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Shareholder Letter | 1 |
Growth of $10,000 or $50,000 Charts | 5 |
Representation of Schedules of Investments | 9 |
Disclosure of Fund Expenses | 10 |
Schedule of Investments | |
James Balanced: Golden Rainbow Fund | 12 |
James Small Cap Fund | 23 |
James Mid Cap Fund | 26 |
James Micro Cap Fund | 28 |
James Aggressive Allocation Fund | 30 |
James Long-Short Fund | 33 |
Statements of Assets and Liabilities | 36 |
Statements of Operations | 38 |
Statements of Changes in Net Assets | 39 |
Financial Highlights | |
James Balanced: Golden Rainbow Fund - Retail Class | 46 |
James Balanced: Golden Rainbow Fund - Institutional Class | 47 |
James Small Cap Fund | 48 |
James Mid Cap Fund | 49 |
James Micro Cap Fund | 50 |
James Aggressive Allocation Fund | 51 |
James Long-Short Fund | 52 |
Notes to Financial Statements | 53 |
Report of Independent Registered Public Accounting Firm | 61 |
Additional Information | 62 |
Disclosure Regarding Approval of Fund Advisory Agreements | 63 |
Trustees & Officers | 67 |
Privacy Policy | 69 |
James Advantage Funds | Shareholder Letter |
Annual Report | June 30, 2016 | 1 |
Shareholder Letter | James Advantage Funds |
2 | www.jamesfunds.com |
James Advantage Funds | Shareholder Letter |
liquidity issues.
Annual Report | June 30, 2016 | 3 |
Shareholder Letter | James Advantage Funds |
4 | www.jamesfunds.com |
James Advantage Funds | Growth of $10,000 or $50,000 Charts |
June 30, 2016 (Unaudited)
![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_02.jpg)
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(2) | |
James Balanced: Golden Rainbow – Retail Class | -0.64% | 5.98% | 6.18% | 7.90% |
Blended Index(1) | 1.71% | 6.81% | 6.09% | 7.95% |
Russell 2000® Index | -6.73% | 8.35% | 6.20% | 9.51% |
Barclays Capital U.S. Intermediate Government/Credit Bond Index | 4.33% | 2.90% | 4.48% | 5.64% |
S&P 500® Index | 3.99% | 12.10% | 7.42% | 9.32% |
(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. |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_03.jpg)
1 Year | 5 Years | Since Inception(2) | |
James Balanced: Golden Rainbow – Institutional Class | -0.43% | 6.23% | 9.81% |
Blended Index(1) | 1.71% | 6.81% | 11.43% |
Russell 2000® Index | -6.73% | 8.35% | 18.49% |
Barclays Capital U.S. Intermediate Government/Credit Bond Index | 4.33% | 2.90% | 3.91% |
S&P 500® Index | 3.99% | 12.10% | 18.65% |
(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. |
Annual Report | June 30, 2016 | 5 |
Growth of $10,000 or $50,000 Charts | James Advantage Funds |
June 30, 2016 (Unaudited)
![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_04.jpg)
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(1) | |
James Small Cap Fund | -4.62% | 7.03% | 3.99% | 7.71% |
Russell 2000® Index | -6.73% | 8.35% | 6.20% | 8.37% |
(1) | Fund inception was October 2, 1998. |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_05.jpg)
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(1) | |
James Mid Cap Fund | -2.46% | 7.76% | 5.35% | 5.35% |
S&P MidCap 400® Value Index | 1.28% | 10.96% | 7.75% | 7.75% |
(1) | Fund inception was June 30, 2006. |
Poor’s methodology.
6 | www.jamesfunds.com |
James Advantage Funds | Growth of $10,000 or $50,000 Charts |
June 30, 2016 (Unaudited)
![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_06.jpg)
1 Year | 5 Year | Since Inception(1) | |
James Micro Cap Fund | -0.44% | 9.84% | 11.34% |
Russell Microcap® Index | -12.05% | 8.20% | 12.12% |
(1) | Fund inception was July 1, 2010. |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_07.jpg)
1 Month | 3 Month | Since Inception(2) | |
James Aggressive Allocation Fund | 2.38% | 2.49% | -4.98% |
Blended Index(1) | 0.90% | 2.65% | 3.67% |
(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. |
Annual Report | June 30, 2016 | 7 |
Growth of $10,000 or $50,000 Charts | James Advantage Funds |
June 30, 2016 (Unaudited)
![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_08.jpg)
1 Year | 5 Years | Since Inception(1) | |
James Long-Short Fund | -1.96% | 5.26% | 5.36% |
S&P 500® Index | 3.99% | 12.10% | 11.94% |
(1) | Fund inception was May 23, 2011. |
8 | www.jamesfunds.com |
James Advantage Funds | Representation of Schedules of Investments |
June 30, 2016 (Unaudited)
![(PIE CHART)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_09.jpg)
![(PIE CHART)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_10.jpg)
![(PIE CHART)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_11.jpg)
![(PIE CHART)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_12.jpg)
![(PIE CHART)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_13.jpg)
(% of Net Assets)*
![(BAR CHART)](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_14.jpg)
* | Holdings are subject to change, and may not reflect the current or future position of the portfolio. |
Annual Report | June 30, 2016 | 9 |
Disclosure of Fund Expenses | James Advantage Funds |
June 30, 2016 (Unaudited) |
Net Expense Ratio Annualized June 30, 2016(a) | Beginning Account Value January 1, 2016 | Ending Account Value June 30, 2016 | Expense Paid During Period(b) | |
James Balanced: Golden Rainbow Fund | ||||
Retail Class Actual | 0.96% | $1,000.00 | $1,016.10 | $4.81 |
Retail Class Hypothetical (5% return before expenses) | 0.96% | $1,000.00 | $1,020.09 | $4.82 |
Institutional Class Actual | 0.71% | $1,000.00 | $1,017.10 | $3.56 |
Institutional Class Hypothetical (5% return before expenses) | 0.71% | $1,000.00 | $1,021.33 | $3.57 |
James Small Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $990.00 | $7.42 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.40 | $7.52 |
James Mid Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $988.30 | $7.42 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.40 | $7.52 |
James Micro Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $996.00 | $7.44 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.40 | $7.52 |
James Aggressive Allocation Fund(c) | ||||
Actual | 0.98% | $1,000.00 | $1,039.50 | $4.97 |
Hypothetical (5% return before expenses) | 0.98% | $1,000.00 | $1,019.99 | $4.92 |
James Long-Short Fund | ||||
Actual | 2.84%(d) | $1,000.00 | $979.60 | $13.98 |
Hypothetical (5% return before expenses) | 2.84%(d) | $1,000.00 | $1,010.74 | $14.20 |
10 | www.jamesfunds.com |
James Advantage Funds | Disclosure of Fund Expenses |
June 30, 2016 (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 (182), divided by 366. |
(c) | Fund commenced operations on July 1, 2015. |
