| JAMES BALANCED: GOLDEN RAINBOW FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2024 (Unaudited) |
| COMMON STOCKS - 52.7% | Shares | Value | ||||||
| Communication Services - 3.8% | ||||||||
| Alphabet, Inc. - Class A (a) | 69,000 | $ | 10,414,170 | |||||
| Meta Platforms, Inc. - Class A | 7,372 | 3,579,696 | ||||||
| T-Mobile US, Inc. | 15,000 | 2,448,300 | ||||||
| 16,442,166 | ||||||||
| Consumer Discretionary - 6.2% | ||||||||
| Amazon.com, Inc. (a) | 31,310 | 5,647,698 | ||||||
| Boot Barn Holdings, Inc. (a) | 4,567 | 434,550 | ||||||
| Deckers Outdoor Corporation (a) | 1,800 | 1,694,268 | ||||||
| Home Depot, Inc. (The) | 16,000 | 6,137,599 | ||||||
| Installed Building Products, Inc. | 5,071 | 1,312,020 | ||||||
| M/I Homes, Inc. (a) | 20,189 | 2,751,559 | ||||||
| McDonald’s Corporation | 19,800 | 5,582,610 | ||||||
| Oxford Industries, Inc. | 9,000 | 1,011,600 | ||||||
| TJX Companies, Inc. (The) | 15,000 | 1,521,300 | ||||||
| Winmark Corporation | 1,401 | 506,742 | ||||||
| 26,599,946 | ||||||||
| Consumer Staples - 3.9% | ||||||||
| Casey’s General Stores, Inc. | 2,500 | 796,125 | ||||||
| Nestlé S.A. - ADR | 16,300 | 1,731,060 | ||||||
| PepsiCo, Inc. | 6,050 | 1,058,811 | ||||||
| Procter & Gamble Company (The) | 31,100 | 5,045,975 | ||||||
| Sysco Corporation | 35,125 | 2,851,448 | ||||||
| Walmart, Inc. | 90,000 | 5,415,299 | ||||||
| 16,898,718 | ||||||||
| Energy - 2.3% | ||||||||
| Chevron Corporation | 25,000 | 3,943,500 | ||||||
| ConocoPhillips | 9,076 | 1,155,193 | ||||||
| Exxon Mobil Corporation | 11,375 | 1,322,230 | ||||||
| Matador Resources Company | 8,059 | 538,099 | ||||||
| Petroleo Brasileiro S.A. - ADR | 14,723 | 223,937 | ||||||
| Pioneer Natural Resources Company | 1,821 | 478,013 | ||||||
| Shell plc - ADR | 10,600 | 710,624 | ||||||
| Valero Energy Corporation | 10,032 | 1,712,362 | ||||||
| 10,083,958 | ||||||||
| JAMES BALANCED: GOLDEN RAINBOW FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 52.7% (Continued) | Shares | Value | ||||||
| Financials - 5.8% | ||||||||
| Arthur J. Gallagher & Company | 9,295 | $ | 2,324,121 | |||||
| Bancorp, Inc. (The) (a) | 29,488 | 986,668 | ||||||
| Berkshire Hathaway, Inc. - Class B (a) | 7,007 | 2,946,584 | ||||||
| BlackRock, Inc. | 2,642 | 2,202,636 | ||||||
| Enova International, Inc. (a) | 49,844 | 3,131,699 | ||||||
| Goldman Sachs Group, Inc. (The) | 4,377 | 1,828,229 | ||||||
| JPMorgan Chase & Company | 30,926 | 6,194,477 | ||||||
| LPL Financial Holdings, Inc. | 5,000 | 1,321,000 | ||||||
| MGIC Investment Corporation | 31,967 | 714,782 | ||||||
| Nelnet, Inc. - Class A | 15,000 | 1,419,750 | ||||||
| Primerica, Inc. | 2,086 | 527,675 | ||||||
| Regions Financial Corporation | 65,499 | 1,378,099 | ||||||
| 24,975,720 | ||||||||
| Health Care - 6.9% | ||||||||
| Abbott Laboratories | 19,650 | 2,233,419 | ||||||
| AbbVie, Inc. | 14,792 | 2,693,623 | ||||||
| AstraZeneca plc - ADR | 52,456 | 3,553,894 | ||||||
| Cigna Group (The) | 2,439 | 885,820 | ||||||
| Danaher Corporation | 9,000 | 2,247,480 | ||||||
| Elevance Health, Inc. | 4,282 | 2,220,388 | ||||||
| Eli Lilly & Company | 7,809 | 6,075,089 | ||||||
| Johnson & Johnson | 14,030 | 2,219,406 | ||||||
| Novo Nordisk A/S - ADR | 3,757 | 482,399 | ||||||
| Thermo Fisher Scientific, Inc. | 5,000 | 2,906,050 | ||||||
| UnitedHealth Group, Inc. | 7,621 | 3,770,109 | ||||||
| Zoetis, Inc. | 2,550 | 431,486 | ||||||
| 29,719,163 | ||||||||
| Industrials - 5.8% | ||||||||
| ABB Ltd. - ADR | 34,656 | 1,606,652 | ||||||
| Caterpillar, Inc. | 10,762 | 3,943,520 | ||||||
| Deere & Company | 8,500 | 3,491,290 | ||||||
| Eaton Corporation plc | 19,768 | 6,181,057 | ||||||
| Encore Wire Corporation | 4,283 | 1,125,487 | ||||||
| Generac Holdings, Inc. (a) | 2,492 | 314,341 | ||||||
| Lockheed Martin Corporation | 2,220 | 1,009,811 | ||||||
| Northrop Grumman Corporation | 2,740 | 1,311,529 | ||||||
