0001752724-23-273996.txt : 20231129 0001752724-23-273996.hdr.sgml : 20231129 20231129150314 ACCESSION NUMBER: 0001752724-23-273996 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231129 DATE AS OF CHANGE: 20231129 PERIOD START: 20240630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JAMES ADVANTAGE FUNDS CENTRAL INDEX KEY: 0001045487 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08411 FILM NUMBER: 231451560 BUSINESS ADDRESS: STREET 1: 1349 FAIRGROUND RD CITY: BEAVERCREEK STATE: OH ZIP: 45385 BUSINESS PHONE: 9374267640 MAIL ADDRESS: STREET 1: 1349 FAIRGROUND RD CITY: BEAVERCREEK STATE: OH ZIP: 45385 FORMER COMPANY: FORMER CONFORMED NAME: JAMES FUNDS DATE OF NAME CHANGE: 19970904 0001045487 S000029269 JAMES MICRO CAP FUND C000090023 JAMES MICRO CAP FUND JMCRX NPORT-P 1 primary_doc.xml NPORT-P false 0001045487 XXXXXXXX S000029269 C000090023 JAMES ADVANTAGE FUNDS 811-08411 0001045487 549300426TIVT528ZP40 225 Pictoria Drive, Suite 450 Cincinnati 45246 513-587-3400 JAMES MICRO CAP FUND S000029269 54930055PPLE24Z31O86 2024-06-30 2023-09-30 N 23029055.74 31025.32 22998030.42 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0 N Utah Medical Products Inc. 5493002R27BBGV8DID60 Utah Medical Products, Inc. 917488108 4200.00000000 NS USD 361200.00000000 1.570569276601 Long EC CORP US N 1 N N N Cohu Inc 529900FJPORJ3JJ2XS33 Cohu, Inc. 192576106 8022.00000000 NS USD 276277.68000000 1.201310177239 Long EC CORP US N 1 N N N Arcbest Corporation 5493006S3KBNE8ZS3J23 ArcBest Corporation 03937C105 5285.00000000 NS USD 537220.25000000 2.335940253095 Long EC CORP US N 1 N N N Innospec Inc 213800SQBACNY5IWJO68 Innospec, Inc. 45768S105 4000.00000000 NS USD 408800.00000000 1.777543522355 Long EC CORP US N 1 N N N Potlatchdeltic Corp. 54930084YA8UJOTXDM59 PotlatchDeltic Corporation REIT 737630103 7517.00000000 NS USD 341196.63000000 1.483590654368 Long EC CORP US N 1 N N N Shyft Group Inc. 549300YY0TB51BGRV994 Shyft Group, Inc. (The) 825698103 6336.00000000 NS USD 94849.92000000 0.412426274197 Long EC CORP US N 1 N N N Patrick Inds Inc 549300FZ5ZTCCJ3Z5W14 Patrick Industries, Inc. 703343103 4044.00000000 NS USD 303542.64000000 1.319863633783 Long EC CORP US N 1 N N N Integer Holdings Corporation 549300SUD2ED5XG6X569 Integer Holdings Corporation 45826H109 6396.00000000 NS USD 501638.28000000 2.181222786642 Long EC CORP US N 1 N N N PC Connection Inc. 5299005WPRNIXDV2KM73 PC Connection, Inc. 69318J100 12184.00000000 NS USD 650381.92000000 2.827989650080 Long EC CORP US N 1 N N N Century Communities Inc 5299002QMB2O7ZL1CA26 Century Communities, Inc. 156504300 4662.00000000 NS USD 311328.36000000 1.353717489343 Long EC CORP US N 1 N N N Donnelley Financial Solutions Inc 549300O1NPY4J56QCU04 Donnelley Financial Solutions, Inc. 25787G100 20288.00000000 NS USD 1141808.64000000 4.964810547459 Long EC CORP US N 1 N N N M/I Homes Inc. 5299005M71FH9CCSFB69 M/I Homes, Inc. 55305B101 4742.00000000 NS USD 398517.68000000 1.732833954569 Long EC CORP US N 1 N N N Nelnet Inc. 549300T6B0Q52I6OM558 Nelnet, Inc. Class A 64031N108 5646.00000000 NS USD 504300.72000000 2.192799604097 Long EC CORP US N 1 N N N Marinemax Inc 254900TIXTN8WY3FNN63 MarineMax, Inc. 567908108 5750.00000000 NS USD 188715.00000000 0.820570268643 Long EC CORP US N 1 N N N Standard Motor Products, Inc. THGK1EO5B5HK0JHQVZ90 Standard Motor Products, Inc. 853666105 5625.00000000 NS USD 189112.50000000 0.822298677523 Long EC CORP US N 1 N N N United States Treasury Bills 254900HROIFWPRGM1V77 U.S. Treasury Bill 0.000%, Due 01/25/2024 912796ZY8 900000.00000000 PA USD 884757.47000000 3.847101051012 Long DBT UST US N 2 2024-01-25 None 0.00000000 N N N N N N Schnitzer Steel Industries Inc. 549300F62TK8VRDSM285 Schnitzer Steel Industries, Inc. Class A 806882106 18045.00000000 NS USD 502553.25000000 2.185201257769 Long EC CORP US N 1 N N N Selecta Biosciences Inc. 529900NMN0LACZOL7C43 Selecta Biosciences, Inc. 816212104 94737.00000000 NS USD 100421.22000000 0.436651392167 Long EC CORP US N 1 N N N Vishay Precision Group Inc. N/A Vishay Precision Group, Inc. 92835K103 6384.00000000 NS USD 214374.72000000 0.932143823123 Long EC CORP US N 1 N N N Iradimed Corp. 549300YVHWP0YJ1YW816 Iradimed Corporation 46266A109 2400.00000000 NS USD 106488.00000000 0.463030955500 Long EC CORP US N 1 N N N Civitas Resources Inc IIVIHPH28S64K95M2381 Civitas Resources, Inc. 17888H103 7254.00000000 NS USD 586630.98000000 2.550787912211 Long EC CORP US N 1 N N N Transcat Inc. 54930081E40TSSHUOS40 TRANSCAT, INC. 893529107 2200.00000000 NS USD 215534.00000000 0.937184602610 Long EC CORP US N 1 N N N ACCO Brands Corporation JCT8P4Y190IH4I1NX328 ACCO Brands Corporation 00081T108 74997.00000000 NS USD 430482.78000000 1.871824552530 Long EC CORP US N 1 N N N Federal Agricultural Mortgage Corporation 549300MS654K78GYF580 Federal Agricultural Mortgage Corporation 313148306 6912.00000000 NS USD 1066521.60000000 4.637447557563 Long EC USGA US N 1 N N N Vital Energy Inc 549300X0PTWU2QSLSL14 Vital Energy, Inc. 516806205 5814.00000000 