| JAMES BALANCED: GOLDEN RAINBOW FUND | ||
| SCHEDULE OF INVESTMENTS | ||
| September 30, 2024 (Unaudited) | ||
| COMMON STOCKS - 49.8% | Shares | Value |
| Communication Services - 4.2% | ||
| Alphabet, Inc. - Class A | 63,204 | $ 10,482,383 |
| AT&T, Inc. | 13,728 | 302,016 |
| Meta Platforms, Inc. - Class A | 7,372 | 4,220,028 |
| T-Mobile US, Inc. | 15,000 | 3,095,400 |
| 18,099,827 | ||
| Consumer Discretionary - 6.0% | ||
| Amazon.com, Inc. (a) | 31,310 | 5,833,992 |
| Boot Barn Holdings, Inc. (a) | 4,567 | 763,968 |
| Deckers Outdoor Corporation (a) | 10,800 | 1,722,060 |
| Home Depot, Inc. (The) | 12,961 | 5,251,797 |
| Installed Building Products, Inc. | 5,071 | 1,248,835 |
| Kontoor Brands, Inc. | 5,392 | 440,958 |
| M/I Homes, Inc. (a) | 20,189 | 3,459,587 |
| McDonald's Corporation | 18,350 | 5,587,759 |
| TJX Companies, Inc. (The) | 15,000 | 1,763,100 |
| 26,072,056 | ||
| Consumer Staples - 3.1% | ||
| Casey's General Stores, Inc. | 2,752 | 1,033,954 |
| Ingredion, Inc. | 2,989 | 410,778 |
| Procter & Gamble Company (The) | 31,100 | 5,386,520 |
| Walmart, Inc. | 85,000 | 6,863,750 |
| 13,695,002 | ||
| Energy - 1.6% | ||
| Chevron Corporation | 20,000 | 2,945,400 |
| Exxon Mobil Corporation | 15,605 | 1,829,218 |
| Shell plc - ADR | 10,600 | 699,070 |
| Valero Energy Corporation | 10,032 | 1,354,621 |
| 6,828,309 | ||
| Financials - 6.1% | ||
| Arthur J. Gallagher & Company | 9,295 | 2,615,334 |
| Bancorp, Inc. (The) (a) | 24,149 | 1,291,972 |
| Berkshire Hathaway, Inc. - Class B (a) | 7,007 | 3,225,042 |
| BlackRock, Inc. | 1,642 | 1,559,095 |
| Enova International, Inc. (a) | 49,844 | 4,176,429 |
| Goldman Sachs Group, Inc. (The) | 4,377 | 2,167,097 |
| JAMES BALANCED: GOLDEN RAINBOW FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 49.8% (Continued) | Shares | Value |
| Financials - 6.1% (Continued) | ||
| JPMorgan Chase & Company | 30,926 | $ 6,521,056 |
| MGIC Investment Corporation | 31,967 | 818,355 |
| Nelnet, Inc. - Class A | 15,000 | 1,699,200 |
| Primerica, Inc. | 2,086 | 553,103 |
| Regions Financial Corporation | 67,706 | 1,579,581 |
| WisdomTree, Inc. | 13,100 | 130,869 |
| 26,337,133 | ||
| Health Care - 6.5% | ||
| Abbott Laboratories | 19,650 | 2,240,297 |
| AbbVie, Inc. | 14,792 | 2,921,125 |
| AstraZeneca plc - ADR | 47,495 | 3,700,335 |
| Cigna Group (The) | 2,439 | 844,967 |
| Danaher Corporation | 9,000 | 2,502,180 |
| Elevance Health, Inc. | 4,282 | 2,226,640 |
| Eli Lilly & Company | 5,209 | 4,614,861 |
| Halozyme Therapeutics, Inc. (a) | 6,335 | 362,615 |
| Johnson & Johnson | 10,625 | 1,721,888 |
| Novo Nordisk A/S - ADR | 3,757 | 447,346 |
| Pfizer, Inc. | 11,731 | 339,495 |
| Thermo Fisher Scientific, Inc. | 5,000 | 3,092,850 |
| UnitedHealth Group, Inc. | 5,000 | 2,923,400 |
| Zoetis, Inc. | 2,550 | 498,219 |
| 28,436,218 | ||
| Industrials - 5.2% | ||
| ABB Ltd. - ADR | 34,656 | 2,007,276 |
| Caterpillar, Inc. | 10,762 | 4,209,233 |
| Eaton Corporation plc | 19,000 | 6,297,360 |
| Generac Holdings, Inc. (a) | 2,492 | 395,929 |
| Lockheed Martin Corporation | 2,220 | 1,297,723 |
| Northrop Grumman Corporation | 2,740 | 1,446,912 |
| Ryder System, Inc. | 2,798 | 407,948 |
| Schneider Electric SE - ADR | 14,004 | 738,431 |
| Union Pacific Corporation | 8,562 | 2,110,362 |
