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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-08411
(Investment Company Act file number)
James Advantage Funds
(Exact name of registrant as specified in charter)
1349 Fairground Road
Beavercreek, 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, 2013 – December 31, 2013
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Item 1. Reports to Stockholders.
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James Small Cap Fund | 18 | |||||
James Mid Cap Fund | 21 | |||||
James Micro Cap Fund | 23 | |||||
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Shareholder Letter | ||
December 31, 2013 (Unaudited) |
Stock market investors enjoyed one of the most rewarding years in recent history in 2013 with the S&P 500® up over 32 percent. This return was, in our opinion, extraordinary – only four times since 1970 has the market done that well. We note that two good years, back-to-back is not uncommon, so 2012’s 16.00 percent preceding 2013’s have revived investor confidence in the stock markets and taken much of the sting out of the abysmal market performance of the decade from 1999 through 2009. Of course, the question is, how long can this last?
The Markets Over the Past Six Months
First, the good news. All segments of the stock markets rallied nicely over the six months ended December 31, 2013. The indexes that we use as benchmarks for our Funds rose as follows: the S&P 500® returned 16.31 percent, the S&P MidCap 400® Value rose 15.76 percent, the Russell 2000® (small caps) rose 19.82 percent and the Russell Microcap® rose 23.07 percent. On the down side, bonds struggled. The Barclays U.S. Treasury 20+ Year Total Return Index fell 5.99 percent, the Barclays U.S. Aggregate Index rose a very modest 0.57 percent and the Barclays Municipal Bond Index returned only 0.14 percent with maturities greater than five years generally dropping in price.
Investment Goals and Objectives
Preservation of capital and income are the two primary objectives of the Balanced: Golden Rainbow Fund. The Fund will increase exposure to stocks when its research signals a higher probability of a rally and lower risk in the stock market. The Fund’s Adviser, James Investment Research, Inc., does most of its own research in the stock markets and relies on the quality of that research. Even with interest rates at historic lows, the Balanced: Golden Rainbow Fund paid out a dividend every quarter, and supplemented income needs of shareholders with a capital gains dividend in December, meeting the income objective of the Fund.
The Small Cap Fund, the Mid Cap Fund, the Long-Short Fund and the Micro Cap Fund seek long term capital appreciation as their primary objective. These Funds look for stocks the Adviser believes to be undervalued, using its proprietary research to sift through a database of over 8,500 stocks. The Long-Short Fund may employ a short-selling strategy, particularly when the Adviser’s research shows a higher probability of a market decline, and may also use leverage. The basic research is the same for all the Funds. The Adviser prides itself on its own research and does not buy outside research. These Funds do not seek to pay dividends as they have no income objective, but will distribute net income when it is earned through stock dividends or other sources.
Investment Philosophy
We believe that preservation of capital in poor markets is the key to long term success in investing. Since 1972, the Adviser has tried to assess the risk in the markets, both stocks and bonds, and incorporated that research in an active asset allocation strategy. Experience has taught us that stocks with strong earnings growth, low valuations and relative strength 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 is intended to filter out the hype or hysteria and focus on historical risk/return relationships.
Strategy for Meeting Fund Objectives
We are active tactical asset allocators in the James Balanced: Golden Rainbow Fund and in the James Long-Short Fund. 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 to common stocks in the Balanced: Golden Rainbow Fund and reduce or eliminate short positions in the Long-Short Fund. Of course, a balanced fund will always hold both bonds and stocks, and the Balanced: Golden Rainbow Fund normally will not fall below 25% in its allocation to either stocks or bonds. In 2013, portfolio managers reduced holdings in long term Treasury securities and focused more on short and intermediate bonds. As always, the Balanced: Golden Rainbow Fund bought only higher quality bonds with investment grade ratings by S&P and Moody’s.
The Small Cap Fund, the Mid Cap Fund, the Micro Cap Fund and the Long-Short Fund generally use the same proprietary research, but concentrate on separate strategies that include market capitalization niches for the first three funds and allows for both long and short positions in all market capitalizations for the Long-Short Fund. The Adviser’s research personnel use independent analysis to identify sectors likely to outperform over coming months, and then ferret out stocks we believe are undervalued. The Adviser often identifies the risk levels in the broad stock market through its research, which then helps Fund managers adjust the Fund holdings accordingly. If the research points towards a decline in economic activity and in stock prices, all the funds will prefer defensive stocks, such as utilities, health care and non-cyclicals, while still retaining the Adviser’s strategy of seeking out bargain stocks. In addition, the Balanced: Golden Rainbow Fund will increase its holdings in bonds and reduce exposure to common equities, and the Long-Short Fund will add short positions. Stocks the Adviser considers to be bargains generally have low value ratios, such as price to earnings and price to cash, but also generally have strong earnings and relative strength. The Adviser has found this strategy to be very useful over the long run.
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Shareholder Letter | James Advantage Funds | |
December 31, 2013 (Unaudited) |
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 Funds’ holdings and employs multiple screens to detect changes in a company profile. As you will see in the Financial Highlights report, the Funds’ turnover ratios are low by most industry standards, helping to reduce transaction costs for the shareholders.
Fund Performance
Over the last six months of 2013, The Balanced: Golden Rainbow Retail Class advanced 8.13 percent and the Institutional Class shares rose 8.29 percent, while their blended Index benchmark rose 9.10 percent (see benchmark details on page 3 of this report). The Small Cap Fund rose 19.02 percent over the last six months of the year versus a 19.82 percent increase in its benchmark. The Mid Cap Fund advanced 19.55 percent, beating its benchmark (the S&P MidCap 400® Value Index) return of 15.76 percent. The Micro Cap Fund rose 23.32 percent versus its benchmark (the Russell Microcap® Index) return of 23.07 percent. The Long-Short Fund rose 10.08 percent, lagging its benchmark (the S&P 500® Index) return of 16.31 percent. In addition to the Micro Cap Fund, the Mid Cap Fund also beat its benchmark, although its benchmark is the Value component of the S&P MidCap 400® Index. It is not unusual for Value stocks, such as those held by our Funds, to lag Growth stocks in very strong markets. The Balanced: Golden Rainbow Fund’s holdings in municipal bonds and Sovereign bonds were a slight drag on performance as both these asset classes suffered as the Federal Reserve publically discussed tapering its quantitative easing program. While the Adviser’s stock selection methodology had not been remarkable in the first part of 2013, it returned to favor in the fourth quarter. We note that most academic research shows that Value investing is remarkable over longer time periods and we are confident that the long term outperformance of Value investing will return in coming months.
Expectations for the Future
2014 brings another Congressional election, more budget debates and the commencement (of some) of the Affordable Care Act. There is plenty of uncertainty surrounding these important events to raise some concern over the stock market, especially given the strong rallies of the preceding two years. In addition, Janet Yellen takes over at the Federal Reserve. While she is not a new face in Washington or in financial circles, the implementation of her strategies concerning unemployment and fair wages will be of great interest to stock and bond market investors. We are confident that 2014 will bring many investment opportunities and we are dedicated to using our research and analytical skills to identify them.
Thomas L. Mangan
Chief Financial Officer
The statements and opinions expressed are those of the author and are as of the date of this report. All information is historical and not indicative of future results and subject to change. It should not be assumed that an investment in the securities mentioned will be profitable in the future. This information is not a recommendation to buy or sell.
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.
Tom Mangan is a registered representative of ALPS Distributors, Inc.
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James Advantage Funds | ||
December 31, 2013 (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 – Retail, S&P 500® Index and Blended Index Average Annual Total Returns
| 1 Year | 5 Years | 10 Years | Since Inception(2) | ||||||||||||
James Balanced: Golden Rainbow – Retail Class | 12.97% | 9.35% | 7.80% | 8.44% | ||||||||||||
S&P 500® Index | 32.39% | 17.94% | 7.41% | 9.53% | ||||||||||||
Russell 2000® Index | 38.82% | 20.08% | 9.07% | 10.49% | ||||||||||||
Barclays Capital Intermediate Government/Credit Index | -0.86% | 3.96% | 4.09% | 5.90% | ||||||||||||
Blended Index(1) | 16.17% | 11.75% | 6.59% | 8.39% |
(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) | Fund inception was July 1, 1991. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2013, was 1.07%.
Comparison of the Change in Value of a $10,000 Investment in the James Balanced: Golden Rainbow Fund – Institutional Class
James Balanced: Golden Rainbow Fund –Institutional, S&P 500® Index and Blended Index Average Annual Total Returns
1 Year | 3 Years | 10 Years | Since Inception(2) | |||||||||||||
James Balanced: Golden Rainbow – Institutional Class | 13.23% | 8.84% | N/A | 13.27% | ||||||||||||
S&P 500® Index | 32.39% | 16.18% | N/A | 24.87% | ||||||||||||
Russell 2000® Index | 38.82% | 15.67% | N/A | 28.68% | ||||||||||||
Barclays Capital Intermediate Government/Credit Index | -0.86% | 2.91% | N/A | 4.22% | ||||||||||||
Blended Index(1) | 16.17% | 9.54% | N/A | 15.46% |
(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) | Fund 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, 2013, was 0.82%.
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® Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation.
The Russell 2000® Index is a widely recognized, unmanaged index comprised of the 2,000 smallest U.S. domiciled publicly-traded common stocks of the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index, an unmanaged index of the 3,000 largest U.S. domiciled publicly-traded common stocks by market capitalization.
The Barclays Capital Intermediate Government/Credit Index measures the performance of U.S. Dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.
The S&P 500® Index, Russell 2000® Index, Barclays Capital Intermediate Government/Credit Index, S&P Mid Cap 400® Index, and Russell Microcap® 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 Index returns do not reflect the deduction of expenses, which have been deducted from a 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.
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Growth of $10,000 Charts | James Advantage Funds | |
December 31, 2013 (Unaudited) |
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
1 Year | 5 Years | 10 Years | Since Inception(1) | |||||||||||||
James Small Cap Fund | 38.38% | 20.17% | 8.72% | 9.30% | ||||||||||||
Russell 2000® Value TR Index | 34.52% | 17.64% | 8.61% | 10.44% | ||||||||||||
Russell 2000® TR | 38.82% | 20.08% | 9.07% | 9.63% |
(1) | Fund inception was October 2, 1998. |
The total annual operating expense ratio as stated inthe fee table of the most recent prospectus, dated November 1, 2013, was 1.53%.
Comparison of the Change in Value of a $10,000 Investment in the James Mid Cap Fund
James Mid Cap Fund and S&P MidCap 400® Value Index Average Annual Total Returns
1 Year | 5 Year | Since Inception(1) | ||||||||||
James Mid Cap Fund | 32.19% | 17.93% | 6.43% | |||||||||
S&P MidCap 400® Value Index | 34.25% | 20.58% | 8.37% |
(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, 2013, was 1.54%.
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.
Mid, Small and Micro Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat.
The Mid-Cap Fund invests in stocks of mid-cap companies which tend to be more volatile and can be less liquid than stocks of large-cap companies. Diversification does not guarantee a profit or protect against loss. Current and future portfolio holdings are subject to risk.
The Russell 2000® Value Index is a widely recognized, unmanaged index that measures the performance of those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 2000® Index is a widely recognized, unmanaged index comprised of the 2,000 smallest U.S. domiciled publicly-traded common stocks of the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index, an unmanaged index of the 3,000 largest U.S. domiciled publicly-traded common stocks by market capitalization.
The S&P MidCap 400® Value Index is a recognized, unmanaged index of mid cap stocks considered to be value stocks using Standard and Poor’s methodology.
The S&P 500® Index, Russell 2000® Index, Barclays Capital Intermediate Government/Credit Index, S&P MidCap 400® Index, and Russell Microcap® 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 Index returns do not reflect the deduction of expenses, which have been deducted from a 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.
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James Advantage Funds | Growth of $10,000 Charts | |
December 31, 2013 (Unaudited) |
Comparison of the Change in Value of a $10,000 Investment in the James Micro Cap Fund
James Micro Cap Fund and Russell Microcap® Index Average Annual Total Returns
1 Year | 3 Year | Since Inception(1) | ||||||||||
James Micro Cap Fund | 47.26% | 14.75% | 17.36% | |||||||||
Russell Microcap® Index | 45.62% | 16.52% | 22.84% |
(1) | Fund inception was July 1, 2010. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2013, was 1.54%.
Comparison of the Change in Value of a $10,000 Investment in the James Long-Short Fund
James Long-Short Fund and S&P 500® Index Average Annual Total Returns
1 Year | Since Inception(1) | |||||||
James Long-Short Fund | 24.54% | 10.45% | ||||||
S&P 500® Index | 32.39% | 16.40% |
(1) | Fund inception was May 23, 2011. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2013, was 2.75%.
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.
Mid, Small and Micro Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat.
Short selling incurs significant additional risk; theoretically, stocks sold short have unlimited upside risk potential. In addition, this strategy depends on the Adviser’s ability to correctly identify undervalued and overvalued stocks, and that the stock markets are reasonable and efficient. Periods of extreme volatility may harm the performance of this product. The Long-Short Fund may have a high portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs and may expose taxable shareholders to potentially larger current tax liability.
The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1,000 of the smallest securities in the small cap Russell 2000® Index, plus the next smallest eligible securities by market cap.
The S&P 500® Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation.
The S&P 500® Index, Russell 2000® Index, Barclays Capital Intermediate Government/Credit Index, S&P MidCap 400® Index, and Russell Microcap® 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 Index returns do not reflect the deduction of expenses, which have been deducted from a 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, 2013 | 5 |
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James Advantage Funds | ||
December 31, 2013 (Unaudited) |
The illustrations below provide the industry sectors for the James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Mid Cap Fund, James Micro Cap Fund, and James Long-Short Fund.
James Balanced: Golden Rainbow Fund - Industry Sector Allocation
(% of Net Assets)
James Small Cap Fund - Industry Sector Allocation
(% of Net Assets)
James Mid Cap Fund - Industry Sector Allocation
(% of Net Assets)
James Long-Short Fund - Industry Sector Allocation (% of Net Assets)
(Cash and Cash Equivalents and Other Liabilities in Excess of Assets not included)
James Micro Cap Fund - Industry Sector Allocation
(% of Net Assets)
For compliance purposes, each Fund’s industry classifications may refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or asdefined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease.
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James Advantage Funds | ||
December 31, 2013 (Unaudited) |
Example. As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including reinvested dividends or other distributions, and redemption fees; 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, 2013 through December 31, 2013.
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 | Beginning Account Value July 1, 2013 | Ending Account Value December 31, 2013 | Expense Paid During Period(b) | |||||||||||||||||
James Balanced: Golden Rainbow Fund | ||||||||||||||||||||
Retail Class Actual | 1.01% | $ | 1,000.00 | $ | 1,081.30 | $ | 5.30 | |||||||||||||
Retail Class Hypothetical (5% return before expenses) | 1.01% | $ | 1,000.00 | $ | 1,020.11 | $ | 5.14 | |||||||||||||
Institutional Class Actual | 0.76% | $ | 1,000.00 | $ | 1,082.90 | $ | 3.99 | |||||||||||||
Institutional Class Hypothetical (5% return before expenses) | 0.76% | $ | 1,000.00 | $ | 1,021.37 | $ | 3.87 | |||||||||||||
James Small Cap Fund | ||||||||||||||||||||
Actual | 1.50% | $ | 1,000.00 | $ | 1,190.20 | $ | 8.28 | |||||||||||||
Hypothetical (5% return before expenses) | 1.50% | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 | |||||||||||||
James Mid Cap Fund | ||||||||||||||||||||
Actual | 1.50% | $ | 1,000.00 | $ | 1,195.50 | $ | 8.30 | |||||||||||||
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 | $ | 1,233.20 | $ | 8.44 | |||||||||||||
Hypothetical (5% return before expenses) | 1.50% | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 | |||||||||||||
James Long-Short Fund | ||||||||||||||||||||
Actual | 2.66% | (c) | $ | 1,000.00 | $ | 1,101.70 | $ | 14.09 | ||||||||||||
Hypothetical (5% return before expenses) | 2.66% | (c) | $ | 1,000.00 | $ | 1,011.80 | $ | 13.49 |
(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. |
(c) | Dividend and interest expense on securities sold short and interest expense totaled 1.16% (annualized) of average net assets for the six months ended December 31, 2013. |
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December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
COMMON STOCKS-53.2% | ||||||
Basic Materials-6.4% | ||||||
437,080 | Aceto Corp. | $10,931,371 | ||||
244,380 | Barrick Gold Corp. | 4,308,419 | ||||
155,940 | CF Industries Holdings, Inc. | 36,340,258 | ||||
261,930 | Cooper Tire & Rubber Co. | 6,296,797 | ||||
12,580 | Cytec Industries, Inc. | 1,171,953 | ||||
65,460 | Eastman Chemical Co. | 5,282,622 | ||||
205,500 | Goodyear Tire & Rubber Co. | 4,901,175 | ||||
25,000 | H.B. Fuller Co. | 1,301,000 | ||||
220,000 | Huntsman Corp. | 5,412,000 | ||||
74,840 | Innospec, Inc. | 3,459,105 | ||||
20,000 | Newmont Mining Corp. | 460,600 | ||||
235,000 | Olin Corp. | 6,779,750 | ||||
387,810 | PH Glatfelter Co. | 10,719,068 | ||||
352,810 | PolyOne Corp. | 12,471,834 | ||||
187,340 | PPG Industries, Inc. | 35,530,904 | ||||
27,000 | Terra Nitrogen Co. LP | 3,809,700 | ||||
200,000 | Westlake Chemical Corp. | 24,414,000 | ||||
175,960 | Worthington Industries, Inc. | 7,404,397 | ||||
|
| |||||
180,994,953 | ||||||
|
| |||||
Consumer, Cyclical-10.5% | ||||||
743,780 | Alaska Air Group, Inc. | 54,571,139 | ||||
9,867 | Allegion PLC* | 436,008 | ||||
30,000 | Best Buy Co., Inc. | 1,196,400 | ||||
14,500 | CVS Caremark Corp. | 1,037,765 | ||||
309,700 | Destination Maternity Corp. | 9,253,836 | ||||
352,760 | Dillard’s, Inc., Class A | 34,291,800 | ||||
188,950 | DIRECTV, Class A* | 13,054,555 | ||||
52,900 | Foot Locker, Inc. | 2,192,176 | ||||
1,752,435 | Ford Motor Co. | 27,040,072 | ||||
30,000 | Hanesbrands, Inc. | 2,108,100 | ||||
241,110 | Haverty Furniture Cos., Inc. | 7,546,743 | ||||
35,610 | LeapFrog Enterprises, Inc.* | 282,743 | ||||
671,180 | Macy’s, Inc. | 35,841,012 | ||||
194,750 | Moody’s Corp. | 15,282,032 | ||||
393,500 | RR Donnelley & Sons Co. | 7,980,180 | ||||
822,905 | Sinclair Broadcast Group, Inc., Class A | 29,402,396 | ||||
152,290 | Southwest Airlines Co. | 2,869,144 | ||||
184,540 | Target Corp. | 11,675,846 | ||||
14,000 | Time Warner, Inc. | 976,080 | ||||
42,770 | TJX Cos., Inc. | 2,725,732 | ||||
163,500 | Viacom, Inc., Class A | 14,350,395 | ||||
182,100 | Viacom, Inc., Class B | 15,904,614 | ||||
70,000 | Wal-Mart Stores, Inc. | 5,508,300 | ||||
|
| |||||
295,527,068 | ||||||
|
| |||||
Consumer, Non-cyclical-7.5% | ||||||
50,000 | Dean Foods Co.* | 859,500 | ||||
565 | DeVry Education Group, Inc. | 20,058 | ||||
230 | DST Systems, Inc. | 20,870 | ||||
426,230 | Eli Lilly & Co. | 21,737,730 | ||||
47,050 | Grand Canyon Education, Inc.* | 2,051,380 |
See Notes to Financial Statements.
