# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0000910472-25-005401
**Filing Date:** 2025-12
**Character Count:** 92514
**Document Hash:** f37960a9aff4f914898f884ab5b492c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005401.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005401

**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:** 251539106

**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 Small Cap Fund (Series ID: S000003563)

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

## 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 SMALL CAP FUND

- **b. EDGAR series identifier (if any):** S000003563

- **c. LEI of Series:** 54930078VSHCHGG5AQ06

**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:** $72886265.56

**Total Liabilities:** $156519.04

**Net Assets:** $72729746.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009903 | 1.41%                | 6.19%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.03                    | $655579.10                                 |
| Month 2  | $0.00                    | $4118786.90                                |
| Month 3  | $-219190.73              | $678482.18                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| M/I Homes Inc.                       | M/I Schottenstein Homes                          | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      5458 | NS      | $788353.52    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                     | Concentrix Corporation                           | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      3235 | NS      | $149295.25    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                  | HOULIHAN LOKEY, INC.                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      7415 | NS      | $1522447.80   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                     | Ensign Group, Inc. (The)                         | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      2774 | NS      | $479263.98    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                             | Nova Measuring Instruments Ltd.                  | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | US        |      3866 | NS      | $1235805.56   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                   | Chord Energy Corporation                         | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      3457 | NS      | $343522.09    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc              | Nexstar Media Group, Inc.                        | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      2427 | NS      | $479914.98    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc.                      | BankUnited, Inc.                                 | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |      8894 | NS      | $339395.04    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                       | PriceSmart, Inc.                                 | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      7507 | NS      | $909773.33    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc                           | Buckle, Inc. (The)                               | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     11452 | NS      | $671774.32    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd.                | Assured Guaranty Ltd.                            | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     13368 | NS      | $1131601.20   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                         | Innospec, Inc.                                   | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      6901 | NS      | $532481.16    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                 | Cleveland-Cliffs, Inc.                           | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     24575 | NS      | $299815.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                     | Boise Cascade Company                            | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      6019 | NS      | $465389.08    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.             | Enova International, Inc.                        | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     22675 | NS      | $2609665.75   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TD Synnex Corp                       | SYNNEX Corporation                               | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      1235 | NS      | $202231.25    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp.              | Progress Software Corporation                    | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      7780 | NS      | $341775.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc.          | Core Natural Resources, Inc.                     | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      3313 | NS      | $276569.24    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.       | American Financial Group, Inc.                   | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      2975 | NS      | $433517.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc.             | Ani Pharmaceuticals, Inc.                        | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |      4618 | NS      | $423008.80    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc               | Option Care Health, Inc.                         | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     13012 | NS      | $361213.12    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc          | Sterling Infrastructure, Inc.                    | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      3339 | NS      | $1134191.52   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Company    | Graphic Packaging Holding Company                | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17989 | NS      | $352044.73    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc           | Coca-Cola Bottling Company Consolidated          | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     10207 | NS      | $1195852.12   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand, Inc.                    | Hillenbrand, Inc.                                | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |     14981 | NS      | $405086.24    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazer Homes USA Inc.                | Beazer Homes USA, Inc.                           | CUSIP: 07556Q881<br>LEI: 549300DUPYT2T0F60I45 | Long             | EC               | CORP              | US        |     16770 | NS      | $411703.50    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc            | Halozyme Therapeutics, Inc.                      | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     12754 | NS      | $935378.36    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.               | Integer Holdings Corporation                     | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      7067 | NS      | $730233.11    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation               | Otter Tail Corporation                           | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10564 | NS      | $865931.08    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Idacorp Inc                          | IDACORP, Inc.                                    | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      4898 | NS      | $647270.70    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc. | Applied Industrial Technologies, Inc.            | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      1800 | NS      | $469890.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                 | Warrior Met Coal, Inc                            | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     15660 | NS      | $996602.40    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT, Inc.         | Sabra Health Care REIT, Inc. REIT                | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     23904 | NS      | $445570.56    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc               | Boot Barn Holdings, Inc.                         | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      5541 | NS      | $918254.52    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                   | InterDigital, Inc.                               | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      1932 | NS      | $666984.36    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc           | Apple Hospitality REIT, Inc.                     | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     40416 | NS      | $485396.16    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                    | Yeti Holdings, Inc.                              | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     22861 | NS      | $758527.98    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies              | Piper Sandler Cos                                | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      6856 | NS      | $2378963.44   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals, Inc        | Supernus Pharmaceuticals, Inc.                   | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     20863 | NS      | $997042.77    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp.           | Dynavax Technologies Corporation                 | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |     70439 | NS      | $699459.27    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                | STAG Industrial, Inc.                            | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     11030 | NS      | $389248.70    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation           | Terreno Realty Corporation                       | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9740 | NS      | $552745.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company            | Matador Resources Company                        | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     14016 | NS      | $629738.88    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                         | Innoviva, Inc.                                   | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     55904 | NS      | $1020248.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Puerto Rico            | First BanCorporation                             | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60255 | NS      | $1328622.75   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                    | Radian Group, Inc.                               | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     36949 | NS      | $1338292.78   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                          | EZCORP, Inc. Class A                             | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     46600 | NS      | $887264.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Southstate Bank Corp.                | SOUTHSTATE BANK CORP                             | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6788 | NS      | $671129.56    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.            | WESCO International, Inc.                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      4767 | NS      | $1008220.50   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                 | SL Green Realty Corporation REIT                 | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      8510 | NS      | $508983.10    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| GigaCloud Technology Inc.            | Gigacloud Technology, Inc                        | CUSIP: G38644103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17930 | NS      | $509212.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp.                        | Sylvamo Corporation                              | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      4319 | NS      | $190986.18    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                          | Bancorp, Inc. (The)                              | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8846 | NS      | $662476.94    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports and Outdoors Inc      | Academy Sports & Outdoors, Inc.                  | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5254 | NS      | $262805.08    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.            | Axcelis Technologies, Inc.                       | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      4849 | NS      | $473456.36    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc         | Adtalem Global Education, Inc.                   | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      4847 | NS      | $748619.15    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                         | Mural Oncology PLC                               | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     10212 | NS      | $306360.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree, Inc.                     | WisdomTree, Inc.                                 | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     58595 | NS      | $814470.50    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                    | Agree Realty Corporation                         | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |     13224 | NS      | $939432.96    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.              | Patrick Industries, Inc.                         | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     11845 | NS      | $1225128.35   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                   | Kontoor Brands, Inc.                             | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      5775 | NS      | $460671.75    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                | Urban Outfitters, Inc.                           | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     12104 | NS      | $864588.72    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                | Generac Holdings, Inc.                           | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      5501 | NS      | $920867.40    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| The Andersons Inc                    | Andersons, Inc. (The)                            | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |     11505 | NS      | $458014.05    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                   | CareTrust REIT, Inc. REIT                        | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      7174 | NS      | $248794.32    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Acm Research Inc                     | ACM Research, Inc. Class A                       | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |     20412 | NS      | $798721.56    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.          | Casey's General Stores, Inc.                     | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       700 | NS      | $395724.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                | Urban Edge Properties REIT                       | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15541 | NS      | $318124.27    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc.               | POWELL INDUSTRIES, INC.                          | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      2919 | NS      | $889740.39    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet, Inc.                          | Avnet, Inc.                                      | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     10682 | NS      | $558454.96    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System, Inc.                   | Ryder System, Inc.                               | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      4356 | NS      | $821715.84    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp.                    | HF Sinclair Corporation                          | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     10912 | NS      | $571134.08    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.             | Insight Enterprises, Inc.                        | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      4730 | NS      | $536429.30    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting, Inc.                 | FTI Consulting, Inc.                             | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      7168 | NS      | $1158707.20   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust              | Kite Realty Group Trust REIT                     | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21361 | NS      | $476350.30    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation       | Magnolia Oil & Gas Corporation                   | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23525 | NS      | $561541.75    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                 | Federated Hermes, Inc. Class B                   | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      8893 | NS      | $461813.49    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| National Healthcare Corporation      | National Healthcare Corporation                  | CUSIP: 635906100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4427 | NS      | $537924.77    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc.                   | PC Connection, Inc.                              | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     22420 | NS      | $1389815.80   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                   | Avista Corporation                               | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     15906 | NS      | $601405.86    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation               | Murphy Oil Corporation                           | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     18168 | NS      | $516152.88    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc           | Xenia Hotels & Resorts, Inc.                     | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     28703 | NS      | $393805.16    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                | MGIC Investment Corporation                      | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     54020 | NS      | $1532547.40   | 2.11%             |  |  |  | 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        |   3648955 | PA      | $3648954.78   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp.                        | Winmark Corporation                              | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2326 | NS      | $1157813.02   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                         | Evercore Partners, Inc. Class A                  | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      8141 | NS      | $2746122.12   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Company    | Portland General Electric Company                | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     11816 | NS      | $519904.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.          | Brinker International, Inc.                      | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     19704 | NS      | $2496102.72   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                       | EPR Properties REIT                              | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      6649 | NS      | $385708.49    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                   | AXOS FINANCIAL, INC.                             | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      7498 | NS      | $634705.70    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc.            | Corcept Therapeutics, Inc.                       | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     17005 | NS      | $1413285.55   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust    | National Storage Affiliates Trust                | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     13345 | NS      | $403285.90    | 0.55%             |  |  |  | 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