# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0000910472-26-008754
**Filing Date:** 2026-6
**Character Count:** 82694
**Document Hash:** 89ebd9b13df41cb112d57543a8e61c83
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008754.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000910472-26-008754

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**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:** 261050278

**BUSINESS ADDRESS:**
- **STREET 1:** 1349 FAIRGROUND RD
- **CITY:** BEAVERCREEK
- **STATE:** OH
- **ZIP:** 45385
- **BUSINESS PHONE:** 9374267640

**MAIL ADDRESS:**
- **STREET 1:** 1349 FAIRGROUND RD
- **CITY:** BEAVERCREEK
- **STATE:** OH
- **ZIP:** 45385

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAMES FUNDS
- **DATE OF NAME CHANGE:** 19970904

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** | **JAMES BALANCED: GOLDEN RAINBOW FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS** **-** **46.0%** | **Shares** | **Value** |
| **Communication Services** **-** **4.3%** | **Communication Services** **-** **4.3%** | **Communication Services** **-** **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 37159 | $10685441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corporation - Class B | 16459 | 873973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 6405 | 3664493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 10485 | 2202165 |
|  |  | 17426072 |
| **Consumer Discretionary** **-** **5.1%** | **Consumer Discretionary** **-** **5.1%** | **Consumer Discretionary** **-** **5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 28989 | 6037539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 10265 | 3376056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 4868 | 1290750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 17000 | 2081650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 13918 | 4325575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 15000 | 2395500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> | 1828 | 955514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winmark Corporation | 534 | 228312 |
|  |  | 20690896 |
| **Consumer Staples** **-** **3.1%** | **Consumer Staples** **-** **3.1%** | **Consumer Staples** **-** **3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 3452 | 2512573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 5839 | 1119570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 7104 | 1026102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 61285 | 7616499 |
|  |  | 12274744 |
| **Energy** **-** **2.7%** | **Energy** **-** **2.7%** | **Energy** **-** **2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 23021 | 4763045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 20808 | 3530285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | 10032 | 2478707 |
|  |  | 10772037 |
| **Financials** **-** **6.4%** | **Financials** **-** **6.4%** | **Financials** **-** **6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 17616 | 946508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 6666 | 3194347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1642 | 1579128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 30563 | 4151372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 4377 | 3702898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 27545 | 8102637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | 15000 | 1934400 |

---

---

| | | |
|:---|:---|:---|
| **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 - 46.0% (Continued)** | **Shares** | **Value** |
| **Financials - 6.4% (Continued)** | **Financials - 6.4% (Continued)** | **Financials - 6.4% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corporation | 83675 | $2185591 |
|  |  | 25796881 |
| **Health Care** **-** **3.6%** | **Health Care** **-** **3.6%** | **Health Care** **-** **3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 19650 | 2017466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 13000 | 2827370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 8125 | 1602413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | 4540 | 4175755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 10625 | 2597175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 1709 | 1478900 |
|  |  | 14699079 |
| **Industrials** **-** **4.3%** | **Industrials** **-** **4.3%** | **Industrials** **-** **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 36350 | 2925448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 8592 | 6087088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 8845 | 3163591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | 4150 | 1177646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corporation | 3902 | 752696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 2268 | 464282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 4060 | 2957954 |
|  |  | 17528705 |
| **Information Technology** **-** **14.3%** | **Information Technology** **-** **14.3%** | **Information Technology** **-** **14.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 43350 | 11001796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 2049 | 2706381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 16803 | 5200697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corporation | 3177 | 770073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 19148 | 5086283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 7248 | 3621536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 30708 | 11367180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 14166 | 6152010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 53642 | 9355165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3534 | 1194315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corporation | 4483 | 1212607 |
|  |  | 57668043 |
| **Materials** **-** **0.7%** | **Materials** **-** **0.7%** | **Materials** **-** **0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 2309 | 1144710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corporation | 5957 | 1024997 |

---

---

| | | |
|:---|:---|:---|
| **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 - 46.0% (Continued)** | **Shares** | **Value** |
| **Materials - 0.7% (Continued)** | **Materials - 0.7% (Continued)** | **Materials - 0.7% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 3717 | $669060 |
|  |  | 2838767 |
| **Real Estate** **-** **0.4%** | **Real Estate** **-** **0.4%** | **Real Estate** **-** **0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A <sup>(a)</sup> | 12898 | 1747163 |
| **Utilities** **-** **1.1%** | **Utilities** **-** **1.1%** | **Utilities** **-** **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 19082 | 2501269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 22276 | 2054738 |
|  |  | 4556007 |
| **Total Common Stocks** (Cost $73,607,622) | **Total Common Stocks** (Cost $73,607,622) | $185998394 |
| **EXCHANGE-TRADED FUNDS** **-** **7.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X Defense Tech ETF | 35150 | $2490026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Gold Trust <sup>(a)</sup> | 144217 | 12714172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF | 37518 | 3644123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets ETF | 16305 | 925961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 25000 | 6200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Silver Trust <sup>(a)</sup> | 25544 | 1740568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Nuclear Renaissance Index ETF | 7591 | 499260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | 30948 | 1672739 |
| **Total Exchange-Traded Funds** (Cost $16,051,894) | **Total Exchange-Traded Funds** (Cost $16,051,894) | $29886849 |
| **CORPORATE BONDS** **-** **12.2%** | **Par Value** | **Value** |
| **Communication Services** **-** **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation, 5.300%, due 05/15/35 | $1000000 | $1018148 |
| **Consumer Staples** **-** **1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Company, 4.700%, due 10/15/34 | 2500000 | 2385636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation, 6.300%, due 10/15/37 | 1000000 | 1096122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., 4.250%, due 05/06/28 | 2000000 | 1995974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc., 5.250%, due 09/01/35 | 2000000 | 2084748 |
|  |  | 7562480 |

