James Balanced: Golden Rainbow Fund

Retail Class (GLRBX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about James Balanced: Golden Rainbow Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.jamesfunds.com/forms-and-reports.php. You can also request this information by contacting us at (800) 995-2637.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retail Class	$129	1.20%

How did the Fund perform during the reporting period?

The James Balanced: Golden Rainbow Fund - Retail Class (GLRBX) returned 14.69% for the fiscal year ended June 30, 2026. During the same period, the Bloomberg US 3000 Total Return Index gained 23.15%, while the Fund's blended benchmark, consisting of 25% Bloomberg US 1000 Total Return Index, 25% Bloomberg US 2000 Total Return Index, and 50% Bloomberg Intermediate US Government/Credit Bond Index, returned 16.70%.

As a balanced fund, equities represented just over half of the portfolio, with an average weighting of 51.04%, yet they were the primary driver of performance. Equity holdings returned 27.05% and contributed 12.94 percentage points to total return. Commodities also provided meaningful support, contributing 0.98 percentage points on an average weighting of 3.64% and a return of 22.18%. Fixed income securities, which represented an average weighting of 43.18%, added 1.97 percentage points to performance during the fiscal year.

Information Technology was the largest contributor to performance, adding 4.01 percentage points to total return. The sector represented the portfolio's largest average allocation at 14.33% and returned 31.08% during the period. Its combination of meaningful portfolio weight and strong performance made it the Fund's most significant sector contributor.

Industrials generated the strongest sector return within the portfolio, advancing 63.64% and contributing 2.49 percentage points to performance despite an average weighting of just 4.78%. The sector's substantial return demonstrated how a relatively modest allocation can still have a meaningful impact on overall results.

Consumer Discretionary was one of the weaker-performing sectors relative to its portfolio allocation. Representing an average weighting of 5.23%, the sector returned just 1.11% and contributed 0.10 percentage points to total return. Compared with other major portfolio allocations, its contribution was relatively limited.

Real Estate was the only sector to generate a negative return during the fiscal year, declining 4.07%. However, its impact on overall results was minimal due to its small average weighting of 0.48%.

At the individual holding level, Alphabet, Inc.- Class A (Google) was the Fund's largest contributor. The position added 1.94 percentage points to total return, supported by a 103.82% return and an average weighting of 2.72%. Alphabet's exceptional performance made it the portfolio's strongest individual contributor during the fiscal year.

Microsoft Corporation was the largest individual detractor. The position represented an average weighting of 3.46% and declined 23.58% during the period, reducing total return by 0.87 percentage points. Its performance serves as a reminder that meaningful stock-specific dispersion can occur even among industry-leading companies operating within the same sector.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	James Balanced: Golden Rainbow Fund - Retail Class	Bloomberg Intermediate U.S. Government/Credit Bond Index	Bloomberg US 1000 Index	Bloomberg US 2000 Index	Bloomberg US 3000 Index	James Golden Rainbow Blend *	VettaFi U.S. Equity 3000 Index
Jun-2016	$10,000	$10,000	$10,000	$10,000	$10,000	$10,000	$10,000
Jun-2017	$10,392	$9,979	$11,815	$12,334	$11,853	$10,999	$11,849
Jun-2018	$10,586	$9,921	$13,536	$14,573	$13,611	$11,848	$13,618
Jun-2019	$10,455	$10,609	$14,883	$13,897	$14,814	$12,478	$14,861
Jun-2020	$10,331	$11,364	$16,027	$12,950	$15,808	$13,064	$15,852
Jun-2021	$11,920	$11,385	$22,923	$21,962	$22,842	$16,410	$22,872
Jun-2022	$10,851	$10,556	$19,850	$16,581	$19,604	$14,263	$19,582
Jun-2023	$11,546	$10,546	$23,673	$18,611	$23,303	$15,416	$23,283
Jun-2024	$13,114	$10,989	$29,343	$20,353	$28,707	$17,043	$28,661
Jun-2025	$14,221	$11,729	$33,877	$21,980	$33,047	$18,681	$33,024
Jun-2026	$16,310	$12,097	$41,474	$30,973	$40,697	$21,799	$40,683

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
James Balanced: Golden Rainbow Fund - Retail Class	14.69%	6.47%	5.01%
James Golden Rainbow Blend *	16.70%	5.84%	8.10%
Bloomberg Intermediate U.S. Government/Credit Bond Index	3.14%	1.22%	1.92%
Bloomberg US 1000 Index	22.43%	12.59%	15.29%
Bloomberg US 2000 Index	40.92%	7.12%	11.97%
Bloomberg US 3000 Index	23.15%	12.24%	15.07%
VettaFi U.S. Equity 3000 Index	23.19%	12.21%	15.06%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 995-2637 or visit https://www.jamesfunds.com/our-funds.php#fund-performance for updated performance information.

* James Golden Rainbow Blend is comprised of 25% Bloomberg US 1000 Index / 25% Bloomberg US 2000 Index / 50% Bloomberg Intermediate U.S. Government/Credit Bond Index

Fund Statistics

Net Assets$420,079,722
Number of Portfolio Holdings116
Total Advisory Fees Paid $3,093,142
Portfolio Turnover15%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	46.2%
Corporate Bonds	11.8%
Exchange-Traded Funds	8.3%
Money Market Funds	2.1%
Mortgage-Backed Securities	2.4%
U.S. Government & Agencies	3.9%
U.S. Treasury Obligations	25.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Real Estate	0.5%
Materials	0.7%
Utilities	1.2%
Energy	1.8%
Money Market Funds	2.1%
Consumer Staples	2.4%
Mortgage-Backed Securities	2.4%
Health Care	3.4%
U.S. Government & Agencies	3.8%
Communication Services	4.2%
Consumer Discretionary	4.6%
Industrials	5.2%
Financials	7.0%
Exchange-Traded Funds	8.3%
Corporate Bonds	11.8%
Information Technology	15.0%
U.S. Treasury Obligations	25.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
U.S. Treasury Notes, 5.375%, due 02/15/31	5.0%
U.S. Treasury Notes, 5.500%, due 08/15/28	3.7%
U.S. Treasury Notes, 4.375%, due 05/15/34	3.6%
Alphabet, Inc. - Class A	3.1%
Microsoft Corporation	2.7%
Apple, Inc.	2.7%
iShares Gold Trust	2.6%
NVIDIA Corporation	2.4%
U.S. Treasury Notes, 4.250%, due 11/30/26	2.4%
U.S. Treasury Notes, 2.375%, due 05/15/27	2.3%

Material Fund Changes

Effective March 31, 2026, the Fund's Broad Based securities market index changed from the VettaFi U.S. Equity 3000 Index to the Bloomberg US 3000 Index. The Fund believes the new index provides a comparable representation of the market in which the Fund invests to that of the prior benchmark index.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.jamesfunds.com/forms-and-reports.php), including its:

Prospectus
Financial information
Holdings
Proxy voting information

James Balanced: Golden Rainbow Fund - Retail Class (GLRBX)

Annual Shareholder Report - June 30, 2026

TSR-AR 063026-GLRBX

James Balanced: Golden Rainbow Fund

Institutional Class (GLRIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$102	0.95%

How did the Fund perform during the reporting period?

The James Balanced: Golden Rainbow Fund - Institutional Class (GLRIX) returned 14.94% for the fiscal year ended June 30, 2026. During the same period, the Bloomberg US 3000 Total Return Index gained 23.15%, while the Fund's blended benchmark, consisting of 25% Bloomberg US 1000 Total Return Index, 25% Bloomberg US 2000 Total Return Index, and 50% Bloomberg Intermediate US Government/Credit Bond Index, returned 16.70%.

Real Estate was the only sector to generate a negative return during the fiscal year, declining 4.07%. However, its impact on overall results was minimal due to its small average weighting of 0.48%.

How has the Fund performed over the last ten years?

Total Return Based on $50,000 Investment

Table Summary
	James Balanced: Golden Rainbow Fund - Institutional Class	James Golden Rainbow Blend *	Bloomberg Intermediate U.S. Government/Credit Bond Index	Bloomberg US 1000 Index	Bloomberg US 2000 Index	Bloomberg US 3000 Index	VettaFi U.S. Equity 3000 Index
Jun-2016	$50,000	$50,000	$50,000	$50,000	$50,000	$50,000	$50,000
Jun-2017	$52,116	$54,996	$49,894	$59,074	$61,670	$59,267	$59,245
Jun-2018	$53,218	$59,238	$49,605	$67,681	$72,865	$68,055	$68,089
Jun-2019	$52,691	$62,390	$53,043	$74,416	$69,485	$74,071	$74,305
Jun-2020	$52,198	$65,322	$56,818	$80,134	$64,749	$79,040	$79,260
Jun-2021	$60,355	$82,050	$56,927	$114,613	$109,810	$114,208	$114,359
Jun-2022	$55,088	$71,315	$52,782	$99,251	$82,907	$98,019	$97,910
Jun-2023	$58,745	$77,078	$52,732	$118,364	$93,054	$116,517	$116,417
Jun-2024	$66,913	$85,217	$54,943	$146,713	$101,766	$143,534	$143,303
Jun-2025	$72,750	$93,403	$58,645	$169,383	$109,898	$165,235	$165,121
Jun-2026	$83,622	$108,996	$60,484	$207,369	$154,863	$203,483	$203,415

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
James Balanced: Golden Rainbow Fund - Institutional Class	14.94%	6.74%	5.28%
James Golden Rainbow Blend *	16.70%	5.84%	8.10%
Bloomberg Intermediate U.S. Government/Credit Bond Index	3.14%	1.22%	1.92%
Bloomberg US 1000 Index	22.43%	12.59%	15.29%
Bloomberg US 2000 Index	40.92%	7.12%	11.97%
Bloomberg US 3000 Index	23.15%	12.24%	15.07%
VettaFi U.S. Equity 3000 Index	23.19%	12.21%	15.06%

* James Golden Rainbow Blend is comprised of 25% Bloomberg US 1000 Index / 25% Bloomberg US 2000 Index / 50% Bloomberg Intermediate U.S. Government/Credit Bond Index

