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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)
The James Advantage Funds
(Exact name of registrant as specified in charter)
1349 Fairground Road
Xenia, Ohio 45385
(Address of principal executive offices) (Zip code)
Barry R. James
P.O. Box 8
Alpha, Ohio 45301
(Name and address of agent for service)
Registrant’s telephone number, including area code: (937) 426-7640
Date of fiscal year end: June 30
Date of reporting period: July 1, 2014 – December 31, 2014
Table of Contents
Item 1. Reports to Stockholders.
Table of Contents
James Balanced: Golden Rainbow Fund
James Small Cap Fund
James Mid Cap Fund
James Micro Cap Fund
James Long-Short Fund
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Schedules of Investments | ||||
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Financial Highlights | ||||
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Table of Contents
James Advantage Funds | Shareholder Letter | |
December 31, 2014 (Unaudited) | ||
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After the stellar stock market returns of 2013, not many looked for another year of double-digit returns in 2014, so the 13.69% return on the S&P 500® Index was a welcome surprise. Even more surprising was the 25.07% return on the Barclays Long Treasury Index, which helped propel the broader Barclays Aggregate Index to a 5.97% return. All was not so rosy, though, for small cap investors as the Russell 2000® Index managed only a 4.89% return for the year. In fact, over 60% of the stocks in the Russell 2000® Index dropped by over 20% at some point in the year.
The Markets Over the Past Six Months
A 10% correction in stocks has not been uncommon after a large gain, but the biggest correction in the S&P 500® Index in 2014 was 9.82% from the intra-day high on September 18 to the intra-day low on October 16. This correction provides evidence of the increase in stock market volatility, which rose again in the fourth quarter. While U.S. economic data, including the employment data, showed increasing strength over the last six months of the year, concerns over Europe’s slowing inflation and growth, the Ukrainian problems and China’s weakening growth all contributed to rising volatility in U.S. markets.
Investment Goals and Objectives
Preservation of capital and income are the two primary objectives of the James Balanced: Golden Rainbow Fund. The Fund will increase exposure to stocks when the research of its Adviser, James Investment Research, Inc., signals a higher probability of a rally and lower risk in the stock market. The Fund’s Adviser does its own research in the stock markets and relies on the quality of that research. Even with interest rates at historic lows, the James Balanced: Golden Rainbow Fund paid out a regular dividend every quarter, and supplemented income needs of shareholders with a 3.129 cent short-term capital gains dividend and an 82.28 cent long-term capital gains dividend in December, consistent with the income objective of the Fund.
The James Small Cap Fund, the James Mid Cap Fund, the James Long-Short Fund and the James Micro Cap Fund seek long-term capital appreciation as their primary objectives. 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 James Long-Short Fund may employ a short-selling strategy, and may also leverage itself through bank borrowings. The basic research is the same for all the Funds. The Adviser prides itself on its own research and does not buy outside research. Consistent with this philosophy, the Adviser has no soft-dollar arrangements. These Funds do not seek to pay dividends as they do not have income as a primary objective, but will distribute income (and capital gains) when earned through dividends or other sources.
Investment Philosophy
Since 1972, the Adviser has tried to assess the risk in the markets, both stocks and bonds, and to incorporate that research in an active asset allocation strategy. The Adviser believes that preservation of capital in poor markets is the key to long-term success in investing. Experience has taught the Adviser to believe that stocks with strong earnings growth, low valuations and relative strength are more likely to outperform the broad stock market over time, and that preserving capital in down markets is very important in achieving long-term growth. Also, the Adviser finds that many smaller capitalized company stocks are overlooked by the broader investment community and offer bargains that its model-driven research tries to ferret out. James Investment Research, Inc.’s independent research is generally free of Wall Street hype and is intended to filter out the fads or hysteria and focus on historical risk/return relationships. The Adviser is not a market follower and rarely travels with the herd.
Strategy for Meeting Fund Objectives
The Funds’ portfolio managers 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 Funds’ portfolio managers will increase the allocation to common stocks in the James Balanced: Golden Rainbow Fund and take more aggressive positions in the James Long-Short Fund, such as leveraging the portfolio. Of course, a balanced fund will always hold both bonds and stocks, and the James Balanced: Golden Rainbow Fund normally will not fall below 25% in its allocation to either stocks or bonds. In 2014, portfolio managers were buyers of long-term Treasury securities early in the year, claiming that 2014 was “the year of the bond”. The portfolio took profits on some of those longer term bonds in the fourth quarter as yields dropped. As always, the James Balanced: Golden Rainbow Fund bought only higher quality bonds with Investment Grade ratings by S&P and Moody’s and continued to hold a significant position in U.S. Treasury Securities.
The James Small Cap Fund, the James Mid Cap Fund, the James Micro Cap Fund and the James Long-Short Fund 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 James Long-Short Fund. The Adviser’s research personnel use independent analysis to identify sectors likely to outperform over coming months, and then identify stocks it believes are undervalued. The Adviser also seeks to identify the risk levels in the broad stock market through its research, which then helps portfolio managers adjust Fund holdings accordingly. If the research points towards a decline in economic activity and in stock prices, all of the Funds will try to hold defensive stocks, such as utilities, health care and non-cyclicals,
Semi-Annual Report | December 31, 2014 |
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Table of Contents
Shareholder Letter | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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while still retaining the Adviser’s strategy of seeking out bargain stocks. In addition, the James Balanced: Golden Rainbow Fund will increase its holdings in bonds and reduce exposure to common equities, and the James Long-Short Fund may 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.
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 2014, The James Balanced: Golden Rainbow Retail Class advanced 1.32%, including dividends, and the Institutional Class shares returned 1.51% with dividends, while their blended Index benchmark rose 2.47% (see benchmark details on page 4 of this report). The James Small Cap Fund declined -0.50% over the last six months of the year versus a 1.65% increase in its benchmark (the Russell 2000® Index). The James Mid Cap Fund declined -2.99%, trailing its benchmark (the S&P MidCap 400® Value Index) return of 1.87%. The James Micro Cap Fund rose 5.17% versus its benchmark (the Russell Microcap® Index) return of 2.06%. The James Micro Cap Fund paid a large capital gains dividend in December. The Fund realized some large gains on long term holdings that had done very well which resulted in a larger than usual distribution. The James Long-Short Fund rose 0.94% percent, lagging its benchmark (the S&P 500® Index) return of 6.12%. The Mid Cap Fund trailed its benchmark, but its benchmark is the Value component of the S&P Mid Cap Index. Indeed, for the last six months of 2014, Value did lag Growth (Mid-Cap Value returns of 1.84% vs. Mid Cap Growth return of 2.35% and S&P 500 Value returns of 5.03% vs. S&P 500 Growth returns of 7.07%).
The James Balanced: Golden Rainbow Fund’s holdings in long-term Treasury notes in early 2014 went counter to public opinion and drew many questions from the investing community. However, by the second half of the year the value of longer term Treasury securities became clear, and shareholders benefited from the strong returns. The Barclays U.S. Treasury 20+ Year Total Return Index had a total return of 27.48% over the year and 12.63% over the last six months of the year. Holdings in foreign bonds did not add value because the dollar strengthened, even as yields declined overseas. In 2014 the U.S. dollar rose 8.32% vs. the Australian dollar, 8.59% vs. the Canadian dollar, 17.54% vs. the Swedish Krona, 18.53% vs. the Norwegian Krone, 11.97% vs. the Euro and 8% vs. the Turkish Lira. However, foreign bonds account for less than 2% of the portfolio holdings.
Expectations for the Future
Considering the presidential election cycle, 2015 is the pre-election year. Historically, this is the strongest year of the four year presidential election cycle. With the Republicans now in charge of the Congress, but without a veto-proof majority, the Adviser believes it is unlikely that any material legislation will be enacted. Oil remains at very low levels, which will likely add to U.S. and global Gross Domestic Product (GDP). The U.S. economy is showing signs of more normal growth and the Federal Reserve is in no hurry to begin its long anticipated return to normal interest rates, thus continuing to fuel the recovery with easy money. While James Investment Research, Inc. expects volatility in stocks and bonds will remain high, the Adviser is confident that 2015 will bring many investment opportunities and is dedicated to using its 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 any Fund before investing. Each 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 any 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 a Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Thomas L. Mangan is a registered representative of ALPS Distributors, Inc.
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James Advantage Funds | Shareholder Letter | |
December 31, 2014 (Unaudited) | ||
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PE Ratio: The price earnings ratio of a stock, found by dividing the current price per share of the stock by its trailing four quarter earnings per share.
Barclay’s Long Treasury Index: A widely recognized index reflecting the price and yields of all outstanding U.S. Treasury bonds with maturities greater than ten years. As of December 31, 2014 the index held 43 issues. The index is not actively managed and does not reflect the deduction for fees, expense or tax. An investor may not invest directly an index.
Barclays Aggregate Index: A widely recognized index of investment grade bonds in the U.S. Government, Corporate, Mortgage-backed and Asset Backed sectors. As of December 31, 2014, the index held 9,115 issues. The index is not actively managed and does not reflect the deduction for fees, expense or tax. An investor may not invest directly an index.
Barclays U.S. Treasury 20+ year Total Return Index: A widely recognized index reflected the total return (price action plus interest income) from all outstanding U.S. Treasury securities with maturities greater than 20 years. As of December 31, 2014, the index held 29 issues. The index is not actively managed and does not reflect the deduction for fees, expense or tax. An investor may not invest directly an index.
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Growth of $10,000 Charts | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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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 Class
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(2) | |||||
James Balanced: Golden | 7.12% | 9.35% | 7.23% | 8.39% | ||||
S&P 500® Index | 13.69% | 15.45% | 7.67% | 9.70% | ||||
Russell 2000® Index | 4.89% | 15.55% | 7.77% | 10.25% | ||||
Barclays Capital U.S. Credit Bond Index | 3.13% | 3.54% | 4.10% | 5.78% | ||||
Blended Index(1) | 6.34% | 9.74% | 6.34% | 8.31% |
(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 U.S. Intermediate Government/Credit Bond Index. |
(2) | 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, 2014, was 1.01%.
Comparison of the Change in Value of a $50,000 Investment in the James Balanced: Golden Rainbow Fund – Institutional Class
James Balanced: Golden Rainbow Fund – Institutional Class
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(2) | |||||||||
James Balanced: Golden | 7.42 | % | 9.64 | % | N/A | 12.25% | ||||||
S&P 500® Index | 13.69 | % | 15.45 | % | N/A | 22.88% | ||||||
Russell 2000® Index | 4.89 | % | 15.55 | % | N/A | 24.25% | ||||||
Barclays Capital U.S. Intermediate Government/ Credit Bond Index | 3.13 | % | 3.54 | % | N/A | 4.03% | ||||||
Blended Index(1) | 6.34 | % | 9.74 | % | N/A | 13.84% |
(1) | The Blended Index is comprised of a 25% weighting in the S&P 500® Index, a 25% weighting in the Russell 2000® Index and a 50% weighting in the Barclays Capital U.S. Intermediate Government/Credit Bond Index. |
(2) | 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, 2014, was 0.76%.
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 U.S. Intermediate Government/Credit Bond 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 U.S. Intermediate Government/Credit Bond Index and Blended 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, 2014 (Unaudited) | ||
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Comparison of the Change in Value of a $10,000 Investment in the James Small Cap Fund
James Small Cap Fund
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(1) | |||||
James Small Cap Fund | 1.54% | 16.21% | 6.38% | 8.81% | ||||
Russell 2000® Index | 4.89% | 15.55% | 7.77% | 9.34% |
(1) | Fund inception was October 2, 1998. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2014, was 1.51%.
Comparison of the Change in Value of a $10,000 Investment in the James Mid Cap Fund
James Mid Cap Fund
Average Annual Total Returns
1 Year | 5 Year | Since Inception(1) | |||||||||||||
James Mid Cap Fund | 5.77% | 13.59% | 6.36% | ||||||||||||
S&P MidCap 400® Value Index | 12.10% | 16.40% | 8.80% |
(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, 2014, was 1.51%.
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 Russell 2000® Index and S&P MidCap Value 400® 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, 2014 (Unaudited) | ||
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Comparison of the Change in Value of a $10,000 Investment in the James Micro Cap Fund
James Micro Cap Fund
Average Annual Total Returns
1 Year | Since Inception(1) | |||
James Micro Cap Fund | 6.39% | 14.83% | ||
Russell Microcap® Index | 3.65% | 18.29% |
(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, 2014 was 1.51%.
Comparison of the Change in Value of a $10,000 Investment in the James Long-Short Fund
James Long-Short Fund
Average Annual Total Returns
1 Year | Since Inception(1) | |||
James Long-Short Fund | 8.07% | 9.79% | ||
S&P 500® Index | 13.69% | 15.64% |
(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, 2014, was 2.59%.
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 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 | Disclosure of Fund Expenses | |
December 31, 2014 (Unaudited) | ||
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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, 2014 through December 31, 2014.
