# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0000910472-25-005399
**Filing Date:** 2025-12
**Character Count:** 90282
**Document Hash:** 2328dae78da6e61d1fc471530cccd52e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005399.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005399

**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:** 251539104

**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 Aggressive Allocation Fund (Series ID: S000049901)

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

## 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 AGGRESSIVE ALLOCATION FUND

- **b. EDGAR series identifier (if any):** S000049901

- **c. LEI of Series:** 5493001JVWZW5U0R1Q40

**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:** $28047954.50

**Total Liabilities:** $25139.23

**Net Assets:** $28022815.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000157576 | 2.43%                | 2.37%                | 3.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1950.01                 | $618125.35                                 |
| Month 2  | $34850.37                | $578844.67                                 |
| Month 3  | $84277.30                | $732350.67                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Cigna Group                              | Cigna Group (The)                                           | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       800 | NS      | $230600.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                              | Caterpillar, Inc.                                           | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       800 | NS      | $381720.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd.                                     | ABB Ltd. ADR                                                | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |      3850 | NS      | $277007.50    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                           | State Street Corporation 5.272%, Due 08/03/2026             | CUSIP: 857477CD3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100947.49    | 0.36%             | 2026-08-03      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP LLC                          | Kimco Realty OP LLC 4.85%, Due 3/1/2025                     | CUSIP: 49447BAB9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99374.06     | 0.35%             | 2035-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                 | U.S. Treasury Bonds 2.25%, due 08/15/2049                   | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $478710.94    | 1.71%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Bancorp Inc                                  | Bancorp, Inc. (The)                                         | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4900 | NS      | $366961.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                               | BlackRock, Inc.                                             | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       475 | NS      | $553788.25    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Exchange Traded Concepts Trust               | iShares Russell 2000 Index Fund                             | CUSIP: 301505475<br>LEI: 549300TXJW88BSB0KL90 | Long             | EC               | RF                | US        |      2500 | NS      | $162600.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc                   | Coca-Cola Bottling Company Consolidated                     | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |       500 | NS      | $58580.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal                             | Bank of Montreal 2.00%, Due 012/22/2026                     | CUSIP: 06368GC54<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193813.61    | 0.69%             | 2026-12-22      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association        | Federal National Mortgage Association 0.56%, Due 10/22/2025 | CUSIP: 3135G06B4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $498975.50    | 1.78%             | 2025-10-22      | Fixed         | 0.56%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                | Alphabet, Inc. Class A                                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4400 | NS      | $1069640.00   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                            | Nucor Corporation                                           | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       700 | NS      | $94801.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca plc ADR                                         | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | US        |      4000 | NS      | $306880.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie, Inc.                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1250 | NS      | $289425.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                          | Arista Networks, Inc.                                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      2000 | NS      | $291420.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                    | Jabil, Inc.                                                 | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1800 | NS      | $390906.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                    | Linde plc                                                   | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |       400 | NS      | $190000.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | U.S. Treasury Notes 2.625%, due 02/15/2029                  | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $145136.72    | 0.52%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | U.S. Treasury Bill 0.000%, Due 1/22/2026                    | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $247018.71    | 0.88%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                 | Broadcom, Inc.                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3000 | NS      | $989730.00    | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                 | U.S. Treasury Bonds 3.625%, due 02/15/2044                  | CUSIP: 912810RE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $86800.78     | 0.31%             | 2044-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Eaton Corporation PLC                        | Eaton Corporation plc                                       | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |      1175 | NS      | $439743.75    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                              | Astrazeneca Finance LLC 0.70%, Due 04/08/2026               | CUSIP: 046353AV0<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245720.32    | 0.88%             | 2026-04-08      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                    | First American Treasury Obligations Fund Class X            | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    583924 | PA      | $583923.75    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1295 | NS      | $240118.90    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                              | The Cigna Group SR GLBL NT 5.125% Due 05/15/2031            | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103480.24    | 0.37%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation                                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1640 | NS      | $849438.00    | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                       | Petroleo Brasileiro S.A. ADR                                | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     20000 | NS      | $253200.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation               | Charles Schwab Corporation (The)                            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      3000 | NS      | $286410.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                       | Boot Barn Holdings, Inc.                                    | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      1650 | NS      | $273438.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Gold Trust                              | SPDR Gold Shares                                            | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |       500 | NS      | $177735.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart, Inc.                                               | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5100 | NS      | $525606.00    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | United States Treasury Notes 4.375%, Due 05/15/2034         | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $255781.25    | 0.91%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                      | Mastercard, Inc. Class A                                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       690 | NS      | $392478.90    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower OP LLC                             | Welltower, Inc. REIT                                        | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |      2000 | NS      | $356280.