Fund Statistics

Net Assets$420,079,722
Number of Portfolio Holdings116
Total Advisory Fees Paid $3,093,142
Portfolio Turnover15%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	46.2%
Corporate Bonds	11.8%
Exchange-Traded Funds	8.3%
Money Market Funds	2.1%
Mortgage-Backed Securities	2.4%
U.S. Government & Agencies	3.9%
U.S. Treasury Obligations	25.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Real Estate	0.5%
Materials	0.7%
Utilities	1.2%
Energy	1.8%
Money Market Funds	2.1%
Consumer Staples	2.4%
Mortgage-Backed Securities	2.4%
Health Care	3.4%
U.S. Government & Agencies	3.8%
Communication Services	4.2%
Consumer Discretionary	4.6%
Industrials	5.2%
Financials	7.0%
Exchange-Traded Funds	8.3%
Corporate Bonds	11.8%
Information Technology	15.0%
U.S. Treasury Obligations	25.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
U.S. Treasury Notes, 5.375%, due 02/15/31	5.0%
U.S. Treasury Notes, 5.500%, due 08/15/28	3.7%
U.S. Treasury Notes, 4.375%, due 05/15/34	3.6%
Alphabet, Inc. - Class A	3.1%
Microsoft Corporation	2.7%
Apple, Inc.	2.7%
iShares Gold Trust	2.6%
NVIDIA Corporation	2.4%
U.S. Treasury Notes, 4.250%, due 11/30/26	2.4%
U.S. Treasury Notes, 2.375%, due 05/15/27	2.3%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.jamesfunds.com/forms-and-reports.php), including its:

Prospectus
Financial information
Holdings
Proxy voting information

James Balanced: Golden Rainbow Fund - Institutional Class (GLRIX)

Annual Shareholder Report - June 30, 2026

TSR-AR 063026-GLRIX

James Small Cap Fund

(JASCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about James Small Cap Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.jamesfunds.com/forms-and-reports.php. You can also request this information by contacting us at (800) 995-2637.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
James Small Cap Fund	$174	1.50%

How did the Fund perform during the reporting period?

The James Small Cap Fund returned 32.32% for the fiscal year ended June 30, 2026. During the same period, the Bloomberg US 3000 Total Return Index gained 23.15%, while the Bloomberg US 2000 Total Return Index advanced 40.92%.

Equity holdings, which represented an average portfolio weighting of 95.53%, contributed 33.05 percentage points to total return and generated a 34.40% return. Performance was broad-based across the portfolio, with twelve of the Fund's thirteen sectors contributing positively to results and only one sector posting a modest negative contribution.

Industrials was the largest contributor to performance, adding 9.22 percentage points to total return. The sector carried an average weighting of 11.60% and returned 94.98% during the period, making it both the highest-returning sector and the largest contributor to overall results.

Financials was the second-largest contributor, adding 8.36 percentage points to total return. As the Fund's largest sector allocation, representing an average weighting of 25.27%, the sector returned 32.17% during the fiscal year. Its combination of a significant portfolio allocation and solid performance resulted in a meaningful contribution to Fund returns.

Communication Services was the only sector detractor, though its impact was limited by a small average weighting of 0.50%. The sector declined 7.00%, reducing total return by just 0.07 percentage points.

Consumer Discretionary delivered one of the more modest contributions relative to its portfolio allocation. Despite representing the Fund's third-largest sector weighting at 14.24%, the sector returned 1.66% and contributed 0.51 percentage points to overall performance.

At the individual holding level, Enova International, Inc. (ENVA), an online financial services company specializing in consumer lending solutions, was the Fund's largest contributor. The position added 3.87 percentage points to total return, supported by a 113.11% return and an average weighting of 4.11%. Enova's exceptional performance made it the portfolio's top-performing holding by a wide margin.

Brinker International, Inc. (EAT), the owner of the Chili's and Maggiano's Little Italy restaurant brands, was the largest individual detractor. The position carried an average weighting of 3.77% and declined 8.71% during the period, reducing total return by 0.71 percentage points and partially offsetting gains generated elsewhere in the portfolio.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	James Small Cap Fund	Bloomberg US 2000 Index	Bloomberg US 3000 Index	VettaFi U.S. Equity 3000 Index
Jun-2016	$10,000	$10,000	$10,000	$10,000
Jun-2017	$11,136	$12,334	$11,853	$11,849
Jun-2018	$12,406	$14,573	$13,611	$13,618
Jun-2019	$10,468	$13,897	$14,814	$14,861
Jun-2020	$8,475	$12,950	$15,808	$15,852
Jun-2021	$13,803	$21,962	$22,842	$22,872
Jun-2022	$12,701	$16,581	$19,604	$19,582
Jun-2023	$14,712	$18,611	$23,303	$23,283
Jun-2024	$18,329	$20,353	$28,707	$28,661
Jun-2025	$20,493	$21,980	$33,047	$33,024
Jun-2026	$27,117	$30,973	$40,697	$40,683

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
James Small Cap Fund	32.32%	14.46%	10.49%
Bloomberg US 2000 Index	40.92%	7.12%	11.97%
Bloomberg US 3000 Index	23.15%	12.24%	15.07%
VettaFi U.S. Equity 3000 Index	23.19%	12.21%	15.06%

Fund Statistics

Net Assets$92,108,533
Number of Portfolio Holdings93
Total Advisory Fees Paid $942,132
Portfolio Turnover13%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Communication Services	0.5%
Money Market Funds	2.3%
Materials	2.8%
Utilities	3.2%
Energy	3.5%
Consumer Staples	4.7%
Real Estate	6.5%
Health Care	10.6%
Consumer Discretionary	12.9%
Information Technology	13.0%
Industrials	15.6%
Financials	24.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Enova International, Inc.	5.9%
ACM Research, Inc. - Class A	4.1%
Brinker International, Inc.	3.6%
Evercore, Inc. - Class A	3.0%
Nova Ltd.	2.3%
Piper Sandler Companies	2.2%
Coca-Cola Consolidated, Inc.	2.1%
Sterling Infrastructure, Inc.	2.0%
Powell Industries, Inc.	1.8%
WESCO International, Inc.	1.8%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.jamesfunds.com/forms-and-reports.php), including its:

Prospectus
Financial information
Holdings
Proxy voting information

James Small Cap Fund (JASCX)

Annual Shareholder Report - June 30, 2026

TSR-AR 063026-JASCX

James Micro Cap Fund

(JMCRX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about James Micro Cap Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.jamesfunds.com/forms-and-reports.php. You can also request this information by contacting us at (800) 995-2637.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
James Micro Cap Fund	$173	1.50%

How did the Fund perform during the reporting period?

The James Micro Cap Fund returned 30.26% for the fiscal year ended June 30, 2026. Over the same period, the Bloomberg US 3000 Total Return Index gained 23.15%, while the Bloomberg US Micro Cap Total Return Index advanced 39.21%.

Equity holdings, which represented an average portfolio weighting of 95.50%, contributed 29.92 percentage points to total return and generated a 31.49% return. From a sector perspective, Financials was the largest contributor to performance, adding 8.96 percentage points. The sector also represented the portfolio's largest average allocation at 31.03% and returned 29.94% during the period.

Industrials contributed 7.68 percentage points to performance, benefiting from a strong 65.22% return on an average weighting of 13.34%. Information Technology added 6.33 percentage points, supported by a 51.56% return and an average portfolio weighting of 14.43%.

The portfolio's weakest-performing sector was Health Care. Despite representing the third-largest average allocation at 13.22%, the sector returned just 2.87%, contributing a modest 0.48 percentage points to overall performance. Utilities and Real Estate made smaller but positive contributions of 0.18 and 0.12 percentage points, respectively. Average weightings for these sectors were 1.49% and 0.63%, and both produced double-digit returns during the fiscal year.

At the individual holding level, Enova International, Inc. (ENVA), an online financial services company specializing in consumer lending solutions, was the portfolio's top contributor. The position added 4.82 percentage points to Fund performance, supported by a 113.11% return and an average weighting of 5.82%, making it one of the portfolio's largest holdings and the single greatest driver of returns during the period.

Conversely, Donnelley Financial Solutions, Inc. (DFIN), a provider of financial reporting and regulatory compliance software, was among the portfolio's largest detractors. With its 2.91% average weighting, the stock reduced performance by 1.44 percentage points after declining 32.15% during the fiscal year. Its performance serves as a reminder that meaningful stock-specific dispersion can occur even among companies within the same sector, despite an otherwise favorable market backdrop.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	James Micro Cap Fund	Bloomberg US 3000 Index	Bloomberg US Micro Cap Index	VettaFi U.S. Equity 3000 Index
Jun-2016	$10,000	$10,000	$10,000	$10,000
Jun-2017	$11,490	$11,853	$12,614	$11,849
Jun-2018	$12,826	$13,611	$15,210	$13,618
Jun-2019	$12,153	$14,814	$12,878	$14,861
Jun-2020	$10,032	$15,808	$13,003	$15,852
Jun-2021	$15,502	$22,842	$27,313	$22,872
Jun-2022	$13,549	$19,604	$17,730	$19,582
Jun-2023	$15,670	$23,303	$17,744	$23,283
Jun-2024	$18,864	$28,707	$17,198	$28,661
Jun-2025	$19,069	$33,047	$19,077	$33,024
Jun-2026	$24,840	$40,697	$26,558	$40,683

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
James Micro Cap Fund	30.26%	9.89%	9.53%
Bloomberg US 3000 Index	23.15%	12.24%	15.07%
Bloomberg US Micro Cap Index	39.21%	-0.56%	10.26%
VettaFi U.S. Equity 3000 Index	23.19%	12.21%	15.06%

Fund Statistics

Net Assets$32,841,261
Number of Portfolio Holdings73
Total Advisory Fees Paid $418,468
Portfolio Turnover14%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	89.3%
Exchange-Traded Funds	5.3%
Money Market Funds	2.4%
Right	0.0%
U.S. Treasury Obligations	3.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Real Estate	0.2%
Utilities	0.8%
Money Market Funds	2.4%
Energy	2.5%
U.S. Treasury Obligations	3.0%
Materials	3.2%
Consumer Staples	5.3%
Exchange-Traded Funds	5.3%
Consumer Discretionary	8.8%
Health Care	12.7%
Industrials	14.9%
Information Technology	15.5%
Financials	25.5%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Enova International, Inc.	6.8%
iShares Russell Micro-Cap ETF	5.3%
Nova Ltd.	5.0%
Merchants Bancorp	3.5%
U.S. Treasury Bills, 3.694%, due 09/17/26	3.0%
Ingles Markets, Inc. - Class A	2.9%
OFG Bancorp	2.8%
PC Connection, Inc.	2.7%
Federal Agricultural Mortgage Corporation - Class C	2.7%
United States Lime & Minerals, Inc.	2.5%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.jamesfunds.com/forms-and-reports.php), including its:

Prospectus
Financial information
Holdings
Proxy voting information

James Micro Cap Fund (JMCRX)

Annual Shareholder Report - June 30, 2026

TSR-AR 063026-JMCRX

James Aggressive Allocation Fund

(JAVAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about James Aggressive Allocation Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.jamesfunds.com/forms-and-reports.php. You can also request this information by contacting us at (800) 995-2637.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
James Aggressive Allocation Fund	$114	1.01%

How did the Fund perform during the reporting period?

