# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0001580642-25-005805
**Filing Date:** 2025-9
**Character Count:** 189039
**Document Hash:** e3b23b2e99af7e73fe131c97c6805bd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005805.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001580642-25-005805

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08411
- **FILM NUMBER:** 251295794

**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>June 30, 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)

# Annual Shareholder Report - June 30, 2025
![Image](ie2116b875bd2e9ce776177d1.jpg)

## Fund Overview
This annual shareholder report contains important information about James Balanced: Golden Rainbow Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 year?
(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 | $127 | 1.22% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Equity markets posted solid gains for the fiscal year ended June 30, 2025, fueled primarily by strong performance in large-cap companies, especially within the Technology and Finance sectors. These industries demonstrated exceptional resilience and innovation, contributing 1.5% and 2.6%, respectively, to the fund's overall return. Investor confidence, robust earnings, and sector-specific advancements drove the momentum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, not all sectors fared as well. The HealthCare stocks in the fund declined 0.6%, impacted by regulatory pressures and weaker demand in key sub-industries. The fund's Energy holdings slipped 0.1%, influenced by lower commodity prices and the President's continued efforts to keep energy costs low.

**Top Performing Holdings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**JPMorgan Chase & Company (JPM):** The fund's top contributor, JPMorgan Chase—a global leader in investment banking, commercial banking, and asset management—gained 46.7% over the year. This added approximately 0.7% to the fund's total return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Walmart, Inc. (WMT):** Despite mid-year pressures from tariff concerns, Walmart rebounded strongly, closing the year with a 45.9% gain. This contributed 0.6% to the fund's performance. The company benefited from easing fears over supply chain costs and demonstrated resilience across both Walmart and Sam's Club locations.

**Notable Underperformers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UnitedHealth Group, Inc.(UNH):** UnitedHealth, which provides health coverage through several insurance units, faced multiple challenges—including a sudden CEO resignation, suspended financial guidance, margin compression in Medicare Advantage, and increasing regulatory scrutiny. The stock dropped 41.3%, detracting 0.3% from fund returns.

**&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Company (LLY):** After a strong prior year, Lilly saw a modest pullback of 13%. Though revenues remained strong—driven by blockbuster obesity treatments Zepbound and Mounjaro—margin pressure and potential tariff exposure on foreign-made pharmaceutical components weighed on investor sentiment. As the fund's largest position in the health care sector, LLY contributed a 0.2% decline in the fund's performance during the period.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0a500b1963411f8837e565bb.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **James Balanced: Golden Rainbow Fund - Retail Class** | **James Golden Rainbow Blend \*** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** | **VettaFi U.S. Equity 3000 Index** | **VettaFi U.S. Equity Large/Mid-Cap 1000 Index** | **VettaFi U.S. Equity Small-Cap 2000 Index** |
| **Jun-2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Jun-2016** | $9936 | $10147 | $10433 | $10193 | $10262 | $9355 |
| **Jun-2017** | $10326 | $11182 | $10411 | $12078 | $12113 | $11637 |
| **Jun-2018** | $10519 | $12061 | $10351 | $13881 | $13887 | $13813 |
| **Jun-2019** | $10388 | $12726 | $11068 | $15148 | $15297 | $13242 |
| **Jun-2020** | $10265 | $13284 | $11856 | $16159 | $16464 | $12205 |
| **Jun-2021** | $11844 | $16613 | $11879 | $23314 | $23548 | $20329 |
| **Jun-2022** | $10782 | $14368 | $11014 | $19961 | $20345 | $15079 |
| **Jun-2023** | $11472 | $15498 | $11003 | $23734 | $24275 | $16792 |
| **Jun-2024** | $13031 | $17050 | $11465 | $29215 | $30078 | $17993 |
| **Jun-2025** | $14130 | $18729 | $12237 | $33663 | $34734 | $19601 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| James Balanced: Golden Rainbow Fund - Retail Class | 8.43% | 6.60% | 3.52% |
| James Golden Rainbow Blend \* | 9.85% | 7.11% | 6.48% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.74% | 0.64% | 2.04% |
| VettaFi U.S. Equity 3000 Index | 15.23% | 15.81% | 12.91% |
| VettaFi U.S. Equity Large/Mid-Cap 1000 Index | 15.48% | 16.10% | 13.26% |
| VettaFi U.S. Equity Small-Cap 2000 Index | 8.94% | 9.94% | 6.96% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 995-2637 or visit https://www.jamesfunds.com/our-funds.php#fund-performance for updated performance information.***

\* James Golden Rainbow Blend is comprised of 25% VettaFi U.S. Equity Large/Mid-Cap 1000 Index / 25% VettaFi U.S. Equity Small-Cap 2000 Index / 50% Bloomberg Intermediate U.S. Government/Credit Bond Index

### **Fund Statistics** 
* Net Assets$411,365,474

* Number of Portfolio Holdings107

* Total Advisory Fees Paid $3,087,863

* Portfolio Turnover27%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i06035bfd44e6fbb426d200ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 45.5% |
| Corporate Bonds | 10.3% |
| Exchange-Traded Funds | 7.3% |
| Money Market Funds | 1.3% |
| Mortgage-Backed Securities | 2.7% |
| U.S. Government & Agencies | 4.0% |
| U.S. Treasury Obligations | 28.9% |

---

### What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i77e3fe00c7fc870a22cac6b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.3% |
| Real Estate | 0.4% |
| Utilities | 0.9% |
| Money Market Funds | 1.3% |
| Energy | 1.4% |
| Mortgage-Backed Securities | 2.7% |
| Consumer Staples | 3.1% |
| Health Care | 3.2% |
| Industrials | 3.6% |
| U.S. Government & Agencies | 4.0% |
| Communication Services | 4.7% |
| Consumer Discretionary | 5.2% |
| Exchange-Traded Funds | 7.3% |
| Financials | 7.9% |
| Corporate Bonds | 10.3% |
| Information Technology | 14.8% |
| U.S. Treasury Obligations | 28.8% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 5.375%, due 02/15/31 | 5.2% |
| Microsoft Corporation | 3.9% |
| U.S. Treasury Bonds, 5.500%, due 08/15/28 | 3.8% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 3.7% |
| iShares Gold Trust | 3.2% |
| NVIDIA Corporation | 2.7% |
| Apple, Inc. | 2.5% |
| U.S. Treasury Notes, 5.000%, due 09/30/25 | 2.4% |
| U.S. Treasury Bonds, 4.750%, due 02/15/45 | 2.4% |
| U.S. Treasury Notes, 2.375%, due 05/15/27 | 2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ie2116b875bd2e9ce776177d1.jpg)

## 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

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

# Annual Shareholder Report - June 30, 2025
TSR-AR 063025-GLRBX

# James Balanced: Golden Rainbow Fund

# Institutional Class (GLRIX)

# Annual Shareholder Report - June 30, 2025
![Image](iabf93a55164a6ee35c2bc8bf.jpg)

## Fund Overview
This annual shareholder report contains important information about James Balanced: Golden Rainbow Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 year?
(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 | $101 | 0.97% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Equity markets posted solid gains for the fiscal year ended June 30, 2025, fueled primarily by strong performance in large-cap companies, especially within the Technology and Finance sectors. These industries demonstrated exceptional resilience and innovation, contributing 1.5% and 2.6%, respectively, to the fund's overall return. Investor confidence, robust earnings, and sector-specific advancements drove the momentum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, not all sectors fared as well. The HealthCare stocks in the fund declined 0.6%, impacted by regulatory pressures and weaker demand in key sub-industries. The fund's Energy holdings slipped 0.1%, influenced by lower commodity prices and the President's continued efforts to keep energy costs low.

**Top Performing Holdings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**JPMorgan Chase & Company (JPM):** The fund's top contributor, JPMorgan Chase—a global leader in investment banking, commercial banking, and asset management—gained 46.7% over the year. This added approximately 0.7% to the fund's total return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Walmart, Inc. (WMT):** Despite mid-year pressures from tariff concerns, Walmart rebounded strongly, closing the year with a 45.9% gain. This contributed 0.6% to the fund's performance. The company benefited from easing fears over supply chain costs and demonstrated resilience across both Walmart and Sam's Club locations.

**Notable Underperformers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UnitedHealth Group, Inc.(UNH):** UnitedHealth, which provides health coverage through several insurance units, faced multiple challenges—including a sudden CEO resignation, suspended financial guidance, margin compression in Medicare Advantage, and increasing regulatory scrutiny. The stock dropped 41.3%, detracting 0.3% from fund returns.

**&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Company (LLY):** After a strong prior year, Lilly saw a modest pullback of 13%. Though revenues remained strong—driven by blockbuster obesity treatments Zepbound and Mounjaro—margin pressure and potential tariff exposure on foreign-made pharmaceutical components weighed on investor sentiment. As the fund's largest position in the health care sector, LLY contributed a 0.2% decline in the fund's performance during the period.

## How has the Fund performed over the last ten years?

### Total Return Based on $50,000 Investment
![Growth of 10K Chart](iacb28057fc2da4aebc99a128.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **James Balanced: Golden Rainbow Fund - Institutional Class** | **James Golden Rainbow Blend \*** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** | **VettaFi U.S. Equity 3000 Index** | **VettaFi U.S. Equity Large/Mid-Cap 1000 Index** | **VettaFi U.S. Equity Small-Cap 2000 Index** |
| **Jun-2015** | $50000 | $50000 | $50000 | $50000 | $50000 | $50000 |
| **Jun-2016** | $49783 | $50734 | $52166 | $50967 | $51311 | $46775 |
| **Jun-2017** | $51890 | $55910 | $52055 | $60391 | $60563 | $58183 |
| **Jun-2018** | $52987 | $60306 | $51754 | $69406 | $69433 | $69067 |
| **Jun-2019** | $52462 | $63629 | $55341 | $75742 | $76487 | $66212 |
| **Jun-2020** | $51972 | $66419 | $59279 | $80793 | $82322 | $61025 |
| **Jun-2021** | $60094 | $83065 | $59393 | $116571 | $117742 | $101646 |
| **Jun-2022** | $54850 | $71838 | $55069 | $99803 | $101725 | $75397 |
| **Jun-2023** | $58490 | $77489 | $55017 | $118668 | $121375 | $83962 |
| **Jun-2024** | $66623 | $85248 | $57323 | $146074 | $150389 | $89964 |
| **Jun-2025** | $72435 | $93644 | $61186 | $168314 | $173670 | $98005 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| James Balanced: Golden Rainbow Fund - Institutional Class | 8.72% | 6.87% | 3.78% |
| James Golden Rainbow Blend \* | 9.85% | 7.11% | 6.48% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 6.74% | 0.64% | 2.04% |
| VettaFi U.S. Equity 3000 Index | 15.23% | 15.81% | 12.91% |
| VettaFi U.S. Equity Large/Mid-Cap 1000 Index | 15.48% | 16.10% | 13.26% |
| VettaFi U.S. Equity Small-Cap 2000 Index | 8.94% | 9.94% | 6.96% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 995-2637 or visit https://www.jamesfunds.com/our-funds.php#fund-performance for updated performance information.***

