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, 2015 – December 31, 2015
Item 1. Reports to Stockholders.
![(COVER PAGE)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_01.jpg)
TABLE OF CONTENTS
Shareholder Letter | 1 |
Growth of $10,000 Charts | 4 |
Representation of Schedules of Investments | 8 |
Disclosure of Fund Expenses | 9 |
Schedule of Investments | |
James Balanced: Golden Rainbow Fund | 11 |
James Small Cap Fund | 21 |
James Mid Cap Fund | 24 |
James Micro Cap Fund | 26 |
James Aggressive Allocation Fund | 28 |
James Long-Short Fund | 31 |
Statements of Assets and Liabilities | 37 |
Statements of Operations | 39 |
Statements of Changes in Net Assets | 40 |
Financial Highlights | |
James Balanced: Golden Rainbow Fund - Retail Class | 47 |
James Balanced: Golden Rainbow Fund - Institutional Class | 48 |
James Small Cap Fund | 49 |
James Mid Cap Fund | 50 |
James Micro Cap Fund | 51 |
James Aggressive Allocation Fund | 52 |
James Long-Short Fund | 53 |
Notes to Financial Statements | 54 |
Additional Information | 62 |
Privacy Policy | 63 |
James Advantage Funds | Shareholder Letter |
December 31, 2015 (Unaudited)
Volatility was the hallmark of the stock market in 2015 as events around the world continued to impact U.S. markets. Mergers and acquisitions and stock buybacks were significant factors in propping up the market, which spent a good part of the year in negative territory.
The Markets Over the Past Six Months
The long-anticipated tightening by the Federal Reserve, the first since 2006, finally occurred at their December meeting. However, this event seemed overshadowed by rising problems with the Chinese economy. China devalued its currency in August, sending global markets down hard. Emerging markets, especially those dependent on China’s purchase of commodities, fell the most, but the S&P 500 dropped over 11 percent following the devaluation. China tried to calm worried investors and ordered its banks to buy stocks, leading to another rally in their markets. The S&P 500 also rallied, a little over 13 percent from its August low, before retreating in the final week of the year. Indeed, the stock markets were volatile.
In addition to the China worries, U.S. consumers showed how tech savvy they have become by spending more money online during the important Christmas shopping season, but generally at the expense of the bricks and mortar retailers. This was immediately reflected in their stock prices. For example, over the last six months of 2015, Macy’s dropped over 47% while internet retailer Amazon soared over 55%. Meanwhile, automobile sales and housing activity remained firm and the unemployment rate dropped to 5%, giving evidence that the consumer remains a plus for economic activity.
Investment Goals and Objectives
The two primary objectives of the James Balanced: Golden Rainbow Fund are preservation of capital and income. The Fund’s allocation to equities is dependent on the Adviser’s research: the Adviser will increase exposure to stocks when its research signals a higher probability of a rally and lower risk in the stock market. It is important to note that the Adviser, James Investment Research, Inc., does its own research and so tends to provide a unique view of the markets.
Even with interest rates at historic lows, the James Balanced: Golden Rainbow Fund paid out a regular dividend every quarter. The Fund’s retail shares paid 6.062 cents/share in September and 5.537 cents/share in December. The institutional shares paid 7.621 cents/share in September and 7.048 cents/share in December. In addition the Fund paid all shareholders a long term capital gains distribution of 42.564 cents/share in December.
The Small Cap Fund, the Mid Cap Fund, the Long-Short Fund, and the Micro Cap Fund seek long term capital appreciation as their primary objective. These Funds look for stocks the Adviser believes to be undervalued, using its proprietary research to sift through a database of over 8,500 stocks. The Long-Short Fund may employ a short-selling strategy, and may also leverage itself through bank borrowings. The Micro Cap Fund and the Small Cap Fund invest in smaller companies, which tend to be riskier and have greater volatility. Potential investors should read the prospectus carefully to understand the risks of micro cap and small cap stocks.
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.
The Aggressive Allocation Fund is the newest member of the James Advantage Funds. It commenced operations on July 1, 2015. It is similar to the James Balanced: Golden Rainbow Fund in that its strategy requires it to hold both stocks and bonds. However, it is a much more aggressive fund and will hold a higher allocation to stocks than the James Balanced: Golden Rainbow Fund. Its benchmark is a blend of 65% Russell 3000® Index and 35% Barclays U.S. Aggregate Government/Credit Bond Index, so even the bond benchmark is more aggressive than the James Balanced: Golden Rainbow Fund, which uses the Barclays Intermediate Government/Credit Bond Index in its benchmark.
Investment Philosophy
Investing in stocks is considered risky and most investors are aware of the great bear markets such as 1929 and more recently 2001 and 2008. The Adviser believes that preservation of capital in poor markets is the key to long term success in investing. Its research team is charged with assessing the risk in the markets, both stocks and bonds. Experience has taught them that stocks with strong earnings growth, low valuations and relative strength have tended to outperform the broad stock market over time, and they have found that preserving capital in down markets is very important in helping to achieve long term growth. The Adviser also tends to believe that credit risk is best taken in stocks, not bonds. Accordingly, they use their bond portfolios to mitigate the pain of falling stocks. James Investment Research’s independent research is generally free of Wall Street hype and is intended to filter out the fads and hysteria, focusing on historical risk/return relationships.
Semi-Annual Report | December 31, 2015 | 1 |
Shareholder Letter | James Advantage Funds |
December 31, 2015 (Unaudited)
Strategy for Meeting Fund Objectives
The Funds’ managers are active tactical asset allocators in the James Balanced: Golden Rainbow Fund and in the 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 reduce or eliminate short positions in the Long-Short Fund. 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. The Aggressive Allocation Fund also follows that discipline, but is required to generally hold a higher allocation to equities than the James Balanced: Golden Rainbow Fund. Both of these funds buy only higher quality bonds with Investment Grade ratings by S&P and Moody’s. Neither the James Balanced: Golden Rainbow nor the Aggressive Allocation Fund will sell securities short.
The Small Cap Fund, the Mid Cap Fund, the Micro Cap Fund and the 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 Long-Short Fund. The Long-Short Fund may also hold bonds in both long or short positions.
The Adviser’s research personnel use independent analysis to identify sectors likely to outperform over coming months, and then ferret out stocks they believe are undervalued. The Adviser often identifies the risk levels in the broad stock market through its research, which then helps Fund managers adjust the Fund holdings accordingly. If the research points towards a decline in economic activity and in stock prices, all the Funds will prefer defensive stocks, such as utilities, health care and non-cyclicals, while still retaining the Adviser’s strategy of seeking out bargain stocks. In addition, the James Balanced: Golden Rainbow Fund and the Aggressive Allocation will increase holdings in bonds and reduce exposure to common equities, and the Long-Short Fund will add short positions. Stocks the Adviser considers to be bargains generally have low value ratios, such as price to earnings and price to cash, but also generally have strong earnings and relative strength. The Adviser has found this strategy to be very useful over the long run.
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 2015, the Balanced: Golden Rainbow Retail Class declined 2.21% and the Institutional Class shares declined 2.11%, while their blended Index benchmark fell 1.93% (see benchmark details on page 4 of this report). The Small Cap Fund declined 3.66% over the last six months of the year versus a drop of 8.75% in its benchmark. The Mid Cap Fund fell 1.31%, beating its benchmark (the S&P Mid Cap 400® Value Index) return of -8.14%. The Micro Cap Fund fell 0.04% versus its benchmark (the Russell Micro Cap Index) return of -10.55%. The Long-Short Fund rose 0.08% percent, its benchmark (the S&P 500® Index), which rose 0.15%. The new Fund, the Aggressive Allocation Fund fell 8.59% since commencement of operations on July 1st as the bulk of its assets came into the Fund at the top of the market. Its benchmark, (65% Russell 3000® Index and 35% Barclays U.S. Aggregate Government/Credit Bond Index) fell 0.93%.
The James Balanced: Golden Rainbow Fund’s holdings in sovereign bonds were a slight drag on performance, but Fund managers had reduced exposure in that area to only about 1% of total assets by June 30, 2015, down from 1.6% at the beginning of the year. The Funds focus on value investing did not reward shareholders over the last six months of the year. The S&P 500® Value Index fell 2.70% over that period while the S&P 500® Growth Index rose 2.64%. Past performance is no guarantee of future results. Standardized performance may be found on each individual Fund’s page.
2 | www.jamesfunds.com |
James Advantage Funds | Shareholder Letter |
December 31, 2015 (Unaudited)
Expectations for the Future
As noted earlier, the big growth companies, such as Amazon, and the pricey biotech companies led the market in 2015. The Adviser believes, along with most academic research, that value investing is more attractive over longer time periods and it believes that value investing will regain its superiority. According to the Adviser, the major problems the markets will face in 2016 include the evolution of China’s economy away from a model dominated by government control and towards a free-market, consumer driven economy. This move, in the world’s second largest economy, will likely continue to disrupt the global stock markets, but we believe it is a necessary change. The course of the Federal Reserve’s tightening and the uncertainties surrounding the 2016 presidential election will also weigh on the markets. However, the U.S. consumers appear to be in good shape and lower gasoline and other commodity prices should help to keep the consumer healthy. The Adviser expects a great deal of volatility in the coming year, but with that will come some real opportunities. Lastly, Fund managers believe this will be a year where experience and active management will be essential.
Thomas L. Mangan
Chief Financial Officer
Chief Financial Officer
Thomas Mangan is a registered representative of ALPS Distributors, Inc.
The statements and opinions expressed are those of the author and are as of the date of this report are subject to change, and may not reflect the writer’s current views. All information is historical and not indicative of future results and subject to change. It should not be assumed that an investment in the securities mentioned will be profitable in the future. This information is not a recommendation to buy or sell.
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund’s prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus by calling 1-800-995-2637.
Past performance is no guarantee of future results. The investment return and principal value of an investment in any Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
The S&P 500® Growth Index is a market-capitalization-weighted index developed by Standard and Poor's consisting of those stocks within the S&P 500 Index that exhibit strong growth characteristics. The Index is a numerical ranking system based on three growth factors and four value factors to determine the constituents and their weightings. The Index returns do not reflect the deduction of expenses. The Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in the Index.
The S&P 500® Value Index is market-capitalization-weighted index developed by Standard and Poor's consisting of those stocks within the S&P 500 Index that exhibit strong value characteristics. The Index uses a numerical ranking system based on four value factors and three growth factors to determine the constituents and their weightings. The Index returns do not reflect the deduction of expenses. The Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in the Index.
Price/Earnings ratio is a valuation of a company’s current share price compared to its per-share earnings.
Price/Cash Flow ratio is a ratio used to compare a company’s market value to its cash flow.
Soft dollar arrangements involve using client brokerage commissions to purchase research that helps managers make investment decisions.
Semi-Annual Report | December 31, 2015 | 3 |
Growth of $10,000 Charts | James Advantage Funds |
December 31, 2015 (Unaudited)
Comparison of the Change in Value of a $10,000 Investment in the James Balanced: Golden Rainbow Fund – Retail Class
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_02.jpg)
James Balanced: Golden Rainbow Fund – Retail Class
Average Annual Total Returns
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(2) | |
James Balanced: Golden Rainbow – Retail Class | -0.68% | 6.37% | 6.30% | 8.00% |
Blended Index(1) | 0.03% | 6.94% | 5.99% | 7.95% |
Russell 2000® Index | -4.41% | 9.19% | 6.80% | 9.61% |
Barclays Capital U.S. Intermediate Government/Credit Bond Index | 1.07% | 2.58% | 4.04% | 5.58% |
S&P 500® Index | 1.38% | 12.57% | 7.31% | 9.35% |
(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, 2015, was 0.97%. |
Comparison of the Change in Value of a $50,000 Investment in the James Balanced: Golden Rainbow Fund – Institutional Class
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_03.jpg)
James Balanced: Golden Rainbow Fund – Institutional Class
Average Annual Total Returns
Average Annual Total Returns
1 Year | 5 Years | Since Inception(2) | |
James Balanced: Golden Rainbow – Institutional Class | -0.48% | 6.63% | 10.29% |
Blended Index(1) | 0.03% | 6.94% | 11.71% |
Russell 2000® Index | -4.41% | 9.19% | 19.57% |
Barclays Capital U.S. Intermediate Government/ Credit Bond Index | 1.07% | 2.58% | 3.59% |
S&P 500® Index | 1.38% | 12.57% | 19.47% |
(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, 2015, was 0.72%. |
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.
4 | www.jamesfunds.com |
James Advantage Funds | Growth of $10,000 Charts |
December 31, 2015 (Unaudited)
Comparison of the Change in Value of a $10,000 Investment in the James Small Cap Fund
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_04.jpg)
James Small Cap Fund Average
Annual Total Returns
Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(1) | |
James Small Cap Fund | -4.34% | 9.76% | 5.15% | 8.00% |
Russell 2000® Index | -4.41% | 9.19% | 6.80% | 8.49% |
(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, 2015, was 1.50%. |
Comparison of the Change in Value of a $10,000 Investment in the James Mid Cap Fund
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_05.jpg)
James Mid Cap Fund
Average Annual Total Returns
1 Year | 5 Years | Since Inception(1) | |
James Mid Cap Fund | 0.86% | 9.27% | 5.76% |
S&P MidCap 400® Value Index | -6.65% | 10.19% | 7.06% |
(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, 2015, was 1.50%. |
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® 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.
Semi-Annual Report | December 31, 2015 | 5 |
Growth of $10,000 Charts | James Advantage Funds |
December 31, 2015 (Unaudited)
Comparison of the Change in Value of a $10,000 Investment in the James Micro Cap Fund
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_06.jpg)
James Micro Cap Fund
Average Annual Total Returns
Average Annual Total Returns
1 Year | 5 Year | Since Inception(1) | |
James Micro Cap Fund | 2.61% | 10.53% | 12.50% |
Russell Microcap® Index | -5.16% | 9.23% | 13.63% |
(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, 2015, was 1.51%. |
Comparison of the Change in Value of a $10,000 Investment in the James Aggressive Allocation Fund
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_07.jpg)
James Aggressive Allocation Fund
Cumulative Annual Total Returns
Cumulative Annual Total Returns
1 Month | 3 Month | Since Inception(2) | |
James Aggressive Allocation Fund | -3.88% | 0.45% | -8.59% |
Blended Index(1) | -1.48% | 3.83% | -0.93% |
(1) | The Blended Index is comprised of a 35% weighting in the Barclays U.S. Aggregate Government/Credit Bond Index and a 65% weighting in the Russell 3000® Index. |
(2) | Fund inception was July 1, 2015. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2015, was 0.99%. |
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 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 Russell 3000® Index is a stock market index of US stocks. The index measures the performance of 3,000 publicly held US companies based on total market capitalization, which represents approximately 98% of the investable US equity market.
The Barclays U.S. Aggregate Government/Credit Bond Index (an unmanaged index generally representative of dollar denominated U.S. Treasuries, government related and investment grade U.S. corporate securities that have a remaining maturity greater than one year).
The Russell Microcap® Index and the 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.
6 | www.jamesfunds.com |
James Advantage Funds | Growth of $10,000 Charts |
December 31, 2015 (Unaudited)
Comparison of the Change in Value of a $10,000 Investment in the James Long-Short Fund
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_08.jpg)
James Long-Short Fund
Average Annual Total Returns
Average Annual Total Returns
1 Year | Since Inception(1) | |
James Long-Short Fund | -4.88% | 6.42% |
S&P 500® Index | 1.38% | 12.39% |
(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, 2015, was 2.71%. |
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.
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 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 is a widely recognized unmanaged index of security prices and are representative of a broader market and range of securities than is found in the Fund’s portfolio. The Index return does not reflect the deduction of expenses, which have been deducted from a Fund’s returns. The Index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees. Individuals cannot invest directly in any Index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.
Semi-Annual Report | December 31, 2015 | 7 |
Representation of Schedules of Investments | James Advantage Funds |
December 31, 2015 (Unaudited)
The illustrations below provide the industry sectors for the James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Mid Cap Fund, James Micro Cap Fund, James Aggressive Allocation Fund and James Long-Short Fund.
James Balanced: Golden Rainbow Fund - Industry Sector Allocation (% of Net Assets)*
![(PIE CHART)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_15.jpg)
James Small Cap Fund - Industry Sector Allocation (% of Net Assets)*
![(PIE CHART)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_09.jpg)
James Mid Cap Fund - Industry Sector Allocation (% of Net Assets)*
![(PIE CHART)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_10.jpg)
James Micro Cap Fund - Industry Sector Allocation (% of Net Assets)*
![(PIE CHART)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_11.jpg)
James Aggressive Allocation Fund - Industry Sector Allocation (% of Net Assets)*
![(PIE CHART)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_12.jpg)
James Long-Short Fund - Industry Sector Allocation (% of Net Assets)*
(Cash and Cash Equivalents and Other Liabilities in Excess of Assets not included)
![(BAR CHART)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_13.jpg)
* | Holdings are subject to change, and may not reflect the current or future position of the portfolio. |
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James Advantage Funds | Disclosure of Fund Expenses |
December 31, 2015 (Unaudited)
Example. As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including reinvested dividends or other distributions, and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2015 through December 31, 2015.
