# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0000910472-25-005402
**Filing Date:** 2025-12
**Character Count:** 87764
**Document Hash:** fa69fe8dc1b0b7477c5982ced6d0a41a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005402.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005402

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20260630

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08411
- **FILM NUMBER:** 251539107

**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 MICRO CAP FUND (Series ID: S000029269)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 47.7%** | **Shares** | **Value** |
| **Communication Services - 5.0%** | **Communication Services - 5.0%** | **Communication Services - 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;40539 | &nbsp;&nbsp;$9855031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;34083 | &nbsp;&nbsp;962504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;7372 | &nbsp;&nbsp;5413849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | &nbsp;&nbsp;990 | &nbsp;&nbsp;1186931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;15000 | &nbsp;&nbsp;3590700 |
|  |  | &nbsp;&nbsp;21009015 |
| **Consumer Discretionary - 5.3%** | **Consumer Discretionary - 5.3%** | **Consumer Discretionary - 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;32385 | &nbsp;&nbsp;7110774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation <sup>(a)</sup> | &nbsp;&nbsp;9268 | &nbsp;&nbsp;939497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;10265 | &nbsp;&nbsp;4159275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | &nbsp;&nbsp;17000 | &nbsp;&nbsp;2455480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;18350 | &nbsp;&nbsp;5576382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;15000 | &nbsp;&nbsp;2168100 |
|  |  | &nbsp;&nbsp;22409508 |
| **Consumer Staples - 2.8%** | **Consumer Staples - 2.8%** | **Consumer Staples - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;3452 | &nbsp;&nbsp;1951485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | &nbsp;&nbsp;20640 | &nbsp;&nbsp;3171336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;65425 | &nbsp;&nbsp;6742700 |
|  |  | &nbsp;&nbsp;11865521 |
| **Energy - 1.5%** | **Energy - 1.5%** | **Energy - 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;20000 | &nbsp;&nbsp;3105800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;15605 | &nbsp;&nbsp;1759464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | &nbsp;&nbsp;10032 | &nbsp;&nbsp;1708048 |
|  |  | &nbsp;&nbsp;6573312 |
| **Financials - 9.5%** | **Financials - 9.5%** | **Financials - 9.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company | &nbsp;&nbsp;9295 | &nbsp;&nbsp;2879033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;24149 | &nbsp;&nbsp;1808519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;7007 | &nbsp;&nbsp;3522699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;1642 | &nbsp;&nbsp;1914359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | &nbsp;&nbsp;49844 | &nbsp;&nbsp;5736546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;4377 | &nbsp;&nbsp;3485624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;30926 | &nbsp;&nbsp;9754988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;9000 | &nbsp;&nbsp;5119290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corporation | &nbsp;&nbsp;31967 | &nbsp;&nbsp;906904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | &nbsp;&nbsp;15000 | &nbsp;&nbsp;1880700 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 47.7% (Continued)** | **Shares** | **Value** |
| **Financials - 9.5% (Continued)** | **Financials - 9.5% (Continued)** | **Financials - 9.5% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;2086 | &nbsp;&nbsp;$579053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corporation | &nbsp;&nbsp;89093 | &nbsp;&nbsp;2349382 |
|  |  | &nbsp;&nbsp;39937097 |
| **Health Care - 3.3%** | **Health Care - 3.3%** | **Health Care - 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;19650 | &nbsp;&nbsp;2631921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;13000 | &nbsp;&nbsp;3010020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | &nbsp;&nbsp;28104 | &nbsp;&nbsp;2156139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;4540 | &nbsp;&nbsp;3464019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | &nbsp;&nbsp;10676 | &nbsp;&nbsp;782978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;10625 | &nbsp;&nbsp;1970088 |
|  |  | &nbsp;&nbsp;14015165 |
| **Industrials - 4.1%** | **Industrials - 4.1%** | **Industrials - 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | &nbsp;&nbsp;36350 | &nbsp;&nbsp;2615383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;9252 | &nbsp;&nbsp;4414592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | &nbsp;&nbsp;10179 | &nbsp;&nbsp;3809490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | &nbsp;&nbsp;4150 | &nbsp;&nbsp;1248403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;5273 | &nbsp;&nbsp;1210048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;4060 | &nbsp;&nbsp;3875920 |
|  |  | &nbsp;&nbsp;17173836 |
| **Information Technology - 14.5%** | **Information Technology - 14.5%** | **Information Technology - 14.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;50105 | &nbsp;&nbsp;12758236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;2632 | &nbsp;&nbsp;2548013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;16803 | &nbsp;&nbsp;5543478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. <sup>(a)</sup> | &nbsp;&nbsp;9129 | &nbsp;&nbsp;1035320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;19148 | &nbsp;&nbsp;4158371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;32035 | &nbsp;&nbsp;16592528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | &nbsp;&nbsp;14166 | &nbsp;&nbsp;4528304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;70000 | &nbsp;&nbsp;13060600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;3534 | &nbsp;&nbsp;987011 |
|  |  | &nbsp;&nbsp;61211861 |
| **Materials - 0.3%** | **Materials - 0.3%** | **Materials - 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;2309 | &nbsp;&nbsp;1096775 |
| **Real Estate - 0.5%** | **Real Estate - 0.5%** | **Real Estate - 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;12898 | &nbsp;&nbsp;2032209 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 47.7% (Continued)** | **Shares** | **Value** |
| **Utilities - 0.9%** | **Utilities - 0.9%** | **Utilities - 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | &nbsp;&nbsp;19082 | &nbsp;&nbsp;$2146725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | &nbsp;&nbsp;22276 | &nbsp;&nbsp;1694313 |
|  |  | &nbsp;&nbsp;3841038 |
| **Total Common Stocks** (Cost $75,762,963) | **Total Common Stocks** (Cost $75,762,963) | &nbsp;&nbsp;$201165337 |
| **EXCHANGE-TRADED FUNDS - 7.9%** | **Shares** | **Value** |
| Global X Defense Tech ETF | &nbsp;&nbsp;32502 | &nbsp;&nbsp;$2282940 |