\* James Golden Rainbow Blend is comprised of 25% VettaFi U.S. Equity Large/Mid-Cap 1000 Index / 25% VettaFi U.S. Equity Small-Cap 2000 Index / 50% Bloomberg Intermediate U.S. Government/Credit Bond Index

### **Fund Statistics** 
* Net Assets$411,365,474

* Number of Portfolio Holdings107

* Total Advisory Fees Paid $3,087,863

* Portfolio Turnover27%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia9fbb2b2cff88becd7ad4d67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 45.5% |
| Corporate Bonds | 10.3% |
| Exchange-Traded Funds | 7.3% |
| Money Market Funds | 1.3% |
| Mortgage-Backed Securities | 2.7% |
| U.S. Government & Agencies | 4.0% |
| U.S. Treasury Obligations | 28.9% |

---

### What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i751b72c5b061cdb227c2d33a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.3% |
| Real Estate | 0.4% |
| Utilities | 0.9% |
| Money Market Funds | 1.3% |
| Energy | 1.4% |
| Mortgage-Backed Securities | 2.7% |
| Consumer Staples | 3.1% |
| Health Care | 3.2% |
| Industrials | 3.6% |
| U.S. Government & Agencies | 4.0% |
| Communication Services | 4.7% |
| Consumer Discretionary | 5.2% |
| Exchange-Traded Funds | 7.3% |
| Financials | 7.9% |
| Corporate Bonds | 10.3% |
| Information Technology | 14.8% |
| U.S. Treasury Obligations | 28.8% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Bonds, 5.375%, due 02/15/31 | 5.2% |
| Microsoft Corporation | 3.9% |
| U.S. Treasury Bonds, 5.500%, due 08/15/28 | 3.8% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 3.7% |
| iShares Gold Trust | 3.2% |
| NVIDIA Corporation | 2.7% |
| Apple, Inc. | 2.5% |
| U.S. Treasury Notes, 5.000%, due 09/30/25 | 2.4% |
| U.S. Treasury Bonds, 4.750%, due 02/15/45 | 2.4% |
| U.S. Treasury Notes, 2.375%, due 05/15/27 | 2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](iabf93a55164a6ee35c2bc8bf.jpg)

## 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

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

# Annual Shareholder Report - June 30, 2025
TSR-AR 063025-GLRIX

# James Small Cap Fund
(JASCX)

# Annual Shareholder Report - June 30, 2025
![Image](i9b998f6aeea23877de32fc6f.jpg)

## Fund Overview
This annual shareholder report contains important information about James Small Cap Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 year?
(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 | $159 | 1.50% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The fiscal year ended June 30, 2025, marked another active chapter for the James Small Cap Fund. Over the 12-month period, the fund generated a return of 11.8%. While this fell short of the broader VettaFi Equity 3000 Index (which returned 15.23%), it notably outperformed the more comparable VettaFi Small Cap 2000 Index, which posted a return of just 8.94%. This performance gap highlights the challenges of navigating the small-cap space during a year defined by large-cap dominance and heightened sector volatility.

**Market Environment & Sector Impact**

&nbsp;&nbsp;&nbsp;&nbsp; Monetary policy was a key driver of market activity throughout the fiscal year. The Federal Reserve concluded its rate-hiking cycle and initiated a rate cut in September 2024, setting the stage for potential further easing. This more favorable rate environment benefited the Financials sector, which accounted for 26% of the fund's portfolio and delivered an average return of 29%. These holdings contributed an impressive 7.3% to overall fund performance.

&nbsp;&nbsp;&nbsp;&nbsp; The Consumer Discretionary sector also made a strong showing. Despite a smaller portfolio weighting, the sector's 46.2% gain translated into a 6.4% positive impact on the fund.

&nbsp;&nbsp;&nbsp;&nbsp; Conversely, certain portfolio areas weighed down returns. Energy holdings declined by an average of 25.5%, hurt by falling oil prices, resulting in a 1.1% drag on overall performance. The Basic Materials sector faced headwinds from tariffs on imported goods, leading to a 29.6% decline and a 1.3% reduction in fund returns.

**Top Performing Holdings**

**&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc. (ENVA):** Enova—a financial services firm specializing in lending solutions for non-prime credit consumers and small businesses , surged 79% during the year, contributing 1.8% to overall performance.

**&nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc. (EAT):** Parent company of Chili's and Maggiano's Little Italy restaurants, Brinker grew revenues by 27%. Its stock soared 149%, adding 4.6% to the fund's return.

**Notable Underperformers**

**&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. (ACLS):** Though it doesn't manufacture semiconductors, Axcelis produces the equipment used to make them. The stock plunged 51% due to international tariff pressures, contributing a 0.41% decline to the fund.

**&nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc. (FCN):** Providing financial, legal, and operational advisory services, FTI faced a tough year marked by declining revenues, layoffs, and tightened government spending. The stock fell 25%, resulting in a negative contribution of 0.6%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if5bbd1990af8bee0b8a4549b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **James Small Cap Fund** | **VettaFi U.S. Equity 3000 Index** | **VettaFi U.S. Equity Small-Cap 2000 Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9538 | $10193 | $9355 |
| **Jun-2017** | $10621 | $12078 | $11637 |
| **Jun-2018** | $11833 | $13881 | $13813 |
| **Jun-2019** | $9984 | $15148 | $13242 |
| **Jun-2020** | $8083 | $16159 | $12205 |
| **Jun-2021** | $13165 | $23314 | $20329 |
| **Jun-2022** | $12114 | $19961 | $15079 |
| **Jun-2023** | $14032 | $23734 | $16792 |
| **Jun-2024** | $17482 | $29215 | $17993 |
| **Jun-2025** | $19546 | $33663 | $19601 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| James Small Cap Fund | 11.80% | 19.31% | 6.93% |
| VettaFi U.S. Equity 3000 Index | 15.23% | 15.81% | 12.91% |
| VettaFi U.S. Equity Small-Cap 2000 Index | 8.94% | 9.94% | 6.96% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 995-2637 or visit https://www.jamesfunds.com/our-funds.php#fund-performance for updated performance information.***

### **Fund Statistics** 
* Net Assets$51,757,678

* Number of Portfolio Holdings87

* Total Advisory Fees Paid $616,172

* Portfolio Turnover18%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie535dd89e8be2c21e83621eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.2% |
| Money Market Funds | 3.8% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i640ff78bb3294af1dd503ff9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.0% |
| Materials | 3.4% |
| Money Market Funds | 3.8% |
| Energy | 4.3% |
| Consumer Staples | 5.1% |
| Real Estate | 6.8% |
| Information Technology | 9.0% |
| Industrials | 10.6% |
| Health Care | 11.4% |
| Consumer Discretionary | 15.7% |
| Financials | 27.0% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Brinker International, Inc. | 5.2% |
| Enova International, Inc. | 3.8% |
| Evercore, Inc. - Class A | 3.5% |
| Piper Sandler Companies | 3.3% |
| Coca-Cola Consolidated, Inc. | 2.4% |
| PC Connection, Inc. | 2.2% |
| Houlihan Lokey, Inc. | 2.2% |
| Corcept Therapeutics, Inc. | 2.0% |
| MGIC Investment Corporation | 2.0% |
| First BanCorporation | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i9b998f6aeea23877de32fc6f.jpg)

## 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

# James Small Cap Fund (JASCX)

# Annual Shareholder Report - June 30, 2025
TSR-AR 063025-JASCX

# James Micro Cap Fund
(JMCRX)

# Annual Shareholder Report - June 30, 2025
![Image](i7a7f967039d72c0350dbc3ab.jpg)

## Fund Overview
This annual shareholder report contains important information about James Micro Cap Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 year?
(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 | $151 | 1.50% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The fiscal year ended June 30, 2025, marked the close of another active period for the James Micro Cap Fund. Over the 12-month span, the fund delivered a modest return of 1.09%, falling short of broader equity market benchmarks. Micro-cap stocks, as represented by the VettaFi U.S. Micro Cap Index, advanced 11.9%, while the broader VettaFi U.S. Equity 3000 Index posted a robust gain of 15.23%. The disparity underscores the challenges faced in navigating the micro-cap landscape during a year of strong large-cap momentum and sector-specific volatility.

&nbsp;&nbsp;&nbsp;&nbsp; Monetary policy developments were a defining feature of the fiscal year. The Federal Reserve concluded its rate-hiking cycle and initiated a rate cut in September 2024, opening the door to potential further easing. This shift in the interest rate environment proved favorable for the Financials sector, which comprised 30% of the fund's portfolio during the period. These holdings delivered a commendable average return of 21.7%, adding 5.2% to overall fund performance. The Basic Materials sector also contributed meaningfully, despite a smaller 6% weighting; its 25.5% gain translated into a 1.8% positive impact.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; In contrast, other areas of the portfolio exerted downward pressure on fund returns. The Energy sector experienced significant losses, with holdings declining by 45.6% on average amid falling oil prices. This weakness contributed a 2.2% drag on the fund's overall performance. Additionally, the Consumer Discretionary sector faced tariff-related headwinds that adversely affected companies reliant on imported goods. Stocks within this segment fell by 12.1%, resulting in a 1.4% reduction in fund returns.

**Top Performing Holdings**

**&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc. (ENVA):** Enova,a financial services firm specializing in lending solutions for non-prime credit consumers and small businesses , rallied 79% during the fiscal year, resulting in a 2.6% contribution to fund performance.

**&nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (NVMI):** Operating in the semiconductor space, Nova experienced steady growth, adding 1.4% to overall returns.

**Notable Underperformers**

**&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc. (NSIT):** The IT-focused firm suffered a 30.4% drop in stock price, driven by a sharp decline in net income of over 80%, which was spurred by more cautious IT spending and contributed a negative impact of 1.0%.