(d) | Dividend and interest expense on securities sold short and interest expense totaled 1.34% (annualized) of average net assets for the six months ended June 30, 2016. Total annual operating expense of 2.84% includes the 1.34% of dividend and interest expense. |
Annual Report | June 30, 2016 | 11 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
June 30, 2016 |
Shares or Principal Amount | Value | ||||||
COMMON STOCKS-48.6% | |||||||
Basic Materials-4.6% | |||||||
6,388 | AEP Industries, Inc. | $ | 513,978 | ||||
31,560 | Agnico Eagle Mines, Ltd. | 1,688,460 | |||||
323,670 | Avery Dennison Corp. | 24,194,333 | |||||
514,370 | Barrick Gold Corp. | 10,981,799 | |||||
553,420 | Celanese Corp., Series A | 36,221,339 | |||||
62,530 | Ciner Resources LP | 1,752,091 | |||||
392,250 | Cooper Tire & Rubber Co. | 11,696,895 | |||||
36,830 | Dow Chemical Co. | 1,830,819 | |||||
32,130 | First Majestic Silver Corp.* | 436,325 | |||||
1,120,260 | Goodyear Tire & Rubber Co. | 28,745,872 | |||||
96,330 | Hecla Mining Co. | 491,283 | |||||
288,855 | Innospec, Inc. | 13,284,441 | |||||
59,010 | Lydall, Inc.* | 2,275,426 | |||||
119,250 | Neenah Paper, Inc. | 8,630,123 | |||||
1,037,820 | Newmont Mining Corp. | 40,599,518 | |||||
48,650 | Novagold Resources, Inc.* | 297,738 | |||||
26,900 | Pan American Silver Corp. | 442,505 | |||||
459,420 | Richmont Mines, Inc.* | 4,231,258 | |||||
168,720 | Universal Forest Products, Inc. | 15,638,657 | |||||
203,952,860 | |||||||
Consumer, Cyclical-5.1% | |||||||
737,220 | Alaska Air Group, Inc. | 42,972,554 | |||||
406,780 | Best Buy Co., Inc. | 12,447,468 | |||||
101,335 | Big Lots, Inc. | 5,077,897 | |||||
409,475 | Cato Corp., Class A | 15,445,397 | |||||
64,890 | Delta Air Lines, Inc. | 2,363,943 | |||||
254,800 | Express, Inc.* | 3,697,148 | |||||
71,220 | Flexsteel Industries, Inc. | 2,821,736 | |||||
634,050 | Foot Locker, Inc. | 34,783,983 | |||||
632,670 | Ford Motor Co. | 7,952,662 | |||||
305,275 | Hawaiian Holdings, Inc.* | 11,588,239 | |||||
70,940 | Insight Enterprises, Inc.* | 1,844,440 | |||||
75,350 | Lennar Corp., Class A | 3,473,635 | |||||
5,710 | Meritage Homes Corp.* | 214,353 | |||||
141,480 | Patrick Industries, Inc.* | 8,529,829 | |||||
117,260 | PC Connection, Inc. | 2,790,788 | |||||
983,490 | Skechers U.S.A., Inc., Class A* | 29,229,323 | |||||
771,725 | Southwest Airlines Co. | 30,259,337 | |||||
34,945 | Wabash National Corp.* | 443,802 | |||||
103,505 | Wal-Mart Stores, Inc. | 7,557,935 | |||||
5,800 | Wayside Technology Group, Inc. | 104,748 | |||||
223,599,217 | |||||||
Consumer, Non-cyclical-10.3% | |||||||
322,580 | Aetna, Inc. | 39,396,695 | |||||
312,115 | Anthem, Inc. | 40,993,184 | |||||
128,305 | Cal-Maine Foods, Inc. | 5,686,478 | |||||
17,970 | Coca-Cola Bottling Co. Consolidated | 2,650,036 | |||||
133,035 | Convergys Corp. | 3,325,875 | |||||
857,650 | Dr Pepper Snapple Group, Inc. | 82,874,720 | |||||
255,410 | DST Systems, Inc. | 29,737,386 |
See Notes to Financial Statements. |
12 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
June 30, 2016 |
Shares or Principal Amount | Value | ||||||
Consumer, Non-cyclical (continued) | |||||||
239,070 | Eli Lilly & Co. | $ | 18,826,763 | ||||
102,135 | Helen of Troy, Ltd.* | 10,503,563 | |||||
325,675 | Ingles Markets, Inc., Class A | 12,147,678 | |||||
21,600 | Ingredion, Inc. | 2,795,256 | |||||
65,905 | John B Sanfilippo & Son, Inc. | 2,809,530 | |||||
1,023,480 | Kroger Co. | 37,653,829 | |||||
75,358 | ManpowerGroup, Inc. | 4,848,534 | |||||
674,260 | Merck & Co., Inc. | 38,844,119 | |||||
51,240 | National HealthCare Corp. | 3,317,278 | |||||
115,190 | Natural Health Trends Corp. | 3,247,206 | |||||
824,855 | Newell Rubbermaid, Inc. | 40,063,207 | |||||
114,955 | Nutrisystem, Inc. | 2,915,259 | |||||
242,090 | Omega Protein Corp.* | 4,839,379 | |||||
777,530 | Pfizer, Inc. | 27,376,831 | |||||
34,389 | Sanderson Farms, Inc. | 2,979,463 | |||||
69,960 | Superior Uniform Group, Inc. | 1,335,536 | |||||
105,621 | Toro Co. | 9,315,772 | |||||
197,750 | UnitedHealth Group, Inc. | 27,922,300 | |||||
456,405,877 | |||||||
Energy-2.4% | |||||||
158,091 | BP PLC, Sponsored ADR | 5,613,811 | |||||
215,790 | Exxon Mobil Corp. | 20,228,155 | |||||
145,864 | HollyFrontier Corp. | 3,467,187 | |||||
26,718 | Matrix Service Co.* | 440,580 | |||||
1,359,710 | McDermott International, Inc.* | 6,716,967 | |||||
8,350 | Noble Corp. PLC | 68,804 | |||||
7,795 | PBF Energy, Inc., Class A | 185,365 | |||||
8,180 | Rowan Cos., PLC, Class A | 144,459 | |||||
136,580 | Star Gas Partners LP | 1,212,830 | |||||
424,950 | Tesoro Corp. | 31,837,254 | |||||
589,710 | Valero Energy Corp. | 30,075,210 | |||||
99,695 | World Fuel Services Corp. | 4,734,516 | |||||
104,725,138 | |||||||
Financial-8.3% | |||||||
44,000 | Aircastle, Ltd. | 860,640 | |||||
316,293 | American Financial Group, Inc. | 23,383,541 | |||||
1,459,470 | AmTrust Financial Services, Inc. | 35,757,015 | |||||
438,356 | Annaly Capital Management, Inc., REIT | 4,852,601 | |||||
42,500 | Ares Commercial Real Estate Corp., REIT | 522,325 | |||||
295,907 | Argo Group International Holdings, Ltd. | 15,357,547 | |||||
97,760 | Ashford Hospitality Trust, Inc., REIT | 524,971 | |||||
873,375 | Aspen Insurance Holdings, Ltd. | 40,507,132 | |||||
411,215 | Brandywine Realty Trust, REIT | 6,908,412 | |||||
466,926 | Chimera Investment Corp., REIT | 7,330,738 | |||||
127,020 | Chubb, Ltd. | 16,602,784 | |||||
75,625 | Dynex Capital, Inc., REIT | 524,837 | |||||
183,330 | Endurance Specialty Holdings, Ltd. | 12,312,443 | |||||
77,270 | ePlus, Inc.* | 6,319,913 | |||||
417,510 | Fifth Third Bancorp | 7,344,001 | |||||
24,865 | Getty Realty Corp., REIT | 533,354 | |||||
55,000 | Goldman Sachs Group, Inc. | 8,171,900 |
See Notes to Financial Statements. |
Annual Report | June 30, 2016 | 13 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
June 30, 2016 |
Shares or Principal Amount | Value | ||||||
Financial (continued) | |||||||
233,959 | Government Properties Income Trust, REIT | $ | 5,395,095 | ||||
17,890 | Hanover Insurance Group, Inc. | 1,513,852 | |||||
446,970 | JPMorgan Chase & Co. | 27,774,716 | |||||
1,207,600 | KeyCorp | 13,343,980 | |||||
25,115 | LendingTree, Inc.* | 2,218,408 | |||||
82,497 | LTC Properties, Inc., REIT | 4,267,570 | |||||
65,700 | MainSource Financial Group, Inc. | 1,448,685 | |||||
16,440 | MutualFirst Financial, Inc. | 449,634 | |||||
24,260 | National Storage Affiliates Trust, REIT | 505,093 | |||||
377,630 | Nelnet, Inc., Class A | 13,122,643 | |||||
64,950 | PNC Financial Services Group, Inc. | 5,286,281 | |||||
31,050 | Prospect Capital Corp. | 242,811 | |||||
111,640 | Reading International, Inc., Class A* | 1,394,384 | |||||
25,370 | Sunstone Hotel Investors, Inc., REIT | 306,216 | |||||