NS USD 322211.88000000 1.401041194031 Long EC CORP US N 1 N N N ITeos Therapeutics Inc. N/A Anika Therapeutics, Inc. 46565G104 3964.00000000 NS USD 43405.80000000 0.188737031855 Long EC CORP US N 1 N N N Piper Sandler Companies QUQDBTUSOAKFEVMRMF78 Piper Sandler Companies 724078100 4960.00000000 NS USD 720737.60000000 3.133910108116 Long EC CORP US N 1 N N N Heidrick & Struggles International Inc 5493006284N2J367VB57 Heidrick & Struggles International, Inc. 422819102 3400.00000000 NS USD 85068.00000000 0.369892544911 Long EC CORP US N 1 N N N Central Garden & Pet Company 5493004DVZLD37DJ0H83 Central Garden & Pet Company Class A Non-Voting 153527205 13108.00000000 NS USD 525499.72000000 2.284977062831 Long EC CORP US N 1 N N N Merchants Bancorp. (Indiana) 5493003V2R4M1JXKDE59 Merchants Bancorp 58844R108 25704.00000000 NS USD 712514.88000000 3.098156089837 Long EC CORP US N 1 N N N Enova International Inc. 549300O8XOCQSB49UO63 Enova International, Inc. 29357K103 17016.00000000 NS USD 865603.92000000 3.763817614778 Long EC CORP US N 1 N N N Photronics Inc. 549300OK5JVNIBNY6F63 Photronics, Inc. 719405102 22198.00000000 NS USD 448621.58000000 1.950695654397 Long EC CORP US N 1 N N N Eplus Inc 529900FFY8AAFJ21NE91 ePlus, Inc. 294268107 4600.00000000 NS USD 292192.00000000 1.270508798639 Long EC CORP US N 1 N N N OFG Bancorp 549300Q4QEXJ37LEXQ06 OFG Bancorp 67103X102 25456.00000000 NS USD 760116.16000000 3.305135901285 Long EC CORP US N 1 N N N Insteel Industries Inc. 52990026LKY4MOX3L174 Insteel Industries, Inc. 45774W108 3500.00000000 NS USD 113610.00000000 0.493998824791 Long EC CORP US N 1 N N N Boise Cascade Co N/A Boise Cascade Company 09739D100 2500.00000000 NS USD 257600.00000000 1.120095918196 Long EC CORP US N 1 N N N Dorian LPG Ltd. 549300WP1W2WGMC7F395 DORIAN LPG LTD. Y2106R110 19032.00000000 NS USD 546789.36000000 2.377548642271 Long EC CORP US N 1 N N N Shoe Carnival Inc N/A Shoe Carnival, Inc. 824889109 12950.00000000 NS USD 311188.50000000 1.353109350309 Long EC CORP US N 1 N N N KforceCom Inc 5493003RDQQDVXY2SK46 Kforce, Inc. 493732101 2400.00000000 NS USD 143184.00000000 0.622592445462 Long EC CORP US N 1 N N N Cross Country Healthcare Inc. 54930037L0NBIPZ5S663 Cross Country Healthcare, Inc. 227483104 4213.00000000 NS USD 104440.27000000 0.454127019108 Long EC CORP US N 1 N N N Insight Enterprises Inc. 529900S8991TYW6YP792 Insight Enterprises, Inc. 45765U103 5663.00000000 NS USD 823966.50000000 3.582769850080 Long EC CORP US N 1 N N N Ingles Markets, Incorporated 549300XH5RYBMYP8TF26 Ingles Markets, Inc. Class A 457030104 10714.00000000 NS USD 807085.62000000 3.509368433994 Long EC CORP US N 1 N N N CRA International Inc. N/A CRA International, Inc. 12618T105 3384.00000000 NS USD 340971.84000000 1.482613222841 Long EC CORP US N 1 N N N Genco Shipping & Trading Ltd. 5493003MBZ5GU8QHXZ58 GENCO SHIPPING & TRADE LTD. Y2685T131 8000.00000000 NS USD 111920.00000000 0.486650369427 Long EC CORP US N 1 N N N Bancorp Inc N/A Bancorp, Inc. (The) 05969A105 6900.00000000 NS USD 238050.00000000 1.035088638690 Long EC CORP US N 1 N N N Kiniksa Pharmaceuticals Ltd. N/A Kiniksa Pharmaceuticals, Ltd. G5269C101 6909.00000000 NS USD 120009.33000000 0.521824381515 Long EC CORP US N 1 N N N Innoviva Inc 549300ACOX4QTBES6535 Innoviva, Inc. 45781M101 40082.00000000 NS USD 520665.18000000 2.263955523544 Long EC CORP US N 1 N N N Haverty Furniture Cos Inc 529900CVFMMIRXZVPD70 Haverty Furniture Companies, Inc. 419596101 21134.00000000 NS USD 608236.52000000 2.644733087538 Long EC CORP US N 1 N N N Eagle Pharmaceuticals Inc 549300TN20OLYTJVP152 Eagle Pharmaceuticals, Inc. 269796108 1650.00000000 NS USD 26020.50000000 0.113142297513 Long EC CORP US N 1 N N N Nova Ltd 529900B2DSWE5V3SC292 Nova Measuring Instruments Ltd. M7516K103 9143.00000000 NS USD 1028038.92000000 4.470117228412 Long EC CORP US N 1 N N N Heritage-Crystal Clean Inc. N/A Heritage-Crystal Clean, Inc. 42726M106 5000.00000000 NS USD 226750.00000000 0.985953996316 Long EC CORP US N 1 N N N V2X Inc N/A V2X, Inc. 92242T101 6950.00000000 NS USD 359037.00000000 1.561164123375 Long EC CORP US N 1 N N N First American Funds Inc. 549300J5J5SJCZ9IA369 First American Treasury Obligations Fund Class X 31846V328 310490.15000000 PA USD 310490.15000000 1.350072785928 Long STIV RF US N 1 N N N Clearway Energy Inc 549300LHAZ9HA9G3XC48 Clearway Energy, Inc. 18539C204 7332.00000000 NS USD 155145.12000000 0.674601768789 Long EC CORP US N 1 N N N Zumiez Inc. 549300J0PDF58P6HZD25 Zumiez, Inc. 989817101 4568.00000000 NS USD 81310.40000000 0.353553754452 Long EC CORP US N 1 N N N United States Lime & Minerals Inc. 549300VGDEEG8RT7VC89 United States Lime & Minerals, Inc. 911922102 2070.00000000 NS USD 416070.00000000 1.809154925015 Long EC CORP US N 1 N N N SIGA Technologies Inc. N/A SIGA TECHNOLOGIES, INC. 826917106 52400.00000000 NS USD 275100.00000000 1.196189390900 Long EC CORP US N 1 N N N 2023-11-28 Lesley Ott Lesley Ott Lesley Ott Chief Compliance Officer XXXX NPORT-EX 2 353_20230930.htm SOI

