| 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. |