UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-8411
(Investment Company Act file number)
James Advantage Funds
(Exact name of registrant as specified in charter)
1349 Fairground Road
Xenia, Ohio 45385
(Address of principal executive offices) (Zip code)
Barry R. James
P.O. Box 8
Alpha, Ohio 45301
(Name and address of agent for service)
Registrant’s telephone number, including area code: (937) 426-7640
Date of fiscal year end: June 30
Date of reporting period: July 1, 2010 – December 31, 2010
Item 1. Reports to Stockholders.
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¨ James Balanced: Golden Rainbow Fund
¨ James Small Cap Fund
¨ James Market Neutral Fund
¨ James Mid Cap Fund
¨ James Micro Cap Fund
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3 | ||||
6 | ||||
7 | ||||
Schedule of Investments | ||||
8 | ||||
15 | ||||
19 | ||||
24 | ||||
26 | ||||
29 | ||||
31 | ||||
32 | ||||
Financial Highlights | ||||
38 | ||||
39 | ||||
40 | ||||
41 | ||||
42 | ||||
43 | ||||
44 | ||||
50 |
James Advantage Funds | Shareholder Letter | |
December 31, 2010 (Unaudited) |
In mid-summer our risk indicators turned positive and James Investment Research became more aggressive in equities, increasing the allocation to common stocks in the Balanced: Golden Rainbow Fund. A copy of our research bulletin, along with previous research bulletins, is posted on the Adviser’s website at www.jir-inc.com. Our advice was very timely and the stock market posted solid gains in the second half of 2010. Perhaps the markets were anticipating a more business-friendly Congress would result from the November elections, and perhaps the chances of a double dip recession diminished as economic indicators became more reassuring.
The Markets Over the Past Six Months
Almost all of the major stock indices rose in the last six months of 2010. The S&P 500 returned 23.27 percent, the Russell 2000 (an index of small capitalization companies, returned 29.38 percent and the Russell Micro Cap Index rose 29.90 percent. Bonds, however, did not do well. The Federal Reserves index of 10 year Treasury Note yields rose from 3.20 percent on June 30 to 3.29 percent on December 31, while the Fed’s index of thirty year bond yields rose from 4.13 percent to 4.42 percent. Of course, bond prices fall when bond yields rise, so many bonds suffered negative returns over the period. The U.S. dollar rose versus the euro, but fell against many emerging market currencies, the Canadian and Australian dollars and the Japanese yen.
Investment Goals and Objectives
Preservation of capital in declining markets is one of the major objectives of The James Advantage: Golden Rainbow Fund, but the Fund managers also want to participate in rising markets. The Fund also seeks to provide income to its shareholders through the payment of ordinary and capital gains dividends.
The James Small Cap Fund, the Mid Cap Fund and the Micro Cap Fund seek long term capital appreciation as their primary objective, and seek out stocks the adviser believes to be bargains in their respective market capitalization niches. These funds do not seek to pay dividends, but will distribute net income when it is earned through dividends or other sources.
The James Market Neutral Fund seeks to provide positive returns regardless of the direction of the stock market. To achieve its objective, the Fund uses a combination of holding stocks that the adviser believes to be undervalued and selling short stocks that are considered overvalued. It may hold long positions in stocks held by the other four funds, but may not short stocks held long by the other funds.
Investment Philosophy
Since 1972, James Investment Research, Inc., adviser to the James Advantage Funds, has embraced conservative principles of investing. Experience has taught us that stocks with strong earnings growth, low valuations and other strong value traits are more likely to outperform the broad stock market over time, and we have found that preserving capital in down markets is very important in achieving long term growth. Our independent research is generally free of Wall Street hype and allows us to take a different path. We have found this to be very helpful where preservation of capital is a major objective, and also in avoiding economic sectors and industries at the center of a financial crisis.
Strategy for Meeting Fund Objectives
When the Adviser’s risk research indicates that the risk in the stock market is low and that opportunities for stocks to move higher are great, the Fund’s portfolio managers will increase the allocation in the Balanced: the Golden Rainbow Fund. The inclusion of Balanced in the name means that the Fund will always hold both bonds and stocks, but the allocation between them is actively managed according to parameters stated in the prospectus. In the second half of 2010 the portfolio managers did increase the allocation to stocks from about 33 percent of assets on June 30 to over 45 percent of assets on December 31. At the same time, the Funds total assets increased by almost 31 percent as new money flowed in and higher prices on stocks buoyed the net assets.
The Small Cap Fund and the Mid Cap Fund also concentrated on those stocks the Adviser considers to be bargains. The Adviser does its own research and uses sophisticated modeling to help whittle down a universe of over 8500 stocks to a manageable number. Stocks considered to be bargains have low value ratios, such as price earnings and price to cash, and also have strong earnings and earnings growth. The Adviser has found this strategy to be very useful over the long run. Accordingly, the James Market Neutral Fund holds these types of securities in long positions and sells short securities at the opposite end of the adviser’s value continuum.
The newest Fund in the James Advantage Funds family is the James Micro Cap Fund, which opened on July 1, 2010. We are encouraged by the flow of new money into the Fund, which concentrates on companies with market capitalizations under $250 million at the time of purchase. The Micro Cap Fund may charge a redemption fee of 2% on withdrawals within 180 days of purchase. We believe such a fee will protect the Funds’
Semi-Annual Report | December 31, 2010 | 1 |
Shareholder Letter | James Advantage Funds | |
December 31, 2010 (Unaudited) |
shareholders from investors looking to profit quickly from short term market moves. Any proceeds from this fee is returned to the Fund for the benefit of its shareholders.
All of the Funds in the James Advantage Funds family employ a disciplined SELL strategy, eliminating securities that lose their value traits or otherwise fall out of favor due to macro-economic changes, management changes or similar events. The Adviser’s staff regularly monitors all of the Fund’s holdings and employs multiple screens to detect changes in a company profile. Still, as you will see in the Financial Highlights report, the Funds’ turnover ratios are low by most industry standards.
Fund Performance
The James Balanced: Golden Rainbow Fund Class A shares returned 11.13 percent over the second half of 2010 compared with a 13.49 percent return on its blended benchmark of 25 percent S&P 500, 25% Russell 2000 and 50% Barclay’s Intermediate Gov/Credit Bonds. The Fund’s weighting in Small Cap stocks was under the benchmark weighting, creating a minor drag on performance, relative to the benchmark.
The James Small Cap Fund returned 21.60 percent over the period, compared with a return on its benchmark, the Russell 2000, of 29.38 percent. The shortfall was due to relatively high levels of cash in the Fund. The Mid Cap Fund returned 25.49 percent, slightly better than its benchmark, the Russell Mid Cap Value, which rose 25.28 percent. The outperformance was due to stock selection. The James Micro Cap Fund, commencing its operations on July 1, 2010 rose 15.90 percent through the end of the calendar year. While the Fund’s benchmark, the Russell 2000 Micro Cap Index, rose 29.90 percent, cash inflows took some time to invest and served as a drag on relative return. As the Fund achieves greater mass, the Adviser does not expect Fund flows to be a detriment. The James Market Neutral Fund did not meet its objectives in 2010. Over the last six months of the year the Fund declined by 4.03% while Treasury Bills advanced by 0.08%. The Fund’s performance shortfall was due to stronger price action than expected by stocks with lower quality rankings, as determined by the Adviser’s research. The Adviser expects a more normal performance pattern to develop as the recovery matures.
Expectations for the Future
2011 is going to be a year of volatility and turmoil, according to the Adviser’s research. Stocks are not cheap, but bullish investors appear to be underinvested in stocks and overinvested in bonds. The new Congress was elected with mandates to reduce spending, which could provide a drag on the economy if not accompanied with tax cuts. The U.S. dollar is still the world’s only true safe haven, and the European debt crisis may make the dollar, and dollar assets attractive. We are taking a more defensive position on stocks and bonds in early 2011, and we will look for good opportunities in both markets as the year unfolds. We believe stocks have a bright future, but bonds may be in for some difficult years as interest rates return to more normal levels. Timing will be very important this year, and solid research is essential.
Thomas L. Mangan
Chief Financial Officer
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund’s prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus by calling 1-800-995-2637. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
2 | www.jamesfunds.com |
James Advantage Funds | Growth of $10,000 Charts | |
December 31, 2010 (Unaudited) |
Comparison of the Change in Value of a $10,000 Investment in the James Balanced: Golden Rainbow Fund – Retail Class
James Balanced: Golden Rainbow Fund, S&P 500® Index and Blended Index Average Annual Total Returns
6 months* | 1 Year | 5 Years | 10 Years | Since Inception(2) | ||||||
James Balanced: Golden Rainbow - Retail Class | 11.13% | 14.06% | 6.23% | 7.14% | 8.42% | |||||
Standard & Poor’s 500® Index | 23.27% | 15.06% | 2.29% | 1.41% | 8.53% | |||||
Russell 2000® Index | 29.38% | 26.85% | 4.47% | 6.33% | 9.74% | |||||
Barclays Capital Intermediate Government/Credit Index | 1.27% | 5.89% | 5.53% | 5.51% | 6.36% | |||||
Blended Index (1) | 13.49% | 13.86% | 5.05% | 5.23% | 8.22% | |||||
James Balanced: Golden Rainbow - Institutional Class | 11.25% | 14.40% | N/A | N/A | 20.92% | |||||
Standard & Poor’s 500® Index | 23.27% | 15.06% | N/A | N/A | 40.52% | |||||
Russell 2000® Index | 29.38% | 26.85% | 4.47% | 6.33% | 53.24% | |||||
Barclays Capital Intermediate Government/Credit Index | 1.27% | 5.89% | 5.53% | 5.51% | 6.41% | |||||
Blended Index (1) | 13.49% | 13.86% | N/A | N/A | 25.84% |
(1) | The Blended Index is comprised of a 25% weighting in the S&P 500® Index, a 25% weighting in the Russell 2000® Index and a 50% weighting in the Barclays Capital Intermediate Government/Credit Index. |
(2) | Retail Class inception was July 1, 1991. Institutional Class inception was March 2, 2009. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2010, was 1.20% for the Retail Class and 1.07% for the Institutional Class. |
Comparison of the Change in Value of a $10,000 Investment in the James Small Cap Fund
James Small Cap Fund and Russell 2000® Index Average Annual Total Returns
6 months* | 1 Year | 5 Years | 10 Years | |||||
James Small Cap Fund | 21.60% | 27.24% | 0.73% | 8.32% | ||||
Russell 2000® Index | 29.38% | 26.85% | 4.47% | 6.33% |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2010, was 1.50%. |
* Returns are not annualized
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Please call 1-800-995-2637 for most recent month-end performance information.
The S&P 500, Russell 2000, Barclay’s Capital Intermediate Government/Credit Index, S&P Mid Cap 400, and Russell Micro Cap Index are widely recognized unmanaged indices of security prices and are representative of a broader market and range of securities than is found in the Fund’s portfolio. The James Market Neutral Fund’s index is the 90 day U.S. Treasury Bill. The Index returns do not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in any Index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.
Semi-Annual Report | December 31, 2010 | 3 |
Growth of $10,000 Charts | James Advantage Funds | |
December 31, 2010 (Unaudited) |
Comparison of the Change in Value of a $10,000 Investment in the James Market Neutral Fund
James Market Neutral Fund and 90-Day U.S. Treasury Bill Index Average Annual Total Returns
6 Months* | 1 Year | 5 Years | 10 Years | |||||
James Market Neutral Fund | -4.03% | -8.32% | -5.34% | -0.51% | ||||
90-Day U.S. Treasury Bill Index | 0.08% | 0.13% | 2.43% | 2.38% |
The total annual operating expense ratio, including dividend expense on securities sold short, as stated in the fee table of the most recent prospectus, dated November 1, 2010, was 2.62%. |
Comparison of the Change in Value of a $10,000 Investment in the James Mid Cap Fund
James Mid Cap Fund and S&P Mid Cap 400® Index Average Annual Total Returns
6 Months* | 1 Year | Since Inception(1) | ||||
James Mid Cap Fund | 25.49% | 22.43% | 2.00% | |||
S&P Mid Cap 400® Index | 25.28% | 22.78% | 3.69% |
(1) | Fund inception was June 30, 2006. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2010, was 1.50%. |
* Returns are not annualized
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Please call 1-800-995-2637 for most recent month-end performance information.
The S&P 500, Russell 2000, Barclay’s Capital Intermediate Government/Credit Index, S&P Mid Cap 400, and Russell Micro Cap Index are widely recognized unmanaged indices of security prices and are representative of a broader market and range of securities than is found in the Fund’s portfolio. The James Market Neutral Fund’s index is the 90 day U.S. Treasury Bill. The Index returns do not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in any Index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.
4 | www.jamesfunds.com |
James Advantage Funds | Growth of $10,000 Charts | |
December 31, 2010 (Unaudited) |
Comparison of the Change in Value of a $10,000 Investment in the James Micro Cap Fund
James Micro Cap Fund and Russell Micro Cap Index Cumulative Total Returns
6 Months* | ||||
James Micro Cap Fund | 15.90% | |||
Russell Micro Cap Index | 29.90% |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2010 was 1.50%. |
* | Returns are not annualized |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Please call 1-800-995-2637 for most recent month-end performance information.
The S&P 500, Russell 2000, Barclay’s Capital Intermediate Government/Credit Index, S&P Mid Cap 400, and Russell Micro Cap Index are widely recognized unmanaged indices of security prices and are representative of a broader market and range of securities than is found in the Fund’s portfolio. The James Market Neutral Fund’s index is the 90 day U.S. Treasury Bill. The Index returns do not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in any Index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.
Semi-Annual Report | December 31, 2010 | 5 |
Representation of Schedules of Investments | James Advantage Funds | |
December 31, 2010 (Unaudited) |
The illustrations below provide the industry sectors for the James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Market Neutral Fund, James Mid Cap Fund, and James Micro Cap Fund.
James Balanced: Golden Rainbow Fund - Industry Sector Allocation (% of Net Assets)
(a) | Less than 0.005% of Total Net Assets. |
James Market Neutral Fund - Industry Sector Allocation (% of Net Assets)
(Cash, Cash Equivalents and Other Assets in Excess of Liabilities not included)
(a) | Less than 0.005% of Total Net Assets. |
James Small Cap Fund - Industry Sector Allocation (% of Net Assets)
James Mid Cap Fund - Industry Sector Allocation (% of Net Assets)
James MicroCap Fund - Industry Sector Allocation (% of Net Assets)
6 | www.jamesfunds.com |
James Advantage Funds | Disclosure of Fund Expenses | |
December 31, 2010 (Unaudited) |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including reinvested dividends or other distributions; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2010 through December 31, 2010.
