JAMES BALANCED: GOLDEN RAINBOW FUND

SCHEDULE OF INVESTMENTS

September 30, 2019 (Unaudited)

Shares or Principal Amount			Value
COMMON STOCKS-44.11%
		Basic Materials-1.25%
	36,770	Avery Dennison Corp.	$	4,175,969
	41,145	Celanese Corp.		5,031,622
	122,865	Cleveland-Cliffs, Inc.		887,085
	37,160	International Paper Co.		1,554,031
	7,335	Universal Forest Products, Inc.		292,520
				11,941,227
		Consumer, Cyclical-7.86%
	17,295	Asbury Automotive Group, Inc.*		1,769,797
	131,320	Best Buy Co., Inc.		9,059,767
	73,100	Bloomin' Brands, Inc.		1,383,783
	11,930	BMC Stock Holdings, Inc.*		312,327
	5,015	Brinker International, Inc.		213,990
	67,710	Delta Air Lines, Inc.		3,900,096
	69,010	General Motors Co.		2,586,495
	16,930	Home Depot, Inc.		3,928,099
	51,275	Insight Enterprises, Inc.*		2,855,505
	9,335	KB Home		317,390
	10,870	Knoll, Inc.		275,554
	64,755	McDonald's Corp.		13,903,546
	2,925	Omnicom Group, Inc.		229,027
	5,195	Penske Automotive Group, Inc.		245,620
	27,632	PulteGroup, Inc.		1,009,950
	6,195	SPX Corp.*		247,862
	37,540	Target Corp.		4,013,401
	13,055	Taylor Morrison Home Corp., Class A*		338,647
	21,815	United Airlines Holdings, Inc.*		1,928,664
	150,285	Walmart, Inc.		17,835,824
	61,135	Walt Disney Co.		7,967,113
	1,550	Whirlpool Corp.		245,458
	6,920	Winnebago Industries, Inc.		265,382
				74,833,297
		Consumer, Non-cyclical-7.57%
	27,145	Anthem, Inc.		6,517,514
	9,575	Cardinal Health, Inc.		451,844
	33,955	Eli Lilly & Co.		3,797,188
	17,460	FTI Consulting, Inc.*		1,850,585
	19,900	Helen of Troy, Ltd.*		3,137,434
	58,170	Johnson & Johnson		7,526,035
	85,000	Kraft Heinz Co.		2,374,475
	122,105	Kroger Co.		3,147,867
	40,200	Medtronic PLC		4,366,524
	85,735	Molson Coors Brewing Co., Class B		4,929,762
	36,800	National HealthCare Corp.		3,012,080
	340,000	Pfizer, Inc.		12,216,200
	61,000	Procter & Gamble Co.		7,587,180
	101,975	Tyson Foods, Inc., Class A		8,784,127
	11,280	UnitedHealth Group, Inc.		2,451,370
				72,150,185
		Energy-2.73%
	69,185	Chevron Corp.		8,205,341
	61,725	ConocoPhillips		3,517,090
	93,710	Exxon Mobil Corp.		6,616,863
	4,485	HollyFrontier Corp.		240,575

Shares or Principal Amount			Value
		Energy (continued)
	47,845	Phillips 66	$	4,899,328
	30,780	Valero Energy Corp.		2,623,687
				26,102,884
		Financial-7.59%
	53,625	Aaron's, Inc.		3,445,942
	129,135	Aflac, Inc.		6,756,343
	6,175	Air Lease Corp.		258,238
	11,355	Aircastle, Ltd.		254,693
	60,295	Allstate Corp.		6,552,861
	8,430	Ally Financial, Inc.		279,539
	43,812	American Financial Group, Inc.		4,725,124
	50,605	Capital One Financial Corp.		4,604,043
	18,850	CBRE Group, Inc., Class A*		999,238
	6,870	Encore Capital Group, Inc.*		228,943
	157,445	Fifth Third Bancorp		4,310,844
	4,350	First American Financial Corp.		256,693
	6,095	Goldman Sachs Group, Inc.		1,263,067
	4,550	Hartford Financial Services Group, Inc.		275,775
	138,070	JPMorgan Chase & Co.		16,249,458
	3,790	McGrath RentCorp		263,746
	42,630	Nelnet, Inc., Class A		2,711,268
	23,105	PNC Financial Services Group, Inc.		3,238,397
	14,000	Public Storage, REIT		3,433,780
	65,867	Real Estate Select Sector SPDR Fund		2,591,208
	4,085	Stifel Financial Corp.		234,397
	30,700	Travelers Cos., Inc.		4,564,783
	160,065	Unum Group		4,757,132
	4,115	Walker & Dunlop, Inc.		230,152
				72,485,664
		Industrial-1.80%
	24,852	Caterpillar, Inc.		3,139,056
	1	Delphi Technologies PLC		13
	37,300	Eaton Corp. PLC		3,101,495
	2,930	Expeditors International of Washington, Inc.		217,670
	5,570	Gibraltar Industries, Inc.*		255,886
	53,020	Magna International, Inc.		2,827,557
	26,943	MasTec, Inc.*		1,749,409
	10,390	Meritor, Inc.*		192,215
	2,790	Oshkosh Corp.		211,482
	26,200	Owens-Illinois, Inc.		269,074
	1,255	Parker-Hannifin Corp.		226,666
	2,505	Reliance Steel & Aluminum Co.		249,648
	32,334	Republic Services, Inc.		2,798,508
	3,565	Saia, Inc.*		334,041
	10,710	United Rentals, Inc.*		1,334,894
	6,450	Werner Enterprises, Inc.		227,685
				17,135,299
		Technology-10.19%
	21,160	Amgen, Inc.		4,094,672
	72,010	Apple, Inc.		16,128,080
	68,115	Arrow Electronics, Inc.*		5,080,017
	15,165	Avnet, Inc.		674,615
	17,100	Cabot Microelectronics Corp.		2,414,691
	191,810	Cisco Systems, Inc.		9,477,332
	82,090	Corning, Inc.		2,341,207
	26,400	Crown Castle International Corp., REIT		3,669,864
	52,385	Deluxe Corp.		2,575,247
	5,890	Diodes, Inc.*		236,483
	19,786	Incyte Corp.*		1,468,715