172,770 | Torchmark Corp. | 10,680,641 | |||||
678,924 | Travelers Cos., Inc. | 80,819,113 | |||||
354,335 | Unum Group | 11,264,310 | |||||
18,120 | Whitestone, REIT | 273,250 | |||||
368,120,836 | |||||||
Industrial-4.3% | |||||||
58,823 | Aegion Corp.* | 1,147,637 | |||||
21,600 | AGCO Corp. | 1,018,008 | |||||
10,283 | Alamo Group, Inc. | 678,370 | |||||
173,830 | AMERCO | 65,108,026 | |||||
315,210 | American Axle & Manufacturing Holdings, Inc.* | 4,564,241 | |||||
118,690 | American Railcar Industries, Inc. | 4,684,694 | |||||
126,530 | American Woodmark Corp.* | 8,399,061 | |||||
118,200 | Costamare, Inc. | 906,594 | |||||
93,290 | Covenant Transportation Group, Inc., Class A* | 1,685,750 | |||||
40,470 | Crown Holdings, Inc.* | 2,050,615 | |||||
91,515 | Culp, Inc. | 2,528,559 | |||||
87,610 | Deere & Co. | 7,099,914 | |||||
91,335 | DHT Holdings, Inc. | 459,415 | |||||
32,400 | FedEx Corp. | 4,917,672 | |||||
370,370 | Frontline, Ltd. | 2,914,812 | |||||
69,395 | Gener8 Maritime, Inc.* | 444,128 | |||||
173,300 | Global Brass & Copper Holdings, Inc. | 4,729,357 | |||||
88,940 | Headwaters, Inc.* | 1,595,584 | |||||
16,230 | Huntington Ingalls Industries, Inc. | 2,727,127 | |||||
1,142,890 | Magna International, Inc. | 40,081,152 | |||||
245,160 | Matson, Inc. | 7,916,216 | |||||
14,330 | NACCO Industries, Inc., Class A | 802,480 | |||||
54,080 | Republic Services, Inc. | 2,774,845 | |||||
32,400 | Ryder System, Inc. | 1,980,936 | |||||
162,258 | Ship Finance International, Ltd. | 2,391,683 | |||||
168,105 | Smith & Wesson Holding Corp.* | 4,569,094 | |||||
66,910 | Sonoco Products Co. | 3,322,751 | |||||
10,433 | Strattec Security Corp. | 425,353 | |||||
18,755 | Superior Industries International, Inc. | 502,259 | |||||
140,870 | Teekay Tankers, Ltd., Class A | 419,793 | |||||
10,470 | Tenneco, Inc.* | 488,007 | |||||
53,970 | Unifi, Inc.* | 1,469,603 |
See Notes to Financial Statements. |
14 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
June 30, 2016 |
Shares or Principal Amount | Value | ||||||
Industrial (continued) | |||||||
43,180 | United Rentals, Inc.* | $ | 2,897,378 | ||||
187,701,114 | |||||||
Technology-7.8% | |||||||
600,377 | ACCO Brands Corp.* | 6,201,894 | |||||
306,400 | Arrow Electronics, Inc.* | 18,966,160 | |||||
255,210 | Avnet, Inc. | 10,338,557 | |||||
47,640 | Cardtronics PLC* | 1,896,548 | |||||
147,820 | Cisco Systems, Inc. | 4,240,956 | |||||
138,000 | Cohu, Inc. | 1,497,300 | |||||
237,810 | Corning, Inc. | 4,870,349 | |||||
18,995 | CSG Systems International, Inc. | 765,688 | |||||
958,915 | Deluxe Corp. | 63,643,189 | |||||
149,701 | Ebix, Inc. | 7,170,678 | |||||
18,680 | Equifax, Inc. | 2,398,512 | |||||
61,759 | FormFactor, Inc.* | 555,217 | |||||
184,910 | Hackett Group, Inc. | 2,564,702 | |||||
421,000 | Intel Corp. | 13,808,800 | |||||
22,120 | International Business Machines Corp. | 3,357,374 | |||||
44,450 | Leidos Holdings, Inc. | 2,127,821 | |||||
189,660 | Lexmark International, Inc., Class A | 7,159,665 | |||||
267,430 | Lockheed Martin Corp. | 66,368,103 | |||||
33,670 | NeuStar, Inc., Class A* | 791,582 | |||||
376,220 | Northrop Grumman Corp. | 83,626,182 | |||||
355,880 | Orbotech, Ltd.* | 9,092,734 | |||||
268,600 | SYNNEX Corp. | 25,468,652 | |||||
118,690 | WESCO International, Inc.* | 6,111,348 | |||||
343,022,011 | |||||||
Utilities-5.8% | |||||||
300,520 | American Electric Power Co., Inc. | 21,063,447 | |||||
1,637,700 | AT&T, Inc. | 70,765,017 | |||||
77,435 | Avista Corp. | 3,469,088 | |||||
456,810 | BT Group PLC, Sponsored ADR | 12,722,159 | |||||
339,850 | CenterPoint Energy, Inc. | 8,156,400 | |||||
139,620 | DTE Energy Co. | 13,839,134 | |||||
188,500 | Edison International | 14,640,795 | |||||
119,560 | IDACORP, Inc. | 9,726,206 | |||||
34,540 | Inteliquent, Inc. | 687,001 | |||||
91,400 | PG&E Corp. | 5,842,288 | |||||
97,210 | Pinnacle West Capital Corp. | 7,879,843 | |||||
239,460 | PNM Resources, Inc. | 8,486,462 | |||||
475,660 | Portland General Electric Co. | 20,986,119 | |||||
367,120 | Public Service Enterprise Group, Inc. | 17,111,463 | |||||
49,427 | Spark Energy, Inc., Class A | 1,633,562 | |||||
240,510 | UGI Corp. | 10,883,078 | |||||
281,920 | Verizon Communications, Inc. | 15,742,413 | |||||
511,750 | Vonage Holdings Corp.* | 3,121,675 |
See Notes to Financial Statements. |
Annual Report | June 30, 2016 | 15 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
Shares or Principal Amount | Value | ||||||
Utilities (continued) | |||||||
137,670 | Westar Energy, Inc. | $ | 7,721,910 | ||||
254,478,060 | |||||||
TOTAL COMMON STOCKS (Cost $1,741,159,292) | 2,142,005,113 | ||||||
CLOSED-END FUNDS-0.0%(a) | |||||||
131,000 | BlackRock Resources & Commodities Strategy Trust | 1,008,700 | |||||
TOTAL CLOSED-END FUNDS (Cost $915,191) | 1,008,700 | ||||||
EXCHANGE TRADED FUNDS-1.2% | |||||||
107,910 | iShares® MSCI All Peru Capped ETF | 3,333,340 | |||||
109,760 | iShares® MSCI Canada ETF | 2,690,218 | |||||
94,410 | iShares® MSCI Chile Capped ETF | 3,474,288 | |||||
61,530 | iShares® MSCI Ireland Capped ETF | 2,211,388 | |||||
55,590 | iShares® MSCI Philippines ETF | 2,177,460 | |||||
7,000 | iShares® National AMT-Free Municipal Bond ETF | 797,580 | |||||
704,760 | iShares® Silver Trust ETF* | 12,594,061 | |||||
194,610 | SPDR® Gold Shares ETF* | 24,622,057 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $46,716,068) | 51,900,392 | ||||||
CORPORATE BONDS-6.4% | |||||||
Basic Materials-0.0%(a) | |||||||
$ | 1,500,000 | E.I. du Pont de Nemours & Co., 5.750%, 3/15/19 | 1,664,910 | ||||
Communications-0.2% | |||||||
8,000,000 | Alphabet, Inc., 3.625%, 5/19/21 | 8,822,888 | |||||
Consumer, Cyclical-0.5% | |||||||
5,000,000 | eBay, Inc., 2.600%, 7/15/22 | 4,951,635 | |||||
5,000,000 | Home Depot, Inc., 2.700%, 4/1/23 | 5,246,955 | |||||
5,000,000 | Home Depot, Inc., 5.950%, 4/1/41 | 6,903,915 | |||||
785,000 | McDonald's Corp., 5.700%, 2/1/39 | 977,879 | |||||
2,000,000 | Wal-Mart Stores, Inc., 5.250%, 9/1/35 | 2,628,658 | |||||
20,709,042 | |||||||
Consumer, Non-cyclical-1.3% | |||||||
10,000,000 | Coca-Cola Co., 3.200%, 11/1/23 | 10,775,230 | |||||
3,000,000 | Hershey Co., 4.125%, 12/1/20 | 3,363,969 | |||||
5,475,000 | Johnson & Johnson, 4.500%, 9/1/40 | 6,762,255 | |||||
5,000,000 | Merck & Co., Inc., 2.800%, 5/18/23 | 5,249,820 | |||||
10,000,000 | Merck & Co., Inc., 4.150%, 5/18/43 | 11,269,530 | |||||
10,000,000 | PepsiCo, Inc., 5.000%, 6/1/18 | 10,731,000 | |||||
10,000,000 | Stryker Corp., 2.000%, 9/30/16 | 10,029,630 | |||||
58,181,434 | |||||||
Energy-1.2% | |||||||
5,000,000 | Apache Corp., 3.250%, 4/15/22 | 5,122,640 | |||||