Actual Expenses. The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expense Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
Net Expense Ratio Annualized December 31, 2010(a) | Beginning Account Value July 1, 2010 | Ending Account Value December 31, 2010 | Expense Paid During Period(b) | |||||||
James Balanced: Golden Rainbow Fund | ||||||||||
Retail Class Actual | 1.14% | $ 1,000.00 | $ 1,111.30 | $ | 6.07 | |||||
Retail Class Hypothetical (5% return before expenses) | 1.14% | $ 1,000.00 | $ 1,019.46 | $ | 5.80 | |||||
Institutional Class Actual | 0.89% | $ 1,000.00 | $ 1,112.50 | $ | 4.74 | |||||
Institutional Class Hypothetical (5% return before expenses) | 0.89% | $ 1,000.00 | $ 1,020.72 | $ | 4.53 | |||||
James Small Cap Fund | ||||||||||
Actual | 1.50% | $ 1,000.00 | $ 1,216.00 | $ | 8.38 | |||||
Hypothetical (5% return before expenses) | 1.50% | $ 1,000.00 | $ 1,017.64 | $ | 7.63 | |||||
James Market Neutral Fund | ||||||||||
Actual | 2.96% | $ 1,000.00 | $ 959.70 | $ | 14.62 | |||||
Hypothetical (5% return before expenses) | 2.96% | $ 1,000.00 | $ 1,010.28 | $ | 15.00 | |||||
James Mid Cap Fund | ||||||||||
Actual | 1.50% | $ 1,000.00 | $ 1,254.90 | $ | 8.53 | |||||
Hypothetical (5% return before expenses) | 1.50% | $ 1,000.00 | $ 1,017.64 | $ | 7.63 | |||||
James Micro Cap Fund | ||||||||||
Actual | 1.50% | $ 1,000.00 | $ 1,159.00 | $ | 8.16 | |||||
Hypothetical (5% return before expenses) | 1.50% | $ 1,000.00 | $ 1,017.64 | $ | 7.63 |
(a) | Annualized, based on the Fund’s most recent fiscal half year expenses. |
(b) | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), divided by 365. Note the expense example is typically based on a six-month period. |
Semi-Annual Report | December 31, 2010 | 7 |
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
COMMON STOCKS-43.8% | ||||||
Basic Materials-6.5% | ||||||
174,460 | Barrick Gold Corp.* | $9,277,783 | ||||
150,000 | Buckeye Technologies, Inc. | 3,151,500 | ||||
43,600 | Clearwater Paper Corp.* | 3,413,880 | ||||
22,000 | E.I. du Pont de Nemours & Co. | 1,097,360 | ||||
122,640 | FMC Corp. | 9,797,709 | ||||
50,250 | IAMGOLD Corp. | 894,450 | ||||
95,000 | Innophos Holdings, Inc. | 3,427,600 | ||||
25,000 | Kinross Gold Corp. | 474,000 | ||||
53,500 | Lubrizol Corp. | 5,718,080 | ||||
145,000 | Newmont Mining Corp. | 8,907,350 | ||||
295,040 | PolyOne Corp.* | 3,685,050 | ||||
49,000 | PPG Industries, Inc. | 4,119,430 | ||||
5,000 | Terra Nitrogen Co. LP* | 540,550 | ||||
54,504,742 | ||||||
Consumer, Cyclical-4.6% | ||||||
4,000 | AutoZone, Inc.* | 1,090,360 | ||||
38,000 | Best Buy Co., Inc. | 1,303,020 | ||||
8,809 | Big Lots, Inc.* | 268,322 | ||||
15,000 | BJ’s Wholesale Club, Inc.* | 718,500 | ||||
100,000 | Bob Evans Farms, Inc. | 3,296,000 | ||||
11,500 | Bristow Group, Inc.* | 544,525 | ||||
30,000 | The Buckle, Inc. | 1,133,100 | ||||
56,500 | DineEquity, Inc.* | 2,789,970 | ||||
214,070 | Dollar Tree, Inc.* | 12,005,046 | ||||
19,000 | Family Dollar Stores, Inc. | 944,490 | ||||
365,000 | Ford Motor Co.* | 6,128,350 | ||||
66,730 | Jakks Pacific, Inc.* | 1,215,820 | ||||
35,000 | Macy’s, Inc. | 885,500 | ||||
126,000 | R.R. Donnelley & Sons Co.* | 2,201,220 | ||||
485,000 | Sinclair Broadcast Group, Inc., Class A | 3,967,300 | ||||
10,000 | Wal-Mart Stores, Inc. | 539,300 | ||||
39,030,823 | ||||||
Consumer, Non-cyclical-5.3% | ||||||
183,000 | Archer - Daniels - Midland Co. | 5,504,640 | ||||
20,000 | Corn Products International, Inc.* | 920,000 | ||||
150,000 | Cott Corp.* | 1,351,500 | ||||
70,900 | Darling International, Inc.* | 941,552 | ||||
337,920 | Del Monte Foods Co.* | 6,352,896 | ||||
16,000 | Forest Laboratories, Inc.* | 511,680 | ||||
73,000 | Fresh Del Monte Produce, Inc. | 1,821,350 | ||||
200,000 | Hi-Tech Pharmacal Co., Inc.* | 4,990,000 | ||||
67,140 | LifePoint Hospitals, Inc.* | 2,467,395 | ||||
154,000 | Merck & Co., Inc. | 5,550,160 | ||||
25,000 | Mylan, Inc.* | 528,250 | ||||
335,000 | Pfizer, Inc. | 5,865,850 | ||||
35,000 | Ruddick Corp. | 1,289,400 | ||||
25,000 | Sara Lee Corp. | 437,750 |
8 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Consumer, Non-cyclical (continued) | ||||||
125,000 | Tupperware Brands Corp. | $5,958,750 | ||||
44,491,173 | ||||||
Energy-5.7% | ||||||
76,500 | Apache Corp. | 9,121,095 | ||||
83,280 | Chevron Corp.* | 7,599,300 | ||||
30,500 | Cimarex Energy Co. | 2,700,165 | ||||
98,500 | Devon Energy Corp.* | 7,733,235 | ||||
10,000 | Enbridge Energy Partners LP | 623,800 | ||||
45,300 | Exxon Mobil Corp. | 3,312,336 | ||||
113,000 | Newfield Exploration Co.* | 8,148,430 | ||||
80,000 | Noble Corp.* | 2,861,600 | ||||
64,760 | Pioneer Southwest Energy Partners LP | 1,944,743 | ||||
100,000 | Rowan Cos., Inc.* | 3,491,000 | ||||
15,000 | Williams Partners LP | 699,750 | ||||
48,235,454 | ||||||
Financial-5.1% | ||||||
167,600 | Advance America Cash Advance Centers, Inc. | 945,264 | ||||
245,000 | American Financial Group, Inc. | 7,911,050 | ||||
109,346 | AmTrust Financial Services, Inc. | 1,913,555 | ||||
170,000 | Annaly Capital Management, Inc., REIT | 3,046,400 | ||||
74,000 | Capital One Financial Corp. | 3,149,440 | ||||
209,000 | EZCORP, Inc., Class A* | 5,670,170 | ||||
241,000 | FBL Financial Group, Inc., Class A | 6,909,470 | ||||
69,500 | Nelnet, Inc., Class A* | 1,646,455 | ||||
10,000 | Platinum Underwriters Holdings, Ltd. | 449,700 | ||||
311,060 | Rent-A-Center, Inc. | 10,041,017 | ||||
17,003 | Southside Bancshares, Inc. | 358,253 | ||||
37,000 | Unum Group | 896,140 | ||||
42,936,914 | ||||||
Industrial-4.7% | ||||||
73,300 | Ampco-Pittsburgh Corp. | 2,056,065 | ||||
73,100 | CSX Corp. | 4,722,991 | ||||
85,500 | Cummins, Inc. | 9,405,855 | ||||
125,430 | Eagle Bulk Shipping, Inc.* | 624,642 | ||||
33,000 | Eaton Corp. | 3,349,830 | ||||
142,000 | Fuel Systems Solutions, Inc.* | 4,171,960 | ||||
60,000 | Genco Shipping & Trading, Ltd.* | 864,000 | ||||
23,320 | GrafTech International, Ltd.* | 462,669 | ||||
63,110 | Greif, Inc., Class A | 3,906,509 | ||||
14,400 | Joy Global, Inc. | 1,249,200 | ||||
396,800 | Omnova Solutions, Inc.* | 3,317,248 | ||||
11,683 | Stanley Black & Decker, Inc. | 781,242 | ||||
102,500 | Sturm Ruger & Co., Inc | 1,567,225 | ||||
50,000 | TRW Automotive Holdings Corp.* | 2,635,000 | ||||
39,114,436 | ||||||
Technology-7.0% | ||||||
318,000 | Amkor Technology, Inc.* | 2,350,020 | ||||
75,000 | Avnet, Inc.* | 2,477,250 |
Semi-Annual Report | December 31, 2010 | 9 |
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Technology (continued) | ||||||
14,000 | Biogen Idec, Inc.* | $938,700 | ||||
51,400 | Computer Sciences Corp. | 2,549,440 | ||||
181,910 | Deluxe Corp. | 4,187,569 | ||||
20,000 | Ebix, Inc.* | 473,400 | ||||
179,260 | Hewlett-Packard Co. | 7,546,846 | ||||
96,000 | Integrated Silicon Solution, Inc.* | 770,880 | ||||
83,750 | International Business Machines Corp. | 12,291,150 | ||||
40,000 | Lexmark International, Inc., Class A* | 1,392,800 | ||||
61,840 | Northrop Grumman Corp.* | 4,005,995 | ||||
8,000 | SYNNEX Corp.* | 249,600 | ||||
130,920 | Triumph Group, Inc. | 11,705,557 | ||||
239,500 | Western Digital Corp.* | 8,119,050 | ||||
59,058,257 | ||||||
Utilities-4.9% | ||||||
115,000 | American Electric Power Co., Inc. | 4,137,700 | ||||
195,000 | AT&T, Inc. | 5,729,100 | ||||
161,200 | BCE, Inc. | 5,716,152 | ||||
187,962 | CenturyTel, Inc. | 8,678,205 | ||||
29,500 | Chesapeake Utilities Corp. | 1,224,840 | ||||
145,000 | Cleco Corp. | 4,460,200 | ||||
50,000 | Constellation Energy Group, Inc. | 1,531,500 | ||||
51,840 | DTE Energy Co. | 2,349,389 | ||||
52,580 | Edison International | 2,029,588 | ||||
42,000 | NorthWestern Corp. | 1,210,860 | ||||
69,800 | Oneok, Inc. | 3,871,806 | ||||
40,939,340 | ||||||
TOTAL COMMON STOCKS (Cost $275,964,543) | 368,311,139 | |||||
EXCHANGE TRADED FUNDS-1.5% | ||||||
16,000 | iShares Dow Jones US Financial Sector Index Fund | 919,680 | ||||
22,420 | iShares MSCI All Peru Capped Index Fund | 1,129,071 | ||||
45,000 | iShares MSCI Canada Index Fund* | 1,395,000 | ||||
25,000 | iShares MSCI Chile Investable Market Index Fund | 1,990,000 | ||||
72,000 | iShares MSCI Japan Index Fund | 785,520 | ||||
40,000 | iShares MSCI Singapore Index Fund | 554,000 | ||||
19,000 | iShares MSCI South Korea Index Fund | 1,162,610 | ||||
12,000 | iShares MSCI Turkey Index Fund | 794,520 | ||||
110,000 | iShares Silver Trust Index Fund* | 3,319,800 | ||||
12,050,201 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $9,424,079) | 12,050,201 | |||||
EXCHANGE TRADED NOTES-0.0%(a) | ||||||
3,200 | iPATH S&P 500 VIX Mid-Term Futures ETN* | 210,432 | ||||
TOTAL EXCHANGE TRADED NOTES (Cost $233,978) | 210,432 | |||||
10 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
PREFERRED STOCKS-0.0%(a) | ||||||
Financial-0.0%(a) | ||||||
4,000 | General Electric Capital Corp., 6.000% | $102,000 | ||||
Utilities-0.0%(a) | ||||||
5,000 | AT&T, Inc., 6.375% | 133,050 | ||||
TOTAL PREFERRED STOCKS | ||||||
(Cost $230,050) | 235,050 | |||||
CORPORATE BONDS-2.6% | ||||||
Basic Materials-0.2% | ||||||
$1,500,000 | E.I. du Pont de Nemours & Co., 5.750%, 3/15/19 | 1,700,767 | ||||
Consumer, Cyclical-0.3% | ||||||
785,000 | McDonald’s Corp., 5.700%, 2/1/39 | 854,852 | ||||
2,000,000 | Wal-Mart Stores, Inc., 5.250%, 9/1/35 | 2,012,696 | ||||
2,867,548 | ||||||
Consumer, Non-cyclical-0.1% | ||||||
500,000 | Anheuser-Busch Cos., Inc., 6.000%, 4/15/11 | 507,046 | ||||
Financial-1.2% | ||||||
2,500,000 | Citigroup, Inc., 2.875%, 12/9/11 | 2,557,690 | ||||
2,000,000 | General Electric Capital Corp., 6.875%, 1/10/39 | 2,311,320 | ||||
5,000,000 | U.S. Bancorp, 2.250%, 3/13/12 | 5,101,380 | ||||
9,970,390 | ||||||
Industrial-0.3% | ||||||
1,000,000 | Caterpillar, Inc., 7.900%, 12/15/18 | 1,287,060 | ||||
1,000,000 | Caterpillar, Inc., 8.250%, 12/15/38 | 1,423,693 | ||||
2,710,753 | ||||||
Technology-0.5% | ||||||
3,700,000 | Microsoft Corp., 5.200%, 6/1/39 | 3,863,248 | ||||
TOTAL CORPORATE BONDS | ||||||
(Cost $20,091,846) | 21,619,752 | |||||
U.S. GOVERNMENT AGENCIES-3.6% | ||||||
Agency-0.1% | ||||||
500,000 | Tennessee Valley Authority, 5.625%, 1/18/11 | 500,974 | ||||
GNMA - Mortgage Backed Securities-3.5% | ||||||
2,446,399 | 4.000%, 7/15/25, Pool #745185 | 2,543,107 | ||||
1,702,516 | 4.500%, 2/15/39, Pool #707299 | 1,779,473 | ||||
3,291,413 | 4.000%, 3/20/39, Pool #4396 | 3,318,876 | ||||
4,288,569 | 4.500%, 6/15/39, Pool #712437 | 4,458,298 | ||||
2,550,204 | 4.500%, 7/15/39, Pool #717808 | 2,651,133 | ||||
4,755,822 | 4.000%, 9/15/39, Pool #710832 | 4,798,996 | ||||
942,318 | 4.000%, 12/20/39, Pool #4597 | 950,181 |
Semi-Annual Report | December 31, 2010 | 11 |
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
GNMA - Mortgage Backed Securities (continued) | ||||||
$9,058,010 | 4.500%, 1/15/40, Pool #723606 | $9,416,499 | ||||
29,916,563 | ||||||
TOTAL U.S. GOVERNMENT AGENCIES | ||||||
(Cost $29,718,281) | 30,417,537 | |||||
U.S. TREASURY BONDS & NOTES-39.3% | ||||||
U.S. Treasury Bonds-2.0% | ||||||
20,000,000 | 3.500%, 2/15/39 | 17,234,380 | ||||
U.S. Treasury Inflation Indexed Notes-3.4% | ||||||
9,475,725 | 2.500%, 7/15/16 | 10,635,023 | ||||
12,005,425 | 1.625%, 1/15/18 | 12,846,741 | ||||
5,056,800 | 1.375%, 1/15/20 | 5,255,123 | ||||
28,736,887 | ||||||
U.S. Treasury Notes-33.9% | ||||||
10,000,000 | 4.875%, 2/15/12 | 10,501,170 | ||||
40,000,000 | 0.750%, 5/31/12 | 40,190,800 | ||||
54,300,000 | 3.875%, 2/15/13 | 58,020,419 | ||||
35,000,000 | 1.125%, 6/15/13 | 35,287,000 | ||||
20,000,000 | 2.625%, 12/31/14 | 20,854,680 | ||||
48,000,000 | 4.625%, 2/15/17 | 54,041,232 | ||||
20,400,000 | 3.500%, 2/15/18 | 21,459,841 | ||||
45,000,000 | 2.750%, 2/15/19 | 44,419,905 | ||||
284,775,047 | ||||||
TOTAL U.S. TREASURY BONDS & NOTES | 330,746,314 | |||||
(Cost $321,609,305) | ||||||
FOREIGN BONDS-2.8% | ||||||
Australia Government-1.2% | ||||||
AUD 10,000,000 | 5.250%, 3/15/19 | 10,056,765 | ||||
Canada Government-0.6% | ||||||
CAD 5,000,000 | 3.750%, 6/1/19 | 5,299,457 | ||||
Netherlands Government-0.5% | ||||||
EUR 3,000,000 | 4.000%, 7/15/19 | 4,301,778 | ||||
Norway Government-0.5% | ||||||
NOK 21,000,000 | 4.500%, 5/22/19 | 3,840,952 | ||||
TOTAL FOREIGN BONDS | ||||||
(Cost $21,253,596) | 23,498,952 | |||||
MUNICIPAL BONDS-2.8% | ||||||
California-0.1% | ||||||
$1,000,000 | Citrus Community College District General Obligation Unlimited Bonds, Series B, 4.750%, 6/1/31 | 898,120 |
12 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Colorado-0.1% | ||||||
$1,000,000 | Adams County School District No. 14 General Obligation Unlimited Bonds, 5.000%, 12/1/26 | $1,014,760 | ||||
Florida-0.1% | ||||||
1,000,000 | Florida State Board of Education Cap Outlay General Obligation Bonds, Series D, 5.000%, 6/1/38 | 991,110 | ||||
Georgia-0.4% | ||||||
3,000,000 | State of Georgia General Obligation Unlimited Bonds, Series B, 4.500%, 1/1/29 | 3,032,100 | ||||
Illinois-0.2% | ||||||
500,000 | Kane & DeKalb Counties Community Unit School District No. 302 Kaneland General Obligation Unlimited Bonds (School Building), 5.500%, 2/1/28 | 524,050 | ||||
1,000,000 | Village of Bolingbrook General Obligation Unlimited Bonds, 5.000%, 1/1/37 | 953,860 | ||||
1,477,910 | ||||||
Louisiana-0.1% | ||||||
1,000,000 | East Baton Rouge Sewerage Commission Revenue Bonds, Series A, 5.125%, 2/1/29 | 1,016,820 | ||||
Massachusetts-0.1% | ||||||
1,000,000 | Commonwealth of Massachusetts General Obligation Limited Bonds, Series C, 5.250%, 8/1/22 | 1,106,250 | ||||
Michigan-0.1% | ||||||
1,000,000 | Marysville Public School District General Obligation Unlimited Bonds (School Building & Site), 5.000%, 5/1/32 | 960,640 | ||||
Ohio-1.2% | ||||||
4,620,000 | Columbus City School District Taxable Facilities & Improvement Build America Bonds, 6.150%, 12/1/33 | 4,615,057 | ||||
1,100,000 | Miamisburg City School District General Obligation Unlimited Bonds (School Facilities Construction & Improvement), 5.000%, 12/1/33 | 1,107,810 | ||||
500,000 | Mount Healthy City School District General Obligation Unlimited Bonds (School Improvement), 5.000%, 12/1/26 | 517,170 | ||||
1,000,000 | Ohio State University General Recipients Revenue Bonds, 4.910%, 6/1/40 | 905,350 | ||||
1,000,000 | Ohio State University General Recipients Revenue Bonds, Series A, 5.000%, 12/1/28 | 1,032,240 | ||||
500,000 | Springboro Community City School District General Obligation Unlimited Bonds, 5.250%, 12/1/23 | 543,030 | ||||
1,000,000 | State of Ohio General Obligation Unlimited Bonds, Series A, 5.375%, 9/1/28 | 1,056,090 | ||||
9,776,747 | ||||||
Texas-0.4% | ||||||
1,000,000 | Friendswood Independent School District General Obligation Unlimited Bonds (Schoolhouse), 5.000%, 2/15/37 | 1,002,320 | ||||
1,000,000 | Judson Independent School District General Obligation Unlimited Bonds (School Building), 5.000%, 2/1/37 | 1,005,160 |
Semi-Annual Report | December 31, 2010 | 13 |
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Texas (continued) | ||||||
$500,000 | Lamar Consolidated Independent School District General Obligation Unlimited Bonds (Schoolhouse), 5.000%, 2/15/38 | $503,900 | ||||
1,000,000 | Tyler Independent School District General Obligation Unlimited Bonds (School Building), 5.000%, 2/15/34 | 1,004,100 | ||||
3,515,480 | ||||||
TOTAL MUNICIPAL BONDS (Cost $23,770,315) | 23,789,937 | |||||
TOTAL INVESTMENT SECURITIES-96.4% (Cost $702,295,993) | 810,879,314 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES-3.6% | 30,054,454 | |||||
NET ASSETS-100.0% | $840,933,768 | |||||
* | Non-income producing security. |
(a) | Less than 0.05% of Net Assets |
ETN - Exchange Traded Note
GNMA - Government National Mortgage Association
LP - Limited Partnership
Ltd. - Limited
MSCI - Morgan Stanley Capital International
REIT - Real Estate Investment Trust
S&P - Standard & Poor’s
VIX - Market Volatility Index
Foreign Bonds Securities Allocation | ||
% of net assets | ||
Asia-Pacific | 1.2% | |
Europe | 1.0% | |
North America | 0.6% | |
2.8% | ||
See Notes to Financial Statements.
