(null)


  
    NPORT-P
    false
    
      
      
        
          0001045487
          XXXXXXXX
        
      
      
      
      
        S000003560
        C000075008
        C000009900
      
      
    
  
  
    
      JAMES ADVANTAGE FUNDS
      811-08411
      0001045487
      549300426TIVT528ZP40
      1290 BROADWAY SUITE 1000
      DENVER
      
      80203
      3036232577
      James Balanced: Golden Rainbow Fund
      S000003560
      5493002CAUTT0DENCO09
      2022-06-30
      2022-03-31
      N
    
    
      554142413.08
      617040.78
      553525372.30
      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
      0.00000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        Eaton Corp Plc
        549300VDIGTMXUNT7H71
        Eaton Corp. PLC
        G29183103
        
          
        
        30400.00000000
        NS
        USD
        4613504.00000000
        0.833476518127
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Treasury Obligations Fund
        549300J5J5SJCZ9IA369
        First American Treasury Obligations Fund
        31846V328
        
          
        
        32367659.82000000
        NS
        USD
        32367659.82000000
        5.847547635532
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lam Research Corp
        549300I4GMO6D34U1T02
        Lam Research Corp.
        512807108
        
          
        
        5450.00000000
        NS
        USD
        2929974.50000000
        0.529329755531
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nestle Sa
        KY37LUS27QQX7BB93L28
        Nestle SA
        641069406
        
          
        
        10650.00000000
        NS
        USD
        1385565.00000000
        0.250316438836
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        United Rentals Inc
        5323X5O7RN0NKFCDRY08
        United Rentals, Inc.
        911363109
        
          
        
        10000.00000000
        NS
        USD
        3552100.00000000
        0.641723067768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Discover Financial Svs
        Z1YLO2USPORE63VVUL20
        Discover Financial Services
        254709AJ7
        
          
        
        1000000.00000000
        PA
        USD
        1012268.56000000
        0.182876632338
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-11-21
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marinemax Inc
        254900TIXTN8WY3FNN63
        MarineMax, Inc.
        567908108
        
          
        
        21160.00000000
        NS
        USD
        851901.60000000
        0.153904706564
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resmed Inc
        529900T3QE5253CCXF22
        ResMed, Inc.
        761152107
        
          
        
        10000.00000000
        NS
        USD
        2425100.00000000
        0.438119031458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nvidia Corp
        549300S4KLFTLO7GSQ80
        NVIDIA Corp.
        67066G104
        
          
        
        18600.00000000
        NS
        USD
        5075196.00000000
        0.916885883462
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet, Inc.
        02079K305
        
          
        
        5000.00000000
        NS
        USD
        13906750.00000000
        2.512396124176
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Target Corp
        8WDDFXB5T1Z6J0XC1L66
        Target Corp.
        87612E106
        
          
        
        21374.00000000
        NS
        USD
        4535990.28000000
        0.819472874595
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Home Loan Bank
        2549001DPIFGXC1TOL40
        Federal Home Loan Banks
        3130A5R35
        
          
        
        10000000.00000000
        PA
        USD
        10093437.80000000
        1.823482410220
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2025-06-13
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Old Dominion Freight Line Inc
        5299009TWK32WE417T96
        Old Dominion Freight Line, Inc.
        679580100
        
          
        
        5075.00000000
        NS
        USD
        1515801.00000000
        0.273844899593
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corp
        N/A
        Chevron Corp.
        166764100
        
          
        
        61288.00000000
        NS
        USD
        9979525.04000000
        1.802902909135
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Home Loan Bank
        2549001DPIFGXC1TOL40
        Federal Home Loan Banks
        3130AK4T0
        
          
        
        2000000.00000000
        PA
        USD
        1874224.04000000
        0.338597674793
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2025-09-11
          Fixed
          0.58000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ross Stores Inc
        549300ENZFLPGRDFZQ60
        Ross Stores, Inc.
        778296AC7
        
          
        
        1000000.00000000
        PA
        USD
        1052145.16000000
        0.190080746547
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-15
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Thermo Fisher Scientific Inc
        HCHV7422L5HDJZCRFL38
        Thermo Fisher Scientific, Inc.
        883556102
        
          
        
        6000.00000000
        NS
        USD
        3543900.00000000
        0.640241654194
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avery Dennison Corp
        549300PW7VPFCYKLIV37
        Avery Dennison Corp.
        053611109
        
          
        
        10000.00000000
        NS
        USD
        1739700.00000000
        0.314294535907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citigroup Inc
        6SHGI4ZSSLCXXQSBB395
        Citigroup, Inc.
        172967JL6
        
          
        
        2000000.00000000
        PA
        USD
        2026270.90000000
        0.366066489704
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-26
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pfizer Inc
        765LHXWGK1KXCLTFYQ30
        Pfizer, Inc.
        717081103
        
          
        
        40000.00000000
        NS
        USD
        2070800.00000000
        0.374111125456
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Group Inc/the
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc.
        38141G104
        
          
        
        5424.00000000
        NS
        USD
        1790462.40000000
        0.323465280834
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/the
        QEKMOTMBBKA8I816DO57
        Home Depot, Inc.
        437076102
        
          
        
        17618.00000000
        NS
        USD
        5273595.94000000
        0.952728854702
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deere & Co
        PWFTNG3EI0Y73OXWDH08
        Deere & Co.
        244199105
        
          
        
        8500.00000000
        NS
        USD
        3531410.00000000
        0.637985208397
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank Of America Corp
        9DJT3UXIJIZJI4WXO774
        Bank of America Corp.
        06051GHC6
        
          
        
        2000000.00000000
        PA
        USD
        2005049.74000000
        0.362232670865
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-12-20
          Fixed
          3.00400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Farm Credit Bank
        N/A
        Federal Farm Credit Banks Funding Corp.
        3133EFNH6
        
          
        
        5725000.00000000
        PA
        USD
        5779228.06000000
        1.044076450549
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2026-11-06
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140FXFR8
        
          
        
        13061172.70000000
        PA
        USD
        12476287.90000000
        2.253968566636
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2057-01-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Anthem Inc
        8MYN82XMYQH89CTMTH67
        Anthem, Inc.
        036752103
        
          
        
        2209.00000000
        NS
        USD
        1085104.98000000
        0.196035273955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insight Enterprises Inc
        529900S8991TYW6YP792
        Insight Enterprises, Inc.
        45765U103
        
          
        
        36000.00000000
        NS
        USD
        3863520.00000000
        0.697984264740
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spdr Bloomberg Convertible Securities Etf
        549300IXKU3G7R6DMX93
        SPDR Bloomberg Barclays Convertible Securities ETF
        78464A359
        
          
        
        25000.00000000
        NS
        USD
        1923750.00000000
        0.347545044232
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Bonds
        912828K74
        
          
        
        30000000.00000000
        PA
        USD
        29469140.70000000
        5.323900614989
        Long
        DBT
        UST
        US
        N
        
        1
        
          2025-08-15
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Water Works Co Inc
        549300DXHIJQMD5WFW18
        American Water Works Co., Inc.
        030420103
        
          
        