| JAMES BALANCED: GOLDEN RAINBOW FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 52.7% (Continued) | Shares | Value | ||||||
| Industrials - 5.8% (Continued) | ||||||||
| Schneider Electric SE - ADR | 14,004 | $ | 634,381 | |||||
| Union Pacific Corporation | 8,562 | 2,105,653 | ||||||
| United Rentals, Inc. | 4,500 | 3,244,995 | ||||||
| 24,968,716 | ||||||||
| Information Technology - 14.6% | ||||||||
| Accenture plc - Class A | 7,000 | 2,426,270 | ||||||
| Apple, Inc. | 53,473 | 9,169,550 | ||||||
| ASML Holding N.V. | 2,632 | 2,554,277 | ||||||
| Broadcom, Inc. | 2,221 | 2,943,736 | ||||||
| Cisco Systems, Inc. | 23,171 | 1,156,465 | ||||||
| Insight Enterprises, Inc. (a) | 25,000 | 4,638,000 | ||||||
| Jabil, Inc. | 26,500 | 3,549,675 | ||||||
| Mastercard, Inc. - Class A | 9,000 | 4,334,130 | ||||||
| Microsoft Corporation | 40,075 | 16,860,354 | ||||||
| Nova Ltd. (a) | 22,432 | 3,978,988 | ||||||
| NVIDIA Corporation | 11,386 | 10,287,935 | ||||||
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 3,534 | 480,801 | ||||||
| Vishay Intertechnology, Inc. | 30,833 | 699,292 | ||||||
| 63,079,473 | ||||||||
| Materials - 0.8% | ||||||||
| Avery Dennison Corporation | 8,000 | 1,786,000 | ||||||
| Linde plc | 1,757 | 815,810 | ||||||
| Nucor Corporation | 3,698 | 731,834 | ||||||
| 3,333,644 | ||||||||
| Real Estate - 1.0% | ||||||||
| American Tower Corporation | 5,050 | 997,830 | ||||||
| CBRE Group, Inc. - Class A (a) | 14,100 | 1,371,084 | ||||||
| Prologis, Inc. | 16,000 | 2,083,520 | ||||||
| 4,452,434 | ||||||||
| Utilities - 1.6% | ||||||||
| American Electric Power Company, Inc. | 26,994 | 2,324,183 | ||||||
| Iberdrola S.A. - ADR | 22,276 | 1,110,459 | ||||||
| NextEra Energy, Inc. | 21,384 | 1,366,651 | ||||||
| JAMES BALANCED: GOLDEN RAINBOW FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 52.7% (Continued) | Shares | Value | ||||||
| Utilities - 1.6% (Continued) | ||||||||
| Sempra | 28,231 | $ | 2,027,833 | |||||
| 6,829,126 | ||||||||
| Total Common Stocks (Cost $127,446,877) | $ | 227,383,064 | ||||||
| EXCHANGE-TRADED FUNDS - 4.7% | Shares | Value | ||||||
| Consumer Discretionary Select Sector SPDR® Fund | 17,300 | $ | 3,181,297 | |||||
| iShares Gold Trust (a) | 209,455 | 8,799,205 | ||||||
| iShares Russell 2000 ETF | 30,000 | 6,309,000 | ||||||
| Technology Select Sector SPDR® Fund | 8,512 | 1,772,794 | ||||||
| Total Exchange-Traded Funds (Cost $13,720,182) | $ | 20,062,296 | ||||||
| CORPORATE BONDS - 8.5% | Par Value | Value | ||||||
| Communication Services - 0.7% | ||||||||
| AT&T, Inc., 2.950%, due 07/15/26 | $ | 1,000,000 | $ | 952,547 | ||||
| Comcast Corporation, 5.350%, due 11/15/27 | 2,000,000 | 2,038,141 | ||||||
| 2,990,688 | ||||||||
| Consumer Discretionary - 0.2% | ||||||||
| Ross Stores, Inc., 4.700%, due 04/15/27 | 1,000,000 | 988,752 | ||||||
| Consumer Staples - 0.8% | ||||||||
| Tyson Foods, Inc., 4.000%, due 03/01/26 | 1,500,000 | 1,463,353 | ||||||
| Walmart, Inc., 5.250%, due 09/01/35 | 2,000,000 | 2,098,233 | ||||||
| 3,561,586 | ||||||||
| Energy - 0.2% | ||||||||
| BP Capital Markets America, Inc., 4.234%, due 11/06/28 | 1,000,000 | 978,639 | ||||||
| Financials - 2.6% | ||||||||
| Bank of America Corporation, | ||||||||
| 1.250%, due 09/24/26 | 2,000,000 | 1,803,381 | ||||||
| 5.000%, due 06/22/27 | 1,000,000 | 977,393 | ||||||
| Bank of Montreal, 2.000%, due 12/22/26 | 2,500,000 | 2,255,129 | ||||||
| Citigroup, Inc., 3.875%, due 03/26/25 | 2,000,000 | 1,965,835 | ||||||
| Goldman Sachs Group, Inc. (The), 3.500%, due 04/01/25 | 1,000,000 | 981,068 | ||||||
| JAMES BALANCED: GOLDEN RAINBOW FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| CORPORATE BONDS - 8.5% (Continued) | Par Value | Value | ||||||
| Financials - 2.6% (Continued) | ||||||||
| Royal Bank of Canada, 5.848%, due 02/14/25 | $ | 1,000,000 | $ | 1,003,034 | ||||
| State Street Corporation, 5.272%, due 08/03/26 | 2,000,000 | 2,010,790 | ||||||
| 10,996,630 | ||||||||
| Health Care - 1.0% | ||||||||