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James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Consumer, Non-cyclical (continued) | ||||||
42,230 | Helen of Troy, Ltd.* | $2,090,807 | ||||
69,500 | Ingles Markets, Inc., Class A | 1,883,450 | ||||
221,950 | Ingredion, Inc. | 15,194,697 | ||||
565,640 | Kroger Co. | 22,359,749 | ||||
3,768 | Manpowergroup, Inc. | 323,520 | ||||
481,030 | Merck & Co., Inc. | 24,075,552 | ||||
675,020 | Mylan, Inc.* | 29,295,868 | ||||
182,820 | Newell Rubbermaid, Inc. | 5,925,196 | ||||
224,970 | Omnicare, Inc. | 13,579,189 | ||||
618,220 | Pfizer, Inc. | 18,936,079 | ||||
2,850 | Seaboard Corp. | 7,965,665 | ||||
95,000 | Spartan Stores, Inc. | 2,306,600 | ||||
10,740 | Toro Co. | 683,064 | ||||
11,000 | Towers Watson & Co., Class A | 1,403,710 | ||||
32,080 | Tupperware Brands Corp. | 3,032,522 | ||||
26,000 | United Therapeutics Corp.* | 2,940,080 | ||||
168,050 | UnitedHealth Group, Inc. | 12,654,165 | ||||
76,100 | USANA Health Sciences, Inc.* | 5,751,638 | ||||
113,915 | WellPoint, Inc. | 10,524,607 | ||||
195,371 | WhiteWave Foods Co., Class A* | 4,481,811 | ||||
|
| |||||
210,097,507 | ||||||
|
| |||||
Energy-4.6% | ||||||
171,910 | Chevron Corp. | 21,473,278 | ||||
53,460 | Cimarex Energy Co. | 5,608,489 | ||||
193,050 | ConocoPhillips | 13,638,982 | ||||
156,165 | Delek US Holdings, Inc. | 5,373,638 | ||||
105,100 | Exxon Mobil Corp. | 10,636,120 | ||||
593,704 | HollyFrontier Corp. | 29,501,152 | ||||
100,290 | Plains All American Pipeline LP | 5,192,013 | ||||
115,000 | Tesco Corp.* | 2,274,700 | ||||
588,200 | Tesoro Corp. | 34,409,700 | ||||
3,200 | Valero Energy Corp. | 161,280 | ||||
|
| |||||
128,269,352 | ||||||
|
| |||||
Financial-7.6% | ||||||
352,000 | American Financial Group, Inc. | 20,317,440 | ||||
215,980 | AmTrust Financial Services, Inc. | 7,060,386 | ||||
330,000 | Aspen Insurance Holdings, Ltd. | 13,632,300 | ||||
200,570 | CBL & Associates Properties, Inc., REIT | 3,602,237 | ||||
44,530 | FBL Financial Group, Inc., Class A | 1,994,499 | ||||
1,130,130 | Fifth Third Bancorp | 23,766,634 | ||||
65,000 | Goldman Sachs Group, Inc. | 11,521,900 | ||||
68,490 | Horace Mann Educators Corp. | 2,160,174 | ||||
449,140 | JPMorgan Chase & Co. | 26,265,707 | ||||
1,066,430 | KeyCorp | 14,311,491 | ||||
42,770 | Montpelier Re Holdings, Ltd. | 1,244,607 | ||||
348,200 | Nelnet, Inc., Class A | 14,673,148 | ||||
12,260 | PNC Financial Services Group, Inc. | 951,131 | ||||
377,170 | Protective Life Corp. | 19,107,432 | ||||
294,010 | Rent-A-Center, Inc. | 9,802,293 | ||||
119,740 | Southside Bancshares, Inc. | 3,273,692 | ||||
118,250 | Torchmark Corp. | 9,241,237 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 9 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Financial (continued) | ||||||
182,994 | Travelers Cos., Inc. | $16,568,277 | ||||
413,775 | Unum Group | 14,515,227 | ||||
|
| |||||
214,009,812 | ||||||
|
| |||||
Industrial-6.3% | ||||||
60,030 | AGCO Corp. | 3,553,176 | ||||
127,120 | AMERCO* | 30,234,221 | ||||
358,300 | American Axle & Manufacturing Holdings, Inc.* | 7,327,235 | ||||
258,260 | American Railcar Industries, Inc. | 11,815,395 | ||||
187,572 | CNH Industrial NV* | 2,128,942 | ||||
24,080 | Cummins, Inc. | 3,394,558 | ||||
20,500 | Deere & Co. | 1,872,265 | ||||
60,000 | Eaton Corp. PLC | 4,567,200 | ||||
29,600 | Ingersoll-Rand PLC | 1,823,360 | ||||
245,900 | Jarden Corp.* | 15,085,965 | ||||
253,820 | Magna International, Inc. | 20,828,469 | ||||
4,000 | Republic Services, Inc. | 132,800 | ||||
30,000 | Ryder System, Inc. | 2,213,400 | ||||
344,770 | Sturm Ruger & Co., Inc. | 25,199,239 | ||||
125,000 | Timken Co. | 6,883,750 | ||||
157,760 | Trinity Industries, Inc. | 8,601,075 | ||||
366,985 | TRW Automotive Holdings Corp.* | 27,300,014 | ||||
62,770 | United Rentals, Inc.* | 4,892,921 | ||||
|
| |||||
177,853,985 | ||||||
|
| |||||
Technology-7.1% | ||||||
70,000 | AAR Corp. | 1,960,700 | ||||
169,400 | Alliant Techsystems, Inc. | 20,612,592 | ||||
177,440 | Amkor Technology, Inc.* | 1,087,707 | ||||
236,130 | Arrow Electronics, Inc.* | 12,810,052 | ||||
199,410 | Avnet, Inc. | 8,795,975 | ||||
105,500 | CSG Systems International, Inc. | 3,101,700 | ||||
627,170 | Deluxe Corp. | 32,732,002 | ||||
40,000 | Ingram Micro, Inc., Class A* | 938,400 | ||||
245,900 | Intel Corp. | 6,383,564 | ||||
19,500 | International Business Machines Corp. | 3,657,615 | ||||
288,890 | Kulicke & Soffa Industries, Inc.* | 3,842,237 | ||||
205,480 | Lexmark International, Inc., Class A | 7,298,650 | ||||
62,030 | Lockheed Martin Corp. | 9,221,380 | ||||
137,450 | Northrop Grumman Corp. | 15,753,145 | ||||
304,700 | PDL BioPharma, Inc. | 2,571,668 | ||||
2,490 | Symantec Corp. | 58,714 | ||||
37,600 | SYNNEX Corp.* | 2,534,240 | ||||
39,390 | TE Connectivity, Ltd. | 2,170,783 | ||||
349,900 | Triumph Group, Inc. | 26,616,893 | ||||
459,050 | Western Digital Corp. | 38,514,295 | ||||
|
| |||||
200,662,312 | ||||||
|
| |||||
Utilities-3.2% | ||||||
151,280 | American Electric Power Co., Inc. | 7,070,827 | ||||
19,250 | American States Water Co. | 553,052 | ||||
340,500 | AT&T, Inc. | 11,971,980 | ||||
471,070 | BCE, Inc. | 20,392,620 |
See Notes to Financial Statements.
10 | www.jamesfunds.com |
Table of Contents
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Utilities (continued) | ||||||
10,700 | Black Hills Corp. | $561,857 | ||||
120,190 | BT Group PLC, ADR | 7,587,595 | ||||
142,820 | DTE Energy Co. | 9,481,820 | ||||
71,630 | El Paso Electric Co. | 2,514,929 | ||||
56,040 | IDACORP, Inc. | 2,905,114 | ||||
21,390 | Laclede Group, Inc. | 974,101 | ||||
106,910 | Pike Corp. * | 1,130,039 | ||||
85,530 | Pinnacle West Capital Corp. | 4,526,248 | ||||
203,260 | PNM Resources, Inc. | 4,902,631 | ||||
276,710 | Portland General Electric Co. | 8,356,642 | ||||
44,940 | Public Service Enterprise Group, Inc. | 1,439,878 | ||||
143,260 | TELUS Corp. | 4,933,874 | ||||
11,000 | UNS Energy Corp. | 658,350 | ||||
210,370 | Vonage Holdings Corp. * | 700,532 | ||||
11,730 | Westar Energy, Inc. | 377,354 | ||||
|
| |||||
91,039,443 | ||||||
|
| |||||
TOTAL COMMON STOCKS (Cost $1,055,471,976) | 1,498,454,432 | |||||
|
| |||||
CLOSED-END FUNDS-0.1% | ||||||
140,000 | Eaton Vance Risk-Managed Diversified Equity Income Fund | 1,577,800 | ||||
11,500 | Nuveen Ohio Quality Income Municipal Fund, Inc. | 160,080 | ||||
50,000 | Nuveen Premium Income Municipal Fund 2 | 627,500 | ||||
|
| |||||
TOTAL CLOSED-END FUNDS (Cost $2,140,294) | 2,365,380 | |||||
|
| |||||
EXCHANGE TRADED FUNDS-0.8% | ||||||
43,810 | iShares® MSCI Canada Index Fund | 1,277,500 | ||||
16,040 | iShares® MSCI Germany Index Fund | 509,430 | ||||
32,080 | iShares® MSCI Philippines Investable Market Index Fund | 1,013,728 | ||||
69,000 | iShares® MSCI Poland Investable Market Index Fund | 2,047,920 | ||||
339,980 | iShares® MSCI Singapore Index Fund | 4,477,537 | ||||
6,420 | iShares® MSCI South Korea Index Fund | 415,181 | ||||
74,840 | iShares® MSCI Switzerland Index Fund | 2,468,972 | ||||
10,000 | iShares® S&P® National Municipal Bond Fund | 1,037,400 | ||||
122,900 | SPDR® Nuveen Barclays Capital Short Term Municipal Bond ETF | 2,985,241 | ||||
195,400 | SPDR® S&P® Homebuilders ETF | 6,506,820 | ||||
|
| |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $20,564,204) | 22,739,729 | |||||
|
| |||||
CORPORATE BONDS-7.2% | ||||||
Basic Materials-0.4% | ||||||
$5,000,000 | BHP Billiton Finance USA, Ltd., 1.000%, 2/24/15 | 5,027,410 | ||||
5,000,000 | E.I. du Pont de Nemours & Co., 2.750%, 4/1/16 | 5,211,045 | ||||
1,500,000 | E.I. du Pont de Nemours & Co., 5.750%, 3/15/19 | 1,706,634 | ||||
|
| |||||
11,945,089 | ||||||
|
| |||||
Communications-0.2% | ||||||
5,000,000 | BellSouth Corp., 5.200%, 9/15/14 | 5,163,035 | ||||
|
|
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 11 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Consumer, Cyclical-0.5% | ||||||
$5,000,000 | eBay, Inc., 2.600%, 7/15/22 | $4,591,545 | ||||
5,000,000 | Home Depot, Inc., 5.950%, 4/1/41 | 5,785,840 | ||||
785,000 | McDonald’s Corp., 5.700%, 2/1/39 | 878,930 | ||||
2,000,000 | Wal-Mart Stores, Inc., 5.250%, 9/1/35 | 2,165,932 | ||||
|
| |||||
13,422,247 | ||||||
|
| |||||
Consumer, Non-cyclical-0.9% | ||||||
5,000,000 | Colgate-Palmolive Co., 3.150%, 8/5/15 | 5,206,670 | ||||
3,000,000 | Hershey Co., 4.125%, 12/1/20 | 3,204,102 | ||||
5,475,000 | Johnson & Johnson, 4.500%, 9/1/40 | 5,367,717 | ||||
5,000,000 | PepsiCo, Inc., 0.800%, 8/25/14 | 5,012,730 | ||||
5,465,000 | Wyeth LLC, 5.500%, 2/15/16 | 6,000,893 | ||||
|
| |||||
24,792,112 | ||||||
|
| |||||
Energy-0.9% | ||||||
5,000,000 | Apache Corp., 3.250%, 4/15/22 | 4,919,000 | ||||
5,000,000 | BP Capital Markets PLC, 3.245%, 5/6/22 | 4,839,130 | ||||
5,000,000 | Occidental Petroleum Corp., 1.750%, 2/15/17 | 5,015,450 | ||||
5,050,000 | Shell International Finance BV, 2.375%, 8/21/22 | 4,616,846 | ||||
5,000,000 | Shell International Finance BV, 6.375%, 12/15/38 | 6,190,030 | ||||
|
| |||||
25,580,456 | ||||||
|
| |||||
Financial-2.6% | ||||||
5,000,000 | Aflac, Inc., 2.650%, 2/15/17 | 5,157,760 | ||||
5,000,000 | Bank of America Corp., 1.738%, 4/27/16(a) | 4,938,195 | ||||
5,000,000 | Berkshire Hathaway, Inc., 3.750%, 8/15/21 | 5,148,170 | ||||
5,000,000 | Citigroup, Inc., 4.450%, 1/10/17 | 5,417,210 | ||||
4,000,000 | General Electric Capital Corp., 0.750%, 2/6/14(a) | 4,002,336 | ||||
10,000,000 | General Electric Capital Corp., 1.044%, 4/15/20(a) | 9,921,380 | ||||
2,000,000 | General Electric Capital Corp., 6.875%, 1/10/39 | 2,563,134 | ||||
15,000,000 | JPMorgan Chase & Co., 2.600%, 1/15/16 | 15,448,965 | ||||
5,000,000 | Morgan Stanley & Co., 3.450%, 11/2/15 | 5,204,530 | ||||
5,000,000 | Morgan Stanley & Co., 4.750%, 3/22/17 | 5,454,690 | ||||
5,000,000 | National City Corp., 4.900%, 1/15/15 | 5,226,850 | ||||
5,000,000 | UBS AG, 5.875%, 12/20/17 | 5,735,255 | ||||
|
| |||||
74,218,475 | ||||||
|
| |||||
Industrial-0.3% | ||||||
1,000,000 | Caterpillar, Inc., 7.900%, 12/15/18 | 1,252,707 | ||||
1,000,000 | Caterpillar, Inc., 8.250%, 12/15/38 | 1,402,395 | ||||
5,000,000 | United Technologies Corp., 3.100%, 6/1/22 | 4,881,555 | ||||
|
| |||||
7,536,657 | ||||||
|
| |||||
Technology-1.1% | ||||||
8,000,000 | Google, Inc., 3.625%, 5/19/21 | 8,330,520 | ||||
5,000,000 | Intel Corp., 3.300%, 10/1/21 | 4,960,550 | ||||
3,000,000 | International Business Machines Corp., 1.950%, 7/22/16 | 3,081,834 | ||||
7,000,000 | International Business Machines Corp., 1.875%, 8/1/22 | 6,107,850 | ||||
3,700,000 | Microsoft Corp., 5.200%, 6/1/39 | 3,905,517 | ||||
5,000,000 | Oracle Corp., 2.500%, 10/15/22 | 4,572,400 | ||||
|
| |||||
30,958,671 | ||||||
|
| |||||
Utilities-0.3% | ||||||
5,000,000 | Duke Energy Florida, Inc., 5.800%, 9/15/17 | 5,684,230 | ||||
4,600,000 | San Diego Gas & Electric Co., 3.000%, 8/15/21 | 4,527,044 | ||||
|
| |||||
10,211,274 | ||||||
|
| |||||
TOTAL CORPORATE BONDS (Cost $206,702,475) | 203,828,016 | |||||
|
|
See Notes to Financial Statements.