        13000.00000000
        NS
        USD
        2151890.00000000
        0.388760860420
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Darden Restaurants Inc
        CY1NFSCCB5GUXC7WZC70
        Darden Restaurants, Inc.
        237194105
        
          
        
        6750.00000000
        NS
        USD
        897412.50000000
        0.162126714493
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enova International Inc
        549300O8XOCQSB49UO63
        Enova International, Inc.
        29357K103
        
          
        
        63000.00000000
        NS
        USD
        2392110.00000000
        0.432159051726
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citigroup Global Markets
        82VOJDD5PTRDMVVMGV31
        Citigroup Global Markets Holdings, Inc./United States
        17330AWR9
        
          
        
        2500000.00000000
        PA
        USD
        2497126.38000000
        0.451131331093
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-03-28
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        Amazon.com, Inc.
        023135106
        
          
        
        1200.00000000
        NS
        USD
        3911940.00000000
        0.706731831233
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
        
        14030.00000000
        NS
        USD
        2486536.90000000
        0.449218233604
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Group Inc
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc.
        38150AHN8
        
          
        
        5000000.00000000
        PA
        USD
        4569169.50000000
        0.825467038848
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-09-14
          Fixed
          1.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        Apple, Inc.
        037833DN7
        
          
        
        2500000.00000000
        PA
        USD
        2426606.98000000
        0.438391282754
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-09-11
          Fixed
          2.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Beavercreek Oh City Sch Dist
        N/A
        Beavercreek City School District General Obligation Unlimited Bonds
        07539PCZ0
        
          
        
        7450000.00000000
        PA
        USD
        7553026.80000000
        1.364531271369
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2036-12-01
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ishares 5-10 Year Investment Grade Corporate Bond Etf
        549300ZJOCMXQZ0RKQ84
        iShares Trust 5-10 Year Investment Grade Corporate Bond ETF
        464288638
        
          
        
        25000.00000000
        NS
        USD
        1371750.00000000
        0.247820618285
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        Microsoft Corp.
        594918104
        
          
        
        51670.00000000
        NS
        USD
        15930377.70000000
        2.877985092861
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Asml Holding Nv
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        N07059210
        
          
        
        7150.00000000
        NS
        USD
        4775699.50000000
        0.862778788288
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Schneider Electric Se
        969500A1YF1XUYYXS284
        Schneider Electric SE
        80687P106
        
          
        
        60000.00000000
        NS
        USD
        2026800.00000000
        0.366162077011
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co Ltd
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co., Ltd.
        874039100
        
          
        
        18000.00000000
        NS
        USD
        1876680.00000000
        0.339041368998
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Group Inc
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc.
        38141GXL3
        
          
        
        1000000.00000000
        PA
        USD
        987287.32000000
        0.178363516725
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-11-17
          Fixed
          0.62700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Automatic Data Processng
        HGBOLILQXWER4SAL2I23
        Automatic Data Processing, Inc.
        053015AF0
        
          
        
        2000000.00000000
        PA
        USD
        1736506.40000000
        0.313717579518
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-09-01
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mcdonald's Corp
        UE2136O97NLB5BYP9H04
        McDonald's Corp.
        580135101
        
          
        
        31218.00000000
        NS
        USD
        7719587.04000000
        1.394622076296
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eli Lilly & Co
        FRDRIPF3EKNDJ2CQJL29
        Eli Lilly & Co.
        532457108
        
          
        
        17000.00000000
        NS
        USD
        4868290.00000000
        0.879506205789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jabil Inc
        5493000CGCQY2OQU7669
        Jabil, Inc.
        466313103
        
          
        
        50000.00000000
        NS
        USD
        3086500.00000000
        0.557607682403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sealed Air Corp
        Q0M0CZB4YN6JZ65WXI09
        Sealed Air Corp.
        81211K100
        
          
        
        44224.00000000
        NS
        USD
        2961239.04000000
        0.534978013328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ishares Russell 2000 Etf
        549300O80OAR5VTWR172
        iShares Russell 2000 ETF
        464287655
        
          
        
        30000.00000000
        NS
        USD
        6158100.00000000
        1.112523527948
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138X5R82
        
          
        
        3896308.08000000
        PA
        USD
        3945380.99000000
        0.712773286905
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-09-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        Union Pacific Corp.
        907818108
        
          
        
        14048.00000000
        NS
        USD
        3838054.08000000
        0.693383586745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jpmorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        46625H100
        
          
        
        57000.00000000
        NS
        USD
        7770240.00000000
        1.403773049772
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        9128286B1
        
          
        
        15000000.00000000
        PA
        USD
        15180468.75000000
        2.742506398021
        Long
        DBT
        UST
        US
        N
        
        1
        
          2029-02-15
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bank Of America Corp
        9DJT3UXIJIZJI4WXO774
        Bank of America Corp.
        06048WP20
        
          
        
        2000000.00000000
        PA
        USD
        1836960.62000000
        0.331865658184
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-09-24
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        Oracle Corp.
        68389XBB0
        
          
        
        5000000.00000000
        PA
        USD
        5002960.35000000
        0.903835777068
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-05-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prologis Inc
        529900DFH19P073LZ636
        Prologis, Inc.
        74340W103
        
          
        
        28096.00000000
        NS
        USD
        4536942.08000000
        0.819644826965
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        912828P79
        
          
        
        15000000.00000000
        PA
        USD
        14980078.20000000
        2.706303802796
        Long
        DBT
        UST
        US
        N
        
        1
        
          2023-02-28
          Fixed
          1.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ishares Gold Trust
        5493006UOY7GXQW0IP42
        iShares Gold Trust
        464285204
        
          
        
        228918.00000000
        NS
        USD
        8431049.94000000
        1.523155100364
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Abb Ltd
        5493000LKVGOO9PELI61
        ABB, Ltd.
        000375204
        
          
        
        31656.00000000
        NS
        USD
        1023755.04000000
        0.184951782019
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Danaher Corp
        S4BKK9OTCEWQ3YHPFM11
        Danaher Corp.
        235851102
        
          
        
        9000.00000000
        NS
        USD
        2639970.00000000
        0.476937486899
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trane Technologies Plc
        549300BURLR9SLYY2705
        Trane Technologies PLC
        G8994E103
        
          
        
        10701.00000000
        NS
        USD
        1634042.70000000
        0.295206467810
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Ishares Floating Rate Bond Etf
        549300G2T0MQ0NCEG317
        iShares Floating Rate Bond ETF
        46429B655
        
          
        
        125000.00000000
        NS
        USD
        6315000.00000000
        1.140869112062
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lpl Financial Holdings Inc
        549300XROQ4Y8G2L7682
        LPL Financial Holdings, Inc.
        50212V100
        
          
        
        20000.00000000
        NS
        USD
        3653600.00000000
        0.660060077249
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nelnet Inc
        549300T6B0Q52I6OM558
        Nelnet, Inc.
        64031N108
        
          
        
        17630.00000000
        NS
        USD
        1498373.70000000
        0.270696480230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Central Garden & Pet Co
        5493004DVZLD37DJ0H83
        Central Garden & Pet Co.
        153527205
        
          
        
        10300.00000000
        NS
        USD
        420034.00000000
        0.075883423058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Celanese Corp
        549300FHJQTDPPN41627
        Celanese Corp.
        150870103
        