14 | www.jamesfunds.com |
Schedule of Investments | ||
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
COMMON STOCKS-95.8% | ||||||
Basic Materials-12.9% | ||||||
5,360 | Aceto Corp. | $48,240 | ||||
20,425 | Arch Chemicals, Inc. | 774,720 | ||||
157,545 | Boise, Inc. | 1,249,332 | ||||
12,115 | Brush Engineered Materials, Inc.* | 468,124 | ||||
60,150 | Buckeye Technologies, Inc. | 1,263,751 | ||||
11,450 | Hawkins, Inc. | 508,380 | ||||
55,825 | Innophos Holdings, Inc. | 2,014,166 | ||||
21,075 | Innospec, Inc.* | 429,930 | ||||
5,376 | Material Sciences Corp.* | 34,353 | ||||
3,150 | Mercer International, Inc.* | 24,412 | ||||
3,469 | Neenah Paper, Inc. | 68,270 | ||||
3,615 | Oil-Dri Corp. of America | 77,686 | ||||
139,990 | PolyOne Corp.* | 1,748,475 | ||||
11,220 | Quaker Chemical Corp. | 467,537 | ||||
8,260 | Rock-Tenn Co., Class A | 445,627 | ||||
4,295 | Southwall Technologies, Inc.* | 8,805 | ||||
6,880 | Stepan Co.* | 524,738 | ||||
1,820 | Universal Stainless & Alloy* | 56,930 | ||||
10,213,476 | ||||||
Consumer, Cyclical-10.0% | ||||||
20,025 | Big Lots, Inc.* | 609,961 | ||||
5,768 | Casual Male Retail Group, Inc.* | 27,340 | ||||
28,280 | The Cato Corp., Class A | 775,155 | ||||
18,120 | Cumulus Media, Inc., Class A* | 78,097 | ||||
1,414 | Destination Maternity Corp.* | 53,633 | ||||
29,245 | Domino’s Pizza, Inc.* | 466,458 | ||||
4,585 | Dorman Products, Inc.* | 166,160 | ||||
1,300 | Flexsteel Industries, Inc. | 22,984 | ||||
5,000 | Friedman Industries, Inc. | 43,750 | ||||
15,540 | G-III Apparel Group, Ltd.* | 546,231 | ||||
4,660 | Global Traffic Network, Inc.* | 43,105 | ||||
18,800 | Jakks Pacific, Inc.* | 342,536 | ||||
21,167 | Lee Enterprises, Inc.* | 52,071 | ||||
6,156 | Motorcar Parts of America, Inc.* | 80,274 | ||||
5,410 | PC Connection, Inc.* | 47,933 | ||||
30,320 | Polaris Industries, Inc. | 2,365,566 | ||||
5,740 | PRIMEDIA, Inc. | 24,108 | ||||
37,655 | RadioShack Corp. | 696,241 | ||||
7,030 | Rocky Brands, Inc.* | 70,581 | ||||
164,120 | Sinclair Broadcast Group, Inc., Class A | 1,342,502 | ||||
1,760 | Susser Holdings Corp.* | 24,376 | ||||
2,197 | United States Lime & Minerals, Inc.* | 92,560 | ||||
7,971,622 | ||||||
Consumer, Non-cyclical-14.4% | ||||||
114,880 | Ariad Pharmaceuticals, Inc.* | 585,888 | ||||
27,495 | Bridgepoint Education, Inc.* | 522,405 | ||||
3,960 | Carriage Services, Inc.* | 19,206 | ||||
1,809 | Collectors Universe, Inc. | 25,163 |
Semi-Annual Report | December 31, 2010 | 15 |
Schedule of Investments | James Small Cap Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Consumer, Non-cyclical (continued) | ||||||
11,425 | Continucare Corp.* | $53,469 | ||||
86,510 | Cott Corp.* | 779,455 | ||||
195,345 | Del Monte Foods Co.* | 3,672,486 | ||||
20,380 | Elizabeth Arden, Inc.* | 468,944 | ||||
9,120 | Five Star Quality Care, Inc.* | 64,478 | ||||
32,686 | Fresh Del Monte Produce, Inc. | 815,516 | ||||
29,960 | LifePoint Hospitals, Inc.* | 1,101,030 | ||||
1,305 | Lifetime Brands, Inc.* | 18,322 | ||||
1,780 | Mac-Gray Corp. | 26,611 | ||||
14,735 | Metropolitan Health Networks, Inc.* | 65,866 | ||||
4,987 | MGP Ingredients, Inc. | 55,057 | ||||
4,143 | NovaMed, Inc.* | 47,769 | ||||
5,295 | Nutraceutical International Corp.* | 75,136 | ||||
19,300 | Prestige Brands Holdings, Inc.* | 230,635 | ||||
1,605 | The Providence Service Corp.* | 25,792 | ||||
10,405 | Shamir Optical Industry, Ltd. | 143,069 | ||||
55,205 | Tupperware Brands Corp. | 2,631,622 | ||||
11,427,919 | ||||||
Energy-8.4% | ||||||
11,330 | Callon Petroleum Co.* | 67,074 | ||||
20,355 | Duncan Energy Partners LP | 653,192 | ||||
36,540 | Gulfport Energy Corp.* | 791,091 | ||||
63,755 | Pioneer Southwest Energy Partners LP | 1,914,563 | ||||
1,155 | REX American Resources Corp.* | 17,741 | ||||
81,430 | Star Gas Partners LP | 433,207 | ||||
20,550 | Sunoco Logistics Partners LP | 1,717,774 | ||||
16,930 | W&T Offshore, Inc. | 302,539 | ||||
162,110 | Warren Resources, Inc.* | 732,737 | ||||
6,629,918 | ||||||
Financial-14.5% | ||||||
162,970 | Advance America Cash Advance Centers, Inc. | 919,151 | ||||
74,455 | Aircastle, Ltd.* | 778,055 | ||||
76,310 | American Financial Group, Inc. | 2,464,050 | ||||
900 | Arlington Asset Investment Corp., Class A | 21,591 | ||||
22,020 | CNA Surety Corp.* | 521,434 | ||||
6,145 | ePlus, Inc.* | 145,268 | ||||
11,635 | EZCORP, Inc., Class A* | 315,657 | ||||
33,220 | FBL Financial Group, Inc., Class A | 952,417 | ||||
2,753 | Financial Institutions, Inc. | 52,224 | ||||
47,770 | FPIC Insurance Group, Inc.* | 1,765,579 | ||||
4,560 | MainSource Financial Group, Inc. | 47,470 | ||||
3,055 | Mercer Insurance Group, Inc. | 85,509 | ||||
16,420 | Nelnet, Inc., Class A* | 388,990 | ||||
2,260 | Nicholas Financial, Inc.* | 22,623 | ||||
12,840 | RAIT Financial Trust, REIT | 28,120 | ||||
80,560 | Rent-A-Center, Inc. | 2,600,477 | ||||
10,460 | Southside Bancshares, Inc. | 220,392 | ||||
6,840 | Virginia Commerce Bancorp, Inc.* | 42,271 | ||||
2,650 | West Bancorporation, Inc. | 20,643 |
16 | www.jamesfunds.com |
James Small Cap Fund | Schedule of Investments | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Financial (continued) | ||||||
1,490 | World Acceptance Corp.* | $78,672 | ||||
11,470,593 | ||||||
Industrial-13.0% | ||||||
7,507 | A.T. Cross Co., Class A* | 72,443 | ||||
26,053 | Alamo Group, Inc. | 724,794 | ||||
27,010 | Altra Holdings, Inc.* | 536,419 | ||||
1,615 | CAI International, Inc.* | 31,654 | ||||
3,450 | Chase Corp. | 56,235 | ||||
4,500 | China Wind Systems, Inc.* | 16,110 | ||||
7,126 | Coleman Cable, Inc.* | 44,751 | ||||
3,975 | Culp, Inc.* | 41,181 | ||||
107,875 | DryShips, Inc.* | 593,312 | ||||
65,940 | Eagle Bulk Shipping, Inc.* | 328,381 | ||||
18,025 | FirstService Corp.* | 545,797 | ||||
57,510 | Fushi Copperweld, Inc.* | 510,689 | ||||
29,135 | Genco Shipping & Trading, Ltd.* | 419,544 | ||||
3,615 | International Shipholding Corp. | 91,821 | ||||
9,675 | Littelfuse, Inc. | 455,305 | ||||
9,035 | LJ International, Inc.* | 35,146 | ||||
1,730 | Miller Industries, Inc. | 24,618 | ||||
128,180 | Omnova Solutions, Inc.* | 1,071,585 | ||||
1,800 | Park-Ohio Holdings Corp.* | 37,638 | ||||
54,720 | Power-One, Inc.* | 558,144 | ||||
2,207 | SORL Auto Parts, Inc.* | 18,826 | ||||
2,700 | Sparton Corp.* | 22,248 | ||||
2,095 | Standex International Corp. | 62,661 | ||||
74,287 | Sturm Ruger & Co., Inc | 1,135,848 | ||||
63,680 | Trimas Corp.* | 1,302,893 | ||||
3,989 | UFP Technologies, Inc.* | 48,626 | ||||
46,925 | VSE Corp. | 1,549,464 | ||||
10,336,133 | ||||||
Technology-14.3% | ||||||
17,920 | Advanced Battery Technologies, Inc.* | 68,992 | ||||
139,480 | Amkor Technology, Inc.* | 1,030,757 | ||||
8,390 | AXT, Inc.* | 87,592 | ||||
17,600 | Benchmark Electronics, Inc.* | 319,616 | ||||
158,103 | CGI Group, Inc., Class A* | 2,728,858 | ||||
7,125 | China Techfaith Wireless Communication Technology Ltd., ADR* | 29,854 | ||||
3,098 | CPI Corp. | 69,860 | ||||
44,745 | CSG Systems International, Inc.* | 847,470 | ||||
3,700 | DDi Corp. | 43,512 | ||||
45,650 | Deluxe Corp. | 1,050,863 | ||||
7,830 | Emerson Radio Corp. | 15,503 | ||||
5,095 | Formula Systems 1985, Ltd., Sponsored ADR | 94,308 | ||||
13,300 | GSI Technology, Inc.* | 107,730 | ||||
5,366 | Integrated Silicon Solution, Inc.* | 43,089 | ||||
4,760 | Intersections, Inc. | 49,790 | ||||
3,883 | KEY Tronic Corp.* | 20,269 | ||||
957 | LGL Group, Inc.* | 17,303 | ||||
7,760 | Magic Software Enterprises, Ltd. | 47,957 | ||||
29,867 | Measurement Specialties, Inc.* | 876,596 |
Semi-Annual Report | December 31, 2010 | 17 |
Schedule of Investments | James Small Cap Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Technology (continued) | ||||||
5,680 | Nova Measuring Instruments, Ltd.* | $47,201 | ||||
8,005 | Richardson Electronics, Ltd. | 93,578 | ||||
204,650 | SMART Modular Technologies WWH, Inc.* | 1,178,784 | ||||
12,500 | SMTC Corp.* | 40,000 | ||||
22,585 | Triumph Group, Inc. | 2,019,325 | ||||
11,450 | Unisys Corp.* | 296,441 | ||||
2,995 | USA Mobility, Inc. | 53,221 | ||||
25,625 | Westell Technologies, Inc., Class A* | 83,794 | ||||
11,362,263 | ||||||
Utilities-8.3% | ||||||
29,820 | Chesapeake Utilities Corp. | 1,238,127 | ||||
45,275 | Cleco Corp. | 1,392,659 | ||||
53,805 | El Paso Electric Co.* | 1,481,252 | ||||
9,125 | Gas Natural, Inc. | 95,721 | ||||
25,890 | IDACORP, Inc. | 957,412 | ||||
34,835 | NorthWestern Corp. | 1,004,293 | ||||
4,380 | SureWest Communications, Inc.* | 46,866 | ||||
170,280 | Vonage Holdings Corp.* | 381,427 | ||||
6,597,757 | ||||||
TOTAL COMMON STOCKS (Cost $57,288,199) | 76,009,681 | |||||
TOTAL INVESTMENT SECURITIES-95.8% (Cost $57,288,199) | 76,009,681 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES-4.2% | 3,373,402 | |||||
NET ASSETS-100.0% | $79,383,083 | |||||
* | Non-income producing security. |
ADR - American Depositary Receipt
LP - Limited Partnership
Ltd. - Limited
REIT - Real Estate Investment Trust
See Notes to Financial Statements.