| United Rentals, Inc. | 4,500 | 3,643,785 |
| 22,554,959 | ||
| JAMES BALANCED: GOLDEN RAINBOW FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 49.8% (Continued) | Shares | Value |
| Information Technology - 14.2% | ||
| Accenture plc - Class A | 3,500 | $ 1,237,180 |
| Apple, Inc. | 52,282 | 12,181,706 |
| ASML Holding N.V. | 2,632 | 2,193,114 |
| Broadcom, Inc. | 19,723 | 3,402,218 |
| Insight Enterprises, Inc. (a) | 22,500 | 4,846,275 |
| Jabil, Inc. | 19,148 | 2,294,505 |
| Mastercard, Inc. - Class A | 9,000 | 4,444,200 |
| Microsoft Corporation | 39,575 | 17,029,123 |
| Nova Ltd. (a) | 14,166 | 2,951,344 |
| NVIDIA Corporation | 88,791 | 10,782,779 |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3,534 | 613,750 |
| 61,976,194 | ||
| Materials - 0.7% | ||
| Avery Dennison Corporation | 8,000 | 1,766,080 |
| Linde plc | 1,757 | 837,843 |
| Nucor Corporation | 3,698 | 555,957 |
| 3,159,880 | ||
| Real Estate - 0.8% | ||
| American Tower Corporation | 5,050 | 1,174,427 |
| CBRE Group, Inc. - Class A (a) | 11,418 | 1,421,313 |
| Prologis, Inc. | 8,135 | 1,027,288 |
| 3,623,028 | ||
| Utilities - 1.4% | ||
| American Electric Power Company, Inc. | 26,994 | 2,769,584 |
| Iberdrola S.A. - ADR | 22,276 | 1,380,889 |
| NextEra Energy, Inc. | 21,384 | 1,807,590 |
| 5,958,063 | ||
| Total Common Stocks (Cost $103,579,217) | $ 216,740,669 | |
| JAMES BALANCED: GOLDEN RAINBOW FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| EXCHANGE-TRADED FUNDS - 4.6% | Shares | Value |
| Consumer Discretionary Select Sector SPDR® Fund | 11,907 | $ 2,385,806 |
| iShares Gold Trust (a) | 209,455 | 10,409,913 |
| iShares Russell 2000 ETF | 25,000 | 5,522,250 |
| Technology Select Sector SPDR® Fund | 7,000 | 1,580,320 |
| Total Exchange-Traded Funds (Cost $11,943,497) | $ 19,898,289 | |
| CORPORATE BONDS - 9.8% | Par Value | Value |
| Communication Services - 0.7% | ||
| AT&T, Inc., 2.950%, due 07/15/26 | $ 1,000,000 | $ 978,992 |
| Comcast Corporation, 5.350%, due 11/15/27 | 2,000,000 | 2,080,386 |
| 3,059,378 | ||
| Consumer Discretionary - 0.2% | ||
| Ross Stores, Inc., 4.700%, due 04/15/27 | 1,000,000 | 1,007,728 |
| Consumer Staples - 1.1% | ||
| Kroger Company (The), 4.900%, due 09/15/31 | 1,000,000 | 1,006,466 |
| Tyson Foods, Inc., 4.000%, due 03/01/26 | 1,500,000 | 1,492,050 |
| Walmart, Inc., 5.250%, due 09/01/35 | 2,000,000 | 2,173,173 |
| 4,671,689 | ||
| Energy - 0.2% | ||
| BP Capital Markets America, Inc., 4.234%, due 11/06/28 | 1,000,000 | 1,003,589 |
| Financials – 4.1% | ||
| Bank of America Corporation, | ||
| 1.250%, due 09/24/26 | 2,000,000 | 1,872,021 |
| 5.000%, due 06/22/27 | 1,000,000 | 997,081 |
| Bank of Montreal, 2.000%, due 12/22/26 | 2,500,000 | 2,359,836 |
| Citigroup, Inc., 3.875%, due 03/26/25 | 2,000,000 | 1,989,344 |
| Goldman Sachs Group, Inc. (The), 3.500%, due 04/01/25 | 1,000,000 | 993,810 |
| John Deere Capital Corporation, 5.100%, due 04/11/34 | 4,000,000 | 4,188,265 |
| JPMorgan Chase & Company, 4.800%, due 07/29/27 | 2,000,000 | 2,031,518 |
| Royal Bank of Canada, 5.773%, due 02/14/25 | 1,000,000 | 999,066 |
| State Street Corporation, 5.272%, due 08/03/26 | 2,000,000 | 2,042,368 |
| 17,473,309 | ||
| JAMES BALANCED: GOLDEN RAINBOW FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| CORPORATE BONDS - 9.8% (Continued) | Par Value | Value |