**&nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. (LPG):** A transportation company specializing in liquefied petroleum gas, Dorian struggled with increased competition and weak energy prices.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia0a837139276276d3f68bc11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **James Micro Cap Fund** | **VettaFi U.S. Equity 3000 Index** | **VettaFi U.S. Equity Micro-Cap Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9956 | $10193 | $8658 |
| **Jun-2017** | $11440 | $12078 | $11187 |
| **Jun-2018** | $12770 | $13881 | $13567 |
| **Jun-2019** | $12099 | $15148 | $11775 |
| **Jun-2020** | $9988 | $16159 | $11200 |
| **Jun-2021** | $15434 | $23314 | $20161 |
| **Jun-2022** | $13489 | $19961 | $13007 |
| **Jun-2023** | $15601 | $23734 | $13560 |
| **Jun-2024** | $18781 | $29215 | $12967 |
| **Jun-2025** | $18985 | $33663 | $14510 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| James Micro Cap Fund | 1.09% | 13.71% | 6.62% |
| VettaFi U.S. Equity 3000 Index | 15.23% | 15.81% | 12.91% |
| VettaFi U.S. Equity Micro-Cap Index | 11.90% | 5.31% | 3.79% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 995-2637 or visit https://www.jamesfunds.com/our-funds.php#fund-performance for updated performance information.***

### **Fund Statistics** 
* Net Assets$26,885,623

* Number of Portfolio Holdings75

* Total Advisory Fees Paid $408,420

* Portfolio Turnover6%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1d713653eb99668e756dae79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.8% |
| Money Market Funds | 3.2% |
| Right | 0.0% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](icafadbeb1e31b49bfce141ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Real Estate | 1.3% |
| Energy | 2.4% |
| Money Market Funds | 3.2% |
| Consumer Staples | 5.0% |
| Materials | 5.3% |
| Consumer Discretionary | 8.3% |
| Health Care | 11.7% |
| Industrials | 12.9% |
| Information Technology | 16.3% |
| Financials | 32.8% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Nova Ltd. | 7.7% |
| Enova International, Inc. | 6.7% |
| Piper Sandler Companies | 4.8% |
| Federal Agricultural Mortgage Corporation - Class C | 4.3% |
| OFG Bancorp | 4.1% |
| Donnelley Financial Solutions, Inc. | 3.8% |
| PC Connection, Inc. | 3.0% |
| United States Lime & Minerals, Inc. | 3.0% |
| Integer Holdings Corporation | 2.9% |
| Merchants Bancorp | 2.9% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i7a7f967039d72c0350dbc3ab.jpg)

## 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

# James Micro Cap Fund (JMCRX)

# Annual Shareholder Report - June 30, 2025
TSR-AR 063025-JMCRX

# James Aggressive Allocation Fund
(JAVAX)

#### Annual Shareholder Report - June 30, 2025
![Image](iac2aaf71138e83c650ec95a6.jpg)

## Fund Overview
This annual shareholder report contains important information about James Aggressive Allocation Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 year?
(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 | $106 | 1.01% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The fiscal year concluded on June 30, 2025, was marked by notable gains in equity markets, largely attributable to robust performance among large-capitalization companies, especially those operating within the Technology and Finance sectors. These industries demonstrated remarkable resilience and growth, contributing 3.9% and 5.5%, respectively, to the overall return of the fund. The upward momentum was supported by strong earnings, sector-specific innovation, and increased investor confidence.

&nbsp;&nbsp;&nbsp;&nbsp; In contrast, certain sectors faced headwinds that tempered overall fund performance. The HealthCare sector underperformed, declining by 1.4%, hindered by regulatory pressures and softening demand in key sub-industries. Additionally, investments in the Consumer Discretionary sector experienced a 1.1% decrease, primarily driven by the imposition of higher tariffs on imported goods, which increased costs and weighed on profit margins for several retail and consumer-focused companies.

**Top Performing Holdings**

**&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc. (ENVA):** Leading the fund's contributors, Enova—a financial services firm specializing in lending solutions for non-prime credit consumers and small businesses —achieved a 79% appreciation in its stock price over the fiscal year. This significant gain translated into a 1.7% positive impact on the fund's performance.

**&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. (AVGO):** Benefiting from the sustained investor enthusiasm surrounding advancements in Artificial Intelligence, Broadcom experienced a 73.6% rally in its share price over the 12-month period. As a leading developer and designer of semiconductors and infrastructure software solutions, Broadcom contributed 1.6% to the fund's annual return.

**Notable Underperformers**

**&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corporation (DECK):** In a reversal from its strong showing in the prior fiscal year, Deckers—renowned for its portfolio of footwear and apparel brands including UGG, Teva, and Hoka—faced a pronounced downturn. The company's stock declined by 36.1%, primarily due to investor concerns over escalating input costs linked to tariffs imposed on imports from key manufacturing hubs such as China and Vietnam. As a result, Deckers detracted approximately 0.9% from the fund's total return.

**&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. (ASML):** The Netherlands-based semiconductor manufacturer was similarly impacted by the global tariff environment, which introduced cost uncertainties and dampened investor sentiment. ASML's shares fell 21.0% over the fiscal year, contributing a negative 0.5% to the fund's overall performance.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ife0e161ff1bffe6cefb47d56.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Aggressive Allocation Fund** | **James Aggressive Blend \*** | **Bloomberg U.S. Government/Credit Bond Index** | **VettaFi U.S. Equity 3000 Index** |
| **Jul-2015** | $10000 | $10000 | $10000 | $10000 |
| **Jun-2016** | $9502 | $10352 | $10712 | $10128 |
| **Jun-2017** | $10124 | $11552 | $10668 | $12001 |
| **Jun-2018** | $10869 | $12630 | $10601 | $13792 |
| **Jun-2019** | $10499 | $13817 | $11505 | $15051 |
| **Jun-2020** | $9596 | $14984 | $12658 | $16055 |
| **Jun-2021** | $12007 | $19051 | $12608 | $23165 |
| **Jun-2022** | $10308 | $16584 | $11240 | $19833 |
| **Jun-2023** | $11856 | $18569 | $11161 | $23581 |
| **Jun-2024** | $14361 | $21484 | $11467 | $29027 |
| **Jun-2025** | $15896 | $24076 | $12142 | $33447 |

---

### **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (July 1, 2015)** |
| James Aggressive Allocation Fund | 10.68% | 10.62% | 4.74% |
| James Aggressive Blend \* | 12.06% | 9.95% | 9.18% |
| Bloomberg U.S. Government/Credit Bond Index | 5.89% | -0.83% | 1.96% |
| VettaFi U.S. Equity 3000 Index | 15.23% | 15.81% | 12.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 995-2637 or visit https://www.jamesfunds.com/our-funds.php#fund-performance for updated performance information.***

\* James Aggressive Blend is comprised of 65% VettaFi U.S. Equity 3000 Index / 35% Bloomberg U.S. Government/Credit Bond Index

### **Fund Statistics** 
* Net Assets$25,916,300

* Number of Portfolio Holdings81

* Total Advisory Fees Paid $243,789

* Portfolio Turnover12%

### **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2a98c7238ce218a59e644ed4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 80.0% |
| Corporate Bonds | 5.3% |
| Exchange-Traded Funds | 3.7% |
| Money Market Funds | 0.9% |
| U.S. Government & Agencies | 3.8% |
| U.S. Treasury Obligations | 6.3% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i97e4e271a16284ece383b4c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.9% |
| Utilities | 1.8% |
| Materials | 2.0% |
| Real Estate | 2.2% |
| Exchange-Traded Funds | 3.7% |
| U.S. Government & Agencies | 3.8% |
| Consumer Staples | 4.2% |
| Energy | 4.6% |
| Corporate Bonds | 5.3% |
| U.S. Treasury Obligations | 6.2% |
| Health Care | 6.3% |
| Industrials | 6.3% |
| Consumer Discretionary | 7.7% |
| Communication Services | 9.7% |
| Financials | 13.5% |
| Information Technology | 21.7% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 4.9% |
| Meta Platforms, Inc. - Class A | 3.4% |
| Enova International, Inc. | 3.3% |
| Broadcom, Inc. | 3.2% |
| Microsoft Corporation | 3.1% |
| Alphabet, Inc. - Class A | 3.0% |
| Apple, Inc. | 2.5% |
| Goldman Sachs Group, Inc. (The) | 2.5% |
| Cadence Design Systems, Inc. | 2.3% |
| JPMorgan Chase & Company | 2.2% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](iac2aaf71138e83c650ec95a6.jpg)

## 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

# James Aggressive Allocation Fund (JAVAX)

# Annual Shareholder Report - June 30, 2025
TSR-AR 063025-JAVAX

(b) Not applicable

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

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

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

The registrant's board of trustees has determined that the registrant has an audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Julia W. Poston. Ms. Poston is "independent" for purposes of this item.

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

(a) Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $104,000 and $99,000 with respect to the registrant's fiscal years ended June 30, 2025 and June 30, 2024, respectively.

(b) Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $18,480 and $17,600 with respect to the fiscal years ended June 30, 2025 and June 30, 2024, respectively. The services comprising these fees are related to the preparation of the Funds' federal income and excise tax returns.

(d) All Other Fees. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

---

| | |
|:---|:---|
| (e)(1) | Pursuant to the registrant's audit committee charter (the "Charter"), the audit committee is directly responsible for the appointment, termination, compensation, and oversight of the work of any registered public accounting firm employed by the registrant. In addition, the Charter provides that the audit committee is responsible for reviewing and approving in advance any and all proposals under which the independent auditor would provide "permissible non-audit services" (as defined in the Charter) to the registrant or to the investment adviser to the registrant (not including any sub-adviser whose role is primarily portfolio management and that is sub-contracted or overseen by the investment adviser to the registrant) or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if those permissible non-audit services relate directly to the operations and financial reporting of the registrant. In determining whether to pre-approve non-audit services, the audit committee considers whether such services are consistent with the independent auditor's independence. |

---

---

| | |
|:---|:---|
| (e)(2) | 100% of the services described pursuant to paragraphs (b) through (d) of this Item 4 of Form N-CSR were approved by the audit committee, and no such services were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |

---

(f) Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) During the fiscal years ended June 30, 2025 and 2024, aggregate non-audit fees of $18,480 and $17,600, respectively, were billed by the registrant's principal accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal years by the registrant's principal accountant for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not applicable

(j) Not applicable

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

Not applicable

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

(a) The Registrant(s) schedule(s) 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)

Annual Financial Statements and Additional Information

June 30, 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 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Micro Cap Fund | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Aggressive Allocation Fund | 13 |
| **Statements of Assets and Liabilities** | 17 |
| **Statements of Operations** | 18 |
| **Statements of Changes in Net Assets** | 19 |
| **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Balanced: Golden Rainbow Fund – Retail Class | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Balanced: Golden Rainbow Fund – Institutional Class | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Small Cap Fund | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Micro Cap Fund | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Aggressive Allocation Fund | 27 |
| **Notes to Financial Statements** | 28 |
| **Report of Independent Registered Public Accounting Firm** | 36 |
| **Additional Information** | 37 |

---

<u>James Balanced: Golden Rainbow Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 45.5%** |  |  |
| **Communication Services - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 44762 | $7888407 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 34083 | 986362 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 7372 | 5441199 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | 990 | 1325739 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 15000 | 3573900 |
|  |  | 19215607 |
| **Consumer Discretionary - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 32385 | 7104944 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation <sup>(a)</sup> | 9268 | 955253 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 11461 | 4202061 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 17000 | 1906040 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | 18350 | 5361320 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 15000 | 1852350 |
|  |  | 21381968 |
| **Consumer Staples - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 3452 | 1761452 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 25363 | 4040833 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 72964 | 7134420 |
|  |  | 12936705 |
| **Energy - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation | 20000 | 2863800 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 15605 | 1682219 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corporation | 10032 | 1348501 |
|  |  | 5894520 |
| **Financials - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | 9295 | 2975515 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 24149 | 1375769 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 7007 | 3403790 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1642 | 1722869 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 49844 | 5558603 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 4377 | 3097822 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 30926 | 8965756 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corporation | 31967 | 889961 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | 15000 | 1816800 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 2086 | 570876 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corporation | 89093 | 2095467 |
|  |  | 32473228 |
| **Health Care - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 19650 | 2672597 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 13000 | 2413060 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | 28104 | 1963908 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Company | 4874 | 3799428 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | 10676 | 555366 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 10625 | 1622969 |
|  |  | 13027328 |
| **Industrials - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 36350 | 2169005 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 9252 | 3591719 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 10179 | 3633800 |
| &nbsp;&nbsp;&nbsp;General Electric Company | 4150 | 1068169 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 3