          
        
        10000.00000000
        NS
        USD
        1428700.00000000
        0.258109216215
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Generac Holdings Inc
        529900S2H2AHJHSFFI84
        Generac Holdings, Inc.
        368736104
        
          
        
        9000.00000000
        NS
        USD
        2675340.00000000
        0.483327437888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        Intel Corp.
        458140BD1
        
          
        
        5000000.00000000
        PA
        USD
        5037020.75000000
        0.909989135470
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-05-11
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ebay Inc
        OML71K8X303XQONU6T67
        eBay, Inc.
        278642AE3
        
          
        
        5000000.00000000
        PA
        USD
        5000901.90000000
        0.903463897096
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-07-15
          Fixed
          2.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Honolulu City & Cnty Hi
        N/A
        City and County of Honolulu General Obligation Unlimited Bonds, Series B
        438670J51
        
          
        
        9000000.00000000
        PA
        USD
        9188001.00000000
        1.659906024148
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-11-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        9128283W8
        
          
        
        30000000.00000000
        PA
        USD
        30464062.50000000
        5.503643378336
        Long
        DBT
        UST
        US
        N
        
        1
        
          2028-02-15
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        Walmart, Inc.
        931142103
        
          
        
        30000.00000000
        NS
        USD
        4467600.00000000
        0.807117473483
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Abbott Laboratories
        HQD377W2YR662HK5JX27
        Abbott Laboratories
        002824100
        
          
        
        27000.00000000
        NS
        USD
        3195720.00000000
        0.577339388566
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arthur J Gallagher & Co
        54930049QLLMPART6V29
        Arthur J Gallagher & Co.
        363576109
        
          
        
        12488.00000000
        NS
        USD
        2180404.80000000
        0.393912349661
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Home Loan Bank
        2549001DPIFGXC1TOL40
        Federal Home Loan Banks
        3130AKBU9
        
          
        
        2500000.00000000
        PA
        USD
        2293877.38000000
        0.414412327743
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2027-10-15
          Fixed
          0.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vanguard Small-cap Value Etf
        549300G6KNDK44WUN559
        Vanguard Small-Cap Value ETF
        922908611
        
          
        
        36000.00000000
        NS
        USD
        6333840.00000000
        1.144272750078
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        Apple, Inc.
        037833100
        
          
        
        87900.00000000
        NS
        USD
        15348219.00000000
        2.772812190383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Svb Financial Group
        549300D2KJ20JMXE7542
        SVB Financial Group
        78486Q101
        
          
        
        5000.00000000
        NS
        USD
        2797250.00000000
        0.505351721887
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136B0KE5
        
          
        
        396421.45000000
        PA
        USD
        389508.26000000
        0.070368637011
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-05-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Invesco Variable Rate Investment Grade Etf
        549300J21GX50YC4UV93
        Invesco Variable Rate Investment Grade ETF
        46090A879
        
          
        
        4000.00000000
        NS
        USD
        99720.00000000
        0.018015434339
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unitedhealth Group Inc
        549300GHBMY8T5GXDE41
        UnitedHealth Group, Inc.
        91324P102
        
          
        
        14258.00000000
        NS
        USD
        7271152.26000000
        1.313607762872
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        At&t Inc
        549300Z40J86GGSTL398
        AT&T, Inc.
        00206RHV7
        
          
        
        1000000.00000000
        PA
        USD
        991611.83000000
        0.179144783531
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-15
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        Comcast Corp.
        20030N101
        
          
        
        132570.00000000
        NS
        USD
        6206927.40000000
        1.121344695403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nova Ltd
        529900B2DSWE5V3SC292
        Nova, Ltd.
        M7516K103
        
          
        
        20812.00000000
        NS
        USD
        2266010.56000000
        0.409377902693
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Caterpillar Inc
        WRJR7GS4GTRECRRTVX92
        Caterpillar, Inc.
        149123BR1
        
          
        
        1000000.00000000
        PA
        USD
        1504895.00000000
        0.271874619540
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2038-12-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Home Loan Bank
        2549001DPIFGXC1TOL40
        Federal Home Loan Banks
        3130ANRU6
        
          
        
        2500000.00000000
        PA
        USD
        2317752.18000000
        0.418725553694
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2026-09-17
          Fixed
          1.02000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zoetis Inc
        549300HD9Q1LOC9KLJ48
        Zoetis, Inc.
        98978V103
        
          
        
        13008.00000000
        NS
        USD
        2453178.72000000
        0.443191738403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bp Cap Markets America
        5493009NTB34VXE1T760
        BP Capital Markets America, Inc.
        10373QAE0
        
          
        
        1000000.00000000
        PA
        USD
        1050131.67000000
        0.189716989058
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-11-06
          Fixed
          4.23400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup Global Markets
        82VOJDD5PTRDMVVMGV31
        Citigroup Global Markets Holdings, Inc.
        17329FXG4
        
          
        
        2000000.00000000
        PA
        USD
        1907305.76000000
        0.344574224678
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-07
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cbre Group Inc
        52990016II9MJ2OSWA10
        CBRE Group, Inc.
        12504L109
        
          
        
        27000.00000000
        NS
        USD
        2471040.00000000
        0.446418560676
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Astrazeneca Plc
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca PLC
        046353108
        
          
        
        60273.00000000
        NS
        USD
        3998510.82000000
        0.722371732190
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Mastercard Inc
        AR5L2ODV9HN37376R084
        Mastercard, Inc.
        57636Q104
        
          
        
        6796.00000000
        NS
        USD
        2428754.48000000
        0.438779250517
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Best Buy Co Inc
        HL5XPTVRV0O8TUN5LL90
        Best Buy Co., Inc.
        086516101
        
          
        
        5129.00000000
        NS
        USD
        466226.10000000
        0.084228496710
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Td Synnex Corp
        5493004HI6PFLF46NS53
        TD SYNNEX Corp.
        87162W100
        
          
        
        14438.00000000
        NS
        USD
        1490145.98000000
        0.269210058756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc
        QEKMOTMBBKA8I816DO57
        Home Depot, Inc.
        437076AZ5
        
          
        
        5000000.00000000
        PA
        USD
        5033155.80000000
        0.909290892861
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-04-01
          Fixed
          2.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Blackrock Inc
        549300LRIF3NWCU26A80
        BlackRock, Inc.
        09247X101
        
          
        
        4164.00000000
        NS
        USD
        3182003.88000000
        0.574861431695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        James Hardie Industries Plc
        635400NSGXKTVOO7JU45
        James Hardie Industries PLC
        47030M106
        
          
        
        49502.00000000
        NS
        USD
        1492485.30000000
        0.269632680756
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Nextera Energy Inc
        N/A
        NextEra Energy, Inc.
        65339F101
        
          
        
        45000.00000000
        NS
        USD
        3811950.00000000
        0.688667618642
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Valero Energy Corp
        549300XTO5VR8SKV1V74
        Valero Energy Corp.
        91913Y100
        
          
        
        22155.00000000
        NS
        USD
        2249618.70000000
        0.406416546120
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tractor Supply Co
        549300OJ9VZHZRO6I137
        Tractor Supply Co.
        892356106
        