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                 | Cadence Design Systems, Inc.                                | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1975 | NS      | $693738.50    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                              | Home Depot, Inc. (The)                                      | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       700 | NS      | $283633.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corporation                                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1000 | NS      | $303890.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                              | Deere & Company                                             | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       435 | NS      | $198908.10    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                    | Matador Resources Company                                   | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      5000 | NS      | $224650.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                     | Enova International, Inc.                                   | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      7700 | NS      | $886193.00    | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                 | U.S. Treasury Note 4.750%, Due 02/15/2045                   | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $100625.00    | 0.36%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Company                                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       525 | NS      | $400575.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Company                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2000 | NS      | $630860.00    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                              | T-Mobile USA, Inc.                                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      2000 | NS      | $478760.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                 | Costco Wholesale Corporation                                | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       250 | NS      | $231407.50    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                             | GALLAGHER ARTHUR J & CO SR GLBL NT 54 .                     | CUSIP: 04316JAJ8<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498284.57    | 1.78%             | 2054-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                   | Apple, Inc.                                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3200 | NS      | $814816.00    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola, S.A.                              | Iberdrola S.A. ADR                                          | CUSIP: 450737101<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |      2700 | NS      | $205362.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.              | ADP, Inc. 1.25%, Due 09/01/2030                             | CUSIP: 053015AF0<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |    200000 | PA      | $175077.02    | 0.62%             | 2030-09-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Ishares Inc                                  | ISHARES MSCI GERMANY INDEX FUND                             | CUSIP: 464286806<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      3000 | NS      | $124830.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Spinnaker ETF Series                         | GLOBAL X DEFENSE TECH ETF                                   | CUSIP: 84858T772<br>LEI: 54930056GHDI2JOI6X90 | Long             | EC               | RF                | US        |      6281 | NS      | $295018.57    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                    | Goldman Sachs Group, Inc. (The)                             | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       915 | NS      | $728660.25    | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                        | MGIC Investment Corporation                                 | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      5200 | NS      | $147524.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica, Inc.                              | Primerica, Inc.                                             | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |       800 | NS      | $222072.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X Funds                               | GLOBAL X DEFENSE TECH ETF                                   | CUSIP: 37960A529<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |      4500 | NS      | $316080.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                          | Cheniere Energy, Inc.                                       | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       845 | NS      | $198558.10    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                              | Starbucks Corporation 2.55%, Due 11/15/2030                 | CUSIP: 855244AZ2<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    500000 | PA      | $458915.66    | 1.64%             | 2030-11-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc.                    | Digital Realty Trust, Inc. REIT                             | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      1500 | NS      | $259320.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corporation                                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      7500 | NS      | $1399350.00   | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | U.S. Treasury Notes 4.25%, Due 05/15/2035                   | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $252304.69    | 0.90%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                          | Valero Energy Corporation                                   | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      1500 | NS      | $255390.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                               | M/I Schottenstein Homes                                     | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      2000 | NS      | $288880.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                            | ASML Holding N.V.                                           | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       575 | NS      | $556651.75    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       600 | NS      | $131742.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                           | NextEra Energy, Inc.                                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      3780 | NS      | $285352.20    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                     | Procter & Gamble Company (The)                              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      1700 | NS      | $261205.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | U.S. Treasury Notes 4.250%; Due 11/30/2026                  | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     75000 | PA      | $75442.38     | 0.27%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                 | UNITED STATES TREAS BDS 4.25% 02/15/54                      | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $276914.06    | 0.99%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Company Ltd. ADR         | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1650 | NS      | $460828.50    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                                 | General Electric Company                                    | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      1090 | NS      | $327893.80    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                  | Zoetis, Inc.                                                | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      1595 | NS      | $233380.40    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc. Class A                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1100 | NS      | $807818.00    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corporation                                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $310580.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                            | Tractor Supply Company                                      | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      6025 | NS      | $342641.75    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T, Inc.                                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     13250 | NS      | $374180.00    | 1.34%             |  |  |  | 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