Actual Expenses. The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expense Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
Net Expense Ratio Annualized December 31, 2015(a) | Beginning Account Value July 1, 2015 | Ending Account Value December 31, 2015 | Expense Paid During Period(b) | |
James Balanced: Golden Rainbow Fund | ||||
Retail Class Actual | 0.96% | $1,000.00 | $977.90 | $4.77 |
Retail Class Hypothetical (5% return before expenses) | 0.96% | $1,000.00 | $1,020.31 | $4.88 |
Institutional Class Actual | 0.71% | $1,000.00 | $978.90 | $3.53 |
Institutional Class Hypothetical (5% return before expenses) | 0.71% | $1,000.00 | $1,021.57 | $3.61 |
James Small Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $963.40 | $7.40 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.60 | $7.61 |
James Mid Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $986.90 | $7.49 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.60 | $7.61 |
James Micro Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $999.60 | $7.54 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.60 | $7.61 |
James Aggressive Allocation Fund(c) | ||||
Actual | 0.98% | $1,000.00 | $914.10 | $4.69 |
Hypothetical (5% return before expenses) | 0.98% | $1,000.00 | $1,020.10 | $4.95 |
James Long-Short Fund | ||||
Actual | 2.20%(d) | $1,000.00 | $1,000.80 | $11.06 |
Hypothetical (5% return before expenses) | 2.20%(d) | $1,000.00 | $1,014.08 | $11.14 |
Semi-Annual Report | December 31, 2015 | 9 |
Disclosure of Fund Expenses | James Advantage Funds |
December 31, 2015 (Unaudited)
(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 366. |
(c) | Fund commenced operations on July 1, 2015. |
(d) | Dividend and interest expense on securities sold short and interest expense totaled 0.70% (annualized) of average net assets for the six months ended December 31, 2015. Total annual operating expense of 2.20% includes the 0.70% of dividend and interest expense. |
10 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
COMMON STOCKS-49.5% | |||||||
Basic Materials-3.2% | |||||||
150,000 | Avery Dennison Corp. | $ | 9,399,000 | ||||
465,980 | Celanese Corp., Series A | 31,374,433 | |||||
647,050 | CF Industries Holdings, Inc. | 26,406,111 | |||||
27,990 | Ciner Resources LP* | 624,737 | |||||
388,280 | Cooper Tire & Rubber Co. | 14,696,398 | |||||
1,018,430 | Goodyear Tire & Rubber Co. | 33,272,108 | |||||
212,430 | Innospec, Inc. | 11,537,073 | |||||
48,740 | Neenah Paper, Inc. | 3,042,838 | |||||
426,630 | Newmont Mining Corp. | 7,675,074 | |||||
194,940 | Richmont Mines, Inc.* | 625,757 | |||||
60,980 | Universal Forest Products, Inc. | 4,169,203 | |||||
142,822,732 | |||||||
Consumer, Cyclical-9.2% | |||||||
1,553,820 | Alaska Air Group, Inc. | 125,098,048 | |||||
32,360 | Asbury Automotive Group, Inc.* | 2,182,359 | |||||
607,040 | Best Buy Co., Inc. | 18,484,368 | |||||
357,190 | Cato Corp., Class A | 13,151,736 | |||||
424,890 | Delta Air Lines, Inc. | 21,537,674 | |||||
327,840 | Dillard's, Inc., Class A | 21,542,366 | |||||
87,790 | Express, Inc.* | 1,517,011 | |||||
68,450 | Flexsteel Industries, Inc. | 3,024,121 | |||||
611,220 | Foot Locker, Inc. | 39,784,310 | |||||
586,440 | Ford Motor Co. | 8,262,940 | |||||
707,700 | Hanesbrands, Inc. | 20,827,611 | |||||
723,880 | Hawaiian Holdings, Inc.* | 25,574,680 | |||||
168,320 | Insight Enterprises, Inc.* | 4,228,198 | |||||
59,830 | Lennar Corp., Class A | 2,926,285 | |||||
319,720 | Macy's, Inc. | 11,183,806 | |||||
9,450 | Meritage Homes Corp.* | 321,206 | |||||
216,740 | Multi-Color Corp. | 12,963,219 | |||||
63,410 | Patrick Industries, Inc.* | 2,758,335 | |||||
70,730 | PC Connection, Inc. | 1,601,327 | |||||
160,000 | PharMerica Corp.* | 5,600,000 | |||||
960,000 | Skechers U.S.A., Inc., Class A* | 29,001,600 | |||||
761,900 | Southwest Airlines Co. | 32,807,414 | |||||
115,470 | TravelCenters of America LLC* | 1,085,418 | |||||
38,460 | Viacom, Inc., Class B | 1,583,014 | |||||
5,800 | Wayside Technology Group, Inc. | 106,372 | |||||
407,153,418 | |||||||
Consumer, Non-cyclical-10.0% | |||||||
447,580 | Aetna, Inc. | 48,392,349 | |||||
447,115 | Anthem, Inc. | 62,345,715 | |||||
25,790 | Cal-Maine Foods, Inc. | 1,195,109 | |||||
32,560 | Cardtronics, Inc.* | 1,095,644 | |||||
10,960 | Coca-Cola Bottling Co. Consolidated | 2,000,310 | |||||
16,175 | Convergys Corp. | 402,596 | |||||
771,540 | Dr Pepper Snapple Group, Inc. | 71,907,528 | |||||
196,730 | DST Systems, Inc. | 22,439,024 | |||||
429,650 | Eli Lilly & Co. | 36,202,309 | |||||
76,960 | Helen of Troy, Ltd.* | 7,253,480 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 11 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Consumer, Non-cyclical (continued) | |||||||
298,920 | Ingles Markets, Inc., Class A | $ | 13,176,394 | ||||
53,960 | John B Sanfilippo & Son, Inc. | 2,915,459 | |||||
1,048,720 | Kroger Co. | 43,867,958 | |||||
4,720 | Lannett Co., Inc.* | 189,366 | |||||
32,728 | ManpowerGroup, Inc. | 2,758,643 | |||||
600,000 | Merck & Co., Inc. | 31,692,000 | |||||
42,260 | National HealthCare Corp. | 2,607,442 | |||||
64,340 | Natural Health Trends Corp. | 2,157,320 | |||||
49,000 | Natus Medical, Inc.* | 2,354,450 | |||||
71,460 | Net 1 UEPS Technologies, Inc.* | 965,425 | |||||
447,930 | Newell Rubbermaid, Inc. | 19,744,754 | |||||
51,495 | Nutrisystem, Inc. | 1,114,352 | |||||
94,420 | Omega Protein Corp.* | 2,096,124 | |||||
698,720 | Pfizer, Inc. | 22,554,682 | |||||
575 | Seaboard Corp.* | 1,664,475 | |||||
42,790 | Superior Uniform Group, Inc. | 726,574 | |||||
372,225 | SUPERVALU, Inc.* | 2,523,685 | |||||
315,000 | UnitedHealth Group, Inc. | 37,056,600 | |||||
443,399,767 | |||||||
Energy-3.1% | |||||||
63,380 | Advantage Oil & Gas, Ltd.* | 321,970 | |||||
40,240 | Alon USA Energy, Inc.* | 597,162 | |||||
209,140 | Chevron Corp. | 18,814,234 | |||||
130,000 | Exxon Mobil Corp. | 10,133,500 | |||||
230,184 | HollyFrontier Corp. | 9,182,040 | |||||
19,425 | PBF Energy, Inc., Class A | 715,034 | |||||
136,580 | Star Gas Partners LP | 1,016,155 | |||||
514,340 | Tesoro Corp. | 54,196,006 | |||||
589,990 | Valero Energy Corp. | 41,718,193 | |||||
58,860 | World Fuel Services Corp. | 2,263,756 | |||||
138,958,050 | |||||||
Financial-8.6% | |||||||
12,700 | Aaron's, Inc. | 284,353 | |||||
115,800 | ACE, Ltd. | 13,531,230 | |||||
75,360 | Aircastle, Ltd. | 1,574,270 | |||||
500,673 | American Financial Group, Inc. | 36,088,510 | |||||
751,430 | AmTrust Financial Services, Inc. | 46,273,059 | |||||
221,155 | Argo Group International Holdings, Ltd. | 13,233,915 | |||||
771,600 | Aspen Insurance Holdings, Ltd. | 37,268,280 | |||||
149,910 | Endurance Specialty Holdings, Ltd. | 9,592,741 | |||||
34,590 | ePlus, Inc.* | 3,225,863 | |||||
88,278 | FBL Financial Group, Inc., Class A | 5,618,012 | |||||
477,000 | Fifth Third Bancorp | 9,587,700 | |||||
182,000 | Goldman Sachs Group, Inc. | 32,801,860 | |||||
45,572 | Hersha Hospitality Trust, REIT | 991,647 | |||||
388,300 | JPMorgan Chase & Co. | 25,639,449 | |||||
1,169,390 | KeyCorp | 15,424,254 | |||||
14,515 | LendingTree, Inc.* | 1,295,899 | |||||
50,790 | MainSource Financial Group, Inc. | 1,162,075 | |||||
7,740 | MutualFirst Financial, Inc. | 192,881 | |||||
368,200 | Nelnet, Inc., Class A | 12,360,474 |
See Notes to Financial Statements.
12 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Financial (continued) | |||||||
417,390 | Outerwall, Inc. | $ | 15,251,431 | ||||
60,180 | PNC Financial Services Group, Inc. | 5,735,756 | |||||
68,860 | Reading International, Inc., Class A* | 902,755 | |||||
135,130 | Torchmark Corp. | 7,724,031 | |||||
542,304 | Travelers Cos., Inc. | 61,204,430 | |||||
377,025 | Unum Group | 12,551,162 | |||||
242,880 | XL Group PLC | 9,516,038 | |||||
379,032,075 | |||||||
Industrial-4.7% | |||||||
104,120 | AMERCO | 40,554,740 | |||||
746,680 | American Axle & Manufacturing Holdings, Inc.* | 14,142,119 | |||||
100,000 | American Railcar Industries, Inc. | 4,628,000 | |||||
89,005 | American Woodmark Corp.* | 7,118,620 | |||||
264,110 | Ball Corp. | 19,208,720 | |||||
110,970 | Covenant Transportation Group, Inc., Class A* | 2,096,223 | |||||
13,670 | Crown Holdings, Inc.* | 693,069 | |||||
41,005 | Culp, Inc. | 1,044,397 | |||||
81,190 | Deere & Co. | 6,192,361 | |||||
77,690 | Global Brass & Copper Holdings, Inc. | 1,654,797 | |||||
64,340 | Headwaters, Inc.* | 1,085,416 | |||||
480,540 | Jarden Corp.* | 27,448,445 | |||||
11,000 | L.S. Starrett Co., Class A | 106,920 | |||||
1,059,400 | Magna International, Inc. | 42,969,264 | |||||
122,950 | Matson, Inc. | 5,241,358 | |||||
190,800 | Meritor, Inc.* | 1,593,180 | |||||
149,710 | Ryder System, Inc. | 8,508,019 | |||||
55,800 | Smith & Wesson Holding Corp.* | 1,226,484 | |||||
77,700 | Sonoco Products Co. | 3,175,599 | |||||
14,540 | Strattec Security Corp. | 821,365 | |||||
486,350 | Trinity Industries, Inc. | 11,682,127 | |||||
679,630 | Tsakos Energy Navigation, Ltd. | 5,382,670 | |||||
34,245 | Unifi, Inc.* | 963,997 | |||||
113,670 | USA Truck, Inc.* | 1,983,542 | |||||
209,521,432 | |||||||
Technology-7.0% | |||||||
25,000 | AAR Corp. | 657,250 | |||||
245,360 | ACCO Brands Corp.* | 1,749,417 | |||||
231,150 | Apple, Inc. | 24,330,849 | |||||
220,000 | Arrow Electronics, Inc.* | 11,919,600 | |||||
211,540 | Avnet, Inc. | 9,062,374 | |||||
54,790 | Cascade Microtech, Inc.* | 890,337 | |||||
62,000 | Cisco Systems, Inc. | 1,683,610 | |||||
48,970 | Cohu, Inc. | 591,068 | |||||
220,420 | Corning, Inc. | 4,029,278 | |||||
8,900 | CSG Systems International, Inc. | 320,222 | |||||
903,300 | Deluxe Corp. | 49,265,982 | |||||
57,280 | FormFactor, Inc.* | 515,520 | |||||
87,450 | The Hackett Group, Inc. | 1,405,321 | |||||
365,230 | Intel Corp. | 12,582,173 | |||||
30,490 | Leidos Holdings, Inc. | 1,715,367 | |||||
275,780 | Lexmark International, Inc., Class A | 8,949,061 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 13 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Technology (continued) | |||||||
204,220 | Lockheed Martin Corp. | $ | 44,346,373 | ||||
44,290 | Mentor Graphics Corp. | 815,822 | |||||
29,675 | Mind CTI, Ltd. | 75,078 | |||||
25,590 | NeuStar, Inc., Class A* | 613,392 | |||||
322,650 | Northrop Grumman Corp. | 60,919,546 | |||||
197,260 | Orbotech, Ltd.* | 4,365,364 | |||||
114,050 | Symantec Corp. | 2,395,050 | |||||
213,270 | SYNNEX Corp. | 19,179,371 | |||||
5,800 | Tessera Technologies, Inc. | 174,058 | |||||
629,560 | Tower Semiconductor, Ltd.* | 8,851,614 | |||||
140,000 | VASCO Data Security International, Inc.* | 2,342,200 | |||||
590,000 | Western Digital Corp. | 35,429,500 | |||||
111,440 | ZAGG, Inc.* | 1,219,154 | |||||
310,393,951 | |||||||
Utilities-3.7% | |||||||
263,540 | American Electric Power Co., Inc. | 15,356,476 | |||||
1,518,080 | AT&T, Inc. | 52,237,133 | |||||
121,070 | BCE, Inc. | 4,675,724 | |||||
378,420 | BT Group PLC, Sponsored ADR | 13,097,116 | |||||
129,400 | DTE Energy Co. | 10,376,586 | |||||
149,700 | Edison International | 8,863,737 | |||||
24,200 | Gas Natural, Inc. | 180,290 | |||||
108,320 | IDACORP, Inc. | 7,365,760 | |||||
106,870 | Inteliquent, Inc. | 1,899,080 | |||||
77,700 | PG&E Corp. | 4,132,863 | |||||
60,090 | Pinnacle West Capital Corp. | 3,874,603 | |||||
119,460 | PNM Resources, Inc. | 3,651,892 | |||||
411,560 | Portland General Electric Co. | 14,968,437 | |||||
122,280 | Public Service Enterprise Group, Inc. | 4,731,013 | |||||
9,080 | TELUS Corp. | 251,062 | |||||
216,920 | UGI Corp. | 7,323,219 | |||||
982,090 | Vonage Holdings Corp.* | 5,637,197 | |||||
100,860 | Westar Energy, Inc. | 4,277,473 | |||||
162,899,661 | |||||||
TOTAL COMMON STOCKS (Cost $1,813,194,808) | 2,194,181,086 | ||||||
CLOSED-END FUNDS-0.0%(a) | |||||||
76,550 | Eaton Vance Risk-Managed Diversified Equity Income Fund | 777,748 | |||||
10,000 | Nuveen Municipal Opportunity Fund, Inc. | 143,300 | |||||
40,000 | Nuveen Premium Income Municipal Fund 2, Inc. | 578,400 | |||||
TOTAL CLOSED-END FUNDS (Cost $1,350,150) | 1,499,448 |
See Notes to Financial Statements.