| iShares Gold Trust <sup>(a)</sup> | &nbsp;&nbsp;193533 | &nbsp;&nbsp;14083397 |
| iShares MSCI EAFE ETF | &nbsp;&nbsp;55527 | &nbsp;&nbsp;5184556 |
| iShares MSCI Germany ETF | &nbsp;&nbsp;58216 | &nbsp;&nbsp;2422368 |
| iShares Russell 2000 ETF | &nbsp;&nbsp;25000 | &nbsp;&nbsp;6049000 |
| iShares Silver Trust <sup>(a)</sup> | &nbsp;&nbsp;28989 | &nbsp;&nbsp;1228264 |
| Select STOXX Europe Aerospace & Defense ETF | &nbsp;&nbsp;14735 | &nbsp;&nbsp;692103 |
| Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;27506 | &nbsp;&nbsp;1490275 |
| **Total Exchange-Traded Funds** (Cost $20,245,801) | **Total Exchange-Traded Funds** (Cost $20,245,801) | &nbsp;&nbsp;$33432903 |
| **CORPORATE BONDS - 10.7%** | **Par Value** | **Value** |
| **Communication Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, due 11/15/27 | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2054718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, due 05/15/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1028199 |
|  |  | &nbsp;&nbsp;3082917 |
| **Consumer Staples - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, 4.700%, due 10/15/34 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2450753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc., 4.000%, due 03/01/26 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1498368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc., 5.250%, due 09/01/35 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2117721 |
|  |  | &nbsp;&nbsp;6066842 |
| **Energy - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.550%, due 05/15/34 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2052002 |
| **Financials - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company, 5.750%, due 07/15/54 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1993138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation, 1.250%, due 09/24/26 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1943252 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 10.7% (Continued)** | **Par Value** | **Value** |
| **Financials - 3.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corporation, 5.100%, due 04/11/34 | &nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$4138558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company, 4.800%, due 07/29/27 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2017304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.320%, (SOFR + 155.5, effective 7/19/34) due 07/19/35 <sup>(b)</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2579622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2018950 |
|  |  | &nbsp;&nbsp;14690824 |
| **Health Care - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1034802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation, 5.400%, due 06/01/29 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2585018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UC Health, LLC, 5.858%, due 08/01/35 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2613319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 5.000%, due 04/15/34 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2031349 |
|  |  | &nbsp;&nbsp;8264488 |
| **Industrials - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc., 8.250%, due 12/15/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1279870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies Financing Ltd., 5.100%, due 06/13/34 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2053313 |
|  |  | &nbsp;&nbsp;3333183 |
| **Information Technology - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 2.050%, due 09/11/26 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2459562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc., 2.650%, due 10/01/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;987766 |
|  |  | &nbsp;&nbsp;3447328 |
| **Materials - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc., 4.850%, due 02/08/34 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1016145 |
| **Real Estate - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;993741 |
| **Utilities - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Utilities Company, 5.125%, due 11/01/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;979682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 1.875%, due 01/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;972459 |
|  |  | &nbsp;&nbsp;1952141 |
| **Total Corporate Bonds** (Cost $43,919,514) | **Total Corporate Bonds** (Cost $43,919,514) | &nbsp;&nbsp;$44899611 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MORTGAGE-BACKED SECURITIES - 2.6%** | **Par Value** | **Value** |
| **Federal National Mortgage Association - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, due 09/01/33 | &nbsp;&nbsp;$2255675 | &nbsp;&nbsp;$2203816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, due 05/25/47 | &nbsp;&nbsp;180425 | &nbsp;&nbsp;174867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, due 01/01/57 | &nbsp;&nbsp;10140057 | &nbsp;&nbsp;8600572 |
| **Total Mortgage-Backed Securities** (Cost $12,236,595) |  | &nbsp;&nbsp;$10979255 |
| **U.S. GOVERNMENT & AGENCIES - 3.1%** | **Par Value** | **Value** |
| **Federal Farm Credit Bank - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, due 11/06/26 | &nbsp;&nbsp;$5725000 | &nbsp;&nbsp;$5671337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.210%, due 10/02/30 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2495213 |
|  |  | &nbsp;&nbsp;8166550 |
| **Federal Home Loan Bank - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.020%, due 09/17/26 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2437369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 06/26/29 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2523262 |
|  |  | &nbsp;&nbsp;4960631 |
| **Total U.S. Government & Agencies** (Cost $13,219,830) | **Total U.S. Government & Agencies** (Cost $13,219,830) | &nbsp;&nbsp;$13127181 |
| **U.S. TREASURY OBLIGATIONS - 23.9%** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(c)</sup> - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.031%, due 01/22/26 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$4940374 |
| **U.S. Treasury Bonds - 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, due 08/15/28 | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;15775195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, due 02/15/31 | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;21531250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 02/15/38 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;5042383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, due 11/15/44 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2972109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;10062500 |
|  |  | &nbsp;&nbsp;$55383437 |
| **U.S. Treasury Notes - 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;7544238 |

