3907 | 55245 |
| **Utilities - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | 7332 | 243862 |
| **Total Common Stocks** |  |  |
| (Cost $12,977,363) |  | $25186424 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 12 www.jamesinvestment.com

<u>James Micro Cap Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Russell Micro-Cap ETF (Cost $1,282,548) | 8653 | $1364578 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **RIGHT - 0.0% <sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc. <sup>(a)(c)(d)</sup> (Cost $17,942) | 94737 | $947 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund - Class X, 3.67% <sup>(e)</sup> (Cost $479,835) | 479835 | $479835 |
| **Total Investments at Value - 100.2%** |  |  |
| (Cost $14,757,688) |  | $27031784 |
| **Liabilities in Excess of Other Assets - (0.2%)** |  | (55430) |
| **Net Assets - 100.0%** |  | $26976354 |

---

*<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 7-day effective yield as of December 31, 2025.* 

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 13

<u>James Aggressive Allocation Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 80.4%** |  |  |
| **Communication Services - 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 4400 | $1377200 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 13250 | 329130 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1100 | 726099 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 2000 | 406080 |
|  |  | 2838509 |
| **Consumer Discretionary - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 600 | 138492 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 1650 | 291176 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 700 | 240870 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 2000 | 255900 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | 1000 | 305630 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Company | 6025 | 301310 |
|  |  | 1533378 |
| **Consumer Staples - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 500 | 76650 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 250 | 215585 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 1700 | 243627 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 5100 | 568191 |
|  |  | 1104053 |
| **Energy - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 845 | 164260 |
| &nbsp;&nbsp;&nbsp;Chevron Corporation | 2000 | 304820 |
| &nbsp;&nbsp;&nbsp;Matador Resources Company | 5000 | 212200 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - ADR | 20000 | 237000 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corporation | 1500 | 244185 |
|  |  | 1162465 |
| **Financials - 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 4900 | 330848 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 475 | 508412 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 3000 | 299730 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 7500 | 1179000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 915 | 804285 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 2000 | 644440 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corporation | 5200 | 151944 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 800 | 206688 |
|  |  | 4125347 |
| **Health Care - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1250 | 285612 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | 4000 | 367720 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The) | 800 | 220184 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Company | 525 | 564207 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 700 | 326802 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1500 | 310425 |
|  |  | 2074950 |
| **Industrials - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 3850 | 284785 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 800 | 458296 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1175 | 374249 |
| &nbsp;&nbsp;&nbsp;General Electric Company | 1090 | 335752 |
|  |  | 1453082 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 14 www.jamesinvestment.com

<u>James Aggressive Allocation Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology - 24.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3200 | $869952 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 2000 | 262060 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 575 | 615169 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3000 | 1038300 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 1975 | 617346 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 1800 | 410436 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 690 | 393907 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 1640 | 793137 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corporation | 7500 | 1398750 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1650 | 501419 |
|  |  | 6900476 |
| **Materials - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Linde plc | 400 | 170556 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 1800 | 305010 |
|  |  | 475566 |
| **Real Estate - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1500 | 232065 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 2000 | 371220 |
|  |  | 603285 |
| **Utilities - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 2700 | 233280 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 3780 | 303458 |
|  |  | 536738 |
| **Total Common Stocks** |  |  |
| (Cost $11,047,838) |  | $22807849 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Defense Tech ETF | 4500 | $291555 |
| &nbsp;&nbsp;&nbsp;iShares MSCI Germany ETF | 3400 | 144500 |
| &nbsp;&nbsp;&nbsp;Range Nuclear Renaissance Index ETF | 5000 | 317500 |
| &nbsp;&nbsp;&nbsp;Select STOXX Europe Aerospace & Defense ETF | 6281 | 264618 |
| &nbsp;&nbsp;&nbsp;SPDR Gold Shares <sup>(a)</sup> | 500 | 198155 |
| **Total Exchange-Traded Funds** |  |  |
| (Cost $1,045,949) |  | $1216328 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 15

<u>James Aggressive Allocation Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **CORPORATE BONDS - 6.6%** |  |  |
| **Consumer Discretionary - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Starbucks Corporation, 2.550%, due 11/15/30 | $500000 | $462190 |
| **Financials - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company, 5.750%, due 07/15/54 | 500000 | 491563 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal, 2.000%, due 12/22/26 | 200000 | 194956 |
| &nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | 100000 | 100636 |
|  |  | 787155 |
| **Health Care - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc, 0.700%, due 04/08/26 | 250000 | 247905 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | 100000 | 103340 |
|  |  | 351245 |
| **Information Technology - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., 1.250%, due 09/01/30 | 200000 | 176881 |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | 100000 | 99572 |
| **Total Corporate Bonds** |  |  |
| (Cost $1,939,029) |  | $1877043 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **U.S. GOVERNMENT & AGENCIES - 0.4%** |  |  |
| **Federal Farm Credit Bank - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank, 4.780%, due 10/29/35 (Cost $99,703) | $100000 | $99772 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 6.7%** |  |  |
| **U.S. Treasury Bills <sup>(b)</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;4.115%, due 01/22/26 | $250000 | $249506 |
| **U.S. Treasury Bonds - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 02/15/44 | 100000 | 85848 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | 100000 | 99492 |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/49 | 750000 | 470361 |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/54 | 300000 | 271219 |
|  |  | 926920 |
| **U.S. Treasury Notes - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | 75000 | 75459 |
| &nbsp;&nbsp;&nbsp;2.625%, due 02/15/29 | 150000 | 145852 |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | 250000 | 255479 |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | 250000 | 252070 |
|  |  | 728860 |
| **Total U.S. Treasury Obligations** |  |  |
| (Cost $1,950,828) |  | $1905286 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 16 www.jamesinvestment.com

<u>James Aggressive Allocation Fund</u> <u>Schedule of Investments</u> <br> December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund - Class X, 3.67% <sup>(c)</sup> (Cost $433,264) | 433264 | $433264 |
| **Total Investments at Value - 99.9%** |  |  |
| (Cost $16,516,611) |  | $28339542 |
| **Other Assets in Excess of Liabilities - 0.1%** |  | 30352 |
| **Net Assets - 100.0%** |  | $28369894 |

---

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

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

*<sup>(c)</sup>* *The rate shown is the 7-day effective yield as of December 31, 2025.* 