Shares or Principal Amount			Value
		Technology (continued)
	6,461	Integer Holdings Corp.*	$	488,193
	189,220	Intel Corp.		9,750,507
	20,119	International Business Machines Corp.		2,925,705
	23,610	KEMET Corp.		429,230
	11,652	Leidos Holdings, Inc.		1,000,674
	13,800	Lockheed Martin Corp.		5,382,828
	5,645	Micron Technology, Inc.*		241,888
	121,325	Microsoft Corp.		16,867,815
	32,890	Motorola Solutions, Inc.		5,604,785
	11,965	Northrop Grumman Corp.		4,484,362
	9,905	ON Semiconductor Corp.*		190,275
	5,765	PC Connection, Inc.		224,258
	7,395	Sanmina Corp.*		237,453
	2,340	SYNNEX Corp.		264,186
	10,320	Triumph Group, Inc.		236,122
	16,380	Western Digital Corp.		976,903
				97,466,107
		Utilities-5.12%
	41,003	American Electric Power Co., Inc.		3,841,571
	95,163	AT&T, Inc.		3,600,968
	187,020	CenterPoint Energy, Inc.		5,644,264
	63,710	Entergy Corp.		7,477,006
	143,770	Exelon Corp.		6,945,529
	40,233	FirstEnergy Corp.		1,940,438
	82,523	NRG Energy, Inc.		3,267,911
	32,616	PNM Resources, Inc.		1,698,641
	240,055	Verizon Communications, Inc.		14,489,720
				48,906,048
TOTAL COMMON STOCKS
(Cost $338,473,890)				421,020,711

Shares or Principal Amount		Value
EXCHANGE TRADED FUNDS-0.44%
300,686	iShares® Gold Trust ETF*		4,239,672
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,716,787)			4,239,672

Shares or Principal Amount			Value
CORPORATE BONDS-8.42%
		Consumer, Cyclical-1.46%
$	5,000,000	eBay, Inc., 2.600%, 7/15/22		5,038,996
	5,000,000	Home Depot, Inc., 2.700%, 4/1/23		5,146,965
	785,000	McDonald's Corp., 5.700%, 2/1/39		1,020,555
	2,000,000	Walmart, Inc., 5.250%, 9/1/35		2,666,028
				13,872,544
		Consumer, Non-cyclical-0.52%
	3,000,000	Hershey Co., 4.125%, 12/1/20		3,067,425
	1,950,000	Keurig Dr Pepper, Inc., 2.530%, 11/15/21		1,956,964
				5,024,389
		Energy-1.05%
	10,000,000	Equinor ASA, 2.250%, 11/8/19		10,000,068
		Financial-1.82%
	8,100,000	Berkshire Hathaway, Inc., 3.750%, 8/15/21		8,352,650
	4,000,000	JPMorgan Chase & Co., 2.750%, 6/23/20		4,017,728
	5,000,000	Wells Fargo & Co., 2.500%, 3/4/21		5,022,944
				17,393,322

Shares or Principal Amount			Value
		Industrial-0.55%
$	1,000,000	Caterpillar, Inc., 8.250%, 12/15/38	$	1,667,609
	1,000,000	General Electric Co., 2.700%, 10/9/22		1,002,589
	2,000,000	General Electric Co., 6.875%, 1/10/39		2,647,141
				5,317,339
		Technology-3.02%
	3,419,000	Apple, Inc., 1.550%, 2/7/20		3,413,969
	10,000,000	Apple, Inc., 3M US L + 0.20%, 2/7/20(a)		10,006,350
	5,000,000	Intel Corp., 3.300%, 10/1/21		5,146,260
	5,000,000	Intel Corp., 2.875%, 5/11/24		5,196,238
	3,700,000	Microsoft Corp., 5.200%, 6/1/39		5,030,829
				28,793,646
TOTAL CORPORATE BONDS
(Cost $76,195,830)				80,401,308