18 | www.jamesfunds.com |
Schedule of Investments | ||
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
COMMON STOCKS-82.3% | ||||||
Basic Materials-4.9% | ||||||
15,515 | Buckeye Technologies, Inc.(a) | $325,970 | ||||
3,035 | Clearwater Paper Corp.*(a) | 237,641 | ||||
3,610 | E.I. du Pont de Nemours & Co.(a) | 180,067 | ||||
1,580 | Lubrizol Corp.(a) | 168,870 | ||||
912,548 | ||||||
Consumer, Cyclical-9.6% | ||||||
3,940 | Bob Evans Farms, Inc.(a) | 129,862 | ||||
2,920 | Bristow Group, Inc.*(a) | 138,262 | ||||
11,927 | Dollar Tree, Inc.*(a) | 668,866 | ||||
16,015 | Ford Motor Co.*(a) | 268,892 | ||||
4,780 | Macy’s, Inc.(a) | 120,934 | ||||
6,130 | R.R. Donnelley & Sons Co.*(a) | 107,091 | ||||
42,480 | Sinclair Broadcast Group, Inc., Class A(a) | 347,487 | ||||
1,781,394 | ||||||
Consumer, Non-cyclical-10.9% | ||||||
28,835 | Cott Corp.*(a) | 259,803 | ||||
5,305 | Hi-Tech Pharmacal Co., Inc.*(a) | 132,360 | ||||
13,775 | Merck & Co., Inc.(a) | 496,451 | ||||
16,572 | Pfizer, Inc.(a) | 290,176 | ||||
3,910 | Ruddick Corp.(a) | 144,044 | ||||
11,970 | Tupperware Brands Corp.(a) | 570,610 | ||||
4,100 | Valeant Pharmaceuticals International, Inc.(a) | 115,989 | ||||
2,009,433 | ||||||
Energy-8.8% | ||||||
3,695 | Apache Corp.(a) | 440,555 | ||||
1,635 | Chevron Corp.*(a) | 149,194 | ||||
4,670 | Devon Energy Corp.*(a) | 366,642 | ||||
2,705 | Newfield Exploration Co.*(a) | 195,058 | ||||
3,785 | Noble Corp.*(a) | 135,389 | ||||
5,815 | Pioneer Southwest Energy Partners LP(a) | 174,624 | ||||
1,955 | Sunoco Logistics Partners LP(a) | 163,418 | ||||
1,624,880 | ||||||
Financial-11.9% | ||||||
32,530 | Advance America Cash Advance Centers, Inc.(a) | 183,469 | ||||
26,560 | AmTrust Financial Services, Inc.(a) | 464,800 | ||||
16,830 | Annaly Capital Management, Inc., REIT(a) | 301,594 | ||||
6,575 | EZCORP, Inc., Class A*(a) | 178,380 | ||||
3,430 | Platinum Underwriters Holdings, Ltd.(a) | 154,247 | ||||
17,600 | Rent-A-Center, Inc.(a) | 568,128 | ||||
16,775 | Southside Bancshares, Inc.(a) | 353,449 | ||||
2,204,067 | ||||||
Industrial-11.7% | ||||||
8,620 | CSX Corp.(a) | 556,938 | ||||
1,930 | Cummins, Inc.(a) | 212,319 |
Semi-Annual Report | December 31, 2010 | 19 |
Schedule of Investments | James Market Neutral Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Industrial (continued) | ||||||
41,755 | Eagle Bulk Shipping, Inc.*(a) | $207,940 | ||||
1,860 | Flowserve Corp.*(a) | 221,749 | ||||
7,485 | Fuel Systems Solutions, Inc.*(a) | 219,909 | ||||
8,155 | Greif, Inc., Class A(a) | 504,795 | ||||
7,515 | Jarden Corp.(a) | 231,988 | ||||
2,155,638 | ||||||
Technology-15.0% | ||||||
14,385 | Deluxe Corp.(a) | 331,143 | ||||
2,690 | Hewlett-Packard Co.(a) | 113,249 | ||||
16,940 | Insignia Systems, Inc.*(a) | 110,618 | ||||
3,670 | International Business Machines Corp.(a) | 538,609 | ||||
7,120 | Northrop Grumman Corp.*(a) | 461,234 | ||||
23,075 | Qwest Communications International, Inc.(a) | 175,601 | ||||
15,290 | SMART Modular Technologies WWH, Inc.*(a) | 88,070 | ||||
6,990 | Symantec Corp.*(a) | 117,012 | ||||
6,425 | TNS, Inc.*(a) | 133,640 | ||||
7,760 | Triumph Group, Inc.(a) | 693,822 | ||||
2,762,998 | ||||||
Utilities-9.5% | ||||||
7,035 | American Electric Power Co., Inc.(a) | 253,119 | ||||
10,560 | AT&T, Inc.(a) | 310,253 | ||||
3,620 | Cleco Corp.(a) | 111,351 | ||||
8,100 | DTE Energy Co.(a) | 367,092 | ||||
9,995 | NorthWestern Corp.(a) | 288,156 | ||||
7,480 | Oneok, Inc.(a) | 414,916 | ||||
1,744,887 | ||||||
TOTAL COMMON STOCKS (Cost $11,328,974) | 15,195,845 | |||||
EXCHANGE TRADED FUNDS-6.3% | ||||||
20,260 | iShares Silver Trust Index Fund*(a) | 611,447 | ||||
4,050 | SPDR Gold Shares*(a) | 561,816 | ||||
1,173,263 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $835,102) | 1,173,263 | |||||
TOTAL INVESTMENT SECURITIES-88.6% (Cost $12,164,076) | 16,369,108 | |||||
SEGREGATED CASH WITH BROKERS-50.9% | 9,401,288 | |||||
SECURITIES SOLD SHORT-(79.8)% (Proceeds $(13,661,840)) | (14,734,579 | ) | ||||
OTHER ASSETS IN EXCESS OF LIABILITIES-40.3% | 7,436,973 | |||||
NET ASSETS-100.0% | $18,472,789 | |||||
20 | www.jamesfunds.com |
James Market Neutral Fund | Schedule of Investments | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
SCHEDULE OF SECURITIES SOLD SHORT | ||||||
COMMON STOCKS-(79.7)% | ||||||
Basic Materials-(10.4)% | ||||||
(13,625) | Cemex SAB de CV, Sponsored ADR | $(145,924) | ||||
(5,100) | Coeur d’Alene Mines Corp. | (139,332 | ) | |||
(7,950) | Commercial Metals Co. | (131,890 | ) | |||
(20,325) | Exeter Resource Corp. | (126,218 | ) | |||
(10,665) | Harmony Gold Mining Co., Ltd., Sponsored ADR | (133,739 | ) | |||
(4,891) | Ivanhoe Mines, Ltd. | (112,102 | ) | |||
(18,527) | Jaguar Mining, Inc. | (132,098 | ) | |||
(3,025) | Massey Energy Co. | (162,291 | ) | |||
(12,877) | Minefinders Corp. | (142,162 | ) | |||
(3,175) | Molycorp, Inc. | (158,432 | ) | |||
(7,630) | Penn Virginia Corp. | (128,337 | ) | |||
(1,425) | Randgold Resources, Ltd., ADR | (117,320 | ) | |||
(4,727) | Silver Standard Resources, Inc. | (133,396 | ) | |||
(2,600) | United States Steel Corp. | (151,892 | ) | |||
(1,915,133 | ) | |||||
Consumer, Cyclical-(5.6)% | ||||||
(9,981) | Barnes & Noble, Inc. | (141,231 | ) | |||
(5,925) | China Lodging Group, Ltd., ADR | (129,106 | ) | |||
(5,150) | GSI Commerce, Inc. | (119,480 | ) | |||
(5,375) | hhgregg, Inc. | (112,606 | ) | |||
(5,425) | Lumber Liquidators Holdings, Inc. | (135,137 | ) | |||
(8,294) | Ryland Group, Inc. | (141,247 | ) | |||
(1,825) | Sears Holdings Corp. | (134,594 | ) | |||
(15,375) | TiVo, Inc. | (132,686 | ) | |||
(1,046,087 | ) | |||||
Consumer, Non-cyclical-(11.1)% | ||||||
(9,261) | Accretive Health, Inc. | (150,491 | ) | |||
(5,650) | Ardea Biosciences, Inc. | (146,900 | ) | |||
(6,698) | Auxilium Pharmaceuticals, Inc. | (141,328 | ) | |||
(6,125) | China Kanghui Holdings, Inc., Sponsored ADR | (113,374 | ) | |||
(5,725) | comScore, Inc. | (127,725 | ) | |||
(11,208) | DexCom, Inc. | (152,989 | ) | |||
(25,602) | Elan Corp. PLC, Sponsored ADR | (146,699 | ) | |||
(7,095) | Emeritus Corp. | (139,842 | ) | |||
(9,274) | Insulet Corp. | (143,747 | ) | |||
(4,575) | K12, Inc. | (131,119 | ) | |||
(7,570) | Luminex Corp. | (138,380 | ) | |||
(2,000) | Monsanto Co. | (139,280 | ) | |||
(9,000) | Nektar Therapeutics | (115,650 | ) | |||
(2,804) | Pharmasset, Inc. | (121,722 | ) | |||
(10,000) | Synutra International, Inc. | (134,500 | ) | |||
(2,043,746) | ||||||
Energy-(8.5)% | ||||||
(9,900) | ATP Oil & Gas Corp. | (165,726 | ) | |||
(5,625) | Cie Generale de Geophysique-Veritas, Sponsored ADR | (172,069 | ) | |||
(9,616) | Clean Energy Fuels Corp. | (133,085 | ) | |||
(10,650) | Cobalt International Energy, Inc. | (130,036 | ) | |||
(4,360) | Copano Energy LLC | (147,150 | ) | |||
(1,411) | EOG Resources, Inc. | (128,980 | ) | |||
(5,307) | Exterran Partners LP | (142,546 | ) |
Semi-Annual Report | December 31, 2010 | 21 |
Schedule of Investments | James Market Neutral Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Energy (continued) | ||||||
(20,499) | Global Industries, Ltd. | $(142,058) | ||||
(3,250) | Inergy LP | (127,530 | ) | |||
(7,850) | Petrohawk Energy Corp. | (143,263 | ) | |||
(18,525) | Provident Energy Trust | (147,274 | ) | |||
(1,579,717 | ) | |||||
Financial-(14.8)% | ||||||
(16,825) | Beneficial Mutual Bancorp, Inc. | (148,565 | ) | |||
(8,197) | The Charles Schwab Corp. | (140,251 | ) | |||
(14,425) | China Real Estate Information Corp., ADR | (138,480 | ) | |||
(27,900) | DCT Industrial Trust, Inc., REIT | (148,149 | ) | |||
(9,350) | E-House China Holdings, Ltd., ADR | (139,876 | ) | |||
(13,100) | First Midwest Bancorp, Inc. | (150,912 | ) | |||
(7,125) | Forestar Group, Inc. | (137,512 | ) | |||
(1,675) | Greenhill & Co., Inc | (136,814 | ) | |||
(5,725) | Healthcare Realty Trust, Inc., REIT | (121,198 | ) | |||
(13,825) | Hilltop Holdings, Inc. | (137,144 | ) | |||
(3,075) | KB Financial Group, Inc., ADR | (162,637 | ) | |||
(5,400) | KBW, Inc. | (150,768 | ) | |||
(8,854) | Manulife Financial Corp. | (152,112 | ) | |||
(10,050) | Oriental Financial Group, Inc. | (125,525 | ) | |||
(7,075) | PacWest Bancorp | (151,263 | ) | |||
(10,150) | People’s United Financial, Inc. | (142,201 | ) | |||
(7,108) | The St. Joe Co. | (155,310 | ) | |||
(15,758) | TFS Financial Corp. | (142,137 | ) | |||
(8,666) | Washington Federal, Inc. | (146,629 | ) | |||
(2,727,483) | ||||||
Industrial-(6.0)% | ||||||
(3,650) | Con-way, Inc. | (133,481 | ) | |||
(4,900) | Eagle Materials, Inc. | (138,425 | ) | |||
(12,475) | Empresas ICA SAB de CV, Sponsored ADR | (127,245 | ) | |||
(11,250) | Intermec, Inc. | (142,425 | ) | |||
(11,250) | L-1 Identity Solutions, Inc. | (133,987 | ) | |||
(11,100) | The Manitowoc Co., Inc | (145,521 | ) | |||
(9,400) | USG Corp. | (158,202 | ) | |||
(3,137) | Vulcan Materials Co. | (139,157 | ) | |||
(1,118,443 | ) | |||||
Technology-(21.2)% | ||||||
(3,250) | Athenahealth, Inc. | (133,185 | ) | |||
(5,600) | Compellent Technologies, Inc. | (154,504 | ) | |||
(18,675) | Comverse Technology, Inc. | (135,581 | ) | |||
(2,650) | Concur Technologies, Inc. | (137,614 | ) | |||
(3,100) | Crown Castle International Corp. | (135,873 | ) | |||
(3,975) | Crucell NV, ADR | (124,378 | ) | |||
(3,379) | Dendreon Corp. | (117,995 | ) | |||
(4,325) | DigitalGlobe, Inc. | (137,146 | ) | |||
(11,746) | Enzon Pharmaceuticals, Inc. | (142,949 | ) | |||
(1,601) | Equinix, Inc. | (130,097 | ) | |||
(22,017) | Geron Corp. | (113,828 | ) | |||
(5,250) | Human Genome Sciences, Inc. | (125,422 | ) | |||
(10,975) | Leap Wireless International, Inc. | (134,553 | ) | |||
(3,350) | Longtop Financial Technologies, Ltd., Sponsored ADR | (121,203 | ) | |||
(4,750) | MakeMyTrip, Ltd. | (128,393 | ) | |||
(20,873) | MannKind Corp. | (168,236 | ) |
22 | www.jamesfunds.com |
James Market Neutral Fund | Schedule of Investments | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Technology (continued) | ||||||
(11,116) | MEMC Electronic Materials, Inc. | $(125,166) | ||||
(1,550) | MicroStrategy, Inc., Class A | (132,478) | ||||
(4,033) | Pegasystems, Inc. | (147,729) | ||||
(4,975) | Regeneron Pharmaceuticals, Inc. | (163,329) | ||||
(5,850) | Savient Pharmaceuticals, Inc. | (65,169) | ||||
(4,803) | SAVVIS, Inc. | (122,573) | ||||
(3,305) | SBA Communications Corp., Class A | (135,307) | ||||
(3,450) | Shanda Interactive Entertainment, Ltd., Sponsored ADR | (136,758) | ||||
(8,650) | SS&C Technologies Holdings, Inc. | (177,411) | ||||
(11,325) | Tata Communications, Ltd., Sponsored ADR | (128,539) | ||||
(10,278) | Terremark Worldwide, Inc. | (133,100) | ||||
(5,475) | Universal Display Corp. | (167,809) | ||||
(3,944) | Vertex Pharmaceuticals, Inc. | (138,158) | ||||
(3,914,483) | ||||||
Utilities - (2.1)% | ||||||
(9,325) | Atlantic Power Corp. | (137,637) | ||||
(2,700) | Atlantic Tele-Network, Inc. | (103,518) | ||||
(6,277) | Otter Tail Corp. | (141,484) | ||||
(382,639) | ||||||
TOTAL COMMON STOCKS SOLD SHORT | (14,727,731) | |||||
RIGHTS-(0.1)% | ||||||
(4,891) | Ivanhoe Mines, Ltd. | (6,848) | ||||
TOTAL RIGHTS SOLD SHORT | (6,848) | |||||
TOTAL SECURITIES SOLD SHORT-(79.8)% (Proceeds $(13,661,840)) | $(14,734,579) |
(a) | Security position is either entirely or partially held in a segregated account as collateral for securities sold short aggregating a total market value of $16,369,108. |
* | Non-income producing security. |
ADR - American Depositary Receipt
LLC - Limited Liabilty Company
LP - Limited Partnership
Ltd. - Limited
NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SPDR - Standard & Poor’s Depositary Receipts
SAB de CV - Sociedad Anonima de Capital Variable
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 23 |
Schedule of Investments | James Mid Cap Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
COMMON STOCKS-99.6% | ||||||
Basic Materials-11.2% | ||||||
4,000 | Domtar Corp. | $303,680 | ||||
2,500 | FMC Corp. | 199,725 | ||||
3,000 | Lubrizol Corp. | 320,640 | ||||
15,000 | PolyOne Corp.* | 187,350 | ||||
12,000 | Silver Wheaton Corp.* | 468,480 | ||||
1,479,875 | ||||||
Consumer, Cyclical-8.9% | ||||||