12 | www.jamesfunds.com |
Table of Contents
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
MORTGAGE BACKED SECURITIES-0.9% | ||||||
Federal Home Loan Mortgage Corporation-0.3% | ||||||
$5,846,531 | 3.000%, 11/1/26 | $5,959,965 | ||||
3,660,372 | 3.500%, 5/1/42 | 3,636,016 | ||||
|
| |||||
9,595,981 | ||||||
|
| |||||
Federal National Mortgage Association-0.4% | ||||||
3,054,102 | 3.000%, 3/1/27, Pool #AB4726 | 3,120,147 | ||||
3,832,849 | 3.000%, 4/1/27, Pool #AB4927 | 3,915,765 | ||||
4,464,300 | 4.500%, 9/1/40, Pool #MA0547 | 4,662,292 | ||||
|
| |||||
11,698,204 | ||||||
|
| |||||
Government National Mortgage Association-0.2% | ||||||
6,386,964 | 4.000%, 12/20/40, Pool #4882 | 6,652,942 | ||||
|
| |||||
TOTAL MORTGAGE BACKED SECURITIES (Cost $28,084,071) | 27,947,127 | |||||
|
| |||||
U.S. GOVERNMENT AGENCIES-1.9% | ||||||
Federal Farm Credit Banks-1.0% | ||||||
10,000,000 | 1.750%, 5/28/20 | 9,480,140 | ||||
10,000,000 | 2.380%, 5/15/23 | 9,111,850 | ||||
10,000,000 | 3.220%, 3/26/31 | 8,399,710 | ||||
|
| |||||
26,991,700 | ||||||
|
| |||||
Federal Home Loan Bank-0.7% | ||||||
5,000,000 | 1.600%, 10/22/20 | 4,644,410 | ||||
5,000,000 | 1.250%, 7/25/22 (b) | 4,901,890 | ||||
10,000,000 | 2.430%, 10/11/22 | 9,224,490 | ||||
|
| |||||
18,770,790 | ||||||
|
| |||||
United States Department of Housing and Urban Development-0.2% | ||||||
5,000,000 | 2.050%, 8/1/19 | 4,963,460 | ||||
|
| |||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $55,209,276) | 50,725,950 | |||||
|
| |||||
U.S. TREASURY BONDS & NOTES-26.5% | ||||||
U.S. Treasury Bonds-0.6% | ||||||
17,500,000 | 3.875%, 8/15/40 | 17,437,105 | ||||
|
| |||||
U.S. Treasury Inflation Indexed Notes-1.1% | ||||||
15,902,425 | 2.500%, 7/15/16 | 17,447,950 | ||||
12,821,235 | 1.625%, 1/15/18 | 13,933,080 | ||||
|
| |||||
31,381,030 | ||||||
|
| |||||
U.S. Treasury Notes-24.8% | ||||||
55,000,000 | 2.625%, 12/31/14 | 56,336,335 | ||||
20,000,000 | 0.250%, 5/31/15 | 20,009,380 | ||||
140,000,000 | 0.250%, 11/30/15 | 139,721,120 | ||||
60,000,000 | 2.000%, 1/31/16 | 61,968,720 | ||||
95,000,000 | 0.250%, 5/15/16 | 94,413,660 | ||||
45,000,000 | 1.000%, 9/30/16 | 45,383,220 | ||||
58,000,000 | 4.625%, 2/15/17 | 64,683,572 | ||||
50,000,000 | 1.500%, 8/31/18 | 49,718,750 | ||||
110,000,000 | 2.750%, 2/15/19 | 115,190,680 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 13 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
U.S. Treasury Notes (continued) | ||||||
$50,000,000 | 2.625%, 11/15/20 | $50,750,000 | ||||
|
| |||||
698,175,437 | ||||||
|
| |||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $741,272,406) | 746,993,572 | |||||
|
| |||||
FOREIGN BONDS-2.1% | ||||||
Australia Government-0.3% | ||||||
AUD 10,000,000 | 5.250%, 3/15/19 | 9,679,807 | ||||
|
| |||||
Canada Government-0.4% | ||||||
CAD 5,000,000 | 3.750%, 6/1/19 | 5,108,355 | ||||
CAD 5,000,000 | 3.500%, 6/1/20 | 5,060,861 | ||||
|
| |||||
10,169,216 | ||||||
|
| |||||
Denmark Government-0.3% | ||||||
DKK 56,000,000 | 1.500%, 11/15/23 | 9,878,678 | ||||
|
| |||||
International Bank for Reconstruction & Development-0.1% | ||||||
TRY 8,000,000 | 6.000%, 7/23/15 | 3,554,986 | ||||
|
| |||||
Netherlands Government-0.2% | ||||||
EUR 3,000,000 | 4.000%, 7/15/19 | 4,721,106 | ||||
|
| |||||
Norway Government-0.3% | ||||||
NOK 21,000,000 | 4.500%, 5/22/19 | 3,832,094 | ||||
NOK 28,000,000 | 2.000%, 5/24/23 | 4,247,868 | ||||
|
| |||||
8,079,962 | ||||||
|
| |||||
Queensland Treasury Corp.-0.2% | ||||||
AUD 5,000,000 | 6.000%, 10/14/15 | 4,722,199 | ||||
|
| |||||
Sweden Government-0.3% | ||||||
SEK 52,000,000 | 5.000%, 12/1/20 | 9,557,648 | ||||
|
| |||||
TOTAL FOREIGN BONDS (Cost $60,722,651) | 60,363,602 | |||||
|
| |||||
MUNICIPAL BONDS-3.3% | ||||||
California-0.0%(c) | ||||||
1,000,000 | Citrus Community College District General Obligation Unlimited Bonds, Series B, 4.750%, 6/1/31 | 1,037,230 | ||||
|
| |||||
Colorado-0.1% | ||||||
1,000,000 | Adams County School District No. 14 General Obligation Unlimited Bonds, 5.000%, 12/1/26 | 1,127,660 | ||||
|
| |||||
Connecticut-0.2% | ||||||
5,350,000 | State of Connecticut, Series B, 5.000%, 11/1/25 | 5,949,254 | ||||
|
| |||||
Florida-0.0%(c) | ||||||
1,000,000 | Florida State Board of Education Capital Outlay General Obligation Bonds, Series D, 5.000%, 6/1/38 | 1,040,290 | ||||
|
| |||||
Georgia-0.3% | ||||||
3,000,000 | State of Georgia General Obligation Unlimited Bonds, Series B, 4.500%, 1/1/29 | 3,226,020 |
See Notes to Financial Statements.
14 | www.jamesfunds.com |
Table of Contents
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Georgia (continued) | ||||||
$5,000,000 | State of Georgia General Obligation Unlimited Bonds, Series D, 5.000%, 2/1/25 | $5,802,350 | ||||
|
| |||||
9,028,370 | ||||||
|
| |||||
Illinois-0.1% | ||||||
500,000 | Kane & DeKalb Counties Community Unit School District No. 302 Kaneland General Obligation Unlimited Bonds (School Building), 5.500%, 2/1/28 | 532,375 | ||||
1,000,000 | Village of Bolingbrook General Obligation Unlimited Bonds, 5.000%, 1/1/37 | 1,015,540 | ||||
|
| |||||
1,547,915 | ||||||
|
| |||||
Maryland-0.2% | ||||||
5,000,000 | County of Montgomery MD, 3.000%, 11/1/29 | 4,496,950 | ||||
|
| |||||
Massachusetts-0.1% | ||||||
1,000,000 | Commonwealth of Massachusetts General Obligation Limited Bonds, Series C, 5.250%, 8/1/22 | 1,158,580 | ||||
|
| |||||
Michigan-0.0%(c) | ||||||
1,000,000 | Marysville Public School District General Obligation Unlimited Bonds (School Building & Site), 5.000%, 5/1/32 | 1,018,950 | ||||
|
| |||||
Ohio-1.4% | ||||||
5,450,000 | City of Columbus General Obligation Various Purpose Limited Tax Bonds, Series B, 3.250%, 8/15/24 | 5,481,283 | ||||
4,620,000 | Columbus City School District Taxable Facilities & Improvement Build America Bonds, Series B, 6.150%, 12/1/33 | 4,741,460 | ||||
5,000,000 | County of Cuyahoga OH, 4.000%, 12/1/37 | 4,547,200 | ||||
Greenville City School District General Obligation Unlimited Bonds (School Improvement): | ||||||
5,000,000 | 5.000%, 1/1/46 | 4,913,750 | ||||
11,000,000 | 5.500%, 1/1/51 | 11,424,820 | ||||
1,100,000 | Miamisburg City School District General Obligation Unlimited Bonds (School Facilities Construction & Improvement), 5.000%, 12/1/33 | 1,162,634 | ||||
500,000 | Mount Healthy City School District General Obligation Unlimited Bonds (School Improvement), 5.000%, 12/1/26 | 528,300 | ||||
1,000,000 | Ohio State University General Recipients Revenue Bonds, 4.910%, 6/1/40 | 1,001,900 | ||||
105,000 | Ohio State University Prerefunded Revenue Bonds, Series A, 5.000%, 12/1/28 | 123,449 | ||||
895,000 | Ohio State University Unrefunded Revenue Bonds, Series A, 5.000%, 12/1/28 | 972,614 | ||||
500,000 | Springboro Community City School District General Obligation Unlimited Bonds, 5.250%, 12/1/23 | 579,085 | ||||
1,000,000 | State of Ohio General Obligation Unlimited Bonds, Series A, 5.375%, 9/1/28 | 1,104,990 | ||||
2,000,000 | State of Ohio General Obligation Unlimited Bonds, Series B, 5.000%, 2/1/22 | 2,006,740 | ||||
1,000,000 | Wright State University Revenue Bonds, 4.000%, 5/1/18 | 1,085,800 | ||||
|
| |||||
39,674,025 | ||||||
|
| |||||
Texas-0.3% | ||||||
1,000,000 | Friendswood Independent School District General Obligation Unlimited Bonds (Schoolhouse), 5.000%, 2/15/37 | 1,060,950 | ||||
1,000,000 | Judson Independent School District General Obligation Unlimited Bonds (School Building), 5.000%, 2/1/37 | 1,027,200 | ||||
500,000 | Lamar Consolidated Independent School District General Obligation Unlimited Bonds (Schoolhouse), 5.000%, 2/15/38 | 523,750 | ||||
5,335,000 | Port of Houston Authority General Obligation Unlimited Bonds, Series D-1, 5.000%, 10/1/35 | 5,676,493 | ||||
1,000,000 | Tyler Independent School District General Obligation Unlimited Bonds (School Building), 5.000%, 2/15/34 | 1,041,030 | ||||
|
| |||||
9,329,423 | ||||||
|
| |||||
Washington-0.4% | ||||||
5,000,000 | State of Washington General Obligation Unlimited Bonds, Series D, 4.000%, 2/1/37 | 4,466,050 | ||||
5,845,000 | State of Washington General Obligation Various Purpose Unlimited Bonds, Series D, 5.000%, 2/1/20 | 6,854,665 | ||||
|
| |||||
11,320,715 | ||||||
|
|
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 15 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2013 (Unaudited) |
Shares or Principal Amount | Value | |||||
| ||||||
Wisconsin-0.2% | ||||||
$5,000,000 | State of Wisconsin General Obligation Unlimited Bonds, Series C, 5.000%, 5/1/25 | $5,587,000 | ||||
|
| |||||
TOTAL MUNICIPAL BONDS (Cost $93,920,872) | 92,316,362 | |||||
|
| |||||
SHORT TERM INVESTMENTS-3.8% | ||||||
Mutual Funds-1.3% | ||||||
37,328,496 | First American Government Obligations Fund, 7-Day Yield 0.006% | 37,328,496 | ||||
|
| |||||
U.S. Government Agency Securities-2.5% | ||||||
United States Treasury Bills | ||||||
$50,000,000 | 0.097%, 2/6/14 (d) | 49,995,125 | ||||
20,000,000 | 0.000%, 3/13/14 (d)(e) | 19,998,440 | ||||
|
| |||||
69,993,565 | ||||||
|
| |||||
TOTAL SHORT TERM INVESTMENTS (Cost $107,321,255) | 107,322,061 | |||||
|
| |||||
TOTAL INVESTMENT SECURITIES-99.8% (Cost $2,371,409,480) | 2,813,056,231 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.2% | 5,903,072 | |||||
|
| |||||
NET ASSETS-100.0% | $2,818,959,303 | |||||
|
| |||||
|
|
Percentages shown are based on Net Assets.
* | Non-income producing security. |
(a) | Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2013. |
(b) | Step bond. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at December 31, 2013. |
(c) | Less than 0.05% of Net Assets |
(d) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
(e) | Less than 0.0005% |
ADR - American Depositary Receipt
AUD - Australian Dollar
BV - Besloten Vennootschap is the Dutch term for private limited liability company
CAD - Canadian Dollar
DKK - Danish Krone
ETF - Exchange Traded Fund
EUR - Euro
LLC - Limited Liability Company
LP - Limited Partnership
Ltd. - Limited
MSCI - Morgan Stanley Capital International
NOK - Norwegian Krone
NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation
PLC - Public Limited Company
REIT - Real Estate Investment Trust
S&P - Standard & Poor’s
SEK - Swedish Krona
SPDR - Standard & Poor’s Depositary Receipts
TRY - Turkish Lira
See Notes to Financial Statements.
16 | www.jamesfunds.com |
Table of Contents
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2013 (Unaudited) |
Foreign Bonds Securities Allocation
% of Net Assets | ||
Europe | 0.7% | |
Europe - Euro | 0.5% | |
Asia - Pacific | 0.5% | |
North America | 0.4% | |
| ||
2.1% | ||
|
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 17 |
Table of Contents
Schedule of Investments | ||
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
COMMON STOCKS-96.6% | ||||||
Basic Materials-8.0% | ||||||
69,117 | Aceto Corp. | $1,728,616 | ||||
62,975 | Innospec, Inc. | 2,910,704 | ||||
115,540 | Lydall, Inc.* | 2,035,815 | ||||
34,714 | Neenah Paper, Inc. | 1,484,718 | ||||
72,020 | PH Glatfelter Co. | 1,990,633 | ||||
59,540 | Worthington Industries, Inc. | 2,505,443 | ||||
|
| |||||
12,655,929 | ||||||
|
| |||||
Consumer, Cyclical-15.6% | ||||||
71,980 | 1-800-Flowers.com, Inc., Class A* | 389,412 | ||||
9,431 | Bassett Furniture Industries, Inc. | 144,106 | ||||
28,092 | Courier Corp. | 508,184 | ||||
24,220 | Destination Maternity Corp. | 723,694 | ||||
16,370 | Dorman Products, Inc.* | 917,866 | ||||
22,701 | Flexsteel Industries, Inc. | 697,602 | ||||
70,420 | Fred’s, Inc., Class A | 1,304,178 | ||||
125,890 | Haverty Furniture Cos., Inc. | 3,940,357 | ||||
60,560 | Kona Grill, Inc.* | 1,121,571 | ||||
87,940 | La-Z-Boy, Inc. | 2,726,140 | ||||
28,600 | Meritage Homes Corp.* | 1,372,514 | ||||
114,970 | Myers Industries, Inc. | 2,428,166 | ||||
16,497 | Patrick Industries, Inc.* | 477,258 | ||||
59,130 | PC Connection, Inc. | 1,469,380 | ||||
43,305 | Rocky Brands, Inc. | 630,954 | ||||
161,605 | Sinclair Broadcast Group, Inc., Class A | 5,774,147 | ||||
|
| |||||
24,625,529 | ||||||
|
| |||||
Consumer, Non-cyclical-9.3% | ||||||
31,620 | Andersons, Inc. | 2,819,555 | ||||
197,780 | Carriage Services, Inc. | 3,862,643 | ||||
26,240 | G&K Services, Inc., Class A | 1,632,915 | ||||
20,464 | John B Sanfilippo & Son, Inc. | 505,052 | ||||
25,437 | Libbey, Inc.* | 534,177 | ||||
13,255 | Nature’s Sunshine Products, Inc. | 229,577 | ||||
32,300 | Seneca Foods Corp., Class A* | 1,030,047 | ||||
38,820 | Spartan Stores, Inc. | 942,550 | ||||
49,240 | Toro Co. | 3,131,664 | ||||
|
| |||||
14,688,180 | ||||||
|
| |||||
Energy-6.5% | ||||||
17,440 | Adams Resources & Energy, Inc. | 1,194,640 | ||||
62,280 | Alon USA Energy, Inc. | 1,030,111 | ||||
104,200 | Delek US Holdings, Inc. | 3,585,522 | ||||
130,965 | EPL Oil & Gas, Inc.* | 3,732,502 | ||||
55,519 | Star Gas Partners LP | 291,475 | ||||
22,520 | Tesco Corp.* | 445,446 | ||||
|
| |||||
10,279,696 | ||||||
|
| |||||
Financial-12.4% | ||||||
1,437 | Altisource Asset Management Corp.* | 1,336,410 | ||||
7,424 | Altisource Residential Corp., Class B | 223,537 |
See Notes to Financial Statements.