Shares or Principal Amount			Value
MUNICIPAL BONDS-3.15%
		Hawaii-1.05%
	9,000,000	City and County of Honolulu General Obligation Unlimited Bonds, Series B, 5.000%, 11/1/25		9,990,270
		Ohio-2.08%
	7,450,000	Beavercreek City School District General Obligation Unlimited Bonds, 3.250%, 12/1/36		7,751,278
		Greenville City School District General Obligation Unlimited Bonds (School Improvement):
	5,000,000	5.000%, 1/1/46		5,345,150
	5,000,000	5.500%, 1/1/51		5,419,550
	1,000,000	Ohio State University General Recipients Revenue Bonds, Series C, 4.910%, 6/1/40		1,297,280
				19,813,258
		Texas-0.02%
	235,000	Tyler Independent School District General Obligation Unlimited Bonds, Unrefunded 2016, 5.000%, 2/15/34		238,208
TOTAL MUNICIPAL BONDS
(Cost $28,288,327)				30,041,736

Shares or Principal Amount			Value
U.S. GOVERNMENT AGENCIES-10.31%
		Federal Agricultural Mortgage Corp.-1.69%
$	10,000,000	3M US L + 0.08%, 1/3/22(a)		9,984,079
	6,177,000	3.150%, 11/9/27		6,183,377
				16,167,456
		Federal Farm Credit Banks Funding Corp.-0.75%
	1,000,000	2.400%, 6/19/23		1,002,966
	5,725,000	2.750%, 11/6/26		6,098,545
				7,101,511
		Federal Home Loan Banks-5.34%
	5,000,000	1.600%, 10/22/20		4,978,410
	10,000,000	2.875%, 6/13/25		10,642,649
	10,000,000	2.620%, 4/28/26		10,000,321
	5,000,000	2.420%, 9/17/27		5,003,429
	1,000,000	2.500%, 9/11/29		1,000,930
	14,000,000	2.000%, 6/30/31(b)		14,000,602
	5,000,000	4.080%, 5/25/33		5,322,831
				50,949,172
		Federal Home Loan Mortgage Corp.-1.05%
	10,000,000	1.800%, 4/13/20		9,999,985

Shares or Principal Amount			Value
		Tennessee Valley Authority-1.48%
$	10,000,000	5.250%, 9/15/39	$	14,163,443
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $96,164,249)				98,381,567

Shares or Principal Amount			Value
MORTGAGE BACKED SECURITIES-3.15%
		Fannie Mae Pool-2.67%
	7,954,724	3.500%, 9/1/33		8,278,538
	17,479,581	2.500%, 1/1/57		17,244,521
				25,523,059
		Fannie Mae REMICS-0.48%
	4,359,609	3.500%, 5/25/47		4,538,410
TOTAL MORTGAGE BACKED SECURITIES
(Cost $29,338,310)				30,061,469

Shares or Principal Amount			Value
U.S. TREASURY BONDS & NOTES-28.71%
		U.S. Treasury Bonds-13.91%
$	10,000,000	2.625%, 11/15/20		10,089,063
	25,000,000	2.000%, 8/15/25		25,556,641
	55,000,000	2.750%, 2/15/28		59,722,266
	5,000,000	2.625%, 2/15/29		5,412,891
	5,000,000	1.625%, 8/15/29		4,978,320
	17,500,000	3.000%, 8/15/48		20,827,734
	6,000,000	2.250%, 8/15/49		6,176,953
				132,763,868
		U.S. Treasury Notes-12.62%
	60,000,000	1.000%, 11/30/19		59,896,392
	15,000,000	3.500%, 5/15/20		15,151,172
	45,000,000	2.375%, 4/15/21		45,425,390
				120,472,954
		United States Treasury Inflation Indexed Bonds-2.18%
	20,657,400	0.625%, 4/15/23		20,832,021
TOTAL U.S. TREASURY BONDS & NOTES
(Cost $262,682,466)				274,068,843

Shares or Principal Amount			Value
FOREIGN BONDS-0.77%
		Singapore Government Bond-0.77%
SGD	10,000,000	2.250%, 6/1/21		7,308,394
TOTAL FOREIGN BONDS
(Cost $7,486,124)				7,308,394

Shares or Principal Amount		Value
SHORT TERM INVESTMENTS-0.69%
	Mutual Fund-0.69%
6,570,945	First American Treasury Obligations Fund, Class X, 7-Day Yield 1.869%		6,570,945
TOTAL SHORT TERM INVESTMENTS
(Cost $6,570,945)			6,570,945
TOTAL INVESTMENT SECURITIES-99.75%
(Cost $848,916,928)			952,094,645
OTHER ASSETS IN EXCESS OF LIABILITIES-0.25%			2,385,980
NET ASSETS-100.00%		$	954,480,625

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

*	Non-income producing security.
(a)	Floating or variable rate security. The reference rate is described below. The rate in effect as of September 30, 2019 is based on the reference rate plus the displayed spread as of the security’s last reset date.
(b)	Step coupon.  Coupon increases periodically based upon a predetermined schedule.  Interest rate disclosed is that which is in effect as of September 30, 2019.