---

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **U.S. TREASURY OBLIGATIONS - 23.9% (Continued)** | **Par Value** | **Value** |
| **U.S. Treasury Notes - 9.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, due 05/15/27 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$9799219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;15346875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;7569141 |
|  |  | &nbsp;&nbsp;40259473 |
| **Total U.S. Treasury Obligations** (Cost $98,971,283) | **Total U.S. Treasury Obligations** (Cost $98,971,283) | &nbsp;&nbsp;$100583284 |
| **MONEY MARKET FUNDS - 4.4%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(d)</sup> (Cost $18,683,474) | &nbsp;&nbsp;18683474 | &nbsp;&nbsp;$18683474 |
| **Total Investments at Value - 100.3%** (Cost $283,039,460) | **Total Investments at Value - 100.3%** (Cost $283,039,460) | &nbsp;&nbsp;$422871045 |
| **Liabilities in Excess of Other Assets - (0.3%)** | **Liabilities in Excess of Other Assets - (0.3%)** | &nbsp;&nbsp; (1132710) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$421738335 |

---

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

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically.

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

<sup>(d)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

ADR - American Depositary Receipt.

SOFR- Secured Overnight Financing Rate.

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.1%** | **Shares** | **Value** |
| **Communication Services - 0.7%** | **Communication Services - 0.7%** | **Communication Services - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;2427 | &nbsp;&nbsp;$479915 |
| **Consumer Discretionary - 14.8%** | **Consumer Discretionary - 14.8%** | **Consumer Discretionary - 14.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;5254 | &nbsp;&nbsp;262805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4847 | &nbsp;&nbsp;748619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc. <sup>(a)</sup> | &nbsp;&nbsp;16770 | &nbsp;&nbsp;411704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5541 | &nbsp;&nbsp;918255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> | &nbsp;&nbsp;19704 | &nbsp;&nbsp;2496103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | &nbsp;&nbsp;11452 | &nbsp;&nbsp;671774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;5775 | &nbsp;&nbsp;460672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5458 | &nbsp;&nbsp;788353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;11845 | &nbsp;&nbsp;1225128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)</sup> | &nbsp;&nbsp;12104 | &nbsp;&nbsp;864589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winmark Corporation | &nbsp;&nbsp;2326 | &nbsp;&nbsp;1157813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;22861 | &nbsp;&nbsp;758528 |
|  |  | &nbsp;&nbsp;10764343 |
| **Consumer Staples - 4.1%** | **Consumer Staples - 4.1%** | **Consumer Staples - 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | &nbsp;&nbsp;11505 | &nbsp;&nbsp;458014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;700 | &nbsp;&nbsp;395724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;10207 | &nbsp;&nbsp;1195853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;7507 | &nbsp;&nbsp;909773 |
|  |  | &nbsp;&nbsp;2959364 |
| **Energy - 4.0%** | **Energy - 4.0%** | **Energy - 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corporation | &nbsp;&nbsp;3457 | &nbsp;&nbsp;343522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;3313 | &nbsp;&nbsp;276569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corporation | &nbsp;&nbsp;10912 | &nbsp;&nbsp;571134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corporation - Class A | &nbsp;&nbsp;23525 | &nbsp;&nbsp;561542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company | &nbsp;&nbsp;14016 | &nbsp;&nbsp;629739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corporation | &nbsp;&nbsp;18168 | &nbsp;&nbsp;516153 |
|  |  | &nbsp;&nbsp;2898659 |
| **Financials - 26.8%** | **Financials - 26.8%** | **Financials - 26.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;2975 | &nbsp;&nbsp;433517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;13368 | &nbsp;&nbsp;1131601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7498 | &nbsp;&nbsp;634706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;8846 | &nbsp;&nbsp;662477 |

---

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.1% (Continued)** | **Shares** | **Value** |
| **Financials - 26.8% (Continued)** | **Financials - 26.8% (Continued)** | **Financials - 26.8% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;8894 | &nbsp;&nbsp;$339395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | &nbsp;&nbsp;22675 | &nbsp;&nbsp;2609666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | &nbsp;&nbsp;8141 | &nbsp;&nbsp;2746121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;46600 | &nbsp;&nbsp;887264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | &nbsp;&nbsp;8893 | &nbsp;&nbsp;461813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First BanCorporation | &nbsp;&nbsp;60255 | &nbsp;&nbsp;1328622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;7415 | &nbsp;&nbsp;1522448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corporation | &nbsp;&nbsp;54020 | &nbsp;&nbsp;1532547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | &nbsp;&nbsp;6856 | &nbsp;&nbsp;2378963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;36949 | &nbsp;&nbsp;1338293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank Corporation | &nbsp;&nbsp;6788 | &nbsp;&nbsp;671130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc. | &nbsp;&nbsp;58595 | &nbsp;&nbsp;814471 |
|  |  | &nbsp;&nbsp;19493034 |
| **Health Care - 10.9%** | **Health Care - 10.9%** | **Health Care - 10.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)</sup> | &nbsp;&nbsp;10212 | &nbsp;&nbsp;306360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4618 | &nbsp;&nbsp;423009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)</sup> | &nbsp;&nbsp;17005 | &nbsp;&nbsp;1413286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies Corporation <sup>(a)</sup> | &nbsp;&nbsp;70439 | &nbsp;&nbsp;699459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | &nbsp;&nbsp;2774 | &nbsp;&nbsp;479264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | &nbsp;&nbsp;12754 | &nbsp;&nbsp;935378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | &nbsp;&nbsp;55904 | &nbsp;&nbsp;1020248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | &nbsp;&nbsp;7067 | &nbsp;&nbsp;730233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National HealthCare Corporation | &nbsp;&nbsp;4427 | &nbsp;&nbsp;537925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. <sup>(a)</sup> | &nbsp;&nbsp;13012 | &nbsp;&nbsp;361213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20863 | &nbsp;&nbsp;997043 |
|  |  | &nbsp;&nbsp;7903418 |
| **Industrials - 10.8%** | **Industrials - 10.8%** | **Industrials - 10.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;1800 | &nbsp;&nbsp;469890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | &nbsp;&nbsp;15906 | &nbsp;&nbsp;601406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | &nbsp;&nbsp;6019 | &nbsp;&nbsp;465389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7168 | &nbsp;&nbsp;1158707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5501 | &nbsp;&nbsp;920867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;14981 | &nbsp;&nbsp;405086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;2919 | &nbsp;&nbsp;889740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp;4356 | &nbsp;&nbsp;821716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3339 | &nbsp;&nbsp;1134192 |