 

JAMES BALANCED: GOLDEN RAINBOW FUND
SCHEDULE OF INVESTMENTS
September 30, 2023 (Unaudited)
 
COMMON STOCKS - 46.9% Shares Value
Communication Services - 3.3%
Alphabet, Inc. - Class A (a) 72,807   $ 9,527,524  
Meta Platforms, Inc. - Class A (a) 6,372   1,912,938  
T-Mobile US, Inc. (a) 15,000   2,100,750  
    13,541,212  
Consumer Discretionary - 5.0%
Amazon.com, Inc. (a) 31,310   3,980,127  
Capri Holdings Ltd. (a) 7,000   368,270  
Deckers Outdoor Corporation (a) 1,300   668,317  
Home Depot, Inc. (The) 16,000   4,834,560  
Installed Building Products, Inc. 3,800   474,582  
M/I Homes, Inc. (a) 20,189   1,696,684  
McDonald's Corporation 23,800   6,269,872  
Oxford Industries, Inc. 9,000   865,170  
TJX Companies, Inc. (The) 15,000   1,333,200  
    20,490,782  
Consumer Staples - 3.7%
Casey's General Stores, Inc. 2,000   543,040  
Nestlé S.A. - ADR 16,300   1,844,671  
PepsiCo, Inc. 6,050   1,025,112  
Procter & Gamble Company (The) 31,100   4,536,246  
Sysco Corporation 35,125   2,320,006  
Walmart, Inc. 30,000   4,797,900  
    15,066,975  
Energy - 2.8%
Chevron Corporation 37,320   6,292,897  
ConocoPhillips 11,615   1,391,477  
Exxon Mobil Corporation 11,375   1,337,473  
Matador Resources Company 8,059   479,349  
Pioneer Natural Resources Company 1,821   418,011  
Valero Energy Corporation 10,032   1,421,635  
    11,340,842  
Financials - 5.5%
Arthur J. Gallagher & Company 12,488   2,846,390  
Bancorp, Inc. (The) (a) 22,100   762,450  
Berkshire Hathaway, Inc. - Class B (a) 7,007   2,454,552  
 
 

 