---

---

| | | |
|:---|:---|:---|
| **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 - 12.2% (Continued)** | **Par Value** | **Value** |
| **Energy - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.550%, due 05/15/34 | $2000000 | $2036534 |
| <br> **Financials** **-** **4.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company, 5.750%, due 07/15/54 | 2000000 | 1918395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation, 1.250%, due 09/24/26 | 2000000 | 1968206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, due 02/11/33 | 1000000 | 988820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 02/27/34 | 1000000 | 970425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 7.000%, due 03/31/46 | 1000000 | 991986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corporation, 5.100%, due 04/11/34 | 4000000 | 4072548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company, 4.800%, due 07/29/27 | 2000000 | 2005247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.320%, (SOFR + 155.5, effective 7/19/34)<br> due 07/19/35 <sup>(b)</sup> | 2500000 | 2508671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | 2000000 | 2006609 |
|  |  | 17430907 |
| **Health Care** **-** **2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | 1000000 | 1020594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation, 5.400%, due 06/01/29 | 2500000 | 2559325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UC Health, LLC, 5.858%, due 08/01/35 | 2500000 | 2586593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 5.000%, due 04/15/34 | 2000000 | 2001566 |
|  |  | 8168078 |
| **Industrials** **-** **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc., 8.250%, due 12/15/38 | 1000000 | 1319653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies Financing Ltd., 5.100%, due 06/13/34 | 2000000 | 2026724 |
|  |  | 3346377 |
| **Information Technology** **-** **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 2.050%, due 09/11/26 | 2500000 | 2481358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc., 2.650%, due 10/01/26 | 1000000 | 992182 |
|  |  | 3473540 |
| **Materials** **-** **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc., 4.850%, due 02/08/34 | 1000000 | 1001196 |
| **Real Estate** **-** **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | 1000000 | 979602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage Operating Company, 4.375%, due 07/01/30 | 2500000 | 2496670 |
|  |  | 3476272 |

---

---

| | | |
|:---|:---|:---|
| **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 - 12.2% (Continued)** | **Par Value** | **Value** |
| **Utilities** **-** **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Utilities Company, 5.125%, due 11/01/40 | $1000000 | $964566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 1.875%, due 01/15/27 | 1000000 | 981110 |
|  |  | 1945676 |
| **Total Corporate Bonds** (Cost $49,024,284) | **Total Corporate Bonds** (Cost $49,024,284) | $49459208 |
| **MORTGAGE-BACKED SECURITIES** **–** **2.6%** | **Par Value** | **Value** |
| **Federal National Mortgage Association** **-** **2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, due 09/01/33 | 2066689 | 2016760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, due 05/25/47 | 156609 | 151995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, due 01/01/57 | 9777989 | 8278364 |
| **Total Mortgage-Backed Securities** (Cost $11,674,284) | **Total Mortgage-Backed Securities** (Cost $11,674,284) | $10447119 |
| **U.S. GOVERNMENT & AGENCIES** **–** **4.0%** | **Par Value** | **Value** |
| **Federal Farm Credit Bank** **-** **2.3%** |  |  |
| &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 | $5725000 | $5691843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.210%, due 10/02/30 | 2500000 | 2484972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.780%, due 10/29/35 | 1000000 | 990678 |
|  |  | 9167493 |
| **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 | 2500000 | 2469754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 06/26/29 | 2500000 | 2504621 |
|  |  | 4974375 |
| **Federal Home Loan Mortgage Corporation - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation,<br> 4.070%, due 12/17/30 | 2000000 | 1982179 |
| **Total U.S. Government & Agencies** (Cost $16,218,742) | **Total U.S. Government & Agencies** (Cost $16,218,742) | $16124047 |