          
        
        5300.00000000
        NS
        USD
        1236861.00000000
        0.223451545655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ishares Convertible Bond Etf
        5493009GXGY863LN1X56
        iShares Convertible Bond ETF
        46435G102
        
          
        
        25000.00000000
        NS
        USD
        2083000.00000000
        0.376315179798
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fifth Third Bancorp
        THRNG6BD57P9QWTQLG42
        Fifth Third Bancorp
        316773100
        
          
        
        95000.00000000
        NS
        USD
        4088800.00000000
        0.738683392779
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CBR1
        
          
        
        10000000.00000000
        PA
        USD
        9606250.00000000
        1.735466968765
        Long
        DBT
        UST
        US
        N
        
        1
        
          2024-03-15
          Fixed
          0.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bank Of Montreal
        NQQ6HPCNCCU6TUTQYE16
        Bank of Montreal
        06368GC54
        
          
        
        2500000.00000000
        PA
        USD
        2364485.15000000
        0.427168341023
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2026-12-22
          Fixed
          2.00000000
          N
          N
          N
          N
          Y
          
            
              N/A
              N/A
              N/A
              
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        Tsy Infl Ix N/b
        254900HROIFWPRGM1V77
        United States Treasury Inflation Indexed Bonds
        9128284H0
        
          
        
        19802475.00000000
        PA
        USD
        20646400.84000000
        3.729982738498
        Long
        DBT
        UST
        US
        N
        
        1
        
          2023-04-15
          Fixed
          0.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virtus Seix Senior Loan Etf
        5493002FXOZ36VHY8T45
        Virtus Seix Senior Loan ETF
        92790A405
        
          
        
        12000.00000000
        NS
        USD
        296100.00000000
        0.053493482831
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caterpillar Inc
        WRJR7GS4GTRECRRTVX92
        Caterpillar, Inc.
        149123101
        
          
        
        18056.00000000
        NS
        USD
        4023237.92000000
        0.726838934822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wyndham Hotels & Resorts Inc
        549300FE3MQ4RVXXC673
        Wyndham Hotels & Resorts, Inc.
        98311A105
        
          
        
        13900.00000000
        NS
        USD
        1177191.00000000
        0.212671552002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paypal Holdings Inc
        5493005X2GO78EFZ3E94
        PayPal Holdings, Inc.
        70450YAD5
        
          
        
        1000000.00000000
        PA
        USD
        983984.48000000
        0.177766825016
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-10-01
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Co
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources Co.
        723787107
        
          
        
        20000.00000000
        NS
        USD
        5000600.00000000
        0.903409355784
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Procter & Gamble Co/the
        2572IBTT8CCZW6AU4141
        Procter & Gamble Co.
        742718109
        
          
        
        31100.00000000
        NS
        USD
        4752080.00000000
        0.858511684885
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160CQ5
        
          
        
        5000000.00000000
        PA
        USD
        4452236.30000000
        0.804341864493
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-09-01
          Fixed
          1.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Abbvie Inc
        FR5LCKFTG8054YNNRU85
        AbbVie, Inc.
        00287Y109
        
          
        
        14792.00000000
        NS
        USD
        2397931.12000000
        0.433210696383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sysco Corp
        5RGWIFLMGH3YS7KWI652
        Sysco Corp.
        871829107
        
          
        
        25600.00000000
        NS
        USD
        2090240.00000000
        0.377623159587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Group Inc
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc.
        38141GXJ8
        
          
        
        1000000.00000000
        PA
        USD
        1007458.00000000
        0.182007555645
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Federal Farm Credit Bank
        N/A
        Federal Farm Credit Banks Funding Corp.
        3133EL2S2
        
          
        
        2000000.00000000
        PA
        USD
        1876683.96000000
        0.339042084412
        Long
        DBT
        USGSE
        US
        N
        
        2
        
          2025-08-04
          Fixed
          0.67000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        Walmart, Inc.
        931142CB7
        
          
        
        2000000.00000000
        PA
        USD
        2419560.16000000
        0.437118202901
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2035-09-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-04-30
      JAMES ADVANTAGE FUNDS
      Lesley Ott
      Lesley Ott
      Chief Compliance Officer
    
  
  XXXX

JAMES BALANCED: GOLDEN RAINBOW FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

Shares or Principal Amount			Value
COMMON STOCKS-45.61%
		Communication Services-3.63%
	5,000	Alphabet, Inc., Class A^*	$	13,906,750
	132,570	Comcast Corp., Class A		6,206,927
				20,113,677

		Consumer Discretionary-4.70%
	1,200	Amazon.com, Inc.^*		3,911,940
	5,129	Best Buy Co., Inc.		466,226
	6,750	Darden Restaurants, Inc.		897,412
	17,618	Home Depot, Inc.		5,273,596
	21,160	MarineMax, Inc.^*		851,902
	31,218	McDonald's Corp.		7,719,587
	21,374	Target Corp.		4,535,990
	5,300	Tractor Supply Co.		1,236,861
	13,900	Wyndham Hotels & Resorts, Inc.		1,177,191
				26,070,705

		Consumer Staples-2.38%
	10,300	Central Garden & Pet Co., Class A^*		420,034
	10,650	Nestle SA		1,385,565
	31,100	Procter & Gamble Co.		4,752,080
	25,600	Sysco Corp.		2,090,240
	30,000	Walmart, Inc.		4,467,600
				13,115,519

		Energy-3.11%
	61,288	Chevron Corp.		9,979,525
	20,000	Pioneer Natural Resources Co.		5,000,600
	22,155	Valero Energy Corp.		2,249,619
				17,229,744

		Financials-5.30%
	12,488	Arthur J Gallagher & Co.		2,180,405
	4,164	BlackRock, Inc.		3,182,004
	63,000	Enova International, Inc.^*		2,392,110
	95,000	Fifth Third Bancorp		4,088,800
	5,424	Goldman Sachs Group, Inc.		1,790,462
	57,000	JPMorgan Chase & Co.		7,770,240
	20,000	LPL Financial Holdings, Inc.		3,653,600
	17,630	Nelnet, Inc., Class A		1,498,374
	5,000	SVB Financial Group^*		2,797,250
				29,353,245

		Health Care-6.94%
	27,000	Abbott Laboratories		3,195,720
	14,792	AbbVie, Inc.		2,397,931
	2,209	Anthem, Inc.		1,085,105
	60,273	AstraZeneca PLC		3,998,511
	9,000	Danaher Corp.		2,639,970
	17,000	Eli Lilly & Co.		4,868,290
	14,030	Johnson & Johnson		2,486,537
	40,000	Pfizer, Inc.		2,070,800
	10,000	ResMed, Inc.		2,425,100
	6,000	Thermo Fisher Scientific, Inc.		3,543,900
	14,258	UnitedHealth Group, Inc.		7,271,152

Shares or Principal Amount			Value
		Health Care (continued)
	13,008	Zoetis, Inc.	$	2,453,179
				38,436,195