14 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
EXCHANGE TRADED FUNDS-0.2% | |||||||
69,710 | iShares® MSCI Canada ETF | $ | 1,498,765 | ||||
51,510 | iShares® MSCI Philippines ETF | 1,737,947 | |||||
20,000 | iShares® MSCI Poland Capped ETF | 361,500 | |||||
50,820 | iShares® MSCI Switzerland Capped ETF | 1,577,453 | |||||
10,000 | iShares® National AMT-Free Municipal Bond ETF | 1,107,100 | |||||
122,900 | SPDR® Nuveen Barclays Short Term Municipal Bond ETF | 2,993,844 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $9,617,440) | 9,276,609 | ||||||
CORPORATE BONDS-6.7% | |||||||
Basic Materials-0.1% | |||||||
$ | 5,000,000 | E.I. du Pont de Nemours & Co., 2.750%, 4/1/16 | 5,023,450 | ||||
1,500,000 | E.I. du Pont de Nemours & Co., 5.750%, 3/15/19 | 1,647,337 | |||||
6,670,787 | |||||||
Consumer, Cyclical-0.4% | |||||||
5,000,000 | eBay, Inc., 2.600%, 7/15/22 | 4,655,955 | |||||
5,000,000 | Home Depot, Inc., 2.700%, 4/1/23 | 4,965,425 | |||||
5,000,000 | Home Depot, Inc., 5.950%, 4/1/41 | 6,220,435 | |||||
785,000 | McDonald's Corp., 5.700%, 2/1/39 | 853,763 | |||||
2,000,000 | Wal-Mart Stores, Inc., 5.250%, 9/1/35 | 2,278,332 | |||||
18,973,910 | |||||||
Consumer, Non-cyclical-1.4% | |||||||
10,000,000 | Coca-Cola Co., 3.200%, 11/1/23 | 10,347,660 | |||||
3,000,000 | Hershey Co., 4.125%, 12/1/20 | 3,235,263 | |||||
5,475,000 | Johnson & Johnson, 4.500%, 9/1/40 | 6,026,897 | |||||
5,000,000 | Merck & Co., Inc., 2.800%, 5/18/23 | 4,978,715 | |||||
10,000,000 | Merck & Co., Inc., 4.150%, 5/18/43 | 10,039,610 | |||||
10,000,000 | PepsiCo, Inc., 5.000%, 6/1/18 | 10,823,380 | |||||
10,000,000 | Stryker Corp., 2.000%, 9/30/16 | 10,076,140 | |||||
5,465,000 | Wyeth LLC, 5.500%, 2/15/16 | 5,493,467 | |||||
61,021,132 | |||||||
Energy-1.3% | |||||||
5,000,000 | Apache Corp., 3.250%, 4/15/22 | 4,762,520 | |||||
5,000,000 | BP Capital Markets PLC, 3.245%, 5/6/22 | 4,940,995 | |||||
8,271,000 | Chevron Corp., 3.326%, 11/17/25 | 8,330,626 | |||||
10,000,000 | Diamond Offshore Drilling, Inc., 5.875%, 5/1/19 | 10,138,140 | |||||
5,000,000 | Occidental Petroleum Corp., 1.750%, 2/15/17 | 5,010,160 | |||||
5,050,000 | Shell International Finance BV, 2.375%, 8/21/22 | 4,838,061 | |||||
5,000,000 | Shell International Finance BV, 6.375%, 12/15/38 | 5,907,110 | |||||
2,625,000 | Shell International Finance BV, 4.375%, 5/11/45 | 2,478,339 | |||||
10,000,000 | Statoil ASA, 2.250%, 11/8/19 | 9,964,830 | |||||
56,370,781 | |||||||
Financial-2.4% | |||||||
5,000,000 | Aflac, Inc., 2.650%, 2/15/17 | 5,065,765 | |||||
20,000,000 | American Express Credit Corp., 2.800%, 9/19/16 | 20,255,440 | |||||
5,000,000 | Bank of America Corp., 1.823%, 4/27/16(b) | 4,999,945 | |||||
5,000,000 | Berkshire Hathaway, Inc., 3.750%, 8/15/21 | 5,333,895 | |||||
5,000,000 | Citigroup, Inc., 4.450%, 1/10/17 | 5,138,000 | |||||
10,000,000 | General Electric Capital Corp., 1.121%, 4/15/20(b) | 10,003,410 | |||||
2,000,000 | General Electric Capital Corp., 6.875%, 1/10/39 | 2,725,996 | |||||
15,000,000 | JPMorgan Chase & Co., 2.600%, 1/15/16 | 15,006,255 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 15 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Financial (continued) | |||||||
$ | 20,000,000 | Morgan Stanley & Co., 3.800%, 4/29/16 | $ | 20,169,120 | |||
5,000,000 | Morgan Stanley & Co., 4.750%, 3/22/17 | 5,179,015 | |||||
6,000,000 | PNC Bank Na, 2.950%, 2/23/25 | 5,809,980 | |||||
5,000,000 | UBS AG, 5.875%, 12/20/17 | 5,400,775 | |||||
105,087,596 | |||||||
Industrial-0.2% | |||||||
1,000,000 | Caterpillar, Inc., 7.900%, 12/15/18 | 1,170,259 | |||||
1,000,000 | Caterpillar, Inc., 8.250%, 12/15/38 | 1,455,603 | |||||
5,000,000 | United Technologies Corp., 3.100%, 6/1/22 | 5,091,085 | |||||
7,716,947 | |||||||
Technology-0.7% | |||||||
8,000,000 | Google, Inc., 3.625%, 5/19/21 | 8,518,808 | |||||
5,000,000 | Intel Corp., 3.300%, 10/1/21 | 5,182,020 | |||||
3,000,000 | International Business Machines Corp., 1.950%, 7/22/16 | 3,017,991 | |||||
7,000,000 | International Business Machines Corp., 1.875%, 8/1/22 | 6,608,203 | |||||
3,700,000 | Microsoft Corp., 5.200%, 6/1/39 | 4,180,730 | |||||
5,000,000 | Oracle Corp., 2.500%, 10/15/22 | 4,883,440 | |||||
32,391,192 | |||||||
Utilities-0.2% | |||||||
5,000,000 | Duke Energy Florida LLC, Series A, 5.800%, 9/15/17 | 5,357,010 | |||||
4,600,000 | San Diego Gas & Electric Co., 3.000%, 8/15/21 | 4,698,196 | |||||
10,055,206 | |||||||
TOTAL CORPORATE BONDS (Cost $298,745,934) | 298,287,551 | ||||||
MORTGAGE BACKED SECURITIES-0.5% | |||||||
Federal National Mortgage Association-0.4% | |||||||
$ | 13,857,671 | 3.500%, 9/1/33 | 14,483,936 | ||||
2,007,966 | 4.500%, 9/1/40 | 2,097,556 | |||||
16,581,492 | |||||||
Government National Mortgage Association-0.1% | |||||||
4,233,737 | 4.000%, 12/20/40 | 4,534,113 | |||||
TOTAL MORTGAGE BACKED SECURITIES (Cost $20,578,722) | 21,115,605 | ||||||
U.S. GOVERNMENT AGENCIES-2.7% | |||||||
Federal Farm Credit Banks-1.8% | |||||||
15,000,000 | 1.690%, 8/12/19 | 15,000,480 | |||||
10,000,000 | 1.750%, 5/28/20 | 10,000,210 | |||||
10,000,000 | 2.380%, 5/15/23 | 9,712,140 | |||||
10,000,000 | 2.980%, 11/25/25 | 9,893,000 | |||||
5,725,000 | 2.750%, 11/6/26 | 5,676,818 | |||||
10,000,000 | 3.500%, 9/14/29 | 9,834,510 | |||||
7,325,000 | 3.400%, 11/25/30 | 7,310,526 | |||||
10,000,000 | 3.220%, 3/26/31 | 9,962,250 | |||||
77,389,934 | |||||||
Federal Home Loan Banks-0.8% | |||||||
5,000,000 | 1.600%, 10/22/20 | 4,878,600 | |||||
5,405,405 | 2.430%, 10/11/22 | 5,405,757 | |||||
6,000,000 | 3.250%, 7/28/25 | 5,980,626 |
See Notes to Financial Statements.
16 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Federal Home Loan Banks (continued) | |||||||
$ | 10,000,000 | 2.000%, 11/25/30 (c) | $ | 9,968,160 | |||
10,000,000 | 3.880%, 11/5/35 | 10,002,870 | |||||
36,236,013 | |||||||
United States Department of Housing and Urban Development-0.1% | |||||||
5,000,000 | 2.050%, 8/1/19 | 5,069,985 | |||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $119,609,119) | 118,695,932 | ||||||
U.S. TREASURY BONDS & NOTES-35.2% | |||||||
U.S. Treasury Bonds-3.8% | |||||||
$ | 80,000,000 | 5.375%, 2/15/31 | 108,465,920 | ||||
15,000,000 | 2.750%, 8/15/42 | 14,306,865 | |||||
50,000,000 | 2.875%, 8/15/45 | 48,466,800 | |||||
171,239,585 | |||||||
U.S. Treasury Inflation Indexed Notes-0.8% | |||||||
13,055,950 | 1.625%, 1/15/18 | 13,459,157 | |||||
21,016,800 | 0.125%, 1/15/22 | 20,342,203 | |||||
33,801,360 | |||||||
U.S. Treasury Notes-30.6% | |||||||
35,000,000 | 2.000%, 1/31/16 | 35,049,035 | |||||
36,000,000 | 1.000%, 9/30/16 | 36,073,080 | |||||
80,000,000 | 0.500%, 1/31/17 | 79,705,520 | |||||
58,000,000 | 4.625%, 2/15/17 | 60,406,130 | |||||
90,000,000 | 0.500%, 2/28/17 | 89,637,480 | |||||
50,000,000 | 0.875%, 10/15/17 | 49,853,350 | |||||
105,000,000 | 0.875%, 11/15/17 | 104,643,735 | |||||
155,000,000 | 1.500%, 8/31/18 | 156,054,930 | |||||
190,000,000 | 2.750%, 2/15/19 | 198,035,100 | |||||
185,000,000 | 1.500%, 10/31/19 | 184,457,025 | |||||
25,000,000 | 1.375%, 9/30/20 | 24,574,075 | |||||
200,000,000 | 2.625%, 11/15/20 | 207,871,000 | |||||
60,000,000 | 2.125%, 5/15/25 | 59,213,460 | |||||
75,000,000 | 2.000%, 8/15/25 | 73,123,800 | |||||
1,358,697,720 | |||||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $1,558,044,802) | 1,563,738,665 | ||||||
FOREIGN BONDS-0.7% | |||||||
Australia Government-0.2% | |||||||
AUD 10,000,000 | 5.250%, 3/15/19 | 8,014,114 | |||||
Canada Government-0.2% | |||||||
CAD 5,000,000 | 3.750%, 6/1/19 | 4,001,337 | |||||
CAD 5,000,000 | 3.500%, 6/1/20 | 4,057,274 | |||||
8,058,611 | |||||||
Netherlands Government-0.1% | |||||||
EUR 3,000,000 | 4.000%, 7/15/19(d) | 3,741,303 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 17 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
New Zealand Government Bond-0.2% | |||||||
NZD 15,000,000 | 5.000%, 3/15/19 | $ | 10,954,687 | ||||
TOTAL FOREIGN BONDS (Cost $34,542,098) | 30,768,715 | ||||||
MUNICIPAL BONDS-3.8% | |||||||
California-0.0%( a) | |||||||
1,000,000 | Citrus Community College District General Obligation Unlimited Bonds, Series B, Prefunded 6/01/17 @ 100, 4.750%, 6/1/31 (e) | 1,056,570 | |||||
Colorado-0.0%(a) | |||||||
1,000,000 | Adams County School District No. 14 General Obligation Unlimited Bonds, Prefunded 12/01/16 @ 100, 5.000%, 12/1/26 (e) | 1,040,010 | |||||
Connecticut-0.2% | |||||||
5,350,000 | State of Connecticut, Series D, 5.000%, 11/1/25 | 6,253,080 | |||||
Florida-0.3% | |||||||
10,775,000 | Florida State Board of Education Capital Outlay General Obligation Bonds, Series C, 5.000%, 6/1/23 | 13,229,976 | |||||
1,000,000 | Florida State Board of Education Capital Outlay General Obligation Bonds, Series D, 5.000%, 6/1/38 | 1,084,480 | |||||
14,314,456 | |||||||
Georgia-0.2% | |||||||
3,000,000 | State of Georgia General Obligation Unlimited Bonds, Series B, 4.500%, 1/1/29 | 3,277,500 | |||||
5,000,000 | State of Georgia General Obligation Unlimited Bonds, Series D, 5.000%, 2/1/25 | 6,087,200 | |||||
9,364,700 | |||||||
Hawaii-0.3% | |||||||
9,000,000 | City and County of Honolulu General Obligation Unlimited Bonds, Series B, 5.000%, 11/1/25 | 10,814,670 | |||||
Illinois-0.1% | |||||||
500,000 | Kane & DeKalb Counties Community Unit School District No. 302 Kaneland General Obligation Unlimited Bonds (School Building), 5.500%, 2/1/28 | 501,830 | |||||
1,000,000 | Village of Bolingbrook General Obligation Unlimited Bonds, 5.000%, 1/1/37 | 1,051,320 | |||||
1,553,150 | |||||||
Maryland-0.1% | |||||||
5,000,000 | County of Montgomery General Obligation Unlimited Bonds, Series A, 3.000%, 11/1/29 | 5,040,150 | |||||
Massachusetts-0.0%(a) | |||||||
1,000,000 | Commonwealth of Massachusetts General Obligation Limited Bonds, Series C, Prefunded 8/01/17 @ 100, 5.250%, 8/1/22 (e) | 1,069,590 | |||||
Michigan-0.0%(a) | |||||||
1,000,000 | Marysville Public School District General Obligation Unlimited Bonds (School Building & Site), 5.000%, 5/1/32 | 1,046,070 | |||||
Ohio-1.0% | |||||||
7,450,000 | Beavercreek City School District General Obligation Unlimited Bonds, 3.250%, 12/1/36 | 7,438,601 | |||||
5,450,000 | City of Columbus General Obligation Various Purpose Limited Tax Bonds, Series B, 3.250%, 8/15/24 | 5,840,874 | |||||
5,000,000 | County of Cuyahoga General Obligation Limited (Capital Improvement), Series A, 4.000%, 12/1/37 | 5,203,100 | |||||
Greenville City School District General Obligation Unlimited Bonds (School Improvement): | |||||||
5,000,000 | 5.000%, 1/1/46 | 5,410,300 | |||||
11,000,000 | 5.500%, 1/1/51 | 12,222,760 |
See Notes to Financial Statements.
18 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Ohio (continued) | |||||||
$ | 1,100,000 | Miamisburg City School District General Obligation Unlimited Bonds (School Facilities Construction & Improvement), Prerefunded 12/01/18 @ 100, 5.000%, 12/1/33 (e) | $ | 1,206,964 | |||
500,000 | Mount Healthy City School District General Obligation Unlimited Bonds (School Improvement), Prefunded 6/01/18 @ 100, 5.000%, 12/1/26 (e) | 547,860 | |||||
1,000,000 | Ohio State University General Recipients Revenue Bonds, Series C, 4.910%, 6/1/40 | 1,122,650 | |||||
105,000 | Ohio State University Revenue Bonds, Series A, Prefunded 12/01/18 @ 100, 5.000%, 12/1/28 (e) | 116,794 | |||||
895,000 | Ohio State University Revenue Bonds, Series A, Unrefunded Portion, 5.000%, 12/1/28 | 993,083 | |||||
500,000 | Springboro Community City School District General Obligation Unlimited Bonds, 5.250%, 12/1/23 | 606,850 | |||||
365,000 | State of Ohio General Obligation Unlimited Bonds, Series A, Prefunded 3/01/18 @ 100, 5.375%, 9/1/28 (e) | 399,248 | |||||
635,000 | State of Ohio General Obligation Unlimited Bonds, Series A, Unrefunded Portion, 5.375%, 9/1/28 | 692,017 | |||||
1,000,000 | Wright State University Revenue Bonds, 4.000%, 5/1/18 | 1,053,240 | |||||
42,854,341 | |||||||
Pennsylvania-0.5% | |||||||
20,000,000 | Commonwealth of Pennsylvania General Obligation Unlimited Bonds, First Series, 5.000%, 6/1/24 | 23,523,000 | |||||
Tennessee-0.1% | |||||||
5,000,000 | Metropolitan Government of Nashville & Davidson County TN General Obligation Unlimited Bonds, Series C, 4.000%, 7/1/24 | 5,827,850 | |||||
Texas-0.6% | |||||||
1,000,000 | Friendswood Independent School District General Obligation Unlimited Bonds (Schoolhouse), 5.000%, 2/15/37 | 1,063,750 | |||||
1,000,000 | Judson Independent School District General Obligation Unlimited Bonds (School Building), Prefunded 2/01/17 @ 100, 5.000%, 2/1/37 (e) | 1,047,050 | |||||
500,000 | Lamar Consolidated Independent School District General Obligation Unlimited Bonds (Schoolhouse), 5.000%, 2/15/38 | 519,380 | |||||
7,150,000 | New Caney Independent School District General Obligation Unlimited Bonds (School Building), Series AD, Prefunded 2/15/16 @ 100, 5.000%, 2/15/35 (e) | 7,187,394 | |||||
5,335,000 | Port of Houston Authority General Obligation Unlimited Bonds, Series D-1, 5.000%, 10/1/35 | 6,190,787 | |||||
7,620,000 | Referendum Transportation Community Mobility General Obligation Unlimited Bonds, Series A, 5.000%, 10/1/25 | 9,586,951 | |||||
475,000 | Tyler Independent School District General Obligation Unlimited Bonds, Prefunded 2/15/18 @ 100, 5.000%, 2/15/34 (e) | 515,475 | |||||
525,000 | Tyler Independent School District General Obligation Unlimited Bonds, Unrefunded Portion, 5.000%, 2/15/34 | 567,205 | |||||
26,677,992 | |||||||
Washington-0.3% | |||||||
5,000,000 | State of Washington General Obligation Unlimited Bonds, Series D, 4.000%, 2/1/37 | 5,235,850 | |||||
5,845,000 | State of Washington General Obligation Various Purpose Unlimited Bonds, Series D, 5.000%, 2/1/20 | 6,711,989 | |||||
11,947,839 | |||||||
Wisconsin-0.1% | |||||||
5,000,000 | State of Wisconsin General Obligation Unlimited Bonds, Series C, 5.000%, 5/1/25 | 5,877,400 | |||||
TOTAL MUNICIPAL BONDS (Cost $162,304,825) | 168,260,868 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 19 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
SHORT TERM INVESTMENTS-0.5% | |||||||
Mutual Funds-0.5% | |||||||
22,147,111 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | $ | 22,147,111 | ||||
TOTAL SHORT TERM INVESTMENTS (Cost $22,147,111) | 22,147,111 | ||||||
TOTAL INVESTMENT SECURITIES-99.8% (Cost $4,040,135,009) | 4,427,971,590 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.2% | 9,852,134 | ||||||
NET ASSETS-100.0% | $ | 4,437,823,724 |
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) | Floating or variable rate security. Interest rate disclosed is that which is in effect at December 31, 2015. |
(c) | Step coupon. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of December 31, 2015. |
(d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $3,741,303, representing 0.08% of net assets. |
(e) | Prefunded Issues are bonds which are prerefunded and collateralized by U.S. Treasury securities held in escrow and used to pay principal and interest on tax exempt issues and to retire the bonds in full at the earliest refunding date. |
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
ETF - Exchange Traded Fund
EUR - Euro
LLC - Limited Liability Company
LP - Limited Partnership
Ltd. - Limited
MSCI - Morgan Stanley Capital International
NZD - New Zealand Dollar
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SPDR - Standard & Poor's Depositary Receipts
See Notes to Financial Statements.