---

---

| | | |
|:---|:---|:---|
| **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** **-** **25.7%** | **Par Value** | **Value** |
| **U.S. Treasury Bills** **<sup>(c)</sup> -** **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.633%, due 06/18/26 | $5000000 | $4961033 |
| **U.S. Treasury Bonds** **-** **14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, due 08/15/28 | 15000000 | 15572461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, due 02/15/31 | 20000000 | 21253124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 02/15/38 | 5000000 | 4990625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, due 11/15/44 | 5000000 | 4838086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | 10000000 | 9825781 |
|  |  | 56480077 |
| **U.S. Treasury Notes** **-** **10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | 10000000 | 10033301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, due 05/15/27 | 10000000 | 9842969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | 15000000 | 15158203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | 7500000 | 7480078 |
|  |  | 42514551 |
| **Total U.S. Treasury Obligations** (Cost $103,399,851) | **Total U.S. Treasury Obligations** (Cost $103,399,851) | $103955661 |
| **MONEY MARKET FUNDS** **-** **1.8%** | **Shares** | **Value** |
| First American Treasury Obligations Fund -<br> Class X, 3.59% <sup>(d)</sup> (Cost $7,394,790) | 7394790 | $7394790 |
| **Total Investments at Value - 99.7%** (Cost $277,371,467) | **Total Investments at Value - 99.7%** (Cost $277,371,467) | $403266068 |
| **Other Assets in Excess of Liabilities - 0.3%** | **Other Assets in Excess of Liabilities - 0.3%** | 1364338 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | $404630406 |

---

---

| | |
|:---|:---|
| <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 March 31, 2026. 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 March 31, 2026. |
| ADR | - American Depositary Receipt. |

---

---

| | | |
|:---|:---|:---|
| **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** | **JAMES SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS** **-** **96.9%** | **Shares** | **Value** |
| **Communication Services** **-** **0.6%** | **Communication Services** **-** **0.6%** | **Communication Services** **-** **0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 2427 | $438874 |
| **Consumer Discretionary** **-** **15.1%** | **Consumer Discretionary** **-** **15.1%** | **Consumer Discretionary** **-** **15.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Company - Class A <sup>(a)</sup> | 8173 | 746767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 9709 | 548073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc. <sup>(a)</sup> | 16770 | 322655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 5541 | 810981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> | 19704 | 2813140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 11452 | 576723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covista, Inc. <sup>(a)</sup> | 4847 | 558617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gigacloud Technology, Inc - Class A <sup>(a)</sup> | 17930 | 813663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 5775 | 405925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 5458 | 668332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 11845 | 1315624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)</sup> | 12104 | 766788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winmark Corporation | 1313 | 561373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> | 22861 | 836484 |
|  |  | 11745145 |
| **Consumer Staples** **-** **5.3%** | **Consumer Staples** **-** **5.3%** | **Consumer Staples** **-** **5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 11505 | 825829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 342 | 248928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 10207 | 1957090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 7507 | 1129804 |
|  |  | 4161651 |
| **Energy** **-** **5.0%** | **Energy** **-** **5.0%** | **Energy** **-** **5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 3313 | 346970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 10912 | 680800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corporation - Class A | 23525 | 742684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company | 14016 | 885531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corporation | 18168 | 749430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 16868 | 493052 |
|  |  | 3898467 |
| **Financials** **-** **23.6%** | **Financials** **-** **23.6%** | **Financials** **-** **23.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 2975 | 379937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 13368 | 1089225 |

---

---

| | | |
|:---|:---|:---|
| **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 - 96.9% (Continued)** | **Shares** | **Value** |
| **Financials - 23.6% (Continued)** | **Financials - 23.6% (Continued)** | **Financials - 23.6% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial, Inc. <sup>(a)</sup> | 7498 | $638005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 8846 | 475296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. | 8894 | 401653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 22675 | 3079945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 8141 | 2430170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | 46600 | 1182708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. - Class B | 8893 | 504322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First BanCorporation | 60255 | 1287046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 5219 | 749553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corporation | 54020 | 1418025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 27424 | 2099307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radian Group, Inc. | 36949 | 1222273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank Corporation | 6788 | 628026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 58595 | 853143 |
|  |  | 18438634 |
| **Health Care** **-** **10.3%** | **Health Care** **-** **10.3%** | **Health Care** **-** **10.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)</sup> | 10212 | 361096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 4618 | 355124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 33482 | 829014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)</sup> | 17005 | 685472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc. <sup>(a)</sup> | 49485 | 410726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 2774 | 558961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> | 12754 | 824291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 55904 | 1302564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 7067 | 621896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National HealthCare Corporation | 4427 | 706992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. <sup>(a)</sup> | 13012 | 350283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 20863 | 1078408 |
|  |  | 8084827 |
| **Industrials** **–** **13.5%** | **Industrials** **–** **13.5%** | **Industrials** **–** **13.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2813 | 746345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 10080 | 764568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brady Corporation - Class A | 9357 | 760163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 2975 | 837076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting, Inc. <sup>(a)</sup> | 7168 | 1267087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 5501 | 1074510 |