18 | www.jamesfunds.com |
Table of Contents
James Small Cap Fund | Schedule of Investments | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
Financial (continued) | ||||||
52,100 | American Financial Group, Inc. | $3,007,212 | ||||
21,668 | AmTrust Financial Services, Inc. | 708,327 | ||||
17,460 | BofI Holding, Inc.* | 1,369,388 | ||||
37,885 | ePlus, Inc.* | 2,153,383 | ||||
22,760 | Federal Agricultural Mortgage Corp., Class C | 779,530 | ||||
23,293 | HCI Group, Inc. | 1,246,176 | ||||
990 | Investors Title Co. | 80,170 | ||||
61,110 | MainSource Financial Group, Inc. | 1,101,813 | ||||
32,340 | Montpelier Re Holdings, Ltd. | 941,094 | ||||
36,385 | Nicholas Financial, Inc. | 572,700 | ||||
31,230 | Outerwall, Inc.* | 2,100,842 | ||||
39,030 | Peoples Bancorp, Inc. | 878,565 | ||||
41,729 | Southside Bancshares, Inc. | 1,140,864 | ||||
21,220 | World Acceptance Corp.* | 1,857,387 | ||||
|
| |||||
19,497,398 | ||||||
|
| |||||
Industrial-18.7% | ||||||
74,185 | Alamo Group, Inc. | 4,502,288 | ||||
25,990 | AMERCO* | 6,181,462 | ||||
27,380 | American Railcar Industries, Inc. | 1,252,635 | ||||
54,080 | Celadon Group, Inc. | 1,053,478 | ||||
71,000 | Dana Holding Corp. | 1,393,020 | ||||
45,570 | Franklin Electric Co., Inc. | 2,034,245 | ||||
30,624 | NN, Inc. | 618,298 | ||||
22,665 | Park-Ohio Holdings Corp.* | 1,187,646 | ||||
85,825 | SORL Auto Parts, Inc.* | 341,583 | ||||
19,485 | Standex International Corp. | 1,225,217 | ||||
72,607 | StealthGas, Inc.* | 739,865 | ||||
4,788 | Strattec Security Corp. | 213,880 | ||||
107,247 | Sturm Ruger & Co., Inc. | 7,838,683 | ||||
37,020 | Supreme Industries, Inc., Class A* | 215,827 | ||||
27,594 | UFP Technologies, Inc.* | 695,921 | ||||
|
| |||||
29,494,048 | ||||||
|
| |||||
Technology-13.8% | ||||||
31,660 | AAR Corp. | 886,796 | ||||
17,800 | Alliant Techsystems, Inc. | 2,165,904 | ||||
24,506 | Anika Therapeutics, Inc.* | 935,149 | ||||
61,112 | CalAmp Corp.* | 1,709,303 | ||||
33,760 | CSG Systems International, Inc. | 992,544 | ||||
130,325 | Deluxe Corp. | 6,801,662 | ||||
47,630 | Kulicke & Soffa Industries, Inc.* | 633,479 | ||||
180,445 | Mentor Graphics Corp. | 4,343,311 | ||||
41,100 | PDL BioPharma, Inc. | 346,884 | ||||
25,710 | Perion Network, Ltd.* | 310,834 | ||||
34,330 | Triumph Group, Inc. | 2,611,483 | ||||
|
| |||||
21,737,349 | ||||||
|
| |||||
Utilities-12.3% | ||||||
51,771 | Consolidated Water Co., Ltd., Ordinary Shares | 729,971 | ||||
131,165 | El Paso Electric Co. | 4,605,203 | ||||
51,320 | Laclede Group, Inc. | 2,337,113 | ||||
60,355 | NorthWestern Corp. | 2,614,579 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 19 |
Table of Contents
Schedule of Investments | James Small Cap Fund | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
Utilities (continued) | ||||||
85,140 | PNM Resources, Inc. | $2,053,577 | ||||
119,435 | Portland General Electric Co. | 3,606,937 | ||||
13,924 | Shenandoah Telecommunications Co. | 357,429 | ||||
912,033 | Vonage Holdings Corp.* | 3,037,070 | ||||
|
| |||||
19,341,879 | ||||||
|
| |||||
TOTAL COMMON STOCKS (Cost $96,799,731) | 152,320,008 | |||||
|
| |||||
SHORT TERM INVESTMENTS-3.3% | ||||||
Mutual Funds-3.3% | ||||||
5,239,567 | First American Government Obligations Fund, 7-Day Yield 0.006% | 5,239,567 | ||||
|
| |||||
TOTAL SHORT TERM INVESTMENTS (Cost $5,239,567) | 5,239,567 | |||||
|
| |||||
TOTAL INVESTMENT SECURITIES-99.9% (Cost $102,039,298) | 157,559,575 | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.1% | 135,702 | |||||
|
| |||||
NET ASSETS-100.0% | $157,695,277 | |||||
|
| |||||
|
|
Percentages shown are based on Net Assets.
* | Non-income producing security. |
LP - Limited Partnership
Ltd. - Limited
See Notes to Financial Statements.
20 | www.jamesfunds.com |
Table of Contents
Schedule of Investments | ||
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
COMMON STOCKS-94.8% | ||||||
Basic Materials-11.9% | ||||||
12,000 | Goodyear Tire & Rubber Co. | $286,200 | ||||
13,000 | Huntsman Corp. | 319,800 | ||||
1,000 | NewMarket Corp. | 334,150 | ||||
10,000 | Olin Corp. | 288,500 | ||||
15,500 | PolyOne Corp. | 547,925 | ||||
8,000 | Worthington Industries, Inc. | 336,640 | ||||
|
| |||||
2,113,215 | ||||||
|
| |||||
Consumer, Cyclical-11.1% | ||||||
8,250 | Alaska Air Group, Inc. | 605,302 | ||||
5,000 | Dillard’s, Inc., Class A | 486,050 | ||||
6,500 | Foot Locker, Inc. | 269,360 | ||||
15,000 | KB Home | 274,200 | ||||
10,000 | RR Donnelley & Sons Co. | 202,800 | ||||
7,500 | Steelcase, Inc., Class A | 118,950 | ||||
|
| |||||
1,956,662 | ||||||
|
| |||||
Consumer, Non-cyclical-12.7% | ||||||
4,125 | Ingredion, Inc. | 282,397 | ||||
10,000 | Newell Rubbermaid, Inc. | 324,100 | ||||
75 | Seaboard Corp. | 209,623 | ||||
6,400 | Toro Co. | 407,040 | ||||
7,225 | Tupperware Brands Corp. | 682,979 | ||||
10,325 | Tyson Foods, Inc., Class A | 345,475 | ||||
|
| |||||
2,251,614 | ||||||
|
| |||||
Energy-11.8% | ||||||
4,000 | Cimarex Energy Co. | 419,640 | ||||
13,000 | Exterran Holdings, Inc.* | 444,600 | ||||
8,250 | HollyFrontier Corp. | 409,942 | ||||
14,000 | Tesco Corp.* | 276,920 | ||||
9,300 | Tesoro Corp. | 544,050 | ||||
|
| |||||
2,095,152 | ||||||
|
| |||||
Financial-11.7% | ||||||
8,775 | American Financial Group, Inc. | 506,493 | ||||
4,000 | Aspen Insurance Holdings, Ltd. | 165,240 | ||||
5,500 | Horace Mann Educators Corp. | 173,470 | ||||
11,350 | Nelnet, Inc., Class A | 478,289 | ||||
8,000 | Protective Life Corp. | 405,280 | ||||
10,000 | Rent-A-Center, Inc. | 333,400 | ||||
|
| |||||
2,062,172 | ||||||
|
| |||||
Industrial-17.0% | ||||||
7,225 | AGCO Corp. | 427,648 | ||||
3,000 | AMERCO* | 713,520 | ||||
11,625 | Jarden Corp.* | 713,194 | ||||
3,700 | Timken Co. | 203,759 | ||||
6,000 | Trinity Industries, Inc. | 327,120 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 21 |
Table of Contents
Schedule of Investments | James Mid Cap Fund | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
Industrial (continued) | ||||||
8,250 | TRW Automotive Holdings Corp.* | $613,717 | ||||
|
| |||||
2,998,958 | ||||||
|
| |||||
Technology-11.6% | ||||||
2,500 | Alliant Techsystems, Inc. | 304,200 | ||||
7,750 | Arrow Electronics, Inc.* | 420,437 | ||||
13,950 | Deluxe Corp. | 728,051 | ||||
25,500 | LSI Corp. | 281,010 | ||||
4,125 | Triumph Group, Inc. | 313,789 | ||||
|
| |||||
2,047,487 | ||||||
|
| |||||
Utilities-7.0% | ||||||
15,550 | CMS Energy Corp. | 416,274 | ||||
4,975 | DTE Energy Co. | 330,290 | ||||
8,000 | Portland General Electric Co. | 241,600 | ||||
7,000 | Vectren Corp. | 248,500 | ||||
|
| |||||
1,236,664 | ||||||
|
| |||||
TOTAL COMMON STOCKS (Cost $10,265,434) | 16,761,924 | |||||
|
| |||||
SHORT TERM INVESTMENTS-5.2% | ||||||
Mutual Funds-5.2% | ||||||
914,039 | First American Government Obligations Fund, 7-Day Yield 0.006% | 914,039 | ||||
|
| |||||
TOTAL SHORT TERM INVESTMENTS (Cost $914,039) | 914,039 | |||||
|
| |||||
TOTAL INVESTMENT SECURITIES-100.0% (Cost $11,179,473) | 17,675,963 | |||||
OTHER LIABILITIES IN EXCESS OF ASSETS-0.0%(a) | (3,319 | ) | ||||
|
| |||||
NET ASSETS-100.0% | $17,672,644 | |||||
|
| |||||
|
|
Percentages shown are based on Net Assets.
* | Non-income producing security. |
(a) | Less than 0.05% of Net Assets |
Ltd. - Limited
See Notes to Financial Statements.
22 | www.jamesfunds.com |
Table of Contents
Schedule of Investments | ||
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
COMMON STOCKS-96.5% | ||||||
Basic Materials-10.0% | ||||||
35,736 | Aceto Corp. | $893,758 | ||||
18,055 | Neenah Paper, Inc. | 772,212 | ||||
|
| |||||
1,665,970 | ||||||
|
| |||||
Consumer, Cyclical-16.8% | ||||||
37,520 | 1-800-Flowers.com, Inc., Class A* | 202,983 | ||||
4,924 | Bassett Furniture Industries, Inc. | 75,239 | ||||
14,380 | Courier Corp. | 260,134 | ||||
11,824 | Flexsteel Industries, Inc. | 363,351 | ||||
31,740 | Kona Grill, Inc.* | 587,825 | ||||
8,064 | Patrick Industries, Inc.* | 233,291 | ||||
30,795 | PC Connection, Inc. | 765,256 | ||||
21,703 | Rocky Brands, Inc. | 316,213 | ||||
|
| |||||
2,804,292 | ||||||
|
| |||||
Consumer, Non-cyclical-8.0% | ||||||
35,421 | Carriage Services, Inc. | 691,772 | ||||
10,004 | John B Sanfilippo & Son, Inc. | 246,899 | ||||
13,460 | Libbey, Inc.* | 282,660 | ||||
6,880 | Nature’s Sunshine Products, Inc. | 119,161 | ||||
|
| |||||
1,340,492 | ||||||
|
| |||||
Energy-4.5% | ||||||
8,720 | Adams Resources & Energy, Inc. | 597,320 | ||||
29,080 | Star Gas Partners LP | 152,670 | ||||
|
| |||||
749,990 | ||||||
|
| |||||
Financial-25.0% | ||||||
8,720 | BofI Holding, Inc.* | 683,910 | ||||
18,980 | ePlus, Inc.* | 1,078,823 | ||||
11,370 | Federal Agricultural Mortgage Corp., Class C | 389,422 | ||||
12,138 | HCI Group, Inc. | 649,383 | ||||
510 | Investors Title Co. | 41,300 | ||||
31,800 | MainSource Financial Group, Inc. | 573,354 | ||||
19,072 | Nicholas Financial, Inc. | 300,193 | ||||
20,300 | Peoples Bancorp, Inc. | 456,953 | ||||
|
| |||||
4,173,338 | ||||||
|
| |||||
Industrial-18.4% | ||||||
14,958 | NN, Inc. | 302,002 | ||||
11,810 | Park-Ohio Holdings Corp.* | 618,844 | ||||
43,182 | SORL Auto Parts, Inc.* | 171,865 | ||||
10,185 | Standex International Corp. | 640,433 | ||||
37,838 | StealthGas, Inc.* | 385,569 | ||||
2,486 | Strattec Security Corp. | 111,050 | ||||
4,970 | Sturm Ruger & Co., Inc. | 363,257 | ||||
19,281 | Supreme Industries, Inc., Class A* | 112,408 | ||||
14,374 | UFP Technologies, Inc.* | 362,512 | ||||
|
| |||||
3,067,940 | ||||||
|
|
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 23 |
Table of Contents
Schedule of Investments | James Micro Cap Fund | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
Technology-9.1% | ||||||
11,961 | Anika Therapeutics, Inc.* | $456,432 | ||||
31,842 | CalAmp Corp.* | 890,621 | ||||
13,400 | Perion Network, Ltd.* | 162,006 | ||||
|
| |||||
1,509,059 | ||||||
|
| |||||
Utilities-4.7% | ||||||
25,311 | Consolidated Water Co., Ltd., Ordinary Shares | 356,885 | ||||
7,260 | Shenandoah Telecommunications Co. | 186,364 | ||||
72,725 | Vonage Holdings Corp.* | 242,175 | ||||
|
| |||||
785,424 | ||||||
|
| |||||
TOTAL COMMON STOCKS (Cost $9,597,553) | 16,096,505 | |||||
|
| |||||
SHORT TERM INVESTMENTS-4.2% | ||||||
Mutual Funds-4.2% | ||||||
703,943 | First American Government Obligations Fund, 7-Day Yield 0.006% | 703,943 | ||||
|
| |||||
TOTAL SHORT TERM INVESTMENTS (Cost $703,943) | 703,943 | |||||
|
| |||||
TOTAL INVESTMENT SECURITIES-100.7% (Cost $10,301,496) | 16,800,448 | |||||
OTHER LIABILITIES IN EXCESS OF ASSETS-(0.7)% | (124,109 | ) | ||||
|
| |||||
NET ASSETS-100.0% | $16,676,339 | |||||
|
| |||||
|
|
Percentages shown are based on Net Assets.
* | Non-income producing security. |
LP - Limited Partnership
Ltd. - Limited
See Notes to Financial Statements.