The James Aggressive Allocation Fund returned 24.92% for the fiscal year ended June 30, 2026. During the same period, the Bloomberg US 3000 Total Return Index gained 23.15%, while the Fund's blended benchmark, consisting of 65% Bloomberg US 3000 Total Return Index and 35% Bloomberg US Government/Credit Bond Index, returned 16.01%.

Equity holdings were the primary driver of performance, representing an average portfolio weighting of 83.13% and generating a 31.23% return. Equity investments contributed 25.32 percentage points to total return. Fixed income investments and cash, which represented 16.21% of the portfolio on average, contributed an additional 0.11 percentage points.

Information Technology was the largest contributor to performance, adding 9.78 percentage points to total return. The sector represented the portfolio's largest average allocation at 22.59% and returned 48.37% during the fiscal year. The combination of a significant weighting and strong performance made Information Technology the Fund's most impactful sector.

Financials was the second-largest contributor, adding 4.63 percentage points to total return. The sector carried an average weighting of 14.23%, the portfolio's second-largest allocation, and returned 35.31% during the period, providing meaningful support to overall results.

Consumer Discretionary contributed 0.22 percentage points to performance. Despite an average weighting of 5.55%, the sector returned just 0.53% during the fiscal year, resulting in a more modest contribution relative to its allocation within the portfolio.

Consumer Staples and Materials also contributed positively to results. Consumer Staples added 0.40 percentage points to total return on an 8.47% return, while Materials contributed 0.35 percentage points following a 16.89% gain during the period.

At the individual holding level, Alphabet, Inc. - Class A (Google) was the Fund's largest contributor. The position added 3.25 percentage points to total return, supported by a 103.82% return and an average weighting of 4.15%. Alphabet's exceptional performance made it the portfolio's strongest individual contributor during the fiscal year.

Microsoft Corporation was the largest individual detractor. The position represented an average weighting of 2.38% and declined 23.58% during the period, reducing total return by 0.65 percentage points. Its performance serves as a reminder that meaningful stock-specific dispersion can occur even among industry-leading companies operating within the same sector.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	James Aggressive Allocation Fund	Bloomberg U.S. Government/Credit Bond Index	Bloomberg US 3000 Index	James Aggressive Blend *	VettaFi U.S. Equity 3000 Index
Jun-2016	$10,000	$10,000	$10,000	$10,000	$10,000
Jun-2017	$10,654	$9,959	$11,853	$11,162	$11,849
Jun-2018	$11,438	$9,896	$13,611	$12,197	$13,618
Jun-2019	$11,049	$10,740	$14,814	$13,320	$14,861
Jun-2020	$10,099	$11,816	$15,808	$14,449	$15,852
Jun-2021	$12,636	$11,770	$22,842	$18,388	$22,872
Jun-2022	$10,848	$10,492	$19,604	$16,032	$19,582
Jun-2023	$12,477	$10,419	$23,303	$17,948	$23,283
Jun-2024	$15,114	$10,704	$28,707	$20,776	$28,661
Jun-2025	$16,728	$11,334	$33,047	$23,269	$33,024
Jun-2026	$20,898	$11,711	$40,697	$26,994	$40,683

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
James Aggressive Allocation Fund	24.92%	10.59%	6.43%
James Aggressive Blend *	16.01%	7.98%	9.81%
Bloomberg U.S. Government/Credit Bond Index	3.32%	-0.10%	2.08%
Bloomberg US 3000 (USD) TR	23.15%	12.24%	13.77%
VettaFi U.S. Equity 3000 Index	23.19%	12.21%	13.74%

* James Aggressive Blend is comprised of 65% Bloomberg US 3000 Index / 35% Bloomberg U.S. Government/Credit Bond Index

Fund Statistics

Net Assets$32,339,188
Number of Portfolio Holdings81
Total Advisory Fees Paid $282,485
Portfolio Turnover21%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	78.6%
Corporate Bonds	5.6%
Exchange-Traded Funds	5.1%
Money Market Funds	1.6%
U.S. Government & Agencies	1.5%
U.S. Treasury Obligations	7.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
U.S. Government & Agencies	1.5%
Money Market Funds	1.6%
Utilities	1.9%
Real Estate	2.2%
Materials	2.2%
Consumer Staples	3.7%
Consumer Discretionary	4.0%
Energy	4.9%
Exchange-Traded Funds	5.1%
Corporate Bonds	5.6%
Health Care	5.8%
Communication Services	6.9%
U.S. Treasury Obligations	7.6%
Industrials	9.2%
Financials	12.8%
Information Technology	24.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Enova International, Inc.	4.8%
NVIDIA Corporation	4.4%
Alphabet, Inc. - Class A	4.1%
ASML Holding N.V.	3.5%
Broadcom, Inc.	3.5%
Apple, Inc.	2.9%
Goldman Sachs Group, Inc. (The)	2.9%
Caterpillar, Inc.	2.6%
Taiwan Semiconductor Manufacturing Company Ltd. - ADR	2.4%
Jabil, Inc.	2.1%

Material Fund Changes

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.jamesfunds.com/forms-and-reports.php), including its:

Prospectus
Financial information
Holdings
Proxy voting information

James Aggressive Allocation Fund (JAVAX)

Annual Shareholder Report - June 30, 2026

TSR-AR 063026-JAVAX

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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”). The 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,” and 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).

The 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 equity securities that the Fund’s adviser, James Investment Research, Inc. (“James” or the “Adviser”), believes are undervalued, and in fixed income securities.

The 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 equity securities of small capitalization companies that the Adviser believes are undervalued. Small capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the Bloomberg US 2000 Total Return Index.

The 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 equity securities of micro capitalization companies that the Adviser believes are undervalued. Micro capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the Bloomberg US Micro-Cap Total Return Index, including exchange-traded funds (“ETFs”) that invest primarily in such securities.

The 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.

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.

Segment Reporting

The management team of the Adviser acts as each Fund’s chief operating decision maker (“CODM”). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Funds’ Schedules of Investments, Statements of Changes in Net Assets and Financial Highlights.

Share Valuation

The net asset value (“NAV”) 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 NAV 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 NAV per share.

Securities Valuation

Securities are valued at fair value. The Funds’ portfolio securities 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 NAV) that materially affects a security’s value, when James determines that the market quotation does not accurately reflect the current value or when a restricted security is being valued, that security will be valued at its fair value as determined by the Adviser as the Fund’s valuation designee, in good faith in conformity with guidelines adopted by and subject to review


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of the Board of Trustees of the Trust (the “Board”) pursuant to Rule 2a-5 under the 1940 Act. Corporate bonds, U.S. government agencies, U.S. Treasury obligations, 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 NAV.

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 pricing and valuation 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.


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Investment Transactions

Investment transactions are recorded on a trade date basis. Gains and losses are determined using the specific identification method. 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 June 30, 2026, the Funds did not hold when-issued securities or delayed delivery purchase commitments.

Foreign Currency Translation

Securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:

A.	The fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

B.	Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern time on the respective date of such transactions.

C.	The Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between trade and settlement dates on securities transactions, and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, that result from changes in exchange rates.

Investment Income

Dividend income is recorded on the ex-dividend date. Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on all debt securities. Amortization and accretion is calculated using the effective yield method. 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.

Dividend income includes dividends earned on Real Estate Investment Trusts (“REITs”), which may include a return of capital. As such, important taxation issues may arise, which the Funds account for when information is provided by the issuing REIT. Due to the actual character of dividends paid by REITs not being available until the end of the calendar year, the net investment income and long-term capital gains of the Funds can be different on the tax return compared to this annual report. Substantial unanticipated levels of return of capital may affect the Funds’ earnings and profits from which distributions are made.

Distributions received from Limited Partnership investments of a Fund are usually recorded as a return of capital and are excluded from available income in the calculation of distributions paid by the Funds. Return of capital is recorded as a reduction to the cost of investments in the Statements of Assets and Liabilities and in the Schedule of Investments.

Dividends and Distributions to Shareholders

Net investment income, if any, is generally declared and distributed to shareholders of each Fund on at least an annual basis. Net realized capital gains from security transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of net investment income and net realized capital gains are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The tax character of distributions paid to shareholders during the years ended June 30, 2026 and 2025 was as follows:


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Allocation of Income and Expense

Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for the James Balanced: Golden Rainbow Fund is allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. The Adviser pays the expenses of each Fund, except for the James Balanced: Golden Rainbow Fund. These expenses exclude the management fees, detailed in Note 4, brokerage fees and commissions, taxes, interest, fees and expenses of the non-interested person trustees, 12b-1 fees and extraordinary expenses. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of change in net assets from operations during the reporting period. Actual results could differ from those estimates.

Federal Income Taxes

The Funds generally intend to distribute all taxable income and capital gains to shareholders, if any, and to otherwise continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, (the “Code”) applicable to regulated investment companies. Therefore, no federal tax provision is required.

As of and during the year ended June 30, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for all open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended June 30, 2026, the Funds did not incur any interest or penalties and there were no federal, state, or local income taxes or any material income taxes in foreign jurisdictions paid by the Funds.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Funds will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Funds’ interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Funds’ interpretation of country-specific taxation of dividend income and related amounts reclaimable.