---

---

| | | |
|:---|:---|:---|
| **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 - 96.9% (Continued)** | **Shares** | **Value** |
| **Industrials – 13.5% (Continued)** | **Industrials – 13.5% (Continued)** | **Industrials – 13.5% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 2919 | $1579412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 4356 | 891717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 3339 | 1359875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 4767 | 1304346 |
|  |  | 10585099 |
| **Information Technology** **–** **9.3%** | **Information Technology** **–** **9.3%** | **Information Technology** **–** **9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM Research, Inc. - Class A <sup>(a)</sup> | 29471 | 1159684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 10682 | 658225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DXC Technology Company <sup>(a)</sup> | 50173 | 630675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 1932 | 583464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 3866 | 1678926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Connection, Inc. | 22420 | 1310673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Software Corporation | 7780 | 199557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corporation | 1235 | 208357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UiPath, Inc. - Class A <sup>(a)</sup> | 77889 | 864568 |
|  |  | 7294129 |
| **Materials** **-** **3.8%** | **Materials** **-** **3.8%** | **Materials** **-** **3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corporation | 12279 | 807590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. <sup>(a)</sup> | 24575 | 207659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERO Copper Corporation <sup>(a)</sup> | 19876 | 530093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 15660 | 1458729 |
|  |  | 3004071 |
| **Real Estate** **-** **6.7%** | **Real Estate** **-** **6.7%** | **Real Estate** **-** **6.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corporation | 13224 | 996825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 40416 | 465188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 7174 | 262927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties | 6649 | 332184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 21361 | 524413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 13345 | 503640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 23904 | 459674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 11030 | 397742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corporation | 9740 | 598231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Edge Properties | 15541 | 310509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 28703 | 425665 |
|  |  | 5276998 |

---

---

| | | |
|:---|:---|:---|
| **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 - 96.9% (Continued)** | **Shares** | **Value** |
| **Utilities** **–** **3.7%** | **Utilities** **–** **3.7%** | **Utilities** **–** **3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | 15906 | $638467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 4898 | 700267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corporation | 10564 | 927203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Company | 11816 | 623530 |
|  |  | 2889467 |
| **Total Common Stocks** (Cost $49,438,894) | **Total Common Stocks** (Cost $49,438,894) | $75817362 |
| **MONEY MARKET FUNDS** **-** **3.2%** | **Shares** | **Value** |
| First American Treasury Obligations Fund -<br> Class X, 3.59% <sup>(b)</sup> (Cost $2,526,300) | 2526300 | $2526300 |
| **Total Investments at Value - 100.1%** (Cost $51,965,194) | **Total Investments at Value - 100.1%** (Cost $51,965,194) | $78343662 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65829) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | $78277833 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** | **JAMES MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS** **-** **88.5%** | **Shares** | **Value** |
| **Consumer Discretionary** **-** **9.1%** | **Consumer Discretionary** **-** **9.1%** | **Consumer Discretionary** **-** **9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc | 4044 | $151448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | 4662 | 267506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 13509 | 286120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 4097 | 501677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Company <sup>(a)</sup> | 3119 | 675919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 1280 | 49293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 6066 | 673751 |
|  |  | 2605714 |
| **Consumer Staples** **-** **5.6%** | **Consumer Staples** **-** **5.6%** | **Consumer Staples** **-** **5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Company - Class A <sup>(a)</sup> | 16385 | 531202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets, Inc. - Class A | 10714 | 963082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 1602 | 118067 |
|  |  | 1612351 |
| **Energy** **-** **3.6%** | **Energy** **-** **3.6%** | **Energy** **-** **3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 9544 | 326406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corporation <sup>(a)</sup> | 751 | 174870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REX American Resources Corporation <sup>(a)</sup> | 7220 | 329015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | 6558 | 204478 |
|  |  | 1034769 |
| **Financials** **-** **23.6%** | **Financials** **-** **23.6%** | **Financials** **-** **23.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. - Class E | 3372 | 172242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 2594 | 139376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 16726 | 788464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 9222 | 1252623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A <sup>(a)</sup> | 5505 | 139717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corporation - Class C | 4406 | 653630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investar Holding Corporation | 8542 | 232940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchants Bancorp | 23196 | 995340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet, Inc. - Class A | 5646 | 728108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFG Bancorp | 18941 | 766353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Companies | 9292 | 711303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 1072 | 91602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 2632 | 114966 |
|  |  | 6786664 |

---

---

| | | |
|:---|:---|:---|
| **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 - 88.5% (Continued)** | **Shares** | **Value** |
| **Health Care** **-** **14.5%** | **Health Care** **-** **14.5%** | **Health Care** **-** **14.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. <sup>(a)</sup> | 6753 | $247295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc. <sup>(a)</sup> | 7437 | 47894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 5755 | 190318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CorMedix, Inc. <sup>(a)</sup> | 6209 | 42159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc. <sup>(a)</sup> | 12175 | 101053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> | 20082 | 467911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corporation <sup>(a)</sup> | 6396 | 562848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRadimed Corporation | 2400 | 231024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc <sup>(a)</sup> | 6909 | 332668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 2165 | 236353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The) <sup>(a)</sup> | 5582 | 170139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corporation - Class A | 6070 | 335732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 52400 | 280340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc. <sup>(a)</sup> | 2023 | 65869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc. <sup>(a)</sup> | 4236 | 110687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc. <sup>(a)</sup> | 14367 | 233176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies, Inc. <sup>(a)</sup> | 1193 | 230965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zymeworks, Inc. <sup>(a)</sup> | 10578 | 264873 |
|  |  | 4151304 |
| **Industrials** **-** **13.2%** | **Industrials** **-** **13.2%** | **Industrials** **-** **13.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acme United Corporation | 2095 | 94086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Company <sup>(a)</sup> | 888 | 71964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corporation | 5285 | 519833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | 628 | 342040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corporation <sup>(a)</sup> | 3750 | 212963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company | 2500 | 189625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRA International, Inc. | 3384 | 547801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 8000 | 180400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) <sup>(a)</sup> | 7691 | 129286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 3500 | 117635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. <sup>(a)</sup> | 3394 | 264257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 389 | 210480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>(a)</sup> | 604 | 245991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitil Corporation | 3401 | 177668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V2X, Inc. <sup>(a)</sup> | 6950 | 476075 |
|  |  | 3780104 |