*ADR - American Depositary Receipt.*

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 17

<u>James Advantage Funds</u> <u>Statements of Assets and Liabilities</u> <br> December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Balanced:<br> Golden Rainbow<br> Fund** | **James Small<br> Cap Fund** | **James Micro<br> Cap Fund** | **James Aggressive<br> Allocation Fund** |
| ASSETS |  |  |  |  |
| Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $274564513 | $50866495 | $14757688 | $16516611 |
| &nbsp;&nbsp;&nbsp;At value | 415147131 | 73964899 | 27031784 | 28339542 |
| Receivable for capital shares sold | 3552 | 7380 | 2037 | 274 |
| Dividends and interest receivable | 2006795 | 44097 | 11816 | 54348 |
| Tax reclaims receivable | 26565 |  |  | 2121 |
| Other assets | 19613 | 2499 | 885 |  |
| **Total Assets** | 417203656 | 74018875 | 27046522 | 28396285 |
| LIABILITIES |  |  |  |  |
| Payable for capital shares redeemed | 37232 | 14004 | 30284 |  |
| Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 262946 | 79879 | 35018 | 23031 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 15827 |  |  |  |
| &nbsp;&nbsp;&nbsp;12b-1 distribution and service fees (Note 4) | 138984 | 40932 |  |  |
| &nbsp;&nbsp;&nbsp;Trustee fees (Note 4) | 54319 | 758 | 4866 | 3360 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 221178 |  |  |  |
| **Total Liabilities** | 730486 | 135573 | 70168 | 26391 |
| **Net Assets** | $416473170 | $73883302 | $26976354 | $28369894 |
| NET ASSETS CONSIST OF |  |  |  |  |
| Paid-in capital | $270191566 | $50539125 | $13885058 | $16651648 |
| Accumulated earnings | 146281604 | 23344177 | 13091296 | 11718246 |
| **Net Assets** | $416473170 | $73883302 | $26976354 | $28369894 |
| PRICING OF RETAIL CLASS SHARES |  |  |  |  |
| Net assets | $314631219 | N/A | N/A | N/A |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 13135515 | N/A | N/A | N/A |
| **Net assets value, offering price and redemption price per share** | $23.95 | N/A | N/A | N/A |
| PRICING OF INSTITUTIONAL CLASS SHARES |  |  |  |  |
| Net assets | $101841951 | N/A | N/A | N/A |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 4334316 | N/A | N/A | N/A |
| **Net assets value, offering price and redemption price per share** | $23.50 | N/A | N/A | N/A |
| PRICING OF SHARES |  |  |  |  |
| Net assets | N/A | $73883302 | $26976354 | $28369894 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | N/A | 1761061 | 1215760 | 1741103 |
| **Net assets value, offering price and redemption price per share** | N/A | $41.95 | $22.19 | $16.29 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 18 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Statements of Operations</u> <br> For the Six Months End December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Balanced:<br> Golden Rainbow<br> Fund** | **James Small<br> Cap Fund** | **James Micro<br> Cap Fund** | **James Aggressive<br> Allocation Fund** |
| INVESTMENT INCOME |  |  |  |  |
| Dividends (Net of withholding taxes and reclaims receivable of $10,907, $3,254, $3,143 and $3,287, respectively) | $1207450 | $568893 | $157787 | $136723 |
| Interest | 3884312 |  |  | 79306 |
| **Total Income** | 5091762 | 568893 | 157787 | 216029 |
| EXPENSES |  |  |  |  |
| Management fees (Note 4) | 1557751 | 434969 | 201425 | 136669 |
| 12b-1 distribution and service fees - Retail Class (Note 4) | 397848 |  |  |  |
| 12b-1 distribution and service fees (Note 4) |  | 89052 |  |  |
| Administration fees (Note 4) | 105256 |  |  |  |
| Trustee fees and expenses (Note 4) | 112562 | 7699 | 5255 | 4418 |
| Insurance fees | 59991 |  |  |  |
| Audit and tax services fees | 44101 |  |  |  |
| Legal fees | 37422 |  |  |  |
| Transfer agent fees (Note 4) | 31343 |  |  |  |
| Custodian fees | 24584 |  |  |  |
| Registration fees | 21285 |  |  |  |
| Shareholder reporting expenses | 13811 |  |  |  |
| Other expenses | 54597 |  |  |  |
| **Total Expenses** | 2460551 | 531720 | 206680 | 141087 |
| **Net Investment Income (Loss)** | 2631211 | 37173 | (48893) | 74942 |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS |  |  |  |  |
| Net realized gains from investment transactions | 10035462 | 208667 | 2572545 | 270903 |
| Net change in unrealized appreciation (depreciation) on investments | 21319833 | 5637748 | (540195) | 2417346 |
| **Net Realized and Unrealized Gains on Investments** | 31355295 | 5846415 | 2032350 | 2688249 |
| **Net Increase in Net Assets Resulting from Operations** | $33986506 | $5883588 | $1983457 | $2763191 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 19

<u>James Balanced: Golden Rainbow Fund</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> June 30,<br> 2025** |
| FROM OPERATIONS |  |  |
| Net investment income | $2631211 | $5604157 |
| Net realized gains from investment transactions | 10035462 | 17056651 |
| Net change in unrealized appreciation (depreciation) on investments | 21319833 | 11585506 |
| **Net increase in net assets resulting from operations** | 33986506 | 34246314 |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) |  |  |
| **Retail Class Shares** | (13230869) | (10945847) |
| **Institutional Class** | (4515914) | (3657851) |
| Decrease in net assets from distributions to shareholders | (17746783) | (14603698) |
| CAPITAL SHARE TRANSACTIONS: |  |  |
| **Retail Class Shares** |  |  |
| Proceeds from shares sold | 2932803 | 4475871 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 13027253 | 10779906 |
| Payments for shares redeemed | (25841366) | (49833195) |
| **Net decrease in net assets from Retail Class capital share transactions** | (9881310) | (34577418) |
| **Institutional Class Shares** |  |  |
| Proceeds from shares sold | 1354609 | 8666917 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 4291427 | 3472919 |
| Payments for shares redeemed | (6896753) | (13711053) |
| **Net decrease in net assets from Institutional Class capital share transactions** | (1250717) | (1571217) |
| **Total increase (decrease) in net assets** | 5107696 | (16506019) |
| NET ASSETS: |  |  |
| Beginning of period | 411365474 | 427871493 |
| End of period | $416473170 | $411365474 |
| CAPITAL SHARE ACTIVITY |  |  |
| **Retail Class** |  |  |
| Shares sold | 120690 | 198864 |
| Shares issued in reinvestment of distributions to shareholders | 543136 | 473594 |
| Shares redeemed | (1076418) | (2212159) |
| Net decrease in shares outstanding | (412592) | (1539701) |
| Shares outstanding, beginning of period | 13548107 | 15087808 |
| Shares outstanding, end of period | 13135515 | 13548107 |
| **Institutional Class Shares** |  |  |
| Shares sold | 57046 | 391954 |
| Shares issued in reinvestment of distributions to shareholders | 182237 | 155447 |
| Shares redeemed | (291604) | (617168) |
| Net decrease in shares outstanding | (52321) | (69767) |
| Shares outstanding, beginning of period | 4386637 | 4456404 |
| Shares outstanding, end of period | 4334316 | 4386637 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 20 www.jamesinvestment.com