Reclassifications, which are determined in accordance with federal income tax regulations, result primarily from earnings and profits being distributed on redemptions in the current year.


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4. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Management Agreement

The Funds retain James to manage the Funds’ investments. The investment decisions for the Funds are made by a committee of James’ personnel, which is primarily responsible for the day-to-day management of each Fund’s portfolio and pursuant to separate management agreements between the Trust, on behalf of each Fund, and the Adviser (the “Investment Management Agreements”).

The Funds pay James on a monthly basis at the annual rate set forth below of the Funds’ average daily net assets.

James Balanced: Golden Rainbow Fund

Average Total Net Assets	Contractual Fee
Up to and including $500 million		0.74	%
Over $500 million and including $1 billion		0.70	%
Over $1 billion and including $2 billion		0.65	%
Over $2 billion		0.60	%

James Small Cap Fund

Average Total Net Assets	Contractual Fee
Up to and including $500 million		1.25	%
Over $500 million and including $1 billion		1.20	%
Over $1 billion and including $2 billion		1.15	%
Over $2 billion		1.10	%

James Micro Cap Fund

Average Total Net Assets	Contractual Fee
Up to and including $500 million		1.50	%
Over $500 million		1.45	%

James Aggressive Allocation Fund

Average Total Net Assets	Contractual Fee
Up to and including $500 million		0.98	%
Over $500 million and including $1 billion		0.95	%
Over $1 billion and including $2 billion		0.90	%
Over $2 billion		0.85	%


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Advisory fees for the James Small Cap Fund and the James Micro Cap Fund are reduced by the fees and expenses of the non-interested trustees incurred by the applicable Fund. Under the Investment Management Agreement, the Adviser is responsible for the payment of all operating expenses of the James Small Cap Fund, James Micro Cap Fund, and James Aggressive Allocation Fund, except for brokerage fees and commissions, taxes, interest, fees and expenses of non-interested person trustees, 12b-1 expenses and extraordinary expenses. The Adviser is not entitled to recoupment of such expenses.

Other Service Providers

Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting and transfer agency services to the Funds. The Funds or the Adviser pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies and certain cost related to the pricing of the Funds’ portfolio securities. Administration and transfer agent fees paid by the Funds for the year ended June 30, 2026, are disclosed on the Statements of Operations.

Plan of Distribution

Pursuant to the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (“UFD”) serves as principal underwriter and exclusive agent for distribution of shares of the Funds. UFD is a wholly-owned subsidiary of Ultimus. The James Balanced: Golden Rainbow Fund (Retail Class) and James Small Cap Fund have each adopted a plan pursuant to Rule 12b-1 under the 1940 Act (collectively, the “Plan”) under which each Fund may incur expenses related to distribution of its shares and for services provided to shareholders (“Distribution Expenses”). These Distribution Expenses are reflected as 12b-1 distribution and service fees on the Statements of Operations. Payments under a Plan are made to the Adviser or its designee, which uses them to pay Distribution Expenses on behalf of and as agent of the Trust. The amount payable by the James Small Cap Fund and the Retail Class of the James Balanced: Golden Rainbow Fund, under its Plan is 0.25% of its average daily net assets. Payments received under the Plan are in addition to the fees paid to the Adviser pursuant to the Management Agreements. Pursuant to the Plan, the Adviser shall act in the Funds’ best interests in expending or directing its designee to expend payments received by the Adviser or its designee, and such payments shall be used solely for the purpose of paying Distribution Expenses on behalf of the Funds; provided, however, that to the extent the Distribution Expenses for the period to which a payment relates are less than the payment, the Adviser may retain the excess.

Trustee Fees

Effective January 1, 2026, each Trustee who is not an interested person of the Trust (“Independent Trustees”), as defined in the 1940 Act, receives (1) a quarterly retainer of $8,300, (2) a per meeting fee for regularly scheduled Board meetings of $2,600, (3) a quarterly fee paid to the Audit Committee Chair of $1,050 and a quarterly fee paid to the other members of the Audit Committee of $525, (4) a per meeting fee of $2,200 for any special meeting held outside of a regularly scheduled Board meeting that the Independent Trustee is required to attend in person, (5) a per meeting fee of $220 for any

special telephonic meetings held outside of a regularly scheduled Board meeting, and (6) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings.

Prior to January 1, 2026, each Independent Trustee received (1) a quarterly retainer of $8,300, (2) a per meeting fee for regularly scheduled Board meetings of $2,200, (3) a quarterly fee paid to the Audit Committee Chair of $1,050 and a quarterly fee paid to the other members of the Audit Committee of $525, (4) a per meeting fee of $2,200 for any special meeting held outside of a regularly scheduled Board meeting that the Independent Trustee is required to attend in person, (5) a per meeting fee of $220 for any special telephonic meetings held outside of a regularly scheduled Board meeting, and (6) reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. Such fees are presented on the Statements of Operations as Trustee fees.

Principal Holders of Fund Shares

As of June 30, 2026, the following shareholders owned of record 25% or more of the outstanding shares of each Fund, as applicable:

NAME OF RECORD OWNER	% OWNERSHIP
James Balanced: Golden Rainbow Fund
National Financial Services, LLC (for the benefit of its customers)		35	%
James Micro Cap Fund
Iris James		30	%
James Aggressive Allocation Fund
Iris James		25	%

A beneficial owner of 25% or more of a Fund’s outstanding shares may be considered a controlling person. That shareholder’s vote could have a more significant effect on matters presented at a shareholders’ meeting.

5. COMMITMENTS AND CONTINGENCIES

The Funds indemnify the Trust’s officers and trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

6. LINE OF CREDIT

The James Advantage Funds have a revolving line of credit agreement with U.S. Bank, N.A. (the “Bank”) with a combined maximum of $25,000,000. A Fund’s borrowings under the line of credit are limited to the lesser of: (i) $25,000,000, (ii) 5% of the respective Fund’s market value, or (iii) 33.3% of the respective Fund’s unencumbered assets held by the Bank as sole custodian. Borrowings under these arrangements are secured by investments held in the Funds’ portfolios as notated on the Schedules of Investments and bear interest at


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the Bank’s prime rate. As of June 30, 2026, none of the Funds had outstanding borrowings under the line of credit agreement. For the year ended June 30, 2026, none of the Funds utilized the line of credit. The Funds’ line of credit agreement is set to expire on June 30, 2027.

7. SECTOR RISK

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund’s portfolio would be adversely affected. As of June 30, 2026, James Micro Cap Fund had 25.5% of net assets invested in securities within the Financials sector and James Aggressive Allocation Fund had 25.5% of net assets invested in securities within the Information Technology sector, of which 24.9% are common stock and 0.6% are corporate bonds.

8. SUBSEQUENT EVENTS

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.


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Changes in and/or Disagreements with Accountants

There were no changes in and/or disagreements with accountants during the period covered by this report.

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

The Board of Trustees (the “Board”) of the James Advantage Funds (the “Trust” or the “Funds”), including a majority of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), approved the continuation of each current management agreement by and between James Investment Research, Inc. (the “Adviser”) and the Trust, with respect to the James Aggressive Allocation Fund (the “Allocation Fund”), the James Balanced: Golden Rainbow Fund (the “Golden Rainbow Fund”), the James Micro Cap Fund (the “Micro Cap Fund”) and the James Small Cap Fund (the “Small Cap Fund”) (the “Management Agreements”) at a meeting on February 17, 2026.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the Management Agreements, the Board had received sufficient information to renew and approve the applicable Management Agreement.

In renewing and approving the Management Agreements, the Board, including the Independent Trustees, considered the following factors:

Nature, Extent and Quality of Services

The Board received and considered information regarding the nature, extent and quality of services to be provided to the Funds under the Management Agreements. The Board reviewed certain background materials supplied by the Adviser, including its organizational structure and Form ADV.

The Board reviewed and considered information regarding the Adviser’s investment advisory personnel, its history as an asset manager and its performance, and the amount of assets currently under management by the Adviser. The Board also took into account the research and decision-making processes used by the Adviser, including the methods adopted to seek to achieve compliance with

the investment objectives, policies and restrictions of each Fund. The Board noted that the Adviser continues to primarily rely on in-house research when making investment decisions for each Fund.

The Board considered the background and experience of the Adviser’s management in connection with the Funds, including reviewing the qualifications, backgrounds and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Funds, and the Funds’ officers.

The Board also reviewed, among other things, the Adviser’s compliance policies generally, including its Code of Ethics.

The Board discussed each Fund’s strategy for investing in other investment companies, such as closed-end mutual funds and ETFs, to gain exposure to particular investment products, indexes, or foreign market sectors or indices.

Based on the information provided, the Board determined that the nature, extent and quality of services rendered by the Adviser to each Fund under the applicable Management Agreement was adequate and appropriate in light of the needs of such Fund.

Cost of Services Provided

The Board also reviewed the current management fees and net annual operating expense ratios of each Fund, comparing them with the management fees of a peer group of funds with the same, or very similar, investment objectives and strategies. The Trustees noted that according to the Adviser, each peer group was selected based on the investment style and strategies employed by the Funds, as well as by asset size, and was in large part, consistent with the peer group that had been used in prior periods and in other similar reports provided to the Trustees from time to time.

The Board noted that all the Funds, except the Golden Rainbow Fund, have a unitary fee structure. Under the unitary fee structure, the Adviser generally pays the expenses of the Fund. The Board noted that for the unitary fee Funds, it would not be unreasonable for the Adviser to be compensated with a higher management fee relative to the peer group members that do not employ a unitary fee structure, and that comparing the unitary fee against the net annual operating expense ratios of comparable funds was of analytical value. The Board also reviewed calculations prepared by the Adviser to derive a “net adjusted management fee” for each of the unitary fee Funds equal to the unitary fee after deduction of all direct non-distribution expenses of the Fund paid by the Adviser. The Board reviewed the comparison of the net adjusted management fee for each applicable Fund relative to the average management fee for its peer group. The Board also reviewed the net expense ratio for each Fund relative to its peer group, and noted that the Golden Rainbow Fund’s net expense ratio does not reflect an expense waiver.