---

---

| | | |
|:---|:---|:---|
| **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 - 88.5% (Continued)** | **Shares** | **Value** |
| **Information Technology** **-** **13.4%** | **Information Technology** **-** **13.4%** | **Information Technology** **-** **13.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> | 3408 | $317217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corporation | 5326 | 145719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 4600 | 346150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>(a)</sup> | 3020 | 1311525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Connection, Inc. | 12184 | 712277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> | 22198 | 897021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ScanSource, Inc. <sup>(a)</sup> | 3090 | 112167 |
|  |  | 3842076 |
| **Materials** **-** **4.3%** | **Materials** **-** **4.3%** | **Materials** **-** **4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | 2821 | 205989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 7966 | 1040440 |
|  |  | 1246429 |
| **Real Estate** **-** **0.2%** | **Real Estate** **-** **0.2%** | **Real Estate** **-** **0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotel & Resorts, Inc. | 3907 | 57941 |
| **Utilities** **-** **1.0%** | **Utilities** **-** **1.0%** | **Utilities** **-** **1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | 7332 | 288074 |
| **Total Common Stocks** (Cost $12,344,089) | **Total Common Stocks** (Cost $12,344,089) | $25405426 |
| **EXCHANGE-TRADED FUNDS** **-** **4.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Micro-Cap ETF (Cost $1,282,548) | 8653 | $1381105 |
| **RIGHT** **-** **0.0%** **<sup>(b)</sup>** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc. <sup>(a)(c)(d)</sup> (Cost $17,942) | 94737 | $947 |
| **U.S. GOVERNMENT & AGENCIES** **-** **3.4%** | **Par Value** | **Value** |
| **U.S. Treasury Bills** **<sup>(e)</sup> -** **3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.694%, due 09/17/26 (Cost $983,185) | $1000000 | $983155 |

---

---

| | | |
|:---|:---|:---|
| **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** **-** **6.7%** | **Shares** | **Value** |
| First American Treasury Obligations Fund -<br> Class X, 3.59% <sup>(f)</sup> (Cost $1,913,113) | 1913113 | $1913113 |
| **Total Investments at Value - 103.4%** (Cost $16,540,877) | **Total Investments at Value - 103.4%** (Cost $16,540,877) | $29683746 |
| **Liabilities in Excess of Other Assets - (3.4%)** | **Liabilities in Excess of Other Assets - (3.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969408) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | $28714338 |

---

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

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

<sup>(c)</sup> Expiration date not available

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

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

<sup>(f)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS** **-** **77.8%** | **Shares** | **Value** |
| **Communication Services** **-** **8.9%** | **Communication Services** **-** **8.9%** | **Communication Services** **-** **8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 3750 | $1078350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 13250 | 384117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1100 | 629343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 2000 | 420060 |
|  |  | 2511870 |
| **Consumer Discretionary** **-** **4.2%** | **Consumer Discretionary** **-** **4.2%** | **Consumer Discretionary** **-** **4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 600 | 124962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>(a)</sup> | 1650 | 241494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corporation <sup>(a)</sup> | 500 | 50045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 700 | 230223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. <sup>(a)</sup> | 2000 | 244900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 1000 | 310790 |
|  |  | 1202414 |
| **Consumer Staples** **-** **4.5%** | **Consumer Staples** **-** **4.5%** | **Consumer Staples** **-** **4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 500 | 95870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 300 | 298929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The) | 1700 | 245548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 5100 | 633828 |
|  |  | 1274175 |
| **Energy** **-** **6.6%** | **Energy** **-** **6.6%** | **Energy** **-** **6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 1245 | 353281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 2000 | 413800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company | 5000 | 315900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - ADR | 20000 | 415000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation | 1500 | 370620 |
|  |  | 1868601 |
| **Financials** **-** **11.2%** | **Financials** **-** **11.2%** | **Financials** **-** **11.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) <sup>(a)</sup> | 4900 | 263277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 475 | 456812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)</sup> | 6500 | 882895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 915 | 774081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 2000 | 588320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 800 | 200384 |
|  |  | 3165769 |