24 | www.jamesfunds.com |
Table of Contents
Schedule of Investments | ||
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
COMMON STOCKS-104.2% | ||||||
Basic Materials-7.5% | ||||||
18,390 | Aceto Corp. (a) | $459,934 | ||||
8,300 | Cooper Tire & Rubber Co. (a) | 199,532 | ||||
1,340 | Cytec Industries, Inc. (a) | 124,834 | ||||
7,480 | Olin Corp. (a) | 215,798 | ||||
6,360 | Worthington Industries, Inc. (a) | 267,629 | ||||
|
| |||||
1,267,727 | ||||||
|
| |||||
Consumer, Cyclical-15.4% | ||||||
5,890 | Alaska Air Group, Inc. (a) | 432,149 | ||||
6,050 | Dillard’s, Inc., Class A(a) | 588,120 | ||||
6,850 | Haverty Furniture Cos., Inc.(a) | 214,405 | ||||
17,240 | LeapFrog Enterprises, Inc. *(a) | 136,886 | ||||
22,675 | Sinclair Broadcast Group, Inc., Class A(a) | 810,178 | ||||
13,100 | Southwest Airlines Co. (a) | 246,804 | ||||
2,040 | Viacom, Inc., Class A(a) | 179,051 | ||||
|
| |||||
2,607,593 | ||||||
|
| |||||
Consumer, Non-cyclical-17.2% | ||||||
11,245 | Eli Lilly & Co. (a) | 573,495 | ||||
4,080 | Merck & Co., Inc.(a) | 204,204 | ||||
22,035 | Pfizer, Inc. (a) | 674,932 | ||||
7,570 | Spartan Stores, Inc. (a) | 183,800 | ||||
3,770 | Toro Co. (a) | 239,772 | ||||
9,650 | UnitedHealth Group, Inc. (a) | 726,645 | ||||
4,200 | USANA Health Sciences, Inc. *(a) | 317,436 | ||||
|
| |||||
2,920,284 | ||||||
|
| |||||
Energy-10.8% | ||||||
4,195 | Chevron Corp. (a) | 523,997 | ||||
11,885 | HollyFrontier Corp. (a) | 590,566 | ||||
12,425 | Tesoro Corp.(a) | 726,863 | ||||
|
| |||||
1,841,426 | ||||||
|
| |||||
Financial-16.1% | ||||||
31,190 | Fifth Third Bancorp (a) | 655,926 | ||||
4,400 | JPMorgan Chase & Co.(a) | 257,312 | ||||
23,290 | KeyCorp (a) | 312,552 | ||||
6,600 | PNC Financial Services Group, Inc. (a) | 512,028 | ||||
10,905 | Protective Life Corp.(a) | 552,447 | ||||
8,022 | Southside Bancshares, Inc. (a) | 219,316 | ||||
2,380 | Travelers Cos., Inc.(a) | 215,485 | ||||
|
| |||||
2,725,066 | ||||||
|
| |||||
Industrial-12.8% | ||||||
4,260 | AGCO Corp. (a) | 252,149 | ||||
1,470 | AMERCO *(a) | 349,625 | ||||
13,045 | Sturm Ruger & Co., Inc.(a) | 953,459 | ||||
3,460 | TRW Automotive Holdings Corp. *(a) | 257,389 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 25 |
Table of Contents
Schedule of Investments | James Long-Short Fund | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
Industrial (continued) | ||||||
4,670 | United Rentals, Inc.*(a) | $364,027 | ||||
|
| |||||
2,176,649 | ||||||
|
| |||||
Technology-16.4% | ||||||
6,890 | CSG Systems International, Inc.(a) | 202,566 | ||||
13,925 | Deluxe Corp.(a) | 726,746 | ||||
2,775 | Lockheed Martin Corp.(a) | 412,531 | ||||
1,380 | Northrop Grumman Corp.(a) | 158,162 | ||||
11,955 | Symantec Corp.(a) | 281,899 | ||||
4,665 | Triumph Group, Inc.(a) | 354,866 | ||||
7,620 | Western Digital Corp.(a) | 639,318 | ||||
|
| |||||
2,776,088 | ||||||
|
| |||||
Utilities-8.0% | ||||||
3,135 | DTE Energy Co.(a) | 208,133 | ||||
10,905 | PNM Resources, Inc.(a) | 263,029 | ||||
16,630 | Portland General Electric Co.(a) | 502,226 | ||||
117,065 | Vonage Holdings Corp.* | 389,826 | ||||
|
| |||||
1,363,214 | ||||||
|
| |||||
TOTAL COMMON STOCKS (Cost $12,796,171) | 17,678,047 | |||||
|
| |||||
EXCHANGE TRADED FUNDS-1.4% | ||||||
6,760 | SPDR® S&P® Homebuilders ETF(a) | 225,108 | ||||
|
| |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $188,629) | 225,108 | |||||
|
| |||||
SHORT TERM INVESTMENTS-20.0% | ||||||
Mutual Funds-20.0% | ||||||
3,399,359 | First American Government Obligations Fund, 7-Day Yield 0.006% | 3,399,359 | ||||
|
| |||||
TOTAL SHORT TERM INVESTMENTS (Cost $3,399,359) | 3,399,359 | |||||
|
| |||||
TOTAL INVESTMENT SECURITIES-125.6% (Cost $16,384,159) | 21,302,514 | |||||
SEGREGATED CASH DUE TO BROKERS-18.6% | 3,157,816 | |||||
SECURITIES SOLD SHORT-(44.1)% (Proceeds $7,026,311) | (7,477,683 | ) | ||||
OTHER LIABILITIES IN EXCESS OF ASSETS-(0.1)% | (18,348 | ) | ||||
|
| |||||
NET ASSETS-100.0% | $16,964,299 | |||||
|
| |||||
|
|
See Notes to Financial Statements.
26 | www.jamesfunds.com |
Table of Contents
James Long-Short Fund | Schedule of Investments | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
SCHEDULE OF SECURITIES SOLD SHORT | ||||||
| ||||||
COMMON STOCKS-(44.1)% | ||||||
Basic Materials-(4.8)% | ||||||
(1,820) | Allegheny Technologies, Inc. | $(64,847) | ||||
(2,640) | Cemex SAB de CV, ADR | (31,231) | ||||
(5,740) | Coeur Mining, Inc. | (62,279) | ||||
(1,650) | CONSOL Energy, Inc. | (62,766) | ||||
(3,690) | Kronos Worldwide, Inc. | (70,294) | ||||
(2,440) | PVR Partners LP | (65,465) | ||||
(3,460) | Quanex Building Products Corp. | (68,923) | ||||
(1,370) | Royal Gold, Inc. | (63,116) | ||||
(1,960) | Schnitzer Steel Industries, Inc., Class A | (64,033) | ||||
(3,230) | Solazyme, Inc. | (35,175) | ||||
(1,740) | Tahoe Resources, Inc. | (28,954) | ||||
(1,370) | Taminco Corp. | (27,688) | ||||
(1,340) | Tronox, Ltd., Class A | (30,914) | ||||
(4,140) | Walter Energy, Inc. | (68,848) | ||||
(5,060) | Wausau Paper Corp. | (64,161) | ||||
|
| |||||
(808,694) | ||||||
|
| |||||
Consumer, Cyclical-(3.7)% | ||||||
(6,130) | Aeropostale, Inc. | (55,722) | ||||
(150) | Amazon.com, Inc. | (59,819) | ||||
(2,450) | Arcos Dorados Holdings, Inc., Class A | (29,694) | ||||
(2,070) | BJ’s Restaurants, Inc. | (64,294) | ||||
(1,690) | Cencosud SA, ADR | (18,404) | ||||
(1,620) | Diamond Resorts International, Inc. | (29,905) | ||||
(1,640) | eLong, Inc., ADR | (33,587) | ||||
(1,340) | HD Supply Holdings, Inc. | (32,173) | ||||
(2,010) | Imax Corp. | (59,255) | ||||
(710) | Liberty Global PLC, Class A | (63,183) | ||||
(4,540) | Millennial Media, Inc. | (33,006) | ||||
(1,020) | Pandora Media, Inc. | (27,132) | ||||
(2,980) | SFX Entertainment, Inc. | (35,760) | ||||
(1,820) | Tile Shop Holdings, Inc. | (32,887) | ||||
(390) | Tribune Co. | (30,186) | ||||
(1,330) | William Lyon Homes, Class A | (29,446) | ||||
|
| |||||
(634,453) | ||||||
|
| |||||
Consumer, Non-cyclical-(4.0)% | ||||||
(7,770) | Accuray, Inc. | (67,677) | ||||
(2,670) | Capital Senior Living Corp. | (64,053) | ||||
(880) | Cubist Pharmaceuticals, Inc. | (60,606) | ||||
(2,690) | Emeritus Corp. | (58,185) | ||||
(830) | GW Pharmaceuticals PLC, ADR | (34,478) | ||||
(1,650) | Insulet Corp. | (61,215) | ||||
(520) | Intercept Pharmaceuticals, Inc. | (35,506) | ||||
(5,940) | NxStage Medical, Inc. | (59,400) | ||||
(510) | Pacira Pharmaceuticals, Inc. | (29,320) | ||||
(2,360) | Stonemor Partners LP | (60,227) | ||||
(1,650) | Tornier NV | (31,003) | ||||
(2,660) | Volcano Corp. | (58,121) | ||||
(2,020) | Wright Medical Group, Inc. | (62,034) | ||||
|
| |||||
(681,825) | ||||||
|
|
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 27 |
Table of Contents
Schedule of Investments | James Long-Short Fund | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
Energy-(8.1)% | ||||||
(1,330) | Atlas Energy LP | $(62,310) | ||||
(1,700) | Atlas Pipeline Partners LP | (59,585) | ||||
(2,040) | Cheniere Energy Partners LP | (58,446) | ||||
(770) | Crescent Point Energy Corp. | (29,907) | ||||
(3,810) | Crestwood Equity Partners LP | (52,692) | ||||
(1,300) | Crestwood Midstream Partners LP | (32,357) | ||||
(10,110) | Eagle Rock Energy Partners LP | (60,155) | ||||
(1,212) | Enbridge Energy Management LLC | (34,763) | ||||
(800) | Energy Transfer Equity LP | (65,392) | ||||
(1,000) | Gulfport Energy Corp. | (63,150) | ||||
(1,900) | Holly Energy Partners LP | (61,427) | ||||
(450) | InterOil Corp. | (23,171) | ||||
(7,560) | Key Energy Services, Inc. | (59,724) | ||||
(2,560) | Kosmos Energy, Ltd. | (28,621) | ||||
(8,270) | Magnum Hunter Resources Corp. | (60,454) | ||||
(880) | MarkWest Energy Partners LP | (58,194) | ||||
(7,560) | McDermott International, Inc. | (69,250) | ||||
(1,020) | PDC Energy, Inc. | (54,284) | ||||
(9,520) | Pengrowth Energy Corp. | (59,024) | ||||
(1,280) | QEP Midstream Partners LP | (29,722) | ||||
(6,780) | Resolute Energy Corp. | (61,223) | ||||
(3,040) | Rex Energy Corp. | (59,918) | ||||
(420) | Rocket Fuel, Inc. | (25,826) | ||||
(680) | Seadrill, Ltd. | (27,934) | ||||
(560) | SolarCity Corp. | (31,819) | ||||
(4,890) | Talisman Energy, Inc. | (56,969) | ||||
(560) | Tesoro Logistics LP | (29,310) | ||||
(4,110) | Tullow Oil PLC, ADR | (29,017) | ||||
(1,510) | WPX Energy, Inc. | (30,774) | ||||
|
| |||||
(1,375,418) | ||||||
|
| |||||
Financial-(1.6)% | ||||||
(2,160) | American Realty Capital Properties, Inc., REIT | (27,778) | ||||
(770) | American Tower Corp., REIT | (61,461) | ||||
(2,830) | Healthcare Trust of America, Inc., Class A, REIT | (27,847) | ||||
(1,370) | National Bank Holdings Corp., Class A | (29,318) | ||||
(1,820) | Silver Bay Realty Trust Corp., REIT | (29,102) | ||||
(2,380) | ViewPoint Financial Group, Inc. | (65,331) | ||||
(490) | WageWorks, Inc. | (29,126) | ||||
|
| |||||
(269,963) | ||||||
|
| |||||
Industrial-(4.2)% | ||||||
(1,140) | Clean Harbors, Inc. | (68,355 | ) | |||
(1,930) | Granite Construction, Inc. | (67,511 | ) | |||
(1,110) | Macquarie Infrastructure Co. LLC | (60,417 | ) | |||
(7,430) | Nordic American Tanker Shipping, Ltd. | (72,071 | ) | |||
(400) | Nortek, Inc. | (29,840 | ) | |||
(1,680) | Ply Gem Holdings, Inc. | (30,290 | ) | |||
(490) | Stratasys Ltd. | (66,003 | ) | |||
(1,510) | Team, Inc. | (63,933 | ) | |||
(1,840) | Teekay Offshore Partners LP | (60,886 | ) | |||
(3,500) | Titan International, Inc. | (62,930 | ) | |||
(3,830) | UTi Worldwide, Inc. | (67,255 | ) | |||
(2,920) | Westport Innovations, Inc. | (57,261 | ) | |||
|
| |||||
(706,752 | ) | |||||
|
|
See Notes to Financial Statements.
28 | www.jamesfunds.com |
Table of Contents
James Long-Short Fund | Schedule of Investments | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
Technology-(17.0)% | ||||||
(1,570) | 21Vianet Group, Inc., ADR | $(36,926) | ||||
(3,980) | Allscripts Healthcare Solutions, Inc. | (61,531) | ||||
(2,280) | Angie’s List, Inc. | (34,542) | ||||
(4,820) | Applied Micro Circuits Corp. | (64,492) | ||||
(3,410) | Aruba Networks, Inc. | (61,039) | ||||
(450) | Athenahealth, Inc. | (60,525) | ||||
(1,900) | AutoNavi Holdings Ltd., ADR | (27,075) | ||||
(850) | BioMarin Pharmaceutical, Inc. | (59,729) | ||||
(1,130) | BroadSoft, Inc. | (30,894) | ||||
(2,190) | Celldex Therapeutics, Inc. | (53,020) | ||||
(620) | Concur Technologies, Inc. | (63,972) | ||||
(570) | Cornerstone OnDemand, Inc. | (30,404) | ||||
(800) | Crown Castle International Corp. | (58,744) | ||||
(6,280) | Cypress Semiconductor Corp. | (65,940) | ||||
(1,020) | Ellie Mae, Inc. | (27,407) | ||||
(10,220) | Exelixis, Inc. | (62,649) | ||||
(1,710) | Fortinet, Inc. | (32,712) | ||||
(1,240) | Foundation Medicine, Inc. | (29,537) | ||||
(2,890) | Fusion-io, Inc. | (25,750) | ||||
(990) | Gigamon, Inc. | (27,799) | ||||
(2,640) | HMS Holdings Corp. | (60,007) | ||||
(11,050) | Idenix Pharmaceuticals, Inc. | (66,079) | ||||
(650) | Imperva, Inc. | (31,284) | ||||
(1,300) | InterXion Holding NV | (30,693) | ||||
(2,520) | Ironwood Pharmaceuticals, Inc. | (29,257) | ||||
(4,940) | JDS Uniphase Corp. | (64,121) | ||||
(2,690) | Jive Software, Inc. | (30,262) | ||||
(4,090) | Keryx Biopharmaceuticals, Inc. | (52,966) | ||||
(5,090) | LivePerson, Inc. | (75,434) | ||||
(860) | LogMeIn, Inc. | (28,853) | ||||
(1,810) | MakeMyTrip, Ltd. | (34,861) | ||||
(1,560) | Mellanox Technologies Ltd. | (62,353) | ||||
(4,450) | MiMedx Group, Inc. | (38,893) | ||||
(620) | NetSuite, Inc. | (63,872) | ||||
(1,000) | Ophthotech Corp. | (32,350) | ||||
(570) | Palo Alto Networks, Inc. | (32,758) | ||||
(5,620) | Polycom, Inc. | (63,113) | ||||
(1,570) | Polypore International, Inc. | (61,073) | ||||
(1,160) | Qlik Technologies, Inc. | (30,891) | ||||
(1,610) | Rackspace Hosting, Inc. | (62,999) | ||||
(2,150) | Ruckus Wireless, Inc. | (30,530) | ||||
(1,160) | Salesforce.com, Inc. | (64,020) | ||||
(3,240) | Sarepta Therapeutics, Inc. | (65,999) | ||||
(3,400) | Scientific Games Corp., Class A | (57,562) | ||||
(540) | ServiceNow, Inc. | (30,245) | ||||
(1,420) | Silver Spring Networks, Inc. | (29,820) | ||||
(2,560) | Spectranetics Corp. | (64,000) | ||||
(400) | Splunk, Inc. | (27,468) | ||||
(990) | Synageva BioPharma Corp. | (64,073) | ||||
(1,820) | Tangoe, Inc. | (32,778) | ||||
(3,070) | Tessera Technologies, Inc. | (60,510) | ||||
(900) | Textura Corp. | (26,946) | ||||
(2,250) | T-Mobile US, Inc. | (75,690) |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 29 |
Table of Contents
Schedule of Investments | James Long-Short Fund | |
December 31, 2013 (Unaudited) |
Shares | Value | |||||
| ||||||
Technology (continued) | ||||||
(2,110) | tw telecom, Inc. | $(64,292) | ||||
(2,280) | Ultratech, Inc. | (66,120) | ||||
(1,870) | Veeco Instruments, Inc. | (61,542) | ||||
(860) | Vertex Pharmaceuticals, Inc. | (63,898) | ||||
(3,060) | VirnetX Holding Corp. | (59,395) | ||||
(3,580) | Vivus, Inc. | (32,506) | ||||
(1,020) | Youku, Inc., ADR | (30,906) | ||||
|
| |||||
(2,875,106) | ||||||
|
| |||||
Utilities-(0.7)% | ||||||
(3,150) | Calpine Corp. | (61,457) | ||||
(3,500) | Comstock Resources, Inc. | (64,015) | ||||
|
| |||||
(125,472) | ||||||
|
| |||||
TOTAL COMMON STOCKS SOLD SHORT | (7,477,683) | |||||
|
| |||||
TOTAL SECURITIES SOLD SHORT-(44.1)% (Proceeds $7,026,311) | $(7,477,683) | |||||
|
| |||||
|
|
Percentages shown are based on Net Assets.
* | Non-income producing security. |
(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 $12,614,751. |
ADR - American Depositary Receipt
ETF - Exchange Traded Fund
LLC - Limited Liability 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
SAB de CV - Sociedad Anonima de Capital Variable
S&P - Standard & Poor’s
SPDR - Standard & Poor’s Depositary Receipts
See Notes to Financial Statements.