<u>James Balanced: Golden Rainbow Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials - 3.6% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 5273 | $1300375 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 4060 | 3058804 |
|  |  | 14821872 |
| **Information Technology - 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 50105 | 10280043 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 2632 | 2109258 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 16803 | 4631747 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. <sup>(a)</sup> | 20011 | 2763219 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 19148 | 4176179 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 9000 | 5057460 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 32035 | 15934529 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 14166 | 3898483 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corporation | 70000 | 11059299 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3534 | 800416 |
|  |  | 60710633 |
| **Materials - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Linde plc | 2309 | 1083337 |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 12898 | 1807268 |
| **Utilities - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 19082 | 1979949 |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 22276 | 1714806 |
|  |  | 3694755 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $77,914,648) |  | $187047221 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Defense Tech ETF | 32502 | $1958246 |
| &nbsp;&nbsp;&nbsp;iShares Gold Trust <sup>(a)</sup> | 209455 | 13061614 |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF | 55527 | 4963559 |
| &nbsp;&nbsp;&nbsp;iShares MSCI Germany ETF | 58216 | 2463118 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 25000 | 5394750 |
| &nbsp;&nbsp;&nbsp;Select STOXX Europe Aerospace & Defense ETF | 14735 | 635815 |
| &nbsp;&nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | 27506 | 1360447 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,723,587) |  | $29837549 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **CORPORATE BONDS - 10.3%** |  |  |
| **Communication Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., 2.950%, due 07/15/26 | $1000000 | $984794 |
| &nbsp;&nbsp;&nbsp;Comcast Corporation, 5.350%, due 11/15/27 | 2000000 | 2052658 |
|  |  | 3037452 |
| **Consumer Staples - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;McCormick & Company, 4.700%, due 10/15/34 | 2500000 | 2424534 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., 4.000%, due 03/01/26 | 1500000 | 1495193 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc., 5.250%, due 09/01/35 | 2000000 | 2100873 |
|  |  | 6020600 |

---

<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> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.550%, due 05/15/34 | $2000000 | $2024743 |
| **Financials - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corporation, 1.250%, due 09/24/26 | 2000000 | 1928698 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corporation, 5.100%, due 04/11/34 | 4000000 | 4089881 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company, 4.800%, due 07/29/27 | 2000000 | 2017528 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 5.320%, due 07/19/35 | 2500000 | 2530519 |
| &nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | 2000000 | 2020083 |
|  |  | 12586709 |
| **Health Care - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | 1000000 | 1028620 |
| &nbsp;&nbsp;&nbsp;CVS Health Corporation, 5.400%, due 06/01/29 | 2500000 | 2572914 |
| &nbsp;&nbsp;&nbsp;UC Health, LLC, 5.858%, due 08/01/35 | 2500000 | 2562587 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 5.000%, due 04/15/34 | 2000000 | 1999232 |
|  |  | 8163353 |
| **Industrials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc., 8.250%, due 12/15/38 | 1000000 | 1263381 |
| &nbsp;&nbsp;&nbsp;Trane Technologies Financing Ltd., 5.100%, due 06/13/34 | 2000000 | 2029528 |
|  |  | 3292909 |
| **Information Technology - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc., 2.050%, due 09/11/26 | 2500000 | 2442676 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc., 2.650%, due 10/01/26 | 1000000 | 982004 |
|  |  | 3424680 |
| **Materials - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc., 4.850%, due 02/08/34 | 1000000 | 1002480 |
| **Real Estate - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | 1000000 | 978964 |
| **Utilities - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky Utilities Company, 5.125%, due 11/01/40 | 1000000 | 963521 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 1.875%, due 01/15/27 | 1000000 | 964343 |
|  |  | 1927864 |
| **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,941,298) |  | $42459754 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **MORTGAGE-BACKED SECURITIES - 2.7%** |  |  |
| **Federal National Mortgage Association - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, due 09/01/33 | $2352766 | $2293979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, due 05/25/47 | 193376 | 187049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, due 01/01/57 | 10365300 | 8602797 |
| **Total Mortgage-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,564,037) |  | $11083825 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 5

<u>James Balanced: Golden Rainbow Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **U.S. GOVERNMENT & AGENCIES - 4.0%** |  |  |
| **Federal Farm Credit Bank - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.670%, due 08/04/25 | $2000000 | $1992935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, due 11/06/26 | 5725000 | 5633139 |
|  |  | 7626074 |
| **Federal Home Loan Bank - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, due 07/28/25 | 2000000 | 1999507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.580%, due 09/11/25 | 2000000 | 1984923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.020%, due 09/17/26 | 2500000 | 2410967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 06/26/29 | 2500000 | 2513196 |
|  |  | 8908593 |
| **Total U.S. Government & Agencies** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,718,595) |  | $16534667 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 28.8%** |  |  |
| **U.S. Treasury Bills <sup>(b)</sup> - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;4.240%, due 09/04/25 | $5000000 | $4961553 |
| &nbsp;&nbsp;&nbsp;4.031%, due 01/22/26 | 5000000 | 4885720 |
|  |  | 9847273 |
| **U.S. Treasury Bonds - 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/28 | 15000000 | 15813281 |
| &nbsp;&nbsp;&nbsp;5.375%, due 02/15/31 | 20000000 | 21512500 |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/38 | 5000000 | 4994336 |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/44 | 4000000 | 3915625 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | 10000000 | 9946875 |
|  |  | 56182617 |
| **U.S. Treasury Notes - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 07/31/25 | 5000000 | 5001339 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/30/25 | 10000000 | 10015430 |
| &nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | 7500000 | 7538672 |
| &nbsp;&nbsp;&nbsp;2.375%, due 05/15/27 | 10000000 | 9752734 |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | 15000000 | 15233789 |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | 5000000 | 5007813 |
|  |  | 52549777 |
| **Total U.S. Treasury Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $117,417,733) |  | $118579667 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.3%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.23% <sup>(c)</sup> (Cost $5,237,673) | 5237673 | $5237673 |
| **Total Investments at Value - 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $291,517,571) |  | $410780356 |
| **Other Assets in Excess of Liabilities - 0.1%** |  | 585118 |
| **Net Assets - 100.0%** |  | $411365474 |

---

*<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 June 30, 2025.* 

*ADR - American Depositary Receipt.*

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

<u>James Small Cap Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.3%** |  |  |
| **Consumer Discretionary - 15.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 4504 | $201824 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. <sup>(a)</sup> | 3708 | 471769 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc. <sup>(a)</sup> | 14370 | 321457 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 4647 | 706344 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> | 14791 | 2667260 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 9450 | 428558 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 4564 | 301087 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 2458 | 275591 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 9285 | 856727 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)</sup> | 10454 | 758333 |
| &nbsp;&nbsp;&nbsp;Winmark Corporation | 1921 | 725389 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | 13361 | 421139 |
|  |  | 8135478 |
| **Consumer Staples - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 9421 | 346222 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 809 | 412808 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 11080 | 1237083 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 6383 | 670470 |
|  |  | 2666583 |
| **Energy - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy Corporation | 1480 | 143338 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 3313 | 231049 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 8907 | 365900 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corporation - Class A | 19100 | 429368 |
| &nbsp;&nbsp;&nbsp;Matador Resources Company | 11181 | 533556 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corporation | 9285 | 208913 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | 10498 | 297618 |
|  |  | 2209742 |
| **Financials - 27.0%** |  |  |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 2630 | 331932 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 10300 | 897130 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc. <sup>(a)</sup> | 6132 | 466277 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 7299 | 415824 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 7059 | 251230 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 17830 | 1988402 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 6730 | 1817234 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | 38400 | 532992 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 7849 | 347868 |
| &nbsp;&nbsp;&nbsp;First BanCorporation | 47750 | 994632 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 6300 | 1133685 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corporation | 37900 | 1055136 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Companies | 6085 | 1691265 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 26798 | 965264 |
| &nbsp;&nbsp;&nbsp;SouthState Corporation | 5620 | 517209 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 48595 | 559328 |
|  |  | 13965408 |
| **Health Care - 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)</sup> | 9050 | 258921 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 4050 | 264263 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)</sup> | 14427 | 1058942 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 7

<u>James Small Cap Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care - 11.4% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corporation <sup>(a)</sup> | 55014 | $545739 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 2241 | 345697 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | 10595 | 551151 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 44092 | 885808 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 5696 | 700437 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corporation | 3545 | 379350 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. <sup>(a)</sup> | 10500 | 341040 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 17531 | 552577 |
|  |  | 5883925 |
| **Industrials - 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 1593 | 370293 |
| &nbsp;&nbsp;&nbsp;Avista Corporation | 12505 | 474565 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Company | 4976 | 432016 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc. <sup>(a)</sup> | 5610 | 906015 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 4288 | 614084 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 13136 | 263640 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 2109 | 443839 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 3873 | 615807 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 2979 | 687345 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 3831 | 709501 |
|  |  | 5517105 |
| **Information Technology - 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. - Class A <sup>(a)</sup> | 16000 | 414400 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 8250 | 437910 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | 3952 | 275415 |
| &nbsp;&nbsp;&nbsp;Concentrix Corporation | 2500 | 132138 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. <sup>(a)</sup> | 3605 | 497796 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 1700 | 381191 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 3000 | 825600 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 17500 | 1151150 |
| &nbsp;&nbsp;&nbsp;Progress Software Corporation | 5935 | 378890 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | 1100 | 149270 |
|  |  | 4643760 |
| **Materials - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. <sup>(a)</sup> | 24575 | 186770 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | 15189 | 320032 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 5286 | 444500 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corporation | 3724 | 186572 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 13785 | 631767 |
|  |  | 1769641 |
| **Real Estate - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty Corporation | 10755 | 785761 |
| &nbsp;&nbsp;&nbsp;EPR Properties | 5860 | 341403 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 21991 | 703492 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 19667 | 362659 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 8912 | 323327 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corporation | 7950 | 445757 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 13725 | 256109 |
| &nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 25153 | 316173 |
|  |  | 3534681 |

---

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

<u>James Small Cap Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Utilities - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 4183 | $482927 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corporation | 8253 | 636224 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Company | 10455 | 424787 |
|  |  | 1543938 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,409,605) |  | $49870261 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 3.8%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.23% <sup>(b)</sup> (Cost $1,953,216) | 1953216 | $1953216 |
| **Total Investments at Value - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $34,362,821) |  | $51823477 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (65799) |
| **Net Assets - 100.0%** |  | $51757678 |