| Johnson & Johnson, 1.300%, due 09/01/30 | 5,000,000 | 4,135,990 | ||||||
| Industrials - 0.3% | ||||||||
| Caterpillar, Inc., 8.250%, due 12/15/38 | 1,000,000 | 1,303,195 | ||||||
| Information Technology - 2.3% | ||||||||
| Apple, Inc., 2.050%, due 09/11/26 | 2,500,000 | 2,346,679 | ||||||
| Automatic Data Processing, Inc., 1.250%, due 09/01/30 | 2,000,000 | 1,634,066 | ||||||
| Intel Corporation, 2.875%, due 05/11/24 | 5,000,000 | 4,983,910 | ||||||
| PayPal Holdings, Inc., 2.650%, due 10/01/26 | 1,000,000 | 943,952 | ||||||
| 9,908,607 | ||||||||
| Materials - 0.2% | ||||||||
| Air Products & Chemicals, Inc., 4.850%, due 02/08/34 | 1,000,000 | 989,361 | ||||||
| Utilities - 0.2% | ||||||||
| Kentucky Utilities Company, 5.125%, due 11/01/40 | 1,000,000 | 961,072 | ||||||
| Total Corporate Bonds (Cost $38,809,529) | $ | 36,814,520 | ||||||
| MUNICIPAL BONDS - 1.7% | Par Value | Value | ||||||
| Ohio - 1.7% | ||||||||
| Beavercreek Ohio City School District | ||||||||
| Series 2015, 3.250%, due 12/01/36 (Cost $7,409,584) | $ | 7,450,000 | $ | 7,245,973 | ||||
| U.S. GOVERNMENT & AGENCIES - 8.0% | Par Value | Value | ||||||
| Federal Farm Credit Bank - 1.7% | ||||||||
| 0.670%, due 08/04/25 | $ | 2,000,000 | $ | 1,889,518 | ||||
| 2.750%, due 11/06/26 | 5,725,000 | 5,472,053 | ||||||
| 7,361,571 | ||||||||
| JAMES BALANCED: GOLDEN RAINBOW FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| U.S. GOVERNMENT & AGENCIES - 8.0% (Continued) | Par Value | Value | ||||||
| Federal Home Loan Bank - 3.0% | ||||||||
| 3.650%, due 07/19/24 | $ | 1,000,000 | $ | 995,199 | ||||
| 3.000%, due 12/30/24 | 1,000,000 | 985,030 | ||||||
| 3.125%, due 04/29/25 | 2,500,000 | 2,450,082 | ||||||
| 4.050%, due 07/28/25 | 2,000,000 | 1,976,810 | ||||||
| 0.580%, due 09/11/25 | 2,000,000 | 1,880,122 | ||||||
| 1.020%, due 09/17/26 | 2,500,000 | 2,285,545 | ||||||
| 0.850%, due 10/15/27 | 2,500,000 | 2,209,296 | ||||||
| 12,782,084 | ||||||||
| Federal Home Loan Mortgage Corporation - 0.5% | ||||||||
| 3.125%, due 06/28/24 | 2,000,000 | 1,988,926 | ||||||
| Federal National Mortgage Association - 2.8% | ||||||||
| 3.500%, due 09/01/33 | 2,886,726 | 2,743,402 | ||||||
| 3.500%, due 05/25/47 | 250,843 | 237,477 | ||||||
| 2.500%, due 01/01/57 | 11,190,429 | 9,250,852 | ||||||
| 12,231,731 | ||||||||
| Total U.S. Government & Agencies (Cost $37,165,712) | $ | 34,364,312 | ||||||
| U.S. TREASURY OBLIGATIONS - 22.9% | Par Value | Value | ||||||
| U.S. Treasury Bills (b) - 0.2% | ||||||||
| 5.445%, due 09/05/24 | $ | 1,000,000 | $ | 977,675 | ||||
| U.S. Treasury Bonds - 4.0% | ||||||||
| 5.500%, due 08/15/28 | 5,000,000 | 5,247,266 | ||||||
| 3.625%, due 02/15/44 | 7,000,000 | 6,211,133 | ||||||
| 4.250%, due 02/15/54 | 6,000,000 | 5,900,625 | ||||||
| 17,359,024 | ||||||||
| U.S. Treasury Notes - 18.7% | ||||||||
| 2.000%, due 06/30/24 | 2,000,000 | 1,983,099 | ||||||
| 4.500%, due 11/30/24 | 30,000,000 | 29,855,859 | ||||||
| JAMES BALANCED: GOLDEN RAINBOW FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| U.S. TREASURY OBLIGATIONS - 22.9% (Continued) | Par Value | Value | ||||||
| U.S. Treasury Notes - 18.7% (Continued) | ||||||||
| 5.000%, due 09/30/25 | $ | 5,000,000 | $ | 5,012,305 | ||||
| 2.375%, due 05/15/27 | 15,000,000 | 14,115,234 | ||||||
| 3.125%, due 11/15/28 | 30,000,000 | 28,573,828 | ||||||
| 4.125%, due 11/15/32 | 1,000,000 | 993,164 | ||||||
| 80,533,489 | ||||||||
| Total U.S. Treasury Obligations (Cost $100,270,579) | $ | 98,870,188 | ||||||
| MONEY MARKET FUNDS - 1.4% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class X, 5.22% (c) (Cost $5,910,465) | 5,910,465 | $ | 5,910,465 | |||||
| Total Investments at Value - 99.9% (Cost $330,732,928) | $ | 430,650,818 | ||||||
| Other Assets in Excess of Liabilities - 0.1% | 515,227 | |||||||
| Net Assets - 100.0% | $ | 431,166,045 | ||||||
| (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 March 31, 2024. |
ADR - American Depositary Receipt.