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, 2014 | Ending Account Value December 31, 2014 | Expense Paid During Period(b) | |||||||||||||||||
James Balanced: Golden Rainbow Fund | ||||||||||||||||||||
Retail Class Actual | 0.98 | % | $ | 1,000.00 | $ | 1,013.20 | $ | 4.97 | ||||||||||||
Retail Class Hypothetical (5% return before expenses) | 0.98 | % | $ | 1,000.00 | $ | 1,020.27 | $ | 4.99 | ||||||||||||
Institutional Class Actual | 0.73 | % | $ | 1,000.00 | $ | 1,015.10 | $ | 3.71 | ||||||||||||
Institutional Class Hypothetical (5% return before expenses) | 0.73 | % | $ | 1,000.00 | $ | 1,021.53 | $ | 3.72 | ||||||||||||
James Small Cap Fund | ||||||||||||||||||||
Actual | 1.50 | % | $ | 1,000.00 | $ | 995.00 | $ | 7.54 | ||||||||||||
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 | $ | 970.10 | $ | 7.45 | ||||||||||||
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 | $ | 1,051.70 | $ | 7.76 | ||||||||||||
Hypothetical (5% return before expenses) | 1.50 | % | $ | 1,000.00 | $ | 1,017.64 | $ | 7.63 | ||||||||||||
James Long-Short Fund | ||||||||||||||||||||
Actual | 2.72 | %(c) | $ | 1,000.00 | $ | 1,009.40 | $ | 13.78 | ||||||||||||
Hypothetical (5% return before expenses) | 2.72 | %(c) | $ | 1,000.00 | $ | 1,011.49 | $ | 13.79 |
(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 1.22% (annualized) of average net assets for the six months ended December 31, 2014. |
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Representation of Schedules of Investments | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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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 Long-Short Fund - Industry Sector Allocation (% of Net Assets)
(Cash and Cash Equivalents and Other Liabilities in Excess
of Assets not included)
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James Balanced: Golden Rainbow Fund | Schedule of Investments | |
| December 31, 2014 (Unaudited) | |
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Shares or Principal Amount | Value | |||
COMMON STOCKS-47.9% | ||||
Basic Materials-4.0% | ||||
103,180 | Aceto Corp. | $2,239,006 | ||
228,000 | Celanese Corp., Series A | 13,670,880 | ||
51,940 | CF Industries Holdings, Inc. | 14,155,727 | ||
50,000 | Cooper Tire & Rubber Co. | 1,732,500 | ||
20,000 | Cytec Industries, Inc. | 923,400 | ||
718,800 | Dow Chemical Co. | 32,784,468 | ||
15,860 | Eastman Chemical Co. | 1,203,140 | ||
825,400 | Goodyear Tire & Rubber Co. | 23,581,678 | ||
1,500 | Green Plains, Inc. | 37,170 | ||
373,100 | Huntsman Corp. | 8,499,218 | ||
75,000 | Lydall, Inc.* | 2,461,500 | ||
10,000 | Newmont Mining Corp. | 189,000 | ||
149,410 | PolyOne Corp. | 5,664,133 | ||
714,800 | Westlake Chemical Corp. | 43,667,132 | ||
25,000 | Worthington Industries, Inc. | 752,250 | ||
151,561,202 | ||||
Consumer, Cyclical-9.8% | ||||
1,602,560 | Alaska Air Group, Inc. | 95,768,986 | ||
9,867 | Allegion PLC | 547,205 | ||
203,500 | Best Buy Co., Inc. | 7,932,430 | ||
285,760 | Dillard’s, Inc., Class A | 35,771,437 | ||
550,000 | DIRECTV* | 47,685,000 | ||
100,300 | Finish Line, Inc., Class A | 2,438,293 | ||
320,000 | Foot Locker, Inc. | 17,977,600 | ||
970,000 | Ford Motor Co. | 15,035,000 | ||
122,000 | Hanesbrands, Inc. | 13,617,640 | ||
305,000 | Hawaiian Holdings, Inc.* | 7,945,250 | ||
40,000 | Insight Enterprises, Inc.* | 1,035,600 | ||
676,180 | Macy’s, Inc. | 44,458,835 | ||
122,650 | Outerwall, Inc.* | 9,225,733 | ||
53,000 | PharMerica Corp.* | 1,097,630 | ||
59,000 | PHI, Inc.* | 2,206,600 | ||
40,000 | Republic Airways Holdings, Inc.* | 583,600 | ||
473,500 | RR Donnelley & Sons Co. | 7,957,167 | ||
232,500 | Skechers U.S.A., Inc., Class A* | 12,845,625 | ||
604,000 | Southwest Airlines Co. | 25,561,280 | ||
133,500 | Viacom, Inc., Class A | 10,079,250 | ||
120,000 | Viacom, Inc., Class B | 9,030,000 | ||
368,800,161 | ||||
Consumer, Non-cyclical-8.5% | ||||
182,100 | Aetna, Inc. | 16,175,943 | ||
20,000 | Andersons, Inc. | 1,062,800 | ||
247,015 | Anthem, Inc. | 31,042,375 | ||
35,850 | Avis Budget Group, Inc.* | 2,377,930 | ||
180,565 | DeVry Education Group, Inc. | 8,571,421 | ||
466,450 | Dr Pepper Snapple Group, Inc. | 33,435,136 | ||
45,230 | DST Systems, Inc. | 4,258,404 | ||
316,230 | Eli Lilly & Co. | 21,816,708 | ||
1,230 | Helen of Troy, Ltd.* | 80,024 | ||
94,500 | Ingles Markets, Inc., Class A | 3,505,005 |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
9 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares or Principal Amount | Value | |||
Consumer, Non-cyclical (continued) | ||||
863,640 | Kroger Co. | $55,454,324 | ||
48,768 | ManpowerGroup, Inc. | 3,324,515 | ||
546,030 | Merck & Co., Inc. | 31,009,044 | ||
713,000 | Mylan, Inc.* | 40,191,810 | ||
302,820 | Newell Rubbermaid, Inc. | 11,534,414 | ||
110,000 | Omega Protein Corp.* | 1,162,700 | ||
208,073 | Omnicare, Inc. | 15,174,764 | ||
628,220 | Pfizer, Inc. | 19,569,053 | ||
35,530 | Sanderson Farms, Inc. | 2,985,408 | ||
350 | Seaboard Corp.* | 1,469,282 | ||
102,305 | SUPERVALU, Inc.* | 992,358 | ||
177,550 | UnitedHealth Group, Inc. | 17,948,530 | ||
323,141,948 | ||||
Energy-2.8% | ||||
100,000 | Baker Hughes, Inc. | 5,607,000 | ||
241,910 | Chevron Corp. | 27,137,464 | ||
440,050 | ConocoPhillips | 30,389,853 | ||
135,100 | Exxon Mobil Corp. | 12,489,995 | ||
47,300 | Helmerich & Payne, Inc. | 3,188,966 | ||
99,004 | HollyFrontier Corp. | 3,710,670 | ||
40,000 | Tesco Corp. | 512,800 | ||
175,000 | Tesoro Corp. | 13,011,250 | ||
114,000 | Ultra Petroleum Corp.* | 1,500,240 | ||
148,900 | Valero Energy Corp. | 7,370,550 | ||
225,000 | Warren Resources, Inc.* | 362,250 | ||
105,281,038 | ||||
Financial-7.3% | ||||
65,000 | ACE, Ltd. | 7,467,200 | ||
403,423 | American Financial Group, Inc. | 24,495,844 | ||
300,980 | AmTrust Financial Services, Inc. | 16,930,125 | ||
70,000 | Argo Group International Holdings, Ltd. | 3,882,900 | ||
515,000 | Aspen Insurance Holdings, Ltd. | 22,541,550 | ||
10,000 | FBL Financial Group, Inc., Class A | 580,300 | ||
900,130 | Fifth Third Bancorp | 18,340,149 | ||
100,000 | Goldman Sachs Group, Inc. | 19,383,000 | ||
72,000 | Hersha Hospitality Trust, REIT | 506,160 | ||
1,490 | Horace Mann Educators Corp. | 49,438 | ||
314,140 | JPMorgan Chase & Co. | 19,658,881 | ||
1,051,430 | KeyCorp | 14,614,877 | ||
216,000 | Montpelier Re Holdings, Ltd. | 7,737,120 | ||
348,200 | Nelnet, Inc., Class A | 16,132,106 | ||
195,000 | Piper Jaffray Cos.* | 11,327,550 | ||
45,000 | PNC Financial Services Group, Inc. | 4,105,350 | ||
350,000 | Protective Life Corp. | 24,377,500 | ||
140,727 | Southside Bancshares, Inc. | 4,068,418 | ||
102,500 | Torchmark Corp. | 5,552,425 | ||
375,994 | Travelers Cos., Inc. | 39,798,965 | ||
348,775 | Unum Group | 12,165,272 | ||
60,500 | XL Group PLC | 2,079,385 | ||
275,794,515 |
See Notes to Financial Statements. | ||
10 |
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Table of Contents
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares or Principal Amount | Value | |||
Industrial-7.1% | ||||
139,120 | AMERCO | $39,546,251 | ||
463,300 | American Axle & Manufacturing Holdings, Inc.* | 10,465,947 | ||
383,260 | American Railcar Industries, Inc. | 19,737,890 | ||
212,500 | Ball Corp. | 14,486,125 | ||
187,572 | CNH Industrial NV | 1,511,831 | ||
35,500 | Deere & Co. | 3,140,685 | ||
196,555 | Greenbrier Cos., Inc. | 10,560,900 | ||
401,350 | Jarden Corp.* | 19,216,638 | ||
432,320 | Magna International, Inc. | 46,988,861 | ||
72,000 | Meritor, Inc.* | 1,090,800 | ||
143,500 | Ryder System, Inc. | 13,323,975 | ||
15,000 | Smith & Wesson Holding Corp.* | 142,050 | ||
34,770 | Sturm Ruger & Co., Inc. | 1,204,085 | ||
660,000 | Trinity Industries, Inc. | 18,486,600 | ||
426,985 | TRW Automotive Holdings Corp.* | 43,915,407 | ||
230,570 | United Rentals, Inc.* | 23,520,446 | ||
267,338,491 | ||||
Technology-5.9% | ||||
204,440 | Amkor Technology, Inc.* | 1,451,524 | ||
88,500 | Apple, Inc. | 9,768,630 | ||
271,130 | Arrow Electronics, Inc.* | 15,695,716 | ||
199,410 | Avnet, Inc. | 8,578,618 | ||
130,000 | Corning, Inc. | 2,980,900 | ||
719,970 | Deluxe Corp. | 44,818,132 | ||
80,000 | Ingram Micro, Inc., Class A* | 2,211,200 | ||
290,900 | Intel Corp. | 10,556,761 | ||
14,500 | International Business Machines Corp. | 2,326,380 | ||
292,480 | Lexmark International, Inc., Class A | 12,070,650 | ||
93,530 | Lockheed Martin Corp. | 18,011,072 | ||
180,450 | Northrop Grumman Corp. | 26,596,526 | ||
304,700 | PDL BioPharma, Inc. | 2,349,237 | ||
50,000 | Symantec Corp. | 1,282,750 | ||
77,600 | SYNNEX Corp. | 6,065,216 | ||
9,700 | VASCO Data Security International, Inc.* | 273,637 | ||
509,050 | Western Digital Corp. | 56,351,835 | ||
221,388,784 | ||||
Utilities-2.5% | ||||
29,800 | AES Corp. | 410,346 | ||
198,280 | American Electric Power Co., Inc. | 12,039,562 | ||
270,500 | AT&T, Inc. | 9,086,095 | ||
18,000 | Avista Corp. | 636,300 | ||
196,070 | BCE, Inc. | 8,991,770 | ||
152,190 | BT Group PLC, Sponsored ADR | 9,434,258 | ||
101,820 | DTE Energy Co. | 8,794,194 | ||
40,000 | Edison International | 2,619,200 | ||
8,400 | Exelon Corp. | 311,472 | ||
46,040 | IDACORP, Inc. | 3,047,388 | ||
40,530 | Pinnacle West Capital Corp. | 2,768,604 | ||
203,260 | PNM Resources, Inc. | 6,022,594 | ||
301,710 | Portland General Electric Co. | 11,413,689 | ||
94,940 | Public Service Enterprise Group, Inc. | 3,931,465 |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
11 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares or Principal Amount | Value | |||
Utilities (continued) | ||||
78,260 | TELUS Corp. | $2,820,490 | ||
195,000 | UGI Corp. | 7,406,100 | ||
315,370 | Vonage Holdings Corp.* | 1,201,560 | ||
72,730 | Westar Energy, Inc. | 2,999,385 | ||
93,934,472 | ||||
TOTAL COMMON STOCKS (Cost $1,346,905,231) | 1,807,240,611 | |||
CLOSED-END FUNDS-0.0%(a) | ||||
70,000 | Eaton Vance Risk-Managed Diversified Equity Income Fund | 746,200 | ||
10,000 | Nuveen Municipal Opportunity Fund, Inc. | 146,700 | ||
11,500 | Nuveen Ohio Quality Income Municipal Fund, Inc. | 176,295 | ||
40,000 | Nuveen Premium Income Municipal Fund 2, Inc. | 566,400 | ||
TOTAL CLOSED-END FUNDS (Cost $1,571,271) | 1,635,595 | |||
EXCHANGE TRADED FUNDS-0.4% | ||||
63,810 | iShares® MSCI Canada ETF | 1,841,557 | ||
6,040 | iShares® MSCI Germany ETF | 165,556 | ||
47,080 | iShares® MSCI Philippines ETF | 1,798,456 | ||
79,000 | iShares® MSCI Poland Capped ETF | 1,901,530 | ||
120,000 | iShares® MSCI Singapore ETF | 1,569,600 | ||
64,840 | iShares® MSCI Switzerland Capped ETF | 2,054,780 | ||
10,000 | iShares® National AMT-Free Municipal Bond ETF | 1,103,400 | ||
122,900 | SPDR® Nuveen Barclays Short Term Municipal Bond ETF | 2,985,241 | ||
TOTAL EXCHANGE TRADED FUNDS (Cost $12,990,556) | 13,420,120 | |||
CORPORATE BONDS-6.8% | ||||
Basic Materials-0.3% | ||||
$5,000,000 | BHP Billiton Finance USA, Ltd., 1.000%, 2/24/15 | 5,002,725 | ||
5,000,000 | E.I. du Pont de Nemours & Co., 2.750%, 4/1/16 | 5,121,130 | ||
1,500,000 | E.I. du Pont de Nemours & Co., 5.750%, 3/15/19 | 1,714,381 | ||
11,838,236 | ||||
Consumer, Cyclical-0.4% | ||||
5,000,000 | eBay, Inc., 2.600%, 7/15/22 | 4,744,720 | ||
5,000,000 | Home Depot, Inc., 5.950%, 4/1/41 | 6,530,380 | ||
785,000 | McDonald’s Corp., 5.700%, 2/1/39 | 964,208 | ||
2,000,000 | Wal-Mart Stores, Inc., 5.250%, 9/1/35 | 2,405,718 | ||
14,645,026 | ||||
Consumer, Non-cyclical-1.6% | ||||
10,000,000 | Coca-Cola Co., 3.200%, 11/1/23 | 10,287,650 | ||
5,000,000 | Colgate-Palmolive Co., 3.150%, 8/5/15 | 5,081,175 | ||
3,000,000 | Hershey Co., 4.125%, 12/1/20 | 3,251,277 | ||
5,475,000 | Johnson & Johnson, 4.500%, 9/1/40 | 6,250,057 | ||
10,000,000 | Merck & Co., Inc., 4.150%, 5/18/43 | 10,639,110 | ||
10,000,000 | PepsiCo, Inc., 5.000%, 6/1/18 | 11,057,120 | ||
10,000,000 | Stryker Corp., 2.000%, 9/30/16 | 10,163,320 |
See Notes to Financial Statements. | ||
12 |
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James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares or Principal Amount | Value | |||
Consumer, Non-cyclical (continued) | ||||
$5,465,000 | Wyeth LLC, 5.500%, 2/15/16 | $5,754,607 | ||
62,484,316 | ||||
Energy-1.3% | ||||
5,000,000 | Apache Corp., 3.250%, 4/15/22 | 4,912,630 | ||
5,000,000 | BP Capital Markets PLC, 3.245%, 5/6/22 | 4,915,195 | ||
10,000,000 | Diamond Offshore Drilling, Inc., 5.875%, 5/1/19 | 10,897,880 | ||
5,000,000 | Occidental Petroleum Corp., 1.750%, 2/15/17 | 5,029,120 | ||
5,050,000 | Shell International Finance BV, 2.375%, 8/21/22 | 4,912,352 | ||
5,000,000 | Shell International Finance BV, 6.375%, 12/15/38 | 6,719,100 | ||
10,000,000 | Statoil ASA, 2.250%, 11/8/19 | 10,005,800 | ||
47,392,077 | ||||
Financial-1.8% | ||||
5,000,000 | Aflac, Inc., 2.650%, 2/15/17 | 5,144,835 | ||
5,000,000 | Bank of America Corp., 1.734%, 4/27/16(b) | 5,009,620 | ||
5,000,000 | Berkshire Hathaway, Inc., 3.750%, 8/15/21 | 5,348,555 | ||
5,000,000 | Citigroup, Inc., 4.450%, 1/10/17 | 5,285,690 | ||
10,000,000 | General Electric Capital Corp., 1.031%, 4/15/20(b) | 10,036,000 | ||
2,000,000 | General Electric Capital Corp., 6.875%, 1/10/39 | 2,829,014 | ||
15,000,000 | JPMorgan Chase & Co., 2.600%, 1/15/16 | 15,259,530 | ||
5,000,000 | Morgan Stanley & Co., 3.450%, 11/2/15 | 5,098,220 | ||
5,000,000 | Morgan Stanley & Co., 4.750%, 3/22/17 | 5,326,270 | ||
5,000,000 | National City Corp., 4.900%, 1/15/15 | 5,007,520 | ||
5,000,000 | UBS AG, 5.875%, 12/20/17 | 5,583,360 | ||
69,928,614 | ||||
Industrial-0.2% | ||||
1,000,000 | Caterpillar, Inc., 7.900%, 12/15/18 | 1,219,240 | ||
1,000,000 | Caterpillar, Inc., 8.250%, 12/15/38 | 1,587,768 | ||
5,000,000 | United Technologies Corp., 3.100%, 6/1/22 | 5,101,645 | ||
7,908,653 | ||||
Technology-0.9% | ||||
8,000,000 | Google, Inc., 3.625%, 5/19/21 | 8,583,496 | ||
5,000,000 | Intel Corp., 3.300%, 10/1/21 | 5,243,140 | ||
3,000,000 | International Business Machines Corp., 1.950%, 7/22/16 | 3,057,204 | ||
7,000,000 | International Business Machines Corp., 1.875%, 8/1/22 | 6,525,064 | ||
3,700,000 | Microsoft Corp., 5.200%, 6/1/39 | 4,403,370 | ||
5,000,000 | Oracle Corp., 2.500%, 10/15/22 | 4,870,480 | ||
32,682,754 | ||||
Utilities-0.3% | ||||
5,000,000 | Duke Energy Florida, Inc., Series A, 5.800%, 9/15/17 | 5,590,580 | ||
4,600,000 | San Diego Gas & Electric Co., 3.000%, 8/15/21 | 4,715,690 | ||
10,306,270 | ||||
TOTAL CORPORATE BONDS (Cost $253,566,741) | 257,185,946 | |||
MORTGAGE BACKED SECURITIES-1.2% | ||||
Federal Home Loan Mortgage Corp.-0.5% | ||||
20,000,000 | 1.875%, 10/30/19 | 20,016,400 | ||
Federal National Mortgage Association-0.5% | ||||
16,233,732 | 3.500%, 9/1/33 | 17,120,175 |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
13 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares or Principal Amount | Value | |||
Federal National Mortgage Association (continued) | ||||
$3,402,993 | 4.500%, 9/1/40 | $3,623,391 | ||
Government National Mortgage Association-0.2% | 20,743,566 | |||