---

*<sup>(a)</sup>* *Non-income producing security.* <br> *<sup>(b)</sup>* *The rate shown is the 7-day effective yield as of June 30, 2025.*

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 9

<u>James Micro Cap Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.9%** |  |  |
| **Consumer Discretionary - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | 4044 | $208509 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 4662 | 262564 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 13509 | 274908 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 4097 | 459355 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Company <sup>(a)</sup> | 4078 | 401683 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 1280 | 51520 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 6066 | 559710 |
|  |  | 2218249 |
| **Consumer Staples - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | 16385 | 512687 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. - Class A | 10714 | 679053 |
| &nbsp;&nbsp;&nbsp;SpartanNash Company | 2834 | 75073 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 1602 | 84906 |
|  |  | 1351719 |
| **Energy - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 4523 | 124473 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 9544 | 232683 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corporation <sup>(a)</sup> | 751 | 109931 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corporation <sup>(a)</sup> | 3610 | 175843 |
|  |  | 642930 |
| **Financials - 32.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. - Class E | 3372 | 135892 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 6900 | 393093 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 16726 | 1031158 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 16099 | 1795361 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | 5505 | 76409 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corporation - Class C | 5967 | 1159268 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corporation | 8542 | 165031 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 23196 | 767092 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | 5646 | 683844 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 25456 | 1089517 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Companies | 4690 | 1303539 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 1072 | 72789 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 2632 | 152103 |
|  |  | 8825096 |
| **Health Care - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Artivion, Inc. <sup>(a)</sup> | 6753 | 210018 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corporation <sup>(a)</sup> | 11764 | 116699 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 20082 | 403447 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 6396 | 786517 |
| &nbsp;&nbsp;&nbsp;iRadimed Corporation | 2400 | 143496 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc <sup>(a)</sup> | 6909 | 191172 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 2165 | 179803 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc. <sup>(a)</sup> | 9526 | 28578 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The) <sup>(a)</sup> | 5582 | 166623 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc. <sup>(a)</sup> | 2765 | 107116 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. <sup>(a)</sup> | 52400 | 341648 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc. <sup>(a)</sup> | 4236 | 42953 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc. <sup>(a)</sup> | 1193 | 291283 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc. <sup>(a)</sup> | 10578 | 132754 |
|  |  | 3142107 |

---

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

<u>James Micro Cap Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials - 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Acme United Corporation | 2095 | $86838 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Company <sup>(a)</sup> | 888 | 48796 |
| &nbsp;&nbsp;&nbsp;ArcBest Corporation | 5285 | 406998 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 628 | 138461 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 3750 | 161850 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Company | 2500 | 217050 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corporation | 2198 | 33563 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 3384 | 634059 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 8000 | 104560 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) <sup>(a)</sup> | 7691 | 184199 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 3400 | 155584 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 3500 | 130235 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 2400 | 98712 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. <sup>(a)</sup> | 3394 | 139188 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 389 | 81865 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 604 | 139361 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc. <sup>(a)</sup> | 2200 | 189112 |
| &nbsp;&nbsp;&nbsp;Unitil Corporation | 3401 | 177363 |
| &nbsp;&nbsp;&nbsp;V2X, Inc. <sup>(a)</sup> | 6950 | 337423 |
|  |  | 3465217 |
| **Information Technology - 16.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. <sup>(a)</sup> | 4600 | 331660 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. <sup>(a)</sup> | 4631 | 639472 |
| &nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 7543 | 2075834 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 12184 | 801463 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> | 22198 | 417988 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc. <sup>(a)</sup> | 3090 | 129193 |
|  |  | 4395610 |
| **Materials - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 2821 | 237218 |
| &nbsp;&nbsp;&nbsp;Radius Recycling, Inc. - Class A | 13227 | 392710 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 7966 | 795006 |
|  |  | 1424934 |
| **Real Estate - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 7517 | 288427 |
| &nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 3907 | 49111 |
|  |  | 337538 |
| **Utilities - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | 7332 | 234624 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,206,738) |  | $26038024 |

---

---

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

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 11

<u>James Micro Cap Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 3.2%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.23% <sup>(e)</sup> (Cost $866,994) | 866994 | $866994 |
| **Total Investments at Value - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,091,674) |  | $26905965 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (20342) |
| **Net Assets - 100.0%** |  | $26885623 |

---

*<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 June 30, 2025.*

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

<u>James Aggressive Allocation Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 80.0%** |  |  |
| **Communication Services - 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 4420 | $778937 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 13250 | 383455 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1190 | 878327 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 2000 | 476520 |
|  |  | 2517239 |
| **Consumer Discretionary - 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 600 | 131634 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 1650 | 250800 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation <sup>(a)</sup> | 4500 | 463815 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 700 | 256648 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 1000 | 65970 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 2000 | 224240 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | 1000 | 292170 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Company | 6025 | 317939 |
|  |  | 2003216 |
| **Consumer Staples - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 500 | 55825 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 250 | 247485 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 1700 | 270844 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 5100 | 498678 |
|  |  | 1072832 |
| **Energy - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 845 | 205774 |
| &nbsp;&nbsp;&nbsp;Chevron Corporation | 2000 | 286380 |
| &nbsp;&nbsp;&nbsp;Matador Resources Company | 5000 | 238600 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - ADR | 20000 | 250200 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corporation | 1500 | 201630 |
|  |  | 1182584 |
| **Financials - 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 4900 | 279153 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 475 | 498394 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 3000 | 273720 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 7700 | 858704 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 915 | 647591 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 2000 | 579820 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corporation | 5200 | 144768 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 800 | 218936 |
|  |  | 3501086 |
| **Health Care - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1250 | 232025 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | 4000 | 279520 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The) | 800 | 264464 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Company | 525 | 409254 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1295 | 197811 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1595 | 248740 |
|  |  | 1631814 |
| **Industrials - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 3500 | 208845 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 800 | 310568 |
| &nbsp;&nbsp;&nbsp;Deere & Company | 435 | 221193 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1175 | 419464 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 13

<u>James Aggressive Allocation Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials - 6.3% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;General Electric Company | 1000 | $257390 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corporation | 850 | 195568 |
| &nbsp;&nbsp;&nbsp;Veralto Corporation | 275 | 27761 |
|  |  | 1640789 |
| **Information Technology - 21.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 3200 | 656544 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. | 575 | 460799 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3000 | 826950 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 1975 | 608596 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 1800 | 392580 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 690 | 387738 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 1640 | 815753 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corporation | 7960 | 1257601 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1000 | 226490 |
|  |  | 5633051 |
| **Materials - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 500 | 46000 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries plc - ADR <sup>(a)</sup> | 6800 | 182852 |
| &nbsp;&nbsp;&nbsp;Linde plc | 400 | 187672 |
| &nbsp;&nbsp;&nbsp;Nucor Corporation | 700 | 90678 |
|  |  | 507202 |
| **Real Estate - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1500 | 261495 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 2905 | 305373 |
|  |  | 566868 |
| **Utilities - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 2700 | 207846 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 3780 | 262408 |
|  |  | 470254 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,283,330) |  | $20726935 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Global X Defense Tech ETF | 4500 | $271125 |
| &nbsp;&nbsp;&nbsp;iShares MSCI Germany ETF | 3000 | 126930 |
| &nbsp;&nbsp;&nbsp;Range Nuclear Renaissance Index ETF <sup>(a)</sup> | 2500 | 141400 |
| &nbsp;&nbsp;&nbsp;Select STOXX Europe Aerospace & Defense ETF | 6281 | 271025 |
| &nbsp;&nbsp;&nbsp;SPDR Gold Shares <sup>(a)</sup> | 500 | 152415 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $864,976) |  | $962895 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **CORPORATE BONDS - 5.3%** |  |  |
| **Consumer Discretionary - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Starbucks Corporation, 2.550%, due 11/15/30 | $500000 | $453168 |

---

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

<u>James Aggressive Allocation Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Financials - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Montreal, 2.000%, due 12/22/26 | $200000 | $192336 |
| &nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | 100000 | 101004 |
|  |  | 293340 |
| **Health Care - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc, 0.700%, due 04/08/26 | 250000 | 243194 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | 100000 | 102862 |
|  |  | 346056 |
| **Information Technology - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., 1.250%, due 09/01/30 | 200000 | 173221 |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | 100000 | 97897 |
| **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,445,430) |  | $1363682 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **U.S. GOVERNMENT & AGENCIES - 3.8%** |  |  |
| **Federal Farm Credit Bank - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank, 0.670%, due 08/04/25 | $500000 | $498234 |
| **Federal National Mortgage Association - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 0.560%, due 10/22/25 | 500000 | 494309 |
| **Total U.S. Government & Agencies** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,000,000) |  | $992543 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 6.2%** |  |  |
| **U.S. Treasury Bills <sup>(b)</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;4.115%, due 01/22/26 | $250000 | $244286 |
| **U.S. Treasury Bonds - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 02/15/44 | 100000 | 85613 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | 100000 | 99469 |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/49 | 750000 | 470479 |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/54 | 300000 | 273656 |
|  |  | 929217 |
| **U.S. Treasury Notes - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 02/15/29 | 250000 | 240752 |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | 200000 | 203117 |
|  |  | 443869 |
| **Total U.S. Treasury Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,664,106) |  | $1617372 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 15

<u>James Aggressive Allocation Fund</u> <u>Schedule of Investments</u> <br> June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.9%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.23% <sup>(c)</sup> (Cost $238,375) | 238375 | $238375 |
| **Total Investments at Value - 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,496,217) |  | $25901802 |
| **Other Assets in Excess of Liabilities - 0.1%** |  | 14498 |
| **Net Assets - 100.0%** |  | $25916300 |