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Libor Rates:

3M US L - 3 Month LIBOR as of September 30, 2019 was 2.09%

SGD - Singapore Dollar

See Notes to Quarterly Schedule of Investments.

JAMES SMALL CAP FUND

SCHEDULE OF INVESTMENTS

September 30, 2019 (Unaudited)

Shares			Value
COMMON STOCKS-97.33%
		Basic Materials-5.03%
	18,605	Boise Cascade Co.	$	606,337
	87,515	Cleveland-Cliffs, Inc.		631,858
	37,790	Mercer International, Inc.		473,887
	13,820	Schnitzer Steel Industries, Inc., Class A		285,521
				1,997,603
		Consumer, Cyclical-20.16%
	19,190	AMC Networks, Inc., Class A*		943,381
	38,160	Bloomin' Brands, Inc.		722,369
	26,220	Brinker International, Inc.		1,118,807
	7,120	Deckers Outdoor Corp.*		1,049,203
	32,300	Gray Television, Inc.*		527,136
	19,890	Insight Enterprises, Inc.*		1,107,674
	33,203	MDC Holdings, Inc.		1,431,049
	9,680	Patrick Industries, Inc.*		415,078
	12,000	SkyWest, Inc.		688,800
				8,003,497
		Consumer, Non-cyclical-13.32%
	8,000	FTI Consulting, Inc.*		847,920
	21,275	Ingles Markets, Inc., Class A		826,747
	13,050	National HealthCare Corp.		1,068,143
	31,865	Tivity Health, Inc.*		529,915
	11,640	TriNet Group, Inc.*		723,892
	27,620	Village Super Market, Inc., Class A		730,549
	14,790	Weis Markets, Inc.		564,091
				5,291,257
		Energy-0.40%
	61,530	Denbury Resources, Inc.*		73,221
	32,335	Gulfport Energy Corp.*		87,628
				160,849
		Financial-21.18%
	20,080	Aaron's, Inc.		1,290,341
	30,680	American Equity Investment Life Holding Co.		742,456
	77,700	First BanCorp		775,446
	202,000	Genworth Financial, Inc., Class A*		888,800
	43,000	Ladder Capital Corp., REIT		742,610
	7,395	LGI Homes, Inc.*		616,151
	14,775	Piper Jaffray Cos.		1,115,217
	14,380	Stifel Financial Corp.		825,124
	26,990	TPG Specialty Lending, Inc.		566,250
	40,100	Xenia Hotels & Resorts, Inc., REIT		846,912
				8,409,307
		Industrial-8.16%
	18,955	Encore Wire Corp.		1,066,787
	12,140	Generac Holdings, Inc.*		951,048
	47,755	Milacron Holdings Corp.*		796,076
	36,910	Modine Manufacturing Co.*		419,667
				3,233,578
		Technology-20.74%
	32,445	Blucora, Inc.*		702,110

Shares			Value
		Technology (continued)
	2,000	Cabot Microelectronics Corp.	$	282,420
	27,683	Deluxe Corp.		1,360,896
	78,260	Innoviva, Inc.*		824,860
	12,790	Integer Holdings Corp.*		966,412
	42,090	KEMET Corp.		765,196
	32,945	Nova Measuring Instruments, Ltd.*		1,046,663
	19,000	Sykes Enterprises, Inc.*		582,160
	9,550	SYNNEX Corp.		1,078,195
	36,510	Vishay Intertechnology, Inc.		618,114
				8,227,026
		Utilities-8.34%
	9,300	IDACORP, Inc.		1,047,831
	22,940	PNM Resources, Inc.		1,194,715
	18,910	Portland General Electric Co.		1,065,957
				3,308,503
TOTAL COMMON STOCKS
(Cost $34,897,890)				38,631,620

Shares		Value
SHORT TERM INVESTMENTS-2.71%
	Mutual Fund-2.71%
1,076,289	First American Treasury Obligations Fund, Class X, 7-Day Yield 1.869%		1,076,289
TOTAL SHORT TERM INVESTMENTS
(Cost $1,076,289)			1,076,289
TOTAL INVESTMENT SECURITIES-100.04%
(Cost $35,974,179)			39,707,909
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS-(0.04)%			(15,121	)
NET ASSETS-100.00%		$	39,692,788

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

^* Non-income producing security.

See Notes to Quarterly Schedule of Investments.