<u>James Small Cap Fund</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> June 30,<br> 2025** |
| FROM OPERATIONS |  |  |
| Net investment income | $37173 | $86891 |
| Net realized gains from investment transactions | 208667 | 2705729 |
| Net change in unrealized appreciation (depreciation) on investments | 5637748 | 2527271 |
| **Net increase in net assets resulting from operations** | 5883588 | 5319891 |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | (2431603) | (3261603) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| Proceeds from shares sold | 19621967 | 9202169 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 2381161 | 3213346 |
| Payments for shares redeemed | (3329489) | (7569754) |
| **Net increase in net assets from capital share transactions** | 18673639 | 4845761 |
| **Total increase in net assets** | 22125624 | 6904049 |
| NET ASSETS |  |  |
| Beginning of period | 51757678 | 44853629 |
| End of period | $73883302 | $51757678 |
| CAPITAL SHARE ACTIVITY |  |  |
| Shares sold | 479694 | 230443 |
| Shares issued in reinvestment of distributions to shareholders | 56225 | 78385 |
| Shares redeemed | (79126) | (194325) |
| Net increase in shares outstanding | 456793 | 114503 |
| Shares outstanding, beginning of period | 1304268 | 1189765 |
| Shares outstanding, end of period | 1761061 | 1304268 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 21

<u>James Micro Cap Fund</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> June 30,<br> 2025** |
| FROM OPERATIONS |  |  |
| Net investment loss | $(48893) | $(33512) |
| Net realized gains (losses) from investment transactions | 2572545 | (1366707) |
| Net change in unrealized appreciation (depreciation) on investments | (540195) | 1623625 |
| **Net increase in net assets resulting from operations** | 1983457 | 223406 |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | (275808) | (401574) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| Proceeds from shares sold | 194620 | 1335316 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 272973 | 397226 |
| Payments for shares redeemed | (2084511) | (2278951) |
| **Net decrease in net assets from capital share transactions** | (1616918) | (546409) |
| **Total increase (decrease) in net assets** | 90731 | (724577) |
| NET ASSETS |  |  |
| Beginning of period | 26885623 | 27610200 |
| End of period | $26976354 | $26885623 |
| CAPITAL SHARE ACTIVITY |  |  |
| Shares sold | 8730 | 62827 |
| Shares issued in reinvestment of distributions to shareholders | 12408 | 17233 |
| Shares redeemed | (95369) | (111614) |
| Net decrease in shares outstanding | (74231) | (31554) |
| Shares outstanding, beginning of period | 1289991 | 1321545 |
| Shares outstanding, end of period | 1215760 | 1289991 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 22 www.jamesinvestment.com

<u>James Aggressive Allocation Fund</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | |
|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> June 30,<br> 2025** |
| FROM OPERATIONS |  |  |
| Net investment income | $74942 | $165231 |
| Net realized gains from investment transactions | 270903 | 207338 |
| Net change in unrealized appreciation (depreciation) on investments | 2417346 | 2088880 |
| **Net increase in net assets resulting from operations** | 2763191 | 2461449 |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | (156494) | (167727) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| Proceeds from shares sold | 544407 | 695218 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 152201 | 162388 |
| Payments for shares redeemed | (849711) | (1788383) |
| **Net decrease in net assets from capital share transactions** | (153103) | (930777) |
| **Total increase in net assets** | 2453594 | 1362945 |
| NET ASSETS |  |  |
| Beginning of period | 25916300 | 24553355 |
| End of period | $28369894 | $25916300 |
| CAPITAL SHARE ACTIVITY |  |  |
| Shares sold | 34304 | 49395 |
| Shares issued in reinvestment of distributions to shareholders | 9286 | 11460 |
| Shares redeemed | (52413) | (133865) |
| Net decrease in shares outstanding | (8823) | (73010) |
| Shares outstanding, beginning of period | 1749926 | 1822936 |
| Shares outstanding, end of period | 1741103 | 1749926 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 23

<u>James Balanced: Golden Rainbow Fund – Retail Class</u> <u>Financial Highlights</u> <br> Per share data for a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the**<br> **Year Ended**<br> **June 30,<br> 2025** | **For the**<br> **Year Ended**<br> **June 30,<br> 2024** | **For the**<br> **Year Ended**<br> **June 30,<br> 2023** | **For the**<br> **Year Ended**<br> **June 30,<br> 2022** | **For the**<br> **Year Ended**<br> **June 30,<br> 2021** |
| Net asset value - beginning of period | $23.04 | $21.98 | $19.76 | $19.54 | $22.94 | $20.08 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.14 | 0.29 | 0.23 | 0.22 | 0.15 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.80 | 1.55 | 2.42 | 0.98 | (2.02) | 2.90 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.94 | 1.84 | 2.65 | 1.20 | (1.87) | 3.07 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.30) | (0.24) | (0.21) | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.89) | (0.48) | (0.19) | (0.77) | (1.37) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.03) | (0.78) | (0.43) | (0.98) | (1.53) | (0.21) |
| Net asset value at end of period | $23.95 | $23.04 | 21.98 | 19.76 | 19.54 | 22.94 |
| **Total return** | 8.44 %<sup>(b)</sup> | 8.43% | 13.58% | 6.41% | (8.97)% | 15.38% |
| Net assets, end of period (in thousands) | $314631 | $312144 | $331642 | $338463 | $379714 | $485082 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Ratio of expenses to average net assets | 1.23 %<sup>(c)</sup> | 1.22% | 1.22% | 1.23% | 1.18% | 1.16% |
| Ratio of net investment income to average net assets | 1.19 %<sup>(c)</sup> | 1.28% | 1.13% | 1.16% | 0.68% | 0.81% |
| Portfolio turnover rate | 6 %<sup>(b)</sup> | 27% | 26% | 34% | 26% | 57% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Not annualized.* 