---

*<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 June 30, 2025.*

*ADR - American Depositary Receipt.*

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

<u>James Advantage Funds</u> <u>Statements of Assets and Liabilities</u> <br> 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** |
| ASSETS |  |  |  |  |
| Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $291517571 | $34362821 | $14091674 | $16496217 |
| &nbsp;&nbsp;&nbsp;At value | 410780356 | 51823477 | 26905965 | 25901802 |
| Receivable for capital shares sold | 21191 | 16648 |  | 2 |
| Dividends and interest receivable | 2008487 | 35080 | 14621 | 35512 |
| Receivable for investment securities sold/maturities | 4144960 |  |  |  |
| Tax reclaims receivable | 29487 |  |  | 1914 |
| Other assets | 38426 | 1202 | 857 |  |
| **Total Assets** | 417022907 | 51876407 | 26921443 | 25939230 |
| LIABILITIES |  |  |  |  |
| Payable for capital shares redeemed | 163506 |  |  |  |
| Payable for investment securities purchased | 5102193 |  |  |  |
| Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 245764 | 51906 | 31491 | 19536 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 3296 |  |  |  |
| &nbsp;&nbsp;&nbsp;12b-1 distribution and service fees (Note 4) | 76593 | 63816 |  |  |
| &nbsp;&nbsp;&nbsp;Trustee fees (Note 4) | 11890 | 3007 | 4329 | 3394 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 54191 |  |  |  |
| **Total Liabilities** | 5657433 | 118729 | 35820 | 22930 |
| **Net Assets** | $411365474 | $51757678 | $26885623 | $25916300 |
| NET ASSETS CONSIST OF |  |  |  |  |
| Paid-in capital | $281323593 | $31865486 | $15501976 | $16804751 |
| Distributable earnings | 130041881 | 19892192 | 11383647 | 9111549 |
| **Net Assets** | $411365474 | $51757678 | $26885623 | $25916300 |
| PRICING OF RETAIL CLASS SHARES |  |  |  |  |
| Net assets | $312144476 | N/A | N/A | N/A |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 13548107 | N/A | N/A | N/A |
| **Net assets value, offering price and redemption price per share** | $23.04 | N/A | N/A | N/A |
| PRICING OF INSTITUTIONAL CLASS SHARES |  |  |  |  |
| Net assets | $99220998 | N/A | N/A | N/A |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 4386637 | N/A | N/A | N/A |
| **Net assets value, offering price and redemption price per share** | $22.62 | N/A | N/A | N/A |
| PRICING OF SHARES |  |  |  |  |
| Net assets | N/A | $51757678 | $26885623 | $25916300 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | N/A | 1304268 | 1289991 | 1749926 |
| **Net assets value, offering price and redemption price per share** | N/A | $39.68 | $20.84 | $14.81 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 17

<u>James Advantage Funds</u> <u>Statements of Operations</u> <br> For the Year Ended 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** |
| INVESTMENT INCOME |  |  |  |  |
| Dividends (Net of withholding taxes of $24,305, $4,870, $4,009 and $7,421, respectively) | $2994688 | $828016 | $385332 | $308094 |
| Interest | 7464805 | 16608 |  | 109690 |
| **Total Income** | 10459493 | 844624 | 385332 | 417784 |
| EXPENSES |  |  |  |  |
| Management fees (Note 4) | 3087863 | 616172 | 408420 | 243789 |
| 12b-1 distribution and service fees - Retail Class (Note 4) | 799846 |  |  |  |
| 12b-1 distribution and service fees (Note 4) |  | 126289 |  |  |
| Administration fees (Note 4) | 208640 |  |  |  |
| Trustee fees and expenses (Note 4) | 121809 | 15272 | 10424 | 8764 |
| Audit and tax services fees | 81590 |  |  |  |
| Transfer agent fees (Note 4) | 56374 |  |  |  |
| Legal fees | 42234 |  |  |  |
| Registration fees | 42223 |  |  |  |
| Shareholder reporting expenses | 37584 |  |  |  |
| Custodian fees | 33853 |  |  |  |
| Insurance fees | 23764 |  |  |  |
| Other expenses | 319556 |  |  |  |
| **Total Expenses** | 4855336 | 757733 | 418844 | 252553 |
| **Net Investment Income (Loss)** | 5604157 | 86891 | (33512) | 165231 |
| REALIZED AND UNREALIZED GAINS ON INVESTMENTS |  |  |  |  |
| Net realized gains (losses) from investment transactions | 17056651 | 2705729 | (1366707) | 207338 |
| Net change in unrealized appreciation (depreciation) on investments | 11585506 | 2527271 | 1623625 | 2088880 |
| **Net Realized and Unrealized Gains on Investments** | 28642157 | 5233000 | 256918 | 2296218 |
| **Net Increase in Net Assets Resulting from Operations** | $34246314 | $5319891 | $223406 | $2461449 |

---

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

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

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> June 30,<br> 2024** |
| FROM OPERATIONS |  |  |
| Net investment income | $5604157 | $4996495 |
| Net realized gains from investment transactions | 17056651 | 6628516 |
| Net change in unrealized appreciation (depreciation) on investments | 11585506 | 42120577 |
| **Net increase in net assets resulting from operations** | 34246314 | 53745588 |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) |  |  |
| **Retail Class Shares** | (10945847) | (6836783) |
| **Institutional Class** | (3657851) | (2145198) |
| Decrease in net assets from distributions to shareholders | (14603698) | (8981981) |
| CAPITAL SHARE TRANSACTIONS: |  |  |
| **Retail Class Shares** |  |  |
| Proceeds from shares sold | 4475871 | 4406941 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 10779906 | 6727721 |
| Payments for shares redeemed | (49833195) | (52946205) |
| **Net decrease in net assets from Retail Class capital share transactions** | (34577418) | (41811543) |
| **Institutional Class Shares** |  |  |
| Proceeds from shares sold | 8666917 | 11561051 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 3472919 | 2064397 |
| Payments for shares redeemed | (13711053) | (20958355) |
| **Net decrease in net assets from Institutional Class capital share transactions** | (1571217) | (7332907) |
| **Total decrease in net assets** | (16506019) | (4380843) |
| NET ASSETS: |  |  |
| Beginning of year | 427871493 | 432252336 |
| End of year | $411365474 | $427871493 |
| CAPITAL SHARE ACTIVITY |  |  |
| **Retail Class** |  |  |
| Shares sold | 198864 | 212897 |
| Shares issued in reinvestment of distributions to shareholders | 473594 | 331002 |
| Shares redeemed | (2212159) | (2588831) |
| Net decrease in shares outstanding | (1539701) | (2044932) |
| Shares outstanding, beginning of year | 15087808 | 17132740 |
| Shares outstanding, end of year | 13548107 | 15087808 |
| **Institutional Class Shares** |  |  |
| Shares sold | 391954 | 569532 |
| Shares issued in reinvestment of distributions to shareholders | 155447 | 103046 |
| Shares redeemed | (617168) | (1047134) |
| Net decrease in shares outstanding | (69767) | (374556) |
| Shares outstanding, beginning of year | 4456404 | 4830960 |
| Shares outstanding, end of year | 4386637 | 4456404 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 19

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

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> June 30,<br> 2024** |
| FROM OPERATIONS |  |  |
| Net investment income | $86891 | $94916 |
| Net realized gains from investment transactions | 2705729 | 3275955 |
| Net change in unrealized appreciation (depreciation) on investments | 2527271 | 5105922 |
| **Net increase in net assets resulting from operations** | 5319891 | 8476793 |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | (3261603) | (223700) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| Proceeds from shares sold | 9202169 | 4362733 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 3213346 | 219562 |
| Payments for shares redeemed | (7569754) | (2768673) |
| **Net increase in net assets from capital share transactions** | 4845761 | 1813622 |
| **Total increase in net assets** | 6904049 | 10066715 |
| NET ASSETS |  |  |
| Beginning of year | 44853629 | 34786914 |
| End of year | $51757678 | $44853629 |
| CAPITAL SHARE ACTIVITY |  |  |
| Shares sold | 230443 | 121795 |
| Shares issued in reinvestment of distributions to shareholders | 78385 | 6537 |
| Shares redeemed | (194325) | (81376) |
| Net increase in shares outstanding | 114503 | 46956 |
| Shares outstanding, beginning of year | 1189765 | 1142809 |
| Shares outstanding, end of year | 1304268 | 1189765 |

---

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

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

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> June 30,<br> 2024** |
| FROM OPERATIONS |  |  |
| Net investment income (loss) | $(33512) | $76731 |
| Net realized gains (losses) from investment transactions | (1366707) | 749012 |
| Net change in unrealized appreciation (depreciation) on investments | 1623625 | 3807659 |
| **Net increase in net assets resulting from operations** | 223406 | 4633402 |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | (401574) | (163890) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| Proceeds from shares sold | 1335316 | 1750959 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 397226 | 162067 |
| Proceeds from redemption fees collected (Note 2) |  | 3272 |
| Payments for shares redeemed | (2278951) | (1456245) |
| **Net increase (decrease) in net assets from capital share transactions** | (546409) | 460053 |
| **Total increase (decrease) in net assets** | (724577) | 4929565 |
| NET ASSETS |  |  |
| Beginning of year | 27610200 | 22680635 |
| End of year | $26885623 | $27610200 |
| CAPITAL SHARE ACTIVITY |  |  |
| Shares sold | 62827 | 86753 |
| Shares issued in reinvestment of distributions to shareholders | 17233 | 7810 |
| Shares redeemed | (111614) | (72275) |
| Net increase (decrease) in shares outstanding | (31554) | 22288 |
| Shares outstanding, beginning of year | 1321545 | 1299257 |
| Shares outstanding, end of year | 1289991 | 1321545 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 21

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

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> June 30,<br> 2024** |
| FROM OPERATIONS |  |  |
| Net investment income | $165231 | $156160 |
| Net realized gains from investment transactions | 207338 | 152456 |
| Net change in unrealized appreciation (depreciation) on investments | 2088880 | 3987242 |
| **Net increase in net assets resulting from operations** | 2461449 | 4295858 |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | (167727) | (135785) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| Proceeds from shares sold | 695218 | 3420571 |
| Net asset value of shares issued in reinvestment of distributions to shareholders | 162388 | 130770 |
| Payments for shares redeemed | (1788383) | (2812637) |
| **Net increase (decrease) in net assets from capital share transactions** | (930777) | 738704 |
| **Total increase in net assets** | 1362945 | 4898777 |
| NET ASSETS |  |  |
| Beginning of year | 24553355 | 19654578 |
| End of year | $25916300 | $24553355 |
| SUMMARY OF CAPITAL SHARE ACTIVITY |  |  |
| Shares sold | 49395 | 285881 |
| Shares issued in reinvestment of distributions to shareholders | 11460 | 10925 |
| Shares redeemed | (133865) | (230713) |
| Net increase (decrease) in shares outstanding | (73010) | 66093 |
| Shares outstanding, beginning of year | 1822936 | 1756843 |
| Shares outstanding, end of year | 1749926 | 1822936 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 year | $21.98 | $19.76 | $19.54 | $22.94 | $20.08 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.29 | 0.23 | 0.22 | 0.15 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.55 | 2.42 | 0.98 | (2.02) | 2.90 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.84 | 2.65 | 1.20 | (1.87) | 3.07 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.24) | (0.21) | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.48) | (0.19) | (0.77) | (1.37) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.78) | (0.43) | (0.98) | (1.53) | (0.21) |
| Net asset value at end of year | $23.04 | 21.98 | 19.76 | 19.54 | 22.94 |
| **Total return** | 8.43% | 13.58% | 6.41% | (8.97)% | 15.38% |
| Net assets, end of year (in thousands) | $312144 | $331642 | $338463 | $379714 | $485082 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of expenses to average net assets | 1.22% | 1.22% | 1.23% | 1.18% | 1.16% |
| Ratio of net investment income to average net assets | 1.28% | 1.13% | 1.16% | 0.68% | 0.81% |
| Portfolio turnover rate | 27% | 26% | 34% | 26% | 57% |