JAMES BALANCED: GOLDEN RAINBOW FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 46.9% (Continued) Shares Value
Financials - 5.5% (Continued)
BlackRock, Inc. 2,519   $ 1,628,508  
Charles Schwab Corporation (The) 17,985   987,377  
Enova International, Inc. (a) 63,000   3,204,810  
Goldman Sachs Group, Inc. (The) 4,115   1,331,491  
JPMorgan Chase & Company 30,926   4,484,889  
LPL Financial Holdings, Inc. 10,000   2,376,499  
MGIC Investment Corporation 13,819   230,639  
Nelnet, Inc. - Class A 17,630   1,574,712  
Regions Financial Corporation 50,350   866,020  
    22,748,337  
Health Care - 7.1%
Abbott Laboratories 19,650   1,903,103  
AbbVie, Inc. 14,792   2,204,896  
AstraZeneca plc - ADR 60,273   4,081,688  
Danaher Corporation 9,000   2,232,900  
Elevance Health, Inc. 3,467   1,509,601  
Eli Lilly & Company 11,332   6,086,756  
Johnson & Johnson 14,030   2,185,173  
Pfizer, Inc. 23,967   794,985  
Thermo Fisher Scientific, Inc. 6,000   3,037,020  
UnitedHealth Group, Inc. 10,339   5,212,820  
    29,248,942  
Industrials - 4.4%
ABB Ltd. - ADR 31,656   1,126,637  
Caterpillar, Inc. 10,762   2,938,026  
Deere & Company 8,500   3,207,730  
Eaton Corporation plc 19,768   4,216,119  
Encore Wire Corporation 3,330   607,592  
Generac Holdings, Inc. (a) 2,492   271,528  
Lockheed Martin Corporation 2,220   907,891  
Northrop Grumman Corporation 2,740   1,206,121  
Union Pacific Corporation 8,562   1,743,480  
United Rentals, Inc. 4,000   1,778,280  
    18,003,404  
Information Technology - 12.0%
Accenture plc - Class A 7,000   2,149,770  
 
 

 

JAMES BALANCED: GOLDEN RAINBOW FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 46.9% (Continued) Shares Value
Information Technology - 12.0% (Continued)
Apple, Inc. 54,000   $ 9,245,340  
ASML Holding N.V. 2,740   1,612,928  
Broadcom, Inc. 2,134   1,772,458  
Cisco Systems, Inc. 23,171   1,245,673  
Insight Enterprises, Inc. (a) 25,000   3,637,500  
Jabil, Inc. 26,500   3,362,585  
Mastercard, Inc. - Class A 9,000   3,563,190  
Microsoft Corporation 44,954   14,194,225  
Nova Ltd. (a) 22,432   2,522,254  
NVIDIA Corporation 13,946   6,066,371  
    49,372,294  
Materials - 0.6%
Avery Dennison Corporation 8,000   1,461,360  
Linde plc 1,757   654,219  
Nucor Corporation 3,698   578,182  
    2,693,761  
Real Estate - 0.9%
American Tower Corporation 5,050   830,473  
CBRE Group, Inc. - Class A (a) 14,100   1,041,426  
Prologis, Inc. 16,000   1,795,360  
    3,667,259  
Utilities - 1.6%
Ameren Corporation 10,422   779,878  
American Electric Power Company, Inc. 25,700   1,933,154  
Iberdrola S.A. - ADR 20,100   899,274  
NextEra Energy, Inc. 19,600   1,122,884  
Sempra 26,800   1,823,204  
    6,558,394  
     
Total Common Stocks (Cost $127,766,073) $ 192,732,202  
     
     
EXCHANGE-TRADED FUNDS - 5.4% Shares Value
Consumer Discretionary Select Sector SPDR® Fund 17,300   $ 2,784,954  
Invesco S&P SmallCap 600 Revenue ETF 90,000   3,277,800  
iShares Gold Trust (a) 209,455   7,328,830  
 
 

 

JAMES BALANCED: GOLDEN RAINBOW FUND
SCHEDULE OF INVESTMENTS (Continued)
 
EXCHANGE-TRADED FUNDS - 5.4% (Continued) Shares Value
iShares MSCI EAFE ETF 28,050   $ 1,933,206  
iShares Russell 2000 ETF 30,000   5,302,200  
Technology Select Sector SPDR® Fund 9,000   1,475,370  
Total Exchange-Traded Funds (Cost $19,301,932) $ 22,102,360  
     
     
CORPORATE BONDS - 7.5% Par Value Value
Communication Services - 0.2%    
AT&T, Inc., 2.950%, due 07/15/26 $ 1,000,000   $ 929,019  
   
Consumer Discretionary - 0.2%    
Ross Stores, Inc., 4.700%, due 04/15/27 1,000,000   962,030  
   
Consumer Staples - 0.5%    
Walmart, Inc., 5.250%, due 09/01/35 2,000,000   2,003,213  
   
Energy - 0.2%    
BP Capital Markets America, Inc., 4.234%, due 11/06/28 1,000,000   950,861  
   
Financials - 2.7%    
Bank of America Corporation,    
1.250%, due 09/24/26 2,000,000   1,728,973  
5.000%, due 06/22/27 1,000,000   953,567  
Bank of Montreal, 2.000%, due 12/22/26 2,500,000   2,177,615  
Citigroup Global Markets Holdings, Inc., 3.000%, due 03/28/24 2,500,000   2,463,864  
Citigroup, Inc., 3.875%, due 03/26/25 2,000,000   1,932,065  
Goldman Sachs Group, Inc. (The), 3.500%, due 04/01/25 1,000,000   962,871  
Royal Bank of Canada, 5.500%, due 02/14/25 1,000,000   996,208  
    11,215,163  
Health Care - 1.0%    
Johnson & Johnson, 1.300%, due 09/01/30 5,000,000   3,931,532  
   
Industrials - 0.3%    
Caterpillar, Inc., 8.250%, due 12/15/38 1,000,000   1,237,997  
   
 
 

 

JAMES BALANCED: GOLDEN RAINBOW FUND
SCHEDULE OF INVESTMENTS (Continued)
 