5,000,000 | BP Capital Markets PLC, 3.245%, 5/6/22 | 5,260,205 |
16 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
Energy (continued) | |||||||
$ | 8,271,000 | Chevron Corp., 3.326%, 11/17/25 | $ | 8,844,147 | |||
10,000,000 | Diamond Offshore Drilling, Inc., 5.875%, 5/1/19 | 10,250,740 | |||||
5,050,000 | Shell International Finance BV, 2.375%, 8/21/22 | 5,170,660 | |||||
5,000,000 | Shell International Finance BV, 6.375%, 12/15/38 | 6,796,170 | |||||
2,625,000 | Shell International Finance BV, 4.375%, 5/11/45 | 2,846,020 | |||||
10,000,000 | Statoil ASA, 2.250%, 11/8/19 | 10,255,850 | |||||
54,546,432 | |||||||
Financial-1.8% | |||||||
5,000,000 | Aflac, Inc., 2.650%, 2/15/17 | 5,054,830 | |||||
8,000,000 | Aflac, Inc., 3.625%, 11/15/24 | 8,572,144 | |||||
20,000,000 | American Express Credit Corp., 2.800%, 9/19/16 | 20,084,960 | |||||
5,000,000 | Berkshire Hathaway, Inc., 3.750%, 8/15/21 | 5,517,625 | |||||
5,000,000 | Citigroup, Inc., 4.450%, 1/10/17 | 5,082,800 | |||||
11,000,000 | JPMorgan Chase & Co., 4.250%, 10/15/20 | 11,990,583 | |||||
5,000,000 | Morgan Stanley & Co., 4.750%, 3/22/17 | 5,124,035 | |||||
6,000,000 | PNC Bank Na, 2.950%, 2/23/25 | 6,199,602 | |||||
5,000,000 | UBS AG, 5.875%, 12/20/17 | 5,310,920 | |||||
5,000,000 | Wells Fargo & Co., 2.500%, 3/4/21 | 5,127,720 | |||||
78,065,219 | |||||||
Industrial-0.5% | |||||||
1,000,000 | Caterpillar, Inc., 7.900%, 12/15/18 | 1,157,546 | |||||
1,000,000 | Caterpillar, Inc., 8.250%, 12/15/38 | 1,604,572 | |||||
10,000,000 | General Electric Capital Corp., 1.428%, 4/15/20(b) | 10,101,960 | |||||
2,000,000 | General Electric Capital Corp., 6.875%, 1/10/39 | 3,020,644 | |||||
5,000,000 | United Technologies Corp., 3.100%, 6/1/22 | 5,330,375 | |||||
21,215,097 | |||||||
Technology-0.7% | |||||||
3,419,000 | Apple, Inc., 1.550%, 2/7/20 | 3,444,632 | |||||
5,000,000 | Intel Corp., 3.300%, 10/1/21 | 5,421,260 | |||||
3,000,000 | International Business Machines Corp., 1.950%, 7/22/16 | 3,001,761 | |||||
7,000,000 | International Business Machines Corp., 1.875%, 8/1/22 | 6,968,444 | |||||
3,700,000 | Microsoft Corp., 5.200%, 6/1/39 | 4,567,191 | |||||
5,000,000 | Oracle Corp., 2.500%, 10/15/22 | 5,118,420 | |||||
28,521,708 | |||||||
Utilities-0.2% | |||||||
5,000,000 | Duke Energy Florida LLC, Series A, 5.800%, 9/15/17 | 5,283,655 | |||||
4,600,000 | San Diego Gas & Electric Co., 3.000%, 8/15/21 | 4,923,260 | |||||
10,206,915 | |||||||
TOTAL CORPORATE BONDS (Cost $271,102,406) | 281,933,645 | ||||||
MORTGAGE BACKED SECURITIES-0.5% | |||||||
Federal National Mortgage Association-0.4% | |||||||
$ | 12,961,059 | 3.500%, 9/1/33 | 13,788,375 | ||||
1,776,427 | 4.500%, 9/1/40 | 1,874,371 | |||||
15,662,746 |
Annual Report | June 30, 2016 | 17 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
Shares or Principal Amount | Value | ||||||
Government National Mortgage Association-0.1% | |||||||
$ | 3,773,451 | 4.000%, 12/20/40 | $ | 4,066,130 | |||
TOTAL MORTGAGE BACKED SECURITIES (Cost $18,944,671) | 19,728,876 | ||||||
U.S. GOVERNMENT AGENCIES-5.3% | |||||||
Federal Farm Credit Banks-2.4% | |||||||
10,000,000 | 1.170%, 5/16/19 | 10,014,550 | |||||
15,000,000 | 1.970%, 5/10/22 | 15,004,875 | |||||
15,000,000 | 2.000%, 10/20/22 | 15,014,730 | |||||
10,000,000 | 2.350%, 5/2/24 | 10,034,740 | |||||
10,000,000 | 2.980%, 11/25/25 | 10,025,510 | |||||
5,725,000 | 2.750%, 11/6/26 | 6,116,373 | |||||
10,000,000 | 2.800%, 6/2/28 | 10,073,260 | |||||
10,000,000 | 3.500%, 9/14/29 | 10,060,060 | |||||
7,325,000 | 3.400%, 11/25/30 | 7,346,792 | |||||
10,000,000 | 3.220%, 3/26/31 | 10,946,140 | |||||
104,637,030 | |||||||
Federal Home Loan Banks-2.0% | |||||||
25,000,000 | 0.700%, 6/5/17 | 25,018,675 | |||||
11,250,000 | 1.200%, 5/23/19 | 11,259,394 | |||||
5,000,000 | 1.600%, 10/22/20 | 5,000,065 | |||||
10,000,000 | 2.050%, 6/9/23 | 10,032,630 | |||||
10,000,000 | 2.620%, 4/28/26 | 10,026,640 | |||||
9,500,000 | 3.000%, 4/18/31 | 9,506,032 | |||||
19,000,000 | 2.000%, 6/30/31 (c) | 19,001,102 | |||||
89,844,538 | |||||||
Federal Home Loan Mortgage Corporation-0.8% | |||||||
20,000,000 | 0.850%, 10/27/17 | 20,001,740 | |||||
10,000,000 | 1.350%, 5/24/19 | 10,005,470 | |||||
5,000,000 | 1.000%, 8/26/19 (c) | 5,001,100 | |||||
35,008,310 | |||||||
United States Department of Housing and Urban Development-0.1% | |||||||
5,000,000 | 2.050%, 8/1/19 | 5,177,785 | |||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $232,933,261) | 234,667,663 | ||||||
U.S. TREASURY BONDS & NOTES-30.9% | |||||||
U.S. Treasury Bonds-1.3% | |||||||
$ | 40,000,000 | 5.375%, 2/15/31 | 59,337,520 | ||||
U.S. Treasury Inflation Indexed Bonds-0.5% | |||||||
21,228,000 | 0.625%, 7/15/21 | 22,349,390 | |||||
U.S. Treasury Inflation Indexed Notes-1.2% | |||||||
13,131,850 | 1.625%, 1/15/18 | 13,628,746 | |||||
36,992,900 | 0.125%, 1/15/22 | 37,711,561 | |||||
51,340,307 | |||||||
U.S. Treasury Notes-27.9% | |||||||
80,000,000 | 0.500%, 1/31/17 | 80,031,280 |
18 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
U.S. Treasury Notes (continued) | |||||||
$ | 90,000,000 | 0.500%, 2/28/17 | $ | 90,035,190 | |||
105,000,000 | 0.875%, 11/15/17 | 105,438,900 | |||||
10,000,000 | 0.750%, 2/28/18 | 10,028,120 | |||||
155,000,000 | 1.500%, 8/31/18 | 157,942,520 | |||||
190,000,000 | 2.750%, 2/15/19 | 200,286,790 | |||||
185,000,000 | 1.500%, 10/31/19 | 189,328,630 | |||||
50,000,000 | 1.375%, 9/30/20 | 50,917,950 | |||||
175,000,000 | 2.625%, 11/15/20 | 187,523,350 | |||||
25,000,000 | 1.125%, 2/28/21 | 25,177,725 | |||||
65,000,000 | 2.125%, 5/15/25 | 68,689,270 | |||||
60,000,000 | 2.000%, 8/15/25 | 62,756,280 | |||||
1,228,156,005 | |||||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $1,320,804,730) | 1,361,183,222 | ||||||
FOREIGN BONDS-0.8% | |||||||
Australia Government-0.2% | |||||||
AUD 10,000,000 | 5.250%, 3/15/19 | 8,188,206 | |||||
Canada Government-0.2% | |||||||
CAD 5,000,000 | 3.750%, 6/1/19 | 4,233,755 | |||||
CAD 5,000,000 | 3.500%, 6/1/20 | 4,315,454 | |||||
8,549,209 | |||||||
New Zealand Government-0.2% | |||||||
NZD 15,000,000 | 5.000%, 3/15/19 | 11,540,766 | |||||
Singapore Government-0.2% | |||||||
SGD 10,000,000 | 2.250%, 6/1/21 | 7,702,200 | |||||
TOTAL FOREIGN BONDS (Cost $37,886,314) | 35,980,381 | ||||||
MUNICIPAL BONDS-4.6% | |||||||
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 (d) | 1,037,950 | |||||
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 (d) | 1,018,080 | |||||
Connecticut-0.2% | |||||||
5,350,000 | State of Connecticut, Series D, 5.000%, 11/1/25 | 6,349,005 | |||||
Florida-0.3% | |||||||