		Industrials-5.14%
	31,656	ABB, Ltd.		1,023,755
	18,056	Caterpillar, Inc.		4,023,238
	8,500	Deere & Co.		3,531,410
	30,400	Eaton Corp. PLC		4,613,504
	9,000	Generac Holdings, Inc.^*		2,675,340
	5,075	Old Dominion Freight Line, Inc.		1,515,801
	60,000	Schneider Electric SE		2,026,800
	10,701	Trane Technologies PLC		1,634,043
	14,048	Union Pacific Corp.		3,838,054
	10,000	United Rentals, Inc.^*		3,552,100
				28,434,045

		Information Technology-10.68%
	87,900	Apple, Inc.		15,348,219
	7,150	ASML Holding NV		4,775,700
	36,000	Insight Enterprises, Inc.^*		3,863,520
	50,000	Jabil, Inc.		3,086,500
	5,450	Lam Research Corp.		2,929,974
	6,796	Mastercard, Inc., Class A		2,428,754
	51,670	Microsoft Corp.		15,930,378
	20,812	Nova, Ltd.^*		2,266,011
	18,600	NVIDIA Corp.		5,075,196
	18,000	Taiwan Semiconductor Manufacturing Co., Ltd.		1,876,680
	14,438	TD SYNNEX Corp.		1,490,146
				59,071,078

		Materials-1.38%
	10,000	Avery Dennison Corp.		1,739,700
	10,000	Celanese Corp.		1,428,700
	49,502	James Hardie Industries PLC		1,492,485
	44,224	Sealed Air Corp.		2,961,239
				7,622,124

		Real Estate-1.27%
	27,000	CBRE Group, Inc., Class A^*		2,471,040
	28,096	Prologis, Inc., REIT		4,536,942
				7,007,982

		Utilities-1.08%
	13,000	American Water Works Co., Inc.		2,151,890
	45,000	NextEra Energy, Inc.		3,811,950
				5,963,840

TOTAL COMMON STOCKS
(Cost $158,497,964)				252,418,154

Shares or Principal Amount			Value
EXCHANGE TRADED FUNDS-5.97%
	4,000	Invesco Variable Rate Investment Grade ETF	$	99,720
	25,000	iShares^® Convertible Bond ETF		2,083,000
	125,000	iShares^® Floating Rate Bond ETF		6,315,000
	228,918	iShares^® Gold Trust^*		8,431,050
	30,000	iShares^® Russell 2000^® ETF		6,158,100
	25,000	iShares^® Trust 5-10 Year Investment Grade Corporate Bond ETF		1,371,750
	25,000	SPDR^® Bloomberg Barclays Convertible Securities ETF		1,923,750
	36,000	Vanguard^® Small-Cap Value ETF		6,333,840
	12,000	Virtus Seix Senior Loan ETF		296,100

TOTAL EXCHANGE TRADED FUNDS
(Cost $27,479,094)				33,012,310

Shares or Principal Amount			Value
CORPORATE BONDS-10.28%
		Communication Services-0.18%
$	1,000,000	AT&T, Inc., 2.950%, 7/15/26		991,612

		Consumer Discretionary-2.00%
	5,000,000	eBay, Inc., 2.600%, 7/15/22		5,000,902
	5,000,000	Home Depot, Inc., 2.700%, 4/1/23		5,033,156
	1,000,000	Ross Stores, Inc., 4.700%, 4/15/27		1,052,145
				11,086,203
		Consumer Staples-0.44%
	2,000,000	Walmart, Inc., 5.250%, 9/1/35		2,419,560

		Energy-0.19%
	1,000,000	BP Capital Markets America, Inc., 4.234%, 11/6/28		1,050,132

		Financials-3.66%
	2,000,000	Bank of America Corp., 3M US L + 0.96%, 12/20/23^(a)		2,005,050
	2,000,000	Bank of America Corp., 1.250%, 9/24/26		1,836,961
	2,500,000	Bank of Montreal, 2.000%, 12/22/26		2,364,485
	2,000,000	Citigroup Global Markets Holdings, Inc., 0.750%, 6/7/24		1,907,306
	2,500,000	Citigroup Global Markets Holdings, Inc./United States, 3.000%, 3/28/24		2,497,126
	2,000,000	Citigroup, Inc., 3.875%, 3/26/25		2,026,271
	1,000,000	Discover Financial Services, 3.850%, 11/21/22		1,012,269
	1,000,000	Goldman Sachs Group, Inc., 1D US SOFR + 0.29%, 11/17/23^(a)		987,287
	1,000,000	Goldman Sachs Group, Inc., 3.500%, 4/1/25		1,007,458
	5,000,000	Goldman Sachs Group, Inc., 1.450%, 9/14/26		4,569,170
				20,213,383
		Health Care-0.80%
	5,000,000	Johnson & Johnson, 1.300%, 9/1/30		4,452,236

		Industrials-0.27%
	1,000,000	Caterpillar, Inc., 8.250%, 12/15/38		1,504,895

		Information Technology-2.74%
	2,500,000	Apple, Inc., 2.050%, 9/11/26		2,426,607
	2,000,000	Automatic Data Processing, Inc., 1.250%, 9/1/30		1,736,506
	5,000,000	Intel Corp., 2.875%, 5/11/24		5,037,021
	5,000,000	Oracle Corp., 2.500%, 5/15/22		5,002,960
	1,000,000	PayPal Holdings, Inc., 2.650%, 10/1/26		983,984
				15,187,078
TOTAL CORPORATE BONDS
(Cost $58,123,540)				56,905,099

Shares or Principal Amount			Value
MUNICIPAL BONDS-3.02%
		Hawaii-1.66%
$	9,000,000	City and County of Honolulu General Obligation Unlimited Bonds, Series B, 5.000%, 11/1/25	$	9,188,001

		Ohio-1.36%
	7,450,000	Beavercreek City School District General Obligation Unlimited Bonds, 3.250%, 12/1/36		7,553,027

TOTAL MUNICIPAL BONDS
(Cost $16,530,006)				16,741,028

Shares or Principal Amount			Value
U.S. GOVERNMENT AGENCIES-4.38%
		Federal Farm Credit Banks Funding Corp.-1.38%
	2,000,000	0.670%, 8/4/25		1,876,684
	5,725,000	2.750%, 11/6/26		5,779,228
				7,655,912
		Federal Home Loan Banks-3.00%
	10,000,000	2.875%, 6/13/25		10,093,438
	2,000,000	0.580%, 9/11/25		1,874,224
	2,500,000	1.020%, 9/17/26		2,317,752
	2,500,000	0.850%, 10/15/27		2,293,877
				16,579,291
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $24,908,550)				24,235,203

Shares or Principal Amount			Value
MORTGAGE BACKED SECURITIES-3.04%
		Fannie Mae Pool-2.97%
	3,896,308	3.500%, 9/1/33		3,945,381
	13,061,173	2.500%, 1/1/57		12,476,288
				16,421,669
		Fannie Mae REMICS-0.07%
	396,421	3.500%, 5/25/47		389,508