| Health Care - 1.3% | ||
| Cigna Group (The), 5.125%, due 05/15/31 | $ 1,000,000 | $ 1,039,193 |
| CVS Health Corporation, 5.400%, due 06/01/29 | 2,500,000 | 2,593,338 |
| UnitedHealth Group, Inc., 5.000%, due 04/15/34 | 2,000,000 | 2,065,037 |
| 5,697,568 | ||
| Industrials - 0.8% | ||
| Caterpillar, Inc., 8.250%, due 12/15/38 | 1,000,000 | 1,332,244 |
| Trane Technologies Financing Ltd., 5.100%, due 06/13/34 | 2,000,000 | 2,084,268 |
| 3,416,512 | ||
| Information Technology - 0.8% | ||
| Apple, Inc., 2.050%, due 09/11/26 | 2,500,000 | 2,419,356 |
| PayPal Holdings, Inc., 2.650%, due 10/01/26 | 1,000,000 | 974,137 |
| 3,393,493 | ||
| Materials - 0.2% | ||
| Air Products & Chemicals, Inc., 4.850%, due 02/08/34 | 1,000,000 | 1,031,178 |
| Utilities - 0.4% | ||
| Kentucky Utilities Company, 5.125%, due 11/01/40 | 1,000,000 | 1,003,904 |
| NextEra Energy Capital Holdings, Inc., 1.875%, due 01/15/27 | 1,000,000 | 949,683 |
| 1,953,587 | ||
| Total Corporate Bonds (Cost $42,145,163) | $ 42,708,031 | |
| MORTGAGE-BACKED SECURITIES - 2.8% | Par Value | Value |
| Federal National Mortgage Association - 2.8% | ||
| 3.500%, due 09/01/33 | $ 2,670,929 | $ 2,612,754 |
| 3.500%, due 05/25/47 | 227,517 | 220,187 |
| 2.500%, due 01/01/57 | 10,909,938 | 9,417,840 |
| Total Mortgage-Backed Securities (Cost $13,442,623) | $ 12,250,781 | |
| JAMES BALANCED: GOLDEN RAINBOW FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| U.S. GOVERNMENT & AGENCIES - 4.6% | Par Value | Value |
| Federal Farm Credit Bank - 1.8% | ||
| 0.670%, due 08/04/25 | $ 2,000,000 | $ 1,942,943 |
| 2.750%, due 11/06/26 | 5,725,000 | 5,617,656 |
| 7,560,599 | ||
| Federal Home Loan Bank - 2.8% | ||
| 3.000%, due 12/30/24 | 1,000,000 | 996,288 |
| 3.125%, due 04/29/25 | 2,500,000 | 2,481,867 |
| 4.050%, due 07/28/25 | 2,000,000 | 1,994,591 |
| 0.580%, due 09/11/25 | 2,000,000 | 1,931,086 |
| 1.020%, due 09/17/26 | 2,500,000 | 2,367,924 |
| 5.000%, due 06/26/29 | 2,500,000 | 2,522,651 |
| 12,294,407 | ||
| Total U.S. Government & Agencies (Cost $20,214,877) | $ 19,855,006 | |
| U.S. TREASURY OBLIGATIONS - 26.8% | Par Value | Value |
| U.S. Treasury Bonds - 9.5% | ||
| 5.375%, due 02/15/31 | $ 20,000,000 | $ 22,032,031 |
| 3.625%, due 02/15/44 | 10,000,000 | 9,229,688 |
| 4.250%, due 02/15/54 | 10,000,000 | 10,190,625 |
| 41,452,344 | ||
| U.S. Treasury Notes - 17.3% | ||
| 4.500%, due 11/30/24 | 27,500,000 | 27,488,990 |
| 5.000%, due 09/30/25 | 5,000,000 | 5,049,258 |
| 2.375%, due 05/15/27 | 10,000,000 | 9,696,484 |
| 5.500%, due 08/15/28 | 15,000,000 | 16,095,703 |
| 4.125%, due 11/15/32 | 1,000,000 | 1,028,633 |
| 4.375%, due 05/15/34 | 15,000,000 | 15,691,406 |
| 75,050,474 | ||
| Total U.S. Treasury Obligations (Cost $113,661,901) | $ 116,502,818 | |
| JAMES BALANCED: GOLDEN RAINBOW FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| MONEY MARKET FUNDS - 1.3% | Shares | Value |
| First American Treasury Obligations Fund - Class X, 4.79% (b) (Cost $5,733,178) | 5,733,178 | $ 5,733,178 |
| Total Investments at Value - 99.7% (Cost $310,720,456) | $ 433,688,772 | |
| Other Assets in Excess of Liabilities - 0.3% | 1,374,283 | |
| Net Assets - 100.0% | $ 435,063,055 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
ADR - American Depository Receipt.