5,387,128 | 4.000%, 12/20/40 | 5,794,578 | ||
TOTAL MORTGAGE BACKED SECURITIES (Cost $45,653,790) | 46,554,544 | |||
U.S. GOVERNMENT AGENCIES-2.1% | ||||
Federal Farm Credit Banks-0.8% | ||||
10,000,000 | 1.750%, 5/28/20 | 9,808,440 | ||
10,000,000 | 2.380%, 5/15/23 | 9,877,570 | ||
10,000,000 | 3.220%, 3/26/31 | 10,127,090 | ||
29,813,100 | ||||
Federal Home Loan Bank-1.2% | ||||
15,000,000 | 1.250%, 11/26/19 (c) | 14,974,470 | ||
10,000,000 | 2.000%, 12/10/19 | 9,976,850 | ||
5,000,000 | 1.600%, 10/22/20 | 4,867,895 | ||
5,000,000 | 1.500%, 7/25/22 (c) | 5,004,260 | ||
10,000,000 | 2.430%, 10/11/22 | 9,744,420 | ||
44,567,895 | ||||
United States Department of Housing and Urban Development-0.1% | ||||
5,000,000 | 2.050%, 8/1/19 | 5,090,170 | ||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $80,201,932) | 79,471,165 | |||
U.S. TREASURY BONDS & NOTES-33.7% | ||||
U.S. Treasury Bonds-3.2% | ||||
60,000,000 | 5.375%, 2/15/31 | 83,681,280 | ||
30,000,000 | 3.125%, 2/15/42 | 32,315,640 | ||
5,000,000 | 2.750%, 8/15/42 | 5,001,560 | ||
120,998,480 | ||||
U.S. Treasury Inflation Indexed Notes-0.4% | ||||
13,034,560 | 1.625%, 1/15/18 | 13,644,538 | ||
U.S. Treasury Notes-30.1% | ||||
100,000,000 | 0.250%, 11/30/15 | 99,996,100 | ||
30,000,000 | 2.000%, 1/31/16 | 30,534,360 | ||
15,000,000 | 0.250%, 5/15/16 | 14,962,500 | ||
45,000,000 | 1.000%, 9/30/16 | 45,321,660 | ||
150,000,000 | 0.375%, 10/31/16 | 149,343,750 | ||
58,000,000 | 4.625%, 2/15/17 | 62,730,596 | ||
50,000,000 | 0.875%, 10/15/17 | 49,792,950 | ||
100,000,000 | 0.875%, 11/15/17 | 99,476,600 | ||
150,000,000 | 1.500%, 8/31/18 | 150,691,350 | ||
160,000,000 | 2.750%, 2/15/19 | 168,312,480 | ||
125,000,000 | 1.500%, 10/31/19 | 124,189,500 | ||
95,000,000 | 2.625%, 11/15/20 | 99,126,610 | ||
40,000,000 | 1.625%, 8/15/22 | 38,875,000 |
See Notes to Financial Statements. | ||
14 |
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Table of Contents
James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares or Principal Amount | Value | |||
U.S. Treasury Notes (continued) | ||||
$5,000,000 | 2.750%, 11/15/23 | $5,260,545 | ||
1,138,614,001 | ||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $1,258,588,100) | 1,273,257,019 | |||
FOREIGN BONDS-1.5% | ||||
Australia Government-0.2% | ||||
AUD 10,000,000 | 5.250%, 3/15/19 | 9,161,973 | ||
Canada Government-0.3% | ||||
CAD 5,000,000 | 3.750%, 6/1/19 | 4,763,858 | ||
CAD 5,000,000 | 3.500%, 6/1/20 | 4,776,123 | ||
9,539,981 | ||||
Denmark Government-0.3% | ||||
DKK 56,000,000 | 1.500%, 11/15/23 | 9,840,785 | ||
International Bank for Reconstruction & Development-0.1% | ||||
TRY 8,000,000 | 6.000%, 7/23/15 | 3,384,478 | ||
Netherlands Government-0.1% | ||||
EUR 3,000,000 | 4.000%, 7/15/19 | 4,278,078 | ||
Norway Government-0.2% | ||||
NOK 21,000,000 | 4.500%, 5/22/19 | 3,240,052 | ||
NOK 28,000,000 | 2.000%, 5/24/23 | 3,920,609 | ||
7,160,661 | ||||
Queensland Treasury Corp.-0.1% | ||||
AUD 5,000,000 | 6.000%, 10/14/15 | 4,195,197 | ||
Sweden Government-0.2% | ||||
SEK 52,000,000 | 5.000%, 12/1/20 | 8,449,487 | ||
TOTAL FOREIGN BONDS (Cost $60,419,516) | 56,010,640 | |||
MUNICIPAL BONDS-3.5% | ||||
California-0.0%(a) | ||||
1,000,000 | Citrus Community College District General Obligation Unlimited Bonds, Series B, | 1,076,160 | ||
Colorado-0.0%(a) | ||||
1,000,000 | Adams County School District No. 14 General Obligation Unlimited Bonds, | 1,084,510 | ||
Connecticut-0.2% | ||||
5,350,000 | State of Connecticut, Series B, 5.000%, 11/1/25 | 6,308,506 | ||
Florida-0.0%(a) | ||||
1,000,000 | Florida State Board of Education Capital Outlay General Obligation Bonds, Series D, | 1,113,150 | ||
Georgia-0.3% | ||||
3,000,000 | State of Georgia General Obligation Unlimited Bonds, Series B, | 3,359,340 |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
15 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2014 (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 | $6,104,250 | ||
9,463,590 | ||||
Hawaii-0.3% | ||||
9,000,000 | City and County of Honolulu General Obligation Unlimited Bonds, Series B, | 10,959,750 | ||
Illinois-0.0%(a) | ||||
500,000 | Kane & DeKalb Counties Community Unit School District No. 302 Kaneland General Obligation Unlimited Bonds (School Building), 5.500%, 2/1/28 | 523,980 | ||
1,000,000 | Village of Bolingbrook General Obligation Unlimited Bonds, 5.000%, 1/1/37 | 1,048,250 | ||
1,572,230 | ||||
Maryland-0.1% | ||||
5,000,000 | County of Montgomery General Obligation Unlimited Bonds, Series A, | 5,053,250 | ||
Massachusetts-0.0%(a) | ||||
1,000,000 | Commonwealth of Massachusetts General Obligation Limited Bonds, Series C, | 1,115,390 | ||
Michigan-0.0%(a) | ||||
1,000,000 | Marysville Public School District General Obligation Unlimited Bonds (School Building & Site), 5.000%, 5/1/32 | 1,074,480 | ||
Ohio-1.0% | ||||
5,450,000 | City of Columbus General Obligation Various Purpose Limited Tax Bonds, Series B, | 5,795,148 | ||
5,000,000 | County of Cuyahoga General Obligation Limited (Capital Improvement), Series A, | 5,216,200 | ||
Greenville City School District General Obligation Unlimited Bonds (School Improvement): | ||||
5,000,000 | 5.000%, 1/1/46 | 5,432,200 | ||
11,000,000 | 5.500%, 1/1/51 | 12,345,740 | ||
1,100,000 | Miamisburg City School District General Obligation Unlimited Bonds (School Facilities Construction & Improvement), 5.000%, 12/1/33 | 1,234,277 | ||
500,000 | Mount Healthy City School District General Obligation Unlimited Bonds (School Improvement), 5.000%, 12/1/26 | 552,575 | ||
1,000,000 | Ohio State University General Recipients Revenue Bonds, 4.910%, 6/1/40 | 1,207,490 | ||
105,000 | Ohio State University Prerefunded Revenue Bonds, Series A, 5.000%, 12/1/28 | 120,557 | ||
895,000 | Ohio State University Unrefunded Revenue Bonds, Series A, 5.000%, 12/1/28 | 1,006,061 | ||
500,000 | Springboro Community City School District General Obligation Unlimited Bonds, | 603,805 | ||
1,000,000 | State of Ohio General Obligation Unlimited Bonds, Series A, 5.375%, 9/1/28 | 1,130,100 | ||
1,000,000 | Wright State University Revenue Bonds, 4.000%, 5/1/18 | 1,070,230 | ||
35,714,383 | ||||
Pennsylvania-0.6% | ||||
20,000,000 | Commonwealth of Pennsylvania General Obligation Unlimited Bonds, First Series, | 23,715,800 | ||
Texas-0.5% | ||||
1,000,000 | Friendswood Independent School District General Obligation Unlimited Bonds (Schoolhouse), 5.000%, 2/15/37 | 1,099,480 | ||
1,000,000 | Judson Independent School District General Obligation Unlimited Bonds (School Building), | 1,067,450 | ||
500,000 | Lamar Consolidated Independent School District General Obligation Unlimited Bonds (Schoolhouse), 5.000%, 2/15/38 | 535,100 | ||
7,150,000 | New Caney Independent School District General Obligation Unlimited Bonds (School Building), Series AD, 5.000%, 2/15/35 | 7,418,268 | ||
5,335,000 | Port of Houston Authority General Obligation Unlimited Bonds, Series D-1, 5.000%, 10/1/35 | 6,074,004 |
See Notes to Financial Statements. | ||
16 |
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James Balanced: Golden Rainbow Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares or Principal Amount | Value | |||
Texas (continued) | ||||
$1,000,000 | Tyler Independent School District General Obligation Unlimited Bonds (School Building), | $1,093,120 | ||
17,287,422 | ||||
Washington-0.3% | ||||
5,000,000 | State of Washington General Obligation Unlimited Bonds, Series D, 4.000%, 2/1/37 | 5,177,450 | ||
5,845,000 | State of Washington General Obligation Various Purpose Unlimited Bonds, Series D, | 6,843,092 | ||
12,020,542 | ||||
Wisconsin-0.2% | ||||
5,000,000 | State of Wisconsin General Obligation Unlimited Bonds, Series C, 5.000%, 5/1/25 | 5,902,450 | ||
TOTAL MUNICIPAL BONDS (Cost $127,746,187) | 133,461,613 | |||
SHORT TERM INVESTMENTS-5.4% | ||||
Mutual Funds-5.4% | ||||
202,180,713 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 202,180,713 | ||
TOTAL SHORT TERM INVESTMENTS (Cost $202,180,713) | 202,180,713 | |||
TOTAL INVESTMENT SECURITIES-102.5% (Cost $3,389,824,037) | 3,870,417,966 | |||
OTHER LIABILITIES IN EXCESS OF ASSETS-(2.5)% | (93,523,113) | |||
NET ASSETS-100.0% | $3,776,894,853 |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.
* | Non-income producing security. |
(a) | Less than 0.05% of Net Assets. |
(b) | Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2014. |
(c) | Step bond. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at December31, 2014. |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
17 |
Table of Contents
Schedule of Investments | James Balanced: Golden Rainbow Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders
ADR - American Depositary Receipt
ASA - Allmennaksjeselskap is the Norwegian term for public limited company.
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
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
SEK - Swedish Krona
SPDR - Standard & Poor’s Depositary Receipts
TRY - Turkish Lira
Foreign Bonds Securities Allocation
% of Net Assets | ||
Europe | 0.8% | |
Asia - Pacific | 0.3% | |
North America | 0.3% | |
Europe - Euro | 0.1% | |
1.5% | ||
See Notes to Financial Statements. | ||
18 |
www.jamesfunds.com |
Table of Contents
James Small Cap Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
COMMON STOCKS-97.8% | ||||
Basic Materials-7.1% | ||||
83,914 | Green Plains, Inc. | $2,079,389 | ||
165,370 | Lydall, Inc.* | 5,427,444 | ||
46,860 | Neenah Paper, Inc. | 2,824,252 | ||
7,050 | OCI Resources LP | 181,185 | ||
46,025 | Richmont Mines, Inc.* | 145,899 | ||
10,658,169 | ||||
Consumer, Cyclical-18.3% | ||||
76,345 | A.H. Belo Corp., Class A | 792,461 | ||
30,983 | Asbury Automotive Group, Inc.* | 2,352,229 | ||
68,974 | Cato Corp., Class A | 2,909,323 | ||
7,230 | Cherokee, Inc. | 139,973 | ||
32,399 | Flexsteel Industries, Inc. | 1,044,868 | ||
202,450 | Hawaiian Holdings, Inc.* | 5,273,823 | ||
75,687 | Insight Enterprises, Inc.* | 1,959,536 | ||
214,990 | Lee Enterprises, Inc.* | 791,163 | ||
28,890 | Multi-Color Corp. | 1,601,084 | ||
45,450 | Outerwall, Inc.* | 3,418,749 | ||
19,877 | Patrick Industries, Inc.* | 874,190 | ||
52,025 | PC Connection, Inc. | 1,277,214 | ||
121,870 | Republic Airways Holdings, Inc.* | 1,778,083 | ||
33,740 | Skechers U.S.A., Inc., Class A* | 1,864,135 | ||
31,290 | Standard Motor Products, Inc. | 1,192,775 | ||
7,880 | Wayside Technology Group, Inc. | 135,615 | ||
27,405,221 | ||||
Consumer, Non-cyclical-10.3% | ||||
7,260 | Coca-Cola Bottling Co. Consolidated | 639,098 | ||
54,301 | DeVry Education Group, Inc. | 2,577,668 | ||
73,300 | Edgewater Technology, Inc.* | 550,117 | ||
12,210 | Ingles Markets, Inc., Class A | 452,869 | ||
28,672 | John B Sanfilippo & Son, Inc. | 1,304,576 | ||
43,132 | National Healthcare Corp. | 2,710,415 | ||
30,363 | Natural Health Trends Corp. | 347,656 | ||
69,020 | Natus Medical, Inc.* | 2,487,481 | ||
60,780 | Pointer Telocation, Ltd.* | 497,788 | ||
36,499 | Sanderson Farms, Inc. | 3,066,829 | ||
4,380 | Strayer Education, Inc.* | 325,346 | ||
15,360 | Superior Uniform Group, Inc. | 451,123 | ||
15,410,966 | ||||
Energy-3.6% | ||||
459,840 | Abraxas Petroleum Corp.* | 1,351,930 | ||
45,348 | Delek US Holdings, Inc. | 1,237,094 | ||
129,133 | Star Gas Partners LP | 787,711 | ||
147,065 | Ultra Petroleum Corp.* | 1,935,375 | ||
5,312,110 | ||||
Financial-17.2% | ||||
65,770 | American Financial Group, Inc. | 3,993,554 | ||
40,980 | AmTrust Financial Services, Inc. | 2,305,125 |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
19 |
Table of Contents
Schedule of Investments | James Small Cap Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
Financial (continued) | ||||
19,880 | Argo Group International Holdings, Ltd. | $1,102,744 | ||
18,620 | Ellington Residential Mortgage, REIT | 302,947 | ||
27,586 | ePlus, Inc.* | 2,087,984 | ||
34,420 | FBL Financial Group, Inc., Class A | 1,997,393 | ||
131,370 | Hersha Hospitality Trust, REIT | 923,531 | ||
74,271 | MainSource Financial Group, Inc. | 1,553,749 | ||
95,458 | Montpelier Re Holdings, Ltd. | 3,419,306 | ||
3,065 | MutualFirst Financial, Inc. | 67,338 | ||
63,098 | Piper Jaffray Cos.* | 3,665,363 | ||
42,625 | Premier Financial Bancorp, Inc. | 664,098 | ||
32,478 | Reading International, Inc., Class A* | 430,658 | ||
73,275 | Resource America, Inc., Class A | 662,406 | ||
86,457 | Southside Bancshares, Inc. | 2,499,463 | ||
25,675,659 | ||||
Industrial-9.4% | ||||
53,390 | American Railcar Industries, Inc. | 2,749,585 | ||
68,140 | Covenant Transportation Group, Inc., Class A* | 1,847,275 | ||
51,309 | Greenbrier Cos., Inc. | 2,756,833 | ||
5,985 | L.S. Starrett Co., Class A | 119,281 | ||
6,930 | SL Industries, Inc.* | 270,270 | ||
218,175 | SORL Auto Parts, Inc.* | 805,066 | ||
12,143 | Strattec Security Corp. | 1,002,769 | ||
131,688 | Supreme Industries, Inc., Class A | 929,717 | ||
86,190 | Tsakos Energy Navigation, Ltd. | 601,606 | ||
35,530 | Unifi, Inc.* | 1,056,307 | ||
54,030 | USA Truck, Inc.* | 1,534,452 | ||
24,800 | Willdan Group, Inc.* | 334,552 | ||
14,007,713 | ||||
Technology-16.3% | ||||
131,120 | ACCO Brands Corp.* | 1,181,391 | ||
29,476 | Anika Therapeutics, Inc.* | 1,200,852 | ||
39,450 | Cascade Microtech, Inc.* | 576,365 | ||
118,098 | Deluxe Corp. | 7,351,601 | ||
80,174 | Magic Software Enterprises, Ltd. | 477,035 | ||
89,775 | Mentor Graphics Corp. | 1,967,868 | ||
53,415 | Mind CTI, Ltd. | 209,921 | ||
66,860 | NCI, Inc., Class A* | 682,641 | ||
131,000 | Orbotech, Ltd.* | 1,938,800 | ||
101,180 | PDL BioPharma, Inc. | 780,098 | ||
71,835 | Pericom Semiconductor Corp.* | 972,646 | ||
65,480 | Sanmina Corp.* | 1,540,744 | ||
184,416 | Tower Semiconductor, Ltd.* | 2,458,265 | ||
93,440 | VASCO Data Security International, Inc.* | 2,635,942 | ||
56,135 | ZAGG, Inc.* | 381,157 | ||
24,355,326 | ||||
Utilities-15.6% | ||||
80,306 | Consolidated Communications Holdings, Inc. | 2,234,916 | ||
71,715 | El Paso Electric Co. | 2,872,903 | ||
105,660 | Empire District Electric Co. | 3,142,328 | ||
47,485 | Gas Natural, Inc. | 523,285 |
See Notes to Financial Statements. | ||
20 |
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Table of Contents
James Small Cap Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
Utilities (continued) | ||||
50,660 | Inteliquent, Inc. | $994,456 | ||
26,335 | NorthWestern Corp. | 1,490,034 | ||
113,090 | PNM Resources, Inc. | 3,350,857 | ||
135,535 | Portland General Electric Co. | 5,127,289 | ||
953,113 | Vonage Holdings Corp.* | 3,631,360 | ||
23,367,428 | ||||
TOTAL COMMON STOCKS (Cost $119,021,201) | 146,192,592 | |||
SHORT TERM INVESTMENTS-2.2% | ||||
Mutual Funds-2.2% | ||||
3,278,562 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 3,278,562 | ||
TOTAL SHORT TERM INVESTMENTS (Cost $3,278,562) | 3,278,562 | |||
TOTAL INVESTMENT SECURITIES-100.0% (Cost $122,299,763) | 149,471,154 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.0%(a) | 60,262 | |||
NET ASSETS-100.0% | $149,531,416 |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.