| JAMES SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2024 (Unaudited) |
| COMMON STOCKS - 95.3% | Shares | Value | ||||||
| Consumer Discretionary - 14.4% | ||||||||
| Beazer Homes USA, Inc. (a) | 10,013 | $ | 328,426 | |||||
| Boot Barn Holdings, Inc. (a) | 4,647 | 442,162 | ||||||
| Boyd Gaming Corporation | 3,895 | 262,211 | ||||||
| Brinker International, Inc. (a) | 22,182 | 1,102,002 | ||||||
| Deckers Outdoor Corporation (a) | 1,437 | 1,352,591 | ||||||
| M/I Homes, Inc. (a) | 2,458 | 335,001 | ||||||
| Marriott Vacations Worldwide Corporation | 2,670 | 287,639 | ||||||
| Oxford Industries, Inc. | 3,040 | 341,696 | ||||||
| Patrick Industries, Inc. | 6,190 | 739,519 | ||||||
| Winmark Corporation | 1,921 | 694,826 | ||||||
| YETI Holdings, Inc. (a) | 8,692 | 335,077 | ||||||
| 6,221,150 | ||||||||
| Consumer Staples - 3.8% | ||||||||
| Andersons, Inc. (The) | 5,993 | 343,818 | ||||||
| Casey’s General Stores, Inc. | 699 | 222,597 | ||||||
| Coca-Cola Consolidated, Inc. | 960 | 812,554 | ||||||
| Ingles Markets, Inc. - Class A | 3,455 | 264,929 | ||||||
| 1,643,898 | ||||||||
| Energy - 5.0% | ||||||||
| Chord Energy Corporation | 1,480 | 263,795 | ||||||
| HF Sinclair Corporation | 8,907 | 537,716 | ||||||
| Magnolia Oil & Gas Corporation - Class A | 19,100 | 495,645 | ||||||
| Matador Resources Company | 6,600 | 440,682 | ||||||
| Par Pacific Holdings, Inc. (a) | 5,439 | 201,569 | ||||||
| SilverBow Resources, Inc. (a) | 6,166 | 210,507 | ||||||
| 2,149,914 | ||||||||
| Financials - 25.1% | ||||||||
| American Equity Investment Life Holding Company (a) | 9,397 | 528,299 | ||||||
| American Financial Group, Inc. | 2,630 | 358,942 | ||||||
| Assured Guaranty Ltd. | 10,300 | 898,676 | ||||||
| Axos Financial, Inc. (a) | 6,132 | 331,373 | ||||||
| Bancorp, Inc. (The) (a) | 7,299 | 244,225 | ||||||
| Enova International, Inc. (a) | 17,830 | 1,120,259 | ||||||
| Evercore, Inc. - Class A | 6,730 | 1,296,130 | ||||||
| EZCORP, Inc. - Class A (a) | 33,000 | 373,890 | ||||||
| JAMES SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 95.3% (Continued) | Shares | Value | ||||||
| Financials - 25.1% (Continued) | ||||||||
| Federated Hermes, Inc. | 7,149 | $ | 258,222 | |||||
| First BanCorporation | 47,750 | 837,534 | ||||||
| Houlihan Lokey, Inc. | 6,300 | 807,597 | ||||||
| LPL Financial Holdings, Inc. | 1,313 | 346,895 | ||||||
| MGIC Investment Corporation | 37,900 | 847,444 | ||||||
| Piper Sandler Companies | 6,085 | 1,207,812 | ||||||
| Radian Group, Inc. | 26,798 | 896,929 | ||||||
| SouthState Corporation | 5,620 | 477,869 | ||||||
| 10,832,096 | ||||||||
| Health Care - 7.6% | ||||||||
| AMN Healthcare Services, Inc. (a) | 3,900 | 243,789 | ||||||
| Corcept Therapeutics, Inc. (a) | 18,033 | 454,251 | ||||||
| Dynavax Technologies Corporation (a) | 46,770 | 580,416 | ||||||
| Innoviva, Inc. (a) | 35,600 | 542,544 | ||||||
| Integer Holdings Corporation (a) | 4,878 | 569,165 | ||||||
| National HealthCare Corporation | 3,545 | 335,038 | ||||||
| Option Care Health, Inc. (a) | 10,500 | 352,170 | ||||||
| Varex Imaging Corporation (a) | 11,600 | 209,960 | ||||||
| 3,287,333 | ||||||||
| Industrials - 13.3% | ||||||||
| Allegiant Travel Company | 4,605 | 346,342 | ||||||
| Boise Cascade Company | 4,976 | 763,169 | ||||||
| Encore Wire Corporation | 6,285 | 1,651,573 | ||||||
| FTI Consulting, Inc. (a) | 5,420 | 1,139,772 | ||||||
| Generac Holdings, Inc. (a) | 4,288 | 540,888 | ||||||
| Hillenbrand, Inc. | 13,136 | 660,609 | ||||||
| WESCO International, Inc. | 3,556 | 609,072 | ||||||
| 5,711,425 | ||||||||
| Information Technology - 9.5% | ||||||||
| Avnet, Inc. | 8,250 | 409,035 | ||||||
| Axcelis Technologies, Inc. (a) | 2,947 | 328,649 | ||||||
| Concentrix Corporation | 2,500 | 165,550 | ||||||
| Insight Enterprises, Inc. (a) | 3,605 | 668,800 | ||||||