TOTAL MORTGAGE BACKED SECURITIES
(Cost $16,918,795)				16,811,177

Shares or Principal Amount			Value
U.S. TREASURY BONDS & NOTES-21.75%
		U.S. Treasury Bonds-13.58%
$	30,000,000	2.000%, 8/15/25		29,469,141
	30,000,000	2.750%, 2/15/28		30,464,062
	15,000,000	2.625%, 2/15/29		15,180,469
				75,113,672
		U.S. Treasury Notes-4.44%
	15,000,000	1.500%, 2/28/23		14,980,078
	10,000,000	0.250%, 3/15/24		9,606,250
				24,586,328
		United States Treasury Inflation Indexed Bonds-3.73%
	19,802,475	0.625%, 4/15/23		20,646,401

TOTAL U.S. TREASURY BONDS & NOTES
(Cost $120,362,056)				120,346,401

Shares or Principal Amount			Value
SHORT TERM INVESTMENTS-5.85%
		Short Term Securities-5.85%
$	32,367,660	First American Treasury Obligations Fund, Class X, 7-Day Yield 0.240%	$	32,367,660

TOTAL SHORT TERM INVESTMENTS
(Cost $32,367,660)				32,367,660

TOTAL INVESTMENT SECURITIES-99.90%
(Cost $455,187,665)				552,837,032
OTHER ASSETS IN EXCESS OF LIABILITIES-0.10%				556,229
NET ASSETS-100.00%			$	553,393,261

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 March 31, 2022 is based on the reference rate plus the displayed spread as of the security’s last reset date.

Investment Abbreviations:
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate

Reference Rates:
3M US L - 3 Month LIBOR as of March 31, 2022 was 0.96%
1D US SOFR - 1 Day SOFR as of March 31, 2022 was 0.29%

See Notes to Quarterly Schedule of Investments.

JAMES SMALL CAP FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

Shares			Value
COMMON STOCKS-93.17%
		Consumer Discretionary-10.52%
	12,800	Brinker International, Inc.^*	$	488,448
	2,160	Deckers Outdoor Corp.^*		591,343
	3,900	Helen of Troy, Ltd.^*		763,776
	6,000	MarineMax, Inc.^*		241,560
	3,850	Marriott Vacations Worldwide Corp.		607,145
	6,190	Patrick Industries, Inc.		373,257
	23,200	PetMed Express, Inc.		598,560
	10,500	Zumiez, Inc.^*		401,205
				4,065,294

		Consumer Staples-2.24%
	8,550	Central Garden & Pet Co., Class A^*		348,669
	5,800	Ingles Markets, Inc., Class A		516,490
				865,159

		Energy-5.50%
	5,900	Callon Petroleum Co.^*		348,572
	12,160	HF Sinclair Corp.^*		484,576
	19,100	Magnolia Oil & Gas Corp., Class A		451,715
	6,600	Matador Resources Co.		349,668
	6,800	PDC Energy, Inc.		494,224
				2,128,755

		Financials-27.34%
	18,080	American Equity Investment Life Holding Co.		721,573
	3,870	American Financial Group, Inc.		563,549
	11,700	Assured Guaranty, Ltd.		744,822
	16,000	Bancorp, Inc.^*		453,280
	5,500	BankUnited, Inc.		241,780
	11,000	Cadence Bank		321,860
	47,725	Chimera Investment Corp., REIT		574,609
	3,400	Community Bank System, Inc.		238,510
	17,830	Enova International, Inc.^*		677,005
	7,550	Evercore, Inc., Class A		840,466
	67,000	First BanCorp		879,040
	4,300	Glacier Bancorp, Inc.		216,204
	4,700	Houlihan Lokey, Inc.		412,660
	17,500	Ladder Capital Corp., REIT		207,725
	4,800	LPL Financial Holdings, Inc.		876,864
	44,100	MGIC Investment Corp.		597,555
	7,835	Piper Sandler Cos.		1,028,344
	31,700	Radian Group, Inc.		704,057
	3,200	SouthState Corp.		261,088
				10,560,991

		Health Care-7.50%
	3,900	AMN Healthcare Services, Inc.^*		406,887
	39,660	Innoviva, Inc.^*		767,421
	8,690	Integer Holdings Corp.^*		700,153
	3,545	National HealthCare Corp.		248,965
	24,240	Tivity Health, Inc.^*		779,801
				2,903,227

		Industrials-15.65%
	3,300	Allegiant Travel Co^*		535,887

Shares			Value
		Industrials (continued)
	12,730	Boise Cascade Co.	$	884,353
	8,940	Encore Wire Corp.		1,019,786
	4,570	FTI Consulting, Inc.^*		718,495
	18,478	Hillenbrand, Inc.		816,173
	8,700	MasTec, Inc.^*		757,770
	4,600	Matson, Inc.		554,852
	4,435	TriNet Group, Inc.^*		436,227
	2,500	Wesco International, Inc.^*		325,350
				6,048,893

		Information Technology-8.88%
	8,250	Avnet, Inc.		334,868
	2,500	Concentrix Corp.		416,400
	5,030	Insight Enterprises, Inc.^*		539,820
	3,000	Nova, Ltd.^*		326,640
	13,500	PC Connection, Inc.		707,265
	11,955	Super Micro Computer, Inc.^*		455,127
	2,535	TD SYNNEX Corp.		261,637
	4,700	TTEC Holdings, Inc.		387,844
				3,429,601

		Materials-5.97%
	19,300	Cleveland-Cliffs, Inc.^*		621,653
	5,286	Innospec, Inc.		489,219
	13,820	Schnitzer Steel Industries, Inc., Class A		717,811
	7,130	Sealed Air Corp.		477,425
				2,306,108

		Real Estate-7.19%
	2,100	Agree Realty Corp., REIT		139,356
	8,000	Healthcare Realty Trust, Inc., REIT, REIT		219,840
	65,210	Lexington Realty Trust, REIT		1,023,797
	21,000	Physicians Realty Trust, REIT, REIT		368,340
	10,000	Sabra Health Care Reit Inc, REIT		148,900
	6,000	STAG Industrial, Inc., REIT		248,100
	4,200	Terreno Realty Corp., REIT		311,010
	16,940	Xenia Hotels & Resorts, Inc., REIT^*		326,773
				2,786,116

		Utilities-2.38%
	3,000	IDACORP, Inc.		346,080
	10,455	Portland General Electric Co.		576,593
				922,673

TOTAL COMMON STOCKS
(Cost $25,261,502)				36,016,817

Shares			Value
SHORT TERM INVESTMENTS-6.87%
		Short Term Securities-6.87%
	2,654,248	First American Treasury Obligations Fund, Class X, 7-Day Yield 0.240%		2,654,248

TOTAL SHORT TERM INVESTMENTS
(Cost $2,654,248)				2,654,248

TOTAL INVESTMENT SECURITIES-100.04%
(Cost $27,915,750)				38,671,065
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS-(0.04)%				(16,358	)
NET ASSETS-100.00%			$	38,654,707

Non-income producing security.

See Notes to Quarterly Schedule of Investments.