10,775,000 | Florida State Board of Education Capital Outlay General Obligation Bonds, Series C, 5.000%, 6/1/23 | 13,520,147 | |||||
1,000,000 | Florida State Board of Education Capital Outlay General Obligation Bonds, Series D, 5.000%, 6/1/38 | 1,082,820 | |||||
14,602,967 | |||||||
Georgia-0.2% | |||||||
3,000,000 | State of Georgia General Obligation Unlimited Bonds, Series B, 4.500%, 1/1/29 | 3,254,880 |
Annual Report | June 30, 2016 | 19 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
Shares or Principal Amount | Value | ||||||
Georgia (continued) | |||||||
$ | 5,000,000 | State of Georgia General Obligation Unlimited Bonds, Series D, 5.000%, 2/1/25 | $ | 6,250,500 | |||
9,505,380 | |||||||
Hawaii-0.3% | |||||||
9,000,000 | City and County of Honolulu General Obligation Unlimited Bonds, Series B, 5.000%, 11/1/25 | 11,069,010 | |||||
Illinois-0.0%(a) | |||||||
1,000,000 | Village of Bolingbrook General Obligation Unlimited Bonds, 5.000%, 1/1/37 | 1,043,260 | |||||
Maryland-0.1% | |||||||
5,000,000 | County of Montgomery General Obligation Unlimited Bonds, Series A, 3.000%, 11/1/29 | 5,193,200 | |||||
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 (d) | 1,049,160 | |||||
Michigan-0.0%(a) | |||||||
1,000,000 | Marysville Public School District General Obligation Unlimited Bonds (School Building & Site), Prefunded 5/1/17 @ 100, 5.000%, 5/1/32 (d) | 1,036,240 | |||||
Ohio-1.4% | |||||||
7,450,000 | Beavercreek City School District General Obligation Unlimited Bonds, 3.250%, 12/1/36 | 7,842,093 | |||||
6,395,000 | City of Cincinnati General Obligation Unlimited Bonds, Series A, 3.000%, 12/1/27 | 7,002,973 | |||||
5,450,000 | City of Columbus General Obligation Various Purpose Limited Tax Bonds, Series B, 3.250%, 8/15/24 | 6,040,290 | |||||
1,500,000 | City of Newark General Obligation Limited Bonds, 1.750%, 5/16/17 | 1,509,825 | |||||
5,000,000 | County of Cuyahoga General Obligation Limited (Capital Improvement), Series A, 4.000%, 12/1/37 | 5,338,750 | |||||
Greenville City School District General Obligation Unlimited Bonds (School Improvement): | |||||||
5,000,000 | 5.000%, 1/1/46 | 5,837,950 | |||||
11,000,000 | 5.500%, 1/1/51 | 12,645,380 | |||||
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 (d) | 1,213,058 | |||||
500,000 | Mount Healthy City School District General Obligation Unlimited Bonds (School Improvement), Prefunded 6/01/18 @ 100, 5.000%, 12/1/26 (d) | 541,060 | |||||
1,000,000 | Ohio State University General Recipients Revenue Bonds, Series C, 4.910%, 6/1/40 | 1,283,730 | |||||
105,000 | Ohio State University Revenue Bonds, Series A, Prefunded 12/01/18 @ 100, 5.000%, 12/1/28 (d) | 115,792 | |||||
895,000 | Ohio State University Revenue Bonds, Series A, Unrefunded Portion, 5.000%, 12/1/28 | 984,724 | |||||
500,000 | Springboro Community City School District General Obligation Unlimited Bonds, 5.250%, 12/1/23 | 617,675 | |||||
State of Ohio General Obligation Unlimited Bonds, Series A, Prefunded 3/01/18 @ 100: | |||||||
365,000 | 5.375%, 9/1/28 (d) | 393,112 | |||||
635,000 | 5.375%, 9/1/28 (d) | 684,460 | |||||
6,900,000 | State of Ohio General Obligation Unlimited Bonds, Series S, 5.000%, 5/1/28 | 8,987,319 | |||||
1,000,000 | Wright State University Revenue Bonds, 4.000%, 5/1/18 | 1,057,860 | |||||
62,096,051 | |||||||
Pennsylvania-0.9% | |||||||
Commonwealth of Pennsylvania General Obligation Unlimited Bonds, First Series: | |||||||
20,000,000 | 5.000%, 6/1/24 | 23,990,000 | |||||
12,005,000 | 5.000%, 3/15/25 | 15,038,904 | |||||
39,028,904 | |||||||
Tennessee-0.2% | |||||||
5,000,000 | Metropolitan Government of Nashville & Davidson County TN General Obligation Unlimited Bonds, Series C, 4.000%, 7/1/24 | 6,004,100 |
20 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
Texas-0.6% | |||||||
$ | 1,000,000 | Friendswood Independent School District General Obligation Unlimited Bonds (Schoolhouse), Prefunded 2/15/18 @ 100, 5.000%, 2/15/37 (d) | $ | 1,070,820 | |||
5,000,000 | Houston Texas Independent School District General Obligation Limited Bonds, Series A, 5.000%, 2/15/28 | 6,451,750 | |||||
1,000,000 | Judson Independent School District General Obligation Unlimited Bonds (School Building), Prefunded 2/01/17 @ 100, 5.000%, 2/1/37 (d) | 1,025,380 | |||||
500,000 | Lamar Consolidated Independent School District General Obligation Unlimited Bonds (Schoolhouse), Prefunded 2/15/17 @ 100, 5.000%, 2/15/38 (d) | 513,400 | |||||
5,335,000 | Port of Houston Authority General Obligation Unlimited Bonds, Series D-1, 5.000%, 10/1/35 | 6,172,968 | |||||
7,620,000 | Referendum Transportation Community Mobility General Obligation Unlimited Bonds, Series A, 5.000%, 10/1/25 | 9,957,968 | |||||
475,000 | Tyler Independent School District General Obligation Unlimited Bonds, Prefunded 2/15/18 @ 100, 5.000%, 2/15/34 (d) | 507,842 | |||||
525,000 | Tyler Independent School District General Obligation Unlimited Bonds, Unrefunded Portion, 5.000%, 2/15/34 | 561,141 | |||||
26,261,269 | |||||||
Washington-0.3% | |||||||
5,000,000 | State of Washington General Obligation Unlimited Bonds, Series D, 4.000%, 2/1/37 | 5,433,700 | |||||
5,845,000 | State of Washington General Obligation Various Purpose Unlimited Bonds, Series D, 5.000%, 2/1/20 | 6,678,263 | |||||
12,111,963 | |||||||
Wisconsin-0.1% | |||||||
5,000,000 | State of Wisconsin General Obligation Unlimited Bonds, Series C, Prefunded 5/1/21 @ 100, 5.000%, 5/1/25 (d) | 5,949,050 | |||||
TOTAL MUNICIPAL BONDS (Cost $191,999,280) | 203,355,589 | ||||||
SHORT TERM INVESTMENTS-3.3% | |||||||
Mutual Funds-3.3% | |||||||
143,414,502 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 143,414,502 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $143,414,502) | 143,414,502 | ||||||
TOTAL INVESTMENT SECURITIES-101.6% (Cost $4,005,875,715) | 4,475,178,083 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS-(1.6)% | (69,618,483 | ) | |||||
NET ASSETS-100.0% | $ | 4,405,559,600 |
* | 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 June 30, 2016. |
(c) | Step coupon. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of June 30, 2016. |
(d) | 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. |
Annual Report | June 30, 2016 | 21 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
22 | www.jamesfunds.com |
James Small Cap Fund | Schedule of Investments |
Shares | Value | ||||||
COMMON STOCKS-98.6% | |||||||
Basic Materials-14.8% | |||||||
1,663 | AEP Industries, Inc. | $ | 133,805 | ||||
13,875 | Ciner Resources LP | 388,778 | |||||
13,370 | Cooper Tire & Rubber Co. | 398,693 | |||||
32,570 | First Majestic Silver Corp.* | 442,301 | |||||
77,110 | Hecla Mining Co. | 393,261 | |||||
36,780 | Innospec, Inc. | 1,691,512 | |||||