| Nova Ltd. (a) | 3,000 | 532,140 | ||||||
| PC Connection, Inc. | 17,500 | 1,153,775 | ||||||
| Progress Software Corporation | 5,935 | 316,395 | ||||||
| JAMES SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 95.3% (Continued) | Shares | Value | ||||||
| Information Technology - 9.5% (Continued) | ||||||||
| TD SYNNEX Corporation | 1,100 | $ | 124,410 | |||||
| Vishay Intertechnology, Inc. | 17,551 | 398,057 | ||||||
| 4,096,811 | ||||||||
| Materials - 6.5% | ||||||||
| Cleveland-Cliffs, Inc. (a) | 24,575 | 558,835 | ||||||
| Graphic Packaging Holding Company | 15,189 | 443,215 | ||||||
| Innospec, Inc. | 5,286 | 681,577 | ||||||
| Radius Recycling, Inc. - Class A | 13,820 | 292,017 | ||||||
| Warrior Met Coal, Inc. | 13,785 | 836,749 | ||||||
| 2,812,393 | ||||||||
| Real Estate - 7.1% | ||||||||
| Agree Realty Corporation | 6,505 | 371,566 | ||||||
| DigitalBridge Group, Inc. | 21,865 | 421,339 | ||||||
| Healthcare Realty Trust, Inc. | 8,000 | 113,200 | ||||||
| Healthpeak Properties, Inc. | 14,154 | 265,388 | ||||||
| LXP Industrial Trust | 58,560 | 528,210 | ||||||
| National Storage Affiliates Trust | 10,974 | 429,742 | ||||||
| Sabra Health Care REIT, Inc. | 10,000 | 147,700 | ||||||
| STAG Industrial, Inc. | 6,000 | 230,640 | ||||||
| Terreno Realty Corporation | 4,200 | 278,880 | ||||||
| Xenia Hotel & Resorts, Inc. | 16,940 | 254,269 | ||||||
| 3,040,934 | ||||||||
| Utilities - 3.0% | ||||||||
| IDACORP, Inc. | 3,753 | 348,616 | ||||||
| Otter Tail Corporation | 5,935 | 512,784 | ||||||
| Portland General Electric Company | 10,455 | 439,110 | ||||||
| 1,300,510 | ||||||||
| Total Common Stocks (Cost $26,156,558) | $ | 41,096,464 | ||||||
| U.S. TREASURY OBLIGATIONS - 2.3% | Par Value | Value | ||||||
| U.S. Treasury Bills (b) - 2.3% | ||||||||
| 4.917%, due 10/03/24 (Cost $975,878) | $ | 1,000,000 | $ | 974,157 | ||||
| JAMES SMALL CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| MONEY MARKET FUNDS - 2.5% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class X, 5.22% (c) (Cost $1,092,493) | 1,092,493 | $ | 1,092,493 | |||||
| Total Investments at Value - 100.1% (Cost $28,224,929) | $ | 43,163,114 | ||||||
| Liabilities in Excess of Other Assets - (0.1%) | (39,584 | ) | ||||||
| Net Assets - 100.0% | $ | 43,123,530 | ||||||
| (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 March 31, 2024. |
| JAMES MICRO CAP FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2024 (Unaudited) |
| COMMON STOCKS - 99.4% | Shares | Value | ||||||
| Consumer Discretionary - 12.9% | ||||||||
| Caleres, Inc. | 2,845 | $ | 116,730 | |||||
| Century Communities, Inc. | 4,662 | 449,883 | ||||||
| Haverty Furniture Companies, Inc. | 13,509 | 460,927 | ||||||
| Hibbett, Inc. | 1,164 | 89,407 | ||||||
| Hovnanian Enterprises, Inc. - Class A (a) | 900 | 141,246 | ||||||
| M/I Homes, Inc. (a) | 4,097 | 558,380 | ||||||
| MarineMax, Inc. (a) | 5,750 | 191,245 | ||||||
| Modine Manufacturing Company (a) | 4,078 | 388,185 | ||||||
| Patrick Industries, Inc. | 4,044 | 483,136 | ||||||
| Shoe Carnival, Inc. | 12,950 | 474,489 | ||||||
| Standard Motor Products, Inc. | 5,625 | 188,719 | ||||||
| Zumiez, Inc. (a) | 4,568 | 69,388 | ||||||
| 3,611,735 | ||||||||
| Consumer Staples - 5.1% | ||||||||
| Central Garden & Pet Company - Class A (a) | 16,385 | 604,934 | ||||||
| Ingles Markets, Inc. - Class A | 10,714 | 821,550 | ||||||
| 1,426,484 | ||||||||
| Energy - 5.7% | ||||||||
| Civitas Resources, Inc. | 7,254 | 550,651 | ||||||
| Dorian LPG Ltd. | 19,032 | 731,970 | ||||||
| Vital Energy, Inc. (a) | 5,814 | 305,468 | ||||||
| 1,588,089 | ||||||||
| Financials - 26.1% | ||||||||
| Banco Latinoamericano de Comercio Exterior S.A. - Class E | 3,372 | 99,879 | ||||||
| Bancorp, Inc. (The) (a) | 6,900 | 230,874 | ||||||
| Donnelley Financial Solutions, Inc. (a) | 16,726 | 1,037,179 | ||||||