* | Non-income producing security. |
(a) | Less than 0.05% of Net Assets. |
LP - Limited Partnership
Ltd. - Limited
REIT - Real Estate Investment Trust
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
21 |
Table of Contents
Schedule of Investments | James Mid Cap Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
COMMON STOCKS-96.0% | ||||
Basic Materials-8.6% | ||||
5,000 | Celanese Corp., Series A | $299,800 | ||
2,500 | Cooper Tire & Rubber Co. | 86,625 | ||
3,000 | Cytec Industries, Inc. | 138,510 | ||
12,000 | Goodyear Tire & Rubber Co. | 342,840 | ||
13,000 | Huntsman Corp. | 296,140 | ||
10,000 | PolyOne Corp. | 379,100 | ||
1,543,015 | ||||
Consumer, Cyclical-13.5% | ||||
16,500 | Alaska Air Group, Inc. | 986,040 | ||
3,500 | Asbury Automotive Group, Inc.* | 265,720 | ||
2,000 | Cato Corp., Class A | 84,360 | ||
5,000 | Dillard’s, Inc., Class A | 625,900 | ||
6,500 | Foot Locker, Inc. | 365,170 | ||
1,500 | Skechers U.S.A., Inc., Class A* | 82,875 | ||
2,410,065 | ||||
Consumer, Non-cyclical-10.5% | ||||
4,000 | Avis Budget Group, Inc.* | 265,320 | ||
9,000 | DeVry Education Group, Inc. | 427,230 | ||
6,000 | Helen of Troy, Ltd.* | 390,360 | ||
1,900 | Sanderson Farms, Inc. | 159,648 | ||
24,000 | SUPERVALU, Inc.* | 232,800 | ||
10,325 | Tyson Foods, Inc., Class A | 413,929 | ||
1,889,287 | ||||
Energy-6.2% | ||||
4,000 | Cimarex Energy Co. | 424,000 | ||
8,250 | HollyFrontier Corp. | 309,210 | ||
5,000 | Tesoro Corp. | 371,750 | ||
1,104,960 | ||||
Financial-15.6% | ||||
7,000 | Allied World Assurance Co. Holdings AG | 265,440 | ||
8,775 | American Financial Group, Inc. | 532,818 | ||
4,000 | Aspen Insurance Holdings, Ltd. | 175,080 | ||
4,500 | CBL & Associates Properties, Inc., REIT | 87,390 | ||
10,000 | Horace Mann Educators Corp. | 331,800 | ||
6,500 | Montpelier Re Holdings, Ltd. | 232,830 | ||
11,350 | Nelnet, Inc., Class A | 525,846 | ||
8,000 | Protective Life Corp. | 557,200 | ||
2,500 | XL Group PLC | 85,925 | ||
2,794,329 | ||||
Industrial-18.0% | ||||
3,000 | AMERCO | 852,780 | ||
3,500 | Hollysys Automation Technologies Ltd.* | 85,505 | ||
17,437 | Jarden Corp.* | 834,884 | ||
5,500 | Meritor, Inc.* | 83,325 | ||
2,000 | Ryder System, Inc. | 185,700 | ||
12,000 | Trinity Industries, Inc. | 336,120 |
See Notes to Financial Statements. | ||
22 |
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Table of Contents
James Mid Cap Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
Industrial (continued) | ||||
8,250 | TRW Automotive Holdings Corp.* | $848,512 | ||
3,226,826 | ||||
Technology-11.5% | ||||
2,500 | Alliant Techsystems, Inc. | 290,625 | ||
10,000 | Amkor Technology, Inc.* | 71,000 | ||
7,750 | Arrow Electronics, Inc.* | 448,647 | ||
7,000 | Avnet, Inc. | 301,140 | ||
13,950 | Deluxe Corp. | 868,388 | ||
3,000 | Ingram Micro, Inc., Class A* | 82,920 | ||
2,062,720 | ||||
Utilities-12.1% | ||||
15,550 | CMS Energy Corp. | 540,362 | ||
4,975 | DTE Energy Co. | 429,691 | ||
2,500 | Empire District Electric Co. | 74,350 | ||
4,000 | Great Plains Energy, Inc. | 113,640 | ||
2,000 | IDACORP, Inc. | 132,380 | ||
8,000 | Portland General Electric Co. | 302,640 | ||
4,500 | UGI Corp. | 170,910 | ||
7,000 | Vectren Corp. | 323,610 | ||
2,000 | Westar Energy, Inc. | 82,480 | ||
2,170,063 | ||||
TOTAL COMMON STOCKS (Cost $10,848,824) | 17,201,265 | |||
SHORT TERM INVESTMENTS-7.4% | ||||
Mutual Funds-7.4% | ||||
1,329,923 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 1,329,923 | ||
TOTAL SHORT TERM INVESTMENTS (Cost $1,329,923) | 1,329,923 | |||
TOTAL INVESTMENT SECURITIES-103.4% (Cost $12,178,747) | 18,531,188 | |||
OTHER LIABILITIES IN EXCESS OF ASSETS-(3.4)% | (602,395) | |||
NET ASSETS-100.0% | $17,928,793 |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.
* | Non-income producing security. |
AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders
Ltd. - Limited
PLC - Public Limited Company.
REIT - Real Estate Investment Trust
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
23 |
Table of Contents
Schedule of Investments | James Micro Cap Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
COMMON STOCKS-93.0% | ||||
Basic Materials-4.3% | ||||
18,940 | Lydall, Inc.* | $621,611 | ||
3,540 | OCI Resources LP | 90,978 | ||
23,030 | Richmont Mines, Inc.* | 73,005 | ||
785,594 | ||||
Consumer, Cyclical-17.3% | ||||
38,210 | A.H. Belo Corp., Class A | 396,620 | ||
3,620 | Cherokee, Inc. | 70,083 | ||
16,211 | Flexsteel Industries, Inc. | 522,805 | ||
14,370 | Hawaiian Holdings, Inc.* | 374,338 | ||
107,585 | Lee Enterprises, Inc.* | 395,913 | ||
4,850 | Multi-Color Corp. | 268,787 | ||
9,954 | Patrick Industries, Inc.* | 437,777 | ||
26,043 | PC Connection, Inc. | 639,356 | ||
3,955 | Wayside Technology Group, Inc. | 68,065 | ||
3,173,744 | ||||
Consumer, Non-cyclical-13.7% | ||||
3,780 | Coca-Cola Bottling Co. Consolidated | 332,753 | ||
36,690 | Edgewater Technology, Inc.* | 275,358 | ||
9,660 | Ingles Markets, Inc., Class A | 358,289 | ||
14,351 | John B Sanfilippo & Son, Inc. | 652,971 | ||
15,194 | Natural Health Trends Corp. | 173,971 | ||
29,045 | Pointer Telocation, Ltd.* | 237,879 | ||
3,470 | Strayer Education, Inc.* | 257,752 | ||
7,696 | Superior Uniform Group, Inc. | 226,032 | ||
2,515,005 | ||||
Energy-2.1% | ||||
64,631 | Star Gas Partners LP | 394,249 | ||
394,249 | ||||
Financial-15.6% | ||||
9,330 | Ellington Residential Mortgage, REIT | 151,799 | ||
6,053 | ePlus, Inc.* | 458,151 | ||
43,003 | MainSource Financial Group, Inc. | 899,623 | ||
1,540 | MutualFirst Financial, Inc. | 33,834 | ||
7,767 | Piper Jaffray Cos.* | 451,185 | ||
20,370 | Premier Financial Bancorp, Inc. | 317,365 | ||
16,554 | Reading International, Inc., Class A* | 219,506 | ||
36,680 | Resource America, Inc., Class A | 331,587 | ||
2,863,050 | ||||
Industrial-18.4% | ||||
33,335 | Covenant Transportation Group, Inc., Class A* | 903,712 | ||
3,005 | L.S. Starrett Co., Class A | 59,890 | ||
3,475 | SL Industries, Inc.* | 135,525 | ||
104,263 | SORL Auto Parts, Inc.* | 384,730 | ||
6,086 | Strattec Security Corp. | 502,582 | ||
62,933 | Supreme Industries, Inc., Class A | 444,307 | ||
27,995 | USA Truck, Inc.* | 795,058 |
See Notes to Financial Statements. | ||
24 |
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Table of Contents
James Micro Cap Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
Industrial (continued) | ||||
12,415 | Willdan Group, Inc.* | $167,478 | ||
3,393,282 | ||||
Technology-14.3% | ||||
14,751 | Anika Therapeutics, Inc.* | 600,956 | ||
19,740 | Cascade Microtech, Inc.* | 288,401 | ||
40,131 | Magic Software Enterprises, Ltd. | 238,780 | ||
26,725 | Mind CTI, Ltd. | 105,029 | ||
35,490 | NCI, Inc., Class A* | 362,353 | ||
23,986 | Orbotech, Ltd.* | 354,993 | ||
35,950 | Pericom Semiconductor Corp.* | 486,763 | ||
28,090 | ZAGG, Inc.* | 190,731 | ||
2,628,006 | ||||
Utilities-7.3% | ||||
12,676 | Consolidated Communications Holdings, Inc. | 352,773 | ||
23,770 | Gas Natural, Inc. | 261,945 | ||
25,360 | Inteliquent, Inc. | 497,817 | ||
60,730 | Vonage Holdings Corp.* | 231,381 | ||
1,343,916 | ||||
TOTAL COMMON STOCKS (Cost $13,525,549) | 17,096,846 | |||
SHORT TERM INVESTMENTS-6.3% | ||||
Mutual Funds-6.3% | ||||
1,151,168 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 1,151,168 | ||
TOTAL SHORT TERM INVESTMENTS (Cost $1,151,168) | 1,151,168 | |||
TOTAL INVESTMENT SECURITIES-99.3% (Cost $14,676,717) | 18,248,014 | |||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.7% | 128,668 | |||
NET ASSETS-100.0% | $18,376,682 |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.