| JAMES SMALL CAP FUND | ||
| SCHEDULE OF INVESTMENTS | ||
| September 30, 2024 (Unaudited) | ||
| COMMON STOCKS - 94.7% | Shares | Value |
| Consumer Discretionary - 14.7% | ||
| Academy Sports & Outdoors, Inc. | 4,504 | $ 262,853 |
| Beazer Homes USA, Inc. (a) | 14,370 | 491,023 |
| Boot Barn Holdings, Inc. (a) | 4,647 | 777,350 |
| Brinker International, Inc. (a) | 22,182 | 1,697,588 |
| Buckle, Inc. (The) | 9,450 | 415,517 |
| Deckers Outdoor Corporation (a) | 3,840 | 612,288 |
| Kontoor Brands, Inc. | 4,564 | 373,244 |
| M/I Homes, Inc. (a) | 2,458 | 421,203 |
| Patrick Industries, Inc. | 6,190 | 881,270 |
| Urban Outfitters, Inc. (a) | 10,454 | 400,493 |
| Winmark Corporation | 1,921 | 735,609 |
| YETI Holdings, Inc. (a) | 13,361 | 548,202 |
| 7,616,640 | ||
| Consumer Staples - 6.3% | ||
| Andersons, Inc. (The) | 9,421 | 472,369 |
| Casey's General Stores, Inc. | 809 | 303,949 |
| Central Garden & Pet Company - Class A (a) | 12,095 | 379,783 |
| Coca-Cola Consolidated, Inc. | 990 | 1,303,236 |
| Ingles Markets, Inc. - Class A | 7,122 | 531,301 |
| PriceSmart, Inc. | 2,860 | 262,491 |
| 3,253,129 | ||
| Energy - 3.0% | ||
| Chord Energy Corporation | 1,480 | 192,740 |
| HF Sinclair Corporation | 8,907 | 396,985 |
| Magnolia Oil & Gas Corporation - Class A | 19,100 | 466,422 |
| Matador Resources Company | 6,600 | 326,172 |
| Par Pacific Holdings, Inc. (a) | 10,540 | 185,504 |
| 1,567,823 | ||
| Financials - 24.5% | ||
| American Financial Group, Inc. | 2,630 | 353,998 |
| Assured Guaranty Ltd. | 10,300 | 819,056 |
| Axos Financial, Inc. (a) | 6,132 | 385,580 |
| Bancorp, Inc. (The) (a) | 7,299 | 390,497 |
| Enova International, Inc. (a) | 17,830 | 1,493,976 |
| Evercore, Inc. - Class A | 6,730 | 1,704,978 |
| JAMES SMALL CAP FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 94.7% (Continued) | Shares | Value |
| Financials - 24.5% (Continued) | ||
| EZCORP, Inc. - Class A (a) | 38,400 | $ 430,464 |
| Federated Hermes, Inc. | 7,849 | 288,608 |
| First BanCorporation | 47,750 | 1,010,867 |
| Houlihan Lokey, Inc. | 6,300 | 995,526 |
| LPL Financial Holdings, Inc. | 671 | 156,095 |
| MGIC Investment Corporation | 37,900 | 970,240 |
| Piper Sandler Companies | 6,085 | 1,726,984 |
| Radian Group, Inc. | 26,798 | 929,623 |
| SouthState Corporation | 5,620 | 546,152 |
| WisdomTree, Inc. | 48,595 | 485,464 |
| 12,688,108 | ||
| Health Care - 10.6% | ||
| Alkermes plc (a) | 9,050 | 253,310 |
| ANI Pharmaceuticals, Inc. (a) | 4,050 | 241,623 |
| Corcept Therapeutics, Inc. (a) | 18,033 | 834,566 |
| Dynavax Technologies Corporation (a) | 55,014 | 612,856 |
| Halozyme Therapeutics, Inc. (a) | 10,595 | 606,458 |
| Innoviva, Inc. (a) | 44,092 | 851,416 |
| Integer Holdings Corporation (a) | 5,696 | 740,480 |
| National HealthCare Corporation | 3,545 | 445,855 |
| Option Care Health, Inc. (a) | 10,500 | 328,650 |
| Supernus Pharmaceuticals, Inc. (a) | 17,531 | 546,617 |
| 5,461,831 | ||
| Industrials - 9.4% | ||
| Allegiant Travel Company | 4,605 | 253,551 |
| Applied Industrial Technologies, Inc. | 1,593 | 355,446 |
| Boise Cascade Company | 4,976 | 701,517 |
| FTI Consulting, Inc. (a) | 5,610 | 1,276,612 |
| Generac Holdings, Inc. (a) | 4,288 | 681,277 |
| Hillenbrand, Inc. | 13,136 | 365,181 |
| Ryder System, Inc. | 3,873 | 564,683 |
| WESCO International, Inc. | 3,831 | 643,531 |
| 4,841,798 | ||
| Information Technology - 9.0% | ||
| Avnet, Inc. | 8,250 | 448,058 |