The Board further noted that some of the funds in the peer groups were one class of a fund that had many classes or were one fund of a much larger fund complex and, thus, could benefit from economies of scale provided by the other classes of such fund or complex.


38	www.jamesinvestment.com

Based on the information provided, the Board determined that the actual management fee for the Golden Rainbow Fund: Retail Class and the Golden Rainbow Fund: Institutional Class were higher than their respective peer group averages; the net adjusted management fees for the Micro Cap Fund and the Small Cap Fund were higher than their respective peer group averages, while the net adjusted management fee for the Allocation Fund was lower than the Fund’s peer group average.

Based on the information provided, the Board also determined that the net expense ratio for the Allocation Fund was lower than its peer group median, and that each other Fund’s net expense ratio was higher than its peer group median. The Board concluded that these differences were reasonable in light of the services provided by the Adviser and the contractual and actual management fees paid by the Golden Rainbow Fund and the net adjusted management fees paid by each other Fund.

Performance

The Board reviewed the performance data for each Fund provided by the Adviser, including (to the extent available), one-year, three-year, five-year, and ten-year average annual total returns as of December 31, 2025. The Board also reviewed comparisons of each Fund’s performance against peer group performance, Morningstar group performance, and respective benchmarks for the one-year, three-year, five-year, and ten-year periods (as applicable).

The Board noted that the Golden Rainbow Fund: Retail Class outperformed its peer group mean and Morningstar peer group mean over the one-year, three-year and five-year periods, the Golden Rainbow Fund: Institutional Class outperformed its peer group mean and Morningstar peer group mean over the one-year, three-year and five-year periods, the Small Cap Fund outperformed its peer group mean and Morningstar peer group mean over the one-year, three-year, and five-year periods, the Micro Cap Fund outperformed its peer group mean and Morningstar peer group mean over the three-year and five-year periods, the Aggressive Allocation Fund outperformed its peer group mean and Morningstar peer group mean over the three-year and five-year periods and outperformed its peer group mean over the one-year period, and each Fund underperformed its peer group mean and Morningstar peer group mean over each other applicable period. The Board discussed the improvement in the performance of the Funds over the three-year and five-year periods ended December 31, 2025 versus the Funds’ performance over the longer-term, noting that each Fund outperformed the peer group and Morningstar means over the three-year and five-year periods.

Comparable Accounts

The Board reviewed comparisons of the fees charged by the Adviser to each Fund against fees charged to certain private account clients of the Adviser using similar strategies, if any.

Based on the information provided, the Board determined that, bearing in mind the limitations of comparing different types of clients and the different levels of service typically associated with such client accounts, the fee structures applicable to the Adviser’s other clients were not indicative of any unreasonableness with respect to the advisory fees payable by each Fund.

Adviser Profitability

The Board reviewed a profitability analysis provided by the Adviser with respect to each Fund for the twelve months ending September 30, 2025, reflecting revenues net of certain fees and expenses under each Management Agreement, and incorporating the Adviser’s assumptions and estimates of, among other items, direct expenses applied to each Fund. The Board also considered certain industry-related materials regarding the analysis of fund profitability and took note of other long-term industry and cyclical trends regarding profitability generally.

The Board discussed the assumptions and estimates included in the fund profitability analysis and received additional information from the Adviser about these assumptions and estimates.

Based on the information provided, the Board determined that the overall profitability of each Fund to the Adviser, before taking into account distribution expenses incurred by the Adviser, was not unreasonable.

Economies of Scale

The Board considered whether economies of scale in the provision of services to the Funds would be shared with, and passed along to, the Fund shareholders under the Management Agreements. The Board noted that each Management Agreement included breakpoints in the management fee for each Fund. The Board noted that due to a reduction in the Golden Rainbow Fund’s assets and the Fund having a breakpoint schedule in its Management Agreement, the Fund has a higher weighted average management fee.

Based on the information provided, the Board determined there were mechanisms in place for each Fund to cause the benefits of economies of scale to be shared with, and passed along to, the Fund shareholders.

Other Benefits to the Adviser

The Board reviewed and considered material other incidental benefits derived or to be derived by the Adviser from its relationship with the Funds. The Board noted that the Adviser does not have any soft dollar arrangements. The Board also noted that the Adviser benefits from its association with the Funds, and that the Adviser benefits from cross-marketing products. The Board then noted the Adviser’s statements that the management of the Funds may produce some economies of scale in security purchases, but they would be mainly in the fixed income markets and would be minor and infrequent.

Based on the information provided, the Board determined there were no material other benefits accruing to the Adviser in connection with its relationship with the Funds.

After further discussion, and based upon all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board unanimously determined that the continuation of each Management Agreement for the maximum permissible period under the 1940 Act was in the best interests of the applicable Fund and its shareholders.


Financial Statements \| June 30, 2026	39

TAX DESIGNATIONS

Qualified Dividend Income

The percentage of ordinary income dividends distributed during the fiscal year ended June 30, 2026, are designated as qualified dividend income (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code in the following percentages:

	Amount
James Balanced: Golden Rainbow Fund		38.13	%
James Small Cap Fund		100.00	%
James Micro Cap Fund		0.00	%
James Aggressive Allocation Fund		100.00	%

Dividends Received Deduction

For corporate shareholders, the following ordinary dividends paid during the fiscal year ended June 30, 2026, qualify for the corporate dividends received deduction:

	Amount
James Balanced: Golden Rainbow Fund		35.93	%
James Small Cap Fund		100.00	%
James Micro Cap Fund		0.00	%
James Aggressive Allocation Fund		100.00	%

Pursuant to Section 852(b) of the Internal Revenue Code, James Balanced: Golden Rainbow Fund designated $16,822,485, James Small Cap Fund designated $2,431,761, James Micro Cap Fund designated $305,287 and James Aggressive Allocation Fund designated $2,069 as long-term capital gains distributions.


40	www.jamesinvestment.com

1349 Fairground Road Xenia, Ohio		45385
(Address of principal executive offices)		(Zip code)

	Shares		Value
COMMON STOCKS - 46.0%
Communication Services - 4.2%
Alphabet, Inc. - Class A		36,012	$	12,869,609
Meta Platforms, Inc. - Class A		6,405		3,607,872
T-Mobile US, Inc.		5,681		952,874
				17,430,355
Consumer Discretionary - 4.6%
Amazon.com, Inc. ^(a)		28,989		6,909,238
Home Depot, Inc. (The)		10,265		3,620,260
M/I Homes, Inc. ^(a)		17,000		2,733,430
McDonald’s Corporation		13,918		3,762,175
TJX Companies, Inc. (The)		15,000		2,272,500
Winmark Corporation		534		225,925
				19,523,528
Consumer Staples - 2.4%
Casey’s General Stores, Inc.		3,752		2,982,052
Coca-Cola Consolidated, Inc.		5,839		1,114,782
Procter & Gamble Company (The)		7,104		1,041,731
Walmart, Inc.		43,916		4,973,926
				10,112,491
Energy - 1.8%
Chevron Corporation		17,667		2,928,481
Exxon Mobil Corporation		18,148		2,481,195
Valero Energy Corporation		7,709		2,007,732
				7,417,408
Financials - 7.0%
Bancorp, Inc. (The) ^(a)		17,616		1,103,466
Berkshire Hathaway, Inc. - Class B ^(a)		6,666		3,335,600
BlackRock, Inc.		1,642		1,578,882
Enova International, Inc. ^(a)		28,226		6,794,845
Goldman Sachs Group, Inc. (The)		4,377		4,426,766
JPMorgan Chase & Company		26,195		8,574,409
Nelnet, Inc. - Class A		8,099		1,079,840
Regions Financial Corporation		83,675		2,526,985
				29,420,793
Health Care - 3.4%
AbbVie, Inc.		13,000		3,271,320
AstraZeneca plc		8,125		1,540,663
Eli Lilly & Company		4,540		5,445,412
Johnson & Johnson		10,625		2,698,431
McKesson Corporation		1,709		1,291,320
				14,247,146
Industrials - 5.2%
ABB Ltd. - ADR		36,350		3,951,245
Caterpillar, Inc.		6,600		7,028,340
Eaton Corporation plc		7,780		3,315,214
General Electric Company		4,150		1,550,980
RTX Corporation		3,902		740,326
Ryder System, Inc.		2,268		598,230
United Rentals, Inc.		4,060		4,599,533
				21,783,868

	Shares		Value
Information Technology - 15.0%
Apple, Inc.		39,265	$	11,361,720
Arista Networks, Inc. ^(a)		3,898		662,192
ASML Holding N.V.		1,893		3,766,010
Broadcom, Inc.		16,803		6,347,333
Cadence Design Systems, Inc. ^(a)		3,163		1,187,137
International Business Machines Corporation		3,555		999,702
Jabil, Inc.		12,779		4,926,049
Mastercard, Inc. - Class A		7,248		3,722,573
Microsoft Corporation		30,708		11,454,698
Nova Ltd. ^(a)		7,304		3,965,634
NVIDIA Corporation		51,309		10,266,419
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		3,534		1,687,732
Western Digital Corporation		4,483		2,863,382
				63,210,581
Materials - 0.7%
Linde plc		2,309		1,198,233
Southern Copper Corporation		6,017		1,048,447
Steel Dynamics, Inc.		3,717		852,903
				3,099,583
Real Estate - 0.5%
CBRE Group, Inc. - Class A ^(a)		9,683		1,304,203
Welltower, Inc.		3,901		885,410
				2,189,613
Utilities - 1.2%
American Electric Power Company, Inc.		19,082		2,610,609
Iberdrola S.A. - ADR		22,276		2,225,372
				4,835,981
Total Common Stocks (Cost $66,206,994)			$	193,271,347

	Shares		Value
EXCHANGE-TRADED FUNDS - 8.3%
Global X Defense Tech ETF		35,150	$	2,098,807
Invesco S&P 500 Equal Weight Technology ETF		33,761		2,177,584
iShares Expanded Tech-Software Sector ETF		9,450		856,170
iShares Gold Trust ^(a)		144,217		10,889,825
iShares MSCI EAFE ETF		37,518		3,897,370
iShares MSCI Emerging Markets ETF		19,947		1,364,574
iShares Russell 2000 ETF		25,687		7,717,659
iShares Silver Trust ^(a)		25,544		1,365,838
Range Nuclear Renaissance Index ETF		7,591		517,403
State Street Technology Select Sector SPDR^® ETF		11,152		2,124,679
Vanguard FTSE Emerging Markets ETF		30,948		1,847,286
Total Exchange-Traded Funds (Cost $21,801,408)			$	34,857,195