6,925 | Bristow Group, Inc.* | 327,899 | ||||
4,000 | Darden Restaurants, Inc. | 185,760 | ||||
7,000 | Dollar Tree, Inc.* | 392,560 | ||||
15,000 | R.R. Donnelley & Sons Co.* | 262,050 | ||||
1,168,269 | ||||||
Consumer, Non-cyclical-17.4% | ||||||
6,000 | Community Health Systems, Inc.* | 224,220 | ||||
15,125 | Del Monte Foods Co.* | 284,350 | ||||
4,500 | International Flavors & Fragrances, Inc. | 250,155 | ||||
10,000 | LifePoint Hospitals, Inc.* | 367,500 | ||||
8,000 | Ruddick Corp. | 294,720 | ||||
10,000 | Sara Lee Corp. | 175,100 | ||||
100 | Seaboard Corp. | 199,100 | ||||
7,000 | Tupperware Brands Corp. | 333,690 | ||||
10,000 | Tyson Foods, Inc., Class A | 172,200 | ||||
2,301,035 | ||||||
Energy-12.9% | ||||||
4,000 | Cimarex Energy Co. | 354,120 | ||||
4,500 | Enbridge Energy Partners LP | 280,710 | ||||
4,000 | Ensco PLC, Sponsored ADR | 213,520 | ||||
6,000 | Newfield Exploration Co.* | 432,660 | ||||
12,000 | Rowan Cos., Inc.* | 418,920 | ||||
1,699,930 | ||||||
Financial-11.4% | ||||||
8,500 | American Financial Group, Inc. | 274,465 | ||||
4,500 | Endurance Specialty Holdings, Ltd. | 207,315 | ||||
11,000 | Nelnet, Inc., Class A* | 260,590 | ||||
7,500 | Platinum Underwriters Holdings, Ltd. | 337,275 | ||||
13,000 | Rent-A-Center, Inc. | 419,640 | ||||
1,499,285 | ||||||
Industrial-12.3% | ||||||
5,000 | Greif, Inc., Class A | 309,500 | ||||
7,500 | Jarden Corp. | 231,525 | ||||
4,000 | Joy Global, Inc. | 347,000 | ||||
6,500 | Timken Co. | 310,245 |
24 | www.jamesfunds.com |
James Mid Cap Fund | Schedule of Investments | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Industrial (continued) | ||||||
8,000 | TRW Automotive Holdings Corp.* | $421,600 | ||||
1,619,870 | ||||||
Technology-14.5% | ||||||
33,425 | Amkor Technology, Inc.* | 247,011 | ||||
7,500 | Arrow Electronics, Inc.* | 256,875 | ||||
10,000 | AVX Corp. | 154,300 | ||||
4,475 | Computer Sciences Corp. | 221,960 | ||||
13,500 | Deluxe Corp. | 310,770 | ||||
6,000 | Lexmark International, Inc., Class A* | 208,920 | ||||
8,000 | VeriFone Systems, Inc.* | 308,480 | ||||
6,225 | Western Digital Corp.* | 211,027 | ||||
1,919,343 | ||||||
Utilities-11.0% | ||||||
6,350 | CenturyTel, Inc. | 293,180 | ||||
15,050 | CMS Energy Corp. | 279,930 | ||||
4,825 | DTE Energy Co. | 218,669 | ||||
3,500 | Energen Corp. | 168,910 | ||||
8,000 | NorthWestern Corp. | 230,640 | ||||
7,000 | Southwest Gas Corp. | 256,690 | ||||
1,448,019 | ||||||
TOTAL COMMON STOCKS | ||||||
(Cost $10,459,217) | 13,135,626 | |||||
TOTAL INVESTMENT SECURITIES-99.6% | ||||||
(Cost $10,459,217) | 13,135,626 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.4% | 59,365 | |||||
NET ASSETS-100.0% | $13,194,991 | |||||
* | Non-income producing security. |
ADR - American Depositary Receipt
LP - Limited Partnership
Ltd. - Limited
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 25 |
Schedule of Investments | James Micro Cap Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
COMMON STOCKS-93.9% | ||||||
Basic Materials-7.0% | ||||||
9,430 | Aceto Corp. | $84,870 | ||||
9,422 | Material Sciences Corp.* | 60,207 | ||||
5,235 | Mercer International, Inc.* | 40,571 | ||||
6,090 | Neenah Paper, Inc. | 119,851 | ||||
6,320 | Oil-Dri Corp. of America | 135,817 | ||||
7,581 | Southwall Technologies, Inc.* | 15,541 | ||||
3,175 | Universal Stainless & Alloy* | 99,314 | ||||
556,171 | ||||||
Consumer, Cyclical-14.8% | ||||||
10,144 | Casual Male Retail Group, Inc.* | 48,082 | ||||
31,870 | Cumulus Media, Inc., Class A* | 137,360 | ||||
2,589 | Destination Maternity Corp.* | 98,201 | ||||
2,285 | Flexsteel Industries, Inc. | 40,399 | ||||
8,800 | Friedman Industries, Inc. | 77,000 | ||||
8,200 | Global Traffic Network, Inc.* | 75,850 | ||||
37,205 | Lee Enterprises, Inc.* | 91,524 | ||||
10,830 | Motorcar Parts of America, Inc.* | 141,223 | ||||
9,560 | PC Connection, Inc.* | 84,702 | ||||
10,100 | PRIMEDIA, Inc. | 42,420 | ||||
12,343 | Rocky Brands, Inc.* | 123,924 | ||||
3,082 | Susser Holdings Corp.* | 42,686 | ||||
3,857 | United States Lime & Minerals, Inc.* | 162,495 | ||||
1,165,866 | ||||||
Consumer, Non-cyclical-14.1% | ||||||
6,985 | Carriage Services, Inc.* | 33,877 | ||||
3,164 | Collectors Universe, Inc. | 44,011 | ||||
20,105 | Continucare Corp.* | 94,091 | ||||
19,486 | Five Star Quality Care, Inc.* | 137,766 | ||||
2,283 | Lifetime Brands, Inc.* | 32,053 | ||||
3,120 | Mac-Gray Corp. | 46,644 | ||||
25,935 | Metropolitan Health Networks, Inc.* | 115,930 | ||||
8,761 | MGP Ingredients, Inc. | 96,721 | ||||
7,285 | NovaMed, Inc.* | 83,996 | ||||
9,315 | Nutraceutical International Corp.* | 132,180 | ||||
2,826 | The Providence Service Corp.* | 45,414 | ||||
18,285 | Shamir Optical Industry, Ltd. | 251,419 | ||||
1,114,102 | ||||||
Energy-2.4% | ||||||
19,950 | Callon Petroleum Co.* | 118,104 | ||||
2,045 | REX American Resources Corp.* | 31,411 | ||||
8,305 | Warren Resources, Inc.* | 37,539 | ||||
187,054 | ||||||
Financial-13.8% | ||||||
1,345 | Arlington Asset Investment Corp., Class A | 32,267 | ||||
10,805 | ePlus, Inc.* | 255,430 |
26 | www.jamesfunds.com |
James Micro Cap Fund | Schedule of Investments | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Financial (continued) | ||||||
4,860 | Financial Institutions, Inc. | $92,194 | ||||
7,550 | FPIC Insurance Group, Inc.* | 279,048 | ||||
8,025 | MainSource Financial Group, Inc. | 83,540 | ||||
5,350 | Mercer Insurance Group, Inc. | 149,746 | ||||
3,952 | Nicholas Financial, Inc.* | 39,560 | ||||
22,620 | RAIT Financial Trust, REIT | 49,538 | ||||
12,050 | Virginia Commerce Bancorp, Inc.* | 74,469 | ||||
4,610 | West Bancorporation, Inc. | 35,912 | ||||
1,091,704 | ||||||
Industrial-15.5% | ||||||
14,166 | A.T. Cross Co., Class A* | 136,702 | ||||
3,795 | Alamo Group, Inc. | 105,577 | ||||
2,853 | CAI International, Inc.* | 55,919 | ||||
6,060 | Chase Corp. | 98,778 | ||||
7,920 | China Wind Systems, Inc.* | 28,354 | ||||
13,040 | Coleman Cable, Inc.* | 81,891 | ||||
7,015 | Culp, Inc.* | 72,675 | ||||
6,320 | International Shipholding Corp. | 160,528 | ||||
15,905 | LJ International, Inc.* | 61,870 | ||||
3,025 | Miller Industries, Inc. | 43,046 | ||||
3,155 | Park-Ohio Holdings Corp.* | 65,971 | ||||
3,876 | SORL Auto Parts, Inc.* | 33,062 | ||||
4,095 | Sparton Corp.* | 33,743 | ||||
3,680 | Standex International Corp. | 110,069 | ||||
3,090 | Sturm Ruger & Co., Inc | 47,246 | ||||
7,284 | UFP Technologies, Inc.* | 88,792 | ||||
1,224,223 | ||||||
Technology-21.4% | ||||||
31,570 | Advanced Battery Technologies, Inc.* | 121,544 | ||||
14,795 | AXT, Inc.* | 154,460 | ||||
12,560 | China Techfaith Wireless Communication Technology, Ltd., ADR* | 52,626 | ||||
5,417 | CPI Corp. | 122,153 | ||||
6,550 | DDi Corp. | 77,028 | ||||
14,320 | Emerson Radio Corp. | 28,354 | ||||
8,945 | Formula Systems 1985, Ltd., Sponsored ADR | 165,572 | ||||
23,385 | GSI Technology, Inc.* | 189,418 | ||||
9,438 | Integrated Silicon Solution, Inc.* | 75,787 | ||||
8,350 | Intersections, Inc. | 87,341 | ||||
6,854 | KEY Tronic Corp.* | 35,778 | ||||
1,719 | LGL Group, Inc.* | 31,080 | ||||
13,665 | Magic Software Enterprises, Ltd. | 84,450 | ||||
10,000 | Nova Measuring Instruments, Ltd.* | 83,100 | ||||
14,065 | Richardson Electronics, Ltd. | 164,420 | ||||
21,980 | SMTC Corp.* | 70,336 | ||||
45,060 | Westell Technologies, Inc., Class A* | 147,346 | ||||
1,690,793 | ||||||
Utilities-4.9% | ||||||
3,230 | Chesapeake Utilities Corp. | 134,110 | ||||
16,050 | Gas Natural, Inc. | 168,364 |
Semi-Annual Report | December 31, 2010 | 27 |
Schedule of Investments | James Micro Cap Fund | |
December 31, 2010 (Unaudited) |
Shares or Principal Amount | Value | |||||
Utilities (continued) | ||||||
7,730 | SureWest Communications, Inc.* | $82,711 | ||||
385,185 | ||||||
TOTAL COMMON STOCKS (Cost $6,736,137) | 7,415,098 | |||||
TOTAL INVESTMENT SECURITIES-93.9% (Cost $6,736,137) | 7,415,098 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES-6.1% | 480,840 | |||||
NET ASSETS-100.0% | $7,895,938 | |||||
* | Non-income producing security. |
ADR—American Depositary Receipt
Ltd.—Limited
REIT—Real Estate Investment Trust
See Notes to Financial Statements.
| ||
28 | www.jamesfunds.com |
James Advantage Funds | Statements of Assets and Liabilities | |
December 31, 2010 (Unaudited) |
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Market Neutral Fund | James Mid Cap Fund | James Micro Cap Fund | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
At cost | $ | 702,295,993 | $ | 57,288,199 | $ | 12,164,076 | $ | 10,459,217 | $ | 6,736,137 | ||||||||||
At value | $ | 810,879,314 | $ | 76,009,681 | $ | 16,369,108 | $ | 13,135,626 | $ | 7,415,098 | ||||||||||
Segregated cash with brokers | – | – | 9,401,288 | – | – | |||||||||||||||
Cash | 17,626,612 | 3,316,247 | 7,498,498 | 63,025 | 465,646 | |||||||||||||||
Dividends and interest receivable | 4,497,215 | 40,617 | 24,191 | 12,833 | 3,507 | |||||||||||||||
Receivable for securities sold | 6,090,277 | – | – | – | – | |||||||||||||||
Receivable for capital shares sold | 3,074,881 | 152,698 | – | – | 20,000 | |||||||||||||||
Other assets | 92,126 | – | – | – | – | |||||||||||||||
Total Assets | 842,260,425 | 79,519,243 | 33,293,085 | 13,211,484 | 7,904,251 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for securities sold short (proceeds $13,661,840) | – | – | 14,734,579 | – | – | |||||||||||||||
Payable for dividends on securities sold short | – | – | 1,289 | – | – | |||||||||||||||
Payable for capital shares redeemed | 467,741 | 35,942 | 50,522 | – | – | |||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Management fees | 503,918 | 83,241 | 29,355 | 13,523 | 8,263 | |||||||||||||||
12b-1 distribution and service fees | 155,990 | 16,859 | 4,472 | 2,915 | – | |||||||||||||||
Trustees’ fees | 50 | 50 | 50 | 50 | 50 | |||||||||||||||
Other payables | 198,958 | 68 | 29 | 5 | – | |||||||||||||||
Total Liabilities | 1,326,657 | 136,160 | 14,820,296 | 16,493 | 8,313 | |||||||||||||||
Net Assets | $ | 840,933,768 | $ | 79,383,083 | $ | 18,472,789 | $ | 13,194,991 | $ | 7,895,938 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 727,009,526 | $ | 113,964,286 | $ | 29,382,543 | $ | 11,649,542 | $ | 7,057,903 | ||||||||||
Accumulated net investment income/(loss) | (290,101 | ) | 30,524 | (223,751 | ) | (28,774 | ) | (1,174) | ||||||||||||
Accumulated net realized gain/(loss) on investments and translation of assets and liabilities denominated in foreign currency | 5,620,147 | (53,333,209 | ) | (13,818,297 | ) | (1,102,186 | ) | 160,247 | ||||||||||||
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currency | 108,594,196 | 18,721,482 | 3,132,294 | 2,676,409 | 678,962 | |||||||||||||||
Net Assets | $ | 840,933,768 | $ | 79,383,083 | $ | 18,472,789 | $ | 13,194,991 | $ | 7,895,938 | ||||||||||
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 29 |
Statements of Assets and Liabilities | James Advantage Funds | |
December 31, 2010 (Unaudited) |
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Market Neutral Fund | James Mid Cap Fund | James Micro Cap Fund | ||||||||||||||||
PRICING OF RETAIL CLASS SHARES(a): |
| |||||||||||||||||||
Net assets | $ | 756,297,535 | $ | 79,383,083 | $ | 18,472,789 | $ | 13,194,991 | $ | 7,895,938 | ||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 37,737,733 | 3,733,368 | 2,094,922 | 1,229,007 | 681,112 | |||||||||||||||
Net assets value, offering price and redemption price per share | $ | 20.04 | $ | 21.26 $ | 8.82 | $ | 10.74 $ | 11.59 | ||||||||||||
PRICING OF INSTITUTIONAL CLASS SHARES: |
| |||||||||||||||||||
Net assets | $ | 84,636,233 | N/A | N/A | N/A | N/A | ||||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 4,223,299 | N/A | N/A | N/A | N/A | |||||||||||||||
Net assets value, offering price and redemption price per share | $ | 20.04 | N/A | N/A | N/A | N/A | ||||||||||||||
(a) | James Small Cap Fund, James Market Neutral Fund, James Mid Cap Fund and James Micro Cap Fund do not have a share class and will be presented as Retail Class shares throughout this semi-annual report for financial reporting presentation purposes only. |
See Notes to Financial Statements.