---

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.1% (Continued)** | **Shares** | **Value** |
| **Industrials - 10.8% (Continued)** | **Industrials - 10.8% (Continued)** | **Industrials - 10.8% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;4767 | &nbsp;&nbsp;$1008221 |
|  |  | &nbsp;&nbsp;7875214 |
| **Information Technology - 9.4%** | **Information Technology - 9.4%** | **Information Technology - 9.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Research, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;20412 | &nbsp;&nbsp;798722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;10682 | &nbsp;&nbsp;558455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4849 | &nbsp;&nbsp;473456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corporation | &nbsp;&nbsp;3235 | &nbsp;&nbsp;149295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc - Class A <sup>(a)</sup> | &nbsp;&nbsp;17930 | &nbsp;&nbsp;509212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4730 | &nbsp;&nbsp;536429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;1932 | &nbsp;&nbsp;666984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | &nbsp;&nbsp;3866 | &nbsp;&nbsp;1235806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;22420 | &nbsp;&nbsp;1389817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Software Corporation | &nbsp;&nbsp;7780 | &nbsp;&nbsp;341775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | &nbsp;&nbsp;1235 | &nbsp;&nbsp;202231 |
|  |  | &nbsp;&nbsp;6862182 |
| **Materials - 3.2%** | **Materials - 3.2%** | **Materials - 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. <sup>(a)</sup> | &nbsp;&nbsp;24575 | &nbsp;&nbsp;299815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | &nbsp;&nbsp;17989 | &nbsp;&nbsp;352045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;6901 | &nbsp;&nbsp;532481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo Corporation | &nbsp;&nbsp;4319 | &nbsp;&nbsp;190986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;15660 | &nbsp;&nbsp;996602 |
|  |  | &nbsp;&nbsp;2371929 |
| **Real Estate - 7.6%** | **Real Estate - 7.6%** | **Real Estate - 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corporation | &nbsp;&nbsp;13224 | &nbsp;&nbsp;939432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;40416 | &nbsp;&nbsp;485396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;7174 | &nbsp;&nbsp;248794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;6649 | &nbsp;&nbsp;385709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;21361 | &nbsp;&nbsp;476350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;13345 | &nbsp;&nbsp;403286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;23904 | &nbsp;&nbsp;445571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL Green Realty Corporation | &nbsp;&nbsp;8510 | &nbsp;&nbsp;508984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;11030 | &nbsp;&nbsp;389249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corporation | &nbsp;&nbsp;9740 | &nbsp;&nbsp;552745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;15541 | &nbsp;&nbsp;318124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | &nbsp;&nbsp;28703 | &nbsp;&nbsp;393805 |
|  |  | &nbsp;&nbsp;5547445 |

---

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.1% (Continued)** | **Shares** | **Value** |
| **Utilities - 2.8%** | **Utilities - 2.8%** | **Utilities - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;4898 | &nbsp;&nbsp;$647271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corporation | &nbsp;&nbsp;10564 | &nbsp;&nbsp;865931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Company | &nbsp;&nbsp;11816 | &nbsp;&nbsp;519904 |
|  |  | &nbsp;&nbsp;2033106 |
| **Total Common Stocks** (Cost $46,331,474) | **Total Common Stocks** (Cost $46,331,474) | &nbsp;&nbsp;$69188609 |
| **MONEY MARKET FUNDS - 5.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(b)</sup> <br> (Cost $3,648,955) | &nbsp;&nbsp;3648955 | &nbsp;&nbsp;$3648955 |
| **Total Investments at Value - 100.1%** (Cost $49,980,429) | **Total Investments at Value - 100.1%** (Cost $49,980,429) | &nbsp;&nbsp;$72837564 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (107817) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$72729747 |

---

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

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.4%** | **Shares** | **Value** |
| **Consumer Discretionary - 9.8%** | **Consumer Discretionary - 9.8%** | **Consumer Discretionary - 9.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;4044 | &nbsp;&nbsp;$263709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;4662 | &nbsp;&nbsp;295431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | &nbsp;&nbsp;13509 | &nbsp;&nbsp;296253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4097 | &nbsp;&nbsp;591771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Company <sup>(a)</sup> | &nbsp;&nbsp;4078 | &nbsp;&nbsp;579728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp;1280 | &nbsp;&nbsp;51891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;6066 | &nbsp;&nbsp;627406 |
|  |  | &nbsp;&nbsp;2706189 |
| **Consumer Staples - 4.7%** | **Consumer Staples - 4.7%** | **Consumer Staples - 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | &nbsp;&nbsp;16385 | &nbsp;&nbsp;483849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets, Inc. - Class A | &nbsp;&nbsp;10714 | &nbsp;&nbsp;745266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;1602 | &nbsp;&nbsp;84153 |
|  |  | &nbsp;&nbsp;1313268 |
| **Energy - 2.8%** | **Energy - 2.8%** | **Energy - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;4523 | &nbsp;&nbsp;146998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | &nbsp;&nbsp;9544 | &nbsp;&nbsp;284411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corporation <sup>(a)</sup> | &nbsp;&nbsp;751 | &nbsp;&nbsp;125440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REX American Resources Corporation <sup>(a)</sup> | &nbsp;&nbsp;7220 | &nbsp;&nbsp;221076 |
|  |  | &nbsp;&nbsp;777925 |
| **Financials - 32.0%** | **Financials - 32.0%** | **Financials - 32.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. - Class E | &nbsp;&nbsp;3372 | &nbsp;&nbsp;155011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;6900 | &nbsp;&nbsp;516741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. <sup>(a)</sup> | &nbsp;&nbsp;16726 | &nbsp;&nbsp;860218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | &nbsp;&nbsp;16099 | &nbsp;&nbsp;1852835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;5505 | &nbsp;&nbsp;104815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corporation - Class C | &nbsp;&nbsp;5967 | &nbsp;&nbsp;1002336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investar Holding Corporation | &nbsp;&nbsp;8542 | &nbsp;&nbsp;198260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;23196 | &nbsp;&nbsp;737633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | &nbsp;&nbsp;5646 | &nbsp;&nbsp;707895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;25456 | &nbsp;&nbsp;1107081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | &nbsp;&nbsp;4081 | &nbsp;&nbsp;1416066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;1072 | &nbsp;&nbsp;81086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2632 | &nbsp;&nbsp;125178 |
|  |  | &nbsp;&nbsp;8865155 |