20 | www.jamesfunds.com |
James Small Cap Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
COMMON STOCKS-96.1% | |||||||
Basic Materials-11.1% | |||||||
13,875 | Ciner Resources LP* | $ | 309,690 | ||||
45,820 | Cooper Tire & Rubber Co. | 1,734,287 | |||||
42,780 | Innospec, Inc. | 2,323,382 | |||||
131,410 | Lydall, Inc.* | 4,662,427 | |||||
76,045 | Neenah Paper, Inc. | 4,747,489 | |||||
101,025 | Richmont Mines, Inc.* | 324,290 | |||||
7,290 | Universal Forest Products, Inc. | 498,417 | |||||
14,599,982 | |||||||
Consumer, Cyclical-15.5% | |||||||
50,438 | Asbury Automotive Group, Inc.* | 3,401,539 | |||||
22,110 | Cato Corp., Class A | 814,090 | |||||
96,345 | Express, Inc.* | 1,664,842 | |||||
35,174 | Flexsteel Industries, Inc. | 1,553,987 | |||||
158,750 | Hawaiian Holdings, Inc.* | 5,608,638 | |||||
76,157 | Insight Enterprises, Inc.* | 1,913,064 | |||||
14,565 | Meritage Homes Corp.* | 495,064 | |||||
32,630 | Multi-Color Corp. | 1,951,600 | |||||
32,340 | Patrick Industries, Inc.* | 1,406,790 | |||||
56,450 | PC Connection, Inc. | 1,278,028 | |||||
32,140 | TravelCenters of America LLC* | 302,116 | |||||
3,730 | Wayside Technology Group, Inc. | 68,408 | |||||
20,458,166 | |||||||
Consumer, Non-cyclical-15.6% | |||||||
4,960 | Cal-Maine Foods, Inc. | 229,846 | |||||
50,865 | Cardtronics, Inc.* | 1,711,607 | |||||
7,910 | Coca-Cola Bottling Co. Consolidated | 1,443,654 | |||||
19,965 | Convergys Corp. | 496,929 | |||||
29,000 | Helen of Troy, Ltd.* | 2,733,250 | |||||
53,435 | Ingles Markets, Inc., Class A | 2,355,415 | |||||
31,147 | John B Sanfilippo & Son, Inc. | 1,682,872 | |||||
8,830 | Lannett Co., Inc.* | 354,260 | |||||
66,122 | National HealthCare Corp. | 4,079,727 | |||||
32,963 | Natural Health Trends Corp. | 1,105,249 | |||||
66,515 | Natus Medical, Inc.* | 3,196,046 | |||||
21,440 | Omega Protein Corp.* | 475,968 | |||||
26,205 | Pointer Telocation, Ltd.* | 160,113 | |||||
33,370 | Superior Uniform Group, Inc. | 566,623 | |||||
20,591,559 | |||||||
Energy-3.0% | |||||||
112,685 | Advantage Oil & Gas, Ltd.* | 572,440 | |||||
71,185 | Alon USA Energy, Inc.* | 1,056,385 | |||||
34,115 | PBF Energy, Inc., Class A | 1,255,773 | |||||
136,433 | Star Gas Partners LP | 1,015,062 | |||||
3,899,660 | |||||||
Financial-11.5% | |||||||
79,495 | Aircastle, Ltd. | 1,660,651 | |||||
45,278 | Argo Group International Holdings, Ltd. | 2,709,436 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 21 |
Schedule of Investments | James Small Cap Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Financial (continued) | |||||||
52,785 | Aspen Insurance Holdings, Ltd. | $ | 2,549,515 | ||||
29,936 | ePlus, Inc.* | 2,791,831 | |||||
39,095 | FBL Financial Group, Inc., Class A | 2,488,006 | |||||
78,471 | MainSource Financial Group, Inc. | 1,795,416 | |||||
3,340 | MutualFirst Financial, Inc. | 83,233 | |||||
42,625 | Premier Financial Bancorp, Inc. | 700,755 | |||||
35,253 | Reading International, Inc., Class A* | 462,167 | |||||
15,241,010 | |||||||
Industrial-12.1% | |||||||
88,270 | American Axle & Manufacturing Holdings, Inc.* | 1,671,834 | |||||
23,605 | American Woodmark Corp.* | 1,887,928 | |||||
73,940 | Covenant Transportation Group, Inc., Class A* | 1,396,727 | |||||
100,500 | Headwaters, Inc.* | 1,695,435 | |||||
6,535 | L.S. Starrett Co., Class A | 63,520 | |||||
41,275 | Matson, Inc. | 1,759,553 | |||||
53,440 | Meritor, Inc.* | 446,224 | |||||
7,530 | SL Industries, Inc.* | 240,056 | |||||
42,555 | Smith & Wesson Holding Corp.* | 935,359 | |||||
13,168 | Strattec Security Corp. | 743,860 | |||||
131,688 | Supreme Industries, Inc., Class A | 902,063 | |||||
179,235 | Tsakos Energy Navigation, Ltd. | 1,419,541 | |||||
64,115 | Unifi, Inc.* | 1,804,837 | |||||
58,630 | USA Truck, Inc.* | 1,023,094 | |||||
15,990,031 | |||||||
Technology-18.6% | |||||||
231,045 | ACCO Brands Corp.* | 1,647,351 | |||||
42,825 | Cascade Microtech, Inc.* | 695,906 | |||||
24,870 | Cohu, Inc. | 300,181 | |||||
14,590 | CSG Systems International, Inc. | 524,948 | |||||
72,463 | Deluxe Corp. | 3,952,132 | |||||
35,680 | FormFactor, Inc.* | 321,120 | |||||
47,610 | Leidos Holdings, Inc. | 2,678,539 | |||||
78,740 | Mentor Graphics Corp. | 1,450,391 | |||||
44,725 | Mind CTI, Ltd. | 113,154 | |||||
68,660 | NCI, Inc., Class A | 937,209 | |||||
20,520 | NeuStar, Inc., Class A* | 491,865 | |||||
162,980 | Orbotech, Ltd.* | 3,606,747 | |||||
30,105 | SYNNEX Corp. | 2,707,343 | |||||
298,971 | Tower Semiconductor, Ltd.* | 4,203,532 | |||||
87,950 | ZAGG, Inc.* | 962,173 | |||||
24,592,591 | |||||||
Utilities-8.7% | |||||||
15,615 | Gas Natural, Inc. | 116,332 | |||||
13,440 | IDACORP, Inc. | 913,920 | |||||
54,960 | Inteliquent, Inc. | 976,639 | |||||
69,255 | PNM Resources, Inc. | 2,117,125 | |||||
73,110 | Portland General Electric Co. | 2,659,011 |
See Notes to Financial Statements.
22 | www.jamesfunds.com |
James Small Cap Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Utilities (continued) | |||||||
822,303 | Vonage Holdings Corp.* | $ | 4,720,020 | ||||
11,503,047 | |||||||
TOTAL COMMON STOCKS (Cost $105,804,444) | 126,876,046 | ||||||
U.S. TREASURY BONDS & NOTES-1.9% | |||||||
United States Treasury Bill-1.9% | |||||||
$ | 2,500,000 | 0.403%, 6/2/16(a) | 2,495,490 | ||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $2,495,744) | 2,495,490 | ||||||
SHORT TERM INVESTMENTS-3.4% | |||||||
Mutual Funds-3.4% | |||||||
4,523,416 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 4,523,416 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $4,523,416) | 4,523,416 | ||||||
TOTAL INVESTMENT SECURITIES-101.4% (Cost $112,823,604) | 133,894,952 | ||||||
OTHER LIABILITIES IN EXCESS OF ASSETS-(1.4)% | (1,814,918 | ) | |||||
NET ASSETS-100.0% | $ | 132,080,034 |
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) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
LLC - Limited Liabilty Company
LP - Limited Partnership
Ltd. - Limited
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 23 |
Schedule of Investments | James Mid Cap Fund |
December 31, 2015 (Unaudited)
Shares | Value | ||||||
COMMON STOCKS-95.6% | |||||||
Basic Materials-8.6% | |||||||
7,500 | Avery Dennison Corp. | $ | 469,950 | ||||
5,000 | Celanese Corp., Series A | 336,650 | |||||
10,000 | Cooper Tire & Rubber Co. | 378,500 | |||||
12,000 | Goodyear Tire & Rubber Co. | 392,040 | |||||
1,577,140 | |||||||
Consumer, Cyclical-20.4% | |||||||
16,500 | Alaska Air Group, Inc. | 1,328,415 | |||||
3,500 | Asbury Automotive Group, Inc.* | 236,040 | |||||
7,133 | CalAtlantic Group, Inc. | 270,483 | |||||
16,000 | Express, Inc.* | 276,480 | |||||
6,500 | Foot Locker, Inc. | 423,085 | |||||
15,000 | Hawaiian Holdings, Inc.* | 529,950 | |||||
7,500 | Skechers U.S.A., Inc., Class A* | 226,575 | |||||
10,000 | Vista Outdoor, Inc.* | 445,100 | |||||
3,736,128 | |||||||
Consumer, Non-cyclical-12.1% | |||||||
7,500 | Cal-Maine Foods, Inc. | 347,550 | |||||
20,000 | Convergys Corp. | 497,800 | |||||
6,000 | Helen of Troy, Ltd.* | 565,500 | |||||
9,000 | Ingles Markets, Inc., Class A | 396,720 | |||||
5,000 | ManpowerGroup, Inc. | 421,450 | |||||
2,229,020 | |||||||
Energy-4.7% | |||||||
8,250 | HollyFrontier Corp. | 329,093 | |||||
5,000 | Tesoro Corp. | 526,850 | |||||
855,943 | |||||||
Financial-12.9% | |||||||
8,775 | American Financial Group, Inc. | 632,502 | |||||
6,000 | AmTrust Financial Services, Inc. | 369,480 | |||||
3,500 | Argo Group International Holdings, Ltd. | 209,440 | |||||
4,000 | Aspen Insurance Holdings, Ltd. | 193,200 | |||||
6,000 | First American Financial Corp. | 215,400 | |||||
7,000 | Validus Holdings, Ltd. | 324,030 | |||||
11,000 | XL Group PLC | 430,980 | |||||
2,375,032 | |||||||
Industrial-14.9% | |||||||
3,000 | AMERCO | 1,168,500 | |||||
17,437 | Jarden Corp.* | 996,002 | |||||
11,500 | Smith & Wesson Holding Corp.* | 252,770 | |||||
40,000 | Tsakos Energy Navigation, Ltd. | 316,800 | |||||
2,734,072 | |||||||
Technology-13.0% | |||||||
7,750 | Arrow Electronics, Inc.* | 419,895 | |||||
7,000 | Avnet, Inc. | 299,880 | |||||
13,950 | Deluxe Corp. | 760,833 |
See Notes to Financial Statements.
24 | www.jamesfunds.com |
James Mid Cap Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares | Value | ||||||
Technology (continued) | |||||||
5,000 | Orbital ATK, Inc. | $ | 446,700 | ||||
5,000 | SYNNEX Corp. | 449,650 | |||||
2,376,958 | |||||||
Utilities-9.0% | |||||||
15,550 | CMS Energy Corp. | 561,044 | |||||
4,975 | DTE Energy Co. | 398,945 | |||||
8,000 | Portland General Electric Co. | 290,960 | |||||
4,500 | UGI Corp. | 151,920 | |||||
44,000 | Vonage Holdings Corp.* | 252,560 | |||||
1,655,429 | |||||||
TOTAL COMMON STOCKS (Cost $12,065,907) | 17,539,722 | ||||||
SHORT TERM INVESTMENTS-4.5% | |||||||
Mutual Funds-4.5% | |||||||
831,265 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 831,265 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $831,265) | 831,265 | ||||||
TOTAL INVESTMENT SECURITIES-100.1% (Cost $12,897,172) | 18,370,987 | ||||||
OTHER LIABILITIES IN EXCESS OF ASSETS-(0.1)% | (10,476 | ) | |||||
NET ASSETS-100.0% | $ | 18,360,511 |
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. |
Ltd. - Limited
PLC - Public Limited Company.
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 25 |
Schedule of Investments | James Micro Cap Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
COMMON STOCKS-95.2% | |||||||
Basic Materials-4.7% | |||||||
11,755 | Ciner Resources LP* | $ | 262,372 | ||||
20,830 | Lydall, Inc.* | 739,048 | |||||
130,070 | Richmont Mines, Inc.* | 417,525 | |||||
1,418,945 | |||||||
Consumer, Cyclical-19.5% | |||||||
8,200 | Cato Corp., Class A | 301,924 | |||||
33,001 | Flexsteel Industries, Inc. | 1,457,984 | |||||
25,905 | Hawaiian Holdings, Inc.* | 915,224 | |||||
6,810 | Multi-Color Corp. | 407,306 | |||||
27,581 | Patrick Industries, Inc.* | 1,199,773 | |||||
52,668 | PC Connection, Inc. | 1,192,404 | |||||
30,335 | TravelCenters of America LLC* | 285,149 | |||||
3,380 | Wayside Technology Group, Inc. | 61,989 | |||||
5,821,753 | |||||||
Consumer, Non-cyclical-19.7% | |||||||
6,850 | Coca-Cola Bottling Co. Consolidated | 1,250,193 | |||||
20,670 | Ingles Markets, Inc., Class A | 911,133 | |||||
26,501 | John B Sanfilippo & Son, Inc. | 1,431,849 | |||||
28,038 | Natural Health Trends Corp. | 940,114 | |||||
16,115 | Net 1 UEPS Technologies, Inc.* | 217,714 | |||||
20,525 | Omega Protein Corp.* | 455,655 | |||||
14,260 | Pointer Telocation, Ltd.* | 87,129 | |||||
33,857 | Superior Uniform Group, Inc. | 574,892 | |||||
5,868,679 | |||||||
Energy-2.5% | |||||||
98,941 | Star Gas Partners LP | 736,121 | |||||
736,121 | |||||||
Financial-13.0% | |||||||
18,568 | ePlus, Inc.* | 1,731,652 | |||||
58,813 | MainSource Financial Group, Inc. | 1,345,641 | |||||
2,955 | MutualFirst Financial, Inc. | 73,639 | |||||
20,370 | Premier Financial Bancorp, Inc. | 334,883 | |||||
28,839 | Reading International, Inc., Class A* | 378,079 | |||||
3,863,894 | |||||||
Industrial-15.6% | |||||||
4,870 | American Woodmark Corp.* | 389,503 | |||||
54,945 | Covenant Transportation Group, Inc., Class A* | 1,037,911 | |||||
10,610 | Culp, Inc. | 270,237 | |||||
18,855 | Global Brass & Copper Holdings, Inc. | 401,611 | |||||
4,720 | L.S. Starrett Co., Class A | 45,878 | |||||
6,285 | SL Industries, Inc.* | 200,366 | |||||
9,861 | Strattec Security Corp. | 557,048 | |||||
62,933 | Supreme Industries, Inc., Class A | 431,091 | |||||
10,305 | Unifi, Inc.* | 290,086 |
See Notes to Financial Statements.
26 | www.jamesfunds.com |
James Micro Cap Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Industrial (continued) | |||||||
58,860 | USA Truck, Inc.* | $ | 1,027,107 | ||||
4,650,838 | |||||||
Technology-13.9% | |||||||
33,510 | Cascade Microtech, Inc.* | 544,538 | |||||
21,205 | Cohu, Inc. | 255,944 | |||||
34,150 | FormFactor, Inc.* | 307,350 | |||||
34,770 | Mind CTI, Ltd. | 87,968 | |||||
63,855 | NCI, Inc., Class A | 871,621 | |||||
51,341 | Orbotech, Ltd.* | 1,136,176 | |||||
86,290 | ZAGG, Inc.* | 944,013 | |||||
4,147,610 | |||||||
Utilities-6.3% | |||||||
12,150 | Gas Natural, Inc. | 90,517 | |||||
54,375 | Inteliquent, Inc. | 966,244 | |||||
145,670 | Vonage Holdings Corp.* | 836,146 | |||||
1,892,907 | |||||||
TOTAL COMMON STOCKS (Cost $23,517,486) | 28,400,747 | ||||||
U.S. TREASURY BONDS & NOTES-2.5% | |||||||
United States Treasury Bill-2.5% | |||||||
$ | 750,000 | 0.403%, 6/2/16(a) | 748,647 | ||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $748,723) | 748,647 | ||||||
SHORT TERM INVESTMENTS-6.1% | |||||||
Mutual Funds-6.1% | |||||||
1,810,541 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 1,810,541 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $1,810,541) | 1,810,541 | ||||||
TOTAL INVESTMENT SECURITIES-103.8% (Cost $26,076,750) | 30,959,935 | ||||||
OTHER LIABILITIES IN EXCESS OF ASSETS-(3.8)% | (1,144,382 | ) | |||||
NET ASSETS-100.0% | $ | 29,815,553 |
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) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
LLC - Limited Liabilty Company
LP - Limited Partnership
Ltd. - Limited
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 27 |
Schedule of Investments | James Aggressive Allocation Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
COMMON STOCKS-70.2% | |||||||
Basic Materials-8.1% | |||||||
1,400 | Celanese Corp., Series A | $ | 94,262 | ||||
1,000 | Eastman Chemical Co. | 67,510 | |||||
2,000 | Innospec, Inc. | 108,620 | |||||
1,300 | Neenah Paper, Inc. | 81,159 | |||||
1,150 | Universal Forest Products, Inc. | 78,626 | |||||
430,177 | |||||||
Consumer, Cyclical-9.9% | |||||||
1,000 | Alaska Air Group, Inc. | 80,510 | |||||
700 | CVS Health Corp. | 68,439 | |||||
4,000 | Express, Inc.* | 69,120 | |||||
1,150 | Foot Locker, Inc. | 74,854 | |||||
800 | Home Depot, Inc. | 105,799 | |||||
1,800 | Lennar Corp., Class A | 88,038 | |||||
1,000 | Tata Motors, Ltd., Sponsored ADR* | 29,470 | |||||
516,230 | |||||||
Consumer, Non-cyclical-11.5% | |||||||
3,000 | Convergys Corp. | 74,670 | |||||
1,100 | Dr Pepper Snapple Group, Inc. | 102,520 | |||||
800 | Helen of Troy, Ltd.* | 75,400 | |||||
1,500 | Ingles Markets, Inc., Class A | 66,120 | |||||
2,000 | Newell Rubbermaid, Inc. | 88,160 | |||||
2,200 | Pfizer, Inc. | 71,016 | |||||
500 | Towers Watson & Co., Class A | 64,230 | |||||
600 | UnitedHealth Group, Inc. | 70,584 | |||||
612,700 | |||||||
Energy-3.4% | |||||||
1,000 | Chevron Corp. | 89,960 | |||||
850 | Tesoro Corp. | 89,565 | |||||
179,525 | |||||||
Financial-8.3% | |||||||
750 | ACE, Ltd. | 87,638 | |||||
1,250 | American Financial Group, Inc. | 90,100 | |||||
1,500 | AmTrust Financial Services, Inc. | 92,370 | |||||
700 | PNC Financial Services Group, Inc. | 66,717 | |||||
800 | Travelers Cos., Inc. | 90,288 | |||||
427,113 | |||||||
Industrial-10.1% | |||||||
4,000 | American Axle & Manufacturing Holdings, Inc.* | 75,760 | |||||
1,100 | American Woodmark Corp.* | 87,978 | |||||
1,000 | Crown Holdings, Inc.* | 50,700 | |||||
700 | FedEx Corp. | 104,293 | |||||
1,500 | Matson, Inc. | 63,945 | |||||
4,000 | Smith & Wesson Holding Corp.* | 87,920 | |||||
1,500 | Sonoco Products Co. | 61,305 | |||||
531,901 |
See Notes to Financial Statements.