JAMES MICRO CAP FUND

SCHEDULE OF INVESTMENTS

September 30, 2019 (Unaudited)

Shares or Principal Amount			Value
COMMON STOCKS-96.11%
		Basic Materials-3.34%
	41,440	Mercer International, Inc.	$	519,658
	16,645	Schnitzer Steel Industries, Inc., Class A		343,886
				863,544
		Consumer, Cyclical-19.82%
	34,280	Century Communities, Inc.*		1,049,996
	22,875	Haverty Furniture Cos., Inc.		463,676
	29,210	M/I Homes, Inc.*		1,099,756
	22,811	Patrick Industries, Inc.*		978,136
	31,220	Stoneridge, Inc.*		966,883
	60,375	Tilly's, Inc., Class A		569,940
				5,128,387
		Consumer, Non-cyclical-16.44%
	23,615	Heidrick & Struggles International, Inc.		644,689
	12,740	Ingles Markets, Inc., Class A		495,076
	10,017	John B Sanfilippo & Son, Inc.		967,642
	30,635	Lantheus Holdings, Inc.*		767,866
	18,450	PetIQ, Inc.*		502,947
	25,325	TrueBlue, Inc.*		534,358
	12,940	Village Super Market, Inc., Class A		342,263
				4,254,841
		Energy-4.10%
	223,430	Denbury Resources, Inc.*		265,882
	181,515	W&T Offshore, Inc.*		793,221
				1,059,103
		Financial-28.79%
	52,800	Ares Commercial Real Estate Corp., REIT		804,144
	44,835	Enova International, Inc.*		930,326
	67,725	EZCORP, Inc., Class A*		437,165
	8,595	Federal Agricultural Mortgage Corp., Class C		701,868
	14,305	LGI Homes, Inc.*		1,191,893
	56,010	OFG Bancorp		1,226,619
	9,990	Piper Jaffray Cos.		754,045
	17,865	SP Plus Corp.*		661,005
	24,615	Universal Insurance Holdings, Inc.		738,204
				7,445,269
		Industrial-12.85%
	12,020	ArcBest Corp.		366,009
	8,215	Argan, Inc.		322,767
	25,740	CAI International, Inc.*		560,360
	9,410	Encore Wire Corp.		529,595
	7,105	NACCO Industries, Inc., Class A		454,081

Shares or Principal Amount			Value
		Industrial (continued)
	26,745	Vectrus, Inc.*	$	1,087,184
				3,319,996
		Technology-10.77%
	94,290	ACCO Brands Corp.		930,642
	21,405	Nova Measuring Instruments, Ltd.*		680,037
	30,213	PC Connection, Inc.		1,175,286
				2,785,965
TOTAL COMMON STOCKS
(Cost $20,332,197)				24,857,105

Shares or Principal Amount			Value
U.S. TREASURY BONDS & NOTES-1.93%
		U.S. Treasury Notes-1.93%
$	500,000	1.000%, 11/30/19		499,136
TOTAL U.S. TREASURY BONDS & NOTES
(Cost $498,887)				499,136

Shares or Principal Amount		Value
SHORT TERM INVESTMENTS-5.55%
	Mutual Fund-5.55%
1,436,484	First American Treasury Obligations Fund, Class X, 7-Day Yield 1.869%		1,436,484
TOTAL SHORT TERM INVESTMENTS
(Cost $1,436,484)			1,436,484
TOTAL INVESTMENT SECURITIES-103.59%
(Cost $22,267,568)			26,792,725
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS-(3.59)%			(927,970	)
NET ASSETS-100.00%		$	25,864,755

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

^* Non-income producing security.

See Notes to Quarterly Schedule of Investments.

JAMES AGGRESSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

September 30, 2019 (Unaudited)

Shares or Principal Amount			Value
COMMON STOCKS-70.66%
		Basic Materials-6.27%
	2,675	Celanese Corp.	$	327,126
	27,300	Cleveland-Cliffs, Inc.		197,106
	2,975	Eastman Chemical Co.		219,644
	8,675	Goodyear Tire & Rubber Co.		124,963
	2,375	International Paper Co.		99,322
	6,025	Newmont Mining Corp.		228,468
	5,225	Nucor Corp.		266,005
				1,462,634
		Consumer, Cyclical-12.14%
	3,950	Asbury Automotive Group, Inc.*		404,203
	3,300	Best Buy Co., Inc.		227,667
	3,600	CVS Health Corp.		227,052
	1,625	Deckers Outdoor Corp.*		239,460
	3,650	Delta Air Lines, Inc.		210,240
	7,425	General Motors Co.		278,289
	5,250	Lennar Corp., Class A		293,213
	3,125	SkyWest, Inc.		179,375
	2,250	Target Corp.		240,548
	7,600	Viacom, Inc., Class B		182,628
	2,950	Walmart, Inc.		350,106
				2,832,781
		Consumer, Non-cyclical-9.76%
	775	Anthem, Inc.		186,077
	2,700	FTI Consulting, Inc.*		286,173
	800	Humana, Inc.		204,536
	9,300	Kroger Co.		239,754
	3,125	Medtronic PLC		339,438
	2,675	Merck & Co., Inc.		225,182
	2,750	National HealthCare Corp.		225,088
	2,800	Procter & Gamble Co.		348,264
	2,550	Tyson Foods, Inc., Class A		219,657
				2,274,169
		Energy-5.11%
	1,850	Chevron Corp.		219,410
	2,700	ConocoPhillips		153,846
	3,000	Exxon Mobil Corp.		211,830
	2,525	Phillips 66		258,560
	1,725	Royal Dutch Shell PLC, Class A, Sponsored ADR		101,516
	2,900	Valero Energy Corp.		247,196
				1,192,358
		Financial-11.93%
	4,125	Aflac, Inc.		215,820
	2,800	Air Lease Corp.		117,096
	3,200	Allstate Corp.		347,776
	2,200	American Financial Group, Inc.		237,270
	2,225	CBRE Group, Inc., Class A*		117,947
	17,125	Chimera Investment Corp., REIT		334,965
	1,700	Globe Life, Inc.		162,792
	1,150	Goldman Sachs Group, Inc.		238,314
	2,000	iShares Cohen & Steers Realty Majors Index Fund		240,040
	2,100	JPMorgan Chase & Co.		247,149