30 | www.jamesfunds.com |
James Advantage Funds | Statements of Operations | |
For the Six Months Ended December 31, 2010 (Unaudited) |
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Market Neutral Fund | James Mid Cap Fund | James Micro Cap Fund(a) | ||||||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||||||
Dividends (Net of withholding taxes of $48,821, $5,808, $0, $170 and $1,875, respectively) | $ | 3,325,022 | $ | 692,181 | $ | 141,636 | $ | 108,564 | $ | 29,169 | ||||||||||
Interest | 6,319,214 | – | – | – | – | |||||||||||||||
Other income | 85,643 | – | – | – | – | |||||||||||||||
Total Investment Income | 9,729,879 | 692,181 | 141,636 | 108,564 | 29,169 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Management fees | 2,676,050 | 445,131 | 205,149 | 69,326 | 24,093 | |||||||||||||||
12b-1 distribution and service fees - Retail Class | 826,933 | 90,276 | 31,088 | 15,115 | – | |||||||||||||||
Dividend expense on securities sold short | – | – | 125,990 | – | – | |||||||||||||||
Administration fee | 272,761 | – | – | – | – | |||||||||||||||
Custodian fees | 41,952 | – | – | – | – | |||||||||||||||
Professional fees | 88,471 | – | – | – | – | |||||||||||||||
Trustee fees | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | |||||||||||||||
Registration fees | 65,211 | – | – | – | – | |||||||||||||||
Shareholder report printing and mailing | 50,042 | – | – | – | – | |||||||||||||||
Other expenses | 59,534 | – | – | – | – | |||||||||||||||
Total Expenses | 4,087,204 | 541,657 | 368,477 | 90,691 | 30,343 | |||||||||||||||
Net Investment Income/(Loss) | 5,642,675 | 150,524 | (226,841 | ) | 17,873 | (1,174) | ||||||||||||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS: |
| |||||||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||||||||
Security transactions | 17,613,764 | 6,507,209 | 3,039,212 | 421,918 | 160,247 | |||||||||||||||
Securities sold short | – | – | (2,897,304 | ) | – | – | ||||||||||||||
Foreign currency transactions | 26,416 | – | – | – | – | |||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 52,122,216 | 7,531,424 | (871,765 | ) | 2,297,030 | 678,962 | ||||||||||||||
Net change in unrealized appreciation on foreign currency translation | 31,162 | – | – | – | – | |||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments | 69,793,558 | 14,038,633 | (729,857 | ) | 2,718,948 | 839,209 | ||||||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 75,436,233 | $ | 14,189,157 | $ | (956,698 | ) | $ | 2,736,821 | $ | 838,035 | |||||||||
(a) | Fund commenced operations on July 1, 2010. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 31 |
James Balanced: Golden Rainbow Fund | ||
For the Six Months Ended December 31, 2010 (Unaudited) | For the Year Ended June 30, 2010 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 5,642,675 | $ | 9,547,957 | ||||
Net realized gain from security transactions, securities sold short and foreign currency transactions | 17,640,180 | 5,346,478 | ||||||
Net change in unrealized appreciation on investments and foreign currency translation | 52,153,378 | 44,983,967 | ||||||
Net Increase in net assets resulting from operations | 75,436,233 | 59,878,402 | ||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class: | ||||||||
Dividends from net investment income | (5,687,287 | ) | (9,298,072 | ) | ||||
From net realized gains on investments | (5,605,358 | ) | – | |||||
Institutional Class: | ||||||||
Dividends from net investment income | (773,043 | ) | (362,971 | ) | ||||
From net realized gains on investments | (647,555 | ) | – | |||||
Decrease in net assets from distributions to shareholders | (12,713,243 | ) | (9,661,043 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 183,192,634 | 195,339,486 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 10,701,507 | 8,569,772 | ||||||
Payments for shares redeemed | (66,550,582 | ) | (219,698,279 | ) | ||||
Net increase/(decrease) in net assets from Retail Class capital share transactions | 127,343,559 | (15,789,021 | ) | |||||
Institutional Class Shares: | ||||||||
Proceeds from shares sold | 23,709,398 | 62,062,337 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 834,611 | 234,585 | ||||||
Payments for shares redeemed | (6,853,749 | ) | (1,021,374 | ) | ||||
Net increase in net assets from Institutional Class capital share transactions | 17,690,260 | 61,275,548 | ||||||
Total Increase in Net Assets | 207,756,809 | 95,703,886 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 633,176,959 | 537,473,073 | ||||||
End of period | $ | 840,933,768 | $ | 633,176,959 | ||||
Accumulated net investment income/(loss) | ||||||||
$ | (290,101 | ) | $ | 1,473,656 |
See Notes to Financial Statements.
32 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Statements of Changes in Net Assets | |
For the Six Months Ended December 31, 2010 (Unaudited) | For the Year Ended | |||||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 9,387,790 | 10,835,523 | ||||||
Shares issued in reinvestment of distributions to shareholders | 536,962 | 472,356 | ||||||
Shares redeemed | (3,433,426) | (12,252,105) | ||||||
Net increase/(decrease) in shares outstanding | 6,491,326 | (944,226) | ||||||
Shares outstanding, beginning of period | 31,246,407 | 32,190,633 | ||||||
Shares outstanding, end of period | 37,737,733 | 31,246,407 | ||||||
Institutional Class Shares: | ||||||||
Shares sold | 1,217,881 | 3,346,833 | ||||||
Shares issued in reinvestment of distributions to shareholders | 41,883 | 12,778 | ||||||
Shares redeemed | (347,816) | (55,146) | ||||||
Net increase in shares outstanding | 911,948 | 3,304,465 | ||||||
Shares outstanding, beginning of period | 3,311,351 | 6,886 | ||||||
Shares outstanding, end of period | 4,223,299 | 3,311,351 | ||||||
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 33 |
Statements of Changes in Net Assets | James Small Cap Fund | |
For the Six Months Ended | For the Year Ended | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 150,524 | $ | 70,765 | ||||
Net realized gain from security transactions | 6,507,209 | 4,815,460 | ||||||
Net change in unrealized appreciation on investments | 7,531,424 | 15,433,671 | ||||||
Net Increase in net assets resulting from operations | 14,189,157 | 20,319,896 | ||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class: | ||||||||
Dividends from net investment income | (120,000) | – | ||||||
Dividends from tax return of capital | – | (70,676) | ||||||
Decrease in net assets from distributions to shareholders | (120,000) | (70,676) | ||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 9,408,258 | 14,350,027 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | – | 68,734 | ||||||
Payments for shares redeemed | (9,537,160) | (69,026,196) | ||||||
Net decrease in net assets from Retail Class capital share transactions | (128,902) | (54,607,435) | ||||||
Total Increase/(Decrease) in Net Assets | 13,940,255 | (34,358,215) | ||||||
NET ASSETS: | ||||||||
Beginning of period | 65,442,828 | 99,801,043 | ||||||
End of period | $ | 79,383,083 | $ | 65,442,828 | ||||
Accumulated net investment income | $ | 30,524 | $ | – | ||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 493,177 | 867,468 | ||||||
Shares issued in reinvestment of distributions to shareholders | – | 3,819 | ||||||
Shares redeemed | (498,106) | (4,173,574) | ||||||
Net decrease in shares outstanding | (4,929) | (3,302,287) | ||||||
Shares outstanding, beginning of period | 3,738,297 | 7,040,584 | ||||||
Shares outstanding, end of period | 3,733,368 | 3,738,297 | ||||||
See Notes to Financial Statements.
34 | www.jamesfunds.com |
James Market Neutral Fund | Statements of Changes in Net Assets | |
For the Six Months Ended December 31, 2010 (Unaudited) | For the Year Ended | |||||||
FROM OPERATIONS: | ||||||||
Net investment loss | $ | (226,841 | ) | $ | (334,771 | ) | ||
Net realized gain/(loss) from security transactions | 141,908 | (3,914,389 | ) | |||||
Net change in unrealized appreciation/(depreciation) on investments | (871,765 | ) | 1,252,582 | |||||
Net Decrease in net assets resulting from operations | (956,698 | ) | (2,996,578 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 1,382,816 | 16,398,396 | ||||||
Payments for shares redeemed | (11,208,412 | ) | (17,491,564 | ) | ||||
Net decrease in net assets from Retail Class capital share transactions | (9,825,596 | ) | (1,093,168 | ) | ||||
Total Decrease in Net Assets | (10,782,294 | ) | (4,089,746 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 29,255,083 | 33,344,829 | ||||||
End of period | $ | 18,472,789 | $ | 29,255,083 | ||||
Accumulated net investment income/(loss) | $ | (223,751 | ) | $ | 3,090 | |||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 150,844 | 1,699,477 | ||||||
Shares redeemed | (1,238,310 | ) | (1,847,218 | ) | ||||
Net decrease in shares outstanding | (1,087,466 | ) | (147,741 | ) | ||||
Shares outstanding, beginning of period | 3,182,388 | 3,330,129 | ||||||
Shares outstanding, end of period | 2,094,922 | 3,182,388 | ||||||
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 35 |
Statements of Changes in Net Assets | James Mid Cap Fund | |
For the Six Months Ended December 31, 2010 (Unaudited) | For the Year Ended | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 17,873 | $ | 12,399 | ||||
Net realized gain/(loss) from security transactions | 421,918 | (216,255 | ) | |||||
Net change in unrealized appreciation on investments | 2,297,030 | 918,310 | ||||||
Net Increase in net assets resulting from operations | 2,736,821 | 714,454 | ||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class: | ||||||||
Dividends from net investment income | (48,621 | ) | (12,277 | ) | ||||
Decrease in net assets from distributions to shareholders | (48,621 | ) | (12,277 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 2,688,772 | 5,405,499 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 3,549 | 12,253 | ||||||
Payments for shares redeemed | (1,682,903 | ) | (1,060,850 | ) | ||||
Net increase in net assets from Retail Class capital share transactions | 1,009,418 | 4,356,902 | ||||||
Total Increase in Net Assets | 3,697,618 | 5,059,079 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 9,497,373 | 4,438,294 | ||||||
End of period | $ | 13,194,991 | $ | 9,497,373 | ||||
Accumulated net investment income/(loss) | $ | (28,774 | ) | $ | 1,974 | |||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 290,181 | 603,659 | ||||||
Shares issued in reinvestment of distributions to shareholders | 369 | 1,374 | ||||||
Shares redeemed | (167,278 | ) | (129,051 | ) | ||||
Net increase in shares outstanding | 123,272 | 475,982 | ||||||
Shares outstanding, beginning of period | 1,105,735 | 629,753 | ||||||
Shares outstanding, end of period | 1,229,007 | 1,105,735 |
See Notes to Financial Statements.
36 | www.jamesfunds.com |
James Micro Cap Fund | Statements of Changes in Net Assets | |
For the Six December 31, 2010 | ||||
FROM OPERATIONS:
| ||||
Net investment loss | $ | (1,174) | ||
Net realized gain from security transactions | 160,247 | |||
Net change in unrealized appreciation on investments | 678,962 | |||
Net Increase in net assets resulting from operations | 838,035 | |||
FROM CAPITAL SHARE TRANSACTIONS:
| ||||
Retail Class Shares: | ||||
Proceeds from shares sold | 7,112,332 | |||
Payments for shares redeemed | (55,030) | |||
Net increase in net assets from Retail Class capital share transactions | 7,057,302 | |||
Redemption fees | 601 | |||
Total Increase in Net Assets | 7,895,938 | |||
NET ASSETS:
| ||||
Beginning of period | – | |||
End of period | $ | 7,895,938 | ||
Accumulated net investment loss | $ | (1,174) | ||
SUMMARY OF CAPITAL SHARE ACTIVITY:
| ||||
Retail Class Shares: | ||||
Shares sold | 685,840 | |||
Shares redeemed | (4,728) | |||
Net increase in shares outstanding | 681,112 | |||
Shares outstanding, beginning of period | – | |||
Shares outstanding, end of period | 681,112 | |||
(a) | Fund commenced operations on July 1, 2010. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 37 |
Financial Highlights | James Balanced: Golden Rainbow Fund – Retail Class | |
For a share outstanding throughout the periods indicated. |
For the Six Months Ended December 31, 2010 (Unaudited) | For the Year Ended June 30, 2010 | For the Year Ended June 30, 2009 | For the Year Ended June 30, 2008 | For the Year Ended June 30, 2007 | For the Year Ended June 30, 2006 | |||||||||||||||||||
Net asset value - beginning of period | $ | 18.32 | $ | 16.69 | $ | 18.09 | $ | 18.33 | $ | 17.32 | $ | 17.18 | ||||||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||||||||||
Net investment income | 0.14 | 0.30 | 0.28 | 0.40 | 0.39 | 0.34 | ||||||||||||||||||
Net realized and unrealized | 1.90 | 1.63 | (1.40 | ) | 0.11 | 1.34 | 0.75 | |||||||||||||||||
Total from investment operations | 2.04 | 1.93 | (1.12 | ) | 0.51 | 1.73 | 1.09 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.16 | ) | (0.30 | ) | (0.28 | ) | (0.40 | ) | (0.40 | ) | (0.34 | ) | ||||||||||||
From net realized gain on | (0.16 | ) | – | (0.00 | )(a) | (0.35 | ) | (0.32 | ) | (0.61 | ) | |||||||||||||
Total distributions | (0.32 | ) | (0.30 | ) | (0.28 | ) | (0.75 | ) | (0.72 | ) | (0.95 | ) | ||||||||||||
Net asset value at end of period | $ | 20.04 | $ | 18.32 | $ | 16.69 | $ | 18.09 | $ | 18.33 | $ | 17.32 | ||||||||||||
Total return | 11.13% | (b) | 11.60% | (6.19%) | 2.76% | 10.13% | 6.48% | |||||||||||||||||
Net assets, end of period (in thousands) | $ | 756,298 | $ | 572,484 | $ | 537,358 | $ | 478,694 | $ | 341,664 | $ | 268,766 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.14 | %(c) | 1.19 | % | 1.16 | % | 1.18 | % | 1.18 | % | 1.21 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.51 | %(c) | 1.68 | % | 1.68 | % | 2.20 | % | 2.24 | % | 2.11 | % | ||||||||||||
Portfolio turnover rate | 23 | %(b) | 31 | % | 72 | % | 53 | % | 92 | % | 68 | % |
(a) | Amount rounds to less than $(0.005) per share. |
(b) | Not Annualized. |
(c) | Annualized. |
See Notes to Financial Statements.