28 | www.jamesfunds.com |
James Aggressive Allocation Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
Technology-12.5% | |||||||
700 | Apple, Inc. | $ | 73,682 | ||||
2,700 | Cisco Systems, Inc. | 73,319 | |||||
325 | Lockheed Martin Corp. | 70,574 | |||||
450 | Northrop Grumman Corp. | 84,965 | |||||
1,000 | Orbital ATK, Inc. | 89,339 | |||||
2,500 | Tessera Technologies, Inc. | 75,025 | |||||
6,000 | Tower Semiconductor, Ltd.* | 84,360 | |||||
5,000 | VASCO Data Security International, Inc.* | 83,650 | |||||
2,000 | Wipro, Ltd., ADR | 23,080 | |||||
657,994 | |||||||
Utilities-6.4% | |||||||
1,200 | American Electric Power Co., Inc. | 69,924 | |||||
2,100 | Avista Corp.* | 74,277 | |||||
1,750 | Shenandoah Telecommunications Co. | 75,337 | |||||
1,750 | Vectren Corp. | 74,235 | |||||
8,000 | Vonage Holdings Corp.* | 45,920 | |||||
339,693 | |||||||
TOTAL COMMON STOCKS (Cost $3,723,363) | 3,695,333 | ||||||
EXCHANGE TRADED FUNDS-8.5% | |||||||
1,500 | Global X MSCI Argentina ETF* | 27,120 | |||||
1,200 | iShares® 20+ Year Treasury Bond ETF | 144,744 | |||||
2,000 | iShares® Intermediate Credit Bond ETF | 214,559 | |||||
1,200 | iShares® MSCI Germany ETF | 31,428 | |||||
800 | iShares® MSCI Philippines ETF | 26,992 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $452,731) | 444,843 | ||||||
U.S. GOVERNMENT AGENCIES-1.9% | |||||||
Federal Farm Credit Banks-1.9% | |||||||
$ | 50,000 | 3.170%, 7/21/25 | 50,003 | ||||
50,000 | 3.500%, 9/14/29 | 49,173 | |||||
99,176 | |||||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $99,900) | 99,176 | ||||||
U.S. TREASURY BONDS & NOTES-19.2% | |||||||
U.S. Treasury Bonds-2.8% | |||||||
$ | 150,000 | 3.000%, 5/15/45 | 149,027 | ||||
U.S. Treasury Notes-16.4% | |||||||
565,000 | 0.500%, 6/30/16 | 564,865 | |||||
200,000 | 0.750%, 6/30/17 | 199,383 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 29 |
Schedule of Investments | James Aggressive Allocation Fund |
December 31, 2015 (Unaudited)
Shares or Principal Amount | Value | ||||||
U.S. Treasury Notes (continued) | |||||||
$ | 100,000 | 1.375%, 9/30/20 | $ | 98,296 | |||
862,544 | |||||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $1,018,184) | 1,011,571 | ||||||
SHORT TERM INVESTMENTS-0.3% | |||||||
Mutual Funds-0.3% | |||||||
15,724 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 15,724 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $15,724) | 15,724 | ||||||
TOTAL INVESTMENT SECURITIES-100.1% (Cost $5,309,902) | 5,266,647 | ||||||
OTHER LIABILITIES IN EXCESS OF ASSETS-(0.1)% | (4,788 | ) | |||||
NET ASSETS-100.0% | $ | 5,261,859 |
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. |
ADR - American Depositary Receipt
ETF - Exchange Traded Fund
Ltd. - Limited
MSCI - Morgan Stanley Capital International
See Notes to Financial Statements.
30 | www.jamesfunds.com |
James Long-Short Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares | Value | ||||||
COMMON STOCKS-120.3% | |||||||
Basic Materials-14.6% | |||||||
15,630 | Avery Dennison Corp. | $ | 979,376 | ||||
11,250 | Celanese Corp., Series A(a) | 757,462 | |||||
6,550 | Cooper Tire & Rubber Co.(a) | 247,917 | |||||
31,940 | Goodyear Tire & Rubber Co.(a) | 1,043,480 | |||||
11,990 | Innospec, Inc.(a) | 651,177 | |||||
9,420 | Lydall, Inc.*(a) | 334,222 | |||||
4,013,634 | |||||||
Consumer, Cyclical-12.9% | |||||||
18,880 | Alaska Air Group, Inc.(a) | 1,520,028 | |||||
6,120 | Meritage Homes Corp.*(a) | 208,019 | |||||
20,740 | RR Donnelley & Sons Co. | 305,293 | |||||
25,320 | Skechers U.S.A., Inc., Class A*(a) | 764,917 | |||||
17,580 | Southwest Airlines Co.(a) | 756,995 | |||||
3,555,252 | |||||||
Consumer, Non-cyclical-33.6% | |||||||
7,630 | Aetna, Inc.(a) | 824,956 | |||||
4,060 | Anthem, Inc. | 566,126 | |||||
15,810 | Dr Pepper Snapple Group, Inc.(a) | 1,473,492 | |||||
8,300 | DST Systems, Inc. | 946,698 | |||||
5,225 | Eli Lilly & Co.(a) | 440,258 | |||||
11,600 | Helen of Troy, Ltd.*(a) | 1,093,300 | |||||
42,090 | Kroger Co.(a) | 1,760,625 | |||||
19,685 | Pfizer, Inc.(a) | 635,432 | |||||
12,650 | UnitedHealth Group, Inc.(a) | 1,488,146 | |||||
9,229,033 | |||||||
Energy-6.6% | |||||||
6,400 | HollyFrontier Corp. | 255,296 | |||||
11,720 | Tesoro Corp.(a) | 1,234,937 | |||||
4,510 | Valero Energy Corp.(a) | 318,902 | |||||
1,809,135 | |||||||
Financial-19.6% | |||||||
16,640 | AmTrust Financial Services, Inc. | 1,024,691 | |||||
9,730 | FBL Financial Group, Inc., Class A(a) | 619,217 | |||||
2,060 | Goldman Sachs Group, Inc.(a) | 371,274 | |||||
11,260 | JPMorgan Chase & Co.(a) | 743,498 | |||||
50,000 | KeyCorp(a) | 659,500 | |||||
12,020 | PNC Financial Services Group, Inc.(a) | 1,145,626 | |||||
7,200 | Travelers Cos., Inc.(a) | 812,592 | |||||
5,376,398 | |||||||
Industrial-10.7% | |||||||
1,060 | AMERCO(a) | 412,870 | |||||
24,660 | Magna International, Inc.(a) | 1,000,210 | |||||
39,210 | Smith & Wesson Holding Corp.*(a) | 861,836 | |||||
6,720 | Sonoco Products Co.(a) | 274,646 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 31 |
Schedule of Investments | James Long-Short Fund |
December 31, 2015 (Unaudited)
Shares | Value | ||||||
Industrial (continued) | |||||||
50,470 | Tsakos Energy Navigation, Ltd.(a) | $ | 399,722 | ||||
2,949,284 | |||||||
Technology-14.6% | |||||||
50,190 | ACCO Brands Corp.*(a) | 357,855 | |||||
7,660 | Apple, Inc.(a) | 806,292 | |||||
6,625 | Deluxe Corp.(a) | 361,327 | |||||
3,525 | Lockheed Martin Corp.(a) | 765,454 | |||||
7,410 | Northrop Grumman Corp.(a) | 1,399,082 | |||||
22,635 | Tower Semiconductor, Ltd.*(a) | 318,248 | |||||
4,008,258 | |||||||
Utilities-7.7% | |||||||
7,630 | American Electric Power Co., Inc.(a) | 444,600 | |||||
7,040 | Edison International(a) | 416,838 | |||||
14,745 | PNM Resources, Inc.(a) | 450,755 | |||||
142,545 | Vonage Holdings Corp.*(a) | 818,208 | |||||
2,130,401 | |||||||
TOTAL COMMON STOCKS (Cost $27,672,242) | 33,071,395 | ||||||
SHORT TERM INVESTMENTS-4.7% | |||||||
Mutual Funds-4.7% | |||||||
1,283,769 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 1,283,769 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $1,283,769) | 1,283,769 | ||||||
TOTAL INVESTMENT SECURITIES-125.0% (Cost $28,956,011) | 34,355,164 | ||||||
SECURITIES SOLD SHORT-(26.7)% | |||||||
(Proceeds $7,560,008) | (7,328,367 | ) | |||||
OTHER ASSETS IN EXCESS OF LIABILITIES-1.7% | 451,014 | ||||||
NET ASSETS-100.0% | $ | 27,477,811 |
Shares | Value | ||||||
SCHEDULE OF SECURITIES SOLD SHORT | |||||||
COMMON STOCKS-(26.7)% | |||||||
Basic Materials-(1.2)% | |||||||
(11,275 | ) | Cia de Minas Buenaventura SAA, ADR | $ | (48,257 | ) | ||
(7,625 | ) | CONSOL Energy, Inc. | (60,237 | ) | |||
(11,350 | ) | Pan American Silver Corp. | (73,775 | ) | |||
(5,500 | ) | Platform Specialty Products Corp. | (70,565 | ) | |||
(9,025 | ) | Tahoe Resources, Inc. | (78,247 | ) | |||
(331,081 | ) | ||||||
Communications-(0.4)% | |||||||
(850 | ) | MercadoLibre, Inc. | (97,189 | ) | |||
Consumer, Cyclical-(2.6)% | |||||||
(4,625 | ) | 500.com, Ltd., Class A, ADR | (92,963 | ) |
See Notes to Financial Statements.
32 | www.jamesfunds.com |
James Long-Short Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares | Value | ||||||
Consumer, Cyclical (continued) | |||||||
(1,275 | ) | Alibaba Group Holding, Ltd., Sponsored ADR | $ | (103,619 | ) | ||
(2,525 | ) | Coherus Biosciences, Inc. | (57,974 | ) | |||
(398 | ) | Expedia, Inc. | (49,410 | ) | |||
(3,625 | ) | Global Eagle Entertainment, Inc. | (35,779 | ) | |||
(2,675 | ) | Houghton Mifflin Harcourt Co. | (58,261 | ) | |||
(1,650 | ) | Hyatt Hotels Corp., Class A | (77,583 | ) | |||
(1,800 | ) | Liberty Global PLC, Class A | (76,248 | ) | |||
(2,175 | ) | Liberty Media Corp., Class A | (85,369 | ) | |||
(4,350 | ) | SeaWorld Entertainment, Inc. | (85,652 | ) | |||
(722,858 | ) | ||||||
Consumer, Non-cyclical-(4.7)% | |||||||
(1,875 | ) | Akorn, Inc. | (69,956 | ) | |||
(2,550 | ) | Blueprint Medicines Corp. | (67,167 | ) | |||
(6,500 | ) | Boulder Brands, Inc. | (71,370 | ) | |||
(1,800 | ) | Cempra, Inc. | (56,034 | ) | |||
(300 | ) | CoStar Group, Inc. | (62,007 | ) | |||
(675 | ) | DexCom, Inc. | (55,282 | ) | |||
(4,400 | ) | Endologix, Inc. | (43,560 | ) | |||
(1,975 | ) | ExamWorks Group, Inc. | (52,535 | ) | |||
(1,975 | ) | Forward Pharma A/S, ADR | (37,525 | ) | |||
(1,250 | ) | Galapagos NV, Sponsored ADR | (78,600 | ) | |||
(2,675 | ) | Glaukos Corp. | (66,046 | ) | |||
(625 | ) | GW Pharmaceuticals PLC, ADR | (43,400 | ) | |||
(1,475 | ) | Impax Laboratories, Inc. | (63,071 | ) | |||
(1,975 | ) | Insulet Corp. | (74,675 | ) | |||
(350 | ) | Intercept Pharmaceuticals, Inc. | (52,272 | ) | |||
(6,150 | ) | LifeLock, Inc. | (88,253 | ) | |||
(3,525 | ) | Sagent Pharmaceuticals, Inc. | (56,083 | ) | |||
(1,075 | ) | Spark Therapeutics, Inc. | (48,708 | ) | |||
(4,425 | ) | TG Therapeutics, Inc. | (52,790 | ) | |||
(9,150 | ) | TherapeuticsMD, Inc. | (94,886 | ) | |||
(4,250 | ) | Xencor, Inc. | (62,135 | ) | |||
(1,296,355 | ) | ||||||
Energy-(4.0)% | |||||||
(3,550 | ) | Cabot Oil & Gas Corp. | (62,799 | ) | |||
(1,600 | ) | Cheniere Energy, Inc. | (59,600 | ) | |||
(3,225 | ) | CrossAmerica Partners LP | (83,592 | ) | |||
(2,225 | ) | InterOil Corp. | (69,909 | ) | |||
(13,250 | ) | Kosmos Energy, Ltd. | (68,900 | ) | |||
(4,375 | ) | Memorial Resource Development Corp. | (70,656 | ) | |||
(1,962 | ) | MPLX LP | (77,165 | ) | |||
(4,900 | ) | NOW, Inc. | (77,518 | ) | |||
(3,875 | ) | Pattern Energy Group, Inc. | (81,026 | ) | |||
(3,050 | ) | Pembina Pipeline Corp. | (66,368 | ) | |||
(2,375 | ) | Range Resources Corp. | (58,449 | ) | |||
(2,600 | ) | Rose Rock Midstream LP | (39,104 | ) | |||
(4,575 | ) | Summit Midstream Partners LP | (85,690 | ) | |||
(7,200 | ) | Synergy Resources Corp. | (61,344 | ) | |||
(1,350 | ) | Targa Resources Corp. | (36,531 | ) | |||
(1,975 | ) | Williams Cos, Inc. | (50,758 | ) | |||
(2,250 | ) | Williams Partners LP | (62,663 | ) | |||
(1,112,072 | ) |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 33 |
Schedule of Investments | James Long-Short Fund |
December 31, 2015 (Unaudited)
Shares | Value | ||||||
Financial-(1.8)% | |||||||
(2,875 | ) | The Charles Schwab Corp. | $ | (94,674 | ) | ||
(7,575 | ) | New Senior Investment Group, Inc., REIT | (74,690 | ) | |||
(1,675 | ) | Oaktree Capital Group LLC | (79,931 | ) | |||
(10,575 | ) | Ocwen Financial Corp. | (73,708 | ) | |||
(5,675 | ) | PHH Corp. | (91,935 | ) | |||
(4,050 | ) | The St. Joe Co. | (74,965 | ) | |||
(489,903 | ) | ||||||
Industrial-(2.1)% | |||||||
(6,800 | ) | Alarm.com Holdings, Inc. | (113,424 | ) | |||
(7,400 | ) | GasLog, Ltd. | (61,420 | ) | |||
(2,575 | ) | Golar LNG, Ltd. | (40,659 | ) | |||
(1,075 | ) | Macquarie Infrastructure Corp. | (78,045 | ) | |||
(3,600 | ) | SunPower Corp. | (108,036 | ) | |||
(350 | ) | Tesla Motors, Inc. | (84,003 | ) | |||
(2,975 | ) | XPO Logistics, Inc. | (81,069 | ) | |||
(566,656 | ) | ||||||
Technology-(8.6)% | |||||||
(2,350 | ) | 3D Systems Corp. | (20,421 | ) | |||
(525 | ) | Agios Pharmaceuticals, Inc. | (34,083 | ) | |||
(350 | ) | Alnylam Pharmaceuticals, Inc. | (32,949 | ) | |||
(1,125 | ) | Atara Biotherapeutics, Inc. | (29,711 | ) | |||
(650 | ) | Autodesk, Inc. | (39,604 | ) | |||
(275 | ) | Baidu, Inc., Sponsored ADR | (51,986 | ) | |||
(1,550 | ) | Barracuda Networks, Inc. | (28,954 | ) | |||
(375 | ) | Bluebird Bio, Inc. | (24,082 | ) | |||
(3,775 | ) | Box, Inc., Class A | (52,699 | ) | |||
(900 | ) | BroadSoft, Inc. | (31,824 | ) | |||
(1,600 | ) | Callidus Software, Inc. | (29,712 | ) | |||
(1,650 | ) | Cardiovascular Systems, Inc. | (24,948 | ) | |||
(2,375 | ) | Celldex Therapeutics, Inc. | (37,240 | ) | |||
(975 | ) | Chimerix, Inc. | (8,726 | ) | |||
(975 | ) | Cogent Communications Holdings, Inc. | (33,823 | ) | |||
(800 | ) | CommVault Systems, Inc. | (31,480 | ) | |||
(800 | ) | Cornerstone OnDemand, Inc. | (27,624 | ) | |||
(1,125 | ) | Cree, Inc. | (30,004 | ) | |||
(3,225 | ) | Cypress Semiconductor Corp. | (31,637 | ) | |||
(1,375 | ) | Dyax Corp. | (51,727 | ) | |||
(2,500 | ) | Epizyme, Inc. | (40,050 | ) | |||
(2,675 | ) | Evolent Health, Inc., Class A | (32,394 | ) | |||
(1,525 | ) | Exact Sciences Corp. | (14,076 | ) | |||
(1,900 | ) | Foundation Medicine, Inc. | (40,014 | ) | |||
(1,250 | ) | Genomic Health, Inc. | (44,000 | ) | |||
(1,100 | ) | GoDaddy, Inc., Class A | (35,266 | ) | |||
(1,750 | ) | Gogo, Inc. | (31,150 | ) | |||
(1,200 | ) | GTT Communications, Inc. | (20,472 | ) | |||
(500 | ) | HeartWare International, Inc. | (25,200 | ) | |||
(2,975 | ) | HMS Holdings Corp. | (36,711 | ) | |||
(1,300 | ) | Hortonworks, Inc. | (28,470 | ) | |||
(2,550 | ) | ImmunoGen, Inc. | (34,603 | ) | |||
(2,050 | ) | Inovalon Holdings, Inc., Class A | (34,850 | ) | |||
(3,350 | ) | Ironwood Pharmaceuticals, Inc. | (38,826 | ) | |||
(850 | ) | Itron, Inc. | (30,753 | ) | |||
(1,025 | ) | LDR Holding Corp. | (25,738 | ) |
See Notes to Financial Statements.