---

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

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 23

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 year | $21.59 | $19.41 | $19.26 | $22.63 | $19.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.34 | 0.28 | 0.27 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.52 | 2.38 | 0.95 | (1.99) | 2.86 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.86 | 2.66 | 1.22 | (1.79) | 3.08 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.29) | (0.30) | (0.21) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (0.48) | (0.19) | (0.77) | (1.37) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.83) | (0.48) | (1.07) | (1.58) | (0.27) |
| Net asset value at end of year | $22.62 | 21.59 | 19.41 | 19.26 | 22.63 |
| **Total return** | 8.72% | 13.91% | 6.64% | (8.73)% | 15.63% |
| Net assets, end of year (in thousands) | $99221 | $96230 | $93789 | $106501 | $139806 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of expenses to average net assets | 0.97% | 0.97% | 0.98% | 0.93% | 0.91% |
| Ratio of net investment income to average net assets | 1.54% | 1.38% | 1.41% | 0.92% | 1.06% |
| Portfolio turnover rate | 27% | 26% | 34% | 26% | 57% |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 year | $37.70 | $30.44 | $27.95 | $30.46 | $18.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.07 | 0.09 | 0.11 | 0.13 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 4.45 | 7.37 | 4.19 | (2.55) | 11.70 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.52 | 7.46 | 4.30 | (2.42) | 11.79 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.11) | (0.14) | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments | (2.47) | (0.09) | (1.67) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.54) | (0.20) | (1.81) | (0.09) | (0.13) |
| Net asset value at end of year | $39.68 | 37.70 | 30.44 | 27.95 | 30.46 |
| **Total return** | 11.80% | 24.59% | 15.83% | (7.99)% | 62.87% |
| Net assets, end of year (in thousands) | $51758 | $44854 | $34787 | $32760 | $39859 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of expenses to average net assets | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Ratio of net investment income to average net assets | 0.17% | 0.25% | 0.36% | 0.42% | 0.36% |
| Portfolio turnover rate | 18% | 23% | 18% | 34% | 42% |

---

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

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 25

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 year | $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> | (0.03) | 0.06 | 0.11 | 0.06 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.29 | 3.50 | 2.34 | (2.37) | 6.88 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 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 | (0.31) |  | (1.34) | (0.78) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (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 year | $20.84 | $20.89 | $17.46 | $16.44 | $19.54 |
| **Total return** | 1.09% | 20.39% | 15.66% | (12.56)% | 54.32% |
| Net assets, end of year (in thousands) | $26886 | $27610 | $22681 | $22276 | $29345 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of expenses to average net assets | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Ratio of net investment income (loss) to average net assets | (0.12%) | 0.30% | 0.64% | 0.30% | 0.03% |
| Portfolio turnover rate | 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.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 year | $13.47 | $11.19 | $9.81 | $11.45 | $9.23 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.09 | 0.08 | 0.10 | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.34 | 2.28 | 1.36 | (1.66) | 2.27 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.43 | 2.36 | 1.46 | (1.62) | 2.31 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.08) | (0.08) | (0.02) | (0.09) |
| Net asset value at end of year | $14.81 | 13.47 | 11.19 | 9.81 | 11.45 |
| **Total return** | 10.68% | 21.13% | 15.02% | (14.15)% | 25.12% |
| Net assets, end of year (in thousands) | $25916 | $24553 | $19655 | $19055 | $25576 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of expenses to average net assets | 1.01% | 1.02% | 1.02% | 1.01% | 1.01% |
| Ratio of net investment income to average net assets | 0.66% | 0.72% | 0.89% | 0.34% | 0.42% |
| Portfolio turnover rate | 12% | 19% | 17% | 39% | 77% |

---

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

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| June 30, 2025 27

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025

**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.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management team of the Adviser, acts as the Funds' CODM. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**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 FASB Accounting Standards Codification Topic 946.

**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 is evaluating the impacts of these changes 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. Redemption fees received by the James Micro Cap Fund were $3,272 for the

    <br> 28 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025

year ended June 30, 2024. The redemption fees are reflected on the Statements of Changes in Net Assets. 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 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> Financial Statements \| June 30, 2025 29

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025

The following is a summary of the inputs used to value the Funds' investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **James Balanced: Golden Rainbow Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $187047221 | $— | $— | $187047221 |
| Exchange-Traded Funds | 29837549 |  |  | 29837549 |
| Corporate Bonds |  | 42459754 |  | 42459754 |
| Mortgage-Backed Securities |  | 11083825 |  | 11083825 |
| U.S. Government & Agencies |  | 16534667 |  | 16534667 |
| U.S. Treasury Obligations |  | 118579667 |  | 118579667 |
| Money Market Funds | 5237673 |  |  | 5237673 |
| Total | $222122443 | $188657913 | $— | $410780356 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **James Small Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $49870261 | $— | $— | $49870261 |
| Money Market Funds | 1953216 |  |  | 1953216 |
| Total | $51823477 | $— | $— | $51823477 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **James Micro Cap Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $26038024 | $— | $— | $26038024 |
| Right |  |  | 947 | 947 |
| Money Market Funds | 866994 |  |  | 866994 |
| Total | $26905018 | $— | $947 | $26905965 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **James Aggressive Allocation Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $20726935 | $— | $— | $20726935 |
| Exchange-Traded Funds | 962895 |  |  | 962895 |
| Corporate Bonds |  | 1363682 |  | 1363682 |
| U.S. Government & Agencies |  | 992543 |  | 992543 |
| U.S. Treasury Obligations |  | 1617372 |  | 1617372 |
| Money Market Funds | 238375 |  |  | 238375 |
| Total | $21928205 | $3973597 | $— | $25901802 |

---

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 year ended June 30, 2025.

**James Micro Cap Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Balance as of**<br> **June 30,<br> 2024** | **Transfer**<br> **Into**<br> **Level 3\*** | **Transfer**<br> **Out of**<br> **Level 3** | **Balance as of**<br> **June 30,<br> 2025** |
| Right | $– $– $– $– $– $| 947 | $– $| 947 |

---

*\** *The transfer into level 3 is due to the stale price.*

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of June 30, 2025.

**James Micro Cap Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value<br> as of<br> June 30,<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> 30 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025

**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 June 30, 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 years ended June 30, 2025 and 2024 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** |
| **June 30, 2025** |  |  |  |  |
| Ordinary Income | $5684662 | $99088 | $55312 | $167727 |
| Long-Term Capital Gains | 8919036 | 3162515 | 346262 |  |
| Total | $14603698 | $3261603 | $401574 | $167727 |
| **June 30, 2024** |  |  |  |  |
| Ordinary Income | $5113860 | $115152 | $88240 | $135785 |
| Long-Term Capital Gains | 3868121 | 108548 | 75650 |  |
| Total | $8981981 | $223700 | $163890 | $135785 |

---

    <br> Financial Statements \| June 30, 2025 31

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025

**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 year ended June 30, 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.

Reclassifications, which are determined in accordance with federal income tax regulations, result primarily from earnings and profits being distributed on redemptions in the current year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **James Balanced: <br> Golden Rainbow <br> Fund** | **James Small<br> Cap Fund** | **James Micro <br> Cap Fund** | **James Aggressive<br> Allocation Fund** |
| Paid-in capital | $1075893 | $360305 | $(70558) | $— |
| Distributable earnings | (1075893) | (360305) | 70558 |  |

---

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 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> 32 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025

**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 | $— |

---

During the year ended June 30, 2025, the James Aggressive Allocation Fund utilized $208,485 of capital loss carryforwards to offset current year capital gains.

James Micro Cap Fund elects to defer to the period ending June 30, 2026, capital losses recognized during the period November 1, 2024 through June 30, 2025 in the amount of $1,427,235 and qualified later year losses recognized during the period January 1, 2025 through June 30, 2025 in the amount of $3,409.

**3. INVESTMENT TRANSACTIONS**

During the year ended June 30, 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 | $42034709 | $10231291 | $1615368 | $2669866 |
| Proceeds from sales and maturities of investment securities | $80617075 | $8856016 | $3002846 | $2991635 |

---

During the year ended June 30, 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 | $65929718 | $— | $— | $294995 |
| Proceeds from sales and maturities of investment securities | $83388753 | $— | $— | $498171 |

---

**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").

    <br> Financial Statements \| June 30, 2025 33

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025

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% |

---

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 year ended June 30, 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**

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 $2,200, (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 June 30, 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** |  |
| &nbsp;&nbsp;&nbsp;National Financial Services, LLC (for the benefit of its customers) | 36% |
| **James Micro Cap Fund** |  |
| &nbsp;&nbsp;&nbsp;Iris James | 29% |
| **James Aggressive Allocation Fund** |  |
| &nbsp;&nbsp;&nbsp;Iris James | 25% |

---

    <br> 34 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Notes to Financial Statements</u> <br> June 30, 2025

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.

**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 June 30, 2025, none of the Funds had outstanding borrowings under the line of credit agreement. For the year ended June 30, 2025, none of the Funds utilized the line of credit. The Fund's 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: |  |  |  |
| 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 June 30, 2025, James Small Cap Fund and James Micro Cap Fund had 27.0% and 32.8%, 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> Financial Statements \| June 30, 2025 35

<u>James Advantage Funds</u> <u>Report of Independent Registered Public Accounting Firm</u>

To the shareholders and the Board of Trustees of James Advantage Funds

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of James Advantage Funds comprising the James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Micro Cap Fund, and James Aggressive Allocation Fund (the "Funds"), including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the James Advantage Funds as of June 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](img_002.jpg)

Denver, Colorado

August 26, 2025

We have served as the auditor of one or more James Advantage Funds investment companies since 1998.

    <br> 36 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Additional Information</u> <br> June 30, 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**

The Board of Trustees (the "Board") of the James Advantage Funds (the "Trust" or the "Funds"), including a majority of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), approved the continuation of each current management agreement by and between James Investment Research, Inc. (the "Adviser") and the Trust, with respect to the James Aggressive Allocation Fund (the "Allocation Fund"), the James Balanced: Golden Rainbow Fund (the "Golden Rainbow Fund"), the James Micro Cap Fund (the "Micro Cap Fund") and the James Small Cap Fund (the "Small Cap Fund") (the "Management Agreements") at a meeting on February 12, 2025.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the Management Agreements, the Board had received sufficient information to renew and approve the applicable Management Agreement.

In renewing and approving the Management Agreements, the Board, including the Independent Trustees, considered the following factors:

**Nature, Extent and Quality of Services**

The Board received and considered information regarding the nature, extent and quality of services to be provided to the Funds under the Management Agreements. The Board reviewed certain background materials supplied by the Adviser, including its organizational structure and Form ADV.

The Board reviewed and considered information regarding the Adviser's investment advisory personnel, its history as an asset manager and its performance, and the amount of assets currently under management by the Adviser. The Board also took into account the research and decision-making processes used by the Adviser, including the methods adopted to seek to achieve compliance with the investment objectives, policies and restrictions of each Fund. The Board noted that the Adviser continues to primarily rely on in-house research when making investment decisions for each Fund.