38 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund – Institutional Class | Financial Highlights | |
For a share outstanding throughout the periods indicated. |
For the Six Months Ended December 31, 2010 | For the Year Ended June 30, 2010 | For the Period Ended June 30, 2009(a) | ||||||||||
Net asset value - beginning of period | $ | 18.33 | $ | 16.69 | $ | 14.80 | ||||||
Income from investment operations: | ||||||||||||
Net investment income | 0.17 | 0.34 | 0.09 | |||||||||
Net realized and unrealized gain on investments | 1.89 | 1.65 | 1.94 | |||||||||
Total from investment operations | 2.06 | 1.99 | 2.03 | |||||||||
Less distributions: | ||||||||||||
From net investment income | (0.19) | (0.35) | (0.14) | |||||||||
From net realized gain on investments | (0.16) | – | – | |||||||||
Total distributions | (0.35) | (0.35) | (0.14) | |||||||||
Net asset value at end of period | $ | 20.04 | $ | 18.33 | $ | 16.69 | ||||||
Total return | 11.25% (b) | 11.94% | 13.75% | (b) | ||||||||
Net assets, end of period (in thousands) | $ | 84,636 | $ | 60,693 | $ | 115 | ||||||
Ratios/Supplemental Data: | ||||||||||||
Ratio of net expenses to average net assets | 0.89% | (c) | 1.06% | 0.95% | (c) | |||||||
Ratio of net investment income to average net assets | 1.76% | (c) | 2.06% | 1.63% | (c) | |||||||
Portfolio turnover rate | 23% (b) | 31% | 72% | (b) |
(a) | Represents the period from commencement of operations (March 2, 2009) through June 30, 2009. |
(b) | Not Annualized. |
(c) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 39 |
Financial Highlights | James Small Cap Fund | |
For a share outstanding throughout the periods indicated. |
For the Six Months Ended | For the Year Ended | For the Year Ended | For the Year Ended | For the Year Ended | For the Year Ended June 30, 2006 | |||||||||||||||||||
Net asset value - beginning of period | $ | 17.51 | $ | 14.18 | $ | 20.04 | $ | 24.56 | $ | 23.28 | $ | 20.46 | ||||||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||||||||||
Net investment income/(loss) | 0.04 | 0.02 | 0.06 | 0.10 | 0.11 | (0.04) | ||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | 3.74 | 3.33 | (5.86) | (4.52) | 1.50 | 3.19 | ||||||||||||||||||
Total from investment operations | 3.78 | 3.35 | (5.80) | (4.42) | 1.61 | 3.15 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.03) | – | (0.06) | (0.10) | (0.11) | (0.04) | ||||||||||||||||||
From net realized gain on investments | – | – | – | – | (0.22) | (0.30) | ||||||||||||||||||
From tax return of capital | – | (0.02) | – | – | – | – | ||||||||||||||||||
Total distributions | (0.03) | (0.02) | (0.06) | (0.10) | (0.33) | (0.34) | ||||||||||||||||||
Paid - in capital from redemption | – | – | – | – | 0.00 | (b) | 0.01 | |||||||||||||||||
Net asset value at end of period | $ | 21.26 | $ | 17.51 | $ | 14.18 | $ | 20.04 | $ | 24.56 | $ | 23.28 | ||||||||||||
Total return | 21.60% | (c) | 23.61% | (28.91%) | (18.03%) | 6.97% | 15.59% | |||||||||||||||||
Net assets, end of period (in thousands) | $ | 79,383 | $ | 65,443 | $ | 99,801 | $ | 177,915 | $ | 327,467 | $ | 170,490 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50% | (d) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||||
Ratio of net investment income/(loss) to average net assets | 0.42% | (d) | 0.08% | 0.37% | 0.42% | 0.54% | (0.25%) | |||||||||||||||||
Portfolio turnover rate | 43% | (c) | 38% | 46% | 54% | 104% | 59% |
(a) | Amount calculated based on average shares outstanding throughout the period. Effective February 21, 2007, the redemption fee was eliminated. |
(b) | Amount rounds to less than $0.005 per share. |
(c) | Not Annualized. |
(d) | Annualized. |
See Notes to Financial Statements.
40 | www.jamesfunds.com |
James Market Neutral Fund | Financial Highlights | |
For a share outstanding throughout the periods indicated. |
For the Six Months Ended December 31, 2010 (Unaudited) | For the Year Ended June 30, 2010 | For the Year Ended June 30, 2009 | For the Year Ended June 30, 2008 | For the Year Ended June 30, 2007 | For the Year Ended June 30, 2006 | |||||||||||||||||||
Net asset value - beginning of period | $ | 9.19 | $ | 10.01 | $ | 12.30 | $ | 12.17 | $ | 12.69 | $ | 12.27 | ||||||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||||||||||
Net investment income/(loss) | (0.11) | (0.11) | (0.11) | 0.11 | 0.40 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.26) | (0.71) | (2.17) | 0.20 | (0.51) | 0.42 | ||||||||||||||||||
Total from investment operations | (0.37) | (0.82) | (2.28) | 0.31 | (0.11) | 0.59 | ||||||||||||||||||
Less distributions: |
| |||||||||||||||||||||||
From net investment income | – | – | (0.01) | (0.18) | (0.41) | (0.18) | ||||||||||||||||||
Total distributions | – | – | (0.01) | (0.18) | (0.41) | (0.18) | ||||||||||||||||||
Paid-in capital from redemption fees(a) | – | – | – | – | 0.00 | (b) | 0.01 | |||||||||||||||||
Net asset value at end of period | $ | 8.82 | $ | 9.19 | $ | 10.01 | $ | 12.30 | $ | 12.17 | $ | 12.69 | ||||||||||||
Total return | (4.03%) | (c) | (8.19%) | (18.55%) | 2.60% | (0.84%) | 4.94% | |||||||||||||||||
Net assets, end of period (in thousands) | $ | 18,473 | $ | 29,255 | $ | 33,345 | $ | 50,289 | $ | 51,527 | $ | 75,218 | ||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Ratio of net expenses to average net assets excluding dividends on securities sold short | 1.95% | (d) | 1.95% | 1.95% | 1.91% | 1.94% | 1.95% | |||||||||||||||||
Ratio of dividend expense on securities sold short | 1.01% | (d) | 0.65% | 0.32% | 0.90% | 0.32% | 0.62% | |||||||||||||||||
Ratio of net expenses to average net assets | 2.96% | (d) | 2.60% | 2.27% | 2.81% | 2.26% | 2.57% | |||||||||||||||||
Ratio of net investment income/(loss) to average net assets | (1.82%) | (d) | (1.02%) | (0.76%) | 0.74% | 3.21% | 1.52% | |||||||||||||||||
Portfolio turnover rate(e) | 13% | (c) | 44% | 65% | 79% | 57% | 27% |
(a) | Amount calculated based on average shares outstanding throughout the period. Effective February 21, 2007, the redemption fee was eliminated. |
(b) | Amount rounds to less than $0.005 per share. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | Calculation does not include short positions or short transactions. Portfolio turnover rate would be higher if included. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 41 |
Financial Highlights | James Mid Cap Fund | |
For a share outstanding throughout the periods indicated. |
For the Six Months Ended December 31, 2010 (Unaudited) | For the Year Ended June 30, 2010 | For the Year Ended June 30, 2009 | For the Year Ended June 30, 2008 | For the Year Ended June 30, 2007(a) | ||||||||||||||||
Net asset value - beginning of period | $ | 8.59 | $ | 7.05 | $ | 10.66 | $ | 11.70 | $ | 10.00 | ||||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||||||
Net investment income | 0.01 | 0.02 | 0.03 | 0.00 | (b) | 0.04 | ||||||||||||||
Net realized and unrealized gain/(loss) on investments | 2.18 | 1.54 | (3.61) | (1.01) | 1.70 | |||||||||||||||
Total from investment operations | 2.19 | 1.56 | (3.58) | (1.01) | 1.74 | |||||||||||||||
Less distributions: |
| |||||||||||||||||||
From net investment income | (0.04) | (0.02) | (0.03) | (0.01) | – | |||||||||||||||
From net realized gain on investments | – | – | – | (0.02) | (0.04) | |||||||||||||||
Total distributions | (0.04) | (0.02) | (0.03) | (0.03) | (0.04) | |||||||||||||||
Paid-in capital from redemption fees(c) | – | – | – | – | 0.00 | (b) | ||||||||||||||
Net asset value at end of period | $ | 10.74 | $ | 8.59 | $ | 7.05 | $ | 10.66 | $ | 11.70 | ||||||||||
Total return | 25.49% | (d) | 22.13% | (33.51%) | (8.61%) | 17.41% | ||||||||||||||
Net assets, end of period (in thousands) | $ | 13,195 | $ | 9,497 | $ | 4,438 | $ | 6,002 | $ | 6,441 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50% | (e) | 1.50% | 1.50% | 1.48% | 1.49% | ||||||||||||||
Ratio of net investment income to average net assets | 0.30% | (e) | 0.24% | 0.48% | 0.01% | 0.40% | ||||||||||||||
Portfolio turnover rate | 29% | (d) | 37% | 38% | 55% | 53% |
(a) | Fund commenced operations on June 30, 2006. |
(b) | Amount rounds to less than $0.005 per share. |
(c) | Amount calculated based on average shares outstanding throughout the period. Effective February 21, 2007, the redemption fee was eliminated. |
(d) | Not Annualized. |
(e) | Annualized. |
See Notes to Financial Statements.
42 | www.jamesfunds.com |
James Micro Cap Fund | Financial Highlights | |
For a share outstanding throughout the periods indicated. |
For the Six Months Ended | ||||
Net asset value - beginning of period | $ | 10.00 | ||
Income from investment operations: | ||||
Net investment loss | (0.00 | )(b) | ||
Net realized and unrealized gain on investments | 1.59 | |||
Total from investment operations | 1.59 | |||
Paid-in capital from redemption fees | 0.00 | (b)(c) | ||
Net asset value at end of period | $ | 11.59 | ||
Total return | 15.90 | %(d) | ||
Net assets, end of period (in thousands) | $ | 7,896 | ||
Ratios/Supplemental Data: | ||||
Ratio of net expenses to average net assets | 1.50 | %(e) | ||
Ratio of net investment loss to average net assets | (0.06 | %)(e) | ||
Portfolio turnover rate | 53 | %(d) |
(a) | Fund commenced operations on July 1, 2010. |
(b) | Amount rounds to less than $(0.005) and $0.005 per share. |
(c) | Amount calculated based on average shares outstanding throughout the period. Effective February 21, 2007, the redemption fee was eliminated. |
(d) | Not Annualized. |
(e) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2010 | 43 |
James Advantage Funds | ||
December 31, 2010 (Unaudited) |
1. GENERAL INFORMATION AND SIGNIFICANT
ACCOUNTING POLICIES
James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Market Neutral Fund and James Mid Cap Fund are each a diversified series of James Advantage Funds (the “Trust”), and James Micro Cap Fund is a non-diversified series of the Trust (individually a “Fund,” collectively the “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 (the “1940 Act”). James Balanced: Golden Rainbow Fund was originally organized as a series of the Flagship Admiral Funds Inc., a Maryland corporation. On June 26, 1998, pursuant to an Agreement and Plan of Reorganization, James Balanced: Golden Rainbow Fund was restructured through a tax-free reorganization as a series of the Trust. The James Small Cap Fund and James Market Neutral Fund each commenced its public offering of shares on October 2, 1998. The James Mid Cap Fund commenced its public offering of shares on June 30, 2006. Effective March 2, 2009, James Balanced: Golden Rainbow began offering a new class of shares: the Institutional Class. The initial class of shares is now referred to as the Retail Class. 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 entities that are approved by management of the Trust). The James Micro Cap Fund commenced its public offering of shares on July 1, 2010.
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 Fund seeks to achieve its objective by investing primarily in common stocks and/or debt securities that the Fund’s adviser, James Investment Research, Inc. (“James” or the “Adviser”), believes are undervalued.
James Small Cap Fund seeks to provide long-term capital appreciation. The Fund seeks to achieve its objective by investing primarily in common stocks of small capitalization companies.
James Market Neutral Fund seeks to provide positive returns regardless of the direction of the stock markets. The Fund seeks to achieve its objective by investing in common stocks that James believes are undervalued and more likely to appreciate and selling short common stocks that James believes are overvalued and more likely to depreciate. James Mid Cap Fund seeks to provide long-term capital appreciation. The Fund seeks to achieve its objective by investing primarily in common stocks of mid capitalization companies.
James Micro Cap Fund seeks to provide long-term capital appreciation. The Fund seeks to achieve its objective by investing primarily in common stocks of micro capitalization companies.
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 (“GAAP”).
Share Valuation
The net asset value per share of each Fund, other than the James Balanced: Golden Rainbow Fund, is calculated daily by dividing the total value of the Fund’s assets, less liabilities, by the number of shares outstanding. The net asset value per share of each class of shares of the James Balanced: Golden Rainbow Fund is calculated daily by dividing the total value of the Fund’s assets attributable to that class, less liabilities attributable to that class, by the number of outstanding shares of that class.
Securities Valuation
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 and on any other day that the Fair Valuation Policy would dictate. Securities that are traded on any exchange are valued at the last quoted sale price. Lacking a last sale price, a security is valued at its last bid price except when, in James’s opinion, the last bid price does not accurately reflect the current value of the security. Securities that are traded on the NASDAQ over-the-counter market are valued at their NASDAQ Official Closing Price (“NOCP”) for all NASDAQ National Market (“NNM”) and NASDAQ Capital Market® securities. When market quotations are not readily available, if an event occurs after the close of the trading market (but before the time as of which a Fund calculates its net asset value) that materially affects a security’s value, or when James determines that the market quotation does not accurately reflect the current value or when a non-144A restricted security is being valued, that security will be valued at its fair value as determined in good faith in conformity with guidelines adopted by and subject to review of the Board of Trustees. The Funds may use pricing services to determine market value for securities. Fixed income securities will be valued by an independent, recognized pricing service. The Adviser shall monitor the prices provided to assure the continuing accuracy of the prices provided. 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. Short-term investments in fixed-income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board of Trustees has determined will approximate fair value.
44 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements | |
December 31, 2010 (Unaudited) |
For valuation purposes, quotations of foreign securities in a foreign currency are converted to U.S. dollar equivalents at the time of pricing the Funds. In computing the net asset value of the Funds by the fund accounting service provider, ALPS Fund Services, Inc., 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.
The calculation of the share price of each Fund that holds foreign securities in its portfolio does not take place contemporaneously with the determination of the values of many of the foreign portfolio securities used in such calculation. Events affecting the values of foreign portfolio securities that occur between the time their prices are determined and the calculation of the Fund’s share price will be taken into account by the Adviser, subject to review by the Board of Trustees, in the determination of the value of those securities.