Shares or Principal Amount			Value
		Financial (continued)
	6,150	Ladder Capital Corp., REIT	$	106,211
	8,500	Regions Financial Corp.		134,470
	1,875	Travelers Cos., Inc.		278,794
				2,778,644
		Industrial-4.41%
	3,025	AGCO Corp.		228,992
	1,650	Lear Corp.		194,535
	4,650	Magna International, Inc.		247,985
	4,500	TriMas Corp.*		137,925
	1,775	United Rentals, Inc.*		221,236
				1,030,673
		Technology-13.79%
	1,250	Amgen, Inc.		241,887
	1,125	Apple, Inc.		251,966
	1,550	Arrow Electronics, Inc.*		115,599
	5,000	Cisco Systems, Inc.		247,050
	1,375	Incyte Corp.*		102,066
	5,875	Intel Corp.		302,739
	5,000	KEMET Corp.		90,900
	900	Lockheed Martin Corp.		351,054
	2,100	Microsoft Corp.		291,963
	1,675	Motorola Solutions, Inc.		285,437
	725	Northrop Grumman Corp.		271,723
	8,300	Sykes Enterprises, Inc.*		254,312
	1,650	Visa, Inc., Class A		283,817
	2,100	Western Digital Corp.		125,244
				3,215,757
		Utilities-7.25%
	8,475	AES Corp.		138,481
	2,950	Ameren Corp.		236,147
	3,700	American Electric Power Co., Inc.		346,653
	6,875	AT&T, Inc.		260,150
	3,000	Entergy Corp.		352,080
	5,200	FirstEnergy Corp.		250,796
	1,750	Verizon Communications, Inc.		105,630
				1,689,937
TOTAL COMMON STOCKS
(Cost $15,427,731)				16,476,953

Shares or Principal Amount		Value
EXCHANGE TRADED FUNDS-0.25%
1,400	iShares MSCI Emerging Markets ETF		57,218
TOTAL EXCHANGE TRADED FUNDS
(Cost $61,880)			57,218

Shares or Principal Amount			Value
CORPORATE BONDS-1.50%
		Industrial-0.22%
$	50,000	General Electric Co., 2.700%, 10/9/22		50,129
		Technology-1.28%
	250,000	International Business Machines Corp., 1.625%, 5/15/20		249,520

Shares or Principal Amount				Value
		Technology (continued)
$	50,000	Microsoft Corp., 1.850%, 2/6/20	$	49,976
				299,496
TOTAL CORPORATE BONDS
(Cost $348,718)				349,625

Shares or Principal Amount			Value
U.S. GOVERNMENT AGENCIES-4.29%
		Federal Farm Credit Banks-4.29%
$	1,000,000	2.370%, 7/3/23		1,000,031
TOTAL U.S. GOVERNMENT AGENCIES
	(Cost $1,000,000)			1,000,031

Shares or Principal Amount			Value
U.S. TREASURY BONDS & NOTES-19.55%
		U.S. Treasury Bonds-10.94%
$	250,000	2.625%, 11/15/20		252,227
	1,400,000	2.625%, 2/15/29		1,515,609
	600,000	2.750%, 11/15/47		680,133
	100,000	2.250%, 8/15/49		102,949
				2,550,918
		U.S. Treasury Notes-7.51%
	250,000	1.375%, 12/15/19		249,737
	500,000	3.500%, 5/15/20		505,039
	1,000,000	1.375%, 9/15/20		996,289
				1,751,065
		United States Treasury Inflation Indexed Bonds-1.10%
	256,120	0.625%, 7/15/21		257,088
TOTAL U.S. TREASURY BONDS & NOTES
(Cost $4,387,503)				4,559,071

Shares or Principal Amount		Value
SHORT TERM INVESTMENTS-3.61%
	Mutual Fund-1.46%
340,947	First American Treasury Obligations Fund, Class X, 7-Day Yield 1.869%		340,947
	U.S. Treasury Bill-2.15%
500,000	United States Treasury Bill, 2.276%, 10/3/2019(a)		499,954
TOTAL SHORT TERM INVESTMENTS
(Cost $840,883)			840,901
TOTAL INVESTMENT SECURITIES-99.86%
(Cost $22,066,715)			23,283,799
OTHER ASSETS IN EXCESS OF LIABILITIES-0.14%			33,324
NET ASSETS-100.00%		$	23,317,123

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

*	Non-income producing security.
(a)	Rate shown represents the bond equivalent yield to maturity at date of purchase.