The Board considered the background and experience of the Adviser's management in connection with the Funds, including reviewing the qualifications, backgrounds and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Funds, and the Funds' officers.

The Board also reviewed, among other things, the Adviser's compliance policies generally, including its Code of Ethics.

The Board discussed each Fund's strategy for investing in other investment companies, such as closed-end mutual funds and ETFs, to gain exposure to particular investment products, indexes, or foreign market sectors or indices.

Based on the information provided, the Board determined that the nature, extent and quality of services rendered by the Adviser to each Fund under the applicable Management Agreement was adequate and appropriate in light of the needs of such Fund.

**Cost of Services Provided**

The Board also reviewed the current management fees and net annual operating expense ratios of each Fund, comparing them with the management fees of a peer group of funds with the same, or very similar, investment objectives and strategies. The Trustees noted that according to the Adviser, each peer group was selected based on the investment style and strategies employed by the Funds, as well as by asset size, and was in large part, consistent with the peer group that had been used in prior periods and in other similar reports provided to the Trustees from time to time.

The Board noted that all the Funds, except the Golden Rainbow Fund, have a unitary fee structure. Under the unitary fee structure, the Adviser generally pays the expenses of the Fund. The Board noted that for the unitary fee Funds, it would not be unreasonable for the Adviser to be compensated with a higher management fee relative to the peer group members that do not employ a unitary fee structure, and that comparing the unitary fee against the net annual operating expense ratios of comparable funds was of analytical value. The Board also reviewed calculations prepared by the Adviser to derive a "net adjusted management fee" for each of the unitary fee Funds equal to the unitary fee after deduction of all direct non-distribution expenses of the Fund paid by the Adviser. The Board reviewed the comparison of the net adjusted management fee for each applicable Fund relative to the average management fee for its peer group. The Board also reviewed the net expense ratio for each Fund relative to its peer group, and noted that the Golden Rainbow Fund's net expense ratio does not reflect an expense waiver.

The Board further noted that some of the funds in the peer groups were one class of a fund that had many classes or were one fund of a much larger fund complex and, thus, could benefit from economies of scale provided by the other classes of such fund or complex.

Based on the information provided, the Board determined that the actual management fee for the Golden Rainbow Fund: Retail Class and the Golden Rainbow Fund: Institutional Class were higher than their respective peer group averages; the net adjusted management fees

    <br> Financial Statements \| June 30, 2025 37

<u>James Advantage Funds</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

for the Micro Cap Fund and the Small Cap Fund were higher than their respective peer group averages, while the net adjusted management fee for the Allocation Fund was lower than the Fund's peer group average.

Based on the information provided, the Board also determined that the net expense ratio for the Allocation Fund was lower than its peer group median, and that each other Fund's net expense ratio was higher than its peer group median. The Board concluded that these differences were reasonable in light of the services provided by the Adviser and the contractual and actual management fees paid by the Golden Rainbow Fund and the net adjusted management fees paid by each other Fund.

**Performance**

The Board reviewed the performance data for each Fund provided by the Adviser, including (to the extent available), one-year, three-year, five-year, and ten-year (or since inception, as applicable) average annual total returns as of December 31, 2024. The Board also reviewed comparisons of each Fund's performance against peer group performance, Morningstar group performance, and respective benchmarks for the one-year, three-year, five-year, and ten-year periods (as applicable).

The Board noted that the Golden Rainbow Fund: Retail Class outperformed its peer group mean and Morningstar peer group mean over the one-year and three-year periods and outperformed its peer group mean over the five-year period, the Golden Rainbow Fund: Institutional Class outperformed its peer group mean and Morningstar peer group mean over the one-year and three-year periods and outperformed its peer group mean over the five-year period, the Small Cap Fund outperformed its peer group mean and Morningstar peer group mean over the one-year, three-year, and five-year periods, the Micro Cap Fund outperformed its peer group mean and Morningstar peer group mean over the three-year period, the Aggressive Allocation Fund outperformed its peer group mean and Morningstar peer group mean over the one-year and three-year periods, and each Fund underperformed its peer group mean and Morningstar peer group mean over each other applicable period. The Board discussed the improvement in the performance of the Funds over the one-year and three-year periods ended December 31, 2024 versus the Funds' performance over the longer-term, noting that each Fund outperformed the peer group and Morningstar means over the three-year period and with the exception of the Micro Cap Fund, each Fund outperformed the peer group and Morningstar means over the one-year period.

**Comparable Accounts**

The Board reviewed comparisons of the fees charged by the Adviser to each Fund against fees charged to certain private account clients of the Adviser using similar strategies, if any.

Based on the information provided, the Board determined that, bearing in mind the limitations of comparing different types of clients and the different levels of service typically associated with such client accounts, the fee structures applicable to the Adviser's other clients were not indicative of any unreasonableness with respect to the advisory fees payable by each Fund.

**Adviser Profitability**

The Board reviewed a profitability analysis provided by the Adviser with respect to each Fund for the twelve months ending September 30, 2024, reflecting revenues net of certain fees and expenses under each Management Agreement, and incorporating the Adviser's assumptions and estimates of, among other items, direct expenses applied to each Fund. The Board also considered certain industry-related materials regarding the analysis of fund profitability and took note of other long-term industry and cyclical trends regarding profitability generally.

The Board discussed the assumptions and estimates included in the fund profitability analysis and received additional information from the Adviser about these assumptions and estimates.

Based on the information provided, the Board determined that the overall profitability of each Fund to the Adviser, before taking into account distribution expenses incurred by the Adviser, was not unreasonable.

**Economies of Scale**

The Board considered whether economies of scale in the provision of services to the Funds would be shared with, and passed along to, the Fund shareholders under the Management Agreements. The Board noted that each Management Agreement included breakpoints in the management fee for each Fund. The Board noted that due to a reduction in the Golden Rainbow Fund's assets and the Fund having a breakpoint schedule in its Management Agreement, the Fund has a higher weighted average management fee.

Based on the information provided, the Board determined there were mechanisms in place for each Fund to cause the benefits of economies of scale to be shared with, and passed along to, the Fund shareholders.

**Other Benefits to the Adviser**

The Board reviewed and considered material other incidental benefits derived or to be derived by the Adviser from its relationship with the Funds. The Board noted that the Adviser does not have any soft dollar arrangements. The Board also noted that the Adviser benefits from its association with the Funds, and that the Adviser benefits from cross-marketing products. The Board then noted the Adviser's statements that the management of the Funds may produce some economies of scale in security purchases, but they would be mainly in the fixed income markets and would be minor and infrequent.

Based on the information provided, the Board determined there were no material other benefits accruing to the Adviser in connection with its relationship with the Funds.

After further discussion, and based upon all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board unanimously determined that the continuation of each Management Agreement for the maximum permissible period under the 1940 Act was in the best interests of the applicable Fund and its shareholders.

    <br> 38 www.jamesinvestment.com

<u>James Advantage Funds</u> <u>Additional Information</u> <br> June 30, 2025 (Unaudited)

**TAX DESIGNATIONS**

**Qualified Dividend Income**

The percentage of ordinary income dividends distributed during the fiscal year ended June 30, 2025, are designated as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code in the following percentages:

---

| | |
|:---|:---|
| | **Amount** |
| James Balanced: Golden Rainbow Fund | 40.35% |
| James Small Cap Fund | 100.00% |
| James Micro Cap Fund | 100.00% |
| James Aggressive Allocation Fund | 100.00% |

---

**Dividends Received Deduction**

For corporate shareholders, the following ordinary dividends paid during the fiscal year ended June 30, 2025, qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| | **Amount** |
| James Balanced: Golden Rainbow Fund | 38.83% |
| James Small Cap Fund | 100.00% |
| James Micro Cap Fund | 100.00% |
| James Aggressive Allocation Fund | 100.00% |

---

Pursuant to Section 852(b) of the Internal Revenue Code, James Balanced: Golden Rainbow Fund designated $9,994,929, James Small Cap Fund designated $3,552,820 and James Micro Cap Fund designated $346,262 as long-term capital gains distributions.

    <br> Financial Statements \| June 30, 2025 39

---

| | | |
|:---|:---|:---|
| ![](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 [filed under item 7]

**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

**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.**

(a)(1) [Code of Ethics is filed herewith](jamesfund_ex99codeeth.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 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 207.30a-2(b)): [Attached hereto](jamesfund_ex99-906cert.htm)

---

| | |
|:---|:---|
| Exhibit 99.CODE ETH | [Code of Ethics](jamesfund_ex99codeeth.htm) |
| Exhibit 99.CERT | [Certifications required by Rule 30a-2(a) under the Act](jamesfund_ex99cert.htm) |
| 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, President<br> (Principal Executive Officer) |
| Date | September 5, 2025 |  |
| 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, President<br> (Principal Executive Officer) |
| Date | September 5, 2025 |  |
| 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 | September 5, 2025 |  |

---

## 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: September 5, 2025 | /s/ R. Brian Culpepper |
|  | R. Brian Culpepper, 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 Trust;

&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: September 5, 2025 | /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 June 30, 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, President<br> (Principal Executive Officer) | Brian P. Shepardson, Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

***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.

## Ex-99.Code

**EX-99.CODE ETH**

**THE JAMES ADVANTAGE FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

Adopted May 18, 2004,

Revised May 26, 2005,

Revised May 23, 2012

Revised April 10, 2019

Revised April 24, 2023

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") for The James Advantage Funds (the "Company") applies to the Company's Principal Executive Officer and Principal Financial Officer and others serving similar functions (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

● accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Company or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Company and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report at least annually any affiliations or other relationships related to conflicts of interest that the Company's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Chief Compliance Officer of the Company ("CCO") appointed by the Board, if material. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations.

● Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the Company and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the Company.

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board, in substantially the form set forth on Exhibit B, that the Covered Officer has received, read, and understands this Code;

● annually thereafter affirm to the Board, in substantially the form set forth on Exhibit C, that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the CCO for the Company promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO for the Company is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be referred to by the Board of Trustees for consideration by the CCO if she/he believes the waiver is justified.

The Company will follow these procedures in investigating and enforcing this Code:

● the CCO for the Company will take all appropriate action to investigate any potential violations reported to the CCO;

● the CCO will review with the outside legal counsel to the Company the findings and conclusions of such investigation;

● if, after such investigation and review, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

● any matter that the CCO believes is a violation will be reported to the Board;

● if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

**VII.** **Confidentiality** 

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

R. Brian Culpepper, President

Brian S. Shepardson, CFO, Treasurer

**Exhibit B**

**James Advantage Funds**

**Covered Officer Affirmation of Understanding**

In accordance with Section IV of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

Date:     <br> Covered Officer

**Exhibit C**

**James Advantage Funds**

**Covered Officer Annual Affirmation**

For the period (Month, Day, Year – Month, Day, Year)

In accordance with Section IV of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

Date:     <br> Covered Officer