| Axcelis Technologies, Inc. (a) | 3,952 | 414,367 |
| JAMES SMALL CAP FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 94.7% (Continued) | Shares | Value |
| Information Technology - 9.0% (Continued) | ||
| Concentrix Corporation | 2,500 | $ 128,125 |
| Insight Enterprises, Inc. (a) | 3,605 | 776,481 |
| Nova Ltd. (a) | 3,000 | 625,020 |
| PC Connection, Inc. | 17,500 | 1,320,025 |
| Progress Software Corporation | 5,935 | 399,841 |
| TD SYNNEX Corporation | 1,100 | 132,088 |
| Vishay Intertechnology, Inc. | 22,486 | 425,210 |
| 4,669,215 | ||
| Materials - 5.2% | ||
| Cleveland-Cliffs, Inc. (a) | 24,575 | 313,822 |
| Graphic Packaging Holding Company | 15,189 | 449,443 |
| Innospec, Inc. | 5,286 | 597,794 |
| Olympic Steel, Inc. | 5,550 | 216,450 |
| Radius Recycling, Inc. - Class A | 13,820 | 256,223 |
| Warrior Met Coal, Inc. | 13,785 | 880,861 |
| 2,714,593 | ||
| Real Estate - 8.9% | ||
| Agree Realty Corporation | 10,755 | 810,174 |
| DigitalBridge Group, Inc. | 36,110 | 510,234 |
| Forestar Group, Inc. (a) | 18,835 | 609,689 |
| National Storage Affiliates Trust | 21,991 | 1,059,966 |
| Sabra Health Care REIT, Inc. | 19,667 | 366,003 |
| STAG Industrial, Inc. | 8,912 | 348,370 |
| Terreno Realty Corporation | 7,950 | 531,299 |
| Xenia Hotels & Resorts, Inc. | 25,153 | 371,510 |
| 4,607,245 | ||
| Utilities - 3.1% | ||
| IDACORP, Inc. | 4,183 | 431,225 |
| Otter Tail Corporation | 8,253 | 645,054 |
| Portland General Electric Company | 10,455 | 500,795 |
| 1,577,074 | ||
| Total Common Stocks (Cost $31,454,107) | $ 48,997,456 | |
| JAMES SMALL CAP FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| U.S. TREASURY OBLIGATIONS - 2.0% | Par Value | Value |
| U.S. Treasury Bills (b) - 2.0% | ||
| 4.917%, due 10/03/24 (Cost $999,739) | $ 1,000,000 | $ 999,742 |
| MONEY MARKET FUNDS - 3.5% | Shares | Value |
| First American Treasury Obligations Fund - Class X, 4.79% (c) (Cost $1,815,193) | 1,815,193 | $ 1,815,193 |
| Total Investments at Value - 100.2% (Cost $34,269,039) | $ 51,812,391 | |
| Liabilities in Excess of Other Assets - (0.2%) | (91,693 ) | |
| Net Assets - 100.0% | $ 51,720,698 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the annualized yield at time of purchase. |
| (c) | The rate shown is the 7-day effective yield as of September 30, 2024. |
| JAMES MICRO CAP FUND | ||
| SCHEDULE OF INVESTMENTS | ||
| September 30, 2024 (Unaudited) | ||
| COMMON STOCKS - 98.0% | Shares | Value |
| Consumer Discretionary - 13.2% | ||
| Caleres, Inc. | 2,845 | $ 94,027 |
| Century Communities, Inc. | 4,662 | 480,093 |
| Haverty Furniture Companies, Inc. | 13,509 | 371,092 |
| Hovnanian Enterprises, Inc. - Class A (a) | 900 | 183,933 |
| M/I Homes, Inc. (a) | 4,097 | 702,061 |
| MarineMax, Inc. (a) | 5,750 | 202,803 |
| Modine Manufacturing Company (a) | 4,078 | 541,518 |
| Patrick Industries, Inc. | 4,044 | 575,744 |
| Shoe Carnival, Inc. | 12,950 | 567,858 |
| Standard Motor Products, Inc. | 5,625 | 186,750 |
| Zumiez, Inc. (a) | 4,568 | 97,298 |
| 4,003,177 | ||
| Consumer Staples - 4.3% | ||
| Central Garden & Pet Company - Class A (a) | 16,385 | 514,489 |
| Ingles Markets, Inc. - Class A | 10,714 | 799,264 |
| 1,313,753 | ||
| Energy - 3.9% | ||
| Civitas Resources, Inc. | 7,254 | 367,560 |
| Dorian LPG Ltd. | 19,032 | 655,081 |
| Vital Energy, Inc. (a) | 5,814 | 156,397 |
| 1,179,038 | ||
| Financials - 27.9% | ||
| Banco Latinoamericano de Comercio Exterior S.A. - Class E | 3,372 | 109,556 |