CORPORATE BONDS - 7.5% (Continued) Par Value Value
Information Technology - 2.4%    
Apple, Inc., 2.050%, due 09/11/26 $  2,500,000   $  2,297,307  
Automatic Data Processing, Inc., 1.250%, due 09/01/30 2,000,000   1,543,752  
Intel Corporation, 2.875%, due 05/11/24 5,000,000   4,913,663  
PayPal Holdings, Inc., 2.650%, due 10/01/26 1,000,000   922,282  
    9,677,004  
     
Total Corporate Bonds (Cost $33,898,155) $ 30,906,819  
     
     
MORTGAGE-BACKED SECURITIES - 3.0% Par Value Value
Federal National Mortgage Association - 3.0%    
3.500%, due 09/01/33 $ 3,112,225   $ 2,866,840  
3.500%, due 05/25/47 273,374   250,952  
2.500%, due 01/01/57 11,492,929   9,127,817  
Total Mortgage-Backed Securities (Cost $14,494,251)   $ 12,245,609  
     
     
MUNICIPAL BONDS - 1.6% Par Value Value
Ohio - 1.6%    
Beavercreek Ohio City School District,    
3.250%, due 12/01/36 (Cost $7,408,314) $ 7,450,000   $  6,413,339  
   
     
U.S. GOVERNMENT & AGENCIES - 5.5% Par Value Value
Federal Farm Credit Bank - 1.8%    
0.670%, due 08/04/25 $ 2,000,000   $ 1,838,328  
2.750%, due 11/06/26 5,725,000   5,376,358  
    7,214,686  
 
 

 

 

JAMES BALANCED: GOLDEN RAINBOW FUND
SCHEDULE OF INVESTMENTS (Continued)
 
U.S. GOVERNMENT & AGENCIES - 5.5% (Continued) Par Value Value
Federal Home Loan Bank - 3.0%    
3.650%, due 07/19/24 $ 1,000,000   $ 984,653  
3.000%, due 12/30/24 1,000,000   970,844  
3.125%, due 04/29/25 2,500,000   2,412,316  
4.050%, due 07/28/25 2,000,000   1,950,867  
0.580%, due 09/11/25 2,000,000   1,828,156  
1.020%, due 09/17/26 2,500,000   2,221,334  
0.850%, due 10/15/27 2,500,000   2,119,814  
    12,487,984  
Federal Home Loan Mortgage Corporation - 0.7%    
3.125%, due 06/28/24 2,000,000   1,963,931  
5.750%, due 03/20/26 1,000,000   992,654  
    2,956,585  
     
Total U.S. Government & Agencies (Cost $24,210,028) $ 22,659,255  
     
     
U.S. TREASURY OBLIGATIONS - 28.2% Par Value Value
U.S. Treasury Bills (b) - 3.1%    
5.335%, due 10/05/23 $ 2,000,000   $ 1,999,122  
5.347%, due 10/24/23 3,000,000   2,990,327  
5.429%, due 12/28/23 7,000,000   6,910,003  
5.445%, due 09/05/24 1,000,000   951,160  
    12,850,612  
U.S. Treasury Bonds - 3.5%    
3.125%, due 05/15/48 19,000,000   14,227,734  
   
U.S. Treasury Notes - 21.6%    
0.250%, due 03/15/24 15,000,000   14,657,813  
2.000%, due 06/30/24 2,000,000   1,949,141  
4.500%, due 11/30/24 30,000,000   29,698,828  
2.375%, due 05/15/27 15,000,000   13,832,813  
 
 
JAMES BALANCED: GOLDEN RAINBOW FUND
SCHEDULE OF INVESTMENTS (Continued)
 
U.S. TREASURY OBLIGATIONS - 28.2% (Continued) Par Value Value
U.S. Treasury Notes - 21.6% (Continued)    
3.125%, due 11/15/28 $ 30,000,000   $ 27,933,984  
4.125%, due 11/15/32 1,000,000   964,453  
    89,037,032  
     
Total U.S. Treasury Obligations (Cost $121,960,570) $ 116,115,378  
     
     
MONEY MARKET FUNDS - 1.6% Shares Value
First American Treasury Obligations Fund - Class X, 5.26% (c)
(Cost $6,782,281)
6,782,281   $ 6,782,281  
     
Total Investments at Value - 99.7% (Cost $355,821,604) $ 409,957,243  
   
Other Assets in Excess of Liabilities - 0.3% 1,205,756  
   
Net Assets - 100.0% $ 411,162,999  
 

 

 

 

(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, 2023.

 

 

 

ADR - American Depositary Receipt.
 

 
 

 

JAMES SMALL CAP FUND
SCHEDULE OF INVESTMENTS
September 30, 2023 (Unaudited)
 
COMMON STOCKS - 93.8% Shares Value
Consumer Discretionary - 11.5%
Boyd Gaming Corporation 3,895   $ 236,933  
Brinker International, Inc. (a) 22,182   700,729  
Deckers Outdoor Corporation (a) 1,888   970,603  
Marriott Vacations Worldwide Corporation 2,670   268,682  
Oxford Industries, Inc. 3,040   292,235  
Patrick Industries, Inc. 6,190   464,621  
Winmark Corporation 1,921   716,783  
YETI Holdings, Inc. (a) 6,670   321,627  
    3,972,213  
Consumer Staples - 4.0%
Andersons, Inc. (The) 5,993   308,700  
Casey's General Stores, Inc. 699   189,792  
Coca-Cola Consolidated, Inc. 960   610,867  
Ingles Markets, Inc. - Class A 3,455   260,265  
    1,369,624  
Energy - 5.1%
Callon Petroleum Company (a) 10,659   416,980  
HF Sinclair Corporation 8,907   507,076  
Magnolia Oil & Gas Corporation - Class A 19,100   437,581  
Matador Resources Company 6,600   392,568  
    1,754,205  
Financials - 24.5%
American Equity Investment Life Holding Company 9,397   504,055  
American Financial Group, Inc. 2,630   293,692  
Assured Guaranty Ltd. 10,300   623,356  
Axos Financial, Inc. (a) 6,132   232,158  
Bancorp, Inc. (The) (a) 7,299   251,816  
Enova International, Inc. (a) 17,830   907,012  
Evercore, Inc. - Class A 6,730   927,932  
EZCORP, Inc. - Class A (a) 33,000   272,250  
Federated Hermes, Inc. 7,149   242,137  
First BanCorp 47,750   642,714  
Houlihan Lokey, Inc. 6,300   674,856  
LPL Financial Holdings, Inc. 1,313   312,034  
MGIC Investment Corporation 37,900   632,551  
 