---

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.4% (Continued)** | **Shares** | **Value** |
| **Health Care - 11.8%** | **Health Care - 11.8%** | **Health Care - 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6753 | &nbsp;&nbsp;$285922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies Corporation <sup>(a)</sup> | &nbsp;&nbsp;11764 | &nbsp;&nbsp;116817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | &nbsp;&nbsp;20082 | &nbsp;&nbsp;366497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | &nbsp;&nbsp;6396 | &nbsp;&nbsp;660899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRadimed Corporation | &nbsp;&nbsp;2400 | &nbsp;&nbsp;170784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc <sup>(a)</sup> | &nbsp;&nbsp;6909 | &nbsp;&nbsp;268276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;2165 | &nbsp;&nbsp;189459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OraSure Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;9526 | &nbsp;&nbsp;30578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;5582 | &nbsp;&nbsp;140778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semler Scientific, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2765 | &nbsp;&nbsp;82950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | &nbsp;&nbsp;52400 | &nbsp;&nbsp;479460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4236 | &nbsp;&nbsp;58626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1193 | &nbsp;&nbsp;238123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zymeworks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;10578 | &nbsp;&nbsp;180672 |
|  |  | &nbsp;&nbsp;3269841 |
| **Industrials - 13.5%** | **Industrials - 13.5%** | **Industrials - 13.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acme United Corporation | &nbsp;&nbsp;2095 | &nbsp;&nbsp;86272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Company <sup>(a)</sup> | &nbsp;&nbsp;888 | &nbsp;&nbsp;53964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corporation | &nbsp;&nbsp;5285 | &nbsp;&nbsp;369263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;628 | &nbsp;&nbsp;169591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | &nbsp;&nbsp;3750 | &nbsp;&nbsp;215813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | &nbsp;&nbsp;2500 | &nbsp;&nbsp;193300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbus McKinnon Corporation | &nbsp;&nbsp;2198 | &nbsp;&nbsp;31519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRA International, Inc. | &nbsp;&nbsp;3384 | &nbsp;&nbsp;705665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;8000 | &nbsp;&nbsp;142400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;7691 | &nbsp;&nbsp;157589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;169218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;3500 | &nbsp;&nbsp;134190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kforce, Inc. | &nbsp;&nbsp;2400 | &nbsp;&nbsp;71952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3394 | &nbsp;&nbsp;179644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;389 | &nbsp;&nbsp;118571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | &nbsp;&nbsp;604 | &nbsp;&nbsp;205167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcat, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2200 | &nbsp;&nbsp;161040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitil Corporation | &nbsp;&nbsp;3401 | &nbsp;&nbsp;162772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V2X, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6950 | &nbsp;&nbsp;403726 |
|  |  | &nbsp;&nbsp;3731656 |

---

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.4% (Continued)** | **Shares** | **Value** |
| **Information Technology - 16.2%** | **Information Technology - 16.2%** | **Information Technology - 16.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3408 | &nbsp;&nbsp;$332757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corporation | &nbsp;&nbsp;5326 | &nbsp;&nbsp;245795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | &nbsp;&nbsp;4600 | &nbsp;&nbsp;326646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4631 | &nbsp;&nbsp;525202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | &nbsp;&nbsp;5142 | &nbsp;&nbsp;1643692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;12184 | &nbsp;&nbsp;755286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> | &nbsp;&nbsp;22198 | &nbsp;&nbsp;509444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ScanSource, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3090 | &nbsp;&nbsp;135929 |
|  |  | &nbsp;&nbsp;4474751 |
| **Materials - 4.6%** | **Materials - 4.6%** | **Materials - 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;2821 | &nbsp;&nbsp;217668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | &nbsp;&nbsp;7966 | &nbsp;&nbsp;1047928 |
|  |  | &nbsp;&nbsp;1265596 |
| **Real Estate - 1.3%** | **Real Estate - 1.3%** | **Real Estate - 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | &nbsp;&nbsp;7517 | &nbsp;&nbsp;306318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | &nbsp;&nbsp;3907 | &nbsp;&nbsp;53604 |
|  |  | &nbsp;&nbsp;359922 |
| **Utilities - 0.7%** | **Utilities - 0.7%** | **Utilities - 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | &nbsp;&nbsp;7332 | &nbsp;&nbsp;207129 |
| **Total Common Stocks** (Cost $13,330,939) | **Total Common Stocks** (Cost $13,330,939) | &nbsp;&nbsp;$26971432 |
| **RIGHT - 0.0% <sup>(b)</sup>** | **Shares** | **Value** |
| **Health Care - 0.0% <sup>(b)</sup>** | **Health Care - 0.0% <sup>(b)</sup>** | **Health Care - 0.0% <sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc. <sup>(a)(c)(d)</sup> (Cost $17,942) | &nbsp;&nbsp;94737 | &nbsp;&nbsp;$947 |

---

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 2.7%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(e)</sup> <br> (Cost $739,431) | &nbsp;&nbsp;739431 | &nbsp;&nbsp;$739431 |
| **Total Investments at Value - 100.1%** (Cost $14,088,312) | **Total Investments at Value - 100.1%** (Cost $14,088,312) | &nbsp;&nbsp;$27711810 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (23604) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$27688206 |

---

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

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

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

<sup>(d)</sup> Expiration date not available.