30 | www.jamesfunds.com |
Table of Contents
James Advantage Funds | ||
December 31, 2013 (Unaudited) |
James Balanced: Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
| ||||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
At cost | $ | 2,371,409,480 | $ | 102,039,298 | $ | 11,179,473 | $ | 10,301,496 | $ | 16,384,159 | ||||||||||
|
| |||||||||||||||||||
At value | $ | 2,813,056,231 | $ | 157,559,575 | $ | 17,675,963 | $ | 16,800,448 | $ | 21,302,514 | ||||||||||
Segregated cash with brokers | – | – | – | – | 3,157,816 | |||||||||||||||
Cash | 24,936 | – | – | – | – | |||||||||||||||
Dividends and interest receivable | 9,182,137 | 110,540 | 18,644 | 3,596 | 16,762 | |||||||||||||||
Receivable for capital shares sold | 6,711,776 | 264,371 | – | – | – | |||||||||||||||
Other assets | 129,338 | – | – | – | – | |||||||||||||||
| ||||||||||||||||||||
Total Assets | 2,829,104,418 | 157,934,486 | 17,694,607 | 16,804,044 | 24,477,092 | |||||||||||||||
| ||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for securities sold short (proceeds $7,026,311) | – | – | – | – | 7,477,683 | |||||||||||||||
Payable for dividends on securities sold short | – | – | – | – | 14,154 | |||||||||||||||
Payable for capital shares redeemed | 2,831,690 | 45,315 | – | 107,200 | – | |||||||||||||||
Payable for securities purchased | 4,983,052 | – | – | – | – | |||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Management fees | 1,552,874 | 161,437 | 18,284 | 20,501 | 17,441 | |||||||||||||||
12b-1 distribution and service fees | 442,320 | 32,370 | 3,663 | – | 3,500 | |||||||||||||||
Trustee fees | 4,481 | 87 | 16 | 4 | 15 | |||||||||||||||
Other payables | 330,698 | – | – | – | – | |||||||||||||||
| ||||||||||||||||||||
Total Liabilities | 10,145,115 | 239,209 | 21,963 | 127,705 | 7,512,793 | |||||||||||||||
| ||||||||||||||||||||
Net Assets | $ | 2,818,959,303 | $ | 157,695,277 | $ | 17,672,644 | $ | 16,676,339 | $ | 16,964,299 | ||||||||||
| ||||||||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||||||
Paid-in capital | $ | 2,381,484,336 | $ | 133,265,863 | $ | 11,113,480 | $ | 11,078,868 | $ | 14,240,112 | ||||||||||
Accumulated net investment income/(loss) | (341,712 | ) | (837,663 | ) | 16,730 | (42,684 | ) | (52,463 | ) | |||||||||||
Accumulated net realized gain/(loss) on investments, securities sold short and translation of assets and liabilities denominated in foreign currency | (3,817,812 | ) | (30,253,200 | ) | 45,943 | (858,797 | ) | (1,690,333 | ) | |||||||||||
Net unrealized appreciation on investments, securities sold short and translation of assets and liabilities denominated in foreign currency | 441,634,491 | 55,520,277 | 6,496,491 | 6,498,952 | 4,466,983 | |||||||||||||||
| ||||||||||||||||||||
Net Assets | $ | 2,818,959,303 | $ | 157,695,277 | $ | 17,672,644 | $ | 16,676,339 | $ | 16,964,299 | ||||||||||
|
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2013 | 31 |
Table of Contents
Statements of Assets and Liabilities | James Advantage Funds | |
December 31, 2013 (Unaudited) |
James Balanced: Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
| ||||||||||||||||||||
PRICING OF RETAIL CLASS SHARES(a): |
| |||||||||||||||||||
Net assets | $ | 2,124,674,328 | $ | 157,695,277 | $ | 17,672,644 | $ | 16,676,339 | $ | 16,964,299 | ||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 88,417,064 | 4,749,941 | 1,173,148 | 969,668 | 1,315,838 | |||||||||||||||
| ||||||||||||||||||||
Net assets value, offering price and redemption price per share | $ | 24.03 | $ | 33.20 | $ | 15.06 | $ | 17.20 | $ | 12.89 | ||||||||||
| ||||||||||||||||||||
PRICING OF INSTITUTIONAL CLASS SHARES: |
| |||||||||||||||||||
Net assets | $ | 694,284,975 | N/A | N/A | N/A | N/A | ||||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 29,148,515 | N/A | N/A | N/A | N/A | |||||||||||||||
| ||||||||||||||||||||
Net assets value, offering price and redemption price per share | $ | 23.82 | N/A | N/A | N/A | N/A | ||||||||||||||
|
(a) | James Small Cap Fund, James Mid Cap Fund, James Micro Cap Fund, and James Long-Short 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. | ||
32 | www.jamesfunds.com |
Table of Contents
James Advantage Funds | ||
For the Six Months Ended December 31, 2013 (Unaudited) |
James Balanced: Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
| ||||||||||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||||||
Dividends (Net of withholding taxes of $131,486, $419, $0, $286 and $0, respectively) | $ | 13,356,733 | $ | 1,273,534 | $ | 136,078 | $ | 104,580 | $ | 184,169 | ||||||||||
Interest | 12,401,945 | 525 | 32 | – | – | |||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 25,758,678 | 1,274,059 | 136,110 | 104,580 | 184,169 | |||||||||||||||
| ||||||||||||||||||||
EXPENSES: |
| |||||||||||||||||||
Management fees | 8,629,658 | 979,553 | 99,254 | 105,636 | 97,999 | |||||||||||||||
12b-1 distribution and service fees - Retail Class | 2,440,790 | 196,388 | 19,897 | – | 19,647 | |||||||||||||||
Dividend and interest expense on securities sold short | – | – | – | – | 79,406 | |||||||||||||||
Administration fee | 517,129 | – | – | – | – | |||||||||||||||
Transfer agent fee | 139,404 | – | – | – | – | |||||||||||||||
Interest expense | – | – | – | – | 11,375 | |||||||||||||||
Custodian fees | 97,773 | – | – | – | – | |||||||||||||||
Professional fees | 92,452 | – | – | – | – | |||||||||||||||
Trustee fees | 39,683 | 2,385 | 228 | 182 | 234 | |||||||||||||||
Registration fees | 139,113 | – | – | – | – | |||||||||||||||
Shareholder report printing and mailing | 86,961 | – | – | – | – | |||||||||||||||
Other expenses | 48,398 | – | – | – | – | |||||||||||||||
| ||||||||||||||||||||
Total Expenses | 12,231,361 | 1,178,326 | 119,379 | 105,818 | 208,661 | |||||||||||||||
| ||||||||||||||||||||
Net Investment Income/(Loss) | 13,527,317 | 95,733 | 16,731 | (1,238 | ) | (24,492 | ) | |||||||||||||
| ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: |
| |||||||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||||||||
Investments | (769,354 | ) | 11,948,402 | 45,956 | 319,327 | 80,042 | ||||||||||||||
Securities sold short | – | – | – | – | (720,664 | ) | ||||||||||||||
Foreign currency transactions | (30,212 | ) | – | – | – | – | ||||||||||||||
Net change in unrealized appreciation on investments | 188,487,016 | 13,955,153 | 2,803,885 | 2,686,524 | 2,530,328 | |||||||||||||||
Net change in unrealized depreciation on securities sold short | – | – | – | – | (421,615 | ) | ||||||||||||||
Net change in unrealized appreciation on foreign currency translation | 26,625 | – | – | – | – | |||||||||||||||
| ||||||||||||||||||||
Net Realized and Unrealized Gain on Investments | 187,714,075 | 25,903,555 | 2,849,841 | 3,005,851 | 1,468,091 | |||||||||||||||
| ||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 201,241,392 | $ | 25,999,288 | $ | 2,866,572 | $ | 3,004,613 | $ | 1,443,599 | ||||||||||
|
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2013 | 33 |
Table of Contents
James Balanced: Golden Rainbow Fund | ||
|
For the Six Months Ended December 31, 2013 (Unaudited) | For the Year Ended June 30, 2013 | |||||||
| ||||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 13,527,317 | $ | 27,920,428 | ||||
Net realized gain/(loss) from investments and foreign currency transactions | (799,566) | 36,755,050 | ||||||
Net change in unrealized appreciation on investments and foreign currency translation | 188,513,641 | 93,139,941 | ||||||
| ||||||||
Net Increase in net assets resulting from operations | 201,241,392 | 157,815,419 | ||||||
| ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class: | ||||||||
From net investment income | (9,780,483) | (19,795,813) | ||||||
From net realized gain on investments | (20,059,390) | (9,278,093) | ||||||
Institutional Class: | ||||||||
From net investment income | (4,032,087) | (8,557,617) | ||||||
From net realized gain on investments | (6,601,353) | (2,721,986) | ||||||
| ||||||||
Decrease in net assets from distributions to shareholders | (40,473,313) | (40,353,509) | ||||||
| ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 508,190,750 | 720,893,867 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 28,763,396 | 27,565,964 | ||||||
Payments for shares redeemed | (269,236,023) | (356,189,244) | ||||||
| ||||||||
Net Increase in net assets from Retail Class capital share transactions | 267,718,123 | 392,270,587 | ||||||
| ||||||||
Institutional Class Shares: | ||||||||
Proceeds from shares sold | 179,576,920 | 309,550,391 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 6,106,675 | 6,079,749 | ||||||
Payments for shares redeemed | (86,711,837) | (87,819,543) | ||||||
| ||||||||
Net Increase in net assets from Institutional Class capital share transactions | 98,971,758 | 227,810,597 | ||||||
| ||||||||
Total Increase in Net Assets | 527,457,960 | 737,543,094 | ||||||
| ||||||||
NET ASSETS: | ||||||||
Beginning of period | 2,291,501,343 | 1,553,958,249 | ||||||
| ||||||||
End of period | $ | 2,818,959,303 | $ | 2,291,501,343 | ||||
| ||||||||
Accumulated Net Investment Loss | $ | (341,712) | $ | (56,459) |
See Notes to Financial Statements. | ||
34 | www.jamesfunds.com |
Table of Contents
James Balanced: Golden Rainbow Fund | Statements of Changes in Net Assets | |
For the Six Months Ended December 31, 2013 (Unaudited) | For the Year Ended June 30, 2013 | |||||||
| ||||||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 21,786,716 | 32,075,023 | ||||||
Shares issued in reinvestment of distributions to shareholders | 1,216,301 | 1,257,838 | ||||||
Shares redeemed | (11,571,242) | (16,030,864) | ||||||
| ||||||||
Net Increase in shares outstanding | 11,431,775 | 17,301,997 | ||||||
| ||||||||
Shares outstanding, beginning of period | 76,985,289 | 59,683,292 | ||||||
| ||||||||
Shares outstanding, end of period | 88,417,064 | 76,985,289 | ||||||
| ||||||||
Institutional Class Shares: | ||||||||
Shares sold | 7,771,000 | 13,915,324 | ||||||
Shares issued in reinvestment of distributions to shareholders | 260,503 | 277,752 | ||||||
Shares redeemed | (3,749,459) | (3,966,673) | ||||||
| ||||||||
Net Increase in shares outstanding | 4,282,044 | 10,226,403 | ||||||
| ||||||||
Shares outstanding, beginning of period | 24,866,471 | 14,640,068 | ||||||
| ||||||||
Shares outstanding, end of period | 29,148,515 | 24,866,471 | ||||||
|
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2013 | 35 |
Table of Contents
Statements of Changes in Net Assets | James Small Cap Fund | |
For the Six Months Ended December 31, 2013 (Unaudited) | For the Year Ended June 30, 2013 | |||||||
| ||||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 95,733 | $ | 1,948,262 | ||||
Net realized gain from investments | 11,948,402 | 4,647,983 | ||||||
Net change in unrealized appreciation on investments | 13,955,153 | 21,553,320 | ||||||
| ||||||||
Net Increase in net assets resulting from operations | 25,999,288 | 28,149,565 | ||||||
| ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class: | ||||||||
From net investment income | (4,195,368) | (2,605,549) | ||||||
| ||||||||
Decrease in net assets from distributions to shareholders | (4,195,368) | (2,605,549) | ||||||
| ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 28,212,682 | 57,572,635 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 3,187,999 | 2,207,916 | ||||||
Payments for shares redeemed | (56,780,529) | (58,780,402) | ||||||
| ||||||||
Net Increase/(Decrease) in net assets from Retail Class capital share transactions | (25,379,848) | 1,000,149 | ||||||
| ||||||||
Total Increase/(Decrease) in Net Assets | (3,575,928) | 26,544,165 | ||||||
| ||||||||
NET ASSETS: | ||||||||
Beginning of period | 161,271,205 | 134,727,040 | ||||||
| ||||||||
End of period | $ | 157,695,277 | $ | 161,271,205 | ||||
| ||||||||
Accumulated Net Investment Income/(Loss) | $ | (837,663) | $ | 3,261,972 | ||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 905,638 | 2,172,515 | ||||||
Shares issued in reinvestment of distributions to shareholders | 96,753 | 91,615 | ||||||
Shares redeemed | (1,879,627) | (2,276,226) | ||||||
| ||||||||
Net Decrease in shares outstanding | (877,236) | (12,096) | ||||||
| ||||||||
Shares outstanding, beginning of period | 5,627,177 | 5,639,273 | ||||||
| ||||||||
Shares outstanding, end of period | 4,749,941 | 5,627,177 | ||||||
|
See Notes to Financial Statements. | ||
36 | www.jamesfunds.com |
Table of Contents
James Mid Cap Fund | Statements of Changes in Net Assets | |
For the Six Months Ended December 31, 2013 (Unaudited) | For the Year Ended | |||||||
| ||||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 16,731 | $ | 90,389 | ||||
Net realized gain from investments | 45,956 | 641,430 | ||||||
Net change in unrealized appreciation on investments | 2,803,885 | 2,031,821 | ||||||
| ||||||||
Net Increase in net assets resulting from operations | 2,866,572 | 2,763,640 | ||||||
| ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class: | ||||||||
From net investment income | (44,965) | (40,000) | ||||||
From net realized gain on investments | (445,588) | – | ||||||
| ||||||||
Decrease in net assets from distributions to shareholders | (490,553) | (40,000) | ||||||
| ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 1,643,355 | 2,503,329 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 445,408 | 37,264 | ||||||
Payments for shares redeemed | (1,434,962) | (3,278,601) | ||||||
| ||||||||
Net Increase/(Decrease) in net assets from Retail Class capital share transactions | 653,801 | (738,008) | ||||||
| ||||||||
Total Increase in Net Assets | 3,029,820 | 1,985,632 | ||||||
| ||||||||
NET ASSETS: | ||||||||
Beginning of period | 14,642,824 | 12,657,192 | ||||||
| ||||||||
End of period | $ | 17,672,644 | $ | 14,642,824 | ||||
| ||||||||
| ||||||||
Accumulated Net Investment Income | $ | 16,730 | $ | 44,964 | ||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 116,500 | 211,092 | ||||||
Shares issued in reinvestment of distributions to shareholders | 30,687 | 3,238 | ||||||
Shares redeemed | (103,430) | (268,737) | ||||||
| ||||||||
Net Increase/(Decrease) in shares outstanding | 43,757 | (54,407) | ||||||
| ||||||||
Shares outstanding, beginning of period | 1,129,391 | 1,183,798 | ||||||
| ||||||||
Shares outstanding, end of period | 1,173,148 | 1,129,391 | ||||||
| ||||||||
|
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 37 |
Table of Contents
Statements of Changes in Net Assets | James Micro Cap Fund | |
For the Six Months Ended | For the Year Ended | |||||||
| ||||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | (1,238) | $ | 122,321 | ||||
Net realized gain/(loss) from investments | 319,327 | (218,660) | ||||||
Net change in unrealized appreciation on investments | 2,686,524 | 2,177,958 | ||||||
| ||||||||
Net Increase in net assets resulting from operations | 3,004,613 | 2,081,619 | ||||||
| ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class: | ||||||||
From net investment income | (14,357) | (119,999) | ||||||
| ||||||||
Decrease in net assets from distributions to shareholders | (14,357) | (119,999) | ||||||
| ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 3,247,659 | 2,469,575 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 13,928 | 111,984 | ||||||
Payments for shares redeemed, net of redemption fees | (1,392,331) | (2,899,165) | ||||||
| ||||||||
Net Increase/(Decrease) in net assets from Retail Class capital share transactions | 1,869,256 | (317,606) | ||||||
| ||||||||
Total Increase in Net Assets | 4,859,512 | 1,644,014 | ||||||
| ||||||||
NET ASSETS: | ||||||||
Beginning of period | 11,816,827 | 10,172,813 | ||||||
| ||||||||
End of period | $ | 16,676,339 | $ | 11,816,827 | ||||
| ||||||||
| ||||||||
Accumulated Net Investment Loss | $ | (42,684) | $ | (27,089) | ||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 212,446 | 203,697 | ||||||
Shares issued in reinvestment of distributions to shareholders | 815 | 9,780 | ||||||
Shares redeemed | (90,236) | (235,683) | ||||||
| ||||||||
Net Increase/(Decrease) in shares outstanding | 123,025 | (22,206) | ||||||
| ||||||||
Shares outstanding, beginning of period | 846,643 | 868,849 | ||||||
| ||||||||
Shares outstanding, end of period | 969,668 | 846,643 | ||||||
| ||||||||
|
See Notes to Financial Statements.