	Par Value		Value
CORPORATE BONDS - 11.8%
Communication Services - 0.3%
Comcast Corporation, 5.300%, due 05/15/35	$	1,000,000	$	1,003,255

Consumer Staples - 1.8%
McCormick & Company, 4.700%, due 10/15/34		2,500,000		2,420,262
McDonald’s Corporation, 6.300%, due 10/15/37		1,000,000		1,089,393
Mondelez International, Inc., 4.250%, due 05/06/28		2,000,000		1,991,576
Walmart, Inc., 5.250%, due 09/01/35		2,000,000		2,064,412
				7,565,643
Energy - 0.5%
Energy Transfer LP, 5.550%, due 05/15/34		2,000,000		2,031,670

Financials - 4.2%
Arthur J. Gallagher & Company, 5.750%, due 07/15/54		2,000,000		1,948,089
Bank of America Corporation, 1.250%, due 09/24/26		2,000,000		1,977,716
Goldman Sachs Group, Inc. (The),
5.000%, due 02/11/33		1,000,000		977,053
5.000%, due 02/27/34		1,000,000		965,580
Jefferies Financial Group, Inc., 7.000%, due 03/31/46		1,000,000		992,752
John Deere Capital Corporation, 5.100%, due 04/11/34		4,000,000		4,061,073
JPMorgan Chase & Company, 4.800%, due 07/29/27		2,000,000		2,001,089
Morgan Stanley, 5.320%, due 07/19/35		2,500,000		2,512,037
State Street Corporation, 5.272%, due 08/03/26		2,000,000		2,000,208
				17,435,597
Health Care - 1.9%
Cigna Group (The), 5.125%, due 05/15/31		1,000,000		1,016,738
CVS Health Corporation, 5.400%, due 06/01/29		2,500,000		2,554,408
UC Health, LLC, 5.858%, due 08/01/35		2,500,000		2,569,468
UnitedHealth Group, Inc., 5.000%, due 04/15/34		2,000,000		1,998,881
				8,139,495
Industrials - 0.8%
Caterpillar, Inc., 8.250%, due 12/15/38		1,000,000		1,289,013
Trane Technologies Financing Ltd., 5.100%, due 06/13/34		2,000,000		2,020,566
				3,309,579
Information Technology - 0.8%
Apple, Inc., 2.050%, due 09/11/26		2,500,000		2,490,573
PayPal Holdings, Inc., 2.650%, due 10/01/26		1,000,000		996,617
				3,487,190
Materials - 0.2%
Air Products & Chemicals, Inc., 4.850%, due 02/08/34		1,000,000		996,114

Real Estate - 0.8%
Kimco Realty OP, LLC, 4.850%, due 03/01/35		1,000,000		979,392
Public Storage Operating Company, 4.375%, due 07/01/30		2,500,000		2,483,702
				3,463,094
Utilities - 0.5%
Kentucky Utilities Company, 5.125%, due 11/01/40		1,000,000		965,971
NextEra Energy Capital Holdings, Inc., 1.875%, due 01/15/27		1,000,000		987,288
				1,953,259
Total Corporate Bonds (Cost $49,026,641)			$	49,384,896

Date of fiscal year end:	June 30

Date of reporting period:	June 30, 2026

Schedule of Investments
James Balanced: Golden Rainbow Fund	3
James Small Cap Fund	8
James Micro Cap Fund	11
James Aggressive Allocation Fund	14
Statements of Assets and Liabilities	18
Statements of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights
James Balanced: Golden Rainbow Fund – Retail Class	24
James Balanced: Golden Rainbow Fund – Institutional Class	25
James Small Cap Fund	26
James Micro Cap Fund	27
James Aggressive Allocation Fund	28
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	37
Additional Information	38

James Balanced: Golden Rainbow Fund	Schedule of Investments
	June 30, 2026

	Par Value		Value
MORTGAGE-BACKED SECURITIES - 2.4%
Federal National Mortgage Association - 2.4%
Federal National Mortgage Association,
3.500%, due 09/01/33	$	1,985,051	$	1,918,733
3.500%, due 05/25/47		144,944		140,591
2.500%, due 01/01/57		9,578,142		8,057,834
Total Mortgage-Backed Securities (Cost $11,388,265)			$	10,117,158

	Par Value		Value
U.S. GOVERNMENT & AGENCIES - 3.8%
Federal Farm Credit Bank - 2.2%
Federal Farm Credit Bank,
2.750%, due 11/06/26	$	5,725,000	$	5,701,098
4.210%, due 10/02/30		2,500,000		2,478,757
4.780%, due 10/29/35		1,000,000		981,103
				9,160,958
Federal Home Loan Bank - 1.2%
Federal Home Loan Bank,
1.020%, due 09/17/26		2,500,000		2,484,748
4.700%, due 06/30/31		2,530,000		2,521,624
				5,006,372
Federal Home Loan Mortgage Corporation - 0.4%
Federal Home Loan Mortgage Corporation, 4.070%, due 12/17/30		2,000,000		1,975,003

Total U.S. Government & Agencies (Cost $16,247,547)			$	16,142,333

	Par Value		Value
U.S. TREASURY OBLIGATIONS - 25.2%
U.S. Treasury Bonds - 4.6%
4.375%, due 02/15/38	$	5,000,000	$	4,957,227
4.375%, due 08/15/43		5,000,000		4,701,563
4.750%, due 02/15/45		10,000,000		9,781,640
				19,440,430
U.S. Treasury Notes - 20.6%
4.625%, due 09/15/26		5,000,000		5,008,551
4.250%, due 11/30/26		10,000,000		10,013,203
2.375%, due 05/15/27		10,000,000		9,854,766
5.500%, due 08/15/28		15,000,000		15,407,227
5.250%, due 11/15/28		2,500,000		2,561,621
5.375%, due 02/15/31		20,000,000		20,996,093
4.375%, due 05/15/34		15,000,000		15,004,688
4.250%, due 05/15/35		7,500,000		7,411,523
				86,257,672
Total U.S. Treasury Obligations (Cost $105,638,612)			$	105,698,102

	Shares		Value
MONEY MARKET FUNDS - 2.1%
First American Treasury Obligations Fund - Class X, 3.58% ^(b) (Cost $8,985,121)		8,985,121	$	8,985,121

Total Investments at Value - 99.6% (Cost $279,294,588)			$	418,456,152
Other Assets in Excess of Liabilities - 0.4%				1,623,570
Net Assets - 100.0%			$	420,079,722

^(a)	Non-income producing security.
^(b)	The rate shown is the 7-day effective yield as of June 30, 2026.

	Shares		Value
COMMON STOCKS - 97.6%
Communication Services - 0.5%
Nexstar Media Group, Inc.		2,427	$	433,438

Consumer Discretionary - 12.9%
Academy Sports & Outdoors, Inc.		9,709		457,585
American Eagle Outfitters, Inc.		38,941		669,785
Boot Barn Holdings, Inc. ^(a)		5,541		910,221
Brinker International, Inc. ^(a)		19,704		3,310,271
Buckle, Inc. (The)		15,980		674,356
Covista, Inc. ^(a)		4,847		604,227
Installed Building Products, Inc.		1,226		281,784
Kontoor Brands, Inc.		5,775		481,289
M/I Homes, Inc. ^(a)		5,458		877,592
Patrick Industries, Inc.		11,845		1,063,444
Urban Outfitters, Inc. ^(a)		12,104		857,689
Winmark Corporation		1,313		555,504
YETI Holdings, Inc. ^(a)		22,861		1,132,991
				11,876,738
Consumer Staples - 4.7%
Andersons, Inc. (The)		13,835		946,314
Coca-Cola Consolidated, Inc.		10,207		1,948,721
PriceSmart, Inc.		7,507		1,466,417
				4,361,452
Energy - 3.5%
Core Natural Resources, Inc.		3,313		265,106
HF Sinclair Corporation		10,912		760,021
Magnolia Oil & Gas Corporation - Class A		23,525		601,770
Matador Resources Company		14,016		697,716
Murphy Oil Corporation		18,168		591,550
Northern Oil & Gas, Inc.		16,868		306,154
				3,222,317
Financials - 24.3%
American Financial Group, Inc.		2,975		416,322
Assured Guaranty Ltd.		13,368		1,071,578
Axos Financial, Inc. ^(a)		7,498		730,230
Bancorp, Inc. (The) ^(a)		8,846		554,113
BankUnited, Inc.		8,894		430,914
Enova International, Inc. ^(a)		22,675		5,458,554
Evercore, Inc. - Class A		8,141		2,779,664
EZCORP, Inc. - Class A ^(a)		46,600		1,610,962
Federated Hermes, Inc. - Class B		8,893		491,071
First BanCorporation		60,255		1,570,849
Houlihan Lokey, Inc.		5,219		700,024
MGIC Investment Corporation		54,020		1,523,364
Piper Sandler Companies		27,424		1,983,852
Radian Group, Inc.		36,949		1,391,869
SouthState Bank Corporation		6,788		678,121
WisdomTree, Inc.		58,595		992,599
				22,384,086
Health Care - 10.6%
Alkermes plc ^(a)		10,212		535,058
ANI Pharmaceuticals, Inc. ^(a)		4,618		382,278