99,080 | Lydall, Inc.* | 3,820,525 | |||||
35,460 | Neenah Paper, Inc. | 2,566,240 | |||||
49,380 | Novagold Resources, Inc.* | 302,206 | |||||
21,500 | Pan American Silver Corp. | 353,675 | |||||
152,645 | Richmont Mines, Inc.* | 1,405,860 | |||||
6,260 | Universal Forest Products, Inc. | 580,239 | |||||
12,477,095 | |||||||
Consumer, Cyclical-11.2% | |||||||
3,450 | Big Lots, Inc. | 172,879 | |||||
20,220 | Cato Corp., Class A | 762,698 | |||||
24,775 | Express, Inc.* | 359,485 | |||||
35,174 | Flexsteel Industries, Inc. | 1,393,594 | |||||
38,900 | Hawaiian Holdings, Inc.* | 1,476,644 | |||||
65,487 | Insight Enterprises, Inc.* | 1,702,662 | |||||
4,670 | Meritage Homes Corp.* | 175,312 | |||||
32,340 | Patrick Industries, Inc.* | 1,949,779 | |||||
56,450 | PC Connection, Inc. | 1,343,510 | |||||
3,730 | Wayside Technology Group, Inc. | 67,364 | |||||
9,403,927 | |||||||
Consumer, Non-cyclical-16.4% | |||||||
20,335 | Cal-Maine Foods, Inc. | 901,247 | |||||
7,910 | Coca-Cola Bottling Co. Consolidated | 1,166,488 | |||||
51,035 | Convergys Corp. | 1,275,875 | |||||
24,930 | Helen of Troy, Ltd.* | 2,563,801 | |||||
21,445 | Ingles Markets, Inc., Class A | 799,899 | |||||
21,709 | John B Sanfilippo & Son, Inc. | 925,455 | |||||
46,762 | National HealthCare Corp. | 3,027,372 | |||||
32,963 | Natural Health Trends Corp. | 929,227 | |||||
28,690 | Omega Protein Corp.* | 573,513 | |||||
11,655 | Sanderson Farms, Inc. | 1,009,789 | |||||
33,370 | Superior Uniform Group, Inc. | 637,033 | |||||
13,809,699 | |||||||
Energy-3.3% | |||||||
7,045 | Matrix Service Co.* | 116,172 | |||||
139,030 | McDermott International, Inc.* | 686,808 | |||||
6,590 | Noble Corp. PLC | 54,302 | |||||
6,595 | PBF Energy, Inc., Class A | 156,829 | |||||
6,470 | Rowan Cos., PLC, Class A | 114,260 | |||||
136,433 | Star Gas Partners LP | 1,211,525 | |||||
8,345 | World Fuel Services Corp. | 396,304 | |||||
2,736,200 |
Annual Report | June 30, 2016 | 23 |
Schedule of Investments | James Small Cap Fund |
June 30, 2016
Shares | Value | ||||||
Financial-15.8% | |||||||
40,155 | Aircastle, Ltd. | $ | 785,432 | ||||
42,832 | Argo Group International Holdings, Ltd. | 2,222,970 | |||||
45,385 | Aspen Insurance Holdings, Ltd. | 2,104,956 | |||||
14,960 | Brandywine Realty Trust, REIT | 251,328 | |||||
29,936 | ePlus, Inc.* | 2,448,466 | |||||
9,040 | Government Properties Income Trust, REIT | 208,462 | |||||
15,850 | Hanover Insurance Group, Inc. | 1,341,227 | |||||
9,300 | LTC Properties, Inc., REIT | 481,089 | |||||
78,471 | MainSource Financial Group, Inc. | 1,730,286 | |||||
3,340 | MutualFirst Financial, Inc. | 91,349 | |||||
42,625 | Premier Financial Bancorp, Inc. | 718,231 | |||||
24,560 | Prospect Capital Corp. | 192,059 | |||||
35,253 | Reading International, Inc., Class A* | 440,310 | |||||
20,040 | Sunstone Hotel Investors, Inc., REIT | 241,883 | |||||
4,760 | Whitestone, REIT | 71,781 | |||||
13,329,829 | |||||||
Industrial-6.2% | |||||||
8,223 | Aegion Corp.* | 160,431 | |||||
2,687 | Alamo Group, Inc. | 177,261 | |||||
10,165 | American Woodmark Corp.* | 674,753 | |||||
29,100 | Costamare, Inc. | 223,197 | |||||
27,730 | Covenant Transportation Group, Inc., Class A* | 501,081 | |||||
86,430 | Headwaters, Inc.* | 1,550,554 | |||||
12,500 | Ship Finance International, Ltd. | 184,250 | |||||
45,080 | Smith & Wesson Holding Corp.* | 1,225,275 | |||||
2,668 | Strattec Security Corp. | 108,774 | |||||
8,270 | Tenneco, Inc.* | 385,465 | |||||
5,191,041 | |||||||
Technology-18.4% | |||||||
43,735 | Cardtronics PLC* | 1,741,090 | |||||
38,430 | Cohu, Inc. | 416,965 | |||||
17,335 | CSG Systems International, Inc. | 698,774 | |||||
38,603 | Deluxe Corp. | 2,562,081 | |||||
27,982 | FormFactor, Inc.* | 251,557 | |||||
40,940 | Leidos Holdings, Inc. | 1,959,798 | |||||
68,660 | NCI, Inc., Class A | 964,673 | |||||
30,640 | NeuStar, Inc., Class A* | 720,346 | |||||
147,430 | Orbotech, Ltd.* | 3,766,837 | |||||
25,885 | SYNNEX Corp. | 2,454,416 | |||||
15,536,537 | |||||||
Utilities-12.5% | |||||||
30,370 | Avista Corp. | 1,360,576 | |||||
11,550 | IDACORP, Inc. | 939,593 | |||||
24,890 | Inteliquent, Inc. | 495,062 | |||||
59,555 | PNM Resources, Inc. | 2,110,629 | |||||
62,870 | Portland General Electric Co. | 2,773,824 | |||||
5,398 | Spark Energy, Inc., Class A | 178,404 |
24 | www.jamesfunds.com |
James Small Cap Fund | Schedule of Investments |
Shares | Value | ||||||
Utilities (continued) | |||||||
433,408 | Vonage Holdings Corp.* | $ | 2,643,789 | ||||
10,501,877 | |||||||
TOTAL COMMON STOCKS (Cost $62,359,842) | 82,986,205 | ||||||
SHORT TERM INVESTMENTS-1.7% | |||||||
Mutual Funds-1.7% | |||||||
1,473,421 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 1,473,421 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $1,473,421) | 1,473,421 | ||||||
TOTAL INVESTMENT SECURITIES-100.3% (Cost $63,833,263) | 84,459,626 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS-(0.3)% | (233,961 | ) | |||||
NET ASSETS-100.0% | $ | 84,225,665 |
* | Non-income producing security. |
Annual Report | June 30, 2016 | 25 |
Schedule of Investments | James Mid Cap Fund |
Shares | Value | ||||||
COMMON STOCKS-93.7% | |||||||
Basic Materials-12.9% | |||||||
3,500 | Agnico Eagle Mines, Ltd. | $ | 187,250 | ||||
7,500 | Avery Dennison Corp. | 560,625 | |||||
5,000 | Celanese Corp., Series A | 327,250 | |||||
12,000 | Goodyear Tire & Rubber Co. | 307,920 | |||||
12,000 | Silver Wheaton Corp. | 282,360 | |||||
2,000 | Universal Forest Products, Inc. | 185,380 | |||||
1,850,785 | |||||||
Consumer, Cyclical-12.0% | |||||||
6,000 | Alaska Air Group, Inc. | 349,740 | |||||
6,500 | Foot Locker, Inc. | 356,590 | |||||
10,000 | Hawaiian Holdings, Inc.* | 379,600 | |||||
5,000 | Skechers U.S.A., Inc., Class A* | 148,600 | |||||
10,000 | Vista Outdoor, Inc.* | 477,300 | |||||
1,711,830 | |||||||
Consumer, Non-cyclical-12.4% | |||||||
20,000 | Convergys Corp. | 500,000 | |||||
6,000 | Helen of Troy, Ltd.* | 617,040 | |||||
3,500 | Ingredion, Inc. | 452,935 | |||||
2,400 | Toro Co. | 211,680 | |||||
1,781,655 | |||||||
Energy-5.4% | |||||||
60,000 | McDermott International, Inc.* | 296,400 | |||||
6,500 | Newfield Exploration Co.* | 287,170 | |||||
2,500 | Tesoro Corp. | 187,300 | |||||
770,870 | |||||||
Financial-16.0% | |||||||
8,775 | American Financial Group, Inc. | 648,736 | |||||
20,000 | Annaly Capital Management, Inc., REIT | 221,400 | |||||
3,850 | Argo Group International Holdings, Ltd. | 199,815 | |||||
4,000 | Aspen Insurance Holdings, Ltd. | 185,520 | |||||
6,000 | Brandywine Realty Trust, REIT | 100,800 | |||||
9,000 | Chimera Investment Corp., REIT | 141,300 | |||||