34 | www.jamesfunds.com |
James Long-Short Fund | Schedule of Investments |
December 31, 2015 (Unaudited)
Shares | Value | ||||||
Technology (continued) | |||||||
(150 | ) | LinkedIn Corp., Class A | $ | (33,762 | ) | ||
(1,625 | ) | MacroGenics, Inc. | (50,326 | ) | |||
(1,825 | ) | MakeMyTrip, Ltd. | (31,317 | ) | |||
(750 | ) | The Medicines Co. | (28,005 | ) | |||
(850 | ) | Medidata Solutions, Inc. | (41,896 | ) | |||
(3,300 | ) | Momo, Inc., Sponsored ADR | (52,866 | ) | |||
(325 | ) | NetSuite, Inc. | (27,502 | ) | |||
(1,200 | ) | Nimble Storage, Inc. | (11,040 | ) | |||
(3,500 | ) | Novadaq Technologies, Inc. | (44,590 | ) | |||
(2,000 | ) | OncoMed Pharmaceuticals, Inc. | (45,080 | ) | |||
(175 | ) | Palo Alto Networks, Inc. | (30,825 | ) | |||
(775 | ) | Portola Pharmaceuticals, Inc. | (39,874 | ) | |||
(1,450 | ) | Press Ganey Holdings, Inc. | (45,748 | ) | |||
(1,200 | ) | PROS Holdings, Inc. | (27,648 | ) | |||
(800 | ) | Prothena Corp. PLC | (54,488 | ) | |||
(1,275 | ) | PTC Therapeutics, Inc. | (41,310 | ) | |||
(475 | ) | Puma Biotechnology, Inc. | (37,240 | ) | |||
(725 | ) | Qlik Technologies, Inc. | (22,954 | ) | |||
(2,000 | ) | Rapid7, Inc. | (30,260 | ) | |||
(1,975 | ) | Relypsa, Inc. | (55,972 | ) | |||
(700 | ) | Seattle Genetics, Inc. | (31,416 | ) | |||
(875 | ) | Shutterstock, Inc. | (28,298 | ) | |||
(2,275 | ) | Spectranetics Corp. | (34,262 | ) | |||
(525 | ) | Splunk, Inc. | (30,875 | ) | |||
(3,125 | ) | SunEdison, Inc. | (15,906 | ) | |||
(325 | ) | Tableau Software, Inc., Class A | (30,621 | ) | |||
(800 | ) | TripAdvisor, Inc. | (68,200 | ) | |||
(150 | ) | The Ultimate Software Group, Inc. | (29,327 | ) | |||
(375 | ) | Ultragenyx Pharmaceutical, Inc. | (42,068 | ) | |||
(250 | ) | Vertex Pharmaceuticals, Inc. | (31,458 | ) | |||
(375 | ) | Workday, Inc., Class A | (29,880 | ) | |||
(1,250 | ) | Yelp, Inc. | (36,000 | ) | |||
(1,125 | ) | Zayo Group Holdings, Inc. | (29,914 | ) | |||
(2,356,735 | ) | ||||||
Utilities-(1.3)% | |||||||
(4,500 | ) | Covanta Holding Corp. | (69,705 | ) | |||
(1,475 | ) | Energen Corp. | (60,460 | ) | |||
(3,100 | ) | Grupo Televisa SAB, Sponsored ADR | (84,351 | ) | |||
(5,675 | ) | NRG Yield, Inc., Class C | (83,763 | ) | |||
(4,550 | ) | TerraForm Power, Inc., Class A | (57,239 | ) | |||
(355,518 | ) | ||||||
TOTAL COMMON STOCKS SOLD SHORT | (7,328,367 | ) | |||||
(Proceeds $-7,560,008) |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 35 |
Schedule of Investments | James Long-Short Fund |
December 31, 2015 (Unaudited)
Shares | Value | ||||||
RIGHTS-0.0% | |||||||
(320 | ) | Furiex Pharmaceuticals, CVR(b)(c) | $ | 0 | |||
TOTAL RIGHTS SOLD SHORT | 0 | ||||||
(Proceeds $0) | |||||||
TOTAL SECURITIES SOLD SHORT-(26.7)% | |||||||
(Proceeds $7,560,008) | $ | (7,328,367 | ) |
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 $16,453,868. |
(b) | Security fair valued using methods determined in good faith by the Pricing Committee. As of December 31, 2015, the total market value of these securities was $0, representing 0.0% of net assets. |
(c) | Security considered illiquid. On December 31, 2015, the total market value of these securities was $0, representing 0.0% of net assets. |
ADR - American Depositary Receipt
A/S - Aktieselskab, Joint Stock Company in Denmark
CVR - Contingent Value Right
LLC - Limited Liability Company
LP - Limited Partnership
Ltd. - Limited
NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SAA - Sociedad Anonima Abierta is the Peruvian term used for companies with 20 or more shareholders
SAB - Sociedad Anonima Busatil is the Spanish term used for publicly held company
See Notes to Financial Statements.
36 | www.jamesfunds.com |
James Advantage Funds | Statements of Assets and Liabilities |
December 31, 2015 (Unaudited)
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Aggressive Allocation Fund | James Long-Short Fund | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||
At cost | $ | 4,040,135,009 | $ | 112,823,604 | $ | 12,897,172 | $ | 26,076,750 | $ | 5,309,902 | $ | 28,956,011 | ||||||||||||
At value | $ | 4,427,971,590 | $ | 133,894,952 | $ | 18,370,987 | $ | 30,959,935 | $ | 5,266,647 | $ | 34,355,164 | ||||||||||||
Cash | 48,576 | – | 2,200 | – | – | – | ||||||||||||||||||
Deposits with brokers for securities sold short | – | – | – | – | – | 474,745 | ||||||||||||||||||
Dividends and interest receivable | 16,626,259 | 126,777 | 10,926 | 46,792 | 4,470 | 17,283 | ||||||||||||||||||
Receivable for securities sold | – | – | – | – | 66,681 | – | ||||||||||||||||||
Receivable for capital shares sold | 7,020,820 | 465,089 | – | 59,123 | – | – | ||||||||||||||||||
Other assets | 149,590 | – | – | – | – | – | ||||||||||||||||||
Total Assets | 4,451,816,835 | 134,486,818 | 18,384,113 | 31,065,850 | 5,337,798 | 34,847,192 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for interest expense | – | – | – | – | – | 379 | ||||||||||||||||||
Payable for securities sold short (proceeds $–, $–, $–, $–, $– and $7,560,008, respectively) | – | – | – | – | – | 7,328,367 | ||||||||||||||||||
Payable for dividends on securities sold short | – | – | – | – | – | 5,351 | ||||||||||||||||||
Payable for capital shares redeemed | 6,175,507 | 45,913 | – | 192 | – | – | ||||||||||||||||||
Payable for securities purchased | 4,387,451 | 2,193,305 | – | 1,212,010 | 71,691 | – | ||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||
Management fees | 2,406,590 | 139,382 | 19,639 | 38,081 | 4,248 | 29,338 | ||||||||||||||||||
12b-1 distribution and service fees | 640,043 | 27,963 | 3,943 | – | – | 5,890 | ||||||||||||||||||
Trustee fees | 1,306 | 221 | 20 | 14 | – | 56 | ||||||||||||||||||
Other payables | 382,214 | – | – | – | – | – | ||||||||||||||||||
Total Liabilities | 13,993,111 | 2,406,784 | 23,602 | 1,250,297 | 75,939 | 7,369,381 | ||||||||||||||||||
Net Assets | $ | 4,437,823,724 | $ | 132,080,034 | $ | 18,360,511 | $ | 29,815,553 | $ | 5,261,859 | $ | 27,477,811 | ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in capital | $ | 4,088,902,208 | $ | 115,524,246 | $ | 13,520,028 | $ | 26,194,827 | $ | 5,642,062 | $ | 24,777,450 | ||||||||||||
Accumulated net investment income/(loss) | 1,628,960 | 33,204 | 2,207 | (48,359 | ) | (182 | ) | (218,878 | ) | |||||||||||||||
Accumulated net realized loss on investments, securities sold short and translation of assets and liabilities denominated in foreign currency | (40,549,375 | ) | (4,548,764 | ) | (635,539 | ) | (1,214,100 | ) | (336,766 | ) | (2,711,555 | ) | ||||||||||||
Net unrealized appreciation/(depreciation) on investments, securities sold short and translation of assets and liabilities denominated in foreign currency | 387,841,931 | 21,071,348 | 5,473,815 | 4,883,185 | (43,255 | ) | 5,630,794 | |||||||||||||||||
Net Assets | $ | 4,437,823,724 | $ | 132,080,034 | $ | 18,360,511 | $ | 29,815,553 | $ | 5,261,859 | $ | 27,477,811 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 37 |
Statements of Assets and Liabilities | James Advantage Funds |
December 31, 2015 (Unaudited)
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Aggressive Allocation Fund | James Long-Short Fund | |||||||||||||||||||
PRICING OF RETAIL CLASS SHARES: | ||||||||||||||||||||||||
Net assets | $ | 3,002,453,186 | N/ | A | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 125,804,770 | N/ | A | N/ | A | N/ | A | N/ | A | N/ | A | |||||||||||||
Net assets value, offering price and redemption price per share | $ | 23.87 | N/ | A | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
PRICING OF INSTITUTIONAL CLASS SHARES: | ||||||||||||||||||||||||
Net assets | $ | 1,435,370,538 | N/ | A | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 60,748,550 | N/ | A | N/ | A | N/ | A | N/ | A | N/ | A | |||||||||||||
Net assets value, offering price and redemption price per share | $ | 23.63 | N/ | A | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
PRICING OF SHARES | ||||||||||||||||||||||||
Net assets | N/ | A | $ | 132,080,034 | $ | 18,360,511 | $ | 29,815,553 | $ | 5,261,859 | $ | 27,477,811 | ||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | N/ | A | 4,267,314 | 1,338,128 | 1,975,747 | 577,303 | 2,073,701 | |||||||||||||||||
Net assets value, offering price and redemption price per share | N/ | A | $ | 30.95 | $ | 13.72 | $ | 15.09 | $ | 9.11 | $ | 13.25 |
See Notes to Financial Statements.
38 | www.jamesfunds.com |
James Advantage Funds | Statements of Operations |
For the Six Months Ended December 31, 2015 (Unaudited)
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Aggressive Allocation Fund(a) | James Long-Short Fund | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (Net of withholding taxes of $100,396, $–, $–, $–, $74 and $1,453, respectively) | $ | 23,838,240 | $ | 1,590,343 | $ | 242,116 | $ | 200,428 | $ | 33,394 | $ | 266,026 | ||||||||||||
Interest | 19,615,478 | 862 | – | 259 | 5,072 | – | ||||||||||||||||||
Total Investment Income | 43,453,718 | 1,591,205 | 242,116 | 200,687 | 38,466 | 266,026 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Management fees | 13,993,668 | 730,013 | 125,469 | 194,138 | 20,606 | 186,770 | ||||||||||||||||||
12b-1 distribution and service fees - Retail Class | 3,768,881 | – | – | – | – | – | ||||||||||||||||||
12b-1 distribution and service fees | – | 146,569 | 25,192 | – | – | 37,511 | ||||||||||||||||||
Dividend expense on securities sold short | – | – | – | – | – | 24,934 | ||||||||||||||||||
Broker fees and charges on securities sold short | – | – | – | – | – | 80,679 | ||||||||||||||||||
Administration fee | 602,108 | – | – | – | – | – | ||||||||||||||||||
Transfer agent fee | 182,693 | – | – | – | – | – | ||||||||||||||||||
Interest expense | – | – | – | – | – | 123 | ||||||||||||||||||
Custodian fees | 176,308 | – | – | – | – | – | ||||||||||||||||||
Professional fees | 92,462 | – | – | – | – | – | ||||||||||||||||||
Trustee fees | 98,589 | 2,832 | 489 | 557 | 42 | 783 | ||||||||||||||||||
Registration fees | 138,602 | – | – | – | – | – | ||||||||||||||||||
Shareholder report printing and mailing | 121,487 | – | – | – | – | – | ||||||||||||||||||
Other expenses | 53,985 | – | – | – | – | – | ||||||||||||||||||
Total Expenses | 19,228,783 | 879,414 | 151,150 | 194,695 | 20,648 | 330,800 | ||||||||||||||||||
Net Investment Income/(Loss) | 24,224,935 | 711,791 | 90,966 | 5,992 | 17,818 | (64,774 | ) | |||||||||||||||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||||||||||||
Investments | (33,956,708 | ) | (4,580,880 | ) | (635,537 | ) | (472,019 | ) | (336,766 | ) | (551,353 | ) | ||||||||||||
Securities sold short | – | – | – | – | – | 297,345 | ||||||||||||||||||
Foreign currency transactions | (1,630,640 | ) | – | – | – | – | – | |||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments | (87,126,517 | ) | (3,016,158 | ) | 254,758 | 167,809 | (43,255 | ) | 33,669 | |||||||||||||||
Net change in unrealized appreciation on securities sold short | – | – | – | – | – | 293,995 | ||||||||||||||||||
Net change in unrealized appreciation on foreign currency translation | 49,294 | – | – | – | – | – | ||||||||||||||||||
Net Realized and Unrealized Gain/(Loss)on Investments | (122,664,571 | ) | (7,597,038 | ) | (380,779 | ) | (304,210 | ) | (380,021 | ) | 73,656 | |||||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | (98,439,636 | ) | $ | (6,885,247 | ) | $ | (289,813 | ) | $ | (298,218 | ) | $ | (362,203 | ) | $ | 8,882 |
(a) | Fund commenced operations on July 1, 2015. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 39 |
Statements of Changes in Net Assets | James Balanced: Golden Rainbow Fund |
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 24,224,935 | $ | 35,298,797 | ||||
Net realized gain/(loss) from investments and foreign currency transactions | (35,587,348 | ) | 105,279,369 | |||||
Net change in unrealized depreciation on investments and foreign currency translation | (87,077,223 | ) | (30,759,773 | ) | ||||
Net Increase/(Decrease) in net assets resulting from operations | (98,439,636 | ) | 109,818,393 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class Shares: | ||||||||
From net investment income | (14,230,584 | ) | (20,167,201 | ) | ||||
From net realized gain on investments | (52,436,228 | ) | (88,883,031 | ) | ||||
Institutional Class Shares: | ||||||||
From net investment income | (8,438,880 | ) | (11,369,896 | ) | ||||
From net realized gain on investments | (24,906,312 | ) | (35,788,504 | ) | ||||
Decrease in net assets from distributions to shareholders | (100,012,004 | ) | (156,208,632 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 477,903,463 | 1,083,291,781 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 64,912,553 | 106,212,553 | ||||||
Payments for shares redeemed | (378,674,601 | ) | (673,909,544 | ) | ||||
Net Increase in net assets from Retail Class capital share transactions | 164,141,415 | 515,594,790 | ||||||
Institutional Class Shares: | ||||||||
Proceeds from shares sold | 353,734,488 | 663,031,846 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 24,863,781 | 32,935,059 | ||||||
Payments for shares redeemed | (157,454,871 | ) | (213,184,051 | ) | ||||
Net Increase in net assets from Institutional Class capital share transactions | 221,143,398 | 482,782,854 | ||||||
Total Increase in Net Assets | 186,833,173 | 951,987,405 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 4,250,990,551 | 3,299,003,146 | ||||||
End of period | $ | 4,437,823,724 | $ | 4,250,990,551 | ||||
Accumulated Net Investment Income | $ | 1,628,960 | $ | 73,489 |
See Notes to Financial Statements.
40 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Statements of Changes in Net Assets |
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | |||||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 19,386,095 | 43,126,510 | ||||||
Shares issued in reinvestment of distributions to shareholders | 2,692,717 | 4,294,108 | ||||||
Shares redeemed | (15,401,535 | ) | (26,927,316 | ) | ||||
Net Increase in shares outstanding | 6,677,277 | 20,493,302 | ||||||
Shares outstanding, beginning of period | 119,127,493 | 98,634,191 | ||||||
Shares outstanding, end of period | 125,804,770 | 119,127,493 | ||||||
Institutional Class Shares: | ||||||||
Shares sold | 14,495,847 | 26,756,542 | ||||||
Shares issued in reinvestment of distributions to shareholders | 1,041,549 | 1,342,995 | ||||||
Shares redeemed | (6,480,565 | ) | (8,578,394 | ) | ||||
Net Increase in shares outstanding | 9,056,831 | 19,521,143 | ||||||
Shares outstanding, beginning of period | 51,691,719 | 32,170,576 | ||||||
Shares outstanding, end of period | 60,748,550 | 51,691,719 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 41 |
Statements of Changes in Net Assets | James Small Cap Fund |
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 711,791 | $ | 63,755 | ||||
Net realized gain/(loss) from investments | (4,580,880 | ) | 13,922,731 | |||||
Net change in unrealized depreciation on investments | (3,016,158 | ) | (16,372,684 | ) | ||||
Net Decrease in net assets resulting from operations | (6,885,247 | ) | (2,386,198 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (517,833 | ) | – | |||||
From net realized gain on investments | (4,796,245 | ) | – | |||||
Decrease in net assets from distributions to shareholders | (5,314,078 | ) | – | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 42,733,686 | 19,950,230 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 4,858,132 | – | ||||||
Payments for shares redeemed | (28,457,947 | ) | (55,955,457 | ) | ||||
Net Increase/(Decrease) in net assets from capital share transactions | 19,133,871 | (36,005,227 | ) | |||||
Total Increase/(Decrease) in Net Assets | 6,934,546 | (38,391,425 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 125,145,488 | 163,536,913 | ||||||
End of period | $ | 132,080,034 | $ | 125,145,488 | ||||
Accumulated Net Investment Income/(Loss) | $ | 33,204 | $ | (160,754 | ) | |||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 1,269,917 | 602,780 | ||||||
Shares issued in reinvestment of distributions to shareholders | 148,790 | – | ||||||
Shares redeemed | (890,231 | ) | (1,690,399 | ) | ||||
Net Increase/(Decrease) in shares outstanding | 528,476 | (1,087,619 | ) | |||||
Shares outstanding, beginning of period | 3,738,838 | 4,826,457 | ||||||
Shares outstanding, end of period | 4,267,314 | 3,738,838 |
See Notes to Financial Statements.