JAMES MICRO CAP FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

Shares or Principal Amount			Value
COMMON STOCKS-92.11%
		Communication Services-1.81%
	21,500	Gray Television, Inc.	$	474,505
				474,505

		Consumer Discretionary-9.34%
	4,662	Century Communities, Inc.		249,743
	22,372	Haverty Furniture Cos., Inc.		613,440
	4,742	M/I Homes, Inc.^*		210,308
	5,750	MarineMax, Inc.^*		231,495
	4,044	Patrick Industries, Inc.		243,853
	10,192	Shoe Carnival, Inc.		297,199
	5,625	Standard Motor Products, Inc.		242,662
	23,980	Vera Bradley, Inc.^*		183,927
	4,568	Zumiez, Inc.^*		174,543
				2,447,170

		Consumer Staples-6.51%
	13,108	Central Garden & Pet Co., Class A^*		534,544
	13,130	Ingles Markets, Inc., Class A		1,169,226
				1,703,770

		Energy-4.47%
	7,254	Civitas Resources, Inc.		433,136
	19,032	Dorian LPG, Ltd.		275,774
	5,814	Laredo Petroleum, Inc.^*		460,120
				1,169,030

		Financials-20.81%
	6,900	Bancorp, Inc.^*		195,477
	26,746	Donnelley Financial Solutions, Inc.^*		889,572
	22,100	Enova International, Inc.^*		839,137
	6,912	Federal Agricultural Mortgage Corp., Class C		749,814
	25,704	Merchants Bancorp		703,775
	5,646	Nelnet, Inc., Class A		479,854
	25,456	OFG Bancorp		678,148
	6,918	Piper Sandler Cos.		907,987
				5,443,764

		Health Care-13.01%
	6,400	AnaptysBio, Inc.^*		158,336
	55,000	Antares Pharma, Inc.^*		225,500
	7,100	Cutera, Inc.^*		489,900
	40,082	Innoviva, Inc.^*		775,587
	6,396	Integer Holdings Corp.^*		515,326
	52,400	SIGA Technologies, Inc.^*		371,516
	4,200	Utah Medical Products, Inc.		377,412
	43,517	Vanda Pharmaceuticals, Inc.^*		492,177
				3,405,754

Shares or Principal Amount			Value
		Industrials-13.14%
	77,175	ACCO Brands Corp.	$	617,400
	7,657	ArcBest Corp.		616,388
	2,500	Boise Cascade Co.		173,675
	3,384	CRA International, Inc.		285,136
	8,000	Genco Shipping & Trading, Ltd.		188,960
	3,400	Heidrick & Struggles International, Inc.		134,572
	5,000	Heritage-Crystal Clean, Inc.^*		148,050
	3,500	Insteel Industries Inc		129,465
	2,400	Kforce, Inc.		177,528
	3,500	Shyft Group, Inc.		126,385
	2,200	Transcat, Inc.^*		178,508
	18,530	Vectrus, Inc.^*		664,486
				3,440,553

		Information Technology-15.10%
	8,022	Cohu, Inc.^*		237,451
	4,600	ePlus, Inc.^*		257,876
	5,408	Ichor Holdings, Ltd.^*		192,633
	9,746	Insight Enterprises, Inc.^*		1,045,941
	9,143	Nova, Ltd.^*		995,490
	12,184	PC Connection, Inc.		638,320
	22,198	Photronics, Inc.^*		376,700
	6,384	Vishay Precision Group, Inc.^*		205,246
				3,949,657

		Materials-5.91%
	4,000	Innospec, Inc.		370,200
	18,045	Schnitzer Steel Industries, Inc., Class A		937,257
	2,070	United States Lime & Minerals, Inc.		240,203
				1,547,660

		Real Estate-0.99%
	4,900	PotlatchDeltic Corp., REIT		258,377
				258,377

		Utilities-1.02%
	7,332	Clearway Energy, Inc.		267,691
				267,691

TOTAL COMMON STOCKS
(Cost $16,877,605)				24,107,931

Shares or Principal Amount			Value
SHORT TERM INVESTMENTS-7.99%
		Short Term Securities-7.99%
	2,090,360	First American Treasury Obligations Fund, Class X, 7-Day Yield 0.240%		2,090,360

TOTAL SHORT TERM INVESTMENTS
(Cost $2,090,360)				2,090,360

TOTAL INVESTMENT SECURITIES-100.10%
(Cost $18,967,965)				26,198,291
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS-(0.10)%				(26,595	)
NET ASSETS-100.00%			$	26,171,696

Non-income producing security.

See Notes to Quarterly Schedule of Investments.

JAMES AGGRESSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

Shares or Principal Amount			Value
COMMON STOCKS-71.30%
		Communication Services-5.41%
	242	Alphabet, Inc., Class A^*	$	673,087
	6,645	Comcast Corp., Class A		311,119
	1,785	T-Mobile US, Inc.^*		229,105
				1,213,311

		Consumer Discretionary-10.03%
	100	Amazon.com, Inc.^*		325,995
	2,190	Best Buy Co., Inc.		199,071
	710	Deckers Outdoor Corp.^*		194,377
	1,450	Home Depot, Inc.		434,029
	1,000	McDonald’s Corp.		247,280
	3,040	Standard Motor Products, Inc.		131,146
	1,600	Target Corp.		339,552
	1,640	Tractor Supply Co.		382,727
				2,254,177

		Consumer Staples-2.29%
	1,700	Procter & Gamble Co.		259,760
	1,700	Walmart, Inc.		253,164
				512,924

		Energy-5.01%
	250	Cheniere Energy, Inc.		34,662
	2,780	Chevron Corp.		452,667
	6,410	Matador Resources Co.		339,602
	1,195	Pioneer Natural Resources Co.		298,786
				1,125,717

		Financials-7.16%
	2,000	Bancorp, Inc.^*		56,660
	500	BlackRock, Inc.		382,085
	8,485	Enova International, Inc.^*		322,175
	855	Goldman Sachs Group, Inc.		282,236
	2,000	JPMorgan Chase & Co.		272,640
	525	SVB Financial Group^*		293,711
				1,609,507

		Health Care-8.74%
	2,625	Abbott Laboratories		310,695
	4,000	AstraZeneca PLC		265,360
	825	Danaher Corp.		241,997
	475	Eli Lilly & Co.		136,026
	1,295	Johnson & Johnson		229,513
	3,220	Pfizer, Inc.		166,699
	610	UnitedHealth Group, Inc.		311,082
	1,595	Zoetis, Inc.		300,801
				1,962,173

		Industrials-8.76%
	6,935	ABB, Ltd.		224,278
	1,235	Caterpillar, Inc.		275,183
	725	Deere & Co.		301,208
	1,540	Eaton Corp. PLC		233,710
	495	Generac Holdings, Inc.^*		147,144

Shares or Principal Amount			Value
		Industrials (continued)
	415	Lockheed Martin Corp.	$	183,181
	1,000	Matson, Inc.		120,620
	1,400	Trane Technologies PLC		213,780
	745	United Rentals, Inc.^*		264,631
				1,963,735

		Information Technology-16.60%
	3,975	Apple, Inc.		694,075
	750	ASML Holding NV		500,948
	3,190	Cadence Design Systems, Inc.^*		524,627
	900	Jabil, Inc.		55,557
	625	Lam Research Corp.		336,006
	735	Mastercard, Inc., Class A		262,674
	1,730	Microsoft Corp.		533,376
	2,515	Nova, Ltd.^*		273,833
	2,000	NVIDIA Corp.		545,720
				3,726,816

		Materials-2.75%
	1,310	Avery Dennison Corp.		227,901
	2,865	CF Industries Holdings, Inc.		295,267
	3,235	James Hardie Industries PLC		97,535
				620,703