*<sup>(c)</sup>* *Annualized.* 

<u>*See Notes to Financial Statements.*</u>   <br> 24 www.jamesinvestment.com

<u>James Balanced: Golden Rainbow Fund – Institutional Class</u> <u>Financial Highlights</u> <br> Per share data for a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the**<br> **Year Ended**<br> **June 30,<br> 2025** | **For the**<br> **Year Ended**<br> **June 30,<br> 2024** | **For the**<br> **Year Ended**<br> **June 30,<br> 2023** | **For the**<br> **Year Ended**<br> **June 30,<br> 2022** | **For the<br> Year Ended<br> June 30,<br> 2021** |
| Net asset value - beginning of period | $22.62 | $21.59 | $19.41 | $19.26 | $22.63 | $19.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.17 | 0.34 | 0.28 | 0.27 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.77 | 1.52 | 2.38 | 0.95 | (1.99) | 2.86 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.94 | 1.86 | 2.66 | 1.22 | (1.79) | 3.08 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.35) | (0.29) | (0.30) | (0.21) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.89) | (0.48) | (0.19) | (0.77) | (1.37) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.06) | (0.83) | (0.48) | (1.07) | (1.58) | (0.27) |
| Net asset value at end of period | $23.50 | $22.62 | 21.59 | 19.41 | 19.26 | 22.63 |
| **Total return** | 8.61 %<sup>(b)</sup> | 8.72% | 13.91% | 6.64% | (8.73)% | 15.63% |
| Net assets, end of period (in thousands) | $101842 | $99221 | $96230 | $93789 | $106501 | $139806 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Ratio of expenses to average net assets | 0.98 %<sup>(c)</sup> | 0.97% | 0.97% | 0.98% | 0.93% | 0.91% |
| Ratio of net investment income to average net assets | 1.44 %<sup>(c)</sup> | 1.54% | 1.38% | 1.41% | 0.92% | 1.06% |
| Portfolio turnover rate | 6 %<sup>(b)</sup> | 27% | 26% | 34% | 26% | 57% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Not annualized.* 

*<sup>(c)</sup>* *Annualized.* 

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 25

<u>James Small Cap Fund</u> <u>Financial Highlights</u> <br> Per share data for a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> June 30,<br> 2024** | **For the<br> Year Ended<br> June 30,<br> 2023** | **For the<br> Year Ended<br> June 30,<br> 2022** | **For the<br> Year Ended<br> June 30,<br> 2021** |
| Net asset value - beginning of period | $39.68 | $37.70 | $30.44 | $27.95 | $30.46 | $18.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.02 | 0.07 | 0.09 | 0.11 | 0.13 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 3.67 | 4.45 | 7.37 | 4.19 | (2.55) | 11.70 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.69 | 4.52 | 7.46 | 4.30 | (2.42) | 11.79 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.07) | (0.11) | (0.14) | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (1.37) | (2.47) | (0.09) | (1.67) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.42) | (2.54) | (0.20) | (1.81) | (0.09) | (0.13) |
| Net asset value at end of period | $41.95 | $39.68 | 37.70 | 30.44 | 27.95 | 30.46 |
| **Total return** | 9.27 %<sup>(b)</sup> | 11.80% | 24.59% | 15.83% | (7.99)% | 62.87% |
| Net assets, end of period (in thousands) | $73883 | $51758 | $44854 | $34787 | $32760 | $39859 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Ratio of expenses to average net assets | 1.50 %<sup>(c)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Ratio of net investment income to average net assets | 0.10 %<sup>(c)</sup> | 0.17% | 0.25% | 0.36% | 0.42% | 0.36% |
| Portfolio turnover rate | 4 %<sup>(b)</sup> | 18% | 23% | 18% | 34% | 42% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Not annualized.* 

*<sup>(c)</sup>* *Annualized.* 

<u>*See Notes to Financial Statements.*</u>   <br> 26 www.jamesinvestment.com

<u>James Micro Cap Fund</u> <u>Financial Highlights</u> <br> Per share data for a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the**<br> **Year Ended**<br> **June 30,<br> 2025** | **For the**<br> **Year Ended**<br> **June 30,<br> 2024** | **For the**<br> **Year Ended**<br> **June 30,<br> 2023** | **For the**<br> **Year Ended**<br> **June 30,<br> 2022** | **For the**<br> **Year Ended**<br> **June 30,<br> 2021** |
| Net asset value - beginning of period | $20.84 | $20.89 | $17.46 | $16.44 | $19.54 | $12.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | (0.04) | (0.03) | 0.06 | 0.11 | 0.06 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.62 | 0.29 | 3.50 | 2.34 | (2.37) | 6.88 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.58 | 0.26 | 3.56 | 2.45 | (2.31) | 6.89 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.13) | (0.09) | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.23) | (0.31) |  | (1.34) | (0.78) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.23) | (0.31) | (0.13) | (1.43) | (0.79) | (0.08) |
| Paid-in capital from redemption fees |  |  | 0.00 <sup>(b)</sup> |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| Net asset value at end of period | $22.19 | $20.84 | $20.89 | $17.46 | $16.44 | $19.54 |
| **Total return** | 7.57 %<sup>(c)</sup> | 1.09% | 20.39% | 15.66% | (12.56)% | 54.32% |
| Net assets, end of period (in thousands) | $26976 | $26886 | $27610 | $22681 | $22276 | $29345 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Ratio of expenses to average net assets | 1.50 %<sup>(d)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Ratio of net investment income (loss) to average net assets | (0.35)%<sup>(d)</sup> | (0.12)% | 0.30% | 0.64% | 0.30% | 0.03% |
| Portfolio turnover rate | 12 %<sup>(c)</sup> | 6% | 10% | 5% | 20% | 55% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Amount rounds to less than $0.01 per share.* 

*<sup>(c)</sup>* *Not annualized.* 

*<sup>(d)</sup>* *Annualized.* 

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| December 31, 2025 27

<u>James Aggressive Allocation Fund</u> <u>Financial Highlights</u> <br> Per share data for a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> June 30,<br> 2024** | **For the<br> Year Ended<br> June 30,<br> 2023** | **For the<br> Year Ended<br> June 30,<br> 2022** | **For the<br> Year Ended<br> June 30,<br> 2021** |
| Net asset value - beginning of period | $14.81 | $13.47 | $11.19 | $9.81 | $11.45 | $9.23 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.04 | 0.09 | 0.08 | 0.10 | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.53 | 1.34 | 2.28 | 1.36 | (1.66) | 2.27 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.57 | 1.43 | 2.36 | 1.46 | (1.62) | 2.31 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.09) | (0.08) | (0.08) | (0.02) | (0.09) |
| Net asset value at end of period | $16.29 | $14.81 | 13.47 | 11.19 | 9.81 | 11.45 |
| **Total return** | 10.60 %<sup>(b)</sup> | 10.68% | 21.13% | 15.02% | (14.15)% | 25.12% |
| Net assets, end of period (in thousands) | $28370 | $25916 | $24553 | $19655 | $19055 | $25576 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Ratio of expenses to average net assets | 1.01 %<sup>(c)</sup> | 1.01% | 1.02% | 1.02% | 1.01% | 1.01% |
| Ratio of net investment income to average net assets | 0.54 %<sup>(c)</sup> | 0.66% | 0.72% | 0.89% | 0.34% | 0.42% |
| Portfolio turnover rate | 10 %<sup>(b)</sup> | 12% | 19% | 17% | 39% | 77% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Not annualized.* 