---

---

| | | |
|:---|:---|:---|
| **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 - 77.8% (Continued)** | **Shares** | **Value** |
| **Health Care** **-** **7.4%** | **Health Care** **-** **7.4%** | **Health Care** **-** **7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1250 | $271863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc | 2000 | 394440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | 525 | 482879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 700 | 331268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 1500 | 366660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | 300 | 259608 |
|  |  | 2106718 |
| **Industrials** **-** **6.6%** | **Industrials** **-** **6.6%** | **Industrials** **-** **6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. - ADR | 3850 | 309848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 1000 | 126350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 800 | 566768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corporation | 200 | 136224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1175 | 420262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company | 1090 | 309310 |
|  |  | 1868762 |
| **Information Technology** **-** **21.8%** | **Information Technology** **-** **21.8%** | **Information Technology** **-** **21.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 3200 | 812128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 2000 | 245560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 575 | 759477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3000 | 928530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. <sup>(a)</sup> | 1000 | 277870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 1800 | 478134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 690 | 344765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 1106 | 409408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 7150 | 1246960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1650 | 557618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corporation | 500 | 135245 |
|  |  | 6195695 |
| **Materials** **-** **2.2%** | **Materials** **-** **2.2%** | **Materials** **-** **2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 600 | 297456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 1800 | 324000 |
|  |  | 621456 |
| **Real Estate** **-** **2.3%** | **Real Estate** **-** **2.3%** | **Real Estate** **-** **2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 1500 | 270315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | 2000 | 395420 |
|  |  | 665735 |

---

---

| | | |
|:---|:---|:---|
| **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 - 77.8% (Continued)** | **Shares** | **Value** |
| **Utilities** **-** **2.1%** | **Utilities** **-** **2.1%** | **Utilities** **-** **2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola S.A. - ADR | 2700 | $249048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 3780 | 351086 |
|  |  | 600134 |
| **Total Common Stocks** (Cost $10,986,463) | **Total Common Stocks** (Cost $10,986,463) | $22081329 |
| **EXCHANGE-TRADED FUNDS** **-** **4.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X Defense Tech ETF | 4500 | $318780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI Germany ETF | 3400 | 134878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Nuclear Renaissance Index ETF | 5000 | 328850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select STOXX Europe Aerospace & Defense ETF | 6281 | 255888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Gold Shares <sup>(a)</sup> | 500 | 215145 |
| **Total Exchange-Traded Funds** (Cost $1,045,949) | **Total Exchange-Traded Funds** (Cost $1,045,949) | $1253541 |
| **CORPORATE BONDS** **-** **7.2%** | **Par Value** | **Value** |
| **Consumer Discretionary** **-** **1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation, 2.550%, due 11/15/30 | $500000 | $457349 |
| **Financials** **-** **3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Company, 5.750%, due 07/15/54 | 500000 | 479599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 2.000%, due 12/22/26 | 200000 | 195916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 5.000%, due 02/27/34 | 100000 | 97042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 7.000%, due 03/31/46 | 100000 | 99199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation, 5.272%, due 08/03/26 | 100000 | 100330 |
|  |  | 972086 |
| **Health Care** **-** **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca plc, 0.700%, due 04/08/26 | 250000 | 249837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The), 5.125%, due 05/15/31 | 100000 | 102059 |
|  |  | 351896 |
| **Information Technology** **-** **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., 1.250%, due 09/01/30 | 200000 | 175680 |

---

---

| | | |
|:---|:---|:---|
| **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 - 7.2% (Continued)** | **Par Value** | **Value** |
| **Real Estate - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty OP, LLC, 4.850%, due 03/01/35 | 100000 | $97960 |
| **Total Corporate Bonds** (Cost $2,138,490) | **Total Corporate Bonds** (Cost $2,138,490) | $2054971 |
| **U.S. GOVERNMENT & AGENCIES** **-** **1.7%** | **Par Value** | **Value** |
| **Federal Farm Credit Bank** **-** **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Farm Credit Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.780%, due 10/29/35 | $100000 | $99068 |
| **Federal Home Loan Bank** **-** **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, due 02/27/31 | 200000 | 196615 |
| **Federal Home Loan Mortgage Corporation - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.070%, due 12/17/30 | 200000 | 198218 |
| <br> **Total U.S. Government & Agencies** (Cost $499,657) | <br> **Total U.S. Government & Agencies** (Cost $499,657) | $493901 |
| **U.S. TREASURY OBLIGATIONS** **-** **6.7%** | **Par Value** | **Value** |
| **U.S. Treasury Bills** **<sup>(b)</sup> -** **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.666%, due 06/18/26 | $250000 | $248052 |
| **U.S. Treasury Bonds** **-** **3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, due 02/15/44 | 100000 | 84945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 | 100000 | 98258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, due 08/15/49 | 750000 | 466494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 02/15/54 | 300000 | 268735 |
|  |  | 918432 |
| **U.S. Treasury Notes** **-** **2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 11/30/26 | 75000 | 75250 |