 

 

JAMES SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 93.8% (Continued) Shares Value
Financials - 24.5% (Continued)
Piper Sandler Companies 6,085   $ 884,211  
Radian Group, Inc. 26,798   672,898  
SouthState Corporation 5,620   378,563  
    8,452,235  
Health Care - 9.1%
AMN Healthcare Services, Inc. (a) 3,900   332,202  
Corcept Therapeutics, Inc. (a) 18,033   491,309  
Dynavax Technologies Corporation (a) 46,770   690,793  
Innoviva, Inc. (a) 35,600   462,444  
Integer Holdings Corporation (a) 4,878   382,582  
National HealthCare Corporation 3,545   226,809  
Option Care Health, Inc. (a) 10,500   339,675  
Varex Imaging Corporation (a) 11,600   217,964  
    3,143,778  
Industrials - 12.6%
Allegiant Travel Company 2,400   184,464  
Boise Cascade Company 4,976   512,727  
Encore Wire Corporation 6,285   1,146,762  
FTI Consulting, Inc. (a) 5,420   966,982  
Generac Holdings, Inc. (a) 4,288   467,220  
Hillenbrand, Inc. 13,136   555,784  
WESCO International, Inc. 3,556   511,424  
    4,345,363  
Information Technology - 11.1%
Avnet, Inc. 8,250   397,568  
Concentrix Corporation 2,500   200,275  
Insight Enterprises, Inc. (a) 3,605   524,528  
Nova Ltd. (a) 3,000   337,320  
PC Connection, Inc. 17,500   934,149  
Progress Software Corporation 5,935   312,062  
Super Micro Computer, Inc. (a) 2,494   683,905  
TD SYNNEX Corporation 1,100   109,846  
Vishay Intertechnology, Inc. 13,612   336,489  
    3,836,142  
Materials - 6.4%
Cleveland-Cliffs, Inc. (a) 24,575   384,107  
 
 

 

JAMES SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 93.8% (Continued) Shares Value
Materials - 6.4% (Continued)
Graphic Packaging Holding Company 7,745   $ 172,559  
Innospec, Inc. 5,286   540,229  
Schnitzer Steel Industries, Inc. - Class A 13,820   384,887  
Warrior Met Coal, Inc 13,785   704,138  
    2,185,920  
Real Estate - 5.9%
Agree Realty Corporation 6,505   359,336  
Healthcare Realty Trust, Inc. 8,000   122,160  
LXP Industrial Trust 58,560   521,184  
Physicians Realty Trust 21,000   255,990  
Sabra Health Care REIT, Inc. 10,000   139,400  
STAG Industrial, Inc. 6,000   207,060  
Terreno Realty Corporation 4,200   238,560  
Xenia Hotel & Resorts, Inc. 16,940   199,553  
    2,043,243  
Utilities - 3.6%
IDACORP, Inc. 3,753   351,468  
Otter Tail Corporation 5,935   450,586  
Portland General Electric Company 10,455   423,218  
    1,225,272  
     
Total Common Stocks (Cost $23,332,630) $ 32,327,995  
     
     
U.S. TREASURY OBLIGATIONS - 2.9% Par Value Value
U.S. Treasury Bills (b) - 2.9%    
5.444%, due 01/25/24 (Cost $983,138) $ 1,000,000   $ 983,030  
   
     
 
 

 

JAMES SMALL CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
 
MONEY MARKET FUNDS - 3.5% Shares Value
First American Treasury Obligations Fund - Class X, 5.26% (c)
(Cost $1,192,413)
1,192,413   $ 1,192,413  
     
Total Investments at Value - 100.2% (Cost $25,508,181) $ 34,503,438  
   
Liabilities in Excess of Other Assets - (0.2%)     (51,280 )
   
Net Assets - 100.0% $ 34,452,158  
 

 

 

 

(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, 2023.

 

 

 
 

JAMES MICRO CAP FUND
SCHEDULE OF INVESTMENTS
September 30, 2023 (Unaudited)
 