*<sup>(c)</sup>* *Annualized.* 

<u>*See Notes to Financial Statements.*</u>   <br> 28 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**1. ORGANIZATION**

James Advantage Funds (the "Trust") is an open-end management investment company that was organized as an Ohio business trust on August 29, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Micro Cap Fund, and James Aggressive Allocation Fund are each a diversified series of the Trust (individually a "Fund," and collectively, the "Funds"). Each class of James Balanced: Golden Rainbow Fund represents an interest in the same portfolio of investments and has the same rights, but differs primarily in distribution fees and shareholder features. The Retail Class shares are subject to distribution (12b-1) fees but have a lower minimum investment requirement and offer certain shareholder services not available to Institutional Class shareholders. The Institutional Class shares are not subject to distribution (12b-1) fees and are available only through investment advisers and bank trust departments that have made arrangements for shares of all of their clients investing in the Fund to be held in an omnibus account (as well as other investors that are approved by management of the Trust).

The James Balanced: Golden Rainbow Fund seeks to provide total return through a combination of growth and income and preservation of capital in declining markets. The James Balanced: Golden Rainbow Fund seeks to achieve its objective by investing primarily in equity securities that the Fund's adviser, James Investment Research, Inc. ("James" or the "Adviser"), believes are undervalued, and in fixed income securities.

The James Small Cap Fund seeks to provide long-term capital appreciation. The James Small Cap Fund seeks to achieve its objective by investing primarily in equity securities of small capitalization companies that the Adviser believes are undervalued. Small capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the VettaFi U.S. Equity Small-Cap 2000 Total Return Index.

The James Micro Cap Fund seeks to provide long-term capital appreciation. The James Micro Cap Fund seeks to achieve its objective by investing primarily in equity securities of micro capitalization companies that the Adviser believes are undervalued. Micro capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the VettaFi U.S. Equity Micro-Cap Total Return Index, including exchange-traded funds ("ETFs") that invest primarily in such securities.

The James Aggressive Allocation Fund seeks to provide total return through a combination of growth and income. Preservation of capital in declining markets is a secondary objective. The James Aggressive Allocation Fund will generally run equity allocations of 60% or higher and, therefore, could be more volatile than a more conservative fund that holds a smaller percentage of its assets in stocks. Due to its aggressive nature, the James Aggressive Allocation Fund may have a turnover ratio much higher than the James Balanced: Golden Rainbow Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements, in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are considered an investment company for financial reporting purposes under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946.

**Segment Reporting**

The management team of the Adviser acts as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Funds' Schedules of Investments, Statements of Changes in Net Assets and Financial Highlights.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management concluded there is no impact on the Funds' financial statements.

**Share Valuation**

The net asset value ("NAV") per share of each Fund, other than the James Balanced: Golden Rainbow Fund, is calculated daily by dividing the total value of the Fund's assets, less liabilities, by the number of shares outstanding. The NAV per share of each class of shares of the James Balanced: Golden Rainbow Fund is calculated daily by dividing the total value of the Fund's assets attributable to that class, less liabilities attributable to that class, by the number of outstanding shares of that class. The offering price and redemption price per share is equal to the NAV per share, except that, until May 21, 2024, shares of the James Micro Cap Fund were subject to a redemption fees of 2% if redeemed within 180 days of purchase. Effective May 21, 2024, the James Micro Cap Fund no longer charges a redemption fee.

**Securities Valuation**

Securities are valued at fair value. The Funds' portfolio securities are valued as of the close of the New York Stock Exchange ("NYSE") (generally, 4:00 p.m., Eastern Time) on each day that the NYSE is open for business. Equity securities that are traded on any exchange, including closed-end funds and exchange-traded funds, are valued at the last quoted sale price on the exchange or market in which such

  <br> Financial Statements \| December 31, 2025 29

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

securities are principally traded. Lacking a last sale price, a security is valued at its last bid price except when, in James' opinion, the last bid price does not accurately reflect the current value of the security. Securities that are traded on the NASDAQ<sup>®</sup> over-the-counter market are valued at their NASDAQ<sup>®</sup> Official Closing Price ("NOCP") for all NASDAQ<sup>®</sup> National Market ("NNM") and NASDAQ<sup>®</sup> Capital Market<sup>®</sup> securities. When market quotations are not readily available, if an event occurs after the close of the trading market (but before the time as of which a Fund calculates its NAV) that materially affects a security's value, when James determines that the market quotation does not accurately reflect the current value or when a restricted security is being valued, that security will be valued at its fair value as determined by the Adviser as the Fund's valuation designee, in good faith in conformity with guidelines adopted by and subject to review of the Board of Trustees of the Trust (the "Board") pursuant to Rule 2a-5 under the 1940 Act. Corporate bonds, U.S. government agencies, U.S. Treasury obligations, foreign, and municipal bonds are generally valued at the mean between the closing bid and asked prices provided by an independent pricing service. The pricing services generally use market models that consider trade data, yields, spreads, quotations from dealers and active market makers, credit worthiness, market information of comparable securities, and other relevant security specific information. Asset backed/commercial mortgage-backed securities are generally valued at the mean between the closing bid and asked prices provided by an independent pricing service. The pricing service generally uses models that consider trade data, prepayment, and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities or when prices are not readily available from a pricing service, those securities will be priced at fair value as determined in good faith by the Adviser. Shares of open-end investment companies are valued at NAV.

For valuation purposes, quotations of foreign securities in a foreign currency are converted to U.S. dollar equivalents at the time of pricing the Funds. The values of foreign portfolio securities are generally based upon market quotations which, depending upon the exchange or market, may be last sale price, last bid price or the average of the last bid and asked prices as of, in each case, the close of the appropriate exchange or another designated time.