38 | www.jamesfunds.com |
Table of Contents
James Long-Short Fund | Statements of Changes in Net Assets | |
For the Six Months Ended December 31, 2013 | For the Year Ended | |||||||
| ||||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | (24,492) | $ | 37,462 | ||||
Net realized loss from investments | (640,622) | (319,645) | ||||||
Net change in unrealized appreciation on investments and securities sold short | 2,108,713 | 1,870,318 | ||||||
| ||||||||
Net Increase in net assets resulting from operations | 1,443,599 | 1,588,135 | ||||||
| ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class: | ||||||||
From net investment income | – | (35,250) | ||||||
| ||||||||
Decrease in net assets from distributions to shareholders | – | (35,250) | ||||||
| ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 2,874,328 | 6,372,569 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | – | 34,844 | ||||||
Payments for shares redeemed | (3,047,888) | (1,425,602) | ||||||
| ||||||||
Net Increase/(Decrease) in net assets from Retail Class capital share transactions | (173,560) | 4,981,811 | ||||||
| ||||||||
Total Increase in Net Assets | 1,270,039 | 6,534,696 | ||||||
| ||||||||
NET ASSETS: | ||||||||
Beginning of period | 15,694,260 | 9,159,564 | ||||||
| ||||||||
End of period | $ | 16,964,299 | $ | 15,694,260 | ||||
| ||||||||
| ||||||||
Accumulated Net Investment Loss | $ | (52,463) | $ | (27,971) | ||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 234,837 | 559,409 | ||||||
Shares issued in reinvestment of distributions to shareholders | – | 3,433 | ||||||
Shares redeemed | (260,241) | (138,688) | ||||||
| ||||||||
Net Increase/(Decrease) in shares outstanding | (25,404) | 424,154 | ||||||
| ||||||||
Shares outstanding, beginning of period | 1,341,242 | 917,088 | ||||||
| ||||||||
Shares outstanding, end of period | 1,315,838 | 1,341,242 | ||||||
| ||||||||
|
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 39 |
Table of Contents
James Balanced: Golden Rainbow Fund – Retail Class | ||
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 June 30, 2011 | For the Year Ended June 30, 2010 | For the Year Ended June 30, 2009 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value - beginning of period | $ | 22.55 | $ | 20.93 | $ | 20.66 | $ | 18.32 | $ | 16.69 | $ | 18.09 | ||||||||||||
Income/(Loss) from investment | ||||||||||||||||||||||||
Net investment income | 0.12 | (a) | 0.32 | (a) | 0.25 | 0.24 | 0.30 | 0.28 | ||||||||||||||||
Net realized and unrealized gain/(loss) | 1.70 | 1.75 | 0.55 | 2.50 | 1.63 | (1.40) | ||||||||||||||||||
| ||||||||||||||||||||||||
Total from investment operations | 1.82 | 2.07 | 0.80 | 2.74 | 1.93 | (1.12) | ||||||||||||||||||
| ||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.11) | (0.30) | (0.23) | (0.24) | (0.30) | (0.28) | ||||||||||||||||||
From net realized gain on investments | (0.23) | (0.15) | (0.30) | (0.16) | – | (0.00) | (b) | |||||||||||||||||
| ||||||||||||||||||||||||
Total distributions | (0.34) | (0.45) | (0.53) | (0.40) | (0.30) | (0.28) | ||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value at end of period | $ | 24.03 | $ | 22.55 | $ | 20.93 | $ | 20.66 | $ | 18.32 | $ | 16.69 | ||||||||||||
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Total return | 8.13 | %(c) | 9.98 | % | 3.98 | % | 15.01 | % | 11.60 | % | (6.19) | % | ||||||||||||
Net assets, end of period (in thousands) | $ | 2,124,674 | $ | 1,735,736 | $ | 1,249,228 | $ | 937,696 | $ | 572,484 | $ | 537,358 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.01 | %(d) | 1.04 | % | 1.07 | % | 1.12 | % | 1.19 | % | 1.16 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.98 | %(d) | 1.45 | % | 1.26 | % | 1.27 | % | 1.68 | % | 1.68 | % | ||||||||||||
Portfolio turnover rate | 15 | %(c) | 58 | % | 36 | % | 36 | % | 31 | % | 72 | % |
(a) | Calculated using the average shares method. |
(b) | Amount rounds to less than $(0.005) per share. |
(c) | Not Annualized. |
(d) | Annualized. |
See Notes to Financial Statements.
40 | www.jamesfunds.com |
Table of Contents
James Balanced: Golden Rainbow Fund – Institutional Class | Financial Highlights | |
For a share outstanding throughout the periods indicated. |
For the Six Months Ended | For the Year Ended June 30, 2013 | For the Year Ended June 30, 2012 | For the Year Ended June 30, 2011 | For the Year Ended June 30, 2010 | For the Period Ended June 30, 2009(a) | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value - beginning of period | $ | 22.35 | $ | 20.81 | $ | 20.61 | $ | 18.33 | $ | 16.69 | $ | 14.80 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.14 | (b) | 0.38 | (b) | 0.33 | 0.32 | 0.34 | 0.09 | ||||||||||||||||
Net realized and unrealized gain | 1.70 | 1.73 | 0.52 | 2.47 | 1.65 | 1.94 | ||||||||||||||||||
| ||||||||||||||||||||||||
Total from investment operations | 1.84 | 2.11 | 0.85 | 2.79 | 1.99 | 2.03 | ||||||||||||||||||
| ||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.14) | (0.42) | (0.35) | (0.35) | (0.35) | (0.14) | ||||||||||||||||||
From net realized gain on investments | (0.23) | (0.15) | (0.30) | (0.16) | – | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Total distributions | (0.37) | (0.57) | (0.65) | (0.51) | (0.35) | (0.14) | ||||||||||||||||||
| ||||||||||||||||||||||||
Paid-in capital from redemption fees | – | 0.00 | (c) | – | – | – | – | |||||||||||||||||
| ||||||||||||||||||||||||
Net asset value at end of period | $ | 23.82 | $ | 22.35 | $ | 20.81 | $ | 20.61 | $ | 18.33 | $ | 16.69 | ||||||||||||
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Total return | 8.29 | %(d) | 10.26 | % | 4.22 | % | 15.27 | % | 11.94 | % | 13.75 | %(d) | ||||||||||||
Net assets, end of period (in thousands) | $ | 694,285 | $ | 555,766 | $ | 304,731 | $ | 130,870 | $ | 60,693 | $ | 115 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.76 | %(e) | 0.79 | % | 0.82 | % | 0.87 | % | 1.06 | % | 0.95 | %(e) | ||||||||||||
Ratio of net investment income to average net assets | 1.23 | %(e) | 1.71 | % | 1.52 | % | 1.52 | % | 2.06 | % | 1.63 | %(e) | ||||||||||||
Portfolio turnover rate | 15 | %(d) | 58 | % | 36 | % | 36 | % | 31 | % | 72 | %(d) |
(a) | Share class commenced operations on March 2, 2009. |
(b) | Calculated using the average shares method. |
(c) | Amount rounds to less than $0.005 per share. |
(d) | Not Annualized. |
(e) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 41 |
Table of Contents
Financial Highlights | ||
For a share outstanding throughout the periods indicated. |
For the Six Months Ended | For the Year Ended June 30, 2013 | For the Year Ended June 30, 2012 | For the Year Ended June 30, 2011 | For the Year Ended | For the Year Ended June 30, 2009 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value - beginning of period | $ | 28.66 | $ | 23.89 | $ | 23.88 | $ | 17.51 | $ | 14.18 | $ | 20.04 | ||||||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||||||||||
Net investment income | 0.02 | (a) | 0.36 | (a) | 0.15 | 0.05 | 0.02 | 0.06 | ||||||||||||||||
Net realized and unrealized gain/(loss) | 5.42 | 4.92 | (0.11 | ) | 6.35 | 3.33 | (5.86 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Total from investment operations | 5.44 | 5.28 | 0.04 | 6.40 | 3.35 | (5.80 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.90 | ) | (0.51 | ) | (0.03 | ) | (0.03 | ) | – | (0.06 | ) | |||||||||||||
From net tax return of capital | – | – | – | – | (0.02 | ) | – | |||||||||||||||||
| ||||||||||||||||||||||||
Total distributions | (0.90 | ) | (0.51 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | (0.06 | ) | ||||||||||||
| ||||||||||||||||||||||||
Net asset value at end of period | $ | 33.20 | $ | 28.66 | $ | 23.89 | $ | 23.88 | $ | 17.51 | $ | 14.18 | ||||||||||||
| ||||||||||||||||||||||||
Total return | 19.02% | (b) | 22.51% | 0.16% | 36.59% | 23.61% | (28.91 | )% | ||||||||||||||||
Net assets, end of period (in thousands) | $ | 157,695 | $ | 161,271 | $ | 134,727 | $ | 81,505 | $ | 65,443 | $ | 99,801 | ||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50% | (c) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||||
Ratio of net investment income to average net assets | 0.12% | (c) | 1.39% | 0.58% | 0.23% | 0.08% | 0.37% | |||||||||||||||||
Portfolio turnover rate | 17 % | (b) | 41% | 89% | 60% | 38% | 46% |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
See Notes to Financial Statements.
42 | www.jamesfunds.com |
Table of Contents
Financial Highlights | ||
For a share outstanding throughout the periods indicated. |
For the Six Months Ended | For the Year Ended June 30, 2013 | For the Year Ended June 30, 2012 | For the Year Ended June 30, 2011 | For the Year Ended June 30, 2010 | For the Year Ended June 30, 2009 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value - beginning of period | $ | 12.97 | $ | 10.69 | $ | 11.38 | $ | 8.59 | $ | 7.05 | $ | 10.66 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.01 | (a) | 0.08 | (a) | 0.04 | 0.01 | 0.02 | 0.03 | ||||||||||||||||
Net realized and unrealized gain/(loss) | 2.51 | 2.23 | (0.64 | ) | 2.82 | 1.54 | (3.61 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Total from investment operations | 2.52 | 2.31 | (0.60 | ) | 2.83 | 1.56 | (3.58 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.04 | ) | (0.03 | ) | (0.09 | ) | (0.04 | ) | (0.02 | ) | (0.03 | ) | ||||||||||||
From net realized gain on investments | (0.39 | ) | – | – | – | – | – | |||||||||||||||||
| ||||||||||||||||||||||||
Total distributions | (0.43 | ) | (0.03 | ) | (0.09 | ) | (0.04 | ) | (0.02 | ) | (0.03 | ) | ||||||||||||
| ||||||||||||||||||||||||
Net asset value at end of period | $ | 15.06 | $ | 12.97 | $ | 10.69 | $ | 11.38 | $ | 8.59 | $ | 7.05 | ||||||||||||
| ||||||||||||||||||||||||
Total return | 19.55 | %(b) | 21.68 | % | (5.26 | )% | 32.97 | % | 22.13 | % | (33.51 | )% | ||||||||||||
Net assets, end of period (in thousands) | $ | 17,673 | $ | 14,643 | $ | 12,657 | $ | 13,403 | $ | 9,497 | $ | 4,438 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | %(c) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.21 | %(c) | 0.64 | % | 0.32 | % | 0.13 | % | 0.24 | % | 0.48 | % | ||||||||||||
Portfolio turnover rate | 10 | %(b) | 26 | % | 36 | % | 56 | % | 37 | % | 38 | % |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2013 | 43 |
Table of Contents
Financial Highlights | ||
For a share outstanding throughout the periods indicated. |
For the Six Months Ended | For the Year Ended June 30, 2013 | For the Year Ended June 30, 2012 | For the Year Ended June 30, 2011(a) | |||||||||||||
| ||||||||||||||||
Net asset value - beginning of period | $ | 13.96 | $ | 11.71 | $ | 11.91 | $ | 10.00 | ||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||
Net investment income/(loss) | (0.00) | (b)(c) | 0.14 | (b) | (0.01) | (0.03) | ||||||||||
Net realized and unrealized gain/(loss) | 3.25 | 2.25 | (0.13) | 1.94 | ||||||||||||
| ||||||||||||||||
Total from investment operations | 3.25 | 2.39 | (0.14) | 1.91 | ||||||||||||
| ||||||||||||||||
Less distributions: | ||||||||||||||||
From net investment income | (0.01) | (0.14) | – | – | ||||||||||||
From net realized gain on investments | – | – | (0.06) | – | ||||||||||||
| ||||||||||||||||
Total distributions | (0.01) | (0.14) | (0.06) | – | ||||||||||||
| ||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (d) | 0.00 | (d) | 0.00 | (d) | – | |||||||||
| ||||||||||||||||
Net asset value at end of period | $ | 17.20 | $ | 13.96 | $ | 11.71 | $ | 11.91 | ||||||||
| ||||||||||||||||
Total return | 23.32 | %(e) | 20.64 | % | (1.15) | % | 19.10 | % | ||||||||
Net assets, end of period (in thousands) | $ | 16,676 | $ | 11,817 | $ | 10,173 | $ | 9,745 | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | %(f) | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||
Ratio of net investment income/(loss) to average net assets | (0.02) | %(f) | 1.12 | % | (0.14) | % | (0.31) | % | ||||||||
Portfolio turnover rate | 16 | %(e) | 46 | % | 85 | % | 69 | % |
(a) | Fund commenced operations on July 1, 2010. |
(b) | Calculated using the average shares method. |
(c) | Amount rounds to less than ($0.005) per share. |
(d) | Amount rounds to less than $0.005 per share. |
(e) | Not Annualized. |
(f) | Annualized. |
See Notes to Financial Statements. | ||
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Table of Contents
Financial Highlights | ||
For a share outstanding throughout the periods indicated. |
For the Six Months Ended | For the Year Ended June 30, 2013 | For the Year Ended | For the Period Ended June 30, 2011(a) | |||||||||||||
| ||||||||||||||||
Net asset value - beginning of period | $ | 11.70 | $ | 9.99 | $ | 10.10 | $ | 10.00 | ||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||
Net investment income/(loss) | (0.02) | (b) | 0.04 | (b) | (0.04) | (0.00) | (c) | |||||||||
Net realized and unrealized gain/(loss) | 1.21 | 1.71 | (0.05) | 0.10 | ||||||||||||
| ||||||||||||||||
Total from investment operations | 1.19 | 1.75 | (0.09) | 0.10 | ||||||||||||
| ||||||||||||||||
Less distributions: | ||||||||||||||||
From net investment income | – | (0.04) | (0.02) | – | ||||||||||||
| ||||||||||||||||
Total distributions | – | (0.04) | (0.02) | – | ||||||||||||
| ||||||||||||||||
Net asset value at end of period | $ | 12.89 | $ | 11.70 | $ | 9.99 | $ | 10.10 | ||||||||
| ||||||||||||||||
Total return | 10.17 | %(d) | 17.57 | % | (0.93) | % | 1.00 | %(d) | ||||||||
Net assets, end of period (in thousands) | $ | 16,964 | $ | 15,694 | $ | 9,160 | $ | 10,718 | ||||||||
Ratios/Supplemental Data: |
| |||||||||||||||
Ratio of net expenses to average net assets(e) | 2.66 | %(f) | 2.70 | % | 2.66 | % | 1.73 | %(f) | ||||||||
Ratio of net investment income/(loss) to average net assets | (0.31) | %(f) | 0.35 | % | (0.44) | % | (1.03) | %(f) | ||||||||
Portfolio turnover rate | 51 | %(d) | 58 | % | 159 | % | 0 | %(d) |
(a) | Fund commenced operations on May 23, 2011. |
(b) | Calculated using the average shares method. |
(c) | Amount rounds to less than ($0.005) per share. |
(d) | Not Annualized. |
(e) | Dividend and interest expense on securities sold short and interest expense totaled 1.16% (annualized), 1.20%, 1.15% and 0.23% (annualized) of average net assets for the six months ended December 31, 2013, for the years ended June 30, 2013 and June 30, 2012 and for the period ended June 30, 2011, respectively. |
(f) | Annualized. |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2013 | 45 |
Table of Contents
James Advantage Funds | ||
December 31, 2013 (Unaudited) |
1. ORGANIZATION
The James Advantage Funds (the “Trust”) is an open-end management investment company that was organized as an Ohio business trust on August 29, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Mid Cap Fund and James Micro Cap Fund are each a diversified series of the Trust, and James Long-Short Fund is a non-diversified series of the Trust (individually a “Fund,” collectively the “Funds”). 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 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. The James Long-Short Fund commenced its public offering of shares on May 23, 2011.
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. The Adviser defines small capitalization as those companies with market capitalizations at the time of purchase no larger than the stocks in the Fund’s benchmark, the Russell 2000® Index.
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. The Adviser defines mid capitalization companies as those with market capitalizations at the time of purchase as $1 billion to $8 billion.
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. Micro capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than $250 million.
James Long-Short Fund seeks to provide long-term capital appreciation. The Fund seeks to achieve its objective by investing primarily in foreign and domestic equity securities that the Adviser believes are undervalued and more likely to appreciate, and by selling short equity securities that the Adviser believes are overvalued and more likely to depreciate. The Fund also may take long positions in domestic and foreign fixed income securities that the Adviser believes are more likely to appreciate in the interest rate and spread environment anticipated by the Adviser, and short positions in fixed income securities that the Adviser believes are more likely to depreciate in the interest rate and spread environment anticipated by the Adviser. The Fund seeks to achieve positive returns on both the long positions and short positions that it takes in various securities.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements, in accordance with accounting principles generally accepted in the United States of America (“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. The offering price and redemption price per share is equal to the net asset value per share, except that shares of the James Micro Cap Fund are subject to a redemption fee of 2% if redeemed within 180 days of purchase. Redemption fees received by the James Micro Cap Fund were $549 and $135 for the six months ended December 31, 2013 and year ended June 30, 2013, respectively. The redemption fee is reflected in the “Payment for shares redeemed, net of redemption fees” in the Statements of Changes in Net Assets.