* | Non-income producing security. |
LP - Limited Partnership
Ltd. - Limited
REIT - Real Estate Investment Trust
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
25 |
Table of Contents
Schedule of Investments | James Long-Short Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
COMMON STOCKS-122.6% | ||||
Basic Materials-8.0% | ||||
10,260 | Dow Chemical Co.(a) | $467,959 | ||
17,200 | Goodyear Tire & Rubber Co.(a) | 491,404 | ||
15,290 | Huntsman Corp.(a) | 348,306 | ||
10,330 | Lydall, Inc.*(a) | 339,031 | ||
8,030 | Olin Corp.(a) | 182,843 | ||
10,870 | Westlake Chemical Corp. | 664,048 | ||
2,493,591 | ||||
Consumer, Cyclical-18.8% | ||||
24,560 | Alaska Air Group, Inc.(a) | 1,467,705 | ||
7,370 | Cato Corp., Class A | 310,867 | ||
9,320 | Dillard’s, Inc., Class A(a) | 1,166,678 | ||
4,040 | DIRECTV*(a) | 350,268 | ||
8,810 | Hanesbrands, Inc.(a) | 983,372 | ||
5,030 | Skechers U.S.A., Inc., Class A*(a) | 277,907 | ||
26,550 | Southwest Airlines Co.(a) | 1,123,596 | ||
1,810 | Wal-Mart Stores, Inc.(a) | 155,443 | ||
5,835,836 | ||||
Consumer, Non-cyclical-17.9% | ||||
1,700 | Aetna, Inc. | 151,011 | ||
12,440 | DeVry Education Group, Inc.(a) | 590,527 | ||
10,420 | Dr Pepper Snapple Group, Inc.(a) | 746,906 | ||
15,845 | Eli Lilly & Co.(a) | 1,093,146 | ||
13,850 | Kroger Co.(a) | 889,308 | ||
8,630 | Merck & Co., Inc. | 490,098 | ||
12,945 | Pfizer, Inc.(a) | 403,237 | ||
11,970 | UnitedHealth Group, Inc.(a) | 1,210,047 | ||
5,574,280 | ||||
Energy-6.4% | ||||
4,800 | Apache Corp.(a) | 300,816 | ||
6,110 | Baker Hughes, Inc.(a) | 342,588 | ||
7,970 | ConocoPhillips(a) | 550,408 | ||
4,250 | Tesoro Corp. | 315,987 | ||
13,790 | Unit Corp.*(a) | 470,239 | ||
1,980,038 | ||||
Financial-18.1% | ||||
2,730 | FBL Financial Group, Inc., Class A | 158,422 | ||
790 | Goldman Sachs Group, Inc. | 153,126 | ||
9,230 | JPMorgan Chase & Co.(a) | 577,614 | ||
60,290 | KeyCorp.(a) | 838,031 | ||
10,170 | Piper Jaffray Cos.*(a) | 590,775 | ||
13,780 | PNC Financial Services Group, Inc.(a) | 1,257,149 | ||
15,975 | Protective Life Corp.(a) | 1,112,659 | ||
14,009 | Southside Bancshares, Inc.(a) | 405,000 | ||
4,980 | Travelers Cos., Inc.(a) | 527,133 | ||
5,619,909 |
See Notes to Financial Statements. | ||
26 |
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Table of Contents
James Long-Short Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
Industrial-18.3% | ||||
1,490 | AMERCO(a) | $423,547 | ||
8,450 | American Railcar Industries, Inc.(a) | 435,175 | ||
4,420 | Ball Corp.(a) | 301,312 | ||
11,930 | Greenbrier Cos., Inc.(a) | 640,999 | ||
8,480 | Magna International, Inc.(a) | 921,691 | ||
9,840 | Ryder System, Inc.(a) | 913,644 | ||
10,300 | TRW Automotive Holdings Corp.*(a) | 1,059,355 | ||
9,890 | United Rentals, Inc.*(a) | 1,008,879 | ||
5,704,602 | ||||
Technology-18.2% | ||||
5,070 | Apple, Inc.(a) | 559,626 | ||
20,625 | Deluxe Corp.(a) | 1,283,906 | ||
6,225 | Lockheed Martin Corp.(a) | 1,198,748 | ||
5,120 | Northrop Grumman Corp.(a) | 754,637 | ||
5,890 | Symantec Corp. | 151,108 | ||
11,920 | Tower Semiconductor, Ltd.* | 158,894 | ||
10,510 | VASCO Data Security International, Inc.*(a) | 296,487 | ||
11,450 | Western Digital Corp.(a) | 1,267,515 | ||
5,670,921 | ||||
Utilities-16.9% | ||||
8,990 | American Electric Power Co., Inc.(a) | 545,873 | ||
8,320 | Edison International(a) | 544,794 | ||
4,140 | Exelon Corp. | 153,511 | ||
22,405 | PNM Resources, Inc.(a) | 663,860 | ||
33,610 | Portland General Electric Co.(a) | 1,271,466 | ||
3,660 | Public Service Enterprise Group, Inc. | 151,561 | ||
25,775 | UGI Corp.(a) | 978,935 | ||
62,925 | Vonage Holdings Corp.*(a) | 239,744 | ||
17,460 | Westar Energy, Inc. | 720,050 | ||
5,269,794 | ||||
TOTAL COMMON STOCKS (Cost $32,455,616) | 38,148,971 | |||
SHORT TERM INVESTMENTS-1.4% | ||||
Mutual Funds-1.4% | ||||
448,095 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 448,095 | ||
TOTAL SHORT TERM INVESTMENTS (Cost $448,095) | 448,095 | |||
TOTAL INVESTMENT SECURITIES-124.0% (Cost $32,903,711) | 38,597,066 | |||
SEGREGATED CASH DUE TO BROKERS-4.4% | 1,374,231 | |||
SECURITIES SOLD SHORT-(27.4)% (Proceeds $8,548,410) | (8,536,292) | |||
OTHER LIABILITIES IN EXCESS OF ASSETS-(1.0)% | (296,135) | |||
NET ASSETS-100.0% | $31,138,870 |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
27 |
Table of Contents
Schedule of Investments | James Long-Short Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
SCHEDULE OF SECURITIES SOLD SHORT | ||||
COMMON STOCKS-(27.4)% | ||||
Basic Materials-(2.5)% | ||||
(9,580) | Alamos Gold, Inc. | $(68,306) | ||
(15,140) | Eldorado Gold Corp. | (92,051) | ||
(3,820) | Goldcorp, Inc. | (70,746) | ||
(2,100) | Haynes International, Inc. | (101,850) | ||
(5,800) | Intrepid Potash, Inc. | (80,504) | ||
(6,300) | Louisiana-Pacific Corp. | (104,328) | ||
(10,160) | Pan American Silver Corp. | (93,472) | ||
(4,770) | Silver Wheaton Corp. | (96,974) | ||
(4,380) | Trinseo SA | (76,431) | ||
(784,662) | ||||
Consumer, Cyclical-(3.9)% | ||||
(290) | Amazon.com, Inc. | (90,001) | ||
(3,750) | Arcos Dorados Holdings, Inc., Class A | (20,287) | ||
(7,800) | Belmond Ltd., Class A | (96,486) | ||
(2,360) | Caesars Acquisition Co., Class A | (24,332) | ||
(1,455) | Caesars Entertainment Corp. | (22,829) | ||
(3,410) | Carmike Cinemas, Inc. | (89,581) | ||
(150) | Charter Communications, Inc., Class A | (24,993) | ||
(1,140) | Container Store Group, Inc. | (21,808) | ||
(3,110) | Controladora Vuela Cia de Aviacion SAB de CV, ADR | (28,052) | ||
(1,860) | Ctrip.com International Ltd., ADR | (84,630) | ||
(6,660) | Fred’s, Inc., Class A | (115,951) | ||
(6,660) | Interface, Inc. | (109,690) | ||
(3,600) | Jumei International Holding Ltd., ADR | (49,032) | ||
(680) | Liberty Media Corp., Class A | (23,984) | ||
(1,015) | Noodles & Co. | (26,745) | ||
(1,260) | Pandora Media, Inc. | (22,466) | ||
(10,340) | Pep Boys - Manny Moe & Jack | (101,539) | ||
(950) | Qunar Cayman Islands, Ltd., ADR | (27,009) | ||
(1,220) | Rentrak Corp. | (88,840) | ||
(1,200) | Sands China Ltd., ADR | (59,094) | ||
(2,920) | Tile Shop Holdings, Inc. | (25,930) | ||
(1,720) | Zoe’s Kitchen, Inc. | (51,445) | ||
(1,204,724) | ||||
Consumer, Non-cyclical-(3.7)% | ||||
(14,620) | Accuray, Inc. | (110,381) | ||
(1,140) | Aegerion Pharmaceuticals, Inc. | (23,871) | ||
(1,600) | Ascent Capital Group, Inc., Class A | (84,688) | ||
(1,220) | Auspex Pharmaceuticals, Inc. | (64,025) | ||
(9,360) | Boulder Brands, Inc. | (103,522) | ||
(1,980) | Cepheid | (107,197) | ||
(5,920) | Darling Ingredients, Inc. | (107,507) | ||
(2,360) | DexCom, Inc. | (129,918) | ||
(7,875) | Endologix, Inc. | (120,409) | ||
(1,300) | iKang Healthcare Group, Inc., ADR | (19,552) | ||
(100) | Intercept Pharmaceuticals, Inc. | (15,600) | ||
(600) | Karyopharm Therapeutics, Inc. | (22,458) | ||
(650) | KYTHERA Biopharmaceuticals, Inc. | (22,542) | ||
(360) | Pacira Pharmaceuticals, Inc. | (31,918) | ||
(635) | Post Holdings, Inc. | (26,600) |
See Notes to Financial Statements. | ||
28 |
www.jamesfunds.com |
Table of Contents
James Long-Short Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
Consumer, Non-cyclical (continued) | ||||
(3,630) | Quidel Corp. | $(104,980) | ||
(2,340) | Wright Medical Group, Inc. | (62,876) | ||
(1,158,044) | ||||
Diversified-(0.1)% | ||||
(1,540) | Compass Diversified Holdings LP | (25,025) | ||
Energy-(2.8)% | ||||
(960) | American Midstream Partners LP | (18,921) | ||
(530) | Antero Resources Corp. | (21,507) | ||
(1,260) | Atlas Resource Partners LP | (13,482) | ||
(10,600) | Bill Barrett Corp. | (120,734) | ||
(800) | Bonanza Creek Energy, Inc. | (19,200) | ||
(2,540) | CGG SA, Sponsored ADR | (14,986) | ||
(1,160) | Cheniere Energy Partners LP Holdings LLC | (26,135) | ||
(17,565) | Clean Energy Fuels Corp. | (87,737) | ||
(2,140) | Cobalt International Energy, Inc. | (19,024) | ||
(2,000) | CrossAmerica Partners LP | (80,580) | ||
(2,290) | Eclipse Resources Corp. | (16,099) | ||
(1,360) | Jones Energy, Inc., Class A | (15,518) | ||
(3,120) | Memorial Resource Development Corp. | (56,254) | ||
(735) | NGL Energy Partners LP | (20,573) | ||
(800) | Pattern Energy Group, Inc. | (19,728) | ||
(3,415) | PDC Energy, Inc. | (140,937) | ||
(1,000) | Rice Energy, Inc. | (20,970) | ||
(1,520) | Rocket Fuel, Inc. | (24,502) | ||
(6,700) | Stone Energy Corp. | (113,096) | ||
(520) | Summit Midstream Partners LP | (19,760) | ||
(869,743) | ||||
Financial-(0.9)% | ||||
(4,400) | E-House China Holdings, Ltd., ADR | (31,856) | ||
(6,900) | Flagstar Bancorp, Inc. | (108,537) | ||
(2,040) | KCG Holdings, Inc., Class A | (23,766) | ||
(6,180) | New York REIT, Inc. | (65,446) | ||
(1,180) | NorthStar Asset Management Group, Inc. | (26,633) | ||
(1,605) | Physicians Realty Trust, REIT | (26,643) | ||
(282,881) | ||||
Industrial-(3.0)% | ||||
(3,330) | Beacon Roofing Supply, Inc. | (92,574) | ||
(2,295) | Chart Industries, Inc. | (78,489) | ||
(1,740) | Clean Harbors, Inc. | (83,607) | ||
(3,000) | Healthcare Services Group, Inc. | (92,790) | ||
(1,300) | Macquarie Infrastructure Co. LLC | (92,417) | ||
(1,080) | Masonite International Corp. | (66,377) | ||
(7,920) | Scorpio Tankers, Inc. | (68,825) | ||
(280) | Tesla Motors, Inc. | (62,275) | ||
(15,500) | TETRA Technologies, Inc. | (103,540) | ||
(9,200) | Titan International, Inc. | (97,796) | ||
(7,695) | UTi Worldwide, Inc. | (92,878) | ||
(931,568) | ||||
Technology-(9.8)% | ||||
(815) | 21Vianet Group, Inc., ADR | (12,608) | ||
(1,740) | 3D Systems Corp. | (57,194) |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
29 |
Table of Contents
Schedule of Investments | James Long-Short Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
Technology (continued) | ||||
(7,855) | 8x8, Inc. | $(71,952) | ||
(3,645) | Actua Corp. | (67,323) | ||
(1,300) | Aixtron SE, Sponsored ADR | (14,573) | ||
(4,060) | Allscripts Healthcare Solutions, Inc. | (51,846) | ||
(345) | Autohome, Inc., ADR | (12,544) | ||
(565) | Benefitfocus, Inc. | (18,555) | ||
(1,990) | Cardiovascular Systems, Inc. | (59,859) | ||
(3,020) | Celldex Therapeutics, Inc. | (55,115) | ||
(310) | Clovis Oncology, Inc. | (17,360) | ||
(1,735) | Cogent Communications Holdings, Inc. | (61,402) | ||
(1,300) | CommVault Systems, Inc. | (67,197) | ||
(460) | Cornerstone OnDemand, Inc. | (16,192) | ||
(1,680) | Cree, Inc. | (54,130) | ||
(2,470) | Exact Sciences Corp. | (67,777) | ||
(2,140) | Fluidigm Corp. | (72,182) | ||
(540) | Fortinet, Inc. | (16,556) | ||
(945) | Gogo, Inc. | (15,621) | ||
(2,000) | Groupon, Inc. | (16,520) | ||
(6,680) | Halozyme Therapeutics, Inc. | (64,462) | ||
(3,180) | iDreamsky Technology Ltd., ADR | (54,314) | ||
(2,080) | Immune Design Corp. | (64,022) | ||
(5,950) | ImmunoGen, Inc. | (36,295) | ||
(6,560) | inContact, Inc. | (57,662) | ||
(835) | Infoblox, Inc. | (16,875) | ||
(4,315) | Insmed, Inc. | (66,753) | ||
(1,355) | Interactive Intelligence Group, Inc. | (64,904) | ||
(1,640) | Intralinks Holdings, Inc. | (19,516) | ||
(740) | InvenSense, Inc. | (12,032) | ||
(3,850) | Keryx Biopharmaceuticals, Inc. | (54,478) | ||
(360) | Kite Pharma, Inc. | (20,761) | ||
(2,240) | Kofax Ltd. | (15,747) | ||
(5,080) | Leju Holdings Ltd., ADR | (54,661) | ||
(80) | LinkedIn Corp., Class A | (18,377) | ||
(10,720) | MannKind Corp. | (55,905) | ||
(2,280) | The Medicines Co. | (63,088) | ||
(355) | Medidata Solutions, Inc. | (16,951) | ||
(5,210) | Momenta Pharmaceuticals, Inc. | (62,728) | ||
(570) | NetSuite, Inc. | (62,227) | ||
(560) | Nimble Storage, Inc. | (15,400) | ||
(1,040) | Novadaq Technologies, Inc. | (17,285) | ||
(11,480) | Novavax, Inc. | (68,076) | ||
(6,900) | OPKO Health, Inc. | (68,931) | ||
(10,500) | Organovo Holdings, Inc. | (76,125) | ||
(2,080) | Otonomy, Inc. | (69,326) | ||
(2,080) | OvaScience, Inc. | (91,978) | ||
(130) | Palo Alto Networks, Inc. | (15,934) | ||
(335) | Proofpoint, Inc. | (16,157) | ||
(2,140) | PROS Holdings, Inc. | (58,807) | ||
(470) | Qlik Technologies, Inc. | (14,518) | ||
(720) | RealPage, Inc. | (15,811) | ||
(280) | Receptos, Inc. | (34,303) | ||
(3,600) | Regulus Therapeutics, Inc. | (57,744) | ||
(4,360) | Sangamo BioSciences, Inc. | (66,316) |
See Notes to Financial Statements. | ||
30 |
www.jamesfunds.com |
Table of Contents
James Long-Short Fund | Schedule of Investments | |
December 31, 2014 (Unaudited) | ||
| ||
|
Shares | Value | |||
Technology (continued) | ||||
(4,035) | Scientific Games Corp., Class A | $(51,366) | ||
(240) | ServiceNow, Inc. | (16,284) | ||
(1,430) | Shutterfly, Inc. | (59,624) | ||
(220) | Splunk, Inc. | (12,969) | ||
(275) | SPS Commerce, Inc. | (15,573) | ||
(2,780) | SunEdison, Inc. | (54,238) | ||
(1,160) | Tangoe, Inc. | (15,115) | ||
(440) | TESARO, Inc. | (16,364) | ||
(620) | Textura Corp. | (17,651) | ||
(4,040) | Theravance, Inc. | (57,166) | ||
(160) | TripAdvisor, Inc. | (11,946) | ||
(790) | TrueCar, Inc. | (18,091) | ||
(225) | Trulia, Inc. | (10,357) | ||
(340) | Ultragenyx Pharmaceutical, Inc. | (14,919) | ||
(3,140) | Ultratech, Inc. | (58,278) | ||
(4,480) | Vanda Pharmaceuticals, Inc. | (64,154) | ||
(820) | Varonis Systems, Inc. | (26,921) | ||
(520) | Vertex Pharmaceuticals, Inc. | (61,776) | ||
(7,740) | Xunlei Ltd., ADR | (56,502) | ||
(825) | Youku, Inc., ADR | (14,693) | ||
(680) | Zendesk, Inc. | (16,572) | ||
(3,065,534) | ||||
Utilities-(0.7)% | ||||
(2,780) | EnLink Midstream LLC | (98,857) | ||
(660) | Grupo Televisa SAB, Sponsored ADR | (22,480) | ||
(10,240) | TransAlta Corp. | (92,774) | ||
(214,111) | ||||
TOTAL COMMON STOCKS SOLD SHORT | (8,536,292) | |||
RIGHTS-0.0% | ||||
(320) | Furiex Pharmaceuticals, CVR(b)(c) | 0 | ||
TOTAL RIGHTS SOLD SHORT | 0 | |||
TOTAL SECURITIES SOLD SHORT-(27.4)% (Proceeds $8,548,410) | $(8,536,292) |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. Those definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.
* | Non-income producing security. |
(a) | Security position is either entirely or partially held in a segregated account as collateral for securities sold short, aggregating a total security position market value of $35,518,375. |
(b) | Security fair valued using methods determined in good faith by the Pricing Committee. As of December 31, 2014, the total market value of these securities was $0, representing 0.0% of net assets. |
(c) | Security considered illiquid. On December 31, 2014, the total market value of these securities was $0, representing 0.0% of net assets. |
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
31 |
Table of Contents
Schedule of Investments | James Long-Short Fund | |
December 31, 2014 (Unaudited) | ||
| ||
|
ADR - American Depositary Receipt
CVR - Contingent Value Right
LLC - Limited Liability Company
LP - Limited Partnership
Ltd. - Limited
REIT - Real Estate Investment Trust
SA - Generally designates corporations in various countries, mostly those employing the civil law.