6,000 | First American Financial Corp. | 241,320 | |||||
5,000 | Government Properties Income Trust, REIT | 115,300 | |||||
2,000 | LTC Properties, Inc., REIT | 103,460 | |||||
7,000 | Validus Holdings, Ltd. | 340,130 | |||||
2,297,781 | |||||||
Industrial-7.3% | |||||||
1,500 | AMERCO | 561,825 | |||||
1,000 | Huntington Ingalls Industries, Inc. | 168,030 | |||||
11,500 | Smith & Wesson Holding Corp.* | 312,570 | |||||
1,042,425 | |||||||
Technology-16.4% | |||||||
7,750 | Arrow Electronics, Inc.* | 479,725 | |||||
7,000 | Avnet, Inc. | 283,570 |
See Notes to Financial Statements. |
26 | www.jamesfunds.com |
James Mid Cap Fund | Schedule of Investments |
Shares | Value | ||||||
Technology (continued) | |||||||
13,950 | Deluxe Corp. | $ | 925,861 | ||||
5,000 | Orbital ATK, Inc. | 425,700 | |||||
2,500 | SYNNEX Corp. | 237,050 | |||||
2,351,906 | |||||||
Utilities-11.3% | |||||||
8,000 | CenterPoint Energy, Inc. | 192,000 | |||||
12,000 | CMS Energy Corp. | 550,320 | |||||
4,975 | DTE Energy Co. | 493,122 | |||||
4,000 | Portland General Electric Co. | 176,480 | |||||
4,500 | UGI Corp. | 203,625 | |||||
1,615,547 | |||||||
TOTAL COMMON STOCKS (Cost $9,186,383) | 13,422,799 | ||||||
EXCHANGE TRADED FUNDS-1.6% | |||||||
12,500 | iShares® Silver Trust ETF* | 223,375 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $170,062) | 223,375 | ||||||
SHORT TERM INVESTMENTS-4.7% | |||||||
Mutual Funds-4.7% | |||||||
674,438 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 674,438 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $674,438) | 674,438 | ||||||
TOTAL INVESTMENT SECURITIES-100.0% (Cost $10,030,883) | 14,320,612 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.0%(a) | 5,036 | ||||||
NET ASSETS-100.0% | $ | 14,325,648 |
* | Non-income producing security. |
(a) | Less than 0.05% of Net Assets. |
See Notes to Financial Statements. |
Annual Report | June 30, 2016 | 27 |
Schedule of Investments | James Micro Cap Fund |
Shares | Value | ||||||
COMMON STOCKS-92.9% | |||||||
Basic Materials-10.2% | |||||||
1,597 | AEP Industries, Inc. | $ | 128,495 | ||||
11,755 | Ciner Resources LP | 329,375 | |||||
20,830 | Lydall, Inc.* | 803,205 | |||||
156,790 | Richmont Mines, Inc.* | 1,444,036 | |||||
2,705,111 | |||||||
Consumer, Cyclical-19.5% | |||||||
8,200 | Cato Corp., Class A | 309,304 | |||||
33,001 | Flexsteel Industries, Inc. | 1,307,500 | |||||
12,185 | Hawaiian Holdings, Inc.* | 462,543 | |||||
27,581 | Patrick Industries, Inc.* | 1,662,858 | |||||
52,668 | PC Connection, Inc. | 1,253,498 | |||||
9,140 | Wabash National Corp.* | 116,078 | |||||
3,380 | Wayside Technology Group, Inc. | 61,043 | |||||
5,172,824 | |||||||
Consumer, Non-cyclical-16.6% | |||||||
6,850 | Coca-Cola Bottling Co. Consolidated | 1,010,170 | |||||
13,930 | Ingles Markets, Inc., Class A | 519,589 | |||||
20,852 | John B Sanfilippo & Son, Inc. | 888,921 | |||||
28,038 | Natural Health Trends Corp. | 790,391 | |||||
26,855 | Omega Protein Corp.* | 536,831 | |||||
33,857 | Superior Uniform Group, Inc. | 646,330 | |||||
4,392,232 | |||||||
Energy-3.8% | |||||||
6,767 | Matrix Service Co.* | 111,588 | |||||
98,941 | Star Gas Partners LP | 878,596 | |||||
990,184 | |||||||
Financial-16.4% | |||||||
11,120 | Ares Commercial Real Estate Corp., REIT | 136,665 | |||||
25,580 | Ashford Hospitality Trust, Inc., REIT | 137,365 | |||||
19,785 | Dynex Capital, Inc., REIT | 137,308 | |||||
18,568 | ePlus, Inc.* | 1,518,677 | |||||
6,505 | Getty Realty Corp., REIT | 139,532 | |||||
58,813 | MainSource Financial Group, Inc. | 1,296,827 | |||||
2,955 | MutualFirst Financial, Inc. | 80,819 | |||||
6,350 | National Storage Affiliates Trust, REIT | 132,207 | |||||
20,370 | Premier Financial Bancorp, Inc. | 343,234 | |||||
28,839 | Reading International, Inc., Class A* | 360,199 | |||||
4,740 | Whitestone, REIT | 71,479 | |||||
4,354,312 | |||||||
Industrial-11.4% | |||||||
15,498 | Aegion Corp.* | 302,366 | |||||
2,581 | Alamo Group, Inc. | 170,268 | |||||
6,870 | American Woodmark Corp.* | 456,030 | |||||
28,880 | Costamare, Inc. | 221,510 | |||||
25,955 | Covenant Transportation Group, Inc., Class A* | 469,007 | |||||
10,610 | Culp, Inc. | 293,154 |
See Notes to Financial Statements. |
28 | www.jamesfunds.com |
James Micro Cap Fund | Schedule of Investments |
Shares | Value | ||||||
Industrial (continued) | |||||||
23,900 | DHT Holdings, Inc. | $ | 120,217 | ||||
18,160 | Gener8 Maritime, Inc.* | 116,224 | |||||
18,855 | Global Brass & Copper Holdings, Inc. | 514,553 | |||||
2,740 | Strattec Security Corp. | 111,710 | |||||
4,905 | Superior Industries International, Inc. | 131,356 | |||||
36,860 | Teekay Tankers, Ltd., Class A | 109,843 | |||||
3,016,238 | |||||||
Technology-11.0% | |||||||
47,075 | Cohu, Inc. | 510,764 | |||||
21,895 | FormFactor, Inc.* | 196,840 | |||||
63,855 | NCI, Inc., Class A | 897,163 | |||||
51,341 | Orbotech, Ltd.* | 1,311,762 | |||||
2,916,529 | |||||||
Utilities-4.0% | |||||||
12,445 | Inteliquent, Inc. | 247,531 | |||||
13,025 | Spark Energy, Inc., Class A | 430,476 | |||||
63,035 | Vonage Holdings Corp.* | 384,514 | |||||
1,062,521 | |||||||
TOTAL COMMON STOCKS (Cost $18,636,282) | 24,609,951 | ||||||
SHORT TERM INVESTMENTS-7.2% | |||||||
Mutual Funds-7.2% | |||||||
1,918,955 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | 1,918,955 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $1,918,955) | 1,918,955 | ||||||
TOTAL INVESTMENT SECURITIES-100.1% (Cost $20,555,237) | 26,528,906 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS-(0.1)% | (14,344 | ) | |||||
NET ASSETS-100.0% | $ | 26,514,562 |
* | Non-income producing security. |
See Notes to Financial Statements. |
Annual Report | June 30, 2016 | 29 |
Schedule of Investments | James Aggressive Allocation Fund |
Shares or Principal Amount | Value | ||||||
COMMON STOCKS-72.1% | |||||||
Basic Materials-6.0% | |||||||
1,600 | Celanese Corp., Series A | $ | 104,720 | ||||
1,500 | Neenah Paper, Inc. | 108,555 | |||||
700 | PPG Industries, Inc. | 72,905 | |||||
3,000 | Silver Wheaton Corp. | 70,590 | |||||
800 | Universal Forest Products, Inc. | 74,152 | |||||
430,922 | |||||||
Consumer, Cyclical-10.9% | |||||||
2,000 | Big Lots, Inc. | 100,220 | |||||
700 | CVS Health Corp. | 67,018 | |||||
2,500 | Delta Air Lines, Inc. | 91,075 | |||||
5,500 | Express, Inc.* | 79,805 | |||||
2,000 | Foot Locker, Inc. | 109,719 | |||||
7,000 | Ford Motor Co. | 87,990 | |||||
650 | Home Depot, Inc. | 82,999 | |||||
1,400 | Southwest Airlines Co. | 54,894 | |||||
1,000 | Tata Motors, Ltd., Sponsored ADR* | 34,670 | |||||
1,000 | Wyndham Worldwide Corp. | 71,230 | |||||
779,620 | |||||||