In accordance with the Trust’s good faith pricing guidelines, James is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by
the adviser would appear to be the amount that the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings, (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers), or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 - | quoted prices in active markets for identical securities | |
Level 2 - | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |
Level 3 - | significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, securities maturing within 60 days of the reporting date are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2010:
James Balanced: Golden Rainbow Fund
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ 368,311,139 | $ | – | $ | – | $ | 368,311,139 | |||||||||
Exchange Traded Funds | 12,050,201 | – | – | 12,050,201 | ||||||||||||
Exchange Traded Notes | 210,432 | – | – | 210,432 | ||||||||||||
Preferred Stocks | 235,050 | – | – | 235,050 | ||||||||||||
Corporate Bonds | – | 21,619,752 | – | 21,619,752 | ||||||||||||
U.S. Government Agencies | – | 30,417,537 | – | 30,417,537 | ||||||||||||
U.S. Treasury Bonds & Notes | 330,746,314 | – | – | 330,746,314 | ||||||||||||
Foreign Bonds | – | 23,498,952 | – | 23,498,952 | ||||||||||||
Municipal Bonds | – | 23,789,937 | – | 23,789,937 | ||||||||||||
Total | $ 711,553,136 | $ | 99,326,178 | $ | – | $ | 810,879,314 | |||||||||
Semi-Annual Report | December 31, 2010 | 45 |
Notes to Financial Statements | James Advantage Funds | |
December 31, 2010 (Unaudited) |
James Small Cap Fund
| ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 76,009,681 | $ – | $ | – | $ | 76,009,681 | |||||||||
Total | $ | 76,009,681 | $ – | $ | – | $ | 76,009,681 | |||||||||
James Market Neutral Fund
| ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 15,195,845 | $ – | $ | – | $ | 15,195,845 | |||||||||
Exchange Traded Funds | 1,173,263 | – | – | 1,173,263 | ||||||||||||
Total | $ | 16,369,108 | $ – | $ | – | $ | 16,369,108 | |||||||||
Valuation Inputs | ||||||||||||||||
Other Financial Instruments* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities | ||||||||||||||||
Securities Sold Short | ||||||||||||||||
Common Stocks | $ | (14,727,731 | ) | $ – | $ | – | $ | (14,727,731 | ) | |||||||
Rights | (6,848 | ) | – | – | (6,848 | ) | ||||||||||
TOTAL | $ | (14,734,579 | ) | $ – | $ | – | $ | (14,734,579 | ) | |||||||
James Mid Cap Fund
| ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 13,135,626 | $ – | $ | – | $ | 13,135,626 | |||||||||
Total | $ | 13,135,626 | $ – | $ | – | $ | 13,135,626 | |||||||||
James Micro Cap Fund
| ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 7,415,098 | $ – | $ | – | $ | 7,415,098 | |||||||||
Total | $ | 7,415,098 | $ – | $ | – | $ | 7,415,098 | |||||||||
* For detailed descriptions of sector and industry, see the accompanying Schedule of Investments.
For the six months ended December 31, 2010, the Funds did not have any significant transfers between Level 1 and Level 2 securities.
For the six months ended December 31, 2010, the Funds did not have any securities which used significant unobservable inputs (Level 3) used in determining fair value.
46 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements | |
December 31, 2010 (Unaudited) |
Securities Transactions
Securities transactions are recorded on a trade date basis. 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 James Balanced: Golden Rainbow Fund 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.
Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
Foreign Currency Translation
The market value of investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate at the close of each business day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.
Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities at the reporting period, resulting from changes in the exchange rate.
Short Sales and Segregated Cash
The James Market Neutral Fund actively sells short common stocks. Short sales are transactions in which the Fund sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Fund must borrow the security to deliver to the buyer upon the short sale; the Fund is then obligated to replace the security borrowed by purchasing it in the open market at some later date.
The Fund will incur a loss if the market price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will realize a gain if the security declines in value between those dates. If a security sold short pays a dividend while the Fund is short that security, the Fund will pay the dividend and record that amount as an expense.
All short sales are collateralized, as required by the Fund’s prime broker. The Fund maintains the collateral in segregated accounts consisting of cash and/or high-grade liquid assets sufficient to collateralize the market value of its short positions.
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.
Dividends and Distributions to Shareholders
Net investment income, if any, is generally declared and distributed to shareholders of each Fund quarterly. 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 carry forwards. Distributions to shareholders of net investment income and net realized capital gains are recorded on the exdividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Accordingly, temporary over distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income and/or distributions in excess of net realized gains from security transactions, where applicable.
Distributions received from Limited Partnership investments of a fund are 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.
Allocations
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. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable measure.
Use of Estimates
The preparation of financial statements in conformity with 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 increases and decreases 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 applicable to regulated investment companies.
Semi-Annual Report | December 31, 2010 | 47 |
Notes to Financial Statements | James Advantage Funds | |
December 31, 2010 (Unaudited) |
Therefore, no federal tax provision is required. During the six months ended December 31, 2010, none of the Funds recorded a liability for any uncertain tax positions in the accompanying financial statements. The Funds file income tax returns in the U.S. federal jurisdiction. For the years ended June 30, 2007 through June 30, 2010, the Funds’ returns are still open to examination by the appropriate taxing authority. The following information is computed on a tax basis for each item as of December 31, 2010:
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized | |||||||||||||
James Balanced: | ||||||||||||||||
Golden Rainbow Fund | $ | 702,337,878 | $ | 112,687,573 | $ | (4,146,137 | ) | $ | 108,541,436 | |||||||
James Small Cap Fund | $ | 56,967,536 | $ | 19,536,517 | $ | (494,372 | ) | $ | 19,042,145 | |||||||
James Market Neutral Fund | $ | 12,266,274 | $ | 4,237,842 | $ | (135,008 | ) | $ | 4,102,834 | |||||||
James Mid Cap Fund | $ | 10,476,525 | $ | 2,741,179 | $ | (82,078 | ) | $ | 2,659,101 | |||||||
James Micro Cap Fund | $ | 6,736,137 | $ | 840,378 | $ | (161,417 | ) | $ | 678,961 |
The difference between the cost of portfolio investments on a tax basis and financial statement cost for the Funds is due primarily to wash sale losses and to the differing treatment of certain investments under income tax regulations and GAAP.
New Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board issued Accounting Standards updated No. 2010-06, “Improving Disclosures About Fair Value Measurements” (“ASU”). The ASU requires enhanced disclosures about (i) transfers into and out of Levels 1 and 2 and (ii) purchases, sales, issuances and settlements on a gross basis relating to Level 3 measurements. Certain disclosures were effective for the first reporting period (including interim periods) beginning after December 15, 2009. Regarding these disclosures, management determined the ASU did not have a material effect on the Funds’ financial statement disclosures contained in this Report. Regarding the disclosures not yet effective, management is currently evaluating the impact the adoption of the ASU will have on the Funds’ financial statement disclosures.
2. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term U.S. Government obligations for the six months ended December 31, 2010 were as follows:
Purchases
| Sales
| |||||||
James Balanced: Golden Rainbow Fund | $ | 144,294,137 | $ | 91,797,656 |
Purchases and sales (including maturities) of investments in other securities for the six months ended December 31, 2010 were as follows:
Purchases
| Sales
| |||||||
James Balanced: Golden Rainbow Fund | $ | 154,332,183 | $ | 70,484,692 | ||||
James Small Cap Fund | $ | 33,070,990 | $ | 27,182,402 | ||||
James Market Neutral Fund | $ | 2,267,166 | $ | 8,072,397 | ||||
James Mid Cap Fund | $ | 4,945,258 | $ | 3,220,503 | ||||
James Micro Cap Fund | $ | 8,700,385 | $ | 2,123,402 |
For the six months ended December 31, 2010, the cost of securities purchased to cover short sales and the proceeds from securities sold short were $40,401,079 and $49,677,997, respectively, for the James Market Neutral Fund.
3. 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. James Balanced: Golden Rainbow Fund is authorized to pay James a fee equal to an annual rate of 0.74% of its average daily net assets for assets up to and including $500 million and at the annual rate of 0.70% of the average daily net assets for assets from $500 million up to and including $1 billion. James Balanced: Golden Rainbow Fund is responsible for the payment of all of its operating expenses. James is authorized to receive a fee equal to (a) an annual rate of 1.25% of the average daily net assets of the James Small Cap Fund and James Mid Cap Fund, 1.70% of James Market Neutral Fund, and 1.50% of James Micro Cap Fund; minus (b) the fees and expenses of the non-interested person trustees incurred by the applicable Fund.
James is responsible for the payment of all operating expenses of the James Small Cap Fund, James Market Neutral Fund, James Mid Cap Fund and James Micro Cap Fund, except for brokerage fees and commissions, taxes, interest (including dividend expense on securities sold short) and 12b-1 expenses.
Administrative Services Agreement
ALPS Fund Services, Inc. (“ALPS” or the “Administrator”) serves as administrator to the Funds. ALPS receives a monthly fee paid by James Balanced: Golden Rainbow Fund, for itself, and paid by James for the James Small Cap Fund, James Market Neutral Fund, James Mid Cap Fund and James Micro Cap Fund subject to a minimum monthly fee. Pursuant to an administrative agreement, ALPS will provide operational services to the Funds including, but not limited to fund accounting and fund administration and generally assist in each Fund’s operations.
48 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements | |
December 31, 2010 (Unaudited) |
Transfer Agency and Services Agreement
ALPS, pursuant to a Transfer Agency and Services Agreement with the Trust, serves as Transfer Agent for the Funds. Under the Transfer Agency and Services Agreement, ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed for out-of-pocket expenses. These fees and reimbursement for out of pocket expenses are paid and reimbursed by James Balanced: Golden Rainbow Fund, for itself, and by James, for the James Small Cap Fund, James Market Neutral Fund, James Mid Cap Fund and James Micro Cap Fund.
Plan of Distribution
Effective June 1, 2009, each Fund (only the Retail Class of the James Balanced: Golden Rainbow Fund), other than the James Micro Cap Fund, has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (collectively, the “Plans”) under which each Fund may incur expenses related to distribution of its shares and for services provided to shareholders. Payments under a Plan are made to James, which uses them to pay distribution and shareholder service expenses on behalf of and as agent of the Fund. The amount payable by each Fund (the Retail Class of the James Balanced: Golden Rainbow Fund), other than the James Micro Cap Fund, under its Plan is 0.25% of its average daily net assets for the year. The Plans are compensation plans, which means that payments are made to James regardless of 12b-1 expenses actually incurred. Therefore, payments under a Plan may exceed distribution and shareholder service expenses incurred pursuant to the Plan, and James is permitted to retain the excess. It is also possible that 12b-1 expenses paid by James for a period will exceed the payments received by James, in which case James may pay such excess expenses out of its own resources. Payments received by James under the Plans are in addition to the fees paid to James pursuant to the Management Agreements. The Plans were adopted by the Funds’ Board of Trustees as of June 30, 2009. The Plans require that James act in the Funds’ best interests in expending the payments it receives from the Funds and use payments solely for the purpose of paying distribution expenses on behalf of the Funds. The Funds’ Distributor, Unified Financial Services, Inc., verifies all payment amounts to be made to brokers that have properly executed dealer agreements with the Funds before James will make such payments. For the six months ended December 31, 2010, $790,026, $87,369, $32,616 and $13,947 was paid to James on behalf of James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Market Neutral Fund and James Mid Cap Fund, respectively, pursuant to the Plans.
Prior to June 1, 2009, each Plan was a reimbursement plan, which means that payments were only made to the extent 12b-1 expenses were actually incurred, not to exceed 0.25% of a Fund’s average daily net assets for the year.
4. 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.
5. SUBSEQUENT EVENTS
The Funds evaluated subsequent events from December 31, 2010, the date of these financial statements, through the date this report was filed and available. There were no subsequent events to report that would have a material impact on the Funds’ financial statements.
Semi-Annual Report | December 31, 2010 | 49 |
James Advantage Funds | ||
December 31, 2010 (Unaudited) |
PROXY VOTING GUIDELINES
James is responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that James uses in fulfilling this responsibility and information regarding how those proxies were voted during the most recent 12-month period ended June 30 are available without charge upon request by calling toll free 1-800-995-2637. These items are also available on the Securities and Exchange Commission’s website at http://www.sec.gov.
QUARTERLY PORTFOLIO DISCLOSURE
James files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on Form N-Q. The complete listing (i) is available on the Commission’s website; (ii) may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; and (iii) will be made available to shareholders upon request by calling 1-800-995-2637. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
PRIVACY POLICY
Facts
What does James Advantage Funds do with your personal information?
Why?
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?
The types of personal information we collect and share depends on the product or service that you have with us. This information can include:
• | Social Security number and wire transfer instructions |
• | account transactions and transaction history |
• | investment experience and purchase history |
When you are no longer our customer, we continue to share your information as described in this notice.
How?
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons James Advantage Funds chooses to share; and whether you can limit this sharing.
Does James Advantage Funds | ||||
Reasons we can share your personal information: | share information? | Can you limit this sharing? | ||
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | YES | NO | ||
For our marketing purposes - to offer our products and services to you. | YES | NO | ||
For joint marketing with other financial companies. | NO | We don’t share | ||
For our affiliates’ everyday business purposes - information about your transactions and records. | NO | We don’t share | ||
For our affiliates’ everyday business purposes - information about your credit worthiness. | NO | We don’t share | ||
For our affiliates to market to you | NO | We don’t share | ||
For non-affiliates to market to you | NO | We don’t share |
Questions ? Call 1 - 800 - 99 James
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James Advantage Funds | Additional Information | |
December 31, 2010 (Unaudited) |
PRIVACY POLICY (CONTINUED) | ||||
What we do: | ||||
How does James Advantage Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | |||
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | ||||
How does James Advantage Funds collect my personal information? | We collect your personal information, for example, when you | |||
• open and account or deposit money | ||||
• direct us to buy securities or direct us to sell your securities | ||||
• seek advice about your investments | ||||
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | ||||
Why can’t I limit all sharing? | Federal law gives you the right to limit only: | |||
• sharing for affiliates’ everyday business purposes – information about your creditworthiness. | ||||
• affiliates from using your information to market to you. | ||||
• sharing for nonaffiliates to market to you. | ||||
State laws and individual companies may give you additional rights to limit sharing. | ||||
Definitions | ||||
Affiliates | Companies related by common ownership or control. They can be financial and non-financial companies. | |||
• Our affiliates include financial companies, such as James Investment Research, Inc. and James Capital Alliance. | ||||
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. | |||
• James Advantage Funds does not share with nonaffiliates so they can market to you. | ||||
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. | |||
• James Advantage Funds does not jointly market. |
Semi-Annual Report | December 31, 2010 | 51 |
Intentionally Left Blank
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INVESTMENT ADVISER | ||
James Investment Research, Inc. | ||
P.O. Box 8 | ||
Alpha, Ohio 45301 | ||
info@jamesfunds.com
| ||
CUSTODIAN | ||
U.S. Bank | ||
425 Walnut Street | ||
Cincinnati, Ohio 45202
| ||
TRANSFER AGENT | ||
ALPS Fund Services, Inc. | ||
1290 Broadway | ||
Suite 1100 | ||
Denver, CO 80203
| ||
INDEPENDENT REGISTERED | ||
PUBLIC ACCOUNTING FIRM | ||
Deloitte & Touche LLP | ||
250 East Fifth Street | ||
Suite 1900 | ||
Cincinnati, Ohio 45202
| ||
DISTRIBUTOR | ||
Unified Financial Securities, Inc. | ||
2960 N. Meridian St. | ||
Suite 300 | ||
Indianapolis, Indiana 46208 | ||
(Member, FINRA)
| ||
LEGAL COUNSEL | ||
Thompson Hine LLP | ||
312 Walnut Street | ||
14th Floor | ||
Cincinnati, Ohio 45202 |
Item 2. Code of Ethics.
Not applicable to this Report.
Item 3. Audit Committee Financial Expert.
Not applicable to this Report.
Item 4. Principal Accountant Fees and Services.
Not applicable to this Report.
Item 5. Audit Committee of Listed Companies.
Not applicable to registrant.
Item 6. Schedule of Investments.
The schedule is included as part of the Reports to Stockholders filed under Item 1 of this Report.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not applicable to the registrant.
Item 8. Portfolio Managers of Closed-End Funds.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Funds.
Not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable to the registrant.
Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) the registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective as of a date within 90 days of the filing date of this Report.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) | Not applicable to this Report. | |
(a)(2) | Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The James Advantage Funds
By (Signature and Title)
/s/ Barry R. James | ||
Barry R. James | ||
President |
Date: March 7, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/ Barry R. James | ||
Barry R. James | ||
President |
Date: March 7, 2011
By (Signature and Title)
/s/ Thomas L. Mangan | ||
Thomas L. Mangan | ||
Treasurer, Chief Financial Officer |
Date: March 7, 2011