SAB - Sociedad Anonima Busatil is the Spanish term used for publicly held company.
SAB de CV - A variable capital company.
SE - SE Regulation. A European Company which can operate on a Europe-wide basis and be governed by Community law directly applicable in all
Member States.
See Notes to Financial Statements. | ||
32 |
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Table of Contents
James Advantage Funds | Statements of Assets and Liabilities | |
December 31, 2014 (Unaudited) | ||
| ||
|
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
At cost | $ | 3,389,824,037 | $ | 122,299,763 | $ | 12,178,747 | $ | 14,676,717 | $ | 32,903,711 | ||||||||||
|
| |||||||||||||||||||
At value | $ | 3,870,417,966 | $ | 149,471,154 | $ | 18,531,188 | $ | 18,248,014 | $ | 38,597,066 | ||||||||||
Segregated cash with brokers | – | – | – | – | 1,374,231 | |||||||||||||||
Cash | 4,400 | 2,080 | – | 994 | – | |||||||||||||||
Dividends and interest receivable | 13,353,781 | 297,372 | 10,633 | 97,549 | 43,611 | |||||||||||||||
Receivable for securities sold | 4,076,859 | 1,189,882 | 430,360 | – | – | |||||||||||||||
Receivable for capital shares sold | 9,668,043 | 76,017 | – | 51,520 | 35,253 | |||||||||||||||
Other assets | 1,566,408 | – | – | – | – | |||||||||||||||
| ||||||||||||||||||||
Total Assets | 3,899,087,457 | 151,036,505 | 18,972,181 | 18,398,077 | 40,050,161 | |||||||||||||||
| ||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for interest expense | – | – | – | – | 379 | |||||||||||||||
Payable for securities sold short (proceeds $–, $–, $–, $– and $8,548,410, respectively) | – | – | – | – | 8,536,292 | |||||||||||||||
Payable for dividends on securities sold short | – | – | – | – | 21,740 | |||||||||||||||
Payable for capital shares redeemed | 3,196,492 | 289,475 | – | – | 400 | |||||||||||||||
Payable for securities purchased | 115,988,969 | 1,027,284 | 1,021,113 | – | 313,923 | |||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Management fees | 2,037,973 | 156,514 | 18,499 | 21,362 | 32,035 | |||||||||||||||
12b-1 distribution and service fees | 563,778 | 31,435 | 3,726 | – | 6,458 | |||||||||||||||
Trustee fees | 1,417 | 381 | 50 | 33 | 64 | |||||||||||||||
Other payables | 403,975 | – | – | – | – | |||||||||||||||
| ||||||||||||||||||||
Total Liabilities | 122,192,604 | 1,505,089 | 1,043,388 | 21,395 | 8,911,291 | |||||||||||||||
| ||||||||||||||||||||
Net Assets | $ | 3,776,894,853 | $ | 149,531,416 | $ | 17,928,793 | $ | 18,376,682 | $ | 31,138,870 | ||||||||||
| ||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 3,273,637,171 | $ | 119,731,836 | $ | 11,959,489 | $ | 14,940,854 | $ | 26,800,266 | ||||||||||
Accumulated net investment income/(loss) | (8,629) | 27,095 | (3,220) | 16,426 | (165,003) | |||||||||||||||
Accumulated net realized | 22,708,447 | 2,601,094 | (379,917) | (151,895) | (1,201,866) | |||||||||||||||
Net unrealized appreciation on investments, securities sold short and translation of assets and liabilities denominated in foreign currency | 480,557,864 | 27,171,391 | 6,352,441 | 3,571,297 | 5,705,473 | |||||||||||||||
| ||||||||||||||||||||
Net Assets | $ | 3,776,894,853 | $ | 149,531,416 | $ | 17,928,793 | $ | 18,376,682 | $ | 31,138,870 | ||||||||||
|
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
33 |
Table of Contents
Statements of Assets and Liabilities | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
| ||
|
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
PRICING OF RETAIL | ||||||||||||||||||||
Net assets | $ | 2,694,238,506 | N/A | N/A | N/A | N/A | ||||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 109,279,443 | N/A | N/A | N/A | N/A | |||||||||||||||
Net assets value, offering price | $ | 24.65 | N/A | N/A | N/A | N/A | ||||||||||||||
PRICING OF | ||||||||||||||||||||
Net assets | $ | 1,082,656,347 | N/A | N/A | N/A | N/A | ||||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 44,343,885 | N/A | N/A | N/A | N/A | |||||||||||||||
Net assets value, offering price | $ | 24.42 | N/A | �� | N/A | N/A | N/A | |||||||||||||
PRICING OF SHARES | ||||||||||||||||||||
Net assets | N/A | $ | 149,531,416 | $ | 17,928,793 | $ | 18,376,682 | $ | 31,138,870 | |||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | N/A | 4,435,517 | 1,233,371 | 1,248,303 | 2,236,171 | |||||||||||||||
Net assets value, offering price and redemption price per share | N/A | $ | 33.71 | $ | 14.54 | $ | 14.72 | $ | 13.93 | |||||||||||
See Notes to Financial Statements. | ||
34 |
www.jamesfunds.com |
Table of Contents
James Advantage Funds | Statements of Operations | |
For the Six Months Ended December 31, 2014 (Unaudited) | ||
| ||
|
James Balanced: Golden Rainbow 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 $95,557, $3,183, $105, $1,106 and $807, respectively) | $ | 13,749,130 | $ | 1,323,770 | $ | 127,927 | $ | 216,551 | $ | 250,758 | ||||||||||
Interest | 19,781,404 | – | – | – | – | |||||||||||||||
Total Investment Income | 33,530,534 | 1,323,770 | 127,927 | 216,551 | 250,758 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Management fees | 11,479,732 | 954,791 | 108,832 | 117,409 | 169,634 | |||||||||||||||
12b-1 distribution and service fees - Retail Class | 3,261,982 | – | – | – | – | |||||||||||||||
12b-1 distribution and service fees | – | 191,759 | 21,858 | – | 34,050 | |||||||||||||||
Dividend expense on securities sold short | – | – | – | – | 165,336 | |||||||||||||||
Administration fee | 604,598 | – | – | – | – | |||||||||||||||
Transfer agent fee | 151,875 | – | – | – | – | |||||||||||||||
Interest expense | – | – | – | 36 | 569 | |||||||||||||||
Custodian fees | 132,137 | – | – | – | – | |||||||||||||||
Professional fees | 85,978 | – | – | – | – | |||||||||||||||
Trustee fees | 78,980 | 4,003 | 458 | 388 | 616 | |||||||||||||||
Registration fees | 131,287 | – | – | – | – | |||||||||||||||
Shareholder report printing and mailing | 177,183 | – | – | – | – | |||||||||||||||
Other expenses | 53,066 | – | – | – | – | |||||||||||||||
Total Expenses | 16,156,818 | 1,150,553 | 131,148 | 117,833 | 370,205 | |||||||||||||||
Net Investment Income/(Loss) | 17,373,716 | 173,217 | (3,221) | 98,718 | (119,447) | |||||||||||||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: |
| |||||||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||||||||
Investments | 59,362,774 | 11,773,852 | (209,878) | 730,143 | (242,639) | |||||||||||||||
Securities sold short | – | – | – | – | (66,657) | |||||||||||||||
Foreign currency transactions | (65,224) | – | – | – | – | |||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments | (25,090,510) | (13,288,799) | (364,134) | 55,814 | 219,375 | |||||||||||||||
Net change in unrealized appreciation on securities sold short | – | – | – | – | 532,496 | |||||||||||||||
Net change in unrealized depreciation on foreign currency translation | (30,553) | – | – | – | – | |||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments | 34,176,487 | (1,514,947) | (574,012) | 785,957 | 442,575 | |||||||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 51,550,203 | $ | (1,341,730) | $ | (577,233) | $ | 884,675 | $ | 323,128 | ||||||||||
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
35 |
Table of Contents
Statements of Changes in Net Assets | James Balanced: Golden Rainbow Fund | |
| ||
|
For the Six Months Ended December 31, 2014 (Unaudited) | For the Year Ended June 30, 2014 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 17,373,716 | $ | 29,345,350 | ||||
Net realized gain from investments and foreign currency transactions | 59,297,550 | 92,300,568 | ||||||
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation | (25,121,063) | 252,558,077 | ||||||
Net Increase in net assets resulting from operations | 51,550,203 | 374,203,995 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class Shares: | ||||||||
From net investment income | (11,340,135) | (21,653,078) | ||||||
From net realized gain on investments | (88,883,032) | (20,059,389) | ||||||
Institutional Class Shares: | ||||||||
From net investment income | (6,043,578) | (8,835,117) | ||||||
From net realized gain on investments | (35,788,504) | (6,601,353) | ||||||
Decrease in net assets from distributions to shareholders | (142,055,249) | (57,148,937) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 561,288,873 | 970,253,861 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 97,655,184 | 40,193,298 | ||||||
Payments for shares redeemed | (390,958,409) | (492,466,806) | ||||||
Net Increase in net assets from Retail Class capital share transactions | 267,985,648 | 517,980,353 | ||||||
Institutional Class Shares: | ||||||||
Proceeds from shares sold | 348,445,623 | 337,410,291 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 29,189,661 | 8,869,386 | ||||||
Payments for shares redeemed | (77,224,179) | (173,813,285) | ||||||
Net Increase in net assets from Institutional Class capital share transactions | 300,411,105 | 172,466,392 | ||||||
Total Increase in Net Assets | 477,891,707 | 1,007,501,803 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 3,299,003,146 | 2,291,501,343 | ||||||
End of period | $ | 3,776,894,853 | $ | 3,299,003,146 | ||||
Accumulated Net Investment Income/(Loss) | $ | (8,629) | $ | 1,368 |
See Notes to Financial Statements. | ||
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James Balanced: Golden Rainbow Fund | Statements of Changes in Net Assets | |
| ||
|
For the Six Months Ended December 31, 2014 | For the Year Ended | |||||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 22,341,958 | 40,672,165 | ||||||
Shares issued in reinvestment of distributions to shareholders | 3,953,941 | 1,676,454 | ||||||
Shares redeemed | (15,650,647) | (20,699,717) | ||||||
Net Increase in shares outstanding | 10,645,252 | 21,648,902 | ||||||
Shares outstanding, beginning of period | 98,634,191 | 76,985,289 | ||||||
Shares outstanding, end of period | 109,279,443 | 98,634,191 | ||||||
Institutional Class Shares: | ||||||||
Shares sold | 14,089,874 | 14,287,435 | ||||||
Shares issued in reinvestment of distributions to shareholders | 1,192,590 | 372,687 | ||||||
Shares redeemed | (3,109,155) | (7,356,017) | ||||||
Net Increase in shares outstanding | 12,173,309 | 7,304,105 | ||||||
Shares outstanding, beginning of period | 32,170,576 | 24,866,471 | ||||||
Shares outstanding, end of period | 44,343,885 | 32,170,576 | ||||||
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
37 |
Table of Contents
Statements of Changes in Net Assets | James Small Cap Fund | |
| ||
|
For the Six Months Ended December 31, 2014 | For the Year Ended June 30, 2014 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 173,217 | $ | (856) | ||||
Net realized gain from investments | 11,773,852 | 30,606,598 | ||||||
Net change in unrealized depreciation on investments | (13,288,799) | (1,104,934) | ||||||
Net Increase/(Decrease) in net assets resulting from operations | (1,341,730) | 29,500,808 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | – | (4,195,369) | ||||||
Decrease in net assets from distributions to shareholders | – | (4,195,369) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 11,610,410 | 52,552,673 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | – | 3,188,000 | ||||||
Payments for shares redeemed | (24,274,177) | (78,780,404) | ||||||
Net Decrease in net assets from capital share transactions | (12,663,767) | (23,039,731) | ||||||
Total Increase/(Decrease) in Net Assets | (14,005,497) | 2,265,708 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 163,536,913 | 161,271,205 | ||||||
End of period | $ | 149,531,416 | $ | 163,536,913 | ||||
Accumulated Net Investment Income/(Loss) | $ | 27,095 | $ | (146,122) | ||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 354,330 | 1,650,863 | ||||||
Shares issued in reinvestment of distributions to shareholders | – | 96,753 | ||||||
Shares redeemed | (745,270) | (2,548,336) | ||||||
Net Decrease in shares outstanding | (390,940) | (800,720) | ||||||
Shares outstanding, beginning of period | 4,826,457 | 5,627,177 | ||||||
Shares outstanding, end of period | 4,435,517 | 4,826,457 | ||||||
See Notes to Financial Statements. | ||
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James Mid Cap Fund | Statements of Changes in Net Assets | |
| ||
|
For the Six Months Ended December 31, 2014 | For the Year Ended | |||||||||
FROM OPERATIONS: | ||||||||||
Net investment income/(loss) | $ | (3,221) | $ | 8,284 | ||||||
Net realized gain/(loss) from investments | (209,878) | 1,353,284 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments | (364,134) | 3,023,969 | ||||||||
Net Increase/(Decrease) in net assets resulting from operations | (577,233) | 4,385,537 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||
From net investment income | (8,282) | (44,965) | ||||||||
From net realized gain on investments | (1,523,310) | (445,588) | ||||||||
Decrease in net assets from distributions to shareholders | (1,531,592) | (490,553) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Proceeds from shares sold | 1,837,290 | 3,235,678 | ||||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 1,395,032 | 445,408 | ||||||||
Payments for shares redeemed | (1,826,135) | (3,587,463) | ||||||||
Net Increase in net assets from capital share transactions | 1,406,187 | 93,623 | ||||||||
Total Increase/(Decrease) in Net Assets | (702,638) | 3,988,607 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 18,631,431 | 14,642,824 | ||||||||
End of period | $ | 17,928,793 | $ | 18,631,431 | ||||||
Accumulated Net Investment Income/(Loss) | $ | (3,220) | $ | 8,283 | ||||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||||
Shares sold | 118,357 | 219,801 | ||||||||
Shares issued in reinvestment of distributions to shareholders | 96,071 | 30,687 | ||||||||
Shares redeemed | (115,578) | (245,358) | ||||||||
Net Increase in shares outstanding | 98,850 | 5,130 | ||||||||
Shares outstanding, beginning of period | 1,134,521 | 1,129,391 | ||||||||
Shares outstanding, end of period | 1,233,371 | 1,134,521 | ||||||||
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
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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) | $ | 98,718 | $ (46,220) | |||||||
Net realized gain from investments | 730,143 | 3,491,006 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments | 55,814 | (296,945) | ||||||||
Net Increase in net assets resulting from operations | 884,675 | 3,147,841 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||
From net investment income | (28,924) | (14,357) | ||||||||
From net realized gain on investments | (3,160,652) | – | ||||||||
Decrease in net assets from distributions to shareholders | (3,189,576) | (14,357) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Proceeds from shares sold | 3,496,049 | 4,477,035 | ||||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 2,984,065 | 13,928 | ||||||||
Payments for shares redeemed, net of redemption fees | (2,054,327) | (3,185,478) | ||||||||
Net Increase in net assets from capital share transactions | 4,425,787 | 1,305,485 | ||||||||