42 | www.jamesfunds.com |
James Mid Cap Fund | Statements of Changes in Net Assets |
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 90,966 | $ | (24,974 | ) | |||
Net realized gain/(loss) from investments | (635,537 | ) | 1,310,582 | |||||
Net change in unrealized appreciation/(depreciation) on investments | 254,758 | (1,497,518 | ) | |||||
Net Decrease in net assets resulting from operations | (289,813 | ) | (211,910 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (67,006 | ) | (8,282 | ) | ||||
From net realized gain on investments | (1,140,547 | ) | (1,523,309 | ) | ||||
Decrease in net assets from distributions to shareholders | (1,207,553 | ) | (1,531,591 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 1,543,843 | 5,839,177 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 1,167,652 | 1,395,032 | ||||||
Payments for shares redeemed | (4,043,345 | ) | (2,932,412 | ) | ||||
Net Increase/(Decrease) in net assets from capital share transactions | (1,331,850 | ) | 4,301,797 | |||||
Total Increase/(Decrease) in Net Assets | (2,829,216 | ) | 2,558,296 | |||||
NET ASSETS: | ||||||||
Beginning of period | 21,189,727 | 18,631,431 | ||||||
End of period | $ | 18,360,511 | $ | 21,189,727 | ||||
Accumulated Net Investment Income/(Loss) | $ | 2,207 | $ | (21,753 | ) | |||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 102,293 | 385,493 | ||||||
Shares issued in reinvestment of distributions to shareholders | 83,563 | 96,071 | ||||||
Shares redeemed | (273,482 | ) | (190,331 | ) | ||||
Net Increase/(Decrease) in shares outstanding | (87,626 | ) | 291,233 | |||||
Shares outstanding, beginning of period | 1,425,754 | 1,134,521 | ||||||
Shares outstanding, end of period | 1,338,128 | 1,425,754 |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 43 |
Statements of Changes in Net Assets | James Micro Cap Fund |
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 5,992 | $ | 69,593 | ||||
Net realized gain/(loss) from investments | (472,019 | ) | 125,414 | |||||
Net change in unrealized appreciation on investments | 167,809 | 1,199,893 | ||||||
Net Increase/(Decrease) in net assets resulting from operations | (298,218 | ) | 1,394,900 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (27,110 | ) | (28,924 | ) | ||||
From net realized gain on investments | – | (3,160,652 | ) | |||||
Decrease in net assets from distributions to shareholders | (27,110 | ) | (3,189,576 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 9,871,210 | 9,202,348 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 26,268 | 2,984,065 | ||||||
Payments for shares redeemed, net of redemption fees | (3,782,477 | ) | (2,621,653 | ) | ||||
Net Increase in net assets from capital share transactions | 6,115,001 | 9,564,760 | ||||||
Total Increase in Net Assets | 5,789,673 | 7,770,084 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 24,025,880 | 16,255,796 | ||||||
End of period | $ | 29,815,553 | $ | 24,025,880 | ||||
Accumulated Net Investment Loss | $ | (48,359 | ) | $ | (27,241 | ) | ||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 644,306 | 606,052 | ||||||
Shares issued in reinvestment of distributions to shareholders | 1,718 | 208,473 | ||||||
Shares redeemed | (260,537 | ) | (158,389 | ) | ||||
Net Increase in shares outstanding | 385,487 | 656,136 | ||||||
Shares outstanding, beginning of period | 1,590,260 | 934,124 | ||||||
Shares outstanding, end of period | 1,975,747 | 1,590,260 |
See Notes to Financial Statements.
44 | www.jamesfunds.com |
James Aggressive Allocation Fund | Statements of Changes in Net Assets |
For the Period Ended December 31, 2015 (Unaudited)(a) | ||||
FROM OPERATIONS: | ||||
Net investment income | $ | 17,818 | ||
Net realized loss from investments | (336,766 | ) | ||
Net change in unrealized depreciation on investments | (43,255 | ) | ||
Net Decrease in net assets resulting from operations | (362,203 | ) | ||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
From net investment income | (18,000 | ) | ||
Decrease in net assets from distributions to shareholders | (18,000 | ) | ||
CAPITAL SHARE TRANSACTIONS: | ||||
Proceeds from shares sold | 5,625,131 | |||
Net asset value of shares issued in reinvestment of distributions to shareholders | 17,190 | |||
Payments for shares redeemed | (259 | ) | ||
Net Increase in net assets from capital share transactions | 5,642,062 | |||
Total Increase in Net Assets | 5,261,859 | |||
NET ASSETS: | ||||
Beginning of period | – | |||
End of period | $ | 5,261,859 | ||
Accumulated Net Investment Loss | $ | (182 | ) | |
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||
Shares sold | 575,459 | |||
Shares issued in reinvestment of distributions to shareholders | 1,872 | |||
Shares redeemed | (28 | ) | ||
Net Increase in shares outstanding | 577,303 | |||
Shares outstanding, beginning of year | – | |||
Shares outstanding, end of year | 577,303 |
(a) | Fund commenced operations on July 1, 2015. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 45 |
Statements of Changes in Net Assets | James Long-Short Fund |
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment loss | $ | (64,774 | ) | $ | (286,084 | ) | ||
Net realized loss from investments and securities sold short | (254,008 | ) | (1,544,242 | ) | ||||
Net change in unrealized appreciation on investments and securities sold short | 327,664 | 349,528 | ||||||
Net Increase/(Decrease) in net assets resulting from operations | 8,882 | (1,480,798 | ) | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 1,769,784 | 20,956,361 | ||||||
Payments for shares redeemed | (8,191,299 | ) | (9,031,159 | ) | ||||
Net Increase/(Decrease) in net assets from capital share transactions | (6,421,515 | ) | 11,925,202 | |||||
Total Increase/(Decrease) in Net Assets | (6,412,633 | ) | 10,444,404 | |||||
NET ASSETS: | ||||||||
Beginning of period | 33,890,444 | 23,446,040 | ||||||
End of period | $ | 27,477,811 | $ | 33,890,444 | ||||
Accumulated Net Investment Loss | $ | (218,878 | ) | $ | (154,104 | ) | ||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 132,428 | 1,516,178 | ||||||
Shares redeemed | (619,261 | ) | (654,209 | ) | ||||
Net Increase/(Decrease) in shares outstanding | (486,833 | ) | 861,969 | |||||
Shares outstanding, beginning of period | 2,560,534 | 1,698,565 | ||||||
Shares outstanding, end of period | 2,073,701 | 2,560,534 |
See Notes to Financial Statements.
46 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund – Retail Class | Financial Highlights |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | 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 | |||||||||||||||||||
Net asset value - beginning of year | $ | 24.96 | $ | 25.28 | $ | 22.55 | $ | 20.93 | $ | 20.66 | $ | 18.32 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.13 | (a) | 0.22 | (a) | 0.24 | (a) | 0.32 | (a) | 0.25 | 0.24 | ||||||||||||||
Net realized and unrealized gain/(loss) | (0.67 | ) | 0.49 | 2.96 | 1.75 | 0.55 | 2.50 | |||||||||||||||||
Total from investment operations | (0.54 | ) | 0.71 | 3.20 | 2.07 | 0.80 | 2.74 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.12 | ) | (0.18 | ) | (0.24 | ) | (0.30 | ) | (0.23 | ) | (0.24 | ) | ||||||||||||
From net realized gain on investments | (0.43 | ) | (0.85 | ) | (0.23 | ) | (0.15 | ) | (0.30 | ) | (0.16 | ) | ||||||||||||
Total distributions | (0.55 | ) | (1.03 | ) | (0.47 | ) | (0.45 | ) | (0.53 | ) | (0.40 | ) | ||||||||||||
Net asset value at end of year | $ | 23.87 | $ | 24.96 | $ | 25.28 | $ | 22.55 | $ | 20.93 | $ | 20.66 | ||||||||||||
Total return | (2.21 | )%(b) | 2.90 | % | 14.32 | % | 9.98 | % | 3.98 | % | 15.01 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 3,002,453 | $ | 2,973,350 | $ | 2,493,030 | $ | 1,735,736 | $ | 1,249,228 | $ | 937,696 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.96 | %(c) | 0.97 | % | 1.00 | % | 1.04 | % | 1.07 | % | 1.12 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.03 | %(c) | 0.86 | % | 0.99 | % | 1.45 | % | 1.26 | % | 1.27 | % | ||||||||||||
Portfolio turnover rate | 19 | %(b) | 43 | % | 32 | % | 58 | % | 36 | % | 36 | % |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
See Notes to Financial Statements.
Semi-Annual Report | December 31, 2015 | 47 |
Financial Highlights | James Balanced: Golden Rainbow Fund – Institutional Class |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | 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 | |||||||||||||||||||
Net asset value - beginning of year | $ | 24.72 | $ | 25.05 | $ | 22.35 | $ | 20.81 | $ | 20.61 | $ | 18.33 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.16 | (a) | 0.28 | (a) | 0.29 | (a) | 0.38 | (a) | 0.33 | 0.32 | ||||||||||||||
Net realized and unrealized gain/(loss) | (0.67 | ) | 0.50 | 2.94 | 1.73 | 0.52 | 2.47 | |||||||||||||||||
Total from investment operations | (0.51 | ) | 0.78 | 3.23 | 2.11 | 0.85 | 2.79 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.15 | ) | (0.26 | ) | (0.30 | ) | (0.42 | ) | (0.35 | ) | (0.35 | ) | ||||||||||||
From net realized gain on investments | (0.43 | ) | (0.85 | ) | (0.23 | ) | (0.15 | ) | (0.30 | ) | (0.16 | ) | ||||||||||||
Total distributions | (0.58 | ) | (1.11 | ) | (0.53 | ) | (0.57 | ) | (0.65 | ) | (0.51 | ) | ||||||||||||
Paid-in capital from redemption fees | – | – | – | 0.00 | (b) | – | – | |||||||||||||||||
Net asset value at end of year | $ | 23.63 | $ | 24.72 | $ | 25.05 | $ | 22.35 | $ | 20.81 | $ | 20.61 | ||||||||||||
Total return | (2.11 | )%(c) | 3.20 | % | 14.59 | % | 10.26 | % | 4.22 | % | 15.27 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 1,435,371 | $ | 1,277,641 | $ | 805,973 | $ | 555,766 | $ | 304,731 | $ | 130,870 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.71 | %(d) | 0.73 | % | 0.75 | % | 0.79 | % | 0.82 | % | 0.87 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.28 | %(d) | 1.11 | % | 1.24 | % | 1.71 | % | 1.52 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 19 | %(c) | 43 | % | 32 | % | 58 | % | 36 | % | 36 | % |
(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.
48 | www.jamesfunds.com |
James Small Cap Fund | Financial Highlights |
For a share outstanding throughout the years indicated. |
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | 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 | |||||||||||||||||||
Net asset value - beginning of year | $ | 33.47 | $ | 33.88 | $ | 28.66 | $ | 23.89 | $ | 23.88 | $ | 17.51 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss) | 0.20 | (a) | 0.01 | (a) | (0.00 | )(a)(b) | 0.36 | (a) | 0.15 | 0.05 | ||||||||||||||
Net realized and unrealized gain/(loss) | (1.36 | ) | (0.42 | ) | 6.12 | 4.92 | (0.11 | ) | 6.35 | |||||||||||||||
Total from investment operations | (1.16 | ) | (0.41 | ) | 6.12 | 5.28 | 0.04 | 6.40 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.12 | ) | – | (0.90 | ) | (0.51 | ) | (0.03 | ) | (0.03 | ) | |||||||||||||
From net realized gain on investments | (1.24 | ) | – | – | – | – | – | |||||||||||||||||
Total distributions | (1.36 | ) | – | (0.90 | ) | (0.51 | ) | (0.03 | ) | (0.03 | ) | |||||||||||||
Net asset value at end of year | $ | 30.95 | $ | 33.47 | $ | 33.88 | $ | 28.66 | $ | 23.89 | $ | 23.88 | ||||||||||||
Total return | (3.66 | )%(c) | (1.21 | )% | 21.46 | % | 22.51 | % | 0.16 | % | 36.59 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 132,080 | $ | 125,145 | $ | 163,537 | $ | 161,271 | $ | 134,727 | $ | 81,505 | ||||||||||||
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 | 1.21 | %(d) | 0.04 | % | (0.00 | )%(e) | 1.39 | % | 0.58 | % | 0.23 | % | ||||||||||||
Portfolio turnover rate | 26 | %(c) | 76 | % | 62 | % | 41 | % | 89 | % | 60 | % |
(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.
Semi-Annual Report | December 31, 2015 | 49 |
Financial Highlights | James Mid Cap Fund |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | 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 | |||||||||||||||||||
Net asset value - beginning of year | $ | 14.86 | $ | 16.42 | $ | 12.97 | $ | 10.69 | $ | 11.38 | $ | 8.59 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss) | 0.07 | (a) | (0.02 | )(a) | 0.01 | (a) | 0.08 | (a) | 0.04 | 0.01 | ||||||||||||||
Net realized and unrealized gain/(loss) | (0.25 | ) | (0.15 | ) | 3.87 | 2.23 | (0.64 | ) | 2.82 | |||||||||||||||
Total from investment operations | (0.18 | ) | (0.17 | ) | 3.88 | 2.31 | (0.60 | ) | 2.83 | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.05 | ) | (0.01 | ) | (0.04 | ) | (0.03 | ) | (0.09 | ) | (0.04 | ) | ||||||||||||
From net realized gain on investments | (0.91 | ) | (1.38 | ) | (0.39 | ) | – | – | – | |||||||||||||||
Total distributions | (0.96 | ) | (1.39 | ) | (0.43 | ) | (0.03 | ) | (0.09 | ) | (0.04 | ) | ||||||||||||
Net asset value at end of year | $ | 13.72 | $ | 14.86 | $ | 16.42 | $ | 12.97 | $ | 10.69 | $ | 11.38 | ||||||||||||
Total return | (1.31 | )%(b) | (0.86 | )% | 30.34 | % | 21.68 | % | (5.26 | )% | 32.97 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 18,361 | $ | 21,190 | $ | 18,631 | $ | 14,643 | $ | 12,657 | $ | 13,403 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | %(c) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income/(loss) to average net assets | 0.90 | %(c) | (0.13 | )% | 0.05 | % | 0.64 | % | 0.32 | % | 0.13 | % | ||||||||||||
Portfolio turnover rate | 27 | %(b) | 50 | % | 31 | % | 26 | % | 36 | % | 56 | % |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
See Notes to Financial Statements.
50 | www.jamesfunds.com |
James Micro Cap Fund | Financial Highlights |
For a share outstanding throughout the periods indicated.
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | 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 | $ | 15.11 | $ | 17.40 | $ | 13.96 | $ | 11.71 | $ | 11.91 | $ | 10.00 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss) | 0.00 | (b)(c) | 0.06 | (b) | (0.05 | )(b) | 0.14 | (b) | (0.01 | ) | (0.03 | ) | ||||||||||||
Net realized and unrealized gain/(loss) | (0.01 | ) | 1.12 | 3.50 | 2.25 | (0.13 | ) | 1.94 | ||||||||||||||||
Total from investment operations | (0.01 | ) | 1.18 | 3.45 | 2.39 | (0.14 | ) | 1.91 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.14 | ) | – | – | ||||||||||||||
From net realized gain on investments | – | (3.45 | ) | – | – | (0.06 | ) | – | ||||||||||||||||
Total distributions | (0.01 | ) | (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) | 0.00 | (c) | – | |||||||||||||
Net asset value at end of year | $ | 15.09 | $ | 15.11 | $ | 17.40 | $ | 13.96 | $ | 11.71 | $ | 11.91 | ||||||||||||
Total return | (0.04 | )%(d) | 7.95 | % | 24.75 | % | 20.64 | % | (1.15 | )% | 19.10 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 29,816 | $ | 24,026 | $ | 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 | % | 1.50 | % | ||||||||||||
Ratio of net investment income/(loss) to average net assets | 0.05 | %(e) | 0.38 | % | (0.31 | )% | 1.12 | % | (0.14 | )% | (0.31 | )% | ||||||||||||
Portfolio turnover rate | 12 | %(d) | 52 | % | 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.
Semi-Annual Report | December 31, 2015 | 51 |
Financial Highlights | James Aggressive Allocation Fund |
For a share outstanding throughout the periods indicated.
For the Period Ended December 31, 2015(a) (Unaudited) | ||||
Net asset value - beginning of year | $ | 10.00 | ||
Loss from investment operations: | ||||
Net investment income(b) | 0.04 | |||
Net realized and unrealized loss | (0.90 | ) | ||
Total from investment operations | (0.86 | ) | ||
Less distributions: | ||||
From net investment income | (0.03 | ) | ||
Total distributions | (0.03 | ) | ||
Net asset value at end of year | $ | 9.11 | ||
Total return | (8.59 | )%(c) | ||
Net assets, end of year (in thousands) | $ | 5,262 | ||
Ratios/Supplemental Data: | ||||
Ratio of net expenses to average net assets | 0.98 | %(d) | ||
Ratio of net investment income to average net assets | 0.85 | %(d) | ||
Portfolio turnover rate | 90 | %(c) |
(a) | Fund commenced operations on July 1, 2015. |
(b) | Calculated using the average shares method. |
(c) | Not Annualized. |
(d) | Annualized. |
See Notes to Financial Statements.
52 | www.jamesfunds.com |
James Long-Short Fund | Financial Highlights |
For a share outstanding throughout the periods indicated.
For the Six Months Ended December 31, 2015 (Unaudited) | For the Year Ended June 30, 2015 | 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 | $ | 13.24 | $ | 13.80 | $ | 11.70 | $ | 9.99 | $ | 10.10 | $ | 10.00 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss) | (0.03 | )(b) | (0.13 | )(b) | (0.06 | )(b) | 0.04 | (b) | (0.04 | ) | (0.00 | )(c) | ||||||||||||
Net realized and unrealized gain/(loss) | 0.04 | (0.43 | ) | 2.16 | 1.71 | (0.05 | ) | 0.10 | ||||||||||||||||
Total from investment operations | 0.01 | (0.56 | ) | 2.10 | 1.75 | (0.09 | ) | 0.10 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | – | – | – | (0.04 | ) | (0.02 | ) | – | ||||||||||||||||
Total distributions | – | – | – | (0.04 | ) | (0.02 | ) | – | ||||||||||||||||
Net asset value at end of year | $ | 13.25 | $ | 13.24 | $ | 13.80 | $ | 11.70 | $ | 9.99 | $ | 10.10 | ||||||||||||
Total return | 0.08 | %(d) | (4.06 | )% | 17.95 | % | 17.57 | % | (0.93 | )% | 1.00 | %(d) | ||||||||||||
Net assets, end of year (in thousands) | $ | 27,478 | $ | 33,890 | $ | 23,446 | $ | 15,694 | $ | 9,160 | $ | 10,718 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets(e) | 2.20 | %(f) | 2.70 | % | 2.57 | % | 2.70 | % | 2.66 | % | 1.73 | %(f) | ||||||||||||
Ratio of net investment income/(loss) to average net assets | (0.43 | )%(f) | (0.92 | )% | (0.44 | )% | 0.35 | % | (0.44 | )% | (1.03 | )%(f) | ||||||||||||
Portfolio turnover rate | 27 | %(d) | 117 | % | 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 0.70%, 1.20%, 1.07%, 1.20%, 1.15% and 0.23% (annualized) of average net assets for six months ended December 31, 2015, the years ended June 30, 2015, 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, 2015 | 53 |
Notes to Financial Statements | James Advantage Funds |
December 31, 2015 (Unaudited)
1. | ORGANIZATION |
The James Advantage Funds (the “Trust”) is an open-end management investment company that was organized as an Ohio business trust on August 29, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Mid Cap Fund, James Micro Cap Fund, James Aggressive Allocation Fund, and James Long-Short Fund are each a diversified series of the Trust (individually a “Fund,” collectively the “Funds”). Each class of James Balanced: Golden Rainbow Fund represents an interest in the same portfolio of investments and has the same rights, but differs primarily in distribution fees and shareholder features. The Retail Class shares are subject to distribution (12b-1) fees but have a lower minimum investment requirement and offer certain shareholder services not available to Institutional Class shareholders. The Institutional Class shares are not subject to distribution (12b-1) fees and are available only through investment advisers and bank trust departments that have made arrangements for shares of all of their clients investing in the Fund to be held in an omnibus account (as well as other 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. As of December 31, 2015, the stock with the maximum capitalization in the Russell 2000® Index had a capitalization of $6.46 billion.