In accordance with the Trust's good faith pricing guidelines, James is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser

would appear to be the amount that the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings, (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers), or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 - Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; or

Level 3 - Significant unobservable prices or inputs (including a Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

  <br> 30 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

The following is a summary of the inputs used to value the Funds' investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **James Balanced: Golden Rainbow Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $196206143 | $— | $— | $196206143 |
| Exchange-Traded Funds | 30733740 |  |  | 30733740 |
| Corporate Bonds |  | 48547123 |  | 48547123 |
| Mortgage-Backed Securities |  | 10731655 |  | 10731655 |
| U.S. Government & Agencies |  | 14157386 |  | 14157386 |
| U.S. Treasury Obligations |  | 109917694 |  | 109917694 |
| Money Market Funds | 4853390 |  |  | 4853390 |
| Total | $231793273 | $183353858 | $— | $415147131 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **James Small Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $71343531 | $— | $— | $71343531 |
| Money Market Funds | 2621368 |  |  | 2621368 |
| Total | $73964899 | $— | $— | $73964899 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **James Micro Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $25186424 | $— | $— | $25186424 |
| Exchange-Traded Funds | 1364578 |  |  | 1364578 |
| Right |  |  | 947 | 947 |
| Money Market Funds | 479835 |  |  | 479835 |
| Total | $27030837 | $— | $947 | $27031784 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **James Aggressive Allocation Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $22807849 | $— | $— | $22807849 |
| Exchange-Traded Funds | 1216328 |  |  | 1216328 |
| Corporate Bonds |  | 1877043 |  | 1877043 |
| U.S. Government & Agencies |  | 99772 |  | 99772 |
| U.S. Treasury Obligations |  | 1905286 |  | 1905286 |
| Money Market Funds | 433264 |  |  | 433264 |
| Total | $24457441 | $3882101 | $— | $28339542 |

---

The following is a reconciliation of Level 3 instruments held in the Fund for which significant unobservable inputs were used to determine fair value for the six months ended December 31, 2025.

**James Micro Cap Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Asset Type** | **Balance as of**<br> **June 30,<br> 2025** | **Net Purchases/**<br> **Acquisitions** | **Balance as of**<br> **December 31,<br> 2025** |
| Right | $947 | $– $– $– $– $– $– $| 947 |

---

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of December 31, 2025.

**James Micro Cap Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value<br> as of<br> December 31,<br> 2025** | **Valuation**<br> **Technique** | **Unobservable**<br> **Input** | **Input Value/**<br> **Range** | **Impact to<br> Valuation from an<br> Increase in Input** |
| Right | $947 | Discount on Future Cash Flows | Estimate of Future Cash Flows | 100% | Increase |

---

  <br> Financial Statements \| December 31, 2025 31

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**Investment Transactions**

Investment transactions are recorded on a trade date basis. Gains and losses are determined using the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. Any securities so purchased are subject to market fluctuation during this period. The Funds will instruct its custodian to segregate assets in a separate account with a current value at least equal to the amount of its when-issued and delayed delivery purchase commitments. As of December 31, 2025, the Funds did not hold when-issued securities or delayed delivery purchase commitments.

**Foreign Currency Translation**

Securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:

A. The
 fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

B. Purchases
 and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern time
 on the respective date of such transactions.

C. The
 Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused
 by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on
 investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between trade and settlement dates on securities transactions, and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, that result from changes in exchange rates.

**Investment Income**

Dividend income is recorded on the ex-dividend date. Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on all debt securities. Amortization and accretion is calculated using the effective yield method. Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.

Dividend income includes dividends earned on Real Estate Investment Trusts ("REITs"), which may include a return of capital. As such, important taxation issues may arise, which the Funds account for when information is provided by the issuing REIT. Due to the actual character of dividends paid by REITs not being available until the end of the calendar year, the net investment income and long-term capital gains of the Funds can be different on the tax return compared to this annual report. Substantial unanticipated levels of return of capital may affect the Funds' earnings and profits from which distributions are made.

Distributions received from Limited Partnership investments of a Fund are usually recorded as a return of capital and are excluded from available income in the calculation of distributions paid by the Funds. Return of capital is recorded as a reduction to the cost of investments in the Statements of Assets and Liabilities and in the Schedule of Investments.

**Dividends and Distributions to Shareholders**

Net investment income, if any, is generally declared and distributed to shareholders of each Fund on at least an annual basis. Net realized capital gains from security transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of net investment income and net realized capital gains are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The tax character of distributions paid to shareholders during the periods ended December 31, 2025 and June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Balanced:<br> Golden Rainbow<br> Fund** | **James Small<br> Cap Fund** | **James Micro<br> Cap Fund** | **James Aggressive<br> Allocation Fund** |
| **December 31, 2025** |  |  |  |  |
| Ordinary Income | $2610117 | $86197 | $— | $156494 |
| Long-Term Capital Gains | 15136666 | 2345406 | 275808 |  |
| Total | $17746783 | $2431603 | $275808 | $156494 |
| **June 30, 2025** |  |  |  |  |
| Ordinary Income | $5684662 | $99088 | $55312 | $167727 |
| Long-Term Capital Gains | 8919036 | 3162515 | 346262 |  |
| Total | $14603698 | $3261603 | $401574 | $167727 |

---

  <br> 32 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**Allocation of Income and Expense**

Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for the James Balanced: Golden Rainbow Fund is allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. The Adviser pays the expenses of each Fund, except for the James Balanced: Golden Rainbow Fund. These expenses exclude the management fees, detailed in Note 4, brokerage fees and commissions, taxes, interest, fees and expenses of the non-interested person trustees, 12b-1 fees and extraordinary expenses. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes**

The Funds generally intend to distribute all taxable income and capital gains to shareholders, if any, and to otherwise continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, (the "Code") applicable to regulated investment companies. Therefore, no federal tax provision is required.

As of and during the six months ended December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for all open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Funds will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Funds' interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Funds' interpretation of country-specific taxation of dividend income and related amounts reclaimable.

The following information is computed on a tax basis for each item as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Balanced:<br> Golden Rainbow<br> Fund** | **James Small<br> Cap Fund** | **James Micro<br> Cap Fund** | **James Aggressive<br> Allocation Fund** |
| Cost of investments | $291956549 | $34362821 | $14091674 | $16496754 |
| Gross unrealized appreciation | $121025944 | $19099234 | $13524260 | $9828145 |
| Gross unrealized depreciation | (2202137) | (1638578) | (709969) | (423097) |
| Net unrealized appreciation | 118823807 | 17460656 | 12814291 | 9405048 |
| Undistributed ordinary income | 13692 | 86139 |  | 82669 |
| Undistributed long-term capital gains | 11204382 | 2345397 |  |  |
| Accumulated capital and other losses |  |  | (1430644) | (376168) |
| Distributable earnings | $130041881 | $19892192 | $11383647 | $9111549 |

---

The following information is computed on a tax basis for each item as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Balanced:<br> Golden Rainbow<br> Fund** | **James Small<br> Cap Fund** | **James Micro<br> Cap Fund** | **James Aggressive<br> Allocation Fund** |
| Cost of portfolio investments | $274637797 | $50922864 | $14833734 | $16519173 |
| Gross unrealized appreciation | $142096888 | $24922685 | $12834916 | $12151489 |
| Gross unrealized depreciation | (1587554) | (1880650) | (636866) | (331120) |
| Net unrealized appreciation | $140509334 | $23042035 | $12198050 | $11820369 |

---

The difference between the cost of investments on a tax basis and financial statement cost for the Funds is due primarily to the deferral of wash sale losses and to the differing treatment of certain investments under income tax regulations and U.S. GAAP.