| Bancorp, Inc. (The) (a) | 6,900 | 369,150 |
| Donnelley Financial Solutions, Inc. (a) | 16,726 | 1,101,073 |
| Enova International, Inc. (a) | 16,099 | 1,348,935 |
| Federal Agricultural Mortgage Corporation - Class C | 5,967 | 1,118,276 |
| Investar Holding Corporation | 8,542 | 165,715 |
| Merchants Bancorp | 23,196 | 1,042,892 |
| Nelnet, Inc. - Class A | 5,646 | 639,579 |
| OFG Bancorp | 25,456 | 1,143,484 |
| Piper Sandler Companies | 4,690 | 1,331,068 |
| Skyward Specialty Insurance Group, Inc. (a) | 2,632 | 107,201 |
| 8,476,929 | ||
| JAMES MICRO CAP FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 98.0% (Continued) | Shares | Value |
| Health Care - 11.2% | ||
| Artivion, Inc. (a) | 6,753 | $ 179,765 |
| Cartesian Therapeutics, Inc. (a) | 94,737 | 947 |
| Dynavax Technologies Corporation (a) | 11,764 | 131,051 |
| Innoviva, Inc. (a) | 20,082 | 387,783 |
| Integer Holdings Corporation (a) | 6,396 | 831,480 |
| iRadimed Corporation | 2,400 | 120,696 |
| iTeos Therapeutics, Inc. (a) | 3,964 | 40,472 |
| Kiniksa Pharmaceuticals International plc (a) | 6,909 | 172,657 |
| LeMaitre Vascular, Inc. | 2,165 | 201,107 |
| OraSure Technologies, Inc. (a) | 9,526 | 40,676 |
| Pennant Group, Inc. (The) (a) | 5,582 | 199,277 |
| PetIQ, Inc. (a) | 3,617 | 111,295 |
| Semler Scientific, Inc. (a) | 2,765 | 65,116 |
| SIGA Technologies, Inc. | 52,400 | 353,700 |
| Tactile Systems Technology, Inc. (a) | 4,236 | 61,888 |
| UFP Technologies, Inc. (a) | 1,193 | 377,823 |
| Zymeworks, Inc. (a) | 10,578 | 132,754 |
| 3,408,487 | ||
| Industrials - 13.5% | ||
| ACCO Brands Corporation | 74,997 | 410,234 |
| Acme United Corporation | 2,095 | 87,236 |
| ArcBest Corporation | 5,285 | 573,158 |
| Boise Cascade Company | 2,500 | 352,450 |
| Columbus McKinnon Corporation | 2,198 | 79,128 |
| CRA International, Inc. | 3,384 | 593,283 |
| Cross Country Healthcare, Inc. (a) | 4,213 | 56,623 |
| Genco Shipping & Trading Ltd. | 8,000 | 156,000 |
| GEO Group, Inc. (The) (a) | 7,691 | 98,829 |
| Heidrick & Struggles International, Inc. | 3,400 | 132,124 |
| Insteel Industries, Inc. | 3,500 | 108,815 |
| Kforce, Inc. | 2,400 | 147,480 |
| Northwest Pipe Company (a) | 3,394 | 153,171 |
| Powell Industries, Inc. | 389 | 86,354 |
| Quanex Building Products Corporation | 3,890 | 107,948 |
| Shyft Group, Inc. (The) | 6,336 | 79,517 |
| Sterling Infrastructure, Inc. (a) | 604 | 87,592 |
| JAMES MICRO CAP FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 98.0% (Continued) | Shares | Value |
| Industrials - 13.5% (Continued) | ||
| Transcat, Inc. (a) | 2,200 | $ 265,694 |
| V2X, Inc. (a) | 6,950 | 388,227 |
| Wabash National Corporation | 7,214 | 138,436 |
| 4,102,299 | ||
| Information Technology - 16.5% | ||
| Cohu, Inc. (a) | 8,022 | 206,165 |
| ePlus, Inc. (a) | 4,600 | 452,364 |
| Insight Enterprises, Inc. (a) | 4,631 | 997,470 |
| Nova Ltd. (a) | 7,543 | 1,571,510 |
| PC Connection, Inc. | 12,184 | 919,039 |
| Photronics, Inc. (a) | 22,198 | 549,622 |
| ScanSource, Inc. (a) | 3,090 | 148,413 |
| Vishay Precision Group, Inc. (a) | 6,384 | 165,346 |
| 5,009,929 | ||
| Materials - 5.7% | ||
| Haynes International, Inc. | 2,510 | 149,445 |
| Innospec, Inc. | 2,821 | 319,027 |
| Radius Recycling, Inc. - Class A | 13,227 | 245,229 |
| United States Lime & Minerals, Inc. | 10,350 | 1,010,781 |
| 1,724,482 | ||
| Real Estate - 1.1% | ||
| PotlatchDeltic Corporation | 7,517 | 338,641 |