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 MidCap 400® Value Index. As of December 31, 2015, the stock with the maximum capitalization in the S&P MidCap 400® Value Index had a capitalization of $12.59 billion.
James Micro Cap Fund seeks to provide long-term capital appreciation. The Fund seeks to achieve its objective by investing primarily in common stocks of micro capitalization companies. Micro capitalization companies are defined as those companies with market capitalizations at the time of purchase no larger than the stocks in the Russell Microcap® Index, including exchange traded funds (“ETFs”) that invest primarily in such securities. As of December 31, 2015, the stock with the maximum capitalization in the Russell Microcap® Index had a capitalization of $2.34 billion.
James Aggressive Allocation Fund seeks to provide total return through a combination of growth and income. Preservation of capital in declining markets is a secondary objective. This Fund will generally run equity allocations of 60% or higher and, therefore, could be more volatile than a more conservative fund that holds a smaller percentage of its assets in stocks.
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 $979 and $48 for the six months and year ended December 31, 2015 and June 30, 2015, 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
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James Advantage Funds | Notes to Financial Statements |
December 31, 2015 (Unaudited)
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 adopted by and subject to review of the Board of Trustees (the “Board”). 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. 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 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.
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, 2015 | 55 |
Notes to Financial Statements | James Advantage Funds |
December 31, 2015 (Unaudited)
The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2015:
James Balanced: Golden Rainbow Fund
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 2,194,181,086 | $ | – | $ | – | $ | 2,194,181,086 | ||||||||
Closed-End Funds | 1,499,448 | – | – | 1,499,448 | ||||||||||||
Exchange Traded Funds | 9,276,609 | – | – | 9,276,609 | ||||||||||||
Corporate Bonds | – | 298,287,551 | – | 298,287,551 | ||||||||||||
Mortgage Backed Securities | – | 21,115,605 | – | 21,115,605 | ||||||||||||
U.S. Government Agencies | – | 118,695,932 | – | 118,695,932 | ||||||||||||
U.S. Treasury Bonds & Notes | 1,563,738,665 | – | – | 1,563,738,665 | ||||||||||||
Foreign Bonds | – | 30,768,715 | – | 30,768,715 | ||||||||||||
Municipal Bonds | – | 168,260,868 | – | 168,260,868 | ||||||||||||
Short Term Investments | 22,147,111 | – | – | 22,147,111 | ||||||||||||
Total | $ | 3,790,842,919 | $ | 637,128,671 | $ | – | $ | 4,427,971,590 |
James Small Cap Fund
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 126,876,046 | $ | – | $ | – | $ | 126,876,046 | ||||||||
U.S. Treasury Bonds & Notes | 2,495,490 | – | – | 2,495,490 | ||||||||||||
Short Term Investments | 4,523,416 | – | – | 4,523,416 | ||||||||||||
Total | $ | 133,894,952 | $ | – | $ | – | $ | 133,894,952 |
James Mid Cap Fund
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 17,539,722 | $ | – | $ | – | $ | 17,539,722 | ||||||||
Short Term Investments | 831,265 | – | – | 831,265 | ||||||||||||
Total | $ | 18,370,987 | $ | – | $ | – | $ | 18,370,987 |
James Micro Cap Fund
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 28,400,747 | $ | – | $ | – | $ | 28,400,747 | ||||||||
U.S. Treasury Bonds & Notes | 748,647 | – | – | 748,647 | ||||||||||||
Short Term Investments | 1,810,541 | – | – | 1,810,541 | ||||||||||||
Total | $ | 30,959,935 | $ | – | $ | – | $ | 30,959,935 |
James Aggressive Allocation Fund
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 3,695,333 | $ | – | $ | – | $ | 3,695,333 | ||||||||
Exchange Traded Funds | 444,843 | – | – | 444,843 | ||||||||||||
U.S. Government Agencies | – | 99,176 | – | 99,176 | ||||||||||||
U.S. Treasury Bonds & Notes | 1,011,571 | – | – | 1,011,571 | ||||||||||||
Short Term Investments | 15,724 | – | – | 15,724 | ||||||||||||
Total | $ | 5,167,471 | $ | 99,176 | $ | – | $ | 5,266,647 |
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James Advantage Funds | Notes to Financial Statements |
December 31, 2015 (Unaudited)
James Long-Short Fund
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 33,071,395 | $ | – | $ | – | $ | 33,071,395 | ||||||||
Short Term Investments | 1,283,769 | – | – | 1,283,769 | ||||||||||||
Total | $ | 34,355,164 | $ | – | $ | – | $ | 34,355,164 |
Valuation Inputs | ||||||||||||||||
Other Financial Instruments* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities | ||||||||||||||||
Securities Sold Short | ||||||||||||||||
Common Stocks | $ | (7,328,367 | ) | $ | – | $ | – | $ | (7,328,367 | ) | ||||||
Rights(1) | – | – | 0 | 0 | ||||||||||||
TOTAL | $ | (7,328,367 | ) | $ | – | $ | 0 | $ | (7,328,367 | ) |
* | 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 12/31/15. |
The Funds recognize transfer between levels as of the end of period. For the six months ended December 31, 2015, the Funds did not have any transfer between Level 1 and Level 2 securities.
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, 2015, the Funds did not hold when-issued securities or delayed delivery purchase commitments.
Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
Foreign Currency Translation
The market value of investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate, provided by WM Reuters, at the close of each business day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.
Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized and between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities at the reporting period, resulting from changes in the exchange rate. The portion of realized and unrealized gains or losses on investments due fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.
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.
Semi-Annual Report | December 31, 2015 | 57 |
Notes to Financial Statements | James Advantage Funds |
December 31, 2015 (Unaudited)
Dividend income includes dividends earned on Real Estate Investment Trusts (“REITs”), which may include a return of capital. As such, important taxation issues may arise, which the Funds account for when information is provided by the issuing REIT.
Due to the actual character of dividends paid by REITs not being available until the end of the calendar year, the net investment income and long-term capital gains of the Funds can be different on the tax return compared to this annual report. Substantial unanticipated levels of return of capital may affect the Funds’ earnings and profits from which distributions are made.
Distributions received from Limited Partnership investments of a Fund are usually recorded as a return of capital and are excluded from available income in the calculation of distributions paid by the Funds. Return of capital is recorded as a reduction to the cost of investments in the Statements of Assets and Liabilities and in the Schedule of Investments.
Dividends and Distributions to Shareholders
Net investment income, if any, is generally declared and distributed to shareholders of each Fund on at least an annual basis. Net realized capital gains from security transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of net investment income and net realized capital gains are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from 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, 2015, 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.
As of December 31, 2015, 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 Aggressive Allocation Fund | James Long-Short Fund | |||||||||||||||||||
Tax cost of portfolio investments | $ | 4,042,127,575 | $ | 112,883,686 | $ | 12,897,172 | $ | 26,029,433 | $ | 5,311,090 | $ | 29,082,122 | ||||||||||||
Gross unrealized appreciation | $ | 504,766,848 | $ | 25,523,961 | $ | 5,851,110 | $ | 6,316,633 | $ | 129,912 | $ | 6,269,072 | ||||||||||||
Gross unrealized depreciation | (118,922,833 | ) | (4,512,695 | ) | (377,295 | ) | (1,386,131 | ) | (174,355 | ) | (996,030 | ) | ||||||||||||
Net unrealized appreciation (depreciation) | 385,844,015 | 21,011,266 | 5,473,815 | 4,930,502 | (44,443 | ) | 5,273,042 | |||||||||||||||||
Total | $ | 385,844,015 | $ | 21,011,266 | $ | 5,473,815 | $ | 4,930,502 | $ | (44,443 | ) | $ | 5,273,042 |
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, 2015.
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James Advantage Funds | Notes to Financial Statements |
December 31, 2015 (Unaudited)
The tax character of distributions paid for the year ended June 30, 2015 was as follows:
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
Ordinary Income | $ | 36,104,504 | $ | – | $ | 50,911 | $ | 29,482 | $ | – | ||||||||||
Long-Term Capital Gains | 120,104,128 | – | 1,480,680 | 3,160,094 | – | |||||||||||||||
Total | $ | 156,208,632 | $ | – | $ | 1,531,591 | $ | 3,189,576 | $ | – |
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 | ||||||||||||||||
Ordinary Income | $ | 30,488,195 | $ | 4,195,369 | $ | 44,965 | $ | 14,357 | $ | – | ||||||||||
Long-Term Capital Gains | 26,660,742 | – | 445,588 | – | – | |||||||||||||||
Total | $ | 57,148,937 | $ | 4,195,369 | $ | 490,553 | $ | 14,357 | $ | – |
Pre-Enactment Capital Losses
During the year ended June 30, 2015, James Small Cap Fund utilized Pre-Act capital loss carryovers in the amount of $8,759,066. The Pre-Act capital losses arose in fiscal years beginning prior to December 22, 2010, and were utilized prior to their expiration date of June 30, 2018.
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. These losses do not include any late year capital losses (losses arising in the period from November 1st through June 30th) that the funds have elected to defer for the current fiscal year. 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.
Capital losses carried forward to the next tax year were as follows:
Short Term | Long Term | |||||||
James Long-Short Fund | $ | 638,551 | $ | – |
The Funds elect to defer to the period ending June 30, 2016 capital losses recognized during the period November 1, 2014 through June 30, 2015 in the amount of:
Amount | ||||
James Balanced: Golden Rainbow Fund | $ | 2,677,861 | ||
James Micro Cap Fund | 760,853 | |||
James Long-Short Fund | 1,414,389 |
The Funds elect to defer to the year ended June 30, 2016 late year ordinary losses in the amount of:
Amount | ||||
James Small Cap Fund | $ | 159,147 | ||
James Mid Cap Fund | 21,753 | |||
James Micro Cap Fund | 26,472 | |||
James Long-Short Fund | 154,104 |
3. | INVESTMENT TRANSACTIONS |
Purchases and sales (including maturities) of investments in long-term U.S. Government obligations for the six months ended December 31, 2015 were as follows:
Purchases | Sales | |||||||
James Balanced: Golden Rainbow Fund | $ | 694,029,903 | $ | 320,613,210 | ||||
James Aggressive Allocation Fund | 2,149,959 | 1,034,144 |
Purchases and sales (including maturities) of investments in other long-term securities for the six months ended December 31, 2015 were as follows:
Purchases | Sales | |||||||
James Balanced: Golden Rainbow Fund | $ | 515,357,414 | $ | 471,355,106 | ||||
James Small Cap Fund | 43,194,651 | 29,910,183 | ||||||
James Mid Cap Fund | 5,163,344 | 7,229,174 | ||||||
James Micro Cap Fund | 8,707,143 | 2,949,398 | ||||||
James Aggressive Allocation Fund | 6,868,641 | 2,352,938 | ||||||
James Long-Short Fund | 9,112,003 | 19,132,076 |
For the six months ended December 31, 2015, the cost of securities purchased to cover short sales and the proceeds from securities sold short were $10,129,475 and $7,742,644, respectively, for the Long-Short Fund.
4. | MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Management Agreement
The Funds retain James Investment Research, Inc. (“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.
Semi-Annual Report | December 31, 2015 | 59 |
Notes to Financial Statements | James Advantage Funds |
December 31, 2015 (Unaudited)
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 Aggressive Allocation Fund
Average Total Net Assets | Contractual Fee |
Up to and including $500 million | 0.98% |
Over $500 million and including $1 billion | 0.95% |
Over $1 billion and including $2 billion | 0.90% |
Over $2 billion | 0.85% |
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, James Aggressive Allocation Fund and James Long-Short Fund are reduced by the fees and expenses of the non-interested 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, James Aggressive Allocation 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 remaining Funds, 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 remaining Funds.
Plans of Distribution
The James Balanced: Golden Rainbow Fund (Retail Class), James Small Cap Fund, James Mid Cap Fund and James Long Short Fund have 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), with a Plan, under its Plan is 0.25% of its average daily net assets for the year. The Plans are compensation plans, which means that payments are made to James regardless of 12b-1 expenses actually incurred. Therefore, payments under a Plan may exceed distribution and shareholder service expenses incurred pursuant to the Plan, and James is permitted to retain the excess. It is also possible that 12b-1 expenses paid by James for a period will exceed the payments received by James, in which case James may pay such excess expenses out of its own resources. Payments received by James under the Plans are in addition to the fees paid to James pursuant to the Management Agreements. The Plans require that James act in the Funds’ best interests in expending the payments it receives from the Funds and use payments solely for the purpose of paying distribution and shareholder services expenses on behalf of the Funds. The Funds’ distributor, ALPS Distributors, Inc., validates all payment amounts to be made to brokers that have properly executed dealer agreements with the Funds before James will make such payments. The expenses of the Funds’ Plans are
60 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
December 31, 2015 (Unaudited)
5. | COMMITMENTS AND CONTINGENCIES |
reflected as 12b-1 distribution and service fees – Retail Class on the Statements of Operations.
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, 2015, the James Long-Short Fund utilized its line of credit. The average amount of borrowings was $151,667 over 9 day with a weighted-average interest rate of 3.25% for James Long-Short Fund. As of December 31, 2015, the James Long-Short Fund did not have an outstanding balance with respect to the line of credit. Interest on funded and unfunded loans can be found under interest expense on the Statements of Operations. For the remaining Funds, there were no borrowings on their line of credit during the six-months. Each Fund’s line of credit agreement expired on July 13, 2015 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 12, 2016 | ||
James Small Cap Fund | $ | 6,500,000 | Prime Rate* | July 12, 2016 | ||
James Mid Cap Fund | $ | 715,000 | Prime Rate* | July 12, 2016 | ||
James Micro Cap Fund | $ | 540,000 | Prime Rate* | July 12, 2016 | ||
James Aggressive Allocation Fund | $ | 540,000 | Prime Rate* | July 12, 2016 | ||
James Long-Short Fund | $ | 3,000,000 | Prime Rate* | July 12, 2016 |
* | The rate at which the Bank announces as its prime lending rate. |
Semi-Semi-Annual Report | December 31, 2015 | 61 |
Additional Information | James Advantage Funds |
December 31, 2015 (Unaudited)
PROXY VOTING GUIDELINES
James is responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that James uses in fulfilling this responsibility and information regarding how those proxies were voted during the most recent 12-month period ended June 30 are available without charge upon request by calling toll free 1-800-995-2637. These items are also available on the Securities and Exchange Commission’s (the “Commission”) 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.
62 | www.jamesfunds.com |
James Advantage Funds | Privacy Policy |
December 31, 2015 (Unaudited)
Facts
What does James Advantage Funds do with your personal information?
Why?
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?
The types of personal information we collect and share depends on the product or service that you have with us. This information can include:
● | Social Security number and wire transfer instructions |
● | account transactions and transaction history |
● | investment experience and purchase history |
When you are no longer our customer, we continue to share your information as described in this notice.
How?
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons James Advantage Funds chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information: | Does James Advantage Funds share information? | Can you limit this sharing? |
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | YES | NO |
For our marketing purposes - to offer our products and services to you. | YES | NO |
For joint marketing with other financial companies. | NO | We don’t share |
For our affiliates’ everyday business purposes - information about your transactions and records. | NO | We don’t share |
For our affiliates’ everyday business purposes - information about your credit worthiness. | NO | We don’t share |
For our affiliates to market to you | NO | We don’t share |
For non-affiliates to market to you | NO | We don’t share |
Questions? Call 1-800-99 James
What we do: | |||
How does James Advantage Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | ||
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | |||
How does James Advantage Funds | We collect your personal information, for example, when you | ||
collect my personal information? | ● | open an account or deposit money | |
● | direct us to buy securities or direct us to sell your securities | ||
● | seek advice about your investments | ||
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |||
Why can’t I limit all sharing? | Federal law gives you the right to limit only: | ||
● | sharing for affiliates’ everyday business purposes – information about your creditworthiness. | ||
● | affiliates from using your information to market to you. | ||
● | sharing for nonaffiliates to market to you. | ||
State laws and individual companies may give you additional rights to limit sharing. | |||
Definitions | |||
Affiliates | Companies related by common ownership or control. They can be financial and non-financial companies. | ||
● | Our affiliates include financial companies, such as James Investment Research, Inc. and James Capital Alliance. | ||
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. | ||
● | James Advantage Funds does not share with nonaffiliates so they can market to you. | ||
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. | ||
● | James Advantage Funds does not jointly market. |
Semi-Annual Report | December 31, 2015 | 63 |
![(BACK COVER)](https://capedge.com/proxy/N-CSRS/0001398344-16-010704/fp0018380_14.jpg)
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.
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. |
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 4, 2016
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 4, 2016
By: | /s/ Thomas L. Mangan | |
Thomas L. Mangan | ||
Chief Financial Officer (Principal Financial Officer) |
Date: March 4, 2016