<sup>(e)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 78.7%** | **Shares** | **Value** |
| **Communication Services - 9.7%** | **Communication Services - 9.7%** | **Communication Services - 9.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;4400 | &nbsp;&nbsp;$1069640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;13250 | &nbsp;&nbsp;374180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;1100 | &nbsp;&nbsp;807818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;478760 |
|  |  | &nbsp;&nbsp;2730398 |
| **Consumer Discretionary - 5.8%** | **Consumer Discretionary - 5.8%** | **Consumer Discretionary - 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;600 | &nbsp;&nbsp;131742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1650 | &nbsp;&nbsp;273438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;700 | &nbsp;&nbsp;283633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2000 | &nbsp;&nbsp;288880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;1000 | &nbsp;&nbsp;303890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Company | &nbsp;&nbsp;6025 | &nbsp;&nbsp;342642 |
|  |  | &nbsp;&nbsp;1624225 |
| **Consumer Staples - 3.9%** | **Consumer Staples - 3.9%** | **Consumer Staples - 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;500 | &nbsp;&nbsp;58580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;250 | &nbsp;&nbsp;231408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | &nbsp;&nbsp;1700 | &nbsp;&nbsp;261205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;5100 | &nbsp;&nbsp;525606 |
|  |  | &nbsp;&nbsp;1076799 |
| **Energy - 4.4%** | **Energy - 4.4%** | **Energy - 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;845 | &nbsp;&nbsp;198558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;2000 | &nbsp;&nbsp;310580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company | &nbsp;&nbsp;5000 | &nbsp;&nbsp;224650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - ADR | &nbsp;&nbsp;20000 | &nbsp;&nbsp;253200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | &nbsp;&nbsp;1500 | &nbsp;&nbsp;255390 |
|  |  | &nbsp;&nbsp;1242378 |
| **Financials - 15.0%** | **Financials - 15.0%** | **Financials - 15.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;4900 | &nbsp;&nbsp;366961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;475 | &nbsp;&nbsp;553788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;3000 | &nbsp;&nbsp;286410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7700 | &nbsp;&nbsp;886193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;915 | &nbsp;&nbsp;728660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;2000 | &nbsp;&nbsp;630860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;690 | &nbsp;&nbsp;392479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corporation | &nbsp;&nbsp;5200 | &nbsp;&nbsp;147524 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 78.7% (Continued)** | **Shares** | **Value** |
| **Financials - 15.0% (Continued)** | **Financials - 15.0% (Continued)** | **Financials - 15.0% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;800 | &nbsp;&nbsp;$222072 |
|  |  | &nbsp;&nbsp;4214947 |
| **Health Care - 6.1%** | **Health Care - 6.1%** | **Health Care - 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;1250 | &nbsp;&nbsp;289425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc - ADR | &nbsp;&nbsp;4000 | &nbsp;&nbsp;306880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;800 | &nbsp;&nbsp;230600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;525 | &nbsp;&nbsp;400575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;1295 | &nbsp;&nbsp;240119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;1595 | &nbsp;&nbsp;233380 |
|  |  | &nbsp;&nbsp;1700979 |
| **Industrials - 5.8%** | **Industrials - 5.8%** | **Industrials - 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | &nbsp;&nbsp;3850 | &nbsp;&nbsp;277007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;800 | &nbsp;&nbsp;381720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | &nbsp;&nbsp;435 | &nbsp;&nbsp;198908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | &nbsp;&nbsp;1175 | &nbsp;&nbsp;439744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | &nbsp;&nbsp;1090 | &nbsp;&nbsp;327894 |
|  |  | &nbsp;&nbsp;1625273 |
| **Information Technology - 23.0%** | **Information Technology - 23.0%** | **Information Technology - 23.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2000 | &nbsp;&nbsp;291420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;3200 | &nbsp;&nbsp;814816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. - ADR | &nbsp;&nbsp;575 | &nbsp;&nbsp;556652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3000 | &nbsp;&nbsp;989730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1975 | &nbsp;&nbsp;693739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;1800 | &nbsp;&nbsp;390906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;1640 | &nbsp;&nbsp;849438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;7500 | &nbsp;&nbsp;1399350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;1650 | &nbsp;&nbsp;460828 |
|  |  | &nbsp;&nbsp;6446879 |
| **Materials - 1.0%** | **Materials - 1.0%** | **Materials - 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;400 | &nbsp;&nbsp;190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation | &nbsp;&nbsp;700 | &nbsp;&nbsp;94801 |
|  |  | &nbsp;&nbsp;284801 |
| **Real Estate - 2.2%** | **Real Estate - 2.2%** | **Real Estate - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;1500 | &nbsp;&nbsp;259320 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 78.7% (Continued)** | **Shares** | **Value** |
| **Real Estate - 2.2% (Continued)** | **Real Estate - 2.2% (Continued)** | **Real Estate - 2.2% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;$356280 |
|  |  | &nbsp;&nbsp;615600 |
| **Utilities - 1.8%** | **Utilities - 1.8%** | **Utilities - 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | &nbsp;&nbsp;2700 | &nbsp;&nbsp;205362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;3780 | &nbsp;&nbsp;285352 |
|  |  | &nbsp;&nbsp;490714 |
| **Total Common Stocks** (Cost $10,838,501) | **Total Common Stocks** (Cost $10,838,501) | &nbsp;&nbsp;$22052993 |
| **EXCHANGE-TRADED FUNDS - 3.8%** | **Shares** | **Value** |
| Global X Defense Tech ETF | &nbsp;&nbsp;4500 | &nbsp;&nbsp;$316080 |
| iShares MSCI Germany ETF | &nbsp;&nbsp;3000 | &nbsp;&nbsp;124830 |
| Range Nuclear Renaissance Index ETF | &nbsp;&nbsp;2500 | &nbsp;&nbsp;162600 |
| Select STOXX Europe Aerospace & Defense ETF | &nbsp;&nbsp;6281 | &nbsp;&nbsp;295019 |
| SPDR Gold Shares <sup>(a)</sup> | &nbsp;&nbsp;500 | &nbsp;&nbsp;177735 |
| **Total Exchange-Traded Funds** (Cost $864,976) | **Total Exchange-Traded Funds** (Cost $864,976) | &nbsp;&nbsp;$1076264 |
| **CORPORATE BONDS - 6.7%** | **Par Value** | **Value** |
| **Consumer Discretionary - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation, 2.550%, due 11/15/30 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$458916 |
| **Financials - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company, 5.750%, due 07/15/54 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;498285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 2.000%, due 12/22/26 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;193814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;100947 |
|  |  | &nbsp;&nbsp;793046 |
| **Health Care - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc, 0.700%, due 04/08/26 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;245720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;103480 |
|  |  | &nbsp;&nbsp;349200 |
| **Information Technology - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., 1.250%, due 09/01/30 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;175077 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CORPORATE BONDS - 6.7% (Continued)** | **Par Value** | **Value** |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$99374 |
| **Total Corporate Bonds** (Cost $1,938,885) | **Total Corporate Bonds** (Cost $1,938,885) | &nbsp;&nbsp;$1875613 |
| **U.S. GOVERNMENT & AGENCIES - 1.8%** | **Par Value** | **Value** |
| **Federal National Mortgage Association - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 0.560%, due 10/22/25 (Cost $500,000) | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$498975 |
| **U.S. TREASURY OBLIGATIONS - 6.8%** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(b)</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.115%, due 01/22/26 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$247018 |
| **U.S. Treasury Bonds - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, due 02/15/44 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;86801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;100625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, due 08/15/49 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;478711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 02/15/54 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;276914 |
|  |  | &nbsp;&nbsp;943051 |
| **U.S. Treasury Notes - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | &nbsp;&nbsp;75000 | &nbsp;&nbsp;75442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, due 02/15/29 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;145137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;255781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;252305 |
|  |  | &nbsp;&nbsp;728665 |
| **Total U.S. Treasury Obligations** (Cost $1,947,122) | **Total U.S. Treasury Obligations** (Cost $1,947,122) | &nbsp;&nbsp;$1918734 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 2.1%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(c)</sup> (Cost $583,924) | &nbsp;&nbsp;583924 | &nbsp;&nbsp;$583924 |
| **Total Investments at Value - 99.9%** (Cost $16,673,408) | **Total Investments at Value - 99.9%** (Cost $16,673,408) | &nbsp;&nbsp;$28006503 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;16312 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$28022815 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the annualized yield at the time of purchase. <br> <sup>(c)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