	Shares		Value
Health Care - 10.6% (continued)
Catalyst Pharmaceuticals, Inc. ^(a)		43,427	$	1,364,911
Corcept Therapeutics, Inc. ^(a)		17,005		1,478,584
Emergent BioSolutions, Inc. ^(a)		49,485		414,684
Ensign Group, Inc. (The)		2,774		444,672
Halozyme Therapeutics, Inc. ^(a)		12,754		998,256
Innoviva, Inc. ^(a)		55,904		1,269,580
Integer Holdings Corporation ^(a)		7,067		660,411
National HealthCare Corporation		4,427		935,691
Option Care Health, Inc. ^(a)		13,012		272,862
Supernus Pharmaceuticals, Inc. ^(a)		20,863		970,338
				9,727,325
Industrials - 15.6%
Applied Industrial Technologies, Inc.		3,672		1,241,687
Boise Cascade Company		13,898		1,078,902
Brady Corporation - Class A		13,317		1,219,438
ESCO Technologies, Inc.		2,975		1,041,369
FTI Consulting, Inc. ^(a)		7,168		1,068,104
Generac Holdings, Inc. ^(a)		5,501		1,610,747
Mueller Water Products, Inc. - Class A		31,338		809,461
Powell Industries, Inc.		5,774		1,653,442
Ryder System, Inc.		4,356		1,148,982
Sterling Infrastructure, Inc. ^(a)		2,224		1,866,737
WESCO International, Inc.		4,767		1,646,664
				14,385,533
Information Technology - 13.0%
ACM Research, Inc. - Class A ^(a)		29,471		3,739,575
Avnet, Inc.		10,682		948,775
DXC Technology Company ^(a)		50,173		444,031
GigaCloud Technology, Inc - Class A ^(a)		17,930		566,588
InterDigital, Inc.		1,932		547,007
Nova Ltd. ^(a)		3,866		2,099,006
PC Connection, Inc.		22,420		1,636,436
Photronics, Inc. ^(a)		17,015		553,498
Progress Software Corporation ^(a)		7,780		261,252
TD SYNNEX Corporation		1,235		330,165
UiPath, Inc. - Class A ^(a)		77,889		846,654
				11,972,987
Materials - 2.8%
Celanese Corporation		12,279		564,834
Cleveland-Cliffs, Inc. ^(a)		24,575		230,759
ERO Copper Corporation ^(a)		19,876		531,683
Warrior Met Coal, Inc.		15,660		1,270,966
				2,598,242
Real Estate - 6.5%
Agree Realty Corporation		13,224		1,001,585
Apple Hospitality REIT, Inc.		40,416		679,394
CareTrust REIT, Inc.		7,174		289,471
EPR Properties		6,649		385,708
Kite Realty Group Trust		21,361		606,225
National Storage Affiliates Trust		13,345		593,452
Sabra Health Care REIT, Inc.		23,904		466,367
STAG Industrial, Inc.		11,030		419,802

	Shares		Value
Real Estate - 6.5% (continued)
Terreno Realty Corporation		9,740	$	630,860
Urban Edge Properties		15,541		355,578
Xenia Hotel & Resorts, Inc.		28,703		584,393
				6,012,835
Utilities - 3.2%
Avista Corporation		15,906		650,714
IDACORP, Inc.		4,898		741,067
Otter Tail Corporation		10,564		950,550
Portland General Electric Company		11,816		612,423
				2,954,754
Total Common Stocks (Cost $51,998,660)			$	89,929,707

	Shares		Value
MONEY MARKET FUNDS - 2.3%
First American Treasury Obligations Fund - Class X, 3.58% ^(b) (Cost $2,069,410)		2,069,410	$	2,069,410

Total Investments at Value - 99.9% (Cost $54,068,070)			$	91,999,117
Other Assets in Excess of Liabilities - 0.1%				109,416
Net Assets - 100.0%			$	92,108,533

	Shares		Value
COMMON STOCKS - 89.4%
Consumer Discretionary - 8.8%
Build-A-Bear Workshop, Inc.		4,044	$	123,787
Century Communities, Inc.		4,662		334,079
Haverty Furniture Companies, Inc.		13,509		344,885
M/I Homes, Inc. ^(a)		4,097		658,757
Modine Manufacturing Company ^(a)		3,119		832,835
Oxford Industries, Inc.		1,280		44,634
Patrick Industries, Inc.		6,066		544,605
				2,883,582
Consumer Staples - 5.3%
Central Garden & Pet Company - Class A ^(a)		16,385		635,246
Ingles Markets, Inc. - Class A		10,714		949,046
Spectrum Brands Holdings, Inc.		1,602		137,372
				1,721,664
Energy - 2.5%
Dorian LPG Ltd.		9,544		331,940
REX American Resources Corporation ^(a)		7,220		325,983
SM Energy Company		6,558		171,164
				829,087
Financials - 25.5%
Bancorp, Inc. (The) ^(a)		2,594		162,488
Bladex, Inc. - Class E		3,372		207,277
Donnelley Financial Solutions, Inc. ^(a)		16,726		701,656
Enova International, Inc. ^(a)		9,222		2,220,013
EZCORP, Inc. - Class A ^(a)		5,505		190,308
Federal Agricultural Mortgage Corporation - Class C		4,406		877,984
Investar Holding Corporation		8,542		255,918
Merchants Bancorp		23,196		1,159,800
Nelnet, Inc. - Class A		5,646		752,781
OFG Bancorp		18,941		929,435
Piper Sandler Companies		9,292		672,183
QCR Holdings, Inc.		1,072		104,359
Skyward Specialty Insurance Group, Inc. ^(a)		2,632		153,577
				8,387,779
Health Care - 12.7%
Artivion, Inc. ^(a)		6,753		151,740
Aveanna Healthcare Holdings, Inc. ^(a)		7,437		63,735
Collegium Pharmaceutical, Inc. ^(a)		5,755		208,331
CorMedix, Inc. ^(a)		6,209		48,741
Emergent BioSolutions, Inc. ^(a)		12,175		102,027
Innoviva, Inc. ^(a)		24,464		555,577
Integer Holdings Corporation ^(a)		6,396		597,707
iRadimed Corporation		2,400		229,344
Kiniksa Pharmaceuticals International plc ^(a)		6,909		441,830
LeMaitre Vascular, Inc.		2,165		207,753
Pennant Group, Inc. (The) ^(a)		9,327		344,633
Phibro Animal Health Corporation - Class A		6,070		190,598
Stoke Therapeutics, Inc. ^(a)		2,023		66,193
Tactile Systems Technology, Inc. ^(a)		4,236		126,148
Theravance Biopharma, Inc. ^(a)		14,367		244,238
UFP Technologies, Inc. ^(a)		1,193		316,300

	Shares		Value
Health Care - 12.7% (continued)
Zymeworks, Inc. ^(a)		10,578	$	276,509
				4,171,404
Industrials - 14.9%
Acme United Corporation		2,095		99,973
Allegiant Travel Company ^(a)		888		104,429
ArcBest Corporation		5,285		758,609
Argan, Inc.		628		501,490
Blue Bird Corporation ^(a)		3,750		296,100
Boise Cascade Company		2,500		194,075
CRA International, Inc.		3,384		481,543
Genco Shipping & Trading Ltd.		8,000		198,240
GEO Group, Inc. (The) ^(a)		7,691		227,269
Insteel Industries, Inc.		3,500		105,700
NWPX Infrastructure, Inc. ^(a)		3,394		508,896
Powell Industries, Inc.		1,167		334,182
Sterling Infrastructure, Inc. ^(a)		450		377,712
Unitil Corporation		3,401		179,199
V2X, Inc. ^(a)		6,950		518,192
				4,885,609
Information Technology - 15.5%
Axcelis Technologies, Inc. ^(a)		3,408		645,646
Concentrix Corporation		5,326		119,329
ePlus, Inc.		4,600		382,858
Nova Ltd. ^(a)		3,020		1,639,678
PC Connection, Inc.		12,184		889,310
Photronics, Inc. ^(a)		22,198		722,101
ScanSource, Inc. ^(a)		12,984		676,337
				5,075,259
Materials - 3.2%
Innospec, Inc.		2,821		229,601
United States Lime & Minerals, Inc.		7,966		833,801
				1,063,402
Real Estate - 0.2%
Xenia Hotel & Resorts, Inc.		3,907		79,547

Utilities - 0.8%
Clearway Energy, Inc. - Class C		7,332		250,608

Total Common Stocks (Cost $12,474,188)			$	29,347,941

	Shares		Value
EXCHANGE-TRADED FUNDS - 5.3%
iShares Russell Micro-Cap ETF (Cost $1,282,548)		8,653	$	1,730,946

	Shares		Value
RIGHT - 0.0% ^(b)
Cartesian Therapeutics, Inc. ^(a)(c)(d) (Cost $17,942)		94,737	$	947

	Par Value		Value
U.S. TREASURY OBLIGATIONS - 3.0%
U.S. Treasury Bills ^(e) - 3.0%
3.694%, due 09/17/26 (Cost $992,239)	$	1,000,000	$	992,098

	Shares		Value
MONEY MARKET FUNDS - 2.4%
First American Treasury Obligations Fund - Class X, 3.58% ^(f) (Cost $799,048)		799,048	$	799,048

Total Investments at Value - 100.1% (Cost $15,565,965)			$	32,870,980
Liabilities in Excess of Other Assets - (0.1%)				(29,719	)
Net Assets - 100.0%			$	32,841,261

	Shares		Value
COMMON STOCKS - 78.5%
Communication Services - 6.9%
Alphabet, Inc. - Class A		3,750	$	1,340,137
AT&T, Inc.		13,250		274,275
Meta Platforms, Inc. - Class A		1,100		619,619
				2,234,031
Consumer Discretionary - 4.0%
Amazon.com, Inc. ^(a)		600		143,004
Boot Barn Holdings, Inc. ^(a)		1,650		271,045
Deckers Outdoor Corporation ^(a)		500		49,645
Home Depot, Inc. (The)		700		246,876
M/I Homes, Inc. ^(a)		2,000		321,580
McDonald’s Corporation		1,000		270,310
				1,302,460
Consumer Staples - 3.7%
Coca-Cola Consolidated, Inc.		500		95,460
Costco Wholesale Corporation		300		280,641
Procter & Gamble Company (The)		1,700		249,288
Walmart, Inc.		5,100		577,626
				1,203,015
Energy - 4.9%
Cheniere Energy, Inc.		1,225		292,787
Chevron Corporation		1,975		327,376
Matador Resources Company		4,950		246,411
Petroleo Brasileiro S.A. - ADR		19,750		319,160
Valero Energy Corporation		1,480		385,451
				1,571,185
Financials - 12.8%
Bancorp, Inc. (The) ^(a)		4,900		306,936
BlackRock, Inc.		475		456,741
Enova International, Inc. ^(a)		6,500		1,564,745
Goldman Sachs Group, Inc. (The)		915		925,404
JPMorgan Chase & Company		2,000		654,660
Primerica, Inc.		800		227,360
				4,135,846
Health Care - 5.8%
AbbVie, Inc.		1,250		314,550
AstraZeneca plc		2,000		379,240
Elevance Health, Inc.		400		154,692
Eli Lilly & Company		525		629,701
Johnson & Johnson		1,500		380,955
				1,859,138
Industrials - 9.2%
ABB Ltd. - ADR		3,850		418,495
Amphenol Corporation - Class A		1,000		176,320
Caterpillar, Inc.		800		851,920
Curtiss-Wright Corporation		615		466,022
Eaton Corporation plc		1,175		500,691
General Electric Company		1,090		407,366
Johnson Controls International plc		1,000		146,110
				2,966,924