Securities Valuation
Securities are valued at fair value. The Funds’ portfolio securities, including short positions, are valued as of the close of the New York Stock Exchange (“NYSE”) (generally, 4:00 p.m., Eastern time) on each day that the NYSE is open for business. Equity securities that are traded on any exchange, including closed-end funds and exchange-traded funds, are valued at the last quoted sale price on the exchange or market in which such securities are principally traded. Lacking a last sale price, a security is valued at its last bid price except when, in James’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
46 | www.jamesfunds.com |
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James Advantage Funds | Notes to Financial Statements | |
December 31, 2013 (Unaudited) |
quotations are not readily available, if an event occurs afterthe close of the trading market (but before the time as of which a Fund calculates its net asset value) that materially affects a security’s value, when James determines that the market quotation does not accurately reflect the current value or when a non-144A restricted security is being valued, that security will be valued at its fair value as determined in good faith in conformity with guidelines adopted by and subject to review of the Board of Trustees.The Funds may use pricing services to determine market value for securities. Fixed income securities will be valued at evaluated prices provided by an independent, recognized pricing service, which determines valuations based upon market transactions for normal, institutional-size trading units of securities or a matrix method which considers yieldor price of comparable bonds provided by a pricing service.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 subsequentlyare 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. Sharesof open-end investment companies are valued at net asset value.
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 bidand 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 a 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 - | Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; | |
Level 2 - | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputsother than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and | |
Level 3 - | Significant unobservable prices or inputs (including a Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. 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.
Semi-Annual Report | December 31, 2013 | 47 |
Table of Contents
Notes to Financial Statements | James Advantage Funds | |
December 31, 2013 (Unaudited) |
The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2013:
James Balanced: Golden Rainbow Fund
Valuation Inputs | ||||||||||||||||
|
| |||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Common Stocks | $ | 1,498,454,432 | $ | – | $ | – | $ | 1,498,454,432 | ||||||||
Closed-End Funds | 2,365,380 | – | – | 2,365,380 | ||||||||||||
Exchange Traded Funds | 22,739,729 | – | – | 22,739,729 | ||||||||||||
Corporate Bonds | – | 203,828,016 | – | 203,828,016 | ||||||||||||
Mortgage Backed Securities | – | 27,947,127 | – | 27,947,127 | ||||||||||||
U.S. Government Agencies | – | 50,725,950 | – | 50,725,950 | ||||||||||||
U.S. Treasury Bonds & Notes | 746,993,572 | – | – | 746,993,572 | ||||||||||||
Foreign Bonds | – | 60,363,602 | – | 60,363,602 | ||||||||||||
Municipal Bonds | – | 92,316,362 | – | 92,316,362 | ||||||||||||
Short Term Investments | 107,322,061 | – | – | 107,322,061 | ||||||||||||
| ||||||||||||||||
Total | $ | 2,377,875,174 | $ | 435,181,057 | $ | – | $ | 2,813,056,231 | ||||||||
| ||||||||||||||||
| ||||||||||||||||
James Small Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
|
| |||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Common Stocks | $ | 152,320,008 | $ | – | $ | – | $ | 152,320,008 | ||||||||
Short Term Investments | 5,239,567 | – | – | 5,239,567 | ||||||||||||
| ||||||||||||||||
Total | $ | 157,559,575 | $ | – | $ | – | $ | 157,559,575 | ||||||||
| ||||||||||||||||
| ||||||||||||||||
James Mid Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
|
| |||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Common Stocks | $ | 16,761,924 | $ | – | $ | – | $ | 16,761,924 | ||||||||
Short Term Investments | 914,039 | – | – | 914,039 | ||||||||||||
| ||||||||||||||||
Total | $ | 17,675,963 | $ | – | $ | – | $ | 17,675,963 | ||||||||
| ||||||||||||||||
| ||||||||||||||||
James Micro Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
|
| |||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Common Stocks | $ | 16,096,505 | $ | – | $ | – | $ | 16,096,505 | ||||||||
Short Term Investments | 703,943 | – | – | 703,943 | ||||||||||||
| ||||||||||||||||
Total | $ | 16,800,448 | $ | – | $ | – | $ | 16,800,448 | ||||||||
| ||||||||||||||||
|
48 | www.jamesfunds.com |
Table of Contents
James Advantage Funds | Notes to Financial Statements | |
December 31, 2013 (Unaudited) |
James Long-Short Fund
Valuation Inputs | ||||||||||||||||
|
| |||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Common Stocks | $ | 17,678,047 | $ | – | $ | – | $ | 17,678,047 | ||||||||
Exchange Traded Funds | 225,108 | – | – | 225,108 | ||||||||||||
Short Term Investments | 3,399,359 | – | – | 3,399,359 | ||||||||||||
| ||||||||||||||||
Total | $ | 21,302,514 | $ | – | $ | – | $ | 21,302,514 | ||||||||
| ||||||||||||||||
| ||||||||||||||||
|
| |||||||||||||||
Valuation Inputs | ||||||||||||||||
|
| |||||||||||||||
Other Financial Instruments* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Liabilities | ||||||||||||||||
Securities Sold Short | ||||||||||||||||
Common Stocks | $ | (7,477,683 | ) | $ | – | $ | – | $ | (7,477,683 | ) | ||||||
| ||||||||||||||||
TOTAL | $ | (7,477,683 | ) | $ | – | $ | – | $ | (7,477,683 | ) | ||||||
| ||||||||||||||||
|
* For detailed descriptions of sector and industry, see the accompanying Schedule of Investments.
For the six months ended December 31, 2013, the Funds did not have any significant transfers between Level 1 and Level 2 securities.
For the six months ended December 31, 2013, the Funds did not have any securities which used significant unobservable inputs (Level 3) used in determining fair value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Gains and losses are determined using the specific identification method, which liquidates all losses first, before any gains. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. Any securities so purchased are subject to market fluctuation during this period. The 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. As of December 31, 2013, the Funds did not hold when-issued securities or delayed delivery purchase commitments.
Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
Foreign Currency Translation
The market value of investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate, provided by WM Reuters, at the close of each business day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.
Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized and between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities at the reporting period, resulting from changes in the exchange rate.
Short Sales and Segregated Cash
The James Long-Short Fund may actively sell short equity and fixed income securities. 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 to the prime broker 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 and dividend expense on long securities and securities sold short are 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.
Dividend income includes dividends earned on Real Estate Investment Trusts (“REITs”), which may include a return of capital. As such, important taxation issues may arise, which the Funds account for when information is provided by the issuing REIT.
Due to the actual character of dividends paid by REITs not being available until the end of the calendar year, the net investment income and long-term capital gains of the Funds can be different on the tax
Semi-Annual Report | December 31, 2013 | 49 |
Table of Contents
Notes to Financial Statements | James Advantage Funds | |
December 31, 2013 (Unaudited) |
return compared to this annual report. Substantial unanticipated levels of return of capital may affect the Funds’ earnings and profits from which distributions are made.
Distributions received from Limited Partnership investments of a Fund are usually recorded as a return of capital and are excluded from available income in the calculation of distributions paid by the Funds. Return of capital is recorded as a reduction to the cost of investments in the Statements of Assets and Liabilities and in the Schedule of Investments.
Dividends and Distributions to Shareholders
Net investment income, if any, is generally declared and distributed to shareholders of each Fund on at least an annual basis. Net realized capital gains from security transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of net investment income and net realized capital gains are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Allocation of Income and Expense
Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for the James Balanced: Golden Rainbow Fund is allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its
proportionate share of total net assets of the Fund. 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 of 1986, as amended, applicable to regulated investment companies. Therefore, no federal tax provision is required.
During the six months ended December 31, 2013, none of the Funds recorded a liability nor were there any disclosures required for any uncertain tax positions in the accompanying financial statements. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
The following information is computed on a tax basis for each item as of December 31, 2013:
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
| ||||||||||||||||||||
Tax cost of portfolio investments | $ | 2,372,117,253 | $ | 102,055,105 | $ | 11,179,473 | $ | 10,296,087 | $ | 16,544,490 | ||||||||||
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Gross unrealized appreciation | $ | 473,779,639 | $ | 56,287,731 | $ | 6,496,490 | $ | 6,557,074 | $ | 4,831,185 | ||||||||||
Gross unrealized depreciation | (32,840,661) | (783,261) | – | (52,713) | (73,161) | |||||||||||||||
Net appreciation of foreign currency and derivatives | – | – | – | – | – | |||||||||||||||
| ||||||||||||||||||||
Net unrealized appreciation | $ | 440,938,978 | $ | 55,504,470 | $ | 6,496,490 | $ | 6,504,361 | $ | 4,758,024 | ||||||||||
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The difference between the cost of portfolio investments on a tax basis and financial statement cost for the Funds is due primarily to the deferral of wash sale losses and to the differing treatment of certain investments under income tax regulations and GAAP.
The tax character of distributions paid for the year ended June 30, 2013 was as follows:
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
| ||||||||||||||||||||
Ordinary Income | $ | 28,110,016 | $ | 2,605,549 | $ | 40,000 | $ | 119,999 | $ | 35,250 | ||||||||||
Long-Term Capital Gains | 12,243,493 | – | – | – | – | |||||||||||||||
| ||||||||||||||||||||
Total | $ | 40,353,509 | $ | 2,605,549 | $ | 40,000 | $ | 119,999 | $ | 35,250 | ||||||||||
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James Advantage Funds | Notes to Financial Statements | |
December 31, 2013 (Unaudited) |
Post-Enactment Capital Losses
The Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year limit on the use of capital loss carryforwards that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, capital losses incurred in the Funds’ taxable years beginning before the taxable year ended June 30, 2012 with an expiration date may not be used to offset capital gains until all net capital losses incurred in taxable years beginning with the taxable year ended June 30, 2012 without an expiration date have been utilized. As a result, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The Funds’ ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
During the year ended June 30, 2013, James Balanced: Golden Rainbow Fund and James Mid Cap Fund each utilized capital loss carryovers in the amount of $265,503 and $142,502, respectively.
Capital losses deferred to next tax year under the provisions of the Act were as follows:
Short Term | Long Term | |||||||
James Small Cap Fund | $ | 1,170,293 | $ | – | ||||
James Micro Cap Fund | 897,692 | – | ||||||
James Long-Short Fund | 599,538 | 24,006 |
The Funds elect to defer to the period ending June 30, 2014 capital losses recognized during the period November 1, 2012 through June 30, 2013 in the amount of:
Amount | ||||
James Small Cap Fund | $ | 532,678 | ||
James Micro Cap Fund | 283,170 | |||
James Long-Short Fund | 206,960 |
The Funds elect to defer to the period ending June 30, 2014 late year ordinary losses in the amount of:
Amount | ||||
James Long-Short Fund | $ | 27,971 |
The capital loss carryforwards remaining as of June 30, 2013 in the table below expire as follows:
Amount | Expiration Date | |||||
James Small Cap Fund | $ | 18,052,132 | June 30, 2017 | |||
James Small Cap Fund | 22,470,686 | June 30, 2018 |
The capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.
The amounts and characteristic of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of December 31, 2013.
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term U.S. Government obligations for the six months ended December 31, 2013 were as follows:
Purchases | Sales | |||||||
James Balanced: | ||||||||
Golden Rainbow Fund | $ | 343,504,034 | $ | 299,580,881 |
Purchases and sales (including maturities) of investments in other long-term securities for the six months ended December 31, 2013 were as follows:
Purchases | Sales | |||||||
James Balanced: | ||||||||
Golden Rainbow Fund | $ | 417,125,722 | $ | 67,872,800 | ||||
James Small Cap Fund | 24,925,692 | 47,822,475 | ||||||
James Mid Cap Fund | 1,655,303 | 1,556,367 | ||||||
James Micro Cap Fund | 3,711,903 | 2,048,004 | ||||||
James Long-Short Fund | 8,495,670 | 8,192,247 |
For the six months ended December 31, 2013, the cost of securities purchased to cover short sales and the proceeds from securities sold short were $14,365,477 and $15,048,247, respectively, for the Long-Short Fund.
4. MANAGEMENT FEE AND OTHER
TRANSACTIONS WITH AFFILIATES
Investment Management Agreement
The Funds retain James to manage the Funds’ investments. The investment decisions for the Funds are made by a committee of James’ personnel, which is primarily responsible for the day-to-day management of each Fund’s portfolio. 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; at the annual rate of 0.70% of the average daily net assets for assets from $500 million up to and including $1 billion; at the annual rate of 0.65% of the average daily net assets for assets from $1 billion up to and including $2 billion; and at the annual rate of 0.60% of the average daily net assets for assets over $2 billion.
James is authorized to receive a fee equal to an annual rate of 1.25% of the average daily net assets of the James Small Cap Fund, James Mid Cap Fund and the James Long-Short Fund, respectively, for net assets up to and including $500 million; 1.20% of average daily assets for net assets from $500 million up to and including $1 billion; 1.15% of the average daily assets for net assets from $1 billion to and including $2 billion; and 1.10% of the daily average net assets over $2 billion. James is authorized to receive a fee equal to 1.50% of James Micro Cap Fund average daily assets for net assets up to
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Notes to Financial Statements | James Advantage Funds | |
December 31, 2013 (Unaudited) |
and including $500 million and 1.45% of average daily assets for net assets over $500 million. Advisory fees for the James Small Cap, James Mid Cap Fund, James Micro Cap Fund and James Long-Short Fund are reduced by 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 Mid Cap Fund, James Micro Cap Fund and James Long-Short Fund, except for brokerage fees and commissions, taxes, interest (including dividend expense on securities sold short), fees and expenses of non-interested person trustees, 12b-1 expenses and extraordinary 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 Mid Cap Fund, James Micro Cap Fund and James Long-Short 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.
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 reimbursements 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 Mid Cap Fund, James Micro Cap Fund and James Long-Short Fund.
Plans of Distribution
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 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 and shareholder services expenses on behalf of the Funds. The Funds’ Distributor, ALPS Distributors, Inc., validates all payment amounts to be made to brokers that have properly executed dealer agreements with the Funds before James will make such payments. The expenses of the Funds’ Plans are reflected as 12b-1 distribution and service fees –Retail Class on the Statements of Operations.
5. COMMITMENTS AND CONTINGENCIES
The Funds indemnify the Trust’s officers and trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
6. LINE OF CREDIT
Each Fund has a revolving line of credit agreement with U.S. Bank, N.A. (the “Bank”). Borrowings under these arrangements are secured by investments held in the Funds’ portfolios as notated on the Schedules of Investments and bear interest at the Bank’s prime rate. For the six months ended December 31, 2013, only the James Long-Short Fund utilized its line of credit. The average amount of borrowings was $3,000,000 over 42 days with a weighted-average interest rate of 3.25%. As of December 31, 2013, the James Long-Short Fund did not have an outstanding balance with respect to the line of credit. Interest on funded and unfunded loans can be found under interest expense on the Statements of Operations. The remaining Funds entered into individual line of credit agreements on March 8, 2013. There were no borrowings on these lines during the year. The terms of the agreements can be characterized as follows:
Fund | Maximum Balance Available | Interest Rate | Expiration Date | |||||
James Balanced: | ||||||||
Golden Rainbow Fund | $ | 50,000,000 | Prime Rate* | July 15, 2014 | ||||
James Small | $ | 6,500,000 | Prime Rate* | July 15, 2014 | ||||
James Mid | $ | 715,000 | Prime Rate* | July 15, 2014 | ||||
James Micro | $ | 540,000 | Prime Rate* | July 15, 2014 | ||||
James Long-Short Fund | $ | 3,000,000 | Prime Rate* | July 15, 2014 |
*The rate at which the Bank announces as its prime lending rate.
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James Advantage Funds | Notes to Financial Statements | |
December 31, 2013 (Unaudited) |
7. NEW ACCOUNTING PRONOUNCEMENTS
In June 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2013-08, Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The FASB standard identifies characteristics a company must assess to determine whether it is considered an investment company for financial reporting purposes. This ASU is effective for fiscal years beginning after December 15, 2013. The Funds believe the adoption of this ASU will not have a material impact on their financial statements.
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James Advantage Funds | ||
December 31, 2013 (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.
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James Advantage Funds | ||
December 31, 2013 (Unaudited) |
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.
Reasons we can share your personal information: | Does James Advantage Funds 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
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 | We collect your personal information, for example, when you | |
collect my personal information? | • open an 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. |
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Privacy Policy | James Advantage Funds | |
December 31, 2013 (Unaudited) |
Other Important Information
California Residents | If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us. | |
Vermont Residents | The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information. |
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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.
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(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. |
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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.
The James Advantage Funds | ||
By: | /s/ Barry R. James | |
Barry R. James | ||
President | ||
Date: | March 3, 2014 |
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: | /s/ Barry R. James | |
Barry R. James | ||
President (Principal Executive Officer) | ||
Date: | March 3, 2014 | |
By: | /s/ Thomas L. Mangan | |
Thomas L. Mangan | ||
Chief Financial Officer (Principal Financial Officer) | ||
Date: | March 3, 2014 |