  <br> Financial Statements \| December 31, 2025 33

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**Capital Losses**

Under the Code, Capital Losses are carried over to future tax years and will retain their character as either short-term or long-term capital losses. These losses do not include any late year capital losses (losses arising in the period from November 1st through June 30th) that the Funds have elected to defer for the current fiscal year. The Funds' ability to utilize capital loss carryforwards in future years may be limited under the Code and related regulations based on the results of future transactions.

Capital losses carried forward to the next tax year were as follows:

---

| | | |
|:---|:---|:---|
| | **Short-Term** | **Long-Term** |
| James Aggressive Allocation Fund | $376168 | $— |

---

**3. INVESTMENT TRANSACTIONS**

During the six months ended December 31, 2025, cost of purchases and proceeds from sales and maturities of investment securities (excluding short-term securities and U.S. government obligations) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Balanced:<br> Golden Rainbow<br> Fund** | **James Small<br> Cap Fund** | **James Micro<br> Cap Fund** | **James Aggressive<br> Allocation Fund** |
| Purchases of investment securities | $14652617 | $18412699 | $3136234 | $2114939 |
| Proceeds from sales and maturities of investment securities | $29122645 | $2785845 | $4655595 | $1951559 |

---

During the six months ended December 31, 2025, cost of purchases and proceeds from sales and maturities of long-term U.S. government obligations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Balanced:<br> Golden Rainbow<br> Fund** | **James Small<br> Cap Fund** | **James Micro<br> Cap Fund** | **James Aggressive<br> Allocation Fund** |
| Purchases of investment securities | $8044513 | $— | $— | $480681 |
| Proceeds from sales and maturities of investment securities | $12606976 | $— | $— | $1097117 |

---

**4.** **MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

**Investment Management Agreement**

The Funds retain James to manage the Funds' investments. The investment decisions for the Funds are made by a committee of James' personnel, which is primarily responsible for the day-to-day management of each Fund's portfolio and pursuant to separate management agreements between the Trust, on behalf of each Fund, and the Adviser (the "Investment Management Agreements").

The Funds pay James on a monthly basis at the annual rate set forth below of the Funds' average daily net assets.

**James Balanced: Golden Rainbow Fund**

---

| | |
|:---|:---|
| **Average Total Net Assets** | **Contractual<br> Fee** |
| Up to and including $500 million | 0.74% |
| Over $500 million and including $1 billion | 0.70% |
| Over $1 billion and including $2 billion | 0.65% |
| Over $2 billion | 0.60% |

---

**James Small Cap Fund**

---

| | |
|:---|:---|
| **Average Total Net Assets** | **Contractual<br> Fee** |
| Up to and including $500 million | 1.25% |
| Over $500 million and including $1 billion | 1.20% |
| Over $1 billion and including $2 billion | 1.15% |
| Over $2 billion | 1.10% |

---

**James Micro Cap Fund**

---

| | |
|:---|:---|
| **Average Total Net Assets** | **Contractual<br> Fee** |
| Up to and including $500 million | 1.50% |
| Over $500 million | 1.45% |

---

**James Aggressive Allocation Fund**

---

| | |
|:---|:---|
| **Average Total Net Assets** | **Contractual<br> Fee** |
| Up to and including $500 million | 0.98% |
| Over $500 million and including $1 billion | 0.95% |
| Over $1 billion and including $2 billion | 0.90% |
| Over $2 billion | 0.85% |

---

  <br> 34 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

Advisory fees for the James Small Cap Fund and the James Micro Cap Fund are reduced by the fees and expenses of the non-interested trustees incurred by the applicable Fund. Under the Investment Management Agreement, the Adviser is responsible for the payment of all operating expenses of the James Small Cap Fund, James Micro Cap Fund, and James Aggressive Allocation Fund, except for brokerage fees and commissions, taxes, interest, fees and expenses of non-interested person trustees, 12b-1 expenses and extraordinary expenses. The Adviser is not entitled to recoupment of such expenses.

**Other Service Providers**

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agency services to the Funds. The Funds or the Adviser pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies and certain cost related to the pricing of the Funds' portfolio securities. Administration and transfer agent fees paid by the Funds for the six months ended December 31, 2025, are disclosed on the Statements of Operations.

**Plan of Distribution**

Pursuant to the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC ("UFD") serves as principal underwriter and exclusive agent for distribution of shares of the Funds. UFD is a wholly-owned subsidiary of Ultimus. The James Balanced: Golden Rainbow Fund (Retail Class) and James Small Cap Fund have each adopted a plan pursuant to Rule 12b-1 under the 1940 Act (collectively, the "Plan") under which each Fund may incur expenses related to distribution of its shares and for services provided to shareholders ("Distribution Expenses"). These Distribution Expenses are reflected as 12b-1 distribution and service fees on the Statements of Operations. Payments under a Plan are made to the Adviser or its designee, which uses them to pay Distribution Expenses on behalf of and as agent of the Trust. The amount payable by the James Small Cap Fund and the Retail Class of the James Balanced: Golden Rainbow Fund, under its Plan is 0.25% of its average daily net assets. Payments received under the Plan are in addition to the fees paid to the Adviser pursuant to the Management Agreements. Pursuant to the Plan, the Adviser shall act in the Funds' best interests in expending or directing its designee to expend payments received by the Adviser or its designee, and such payments shall be used solely for the purpose of paying Distribution Expenses on behalf of the Funds; provided, however, that to the extent the Distribution Expenses for the period to which a payment relates are less than the payment, the Adviser may retain the excess.

**Trustee Fees**

Effective January 1, 2026, each Trustee who is not an interested person of the Trust ("Independent Trustees"), as defined in the 1940 Act, receives (1) a quarterly retainer of $8,300, (2) a per meeting fee for regularly scheduled Board meetings of $2,600, (3) a quarterly fee paid to the Audit Committee Chair of $1,050 and a quarterly fee paid to the other members of the Audit Committee of $525, (4) a per meeting fee of $2,200 for any special meeting held outside of a regularly scheduled Board meeting that the Independent Trustee is required to attend in person, (5) a per meeting fee of $220 for any special telephonic meetings held outside of a regularly scheduled Board meeting, and (6) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings.