COMMON STOCKS - 94.9% Shares Value
Consumer Discretionary - 10.4%
Century Communities, Inc. 4,662   $ 311,328  
Haverty Furniture Companies, Inc. 21,134   608,237  
M/I Homes, Inc. (a) 4,742   398,518  
MarineMax, Inc. (a) 5,750   188,715  
Patrick Industries, Inc. 4,044   303,542  
Shoe Carnival, Inc. 12,950   311,189  
Standard Motor Products, Inc. 5,625   189,113  
Zumiez, Inc. (a) 4,568   81,310  
    2,391,952  
Consumer Staples - 5.8%
Central Garden & Pet Company - Class A (a) 13,108   525,500  
Ingles Markets, Inc. - Class A 10,714   807,085  
    1,332,585  
Energy - 6.3%
Civitas Resources, Inc. 7,254   586,631  
Dorian LPG Ltd. 19,032   546,789  
Vital Energy, Inc. (a) 5,814   322,212  
    1,455,632  
Financials - 26.1%
Bancorp, Inc. (The) (a) 6,900   238,050  
Donnelley Financial Solutions, Inc. (a) 20,288   1,141,809  
Enova International, Inc. (a) 17,016   865,604  
Federal Agricultural Mortgage Corporation - Class C 6,912   1,066,521  
Merchants Bancorp 25,704   712,515  
Nelnet, Inc. - Class A 5,646   504,301  
OFG Bancorp 25,456   760,116  
Piper Sandler Companies 4,960   720,738  
    6,009,654  
Health Care - 9.4%
Cross Country Healthcare, Inc. (a) 4,213   104,440  
Eagle Pharmaceuticals, Inc. (a) 1,650   26,021  
Innoviva, Inc. (a) 40,082   520,665  
Integer Holdings Corporation (a) 6,396   501,639  
iRadmed Corporation 2,400   106,488  
iTeos Therapeutics, Inc. (a) 3,964   43,406  
 
 

 

JAMES MICRO CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 94.9% (Continued) Shares Value
Health Care - 9.4% (Continued)
Kiniksa Pharmaceuticals Ltd. - Class A (a) 6,909   $ 120,009  
Selecta Biosciences, Inc. (a) 94,737   100,421  
SIGA Technologies, Inc. 52,400   275,100  
Utah Medical Products, Inc. 4,200   361,200  
    2,159,389  
Industrials - 12.7%
ACCO Brands Corporation 74,997   430,483  
ArcBest Corporation 5,285   537,220  
Boise Cascade Company 2,500   257,600  
CRA International, Inc. 3,384   340,972  
Genco Shipping & Trading Ltd. 8,000   111,920  
Heidrick & Struggles International, Inc. 3,400   85,068  
Heritage-Crystal Clean, Inc. (a) 5,000   226,750  
Insteel Industries, Inc. 3,500   113,610  
Kforce, Inc. 2,400   143,184  
Shyft Group, Inc. (The) 6,336   94,850  
Transcat, Inc. (a) 2,200   215,534  
V2X, Inc. (a) 6,950   359,037  
    2,916,228  
Information Technology - 16.2%
Cohu, Inc. (a) 8,022   276,278  
ePlus, Inc. (a) 4,600   292,192  
Insight Enterprises, Inc. (a) 5,663   823,966  
Nova Ltd. (a) 9,143   1,028,038  
PC Connection, Inc. 12,184   650,382  
Photronics, Inc. (a) 22,198   448,622  
Vishay Precision Group, Inc. (a) 6,384   214,375  
    3,733,853  
Materials - 5.8%
Innospec, Inc. 4,000   408,800  
Schnitzer Steel Industries, Inc. - Class A 18,045   502,553  
United States Lime & Minerals, Inc. 2,070   416,070  
    1,327,423  
Real Estate - 1.5%
PotlatchDeltic Corporation 7,517   341,197  
   
 
 

 

JAMES MICRO CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 94.9% (Continued) Shares Value
Utilities - 0.7%
Clearway Energy, Inc. - Class C 7,332   $ 155,145  
   
Total Common Stocks (Cost $14,229,729) $ 21,823,058  
     
     
U.S. TREASURY OBLIGATIONS - 3.8% Par Value Value
U.S. Treasury Bills (b) - 3.8%    
5.069%, due 01/25/24 (Cost $886,150) $ 900,000   $ 884,757  
   
     
MONEY MARKET FUNDS - 1.4% Shares Value
First American Treasury Obligations Fund -
Class X, 5.26% (c) (Cost $310,490)
310,490   $ 310,490  
     
Total Investments at Value - 100.1% (Cost $15,426,369) $ 23,018,305  
   
Liabilities in Excess of Other Assets - (0.1%)     (20,275 )
   
Net Assets - 100.0% $ 22,998,030  
 

 

 

 

(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, 2023.

 

 
 

 

JAMES AGGRESSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS
September 30, 2023 (Unaudited)
 
COMMON STOCKS - 76.0% Shares Value
Communication Services - 8.4%
Alphabet, Inc. - Class A (a) 4,750   $ 621,585  
Comcast Corporation - Class A 6,645   294,639  
Meta Platforms, Inc. - Class A (a) 1,300   390,273  
T-Mobile US, Inc. (a) 2,300   322,115  
    1,628,612  
Consumer Discretionary - 6.5%
Best Buy Company, Inc. 1,815   126,088  
Deckers Outdoor Corporation (a) 590   303,313  
Home Depot, Inc. (The) 700   211,512  
M/I Homes, Inc. (a) 1,250   105,050  
McDonald's Corporation 1,000   263,440  
Tractor Supply Company 1,205   244,675  
    1,254,078  
Consumer Staples - 3.7%
PepsiCo, Inc. 1,100   186,384  
Procter & Gamble Company (The) 1,700   247,962  
Walmart, Inc. 1,700   271,881  
    706,227  
Energy - 4.7%
Cheniere Energy, Inc. 845   140,236  
Chevron Corporation 2,000   337,240  
Matador Resources Company 5,000   297,400  
Valero Energy Corporation 1,000   141,710  
    916,586  
Financials - 8.8%
Bancorp, Inc. (The) (a) 4,400   151,800  
BlackRock, Inc. 500   323,245  
Charles Schwab Corporation (The) 1,500   82,350  
Enova International, Inc. (a) 8,485   431,632  
Goldman Sachs Group, Inc. (The) 855   276,652  
JPMorgan Chase & Company 2,000   290,040  
Primerica, Inc. 800   155,208  
    1,710,927  
Health Care - 10.9%
Abbott Laboratories 2,625   254,231  
 