Total Increase in Net Assets | 2,120,886 | 4,438,969 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | 16,255,796 | 11,816,827 | ||||||||
End of period | $ | 18,376,682 | $ 16,255,796 | |||||||
Accumulated Net Investment Income/(Loss) | $ | 16,426 | $ (53,368) | |||||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||||
Shares sold | 226,535 | 284,561 | ||||||||
Shares issued in reinvestment of distributions to shareholders | 208,473 | 815 | ||||||||
Shares redeemed | (120,829) | (197,895) | ||||||||
Net Increase in shares outstanding | 314,179 | 87,481 | ||||||||
Shares outstanding, beginning of period | 934,124 | 846,643 | ||||||||
Shares outstanding, end of period | 1,248,303 | 934,124 | ||||||||
See Notes to Financial Statements. | ||
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James Long-Short Fund | Statements of Changes in Net Assets | |
| ||
|
For the Six Months Ended December 31, 2014 | For the Year Ended June 30, 2014 | |||||||
FROM OPERATIONS: | ||||||||
Net investment loss | $ | (119,447) | $ | (74,753) | ||||
Net realized gain/(loss) from investments | (309,296) | 164,164 | ||||||
Net change in unrealized appreciation on investments and securities sold short | 751,871 | 2,595,332 | ||||||
Net Increase in net assets resulting from operations | 323,128 | 2,684,743 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 12,784,320 | 8,883,357 | ||||||
Payments for shares redeemed | (5,414,618) | (3,816,320) | ||||||
Net Increase in net assets from capital share transactions | 7,369,702 | 5,067,037 | ||||||
Total Increase in Net Assets | 7,692,830 | 7,751,780 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 23,446,040 | 15,694,260 | ||||||
End of period | $ | 31,138,870 | $ | 23,446,040 | ||||
Accumulated Net Investment Loss | $ | (165,003) | $ | (45,556) | ||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 929,224 | 678,509 | ||||||
Shares redeemed | (391,618) | (321,186) | ||||||
Net Increase in shares outstanding | 537,606 | 357,323 | ||||||
Shares outstanding, beginning of period | 1,698,565 | 1,341,242 | ||||||
Shares outstanding, end of period | 2,236,171 | 1,698,565 | ||||||
See Notes to Financial Statements. | ||
Semi-Annual Report | December 31, 2014 |
41 |
Table of Contents
Financial Highlights | James Balanced: Golden Rainbow Fund – Retail Class | |
For a share outstanding throughout the periods indicated. | ||
| ||
|
For the Six Months Ended December 31, 2014 (Unaudited) | For the Year Ended June 30, 2014 | 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 | |||||||||||||||||||||||||
Net asset value - beginning of year | $ | 25.28 | $ | 22.55 | $ | 20.93 | $ | 20.66 | $ | 18.32 | $ | 16.69 | ||||||||||||||||||
Income from investment operations: |
| |||||||||||||||||||||||||||||
Net investment income | 0.12 | (a) | 0.24 | (a) | 0.32 | (a) | 0.25 | 0.24 | 0.30 | |||||||||||||||||||||
Net realized and unrealized gain | 0.21 | 2.96 | 1.75 | 0.55 | 2.50 | 1.63 | ||||||||||||||||||||||||
Total from investment operations | 0.33 | 3.20 | 2.07 | 0.80 | 2.74 | 1.93 | ||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||||
From net investment income | (0.11) | (0.24) | (0.30) | (0.23) | (0.24) | (0.30) | ||||||||||||||||||||||||
From net realized gain on investments | (0.85) | (0.23) | (0.15) | (0.30) | (0.16) | – | ||||||||||||||||||||||||
Total distributions | (0.96) | (0.47) | (0.45) | (0.53) | (0.40) | (0.30) | ||||||||||||||||||||||||
Net asset value at end of year | $ | 24.65 | $ | 25.28 | $ | 22.55 | $ | 20.93 | $ | 20.66 | $ | 18.32 | ||||||||||||||||||
Total return | 1 .32 | %(b) | 14 .32 | % | 9 .98 | % | 3 .98 | % | 15 .01 | % | 11 .60 | % | ||||||||||||||||||
Net assets, end of year (in thousands) | $ | 2,694,239 | $ | 2,493,030 | $ | 1,735,736 | $ | 1,249,228 | $ | 937,696 | $ | 572,484 | ||||||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0 .98 | %(c) | 1 .00 | % | 1 .04 | % | 1 .07 | % | 1 .12 | % | 1 .19 | % | ||||||||||||||||||
Ratio of net investment income to average net assets | 0 .92 | %(c) | 0 .99 | % | 1 .45 | % | 1 .26 | % | 1 .27 | % | 1 .68 | % | ||||||||||||||||||
Portfolio turnover rate | 29 | %(b) | 32 | % | 58 | % | 36 | % | 36 | % | 31 | % |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
See Notes to Financial Statements. | ||
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James Balanced: Golden Rainbow Fund – Institutional Class | Financial Highlights | |
For a share outstanding throughout the periods indicated. | ||
| ||
|
For the Six Months Ended December 31, 2014 (Unaudited) | For the Year Ended June 30, 2014 | 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 | |||||||||||||||||||||||||
Net asset value - beginning of year | $ | 25.05 | $ | 22.35 | $ | 20.81 | $ | 20.61 | $ | 18.33 | $ | 16.69 | ||||||||||||||||||
Income from investment operations: |
| |||||||||||||||||||||||||||||
Net investment income | 0.15 | (a) | 0.29 | (a) | 0.38 | (a) | 0.33 | 0.32 | 0.34 | |||||||||||||||||||||
Net realized and unrealized gain | 0.22 | 2.94 | 1.73 | 0.52 | 2.47 | 1.65 | ||||||||||||||||||||||||
Total from investment operations | 0.37 | 3.23 | 2.11 | 0.85 | 2.79 | 1.99 | ||||||||||||||||||||||||
Less distributions: |
| |||||||||||||||||||||||||||||
From net investment income | (0.15) | (0.30) | (0.42) | (0.35) | (0.35) | (0.35) | ||||||||||||||||||||||||
From net realized gain on investments | (0.85) | (0.23) | �� | (0.15) | (0.30) | (0.16) | – | |||||||||||||||||||||||
Total distributions | (1.00) | (0.53) | (0.57) | (0.65) | (0.51) | (0.35) | ||||||||||||||||||||||||
Paid-in capital from redemption fees | – | – | 0.00 | (b) | – | – | – | |||||||||||||||||||||||
Net asset value at end of year | $ | 24.42 | $ | 25.05 | $ | 22.35 | $ | 20.81 | $ | 20.61 | $ | 18.33 | ||||||||||||||||||
Total return | 1 .51 | %(c) | 14 .59 | % | 10 .26 | % | 4 .22 | % | 15 .27 | % | 11.94 | % | ||||||||||||||||||
Net assets, end of year (in thousands) | $ | 1,082,656 | $ | 805,973 | $ | 555,766 | $ | 304,731 | $ | 130,870 | $ | 60,693 | ||||||||||||||||||
Ratios/Supplemental Data: |
| |||||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0 .73 | %(d) | 0 .75 | % | 0 .79 | % | 0 .82 | % | 0 .87 | % | 1 .06 | % | ||||||||||||||||||
Ratio of net investment income to average net assets | 1 .16 | %(d) | 1 .24 | % | 1 .71 | % | 1 .52 | % | 1 .52 | % | 2 .06 | % | ||||||||||||||||||
Portfolio turnover rate | 29 | %(c) | 32 | % | 58 | % | 36 | % | 36 | % | 31 | % |
(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. | ||
Semi-Annual Report | December 31, 2014 |
43 |
Table of Contents
Financial Highlights | James Small Cap Fund | |
For a share outstanding throughout the periods indicated. | ||
| ||
|
For the Six Months | For the Year Ended June 30, 2014 | 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 | |||||||||||||||||||||||||
Net asset value - beginning of year | $ | 33.88 | $ | 28.66 | $ | 23.89 | $ | 23.88 | $ | 17.51 | $ | 14.18 | ||||||||||||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||||||||||||||||
Net investment income/(loss) | 0.04 | (a) | (0.00) | (a)(b) | 0.36 | (a) | 0.15 | 0.05 | 0.02 | |||||||||||||||||||||
Net realized and unrealized | (0.21) | 6.12 | 4.92 | (0.11) | 6.35 | 3.33 | ||||||||||||||||||||||||
Total from investment operations | (0.17) | 6.12 | 5.28 | 0.04 | 6.40 | 3.35 | ||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||||
From net investment income | – | (0.90) | (0.51) | (0.03) | (0.03) | – | ||||||||||||||||||||||||
From net tax return of capital | – | – | – | – | – | (0.02) | ||||||||||||||||||||||||
Total distributions | – | (0.90) | (0.51) | (0.03) | (0.03) | (0.02) | ||||||||||||||||||||||||
Net asset value at end of year | $ | 33.71 | $ | 33.88 | $ | 28.66 | $ | 23.89 | $ | 23.88 | $ | 17.51 | ||||||||||||||||||
Total return | (0.50) | %(c) | 21 .46 | % | 22 .51 | % | 0 .16 | % | 36.59 | % | 23.61 | % | ||||||||||||||||||
Net assets, end of year (in thousands) | $ | 149,531 | $ | 163,537 | $ | 161,271 | $ | 134,727 | $ | 81,505 | $ | 65,443 | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1 .50 | %(d) | 1 .50 | % | 1 .50 | % | 1 .50 | % | 1 .50 | % | 1 .50 | % | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | 0 .23 | %(d) | (0.00) | %(e) | 1 .39 | % | 0 .58 | % | 0 .23 | % | 0 .08 | % | ||||||||||||||||||
Portfolio turnover rate | 43 | %(c) | 62 | % | 41 | % | 89 | % | 60 | % | 38 | % |
(a) | Calculated using the average shares method. |
(b) | Amount rounds to less than ($0.005) per share. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | Amount rounds to less than (0.005%). |
See Notes to Financial Statements. | ||
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James Mid Cap Fund | Financial Highlights | |
For a share outstanding throughout the periods indicated. | ||
| ||
|
For the Six Months Ended December 31, 2014 (Unaudited) | For the Year Ended June 30, 2014 | 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 | |||||||||||||||||||||||||
Net asset value - beginning of year | $ | 16.42 | $ | 12.97 | $ | 10.69 | $ | 11.38 | $ | 8.59 | $ | 7.05 | ||||||||||||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||||||||||||||||
Net investment income/(loss) | (0.00) | (a)(b) | 0.01 | (a) | 0.08 | (a) | 0.04 | 0.01 | 0.02 | |||||||||||||||||||||
Net realized and unrealized | (0.49) | 3.87 | 2.23 | (0.64) | 2.82 | 1.54 | ||||||||||||||||||||||||
Total from investment operations | (0.49) | 3.88 | 2.31 | (0.60) | 2.83 | 1.56 | ||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||||
From net investment income | (0.01) | (0.04) | (0.03) | (0.09) | (0.04) | (0.02) | ||||||||||||||||||||||||
From net realized gain on investments | (1.38) | (0.39) | – | – | – | – | ||||||||||||||||||||||||
Total distributions | (1.39) | (0.43) | (0.03) | (0.09) | (0.04) | (0.02) | ||||||||||||||||||||||||
Net asset value at end of year | $ | 14.54 | $ | 16.42 | $ | 12.97 | $ | 10.69 | $ | 11.38 | $ | 8.59 | ||||||||||||||||||
Total return | (2.99) | %(c) | 30.34 | % | 21.68 | % | (5.26) | % | 32.97 | % | 22.13 | % | ||||||||||||||||||
Net assets, end of year (in thousands) | $ | 17,929 | $ | 18,631 | $ | 14,643 | $ | 12,657 | $ | 13,403 | $ | 9,497 | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | %(d) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | (0.04) | %(d) | 0.05 | % | 0.64 | % | 0.32 | % | 0.13 | % | 0.24 | % | ||||||||||||||||||
Portfolio turnover rate | 23 | %(c) | 31 | % | 26 | % | 36 | % | 56 | % | 37 | % |
(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. | ||
Semi-Annual Report | December 31, 2014 |
45 |
Table of Contents
Financial Highlights | James Micro Cap Fund | |
For a share outstanding throughout the periods indicated. | ||
| ||
|
For the Six Months Ended December 31, 2014 | For the Year Ended June 30, 2014 | 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 year | $ | 17.40 | $ | 13.96 | $ | 11.71 | $ | 11.91 | $ | 10.00 | ||||||||||||||||||
Income/(Loss) from investment operations: |
| |||||||||||||||||||||||||||
Net investment income/(loss) | 0.10 | (b) | (0.05) | (b) | 0.14 | (b) | (0.01) | (0.03) | ||||||||||||||||||||
Net realized and unrealized gain/(loss) | 0.69 | 3.50 | 2.25 | (0.13) | 1.94 | |||||||||||||||||||||||
Total from investment operations | 0.79 | 3.45 | 2.39 | (0.14) | 1.91 | |||||||||||||||||||||||
Less distributions: |
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From net investment income | (0.02) | (0.01) | (0.14) | – | – | |||||||||||||||||||||||
From net realized gain on investments | (3.45) | – | – | (0.06) | – | |||||||||||||||||||||||
Total distributions | (3.47) | (0.01) | (0.14) | (0.06) | – | |||||||||||||||||||||||
Paid-in capital from redemption fees | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | – | |||||||||||||||||||
Net asset value at end of year | $ | 14.72 | $ | 17.40 | $ | 13.96 | $ | 11.71 | $ | 11.91 | ||||||||||||||||||
Total return | 5 .17 | %(d) | 24 .75 | % | | 20 .64 | % | | (1 .15) | % | 19 .10 | % | ||||||||||||||||
Net assets, end of year (in thousands) | $ | 18,377 | $ | 16,256 | $ | 11,817 | $ | 10,173 | $ | 9,745 | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1 .50 | %(e) | 1 .50 | % | 1 .50 | % | 1 .50 | % | 1 .50 | % | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | 1 .26 | %(e) | (0 .31) | % | 1 .12 | % | | (0 .14) | % | (0 .31) | % | |||||||||||||||||
Portfolio turnover rate | 43 | %(d) | 96 | % | 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) | Not Annualized. |
(e) | Annualized. |
See Notes to Financial Statements. | ||
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James Long-Short Fund | Financial Highlights | |
For a share outstanding throughout the periods indicated. | ||
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For the Six Months | For the Year Ended June 30, 2014 | For the Year Ended June 30, 2013 | For the Year Ended June 30, 2012 | For the Period Ended June 30, 2011(a) | ||||||||||||||||
Net asset - value beginning of year | $ | 13.80 | $ | 11.70 | $ | 9.99 | $ | 10.10 | $ | 10.00 | ||||||||||
Income/(Loss) from investment operations: |
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Net investment income/(loss) | (0.06) | (b) | (0.06) | (b) | 0.04 | (b) | (0.04) | (0.00) | (c) | |||||||||||
Net realized and unrealized gain/(loss) | 0.19 | 2.16 | 1.71 | (0.05) | 0.10 | |||||||||||||||
Total from investment operations | 0.13 | 2.10 | 1.75 | (0.09) | 0.10 | |||||||||||||||
Less distributions: |
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From net investment income | – | – | (0.04) | (0.02) | – | |||||||||||||||
Total distributions | – | – | (0.04) | (0.02) | – | |||||||||||||||
Net asset value at end of year | $ | 13.93 | $ | 13.80 | $ | 11.70 | $ | 9.99 | $ | 10.10 | ||||||||||
Total return | 0.94 | %(d) | 17.95 | % | 17.57 | % | (0.93) | % | 1.00 | %(d) | ||||||||||
Net assets, end of year (in thousands) | $ | 31,139 | $ | 23,446 | $ | 15,694 | $ | 9,160 | $ | 10,718 | ||||||||||
Ratios/Supplemental Data: |
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Ratio of net expenses to average net assets(e) | 2.72 | %(f) | 2 .57 | % | 2 .70 | % | 2 .66 | % | 1.73 | %(f) | ||||||||||
Ratio of net investment income/(loss) to average net assets | (0.88) | %(f) | (0.44) | % | 0 .35 | % | (0.44) | % | (1.03) | %(f) | ||||||||||
Portfolio turnover rate | 31 | %(d) | 171 | % | 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 1.22%, 1.07%, 1.20%, 1.15% and 0.23% (annualized) of average net assets for the six months ended December 31, 2014, the years ended June 30, 2014, 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, 2014 |
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Table of Contents
Notes to Financial Statements | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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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”). 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).
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 that fall within the range of the S&P 400® MidCap Value Index.
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 the stocks in the Russell Microcap® Index, including exchange traded funds (“ETFs”) that invest primarily in such securities.