See Notes to Quarterly Schedule of Investments.

James Advantage Funds	Notes to Quarterly Schedule of Investments
	September 30, 2019 (Unaudited)

1. ORGANIZATION

James Advantage Funds (the “Trust”) is an open-end management investment company that was organized as an Ohio business trust on August 29, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Micro Cap Fund and James Aggressive Allocation Fund are each a diversified series of the Trust (individually a “Fund,” collectively the “Funds”). Each class of James Balanced: Golden Rainbow Fund represents an interest in the same portfolio of investments and has the same rights, but differs primarily in distribution fees and shareholder features. The Retail Class shares are subject to distribution (12b-1) fees but have a lower minimum investment requirement and offer certain shareholder services not available to Institutional Class shareholders. The Institutional Class shares are not subject to distribution (12b-1) fees and are available only through investment advisers and bank trust departments that have made arrangements for shares of all of their clients investing in the Fund to be held in an omnibus account (as well as other investors that are approved by management of the Trust).

James Balanced: Golden Rainbow Fund seeks to provide total return through a combination of growth and income and preservation of capital in declining markets. The James Balanced: Golden Rainbow Fund seeks to achieve its objective by investing primarily in common stocks and/or debt securities that the Fund’s adviser, James Investment Research, Inc. (“James” or the “Adviser”), believes are undervalued.

James Small Cap Fund seeks to provide long-term capital appreciation. The James Small Cap Fund seeks to achieve its objective by investing primarily in common stocks of small capitalization companies. The Adviser defines small capitalization as those companies with market capitalizations at the time of purchase no larger than the stocks in the James Small Cap Fund’s benchmark, the Russell 2000^® Index.

James Micro Cap Fund seeks to provide long-term capital appreciation. The James Micro Cap Fund seeks to achieve its objective by investing primarily in common stocks of micro capitalization companies. Micro capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the Russell Microcap^® Index, including exchange traded funds (“ETFs”) that invest primarily in such securities.

James Aggressive Allocation Fund seeks to provide total return through a combination of growth and income. Preservation of capital in declining markets is a secondary objective. The James Aggressive Allocation Fund will generally run equity allocations of 60% or higher and, therefore, could be more volatile than a more conservative fund that holds a smaller percentage of its assets in stocks. Due to its aggressive nature, the James Aggressive Allocation Fund will generally have a turnover ratio much higher than the James Balanced: Golden Rainbow Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Funds are considered an investment company for financial reporting purposes under U.S. GAAP.

Share Valuation

The net asset value per share of each Fund, other than the James Balanced: Golden Rainbow Fund, is calculated daily by dividing the total value of the Fund’s assets, less liabilities, by the number of shares outstanding. The net asset value per share of each class of shares of the James Balanced: Golden Rainbow Fund is calculated daily by dividing the total value of the Fund’s assets attributable to that class, less liabilities attributable to that class, by the number of outstanding shares of that class. The offering price and redemption price per share is equal to the net asset value per share, except that shares of the James Micro Cap Fund are subject to a redemption fee of 2% if redeemed within 180 days of purchase.

Securities Valuation

Securities are valued at fair value. The Funds' portfolio securities, including short positions, are valued as of the close of the New York Stock Exchange (“NYSE”) (generally, 4:00 p.m., Eastern Time) on each day that the NYSE is open for business. Equity securities that are traded on any exchange, including closed-end funds and exchange-traded funds, are valued at the last quoted sale price on the exchange or market in which such securities are principally traded. Lacking a last sale price, a security is valued at its last bid price except when, in James’ opinion, the last bid price does not accurately reflect the current value of the security. Securities that are traded on the NASDAQ^® over-the-counter market are valued at their NASDAQ^® Official Closing Price (“NOCP”) for all NASDAQ^® National Market (“NNM”) and NASDAQ^® Capital Market^® securities. When market quotations are not readily available, if an event occurs after the close of the trading market (but before the time as of which a Fund calculates its net asset value) that materially affects a security’s value, when James determines that the market quotation does not accurately reflect the current value or when a non-144A restricted security is being valued, that security will be valued at its fair value as determined in good faith in conformity with guidelines adopted by and subject to review of the Board of Trustees (the “Board”). Corporate bonds, U.S. government agencies, U.S. Treasury bonds and notes, foreign, and municipal bonds are generally valued at the mean between the closing bid and asked prices provided by an independent pricing service. The pricing services generally use market models that consider trade data, yields, spreads, quotations from dealers and active market makers, credit worthiness, market information of comparable securities, and other relevant security specific information. Asset backed/commercial mortgage backed securities are generally valued at the mean between the closing bid and asked prices provided by an independent pricing service. The pricing service generally uses models that consider trade data, prepayment, and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities or when prices are not readily available from a pricing service, those securities will be priced at fair value as determined in good faith by the Adviser. Shares of open-end investment companies are valued at net asset value.