	Shares		Value
Information Technology - 24.9%
Apple, Inc.		3,200	$	925,952
Arista Networks, Inc. ^(a)		2,000		339,760
ASML Holding N.V.		575		1,143,928
Broadcom, Inc.		3,000		1,133,250
Cadence Design Systems, Inc. ^(a)		1,000		375,320
Jabil, Inc.		1,800		693,864
Mastercard, Inc. - Class A		690		354,384
Microsoft Corporation		1,106		412,560
NVIDIA Corporation		7,150		1,430,643
Taiwan Semiconductor Manufacturing Company Ltd. - ADR		1,650		787,991
Western Digital Corporation		700		447,104
				8,044,756
Materials - 2.2%
Linde plc		600		311,364
Steel Dynamics, Inc.		1,800		413,028
				724,392
Real Estate - 2.2%
Digital Realty Trust, Inc.		1,500		269,370
Welltower, Inc.		2,000		453,940
				723,310
Utilities - 1.9%
Iberdrola S.A. - ADR		2,700		269,730
NextEra Energy, Inc.		3,780		331,771
				601,501
Total Common Stocks (Cost $10,834,897)			$	25,366,558

	Shares		Value
EXCHANGE-TRADED FUNDS - 5.1%
Global X Defense Tech ETF		4,500	$	268,695
iShares MSCI Germany ETF		3,400		140,658
iShares MSCI South Korea ETF		2,250		454,275
Range Nuclear Renaissance Index ETF		5,000		340,800
Select STOXX Europe Aerospace & Defense ETF		6,281		264,933
SPDR Gold Shares ^(a)		500		184,190
Total Exchange-Traded Funds (Cost $1,357,310)			$	1,653,551

	Par Value		Value
CORPORATE BONDS - 5.6%
Consumer Discretionary - 1.4%
Starbucks Corporation, 2.550%, due 11/15/30	$	500,000	$	457,988

Financials - 3.0%
Arthur J. Gallagher & Company, 5.750%, due 07/15/54		500,000		487,022
Bank of Montreal, 2.000%, due 12/22/26		200,000		197,591
Goldman Sachs Group, Inc. (The), 5.000%, due 02/27/34		100,000		96,558
Jefferies Financial Group, Inc., 7.000%, due 03/31/46		100,000		99,275
State Street Corporation, 5.272%, due 08/03/26		100,000		100,011
				980,457

	Par Value		Value
Health Care - 0.3%
Cigna Group (The), 5.125%, due 05/15/31	$	100,000	$	101,674

Information Technology - 0.6%
Automatic Data Processing, Inc., 1.250%, due 09/01/30		200,000		175,927

Real Estate - 0.3%
Kimco Realty OP, LLC, 4.850%, due 03/01/35		100,000		97,939

Total Corporate Bonds (Cost $1,888,597)			$	1,813,985

	Par Value		Value
U.S. GOVERNMENT & AGENCIES - 1.5%
Federal Farm Credit Bank - 0.3%
Federal Farm Credit Bank, 4.780%, due 10/29/35	$	100,000	$	98,110

Federal Home Loan Bank - 0.6%
Federal Home Loan Bank, 4.125%, due 02/27/31		200,000		195,798

Federal Home Loan Mortgage Corporation - 0.6%
Federal Home Loan Mortgage Corporation, 4.070%, due 12/17/30		200,000		197,500

Total U.S. Government & Agencies (Cost $499,672)			$	491,408

	Par Value		Value
U.S. TREASURY OBLIGATIONS - 7.6%
U.S. Treasury Bonds - 3.1%
3.625%, due 02/15/44	$	500,000	$	423,613
4.750%, due 02/15/45		100,000		97,817
2.250%, due 08/15/49		750,000		466,494
				987,924
U.S. Treasury Notes - 4.5%
4.625%, due 09/15/26		250,000		250,427
4.250%, due 11/30/26		75,000		75,099
4.250%, due 12/31/26		500,000		500,664
2.625%, due 02/15/29		150,000		144,293
4.375%, due 05/15/34		250,000		250,078
4.250%, due 05/15/35		250,000		247,051
				1,467,612
Total U.S. Treasury Obligations (Cost $2,514,161)			$	2,455,536

	Shares		Value
MONEY MARKET FUNDS - 1.6%
First American Treasury Obligations Fund - Class X, 3.58% ^(b) (Cost $523,275)		523,275	$	523,275

Total Investments at Value - 99.9% (Cost $17,617,912)			$	32,304,313
Other Assets in Excess of Liabilities - 0.1%				34,875
Net Assets - 100.0%			$	32,339,188

James Advantage Funds	Statements of Assets and Liabilities
	June 30, 2026

	James Balanced: Golden Rainbow Fund		James Small Cap Fund		James Micro Cap Fund		James Aggressive Allocation Fund
ASSETS

Investment securities:
At cost	$	279,294,588	$	54,068,070	$	15,565,965	$	17,617,912
At value		418,456,152		91,999,117		32,870,980		32,304,313
Receivable for capital shares sold		154		183,581		—		—
Dividends and interest receivable		2,127,011		49,848		13,693		60,313
Tax reclaims receivable		35,232		—		—		3,039
Other assets		40,636		4,831		856		—
Total Assets		420,659,185		92,237,377		32,885,529		32,367,665

LIABILITIES

Payable for capital shares redeemed		86,527		1,321		—		—
Accrued expenses:
Management fees (Note 4)		254,970		91,380		39,051		25,650
Administration fees (Note 4)		18,092		—		—		—
12b-1 distribution and service fees (Note 4)		52,529		36,006		—		—
Trustee fees (Note 4)		34,576		137		5,217		2,827
Other accrued expenses		132,769		—		—		—
Total Liabilities		579,463		128,844		44,268		28,477
COMMITMENTS AND CONTINGENCIES (NOTE 5)		—		—		—		—
Net Assets	$	420,079,722	$	92,108,533	$	32,841,261	$	32,339,188

NET ASSETS CONSIST OF

Paid-in capital	$	254,734,884	$	53,020,112	$	14,007,245	$	16,950,960
Distributable earnings		165,344,838		39,088,421		18,834,016		15,388,228
Net Assets	$	420,079,722	$	92,108,533	$	32,841,261	$	32,339,188

PRICING OF RETAIL CLASS SHARES

Net assets	$	315,828,382		N/A		N/A		N/A
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par)		12,548,619		N/A		N/A		N/A
Net assets value, offering price and redemption price per share	$	25.17		N/A		N/A		N/A

PRICING OF INSTITUTIONAL CLASS SHARES

Net assets	$	104,251,340		N/A		N/A		N/A
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par)		4,223,330		N/A		N/A		N/A
Net assets value, offering price and redemption price per share	$	24.68		N/A		N/A		N/A

PRICING OF SHARES

Net assets		N/A	$	92,108,533	$	32,841,261	$	32,339,188
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par)		N/A		1,813,284		1,222,084		1,757,400
Net assets value, offering price and redemption price per share		N/A	$	50.80	$	26.87	$	18.40

James Advantage Funds	Statements of Operations
	For the Year Ended June 30, 2026

	For the Year Ended June 30, 2026			For the Year Ended June 30, 2025
FROM OPERATIONS

Net investment income	$	5,424,658		$	5,604,157
Net realized gains from investment transactions		32,127,185			17,056,651
Net change in unrealized appreciation (depreciation) on investments		19,898,779			11,585,506
Net change in net assets resulting from operations		57,450,622			34,246,314

DISTRIBUTIONS TO SHAREHOLDERS (Note 2)

Retail Class Shares		(15,166,377	)		(10,945,847	)
Institutional Class		(5,295,469	)		(3,657,851	)
Decrease in net assets from distributions to shareholders		(20,461,846	)		(14,603,698	)

CAPITAL SHARE TRANSACTIONS:

Retail Class Shares
Proceeds from shares sold		5,067,793			4,475,871
Net asset value of shares issued in reinvestment of distributions to shareholders		14,931,958			10,779,906
Payments for shares redeemed		(44,358,835	)		(49,833,195	)
Net change in net assets from Retail Class capital share transactions		(24,359,084	)		(34,577,418	)

Institutional Class Shares
Proceeds from shares sold		3,455,055			8,666,917
Net asset value of shares issued in reinvestment of distributions to shareholders		5,034,717			3,472,919
Payments for shares redeemed		(12,405,216	)		(13,711,053	)
Net change in net assets from Institutional Class capital share transactions		(3,915,444	)		(1,571,217	)
Total change in net assets		8,714,248			(16,506,019	)

NET ASSETS:

Beginning of year		411,365,474			427,871,493
End of year	$	420,079,722		$	411,365,474

CAPITAL SHARE ACTIVITY

Retail Class
Shares sold		207,244			198,864
Shares issued in reinvestment of distributions to shareholders		621,963			473,594
Shares redeemed		(1,828,695	)		(2,212,159	)
Net change in shares outstanding		(999,488	)		(1,539,701	)
Shares outstanding, beginning of year		13,548,107			15,087,808
Shares outstanding, end of year		12,548,619			13,548,107

Institutional Class Shares
Shares sold		143,026			391,954
Shares issued in reinvestment of distributions to shareholders		213,581			155,447
Shares redeemed		(519,914	)		(617,168	)
Net change in shares outstanding		(163,307	)		(69,767	)
Shares outstanding, beginning of year		4,386,637			4,456,404
Shares outstanding, end of year		4,223,330			4,386,637