		Real Estate-3.10%
	1,600	Digital Realty Trust, Inc., REIT		226,880
	2,905	Prologis, Inc., REIT		469,099
				695,979

		Utilities-1.45%
	750	American Water Works Co., Inc.		124,147
	2,380	NextEra Energy, Inc.		201,610
				325,757

TOTAL COMMON STOCKS
(Cost $12,047,831)				16,010,799

Shares or Principal Amount			Value
EXCHANGE TRADED FUNDS-8.44%
	400	Amplify Transformational Data Sharing ETF		13,676
	450	First Trust NASDAQ Cybersecurity ETF		23,900
	4,180	Invesco BuyBack Achievers ETF		378,206
	18,000	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		317,520
	4,000	iShares^® Floating Rate Bond ETF		202,080
	5,627	iShares^® Gold Trust^*		207,242
	550	iShares^® Russell 2000^® ETF		112,899
	1,405	iShares^® Russell 2000 Value ETF		226,767
	3,000	Nuveen ESG Large-Cap Growth ETF		182,190
	3,000	SPDR^® Bloomberg Barclays Convertible Securities ETF		230,850

TOTAL EXCHANGE TRADED FUNDS
(Cost $1,791,561)				1,895,330

Shares or Principal Amount			Value
CORPORATE BONDS-5.84%
		Consumer Discretionary-2.08%
$	500,000	Starbucks Corp., 2.550%, 11/15/30		465,685

		Financials-1.97%
	200,000	Bank of Montreal, 2.000%, 12/22/26		189,159

Shares or Principal Amount			Value
		Financials (continued)
$	250,000	Citigroup, Inc., 3.875%, 3/26/25	$	253,284
				442,443
		Health Care-1.02%
	250,000	AstraZeneca PLC, 0.700%, 4/8/26		228,451

		Information Technology-0.77%
	200,000	Automatic Data Processing, Inc., 1.250%, 9/1/30		173,651

TOTAL CORPORATE BONDS
(Cost $1,406,862)				1,310,230

Shares or Principal Amount			Value
U.S. GOVERNMENT AGENCIES-4.16%
		Federal Farm Credit Banks Funding Corp.-2.09%
	500,000	0.670%, 8/4/25		469,171

		Federal National Mortgage Association-2.07%
500,000		0.560%, 10/22/25		465,935

TOTAL U.S. GOVERNMENT AGENCIES
(Cost $1,000,000)				935,106

Shares or Principal Amount			Value
U.S. TREASURY BONDS & NOTES-7.77%
		U.S. Treasury Bonds-1.35%
$	300,000	2.625%, 2/15/29		303,609

		U.S. Treasury Notes-6.42%
	500,000	0.250%, 3/15/24		480,313
	1,000,000	1.125%, 2/28/25		961,289
				1,441,602
TOTAL U.S. TREASURY BONDS & NOTES
(Cost $1,830,080)				1,745,211

Shares or Principal Amount			Value
SHORT TERM INVESTMENTS-2.48%
		Short Term Securities-2.48%
	555,746	First American Treasury Obligations Fund, Class X, 7-Day Yield 0.240%		555,746

TOTAL SHORT TERM INVESTMENTS
(Cost $555,746)				555,746

TOTAL INVESTMENT SECURITIES-99.99%
(Cost $18,632,080)				22,452,422
OTHER ASSETS IN EXCESS OF LIABILITIES-0.01%				3,160
NET ASSETS-100.00%			$	22,455,582

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 Advantage Funds

Notes to Quarterly Schedule of Investments

March 31, 2022 (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 and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

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 redemption fees 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

March 31, 2022 (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.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2022:

James Balanced: Golden Rainbow Fund
	Valuation Inputs
Investments in Securities at Value^*	Level 1		Level 2		Level 3		Total
Common Stocks	$	252,418,154	$	–	$	–	$	252,418,154
Exchange Traded Funds		33,012,310		–		–		33,012,310
Corporate Bonds		–		56,905,099		–		56,905,099
Municipal Bonds		–		16,741,028		–		16,741,028
U.S. Government Agencies		–		24,235,203		–		24,235,203
Mortgage Backed Securities		–		16,811,177		–		16,811,177
U.S. Treasury Bonds & Notes		120,346,401		–		–		120,346,401
Short Term Investments		32,367,660		–		–		32,367,660
Total	$	438,144,525	$	114,692,507	$	–	$	552,837,032

James Small Cap Fund
	Valuation Inputs
Investments in Securities at Value^*	Level 1		Level 2		Level 3		Total
Common Stocks	$	36,016,817	$	–	$	–	$	36,016,817
Short Term Investments		2,654,248		–		–		2,654,248
Total	$	38,671,065	$	–	$	–	$	38,671,065

James Advantage Funds

Notes to Quarterly Schedule of Investments

March 31, 2022 (Unaudited)

James Micro Cap Fund
	Valuation Inputs
Investments in Securities at Value^*	Level 1		Level 2		Level 3		Total
Common Stocks	$	24,107,931	$	–	$	–	$	24,107,931
Short Term Investments		2,090,360		–		–		2,090,360
Total	$	26,198,291	$	–	$	–	$	26,198,291

James Aggressive Allocation Fund
	Valuation Inputs
Investments in Securities at Value^*	Level 1		Level 2		Level 3		Total
Common Stocks	$	16,010,799	$	–	$	–	$	16,010,799
Exchange Traded Funds		1,895,330		–		–		1,895,330
Corporate Bonds		–		1,310,230		–		1,310,230
U.S. Government Agencies		–		935,106		–		935,106
U.S. Treasury Bonds & Notes		1,745,211		–		–		1,745,211
Short Term Investments		555,746		–		–		555,746
Total	$	20,207,086	$	2,245,336	$	–	$	22,452,422

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 March 31, 2022, 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.

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.

Exchange Traded Funds (ETFs)

Each Fund may invest in shares of ETFs. The ETFs in which a Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the ETFs and other investment companies in which a Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ability of the ETFs to track their applicable indices. The market value of the ETF shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when an ETF’s shares trade at a discount to its net asset value.

Notes to Quarterly Schedule of Investments

James Advantage Funds

March 31, 2022 (Unaudited)

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. As of March 31, 2022, none of the Funds had outstanding borrowings. For the nine months ended March 31, 2022, the James Aggressive Allocation Fund utilized its line of credit. The average amount of borrowings was $44,000 over 1 day with a weighted-average interest rate of 3.25%. During the nine months ended March 31, 2022, the James Balanced: Golden Rainbow Fund, James Small Cap Fund and James Micro Cap Fund did not utilize the line of credit. Interest on funded and unfunded loans was $4 for the James Aggressive Allocation Fund for the nine months ended March 31, 2022. Each Fund’s line of credit agreement expired on July 7, 2021 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	$30,000,000	Prime Rate*	July 6, 2022
James Small Cap Fund	$2,000,000	Prime Rate*	July 6, 2022
James Micro Cap Fund	$1,250,000	Prime Rate*	July 6, 2022
James Aggressive Allocation Fund	$750,000	Prime Rate*	July 6, 2022

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