---

---

| | | |
|:---|:---|:---|
| **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** | **JAMES AGGRESSIVE ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **U.S. TREASURY OBLIGATIONS - 6.7% (Continued)** | **Par Value** | **Value** |
| **U.S. Treasury Notes - 2.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, due 02/15/29 | $150000 | $145125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, due 05/15/34 | 250000 | 252636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 05/15/35 | 250000 | 249336 |
|  |  | 722347 |
| **Total U.S. Treasury Obligations** (Cost $1,950,660) | **Total U.S. Treasury Obligations** (Cost $1,950,660) | $1888831 |
| **MONEY MARKET FUNDS** **-** **2.1%** | **Shares** | **Value** |
| First American Treasury Obligations Fund -<br> Class X, 3.59% <sup>(c)</sup> (Cost $585,399) | 585399 | $585399 |
| **Total Investments at Value - 99.9%** (Cost $17,206,618) | **Total Investments at Value - 99.9%** (Cost $17,206,618) | $28357972 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | 22406 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | $28380378 |

---

<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 March 31, 2026.

ADR - American Depositary Receipt. <br>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $29738788.61

**Total Liabilities:** $1024451.07

**Net Assets:** $28714337.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000090023 | 6.85%                | 0.89%                | -1.55%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $32355.71                | $1847349.72                                |
| Month 2  | $730617.19               | $-475292.98                                |
| Month 3  | $-34102.02               | $-427238.19                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acme United Corp                              | Acme United Corporation                             | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |      2095 | NS      | $94086.45     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Company                      | Allegiant Travel Company                            | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |       888 | NS      | $71963.52     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcbest Corporation                           | ArcBest Corporation                                 | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      5285 | NS      | $519832.60    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                                     | Argan, Inc.                                         | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |       628 | NS      | $342040.20    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Aveanna Healthcare Holdings Inc               | Aveanna Healthcare Holdings, Inc.                   | CUSIP: 05356F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7437 | NS      | $47894.28     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.                     | Axcelis Technologies, Inc.                          | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      3408 | NS      | $317216.64    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                                   | Bancorp, Inc. (The)                                 | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |      2594 | NS      | $139375.62    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                               | Blue Bird Corporation                               | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |      3750 | NS      | $212962.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                              | Boise Cascade Company                               | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      2500 | NS      | $189625.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Build A Bear Workshop Inc                     | Build-A-Bear Workshop, Inc.                         | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |      4044 | NS      | $151447.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc.                        | CRA International, Inc.                             | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3384 | NS      | $547801.92    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company                  | Central Garden & Pet Company Class A Non-Voting     | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     16385 | NS      | $531201.70    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                       | Century Communities, Inc.                           | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      4662 | NS      | $267505.56    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                           | Clearway Energy, Inc.                               | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |      7332 | NS      | $288074.28    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc.                 | Collegium Pharmaceutical, Inc.                      | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |      5755 | NS      | $190317.85    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                              | Concentrix Corporation                              | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      5326 | NS      | $145719.36    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CorMedix Inc.                                 | CorMedix, Inc.                                      | CUSIP: 21900C308<br>LEI: 5299006YIA3L0MBW8358 | Long             | EC               | CORP              | US        |      6209 | NS      | $42159.11     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                  | Artivion, Inc.                                      | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |      6753 | NS      | $247294.86    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc             | Donnelley Financial Solutions, Inc.                 | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     16726 | NS      | $788463.64    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent Biosolutions Inc                     | Emergent BioSolutions, Inc.                         | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |     12175 | NS      | $101052.50    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                      | Enova International, Inc.                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      9222 | NS      | $1252624.26   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eplus Inc                                     | ePlus, Inc.                                         | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |      4600 | NS      | $346150.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc.                                   | EZCORP, Inc. Class A                                | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |      5505 | NS      | $139716.90    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corporation     | Federal Agricultural Mortgage Corporation           | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGSE             | US        |      4406 | NS      | $653630.10    | 2.28%             |  |  |  | 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        |   1913113 | PA      | $1913112.81   | 6.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc                                 | GEO Group, Inc. (The) REIT                          | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |      7691 | NS      | $129285.71    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc                     | Haverty Furniture Companies, Inc.                   | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |     13509 | NS      | $286120.62    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Incorporated                  | Ingles Markets, Inc. Class A                        | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     10714 | NS      | $963081.46    | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                                  | Innospec, Inc.                                      | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      2821 | NS      | $205989.42    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc.                       | Insteel Industries, Inc.                            | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      3500 | NS      | $117635.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                                  | Innoviva, Inc.                                      | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     20082 | NS      | $467910.60    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                        | Integer Holdings Corporation                        | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      6396 | NS      | $562848.00    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Investar Holding Corp                         | Investar Holding Corporation                        | CUSIP: 46134L105<br>LEI: 54930001EK2YM28LOJ08 | Long             | EC               | CORP              | US        |      8542 | NS      | $232940.34    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Iradimed Corp.                                | iRadimed Corporation                                | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      2400 | NS      | $231024.