| Utilities - 0.7% | ||
| Clearway Energy, Inc. - Class C | 7,332 | 224,946 |
| Total Common Stocks (Cost $15,882,830) | $ 29,781,681 | |
| JAMES MICRO CAP FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| MONEY MARKET FUNDS - 2.1% | Shares | Value |
| First American Treasury Obligations Fund - Class X, 4.79% (b) (Cost $646,098) | 646,098 | $ 646,098 |
| Total Investments at Value - 100.1% (Cost $16,528,928) | $ 30,427,779 | |
| Liabilities in Excess of Other Assets - (0.1%) | (25,656 ) | |
| Net Assets - 100.0% | $ 30,402,123 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
| JAMES AGGRESSIVE ALLOCATION FUND | ||
| SCHEDULE OF INVESTMENTS | ||
| September 30, 2024 (Unaudited) | ||
| COMMON STOCKS - 81.1% | Shares | Value |
| Communication Services - 8.7% | ||
| Alphabet, Inc. - Class A | 4,450 | $ 738,033 |
| AT&T, Inc. | 13,250 | 291,500 |
| Meta Platforms, Inc. - Class A | 1,200 | 686,928 |
| T-Mobile US, Inc. | 2,300 | 474,628 |
| 2,191,089 | ||
| Consumer Discretionary - 9.4% | ||
| Amazon.com, Inc. (a) | 600 | 111,798 |
| Crocs, Inc. (a) | 2,200 | 318,582 |
| Deckers Outdoor Corporation (a) | 4,050 | 645,772 |
| Home Depot, Inc. (The) | 700 | 283,640 |
| M/I Homes, Inc. (a) | 2,000 | 342,720 |
| McDonald's Corporation | 1,000 | 304,510 |
| Tractor Supply Company | 1,205 | 350,571 |
| 2,357,593 | ||
| Consumer Staples - 4.0% | ||
| Coca-Cola Consolidated, Inc. | 50 | 65,820 |
| Costco Wholesale Corporation | 250 | 221,630 |
| Procter & Gamble Company (The) | 1,700 | 294,440 |
| Walmart, Inc. | 5,100 | 411,825 |
| 993,715 | ||
| Energy - 4.5% | ||
| Cheniere Energy, Inc. | 845 | 151,965 |
| Chevron Corporation | 2,000 | 294,540 |
| Matador Resources Company | 5,000 | 247,100 |
| Petroleo Brasileiro S.A. - ADR | 20,000 | 288,200 |
| Valero Energy Corporation | 1,000 | 135,030 |
| 1,116,835 | ||
| Financials - 11.5% | ||
| Bancorp, Inc. (The) (a) | 4,900 | 262,150 |
| BlackRock, Inc. | 500 | 474,755 |
| Charles Schwab Corporation (The) | 3,000 | 194,430 |
| Enova International, Inc. (a) | 8,485 | 710,958 |
| Goldman Sachs Group, Inc. (The) | 955 | 472,830 |
| JPMorgan Chase & Company | 2,000 | 421,720 |
| MGIC Investment Corporation | 5,200 | 133,120 |
| JAMES AGGRESSIVE ALLOCATION FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 81.1% (Continued) | Shares | Value |
| Financials - 11.5% (Continued) | ||
| Primerica, Inc. | 800 | $ 212,120 |
| 2,882,083 | ||
| Health Care - 9.6% | ||
| AbbVie, Inc. | 1,250 | 246,850 |
| AstraZeneca plc - ADR | 4,000 | 311,640 |
| Cigna Group (The) | 800 | 277,152 |
| Eli Lilly & Company | 525 | 465,118 |
| Johnson & Johnson | 1,295 | 209,868 |
| Novo Nordisk A/S - ADR | 2,000 | 238,140 |
| UnitedHealth Group, Inc. | 610 | 356,655 |
| Zoetis, Inc. | 1,595 | 311,631 |
| 2,417,054 | ||
| Industrials - 6.3% | ||
| ABB Ltd. - ADR | 3,500 | 202,720 |
| Caterpillar, Inc. | 800 | 312,896 |
| Deere & Company | 435 | 181,539 |
| Eaton Corporation plc | 1,175 | 389,442 |
| Lockheed Martin Corporation | 415 | 242,592 |
| Union Pacific Corporation | 850 | 209,508 |
| Veralto Corporation | 275 | 30,762 |
| 1,569,459 | ||
| Information Technology - 19.9% | ||
| Apple, Inc. | 3,225 | 751,425 |
| ASML Holding N.V. | 575 | 479,119 |
| Broadcom, Inc. | 3,000 | 517,500 |
| Cadence Design Systems, Inc. (a) | 1,975 | 535,284 |
| Insight Enterprises, Inc. (a) | 250 | 53,848 |
| Jabil, Inc. | 1,800 | 215,694 |
| Mastercard, Inc. - Class A | 735 | 362,943 |