ADR - American Depositary Receipt.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** JAMES MICRO CAP FUND

- **b. EDGAR series identifier (if any):** S000029269

- **c. LEI of Series:** 54930055PPLE24Z31O86

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $27727414.96

**Total Liabilities:** $39208.69

**Net Assets:** $27688206.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000090023 | -1.34%               | 8.90%                | -1.12%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $199857.07               | $-523530.12                                |
| Month 2  | $0.00                    | $2319006.57                                |
| Month 3  | $603958.18               | $-910223.39                                |

### Schedule of Portfolio Investments

| Name                                          | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Arcbest Corporation                           | ArcBest Corporation                                 | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      5285 | NS      | $369262.95    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                                  | Innospec, Inc.                                      | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      2821 | NS      | $217668.36    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                          | PotlatchDeltic Corporation REIT                     | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |      7517 | NS      | $306317.75    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Latinoamericano De Comercio Exterior SA | Banco Latinoamericano de Comercio Exterior, S.A ADR | CUSIP: P16994132<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | US        |      3372 | NS      | $155010.84    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.                       | Patrick Industries, Inc.                            | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      6066 | NS      | $627406.38    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                         | Semler Scientific, Inc.                             | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |      2765 | NS      | $82950.00     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc.               | Tactile Systems Technology, Inc.                    | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |      4236 | NS      | $58626.24     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                        | Integer Holdings Corporation                        | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      6396 | NS      | $660898.68    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co.                      | Modine Manufacturing Company                        | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      4078 | NS      | $579728.48    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc.                            | PC Connection, Inc.                                 | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     12184 | NS      | $755286.16    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Rex American Resources Corp                   | REX American Resources Corporation                  | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7220 | NS      | $221076.40    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                       | Century Communities, Inc.                           | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      4662 | NS      | $295430.94    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc             | Donnelley Financial Solutions, Inc.                 | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     16726 | NS      | $860218.18    | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                                | M/I Schottenstein Homes                             | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      4097 | NS      | $591770.68    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc.                                   | Nelnet, Inc. Class A                                | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |      5646 | NS      | $707895.48    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                                   | EZCORP, Inc. Class A                                | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |      5505 | NS      | $104815.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Investar Holding Corp                         | INVESTAR HOLDING CORPORATION                        | CUSIP: 46134L105<br>LEI: 54930001EK2YM28LOJ08 | Long             | EC               | CORP              | US        |      8542 | NS      | $198259.82    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                                 | Zymeworks, Inc.                                     | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | CA        |     10578 | NS      | $180672.24    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings Inc                  | SPECTRUM BRANDS HOLDINGS, INC.                      | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |      1602 | NS      | $84153.06     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc.                        | POWELL INDUSTRIES, INC.                             | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |       389 | NS      | $118571.09    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cartesian Therapeutics Inc                    | Cartesian Therapeutics, Inc. - CVR                  | CUSIP: 816212112<br>LEI: 529900NMN0LACZOL7C43 | Long             | EC               | CORP              | US        |     94737 | NS      | $947.37       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Iradimed Corp.                                | Iradimed Corporation                                | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      2400 | NS      | $170784.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemaitre Vascular Inc.                        | LeMaitre Vascular, Inc.                             | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      2165 | NS      | $189459.15    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                         | Civitas Resources, Inc.                             | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      4523 | NS      | $146997.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc.                                 | TRANSCAT, INC.                                      | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      2200 | NS      | $161040.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries, Inc.                       | Oxford Industries, Inc.                             | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      1280 | NS      | $51891.20     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.                     | Axcelis Technologies, Inc.                          | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      3408 | NS      | $332757.12    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc.                             | QCR HOLDINGS, INC.                                  | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |      1072 | NS      | $81086.08     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corporation     | Federal Agricultural Mortgage Corporation           | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGA              | US        |      5967 | NS      | $1002336.66   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                  | Artivion, Inc.                                      | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |      6753 | NS      | $285922.02    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc                                 | GEO Group, Inc. (The) REIT                          | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |      7691 | NS      | $157588.59    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                       | Piper Sandler Cos                                   | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      4081 | NS      | $1416066.19   | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc.                      | NWPX Infrastructure, Inc.                           | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |      3394 | NS      | $179644.42    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                              | Concentrix Corporation                              | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      5326 | NS      | $245794.90    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc        | Heidrick & Struggles International, Inc.            | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      3400 | NS      | $169218.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc.                               | ScanSource, Inc.                                    | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |      3090 | NS      | $135929.10    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company                  | Central Garden & Pet Co A Class A Non-Voting        | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     16385 | NS      | $483849.05    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp.                       | Columbus McKinnon Corporation                       | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |      2198 | NS      | $31519.32     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)                  | Merchants Bancorp                                   | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |     23196 | NS      | $737632.80    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Company                      | Allegiant Travel Company                            | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |       888 | NS      | $53963.76     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                      | Enova International, Inc.                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     16099 | NS      | $1852833.91   | 6.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                               | Photronics, Inc.                                    | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     22198 | NS      | $509444.10    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                                   | Unitil Corporation                                  | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3401 | NS      | $162771.86    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc.                         | UFP Technologies, Inc.                              | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      1193 | NS      | $238122.80    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Eplus Inc                                     | ePlus, Inc.                                         | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |      4600 | NS      | $326646.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                   | OFG Bancorp                                         | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |     25456 | NS      | $1107081.44   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                              | Acme United Corporation                             | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |      2095 | NS      | $86272.10     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc.                       | Insteel Industries, Inc.                            | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      3500 | NS      | $134190.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                              | Boise Cascade Company                               | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      2500 | NS      | $193300.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc         | Skyward Specialty Insurance Group                   | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |      2632 | NS      | $125177.92    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd.                               | DORIAN LPG LTD.                                     | CUSIP: Y2106R110<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | US        |      9544 | NS      | $284411.20    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                               | Blue Bird Corporation                               | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |      3750 | NS      | $215812.50    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International PLC     | Kiniksa Pharmaceuticals International plc           | CUSIP: G52694109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6909 | NS      | $268276.47    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                                    | Kforce, Inc.                                        | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |      2400 | NS      | $71952.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.                      | Insight Enterprises, Inc.                           | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      4631 | NS      | $525201.71    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                                     | Argan, Inc.                                         | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |       628 | NS      | $169591.40    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Incorporated                  | Ingles Markets, Inc. Class A                        | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     10714 | NS      | $745265.84    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennant Group Inc                             | Pennant Group, Inc. (The)                           | CUSIP: 70805E109<br>LEI: 5493007H2OYR6BYLDA64 | Long             | EC               | CORP              | US        |      5582 | NS      | $140778.04    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Primeenergy Resources Corporation             | PotlatchDeltic Corporation REIT                     | CUSIP: 74158E104<br>LEI: 9QMD37QNHRX1B7685Y44 | Long             | EC               | CORP              | US        |       751 | NS      | $125439.53    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Build A Bear Workshop Inc                     | Build-A-Bear Workshop, Inc.                         | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |      4044 | NS      | $263709.24    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc.                        | CRA International, Inc.                             | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3384 | NS      | $705665.52    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp.                    | Dynavax Technologies Corporation                    | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |     11764 | NS      | $116816.52    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd.                 | GENCO SHIPPING & TRADE LTD.                         | CUSIP: Y2685T131<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | US        |      8000 | NS      | $142400.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                                   | Bancorp, Inc. (The)                                 | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6900 | NS      | $516741.00    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| OraSure Technologies Inc.                     | OraSure Technologies, Inc.                          | CUSIP: 68554V108<br>LEI: 529900GNNJPNM4XHXQ77 | Long             | EC               | CORP              | US        |      9526 | NS      | $30578.46     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc                   | Sterling Infrastructure, Inc.                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       604 | NS      | $205166.72    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                                  | Innoviva, Inc.                                      | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     20082 | NS      | $366496.50    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc                     | Haverty Furniture Companies, Inc.                   | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |     13509 | NS      | $296252.37    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                    | Xenia Hotels & Resorts, Inc.                        | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |      3907 | NS      | $53604.04     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                      | Nova Measuring Instruments Ltd.                     | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | US        |      5142 | NS      | $1643691.72   | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                       | V2X, Inc.                                           | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6950 | NS      | $403725.50    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                     | First American Treasury Obligations Fund Class X    | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    739431 | PA      | $739431.02    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                           | Clearway Energy, Inc.                               | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |      7332 | NS      | $207129.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc.            | United States Lime & Minerals, Inc.                 | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      7966 | NS      | $1047927.30   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc.                        | SIGA TECHNOLOGIES, INC.                             | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52400 | NS      | $479460.00    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Lesley Ott

**Signature:** Lesley Ott

**Name of Signer:** Lesley Ott

**Title:** Chief Compliance Officer