| Enova International, Inc. (a) | 16,099 | 1,011,500 | ||||||
| Federal Agricultural Mortgage Corporation - Class C | 5,967 | 1,174,784 | ||||||
| Investar Holding Corporation | 8,542 | 139,747 | ||||||
| Merchants Bancorp | 23,196 | 1,001,603 | ||||||
| National Western Life Group, Inc. - Class A | 192 | 94,456 | ||||||
| Nelnet, Inc. - Class A | 5,646 | 534,394 | ||||||
| OFG Bancorp | 25,456 | 937,035 | ||||||
| Piper Sandler Companies | 4,690 | 930,918 | ||||||
| JAMES MICRO CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
| Financials - 26.1% (Continued) | ||||||||
| Skyward Specialty Insurance Group, Inc. (a) | 2,632 | $ | 98,463 | |||||
| 7,290,832 | ||||||||
| Health Care - 10.8% | ||||||||
| Artivion, Inc. (a) | 6,753 | 142,893 | ||||||
| Cartesian Therapeutics, Inc. (a) | 94,737 | 947 | ||||||
| Dynavax Technologies Corporation (a) | 11,764 | 145,991 | ||||||
| Innoviva, Inc. (a) | 20,082 | 306,050 | ||||||
| Integer Holdings Corporation (a) | 6,396 | 746,285 | ||||||
| iRadimed Corporation | 2,400 | 105,576 | ||||||
| iTeos Therapeutics, Inc. (a) | 3,964 | 54,069 | ||||||
| Kiniksa Pharmaceuticals, Ltd. - Class A (a) | 6,909 | 136,315 | ||||||
| LeMaitre Vascular, Inc. | 2,165 | 143,669 | ||||||
| OraSure Technologies, Inc. (a) | 9,526 | 58,585 | ||||||
| Pennant Group, Inc. (The) (a) | 5,582 | 109,574 | ||||||
| PetIQ, Inc. (a) | 3,617 | 66,119 | ||||||
| Semler Scientific, Inc. (a) | 2,765 | 80,766 | ||||||
| SIGA Technologies, Inc. | 52,400 | 448,544 | ||||||
| Tactile Systems Technology, Inc. (a) | 4,236 | 68,835 | ||||||
| UFP Technologies, Inc. (a) | 1,193 | 300,875 | ||||||
| Zymeworks, Inc. (a) | 10,578 | 111,281 | ||||||
| 3,026,374 | ||||||||
| Industrials - 15.3% | ||||||||
| ACCO Brands Corporation | 74,997 | 420,733 | ||||||
| Acme United Corporation | 2,095 | 98,444 | ||||||
| ArcBest Corporation | 5,285 | 753,113 | ||||||
| Boise Cascade Company | 2,500 | 383,425 | ||||||
| Columbus McKinnon Corporation | 2,198 | 98,097 | ||||||
| CRA International, Inc. | 3,384 | 506,178 | ||||||
| Cross Country Healthcare, Inc. (a) | 4,213 | 78,867 | ||||||
| Genco Shipping & Trading Ltd. | 8,000 | 162,640 | ||||||
| GEO Group, Inc. (The) (a) | 7,691 | 108,597 | ||||||
| Heidrick & Struggles International, Inc. | 3,400 | 114,444 | ||||||
| Insteel Industries, Inc. | 3,500 | 133,770 | ||||||
| Kforce, Inc. | 2,400 | 169,248 | ||||||
| Northwest Pipe Company (a) | 3,394 | 117,704 | ||||||
| Powell Industries, Inc. | 389 | 55,355 | ||||||
| JAMES MICRO CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
| Industrials - 15.3% (Continued) | ||||||||
| Quanex Building Products Corporation | 3,890 | $ | 149,493 | |||||
| Shyft Group, Inc. (The) | 6,336 | 78,693 | ||||||
| Sterling Infrastructure, Inc. (a) | 604 | 66,627 | ||||||
| Transcat, Inc. (a) | 2,200 | 245,146 | ||||||
| V2X, Inc. (a) | 6,950 | 324,635 | ||||||
| Wabash National Corporation | 7,214 | 215,987 | ||||||
| 4,281,196 | ||||||||
| Information Technology - 16.5% | ||||||||
| Cohu, Inc. (a) | 8,022 | 267,373 | ||||||
| ePlus, Inc. (a) | 4,600 | 361,284 | ||||||
| Insight Enterprises, Inc. (a) | 4,631 | 859,143 | ||||||
| Nova Ltd. (a) | 7,543 | 1,337,978 | ||||||
| PC Connection, Inc. | 12,184 | 803,291 | ||||||
| Photronics, Inc. (a) | 22,198 | 628,647 | ||||||
| ScanSource, Inc. (a) | 3,090 | 136,084 | ||||||
| Vishay Precision Group, Inc. (a) | 6,384 | 225,547 | ||||||
| 4,619,347 | ||||||||
| Materials - 5.1% | ||||||||
| Haynes International, Inc. | 2,510 | 150,901 | ||||||
| Innospec, Inc. | 2,821 | 363,740 | ||||||
| Radius Recycling, Inc. - Class A | 13,227 | 279,487 | ||||||
| United States Lime & Minerals, Inc. | 2,070 | 617,149 | ||||||
| 1,411,277 | ||||||||
| Real Estate - 1.3% | ||||||||
| PotlatchDeltic Corporation | 7,517 | 353,449 | ||||||
| Utilities - 0.6% | ||||||||