| Microsoft Corporation | 1,650 | 709,995 |
| NVIDIA Corporation | 9,800 | 1,190,112 |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1,000 | 173,670 |
| 4,989,590 | ||
| Materials - 2.4% | ||
| CF Industries Holdings, Inc. | 500 | 42,900 |
| James Hardie Industries plc - ADR (a) | 6,800 | 273,020 |
| JAMES AGGRESSIVE ALLOCATION FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| COMMON STOCKS - 81.1% (Continued) | Shares | Value |
| Materials - 2.4% (Continued) | ||
| Linde plc | 400 | $ 190,744 |
| Nucor Corporation | 700 | 105,238 |
| 611,902 | ||
| Real Estate - 2.4% | ||
| Digital Realty Trust, Inc. | 1,500 | 242,745 |
| Prologis, Inc. | 2,905 | 366,843 |
| 609,588 | ||
| Utilities - 2.4% | ||
| Iberdrola S.A. - ADR | 2,300 | 142,577 |
| NextEra Energy, Inc. | 3,480 | 294,164 |
| Sempra | 2,000 | 167,260 |
| 604,001 | ||
| Total Common Stocks (Cost $11,719,622) | $ 20,342,909 | |
| EXCHANGE-TRADED FUNDS - 0.8% | Shares | Value |
| Wisdom Tree India Earnings Fund ETF (Cost $191,903) (a) | 4,000 | $ 201,840 |
| CORPORATE BONDS - 6.0% | Par Value | Value |
| Consumer Discretionary - 1.8% | ||
| Starbucks Corporation, 2.550%, due 11/15/30 | $ 500,000 | $ 452,936 |
| Financials - 2.1% | ||
| Bank of Montreal, 2.000%, due 12/22/26 | 200,000 | 188,787 |
| Citigroup, Inc., 3.875%, due 03/26/25 | 250,000 | 248,668 |
| State Street Corporation, 5.272%, due 08/03/26 | 100,000 | 102,118 |
| 539,573 | ||
| Health Care - 1.4% | ||
| AstraZeneca plc, 0.700%, due 04/08/26 | 250,000 | 238,083 |
| Cigna Group (The), 5.125%, due 05/15/31 | 100,000 | 103,919 |
| 342,002 | ||
| JAMES AGGRESSIVE ALLOCATION FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| CORPORATE BONDS - 6.0% (Continued) | Par Value | Value |
| Information Technology - 0.7% | ||
| Automatic Data Processing, Inc., 1.250%, due 09/01/30 | $ 200,000 | $ 171,485 |
| Total Corporate Bonds (Cost $1,600,624) | $ 1,505,996 | |
| U.S. GOVERNMENT & AGENCIES - 3.8% | Par Value | Value |
| Federal Farm Credit Bank - 1.9% | ||
| 0.670%, due 08/04/25 | $ 500,000 | $ 485,736 |
| Federal National Mortgage Association - 1.9% | ||
| 0.560%, due 10/22/25 | 500,000 | 483,554 |
| Total U.S. Government & Agencies (Cost $1,000,000) | $ 969,290 | |
| U.S. TREASURY OBLIGATIONS - 7.0% | Par Value | Value |
| U.S. Treasury Bills (b) - 0.8% | ||
| 5.009%, due 01/23/25 | $ 200,000 | $ 197,192 |
| U.S. Treasury Bonds - 3.7% | ||
| 3.625%, due 02/15/44 | 100,000 | 92,297 |
| 2.250%, due 08/15/49 | 750,000 | 519,580 |
| 4.250%, due 02/15/54 | 300,000 | 305,719 |
| 917,596 | ||
| U.S. Treasury Notes - 2.5% | ||
| 1.125%, due 02/28/25 | 300,000 | 295,939 |
| 2.625%, due 02/15/29 | 250,000 | 240,381 |
| 4.375%, due 05/15/34 | 100,000 | 104,609 |
| 640,929 | ||
| Total U.S. Treasury Obligations (Cost $1,710,271) | $ 1,755,717 | |
| JAMES AGGRESSIVE ALLOCATION FUND | ||
| SCHEDULE OF INVESTMENTS (Continued) | ||
| MONEY MARKET FUNDS - 0.5% | Shares | Value |
| First American Treasury Obligations Fund - Class X, 4.79% (c) (Cost $117,559) | 117,559 | $ 117,559 |
| Total Investments at Value - 99.2% (Cost $16,339,979) | $ 24,893,311 | |
| Other Assets in Excess of Liabilities - 0.8% | 198,916 | |
| Net Assets - 100.0% | $ 25,092,227 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the annualized yield at time of purchase. |
| (c) | The rate shown is the 7-day effective yield as of September 30, 2024. |
ADR - American Depository Receipt.