Notes to Quarterly Schedule of Investments	James Advantage Funds
September 30, 2019 (Unaudited)

For valuation purposes, quotations of foreign securities in a foreign currency are converted to U.S. dollar equivalents at the time of pricing the Funds. The values of foreign portfolio securities are generally based upon market quotations which, depending upon the exchange or market, may be last sale price, last bid price or the average of the last bid and asked prices as of, in each case, the close of the appropriate exchange or another designated time.

In accordance with the Trust’s good faith pricing guidelines, James is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount that the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings, (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers), or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 - Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; or

Level 3 - Significant unobservable prices or inputs (including a Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

James Advantage Funds	Notes to Quarterly Schedule of Investments
	September 30, 2019 (Unaudited)

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2019:

James Balanced: Golden Rainbow Fund
		Valuation Inputs
Investments in Securities at Value*		Level 1		Level 2		Level 3		Total
Common Stocks	$	421,020,711	$	–	$	–	$	421,020,711
Exchange Traded Funds		4,239,672		–		–		4,239,672
Corporate Bonds		–		80,401,308		–		80,401,308
Municipal Bonds		–		30,041,736		–		30,041,736
U.S. Government Agencies		–		98,381,567		–		98,381,567
Mortgage Backed Securities		–		30,061,469		–		30,061,469
U.S. Treasury Bonds & Notes		274,068,843		–		–		274,068,843
Foreign Bonds		–		7,308,394		–		7,308,394
Short Term Investments		6,570,945		–		–		6,570,945
Total	$	705,900,171	$	246,194,47	$	–	$	952,094,645

James Small Cap Fund
		Valuation Inputs
Investments in Securities at Value*		Level 1		Level 2		Level 3		Total
Common Stocks	$	38,631,620	$	–	$	–	$	38,631,620
Short Term Investments		1,076,289		–		–		1,076,289
Total	$	39,707,909	$	–	$	–	$	39,707,909

James Micro Cap Fund
		Valuation Inputs
Investments in Securities at Value*		Level 1		Level 2		Level 3		Total
Common Stocks	$	24,857,105	$	–	$	–	$	24,857,105
U.S. Treasury Bonds & Notes		499,136		–		–		499,136
Short Term Investments		1,436,484		–		–		1,436,484
Total	$	26,792,725	$	–	$	–	$	26,792,725

James Aggressive Allocation Fund
		Valuation Inputs
Investments in Securities at Value*		Level 1		Level 2		Level 3		Total
Common Stocks	$	16,476,953	$	–	$	–	$	16,476,953
Exchange Traded Funds		57,218		–		–		57,218
Corporate Bonds		–		349,625		–		349,625
U.S. Government Agencies		–		1,000,031		–		1,000,031
U.S. Treasury Bonds & Notes		4,559,071		–		–		4,559,071
Short Term Investments		840,901		–		–		840,901
Total	$	21,934,143	$	1,349,656	$	–	$	23,283,799

* For detailed descriptions of sector and industry, see the accompanying Schedule of Investments.

Investment Transactions

Investment transactions are recorded on a trade date basis. Gains and losses are determined using the specific identification method, which liquidates all losses first, before any gains. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. Any securities so purchased are subject to market fluctuation during this period. The Funds will instruct its custodian to segregate assets in a separate account with a current value at least equal to the amount of its when-issued and delayed delivery purchase commitments. As of September 30, 2019, the Funds did not hold when-issued securities or delayed delivery purchase commitments.

Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.

Notes to Quarterly Schedule of Investments	James Advantage Funds
September 30, 2019 (Unaudited)

Foreign Currency Translation

The market value of investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate, provided by WM Reuters, at the close of each business day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.

Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized and between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities at the reporting period, resulting from changes in the exchange rate. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

3. LINE OF CREDIT

Each Fund has a revolving line of credit agreement with U.S. Bank, N.A. (the “Bank”). Borrowings under these arrangements are secured by investments held in the Funds’ portfolios as notated on the Schedules of Investments and bear interest at the Bank’s prime rate. For the three months ended September 30, 2019, the Funds did not utilize their line of credit. Each Fund’s line of credit agreement expired on July 9, 2019 and was renewed for one year. The terms of the agreements can be characterized as follows:

Fund	Maximum Balance Available		Interest Rate	Expiration Date
James Balanced: Golden Rainbow Fund	$	40,000,000	Prime Rate*	July 8, 2020
James Small Cap Fund	$	2,000,000	Prime Rate*	July 8, 2020
James Micro Cap Fund	$	1,250,000	Prime Rate*	July 8, 2020
James Aggressive Allocation Fund	$	500,000	Prime Rate*	July 8, 2020

* The rate at which the Bank announces its prime lending rate.