| Clearway Energy, Inc. - Class C | 7,332 | 169,003 | ||||||
| Total Common Stocks (Cost $16,070,268) | $ | 27,777,786 | ||||||
| JAMES MICRO CAP FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| MONEY MARKET FUNDS - 0.6% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class X, 5.22% (b) (Cost $168,793) | 168,793 | $ | 168,793 | |||||
| Total Investments at Value - 100.0% (Cost $16,239,061) | $ | 27,946,579 | ||||||
| Other Assets in Excess of Liabilities - 0.0% (c) | 11,438 | |||||||
| Net Assets - 100.0% | $ | 27,958,017 | ||||||
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of March 31, 2024. |
| (c) | Percentage rounds to less than 0.1%. |
| JAMES AGGRESSIVE ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS |
| March 31, 2024 (Unaudited) |
| COMMON STOCKS - 81.7% | Shares | Value | ||||||
| Communication Services - 8.3% | ||||||||
| Alphabet, Inc. - Class A (a) | 4,675 | $ | 705,598 | |||||
| Comcast Corporation - Class A | 3,645 | 158,011 | ||||||
| Meta Platforms, Inc. - Class A | 1,200 | 582,696 | ||||||
| T-Mobile US, Inc. | 2,300 | 375,406 | ||||||
| Walt Disney Company (The) | 1,425 | 174,363 | ||||||
| 1,996,074 | ||||||||
| Consumer Discretionary - 9.2% | ||||||||
| Best Buy Company, Inc. | 1,815 | 148,884 | ||||||
| Crocs, Inc. (a) | 2,200 | 316,360 | ||||||
| Deckers Outdoor Corporation (a) | 700 | 658,882 | ||||||
| Home Depot, Inc. (The) | 700 | 268,520 | ||||||
| M/I Homes, Inc. (a) | 1,725 | 235,100 | ||||||
| McDonald’s Corporation | 1,000 | 281,950 | ||||||
| Tractor Supply Company | 1,205 | 315,373 | ||||||
| 2,225,069 | ||||||||
| Consumer Staples - 3.9% | ||||||||
| Lamb Weston Holdings, Inc. | 1,500 | 159,795 | ||||||
| PepsiCo, Inc. | 1,100 | 192,511 | ||||||
| Procter & Gamble Company (The) | 1,700 | 275,825 | ||||||
| Walmart, Inc. | 5,100 | 306,867 | ||||||
| 934,998 | ||||||||
| Energy - 5.2% | ||||||||
| Cheniere Energy, Inc. | 845 | 136,282 | ||||||
| Chevron Corporation | 2,000 | 315,480 | ||||||
| Matador Resources Company | 5,000 | 333,850 | ||||||
| Petroleo Brasileiro S.A. - ADR | 20,000 | 304,200 | ||||||
| Valero Energy Corporation | 1,000 | 170,690 | ||||||
| 1,260,502 | ||||||||
| Financials - 9.5% | ||||||||
| Bancorp, Inc. (The) (a) | 4,900 | 163,954 | ||||||
| BlackRock, Inc. | 500 | 416,849 | ||||||
| Charles Schwab Corporation (The) | 3,000 | 217,020 | ||||||
| Enova International, Inc. (a) | 8,485 | 533,113 | ||||||
| Goldman Sachs Group, Inc. (The) | 855 | 357,125 | ||||||
| JPMorgan Chase & Company | 2,000 | 400,600 | ||||||
| JAMES AGGRESSIVE ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 81.7% (Continued) | Shares | Value | ||||||
| Financials - 9.5% (Continued) | ||||||||
| Primerica, Inc. | 800 | $ | 202,368 | |||||
| 2,291,029 | ||||||||
| Health Care - 11.3% | ||||||||
| Abbott Laboratories | 2,625 | 298,358 | ||||||
| AbbVie, Inc. | 1,250 | 227,625 | ||||||
| AstraZeneca plc - ADR | 4,000 | 271,000 | ||||||
| Cigna Group (The) | 800 | 290,552 | ||||||
| Danaher Corporation | 825 | 206,019 | ||||||
| Eli Lilly & Company | 525 | 408,428 | ||||||
| Johnson & Johnson | 1,295 | 204,856 | ||||||
| Novo Nordisk A/S - ADR | 2,000 | 256,800 | ||||||
| UnitedHealth Group, Inc. | 610 | 301,767 | ||||||
| Zoetis, Inc. | 1,595 | 269,890 | ||||||
| 2,735,295 | ||||||||
| Industrials - 7.0% | ||||||||
| ABB Ltd. - ADR | 3,500 | 162,260 | ||||||
| Caterpillar, Inc. | 800 | 293,144 | ||||||
| Deere & Company | 435 | 178,672 | ||||||
| Eaton Corporation plc | 1,175 | 367,398 | ||||||
| Encore Wire Corporation | 1,000 | 262,780 | ||||||
| Lockheed Martin Corporation | 415 | 188,771 | ||||||
| Union Pacific Corporation | 850 | 209,041 | ||||||
| Veralto Corporation | 275 | 24,382 | ||||||
| 1,686,448 | ||||||||
| Information Technology - 20.0% | ||||||||
| Accenture plc - Class A | 465 | 161,174 | ||||||
| Apple, Inc. | 3,275 | 561,597 | ||||||