Prior to January 1, 2026, each Independent Trustee received (1) a quarterly retainer of $8,300, (2) a per meeting fee for regularly scheduled Board meetings of $2,200, (3) a quarterly fee paid to the Audit Committee Chair of $1,050 and a quarterly fee paid to the other members of the Audit Committee of $525, (4) a per meeting fee of $2,200 for any special meeting held outside of a regularly scheduled Board meeting that the Independent Trustee is required to attend in person, (5) a per meeting fee of $220 for any special telephonic meetings held outside of a regularly scheduled Board meeting, and (6) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. Such fees are presented on the Statements of Operations as Trustee fees.

**Principal Holders of Fund Shares**

As of December 31, 2025, the following shareholders owned of record 25% or more of the outstanding shares of each Fund, as applicable:

---

| | |
|:---|:---|
| **NAME OF RECORD OWNER** | **%<br> OWNERSHIP** |
| **James Balanced: Golden Rainbow Fund - Retail Class** |  |
| &nbsp;&nbsp;&nbsp;National Financial Services, LLC | 41% |
| **James Micro Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;Iris James | 30% |
| **James Aggressive Allocation Fund** |  |
| &nbsp;&nbsp;&nbsp;Iris James | 25% |

---

A beneficial owner of 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**5. COMMITMENTS AND CONTINGENCIES**

The Funds indemnify the Trust's officers and trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

  <br> Financial Statements \| December 31, 2025 35

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> December 31, 2025 (Unaudited)

**6. LINE OF CREDIT**

The James Advantage Funds have a revolving line of credit agreement with U.S. Bank, N.A. (the "Bank") with a combined maximum of $25,000,000. Borrowings under these arrangements are secured by investments held in the Funds' portfolios as notated on the Schedules of Investments and bear interest at the Bank's prime rate. As of December 31, 2025, none of the Funds had outstanding borrowings under the line of credit agreement. For the six months ended December 31, 2025, none of the Funds utilized the line of credit. The Funds' line of credit agreement is set to expire on July 1, 2026.

The terms of the agreements can be characterized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Maximum<br> Balance<br> Available** | **Interest<br> Rate** | **Expiration<br> Date** |
| James Balanced: |  |  |  |
| &nbsp;&nbsp;&nbsp;Golden Rainbow Fund | $25000000 | Prime Rate\* | July 1, 2026 |
| James Small Cap Fund | $2000000 | Prime Rate\* | July 1, 2026 |
| James Micro Cap Fund | $1250000 | Prime Rate\* | July 1, 2026 |
| James Aggressive Allocation Fund | $750000 | Prime Rate\* | July 1, 2026 |

---

\* *The rate at which the Bank announces as its prime lending rate.*

**7. SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio would be adversely affected. As of December 31, 2025, James Small Cap Fund and James Micro Cap Fund had 26.7% and 28.2%, respectively, of net assets invested in common stocks within the Financials industry sector.

**8. SUBSEQUENT EVENTS**

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

  <br> 36 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Additional Information</u> <br> December 31, 2025 (Unaudited)

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

  <br> Financial Statements \| December 31, 2025 37

---

| | | |
|:---|:---|:---|
| ![](img_003.jpg) | **INVESTMENT ADVISER**<br> James Investment<br> Research, Inc.<br> P.O. Box 8<br> Alpha, Ohio 45301<br> info@jamesinvestment.com<br>**CUSTODIAN**<br> U.S. Bank<br> 425 Walnut Street<br> Cincinnati, Ohio 45202<br>**TRANSFER AGENT**<br> Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive<br> Suite 450<br> Cincinnati, Ohio 45246 | **INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM**<br> Deloitte & Touche LLP<br> Suite 400<br> 1601 Wewatta Street<br> Denver, Colorado 80202<br>**DISTRIBUTOR**<br> Ultimus Fund Distributors, LLC<br> 225 Pictoria Drive<br> Suite 450<br> Cincinnati, Ohio 45246<br>**LEGAL COUNSEL**<br> Davis Graham<br> & Stubbs LLP<br> 3400 Walnut Street, Suite 700<br> Denver, Colorado 80205 |

---

For information about the Funds, or to make inquiries about the Funds,

please call 1-800-99JAMES (1-800-995-2637).

www.jamesinvestment.com

(b) Included in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7 if applicable

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal
 executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed
 and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries,
 is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that
 the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](jamesfund_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](jamesfund_ex99-906cert.htm)

Exhibit 99.CERT [Certifications required by Rule 30a-2(a) under the Act](jamesfund_ex99cert.htm) <br>Exhibit 99.906CERT [Certifications required by Rule 30a-2(b) under the Act](jamesfund_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | James Advantage Funds |  |
| By (Signature and Title) | By (Signature and Title) | /s/ R. Brian Culpepper |
|  |  | R. Brian Culpepper, Chief Executive Officer and President<br> (Principal Executive Officer) |
| Date | March 10, 2026 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title) | By (Signature and Title) | /s/ R. Brian Culpepper |
|  |  | R. Brian Culpepper, Chief Executive Officer and President<br> (Principal Executive Officer) |
| Date | March 10, 2026 |  |
| By (Signature and Title) | By (Signature and Title) | /s/ Brian P. Shepardson |
|  |  | Brian P. Shepardson, Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |
| Date | March 10, 2026 |  |

---

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, R. Brian Culpepper, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the James Advantage Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 10, 2026 | /s/ R. Brian Culpepper |
|  | R. Brian Culpepper, Chief Executive Officer and President<br> (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Brian P. Shepardson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the James Advantage Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 10, 2026 | /s/ Brian P. Shepardson |
|  | Brian P. Shepardson, Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>CERTIFICATIONS</u>**

R. Brian Culpepper, Chief Executive Officer, and Brian P. Shepardson, Chief Financial Officer, of the James Advantage Funds (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies
 with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
 of the Registrant.

---

| | |
|:---|:---|
| CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER |
| James Advantage Funds | James Advantage Funds |
| /s/ R. Brian Culpepper | /s/ Brian P. Shepardson |
| R. Brian Culpepper, Chief Executive Officer and President<br> (Principal Executive Officer) | Brian P. Shepardson, Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |
| Date: March 10, 2026 | Date: March 10, 2026 |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the James Advantage Funds and will be retained by the James Advantage Funds and furnished to the Securities and Exchange Commission or its staff upon request.***

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.