 

 

JAMES AGGRESSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 76.0% (Continued) Shares Value
Health Care - 10.9% (Continued)
AbbVie, Inc. 1,250   $ 186,325  
AstraZeneca plc - ADR 4,000   270,880  
Danaher Corporation 825   204,683  
Eli Lilly & Company 600   322,278  
Johnson & Johnson 1,295   201,696  
Novo Nordisk A/S - ADR 1,050   95,487  
UnitedHealth Group, Inc. 610   307,556  
Zoetis, Inc. 1,595   277,498  
    2,120,634  
Industrials - 5.7%
ABB Ltd. - ADR 3,500   124,565  
Caterpillar, Inc. 800   218,400  
Deere & Company 435   164,160  
Eaton Corporation plc 1,175   250,604  
Lockheed Martin Corporation 415   169,718  
Union Pacific Corporation 850   173,086  
    1,100,533  
Information Technology - 20.1%
Accenture plc - Class A 465   142,806  
Apple, Inc. 3,400   582,114  
ASML Holding N.V. 550   323,763  
Broadcom, Inc. 300   249,174  
Cadence Design Systems, Inc. (a) 2,000   468,600  
Cisco Systems, Inc. 1,500   80,640  
Jabil, Inc. 1,800   228,402  
Mastercard, Inc. - Class A 735   290,994  
Microsoft Corporation 1,730   546,248  
Nova Ltd. (a) 2,515   282,787  
NVIDIA Corporation 1,600   695,984  
    3,891,512  
Materials - 2.5%
CF Industries Holdings, Inc. 500   42,870  
James Hardie Industries plc - ADR (a) 6,800   178,432  
Linde plc 400   148,940  
Nucor Corporation 700   109,445  
    479,687  
 
 

 

JAMES AGGRESSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 76.0% (Continued) Shares Value
Real Estate - 2.6%
Digital Realty Trust, Inc. 1,500   $ 181,530  
Prologis, Inc. 2,905   325,970  
    507,500  
Utilities - 2.1%
American Water Works Company, Inc. 750   92,873  
Iberdrola S.A. - ADR 2,000   89,480  
NextEra Energy, Inc. 2,380   136,349  
Sempra 1,220   82,997  
    401,699  
     
Total Common Stocks (Cost $11,262,186) $ 14,717,995  
     
     
CORPORATE BONDS - 6.2% Par Value Value
Consumer Discretionary - 2.1%    
Starbucks Corporation, 2.550%, due 11/15/30 $ 500,000   $ 410,557  
   
Financials - 2.1%    
Bank of Montreal, 2.000%, due 12/22/26 200,000   174,209  
Citigroup, Inc., 3.875%, due 03/26/25 250,000   241,508  
    415,717  
Health Care - 1.2%    
AstraZeneca plc, 0.700%, due 04/08/26 250,000   223,151  
   
Information Technology - 0.8%    
Automatic Data Processing, Inc., 1.250%, due 09/01/30 200,000   154,375  
   
Total Corporate Bonds (Cost $1,403,088) $ 1,203,800  
     
     
U.S. GOVERNMENT & AGENCIES - 6.5% Par Value Value
Federal Farm Credit Bank - 2.4%    
0.670%, due 08/04/25 $  500,000   $  459,583  
   
 
 

 

JAMES AGGRESSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
 
U.S. GOVERNMENT & AGENCIES - 6.5% (Continued) Par Value Value
Federal Home Loan Bank - 0.5%    
3.650%, due 07/19/24 $ 100,000   $ 98,465  
   
Federal Home Loan Mortgage Corporation - 1.3%    
3.125%, due 06/28/24 250,000   245,491  
   
Federal National Mortgage Association - 2.3%    
0.560%, due 10/22/25 500,000   454,687  
   
Total U.S. Government & Agencies (Cost $1,350,000) $ 1,258,226  
     
     
U.S. TREASURY OBLIGATIONS - 10.7% Par Value Value
U.S. Treasury Bills (b) - 2.3%    
5.356%, due 10/24/23 $ 100,000   $ 99,678  
5.387%, due 12/28/23 100,000   98,714  
5.385%, due 08/08/24 250,000   238,766  
    437,158  
U.S. Treasury Bonds - 2.8%    
3.000%, due 08/15/48 750,000   548,262  
   
U.S. Treasury Notes - 5.6%    
0.250%, due 03/15/24 500,000   488,593  
1.125%, due 02/28/25 400,000   377,563  
2.625%, due 02/15/29 250,000   226,152  
    1,092,308  
     
Total U.S. Treasury Obligations (Cost $2,248,707) $ 2,077,728  
     
     
 
 

 

JAMES AGGRESSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
 
MONEY MARKET FUNDS - 0.6% Shares Value
First American Treasury Obligations Fund -
Class X, 5.26% (c) (Cost $115,771)
115,771   $ 115,771  
     
Total Investments at Value - 100.0% (Cost $16,379,752) $ 19,373,520  
   
Other Assets in Excess of Liabilities - 0.0% (d) 3,125  
   
Net Assets - 100.0% $ 19,376,645  

 

 

(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, 2023.
(d) Percentage rounds to less than 0.1%.

 

 

 

ADR - American Depositary Receipt.