| ASML Holding N.V. | 600 | 582,282 | ||||||
| Broadcom, Inc. | 300 | 397,623 | ||||||
| Cadence Design Systems, Inc. (a) | 1,975 | 614,778 | ||||||
| Cisco Systems, Inc. | 1,500 | 74,865 | ||||||
| Insight Enterprises, Inc. (a) | 250 | 46,380 | ||||||
| Jabil, Inc. | 1,800 | 241,110 | ||||||
| Mastercard, Inc. - Class A | 735 | 353,954 | ||||||
| Microsoft Corporation | 1,650 | 694,188 | ||||||
| JAMES AGGRESSIVE ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 81.7% (Continued) | Shares | Value | ||||||
| Information Technology - 20.0% (Continued) | ||||||||
| NVIDIA Corporation | 1,200 | $ | 1,084,271 | |||||
| 4,812,222 | ||||||||
| Materials - 2.7% | ||||||||
| CF Industries Holdings, Inc. | 500 | 41,605 | ||||||
| James Hardie Industries plc - ADR (a) | 6,800 | 275,128 | ||||||
| Linde plc | 400 | 185,728 | ||||||
| Nucor Corporation | 700 | 138,530 | ||||||
| 640,991 | ||||||||
| Real Estate - 2.5% | ||||||||
| Digital Realty Trust, Inc. | 1,500 | 216,060 | ||||||
| Prologis, Inc. | 2,905 | 378,289 | ||||||
| 594,349 | ||||||||
| Utilities - 2.1% | ||||||||
| American Water Works Company, Inc. | 750 | 91,658 | ||||||
| Iberdrola S.A. - ADR | 2,000 | 99,700 | ||||||
| NextEra Energy, Inc. | 3,480 | 222,406 | ||||||
| Sempra | 1,220 | 87,633 | ||||||
| 501,397 | ||||||||
| Total Common Stocks (Cost $12,620,899) | $ | 19,678,374 | ||||||
| CORPORATE BONDS - 5.6% | Par Value | Value | ||||||
| Consumer Discretionary - 1.8% | ||||||||
| Starbucks Corporation, 2.550%, due 11/15/30 | $ | 500,000 | $ | 433,322 | ||||
| Financials - 2.2% | ||||||||
| Bank of Montreal, 2.000%, due 12/22/26 | 200,000 | 180,410 | ||||||
| Citigroup, Inc., 3.875%, due 03/26/25 | 250,000 | 245,730 | ||||||
| State Street Corporation, 5.272%, due 08/03/26 | 100,000 | 100,539 | ||||||
| 526,679 | ||||||||
| Health Care - 0.9% | ||||||||
| AstraZeneca plc, 0.700%, due 04/08/26 | 250,000 | 229,935 | ||||||
| JAMES AGGRESSIVE ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| CORPORATE BONDS - 5.6% (Continued) | Par Value | Value | ||||||
| Information Technology - 0.7% | ||||||||
| Automatic Data Processing, Inc., 1.250%, due 09/01/30 | $ | 200,000 | $ | 163,407 | ||||
| Total Corporate Bonds (Cost $1,502,376) | $ | 1,353,343 | ||||||
| U.S. GOVERNMENT & AGENCIES - 5.3% | Par Value | Value | ||||||
| Federal Farm Credit Bank - 2.0% | ||||||||
| 0.670%, due 08/04/25 | $ | 500,000 | $ | 472,379 | ||||
| Federal Home Loan Bank - 0.4% | ||||||||
| 3.650%, due 07/19/24 | 100,000 | 99,520 | ||||||
| Federal Home Loan Mortgage Corporation - 1.0% | ||||||||
| 3.125%, due 06/28/24 | 250,000 | 248,616 | ||||||
| Federal National Mortgage Association - 1.9% | ||||||||
| 0.560%, due 10/22/25 | 500,000 | 467,377 | ||||||
| Total U.S. Government & Agencies (Cost $1,350,000) | $ | 1,287,892 | ||||||
| U.S. TREASURY OBLIGATIONS - 5.7% | Par Value | Value | ||||||
| U.S. Treasury Bills (b) - 1.0% | ||||||||
| 5.385%, due 08/08/24 | $ | 250,000 | $ | 245,410 | ||||
| U.S. Treasury Bonds - 2.1% | ||||||||
| 2.250%, due 08/15/49 | 750,000 | 500,127 | ||||||
| U.S. Treasury Notes - 2.6% | ||||||||
| 1.125%, due 02/28/25 | 400,000 | 385,973 | ||||||
| 2.625%, due 02/15/29 | 250,000 | 232,236 | ||||||
| 618,209 | ||||||||
| Total U.S. Treasury Obligations (Cost $1,386,424) | $ | 1,363,746 | ||||||
| JAMES AGGRESSIVE ALLOCATION FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| MONEY MARKET FUNDS - 1.6% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class X, 5.22% (c) (Cost $387,488) | 387,488 | $ | 387,488 | |||||
| Total Investments at Value - 99.9% (Cost $17,247,187) | $ | 24,070,843 | ||||||
| Other Assets in Excess of Liabilities - 0.1% | 14,610 | |||||||
| Net Assets - 100.0% | $ | 24,085,453 | ||||||
| (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 March 31, 2024. |
ADR - American Depositary Receipt.