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                 | iShares Micro-Cap ETF                               | CUSIP: 464288869<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      8653 | NS      | $1381105.33   | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemaitre Vascular Inc.                        | LeMaitre Vascular, Inc.                             | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      2165 | NS      | $236353.05    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                                | M/I Homes, Inc.                                     | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      4097 | NS      | $501677.65    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)                  | Merchants Bancorp                                   | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |     23196 | NS      | $995340.36    | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co.                      | Modine Manufacturing Company                        | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      3119 | NS      | $675918.49    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc.                                   | Nelnet, Inc. Class A                                | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |      5646 | NS      | $728108.16    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc.                      | NWPX Infrastructure, Inc.                           | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |      3394 | NS      | $264256.84    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                   | OFG Bancorp                                         | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     18941 | NS      | $766352.86    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries, Inc.                       | Oxford Industries, Inc.                             | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      1280 | NS      | $49292.80     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc.                            | PC Connection, Inc.                                 | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     12184 | NS      | $712276.64    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.                       | Patrick Industries, Inc.                            | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      6066 | NS      | $673750.62    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennant Group Inc                             | Pennant Group, Inc. (The)                           | CUSIP: 70805E109<br>LEI: 5493007H2OYR6BYLDA64 | Long             | EC               | CORP              | US        |      5582 | NS      | $170139.36    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corporation              | Phibro Animal Health Corporation                    | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      6070 | NS      | $335731.70    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                               | Photronics, Inc.                                    | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     22198 | NS      | $897021.18    | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                       | Piper Sandler Cos                                   | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      9292 | NS      | $711302.60    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc.                        | Powell Industries, Inc.                             | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |       389 | NS      | $210480.12    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Primeenergy Resources Corporation             | PrimeEnergy Resources Corporation REIT              | CUSIP: 74158E104<br>LEI: 9QMD37QNHRX1B7685Y44 | Long             | EC               | CORP              | US        |       751 | NS      | $174870.35    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc.                             | QCR Holdings, Inc.                                  | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |      1072 | NS      | $91602.40     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Rex American Resources Corp                   | REX American Resources Corporation                  | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7220 | NS      | $329015.40    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co.                                 | SM Energy Company                                   | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      6558 | NS      | $204478.44    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc.                               | ScanSource, Inc.                                    | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |      3090 | NS      | $112167.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cartesian Therapeutics Inc                    | Cartesian Therapeutics, Inc.                        | CUSIP: 816212112<br>LEI: 529900NMN0LACZOL7C43 | Long             | EC               | CORP              | US        |     94737 | NS      | $947.37       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIGA Technologies Inc.                        | SIGA Technologies, Inc.                             | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52400 | NS      | $280340.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc         | Skyward Specialty Insurance Group, Inc.             | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |      2632 | NS      | $114965.76    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings Inc.                 | Spectrum Brands Holdings, Inc.                      | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |      1602 | NS      | $118067.40    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc                   | Sterling Infrastructure, Inc.                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       604 | NS      | $245991.08    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc                        | Stoke Therapeutics, Inc.                            | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |      2023 | NS      | $65868.88     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc.               | Tactile Systems Technology, Inc.                    | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |      4236 | NS      | $110686.68    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc.                         | UFP Technologies, Inc.                              | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      1193 | NS      | $230964.80    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc.            | United States Lime & Minerals, Inc.                 | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      7966 | NS      | $1040439.26   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                  | U.S. Treasury Bill 0.000%, Due 9/17/2026            | CUSIP: 912797UG0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $983154.92    | 3.42%             | 2026-09-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Unitil Corp                                   | Unitil Corporation                                  | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3401 | NS      | $177668.24    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                       | V2X, Inc.                                           | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6950 | NS      | $476075.00    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                    | Xenia Hotels & Resorts, Inc.                        | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |      3907 | NS      | $57940.81     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                                 | Zymeworks, Inc.                                     | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | CA        |     10578 | NS      | $264873.12    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International PLC     | Kiniksa Pharmaceuticals International plc           | CUSIP: G52694109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6909 | NS      | $332668.35    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Theravance Biopharma Inc                      | Theravance Biopharma, Inc.                          | CUSIP: G8807B106<br>LEI: 5493007VTSXP4Z6MIW52 | Long             | EC               | CORP              | KY        |     14367 | NS      | $233176.41    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                      | Nova Ltd.                                           | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |      3020 | NS      | $1311525.60   | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Latinoamericano De Comercio Exterior SA | Banco Latinoamericano de Comercio Exterior S.A. ADR | CUSIP: P16994132<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |      3372 | NS      | $172241.76    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd.                               | Dorian, L.P.G Ltd.                                  | CUSIP: Y2106R110<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | US        |      9544 | NS      | $326404.80    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd.                 | Genco Shipping & Trading Ltd.                       | CUSIP: Y2685T131<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | US        |      8000 | NS      | $180400.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** Lesley Ott

**Signature:** Lesley Ott

**Name of Signer:** Lesley Ott

**Title:** Chief Compliance Officer