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”). The Funds are considered an investment company for financial reporting purposes under 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 $38 and $1,956 for the six months ended December 31, 2014 and year ended June 30, 2014, 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 quotations are not readily available, if an event occurs after the close of the trading market (but before the time as of which a Fund calculates its net asset value) that materially affects a security’s value, when James determines that the market quotation does not accurately reflect the current value or when a non-144A restricted security is being valued, that security will be valued at its fair value as determined in good faith in conformity with guidelines
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James Advantage Funds | Notes to Financial Statements | |
December 31, 2014 (Unaudited) | ||
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adopted by and subject to review of the Board of Trustees. Fixed income securities may also 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 yield or price of comparable bonds provided by a pricing service. Short-term investments in fixed-income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities or when prices are not readily available from a pricing service, those securities will be priced at fair value as determined in good faith by the Adviser. Short-term investments in fixed-income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board of Trustees has determined will approximate fair value. Shares of 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. The values of foreign portfolio securities are generally based upon market quotations which, depending upon the exchange or market, may be last sale price, last bid price or the average of the last bid and asked prices as of, in each case, the close of the appropriate exchange or another designated time.
The calculation of the share price of each Fund that holds foreign securities in its portfolio does not take place contemporaneously with the determination of the values of many of the foreign portfolio securities used in such calculation. Events affecting the values of foreign portfolio securities that occur between the time their prices are determined and the calculation of 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 inputs other 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, 2014 |
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Notes to Financial Statements | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2014:
James Balanced: Golden Rainbow Fund
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 1,807,240,611 | $ | – | $ | – | $ | 1,807,240,611 | ||||||||
Closed-End Funds | 1,635,595 | – | – | 1,635,595 | ||||||||||||
Exchange Traded Funds | 13,420,120 | – | – | 13,420,120 | ||||||||||||
Corporate Bonds | – | 257,185,946 | – | 257,185,946 | ||||||||||||
Mortgage Backed Securities | – | 46,554,544 | – | 46,554,544 | ||||||||||||
U.S. Government Agencies | – | 79,471,165 | – | 79,471,165 | ||||||||||||
U.S. Treasury Bonds & Notes | 1,273,257,019 | – | – | 1,273,257,019 | ||||||||||||
Foreign Bonds | – | 56,010,640 | – | 56,010,640 | ||||||||||||
Municipal Bonds | – | 133,461,613 | – | 133,461,613 | ||||||||||||
Short Term Investments | 202,180,713 | – | – | 202,180,713 | ||||||||||||
Total | $ | 3,297,734,058 | $ | 572,683,908 | $ | – | $ | 3,870,417,966 | ||||||||
James Small Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 146,192,592 | $ | – | $ | – | $ | 146,192,592 | ||||||||
Short Term Investments | 3,278,562 | – | – | 3,278,562 | ||||||||||||
Total | $ | 149,471,154 | $ | – | $ | – | $ | 149,471,154 | ||||||||
James Mid Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 17,201,265 | $ | – | $ | – | $ | 17,201,265 | ||||||||
Short Term Investments | 1,329,923 | – | – | 1,329,923 | ||||||||||||
Total | $ | 18,531,188 | $ | – | $ | – | $ | 18,531,188 | ||||||||
James Micro Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 17,096,846 | $ | – | $ | – | $ | 17,096,846 | ||||||||
Short Term Investments | 1,151,168 | – | – | 1,151,168 | ||||||||||||
Total | $ | 18,248,014 | $ | – | $ | – | $ | 18,248,014 | ||||||||
James Long-Short Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 38,148,971 | $ | – | $ | – | $ | 38,148,971 | ||||||||
Short Term Investments | 448,095 | – | – | 448,095 | ||||||||||||
Total | $ | 38,597,066 | $ | – | $ | – | $ | 38,597,066 | ||||||||
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Valuation Inputs | ||||||||||||||||
Other Financial Instruments* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities | ||||||||||||||||
Securities Sold Short | ||||||||||||||||
Common Stocks | $ | (8,536,292) | $ | – | $ | – | $ | (8,536,292) | ||||||||
Rights(1) | $ | – | $ | – | $ | 0 | $ | 0 | ||||||||
TOTAL | $ | (8,536,292) | $ | – | $ | 0 | $ | (8,536,292) | ||||||||
* | For detailed descriptions of sector and industry, see the accompanying Schedule of Investments. |
(1) | Furiex Pharmaceuticals, CVR rights are illiquid and considered Level 3. The market value of the rights was $0 as of 12/31/14. |
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James Advantage Funds | Notes to Financial Statements | |
December 31, 2014 (Unaudited) | ||
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The changes of the fair value of investments for which the Funds have used Level 3 inputs to determine the fair value are as follows:
James Long-Short Fund
Other Financial Instruments | Balance as of June 30, 2014 | Realized Gain | Change in Unrealized Appreciation/ Depreciation | Purchases | Sales Proceeds | Transfer into Level 3 | Transfer out of Level 3 | Balance as of December 31, 2014 | Net change in unrealized appreciation/ depreciation included in the Statements of Operations attributable to Level 3 investments held at December 31, 2014 | |||||||||||||||||||||||||||
Securities Sold Short |
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Rights | $ | – | $ | – | $ | 0 | $ | 0 | $ | – | $ | – | $ | – | $ | 0 | $ | 0 | ||||||||||||||||||
Total | $ | – | $ | – | $ | 0 | $ | 0 | $ | – | $ | – | $ | – | $ | 0 | $ | 0 | ||||||||||||||||||
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, 2014, 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. The Fund is required to pay any dividend or interest due on securities sold short. Such dividends and interest are recorded as an expense. The Fund may pay fees or charges on the assets borrowed for securities sold short.
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 the Fund’s 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.
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Notes to Financial Statements | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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Due to the actual character of dividends paid by REITs not being available until the end of the calendar year, the net investment income and long-term capital gains of the Funds can be different on the tax return compared to this annual report. Substantial unanticipated levels of return of capital may affect the Funds’ earnings and profits from which distributions are made.
Distributions received from Limited Partnership investments of a Fund are usually recorded as a return of capital and are excluded from available income in the calculation of distributions paid by the Funds. Return of capital is recorded as a reduction to the cost of investments in the Statements of Assets and Liabilities and in the Schedule of Investments.
Dividends and Distributions to Shareholders
Net investment income, if any, is generally declared and distributed to shareholders of each Fund on at least an annual basis. Net realized capital gains from security transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of net investment income and net realized capital gains are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from 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.
As of and during the six months ended December 31, 2014, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for 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, 2014:
As of December 31, 2014, the components of distributable earnings on a tax basis were as follows:
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 | $ | 3,390,792,919 | $ | 122,268,033 | $ | 12,178,747 | $ | 14,659,694 | $ | 33,218,787 | ||||||||||
Gross unrealized appreciation | $ | 530,551,424 | $ | 32,348,878 | $ | 6,473,186 | $ | 3,957,873 | $ | 6,436,836 | ||||||||||
Gross unrealized depreciation | (50,926,377) | (5,145,757) | (120,745) | (369,553) | (1,058,557) | |||||||||||||||
Net unrealized appreciation | 479,625,047 | 27,203,121 | 6,352,441 | 3,588,320 | 5,378,279 | |||||||||||||||
Total | $ | 479,625,047 | $ | 27,203,121 | $ | 6,352,441 | $ | 3,588,320 | $ | 5,378,279 | ||||||||||
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 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, 2014.
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James Advantage Funds | Notes to Financial Statements | |
December 31, 2014 (Unaudited) | ||
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The tax character of distributions paid for the year ended June 30, 2014 was as follows:
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
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Ordinary Income | $ | 30,488,195 | $ | 4,195,369 | $ | 44,965 | $ | 14,357 | $ | – | ||||||||||
Long-Term Capital Gains | 26,660,742 | – | 445,588 | – | – | |||||||||||||||
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Total | $ | 57,148,937 | $ | 4,195,369 | $ | 490,553 | $ | 14,357 | $ | – | ||||||||||
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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 | ||||||||||||||||
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Ordinary Income | $ | 28,110,016 | $ | 2,605,549 | $ | 40,000 | $ | 119,999 | $ | 35,250 | ||||||||||
Long-Term Capital Gains | 12,243,493 | – | – | – | – | |||||||||||||||
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Total | $ | 40,353,509 | $ | 2,605,549 | $ | 40,000 | $ | 119,999 | $ | 35,250 | ||||||||||
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Post-Enactment Capital Losses
Under the tax code, Capital Losses are carried over to future tax years and will retain their character as either short-term or long-term capital losses. 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.
Post-Act capital loss carryovers were utilized during the year-ended June 30, 2014, in the following amounts:
Short Term | Long Term | |||||||
James Small Cap Fund | $ | 1,170,293 | $ | – | ||||
James Micro Cap Fund | $ | 897,692 | $ | – |
Pre-Enactment Capital Losses
During the year ended June 30, 2014, James Small Cap Fund utilized Pre-Act capital loss carryovers in the amount of $31,763,752 and had Pre-Act unused capital loss carryovers expiring June 30, 2018 in the amount of $8,759,066 at the end of the fiscal year.
Capital losses deferred to next tax year were as follows:
Short Term | Long Term | |||||||
James Long-Short Fund | $ | 629,006 | $ | – |
The Funds elect to defer to the period ending June 30, 2015 capital losses recognized during the period November 1, 2013 through June 30, 2014 in the amount of:
Amount | ||||
James Small Cap Fund | $ | 420,871 |
The Funds elect to defer to the year ended June 30, 2015 late year ordinary losses in the amount of:
Amount | ||||
James Small Cap Fund | $ | 146,122 | ||
James Micro Cap Fund | 53,368 | |||
James Long-Short Fund | 45,556 |
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term U.S. Government obligations for the six months ended December 31, 2014 were as follows:
Purchases | Sales | |||||||
James Balanced: Golden Rainbow Fund | $ | 781,765,557 | $ | 757,358,342 |
Purchases and sales (including maturities) of investments in other long-term securities for the six months ended December 31, 2014 were as follows:
Purchases | Sales | |||||||
James Balanced: Golden Rainbow Fund | $ | 655,421,690 | $ | 252,276,065 | ||||
James Small Cap Fund | 62,723,694 | 73,268,228 | ||||||
James Mid Cap Fund | 3,858,589 | 3,817,216 | ||||||
James Micro Cap Fund | 7,156,481 | 6,457,900 | ||||||
James Long-Short Fund | 24,637,121 | 8,808,044 |
For the six months ended December 31, 2014, the cost of securities purchased to cover short sales and the proceeds from securities sold short were $26,085,275 and $25,818,766, respectively, for the Long-Short Fund.
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Notes to Financial Statements | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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4. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Management Agreement
The Funds retain James to manage the Funds’ investments. The investment decisions for the Funds are made by a committee of James’ personnel, which is primarily responsible for the day-to-day management of each Fund’s portfolio. The Funds pay James on a monthly basis at the annual rate set forth below of the Funds’ average daily net assets.
James Balanced: Golden Rainbow Fund
Average Total Net Assets | Contractual Fee | |
Up to and including $500 million | 0.74% | |
Over $500 million and including $1 billion | 0.70% | |
Over $1 billion and including $2 billion | 0.65% | |
Over $2 billion | 0.60% | |
James Small Cap Fund | ||
Average Total Net Assets | Contractual Fee | |
Up to and including $500 million | 1.25% | |
Over $500 million and including $1 billion | 1.20% | |
Over $1 billion and including $2 billion | 1.15% | |
Over $2 billion | 1.10% | |
James Mid Cap Fund | ||
Average Total Net Assets | Contractual Fee | |
Up to and including $500 million | 1.25% | |
Over $500 million and including $1 billion | 1.20% | |
Over $1 billion and including $2 billion | 1.15% | |
Over $2 billion | 1.10% | |
James Micro Cap Fund | ||
Average Total Net Assets | Contractual Fee | |
Up to and including $500 million | 1.50% | |
Over $500 million | 1.45% | |
James Long-Short Fund | ||
Average Total Net Assets | Contractual Fee | |
Up to and including $500 million | 1.25% | |
Over $500 million and including $1 billion | 1.20% | |
Over $1 billion and including $2 billion | 1.15% | |
Over $2 billion | 1.10% |
Advisory fees for the James Small Cap Fund, 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.
Under the investment management agreement, 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
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James Advantage Funds | Notes to Financial Statements | |
December 31, 2014 (Unaudited) | ||
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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, 2014, the James Micro Cap Fund and the James Long-Short Fund utilized their line of credit. The average amount of borrowings was $100,000 over 4 days with a weighted-average interest rate of 3.25% for the James Micro Cap Fund and the average amount of borrowings was $2,100,000 for one day with a weighted-average interest rate of 3.25% for the James Long-Short Fund. As of December 31, 2014, the James Micro Cap Fund and the James Long-Short Fund did not have outstanding balances with respect to the line of credit. Interest on funded and unfunded loans can be found under interest expense on the Statements of Operations. For the remaining Funds, there were no borrowings on their line of credit during the year. Each Fund’s line of credit agreement expired on July 14, 2014 and was renewed for one year. The terms of the agreements can be characterized as follows:
Fund | Maximum Balance Available | Interest Rate | Expiration Date | |||||||||
James Balanced: Golden Rainbow Fund | $ | 50,000,000 | Prime Rate | * | July 15, 2015 | |||||||
James Small Cap Fund | $ | 6,500,000 | Prime Rate | * | July 13, 2015 | |||||||
James Mid Cap Fund | $ | 715,000 | Prime Rate | * | July 13, 2015 | |||||||
James Micro Cap Fund | $ | 540,000 | Prime Rate | * | July 13, 2015 | |||||||
James Long-Short Fund | $ | 3,000,000 | Prime Rate | * | July 13, 2015 |
* | The rate at which the Bank announces as its prime lending rate. |
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Additional Information | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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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.
SHAREHOLDER MEETING
A special meeting of the shareholders of the Funds was held November 10, 2014 (the “Shareholder Meeting”) at the offices of the Funds’ Adviser, James Investment Research, Inc., 1349 Fairground Rd. Xenia, Ohio for the purpose of electing six Trustees to the Board of Trustees of the Trust. At the Shareholder Meeting, Anthony P. D’Angelo, Leslie L. Brandon, Ronald D. Brown, Robert F. Chelle, Barry R. James and Richard C. Russell were each elected as Trustees. All except Mr. James are Independent Trustees of the Board of the Trust. Mr. James is the president of James Investment Research, Inc.
The Trustees were elected as Trustees of the Board of the Trust effective as of November 10, 2014. As a result, the Trustees will hold office until their successors are duly elected and qualified. If a Trustee should be unable to serve his term or resign, the Board may, in its discretion and subject to the 1940 Act, select another person to fill the vacant position.
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James Advantage Funds | Trustee Election | |
December 31, 2014 (Unaudited) | ||
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TRUSTEE ELECTION
At a special meeting of shareholders of the Funds held on November 10, 2014, the shareholders voted to adopt the following proposal:
Proposal 1: To Elect Six Trustees to the Board of the Trust
For | % For | Withheld | % Withheld | |||||||||||||||||
Leslie L. Brandon | 128,444,817.029 | 98.275 | % | 2,255,230.340 | 1.725 | % | ||||||||||||||
Ronald D. Brown | 128,678,489.475 | 98.454 | % | 2,021,557.894 | 1.546 | % | ||||||||||||||
Robert F. Chelle | 128,599,717.289 | 98.394 | % | 2,100,330.080 | 1.606 | % | ||||||||||||||
Anthony P. D’Angelo | 127,950,514.931 | 97.897 | % | 2,749,532.438 | 2.103 | % | ||||||||||||||
Barry R. James | 114,372,433.109 | 87.508 | % | 16,327,614.260 | 12.492 | % | ||||||||||||||
Richard C. Russell | 128,576,614.448 | 98.376 | % | 2,123,432.921 | 1.624 | % |
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Privacy Policy | James Advantage Funds | |
December 31, 2014 (Unaudited) | ||
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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 collect my personal information? | We collect your personal information, for example, when you • 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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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 Registrants.
Not applicable to the registrant.
Item 6. Investments.
(a) | Schedule of Investments is included as part of the Reports to Stockholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
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 Management Investment Companies.
Not applicable to the registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
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Item 11. Controls and Procedures.
(a) Based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) the registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective as of a date within 90 days of the filing date of this Report.
(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the second fiscal quarter of the period covered by this Report 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 as Exhibit 99.CERT. |
(a)(3) | Not applicable. |
(b) | Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. |
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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 9, 2015 |
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 9, 2015 | ||
By: | /s/ Thomas L. Mangan | |
Thomas L. Mangan | ||
Chief Financial Officer (Principal Financial Officer) | ||
Date: March 9, 2015 |