Consumer, Non-cyclical-7.9% | |||||||
3,000 | Convergys Corp. | 75,000 | |||||
650 | Dr Pepper Snapple Group, Inc. | 62,810 | |||||
800 | Helen of Troy, Ltd.* | 82,272 | |||||
1,400 | Kroger Co. | 51,506 | |||||
1,793 | Newell Rubbermaid, Inc. | 87,086 | |||||
2,750 | Pfizer, Inc. | 96,828 | |||||
800 | UnitedHealth Group, Inc. | 112,960 | |||||
568,462 | |||||||
Energy-7.3% | |||||||
1,000 | Chevron Corp. | 104,830 | |||||
1,300 | Exxon Mobil Corp. | 121,862 | |||||
30,000 | McDermott International, Inc.* | 148,199 | |||||
3,200 | Newfield Exploration Co.* | 141,376 | |||||
516,267 | |||||||
Financial-10.8% | |||||||
1,250 | American Financial Group, Inc. | 92,413 | |||||
1,200 | Bank of Montreal | 76,068 | |||||
2,000 | BBVA Banco Frances SA, ADR | 41,260 | |||||
750 | Chubb, Ltd. | 98,032 | |||||
5,000 | Government Properties Income Trust, REIT | 115,300 | |||||
1,200 | Grupo Financiero Galicia SA, ADR | 36,648 | |||||
2,000 | JPMorgan Chase & Co. | 124,280 | |||||
800 | Travelers Cos., Inc. | 95,232 | |||||
3,000 | Unum Group | 95,370 | |||||
774,603 | |||||||
Industrial-8.1% | |||||||
900 | American Woodmark Corp.* | 59,742 |
See Notes to Financial Statements. |
30 | www.jamesfunds.com |
James Aggressive Allocation Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
Industrial (continued) | |||||||
650 | FedEx Corp. | $ | 98,657 | ||||
1,200 | Huntington Ingalls Industries, Inc. | 201,636 | |||||
2,150 | Sonoco Products Co. | 106,769 | |||||
1,750 | United Rentals, Inc.* | 117,425 | |||||
584,229 | |||||||
Technology-13.2% | |||||||
10,000 | ACCO Brands Corp.* | 103,300 | |||||
2,000 | Arrow Electronics, Inc.* | 123,800 | |||||
3,000 | Cisco Systems, Inc. | 86,070 | |||||
4,000 | Corning, Inc. | 81,920 | |||||
2,000 | Ebix, Inc. | 95,800 | |||||
2,000 | Leidos Holdings, Inc. | 95,740 | |||||
325 | Lockheed Martin Corp. | 80,655 | |||||
600 | Northrop Grumman Corp. | 133,368 | |||||
1,300 | Orbital ATK, Inc. | 110,682 | |||||
3,000 | Wipro, Ltd., ADR | 37,080 | |||||
948,415 | |||||||
Utilities-7.9% | |||||||
2,000 | American Electric Power Co., Inc. | 140,180 | |||||
3,000 | AT&T, Inc. | 129,630 | |||||
2,400 | Avista Corp. | 107,520 | |||||
1,000 | Pampa Energia SA, Sponsored ADR* | 27,340 | |||||
1,500 | Pinnacle West Capital Corp. | 121,590 | |||||
2,000 | Telecom Argentina SA, Sponsored ADR | 36,660 | |||||
562,920 | |||||||
TOTAL COMMON STOCKS (Cost $4,828,834) | 5,165,438 | ||||||
CLOSED-END FUNDS-1.5% | |||||||
4,500 | Aberdeen Chile Fund, Inc. | 28,125 | |||||
10,000 | BlackRock Resources & Commodities Strategy Trust | 77,000 | |||||
TOTAL CLOSED-END FUNDS (Cost $101,150) | 105,125 | ||||||
EXCHANGE TRADED FUNDS-2.2% | |||||||
1,000 | Global X MSCI Argentina ETF | 22,300 | |||||
1,000 | iShares® MSCI All Peru Capped ETF | 30,890 | |||||
655 | iShares® MSCI Ireland Capped ETF | 23,541 | |||||
1,800 | VanEck Vectors Agribusiness ETF | 86,418 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $154,717) | 163,149 | ||||||
U.S. GOVERNMENT AGENCIES-1.4% | |||||||
Federal Farm Credit Banks-1.4% | |||||||
$ | 50,000 | 3.170%, 7/21/25 | 50,052 |
See Notes to Financial Statements. |
Annual Report | June 30, 2016 | 31 |
Schedule of Investments | James Aggressive Allocation Fund |
Shares or Principal Amount | Value | ||||||
Federal Farm Credit Banks (continued) | |||||||
$ | 50,000 | 3.500%, 9/14/29 | $ | 50,301 | |||
100,353 | |||||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $99,900) | 100,353 | ||||||
U.S. TREASURY BONDS & NOTES-20.5% | |||||||
U.S. Treasury Inflation Indexed Bonds-7.8% | |||||||
$ | 530,700 | 0.625%, 7/15/21 | 558,734 | ||||
U.S. Treasury Notes-12.7% | |||||||
500,000 | 1.375%, 9/30/20 | 509,180 | |||||
400,000 | 1.125%, 2/28/21 | 402,844 | |||||
912,024 | |||||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $1,452,647) | 1,470,758 | ||||||
SHORT TERM INVESTMENTS-4.2% | |||||||
Mutual Funds-4.2% | |||||||
299,897 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.257% | 299,897 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $299,897) | 299,897 | ||||||
TOTAL INVESTMENT SECURITIES-101.9% (Cost $6,937,145) | 7,304,720 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS-(1.9)% | (133,088 | ) | |||||
NET ASSETS-100.0% | $ | 7,171,632 |
* | Non-income producing security. |
See Notes to Financial Statements. |
32 | www.jamesfunds.com |
James Long-Short Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
COMMON STOCKS-96.6% | |||||||
Basic Materials-14.0% | |||||||
11,690 | Avery Dennison Corp. | $ | 873,828 | ||||
12,840 | Barrick Gold Corp. | 274,134 | |||||
11,250 | Celanese Corp., Series A(a) | 736,313 | |||||
6,550 | Cooper Tire & Rubber Co.(a) | 195,321 | |||||
17,790 | Goodyear Tire & Rubber Co.(a) | 456,491 | |||||
11,990 | Innospec, Inc.(a) | 551,420 | |||||
9,420 | Lydall, Inc.*(a) | 363,235 | |||||
3,450,742 | |||||||
Consumer, Cyclical-10.0% | |||||||
2,870 | Alaska Air Group, Inc.(a) | 167,292 | |||||
7,440 | Best Buy Co., Inc. | 227,664 | |||||
4,650 | Big Lots, Inc. | 233,011 | |||||
15,080 | Express, Inc.* | 218,811 | |||||
6,120 | Meritage Homes Corp.*(a) | 229,745 | |||||
20,740 | RR Donnelley & Sons Co. | 350,921 | |||||
15,320 | Skechers U.S.A., Inc., Class A*(a) | 455,310 | |||||
15,080 | Southwest Airlines Co.(a) | 591,287 | |||||
2,474,041 | |||||||
Consumer, Non-cyclical-23.9% | |||||||
3,340 | Aetna, Inc.(a) | 407,914 | |||||
1,840 | Anthem, Inc. | 241,666 | |||||
8,680 | Dr Pepper Snapple Group, Inc.(a) | 838,748 | |||||
5,300 | DST Systems, Inc. | 617,079 | |||||
9,040 | Helen of Troy, Ltd.*(a) | 929,674 | |||||
21,160 | Kroger Co.(a) | 778,476 | |||||
19,685 | Pfizer, Inc.(a) | 693,109 | |||||
3,060 | Sanderson Farms, Inc. | 265,118 | |||||
3,850 | Toro Co. | 339,570 | |||||
5,650 | UnitedHealth Group, Inc.(a) | 797,780 | |||||
5,909,134 | |||||||
Energy-5.3% | |||||||
10,710 | BP PLC, Sponsored ADR | 380,312 | |||||
4,575 | Exxon Mobil Corp. | 428,861 | |||||
2,190 | HollyFrontier Corp. | 52,056 | |||||
6,120 | Newfield Exploration Co.* | 270,382 | |||||
3,380 | Valero Energy Corp.(a) | 172,380 | |||||
1,303,991 | |||||||
Financial-11.1% | |||||||
19,560 | AmTrust Financial Services, Inc. | 479,220 | |||||
1,960 | Chubb, Ltd. | 256,191 | |||||
9,750 | Fifth Third Bancorp | 171,502 | |||||
8,140 | JPMorgan Chase & Co.(a) | 505,820 | |||||
5,830 | PNC Financial Services Group, Inc.(a) | 474,504 | |||||
7,200 | Travelers Cos., Inc.(a) | 857,088 | |||||
2,744,325 |
See Notes to Financial Statements. |
Annual Report | June 30, 2016 | 33 |
Schedule of Investments | James Long-Short Fund |
Shares or Principal Amount | Value | ||||||
Industrial-10.1% | |||||||
1,410 | AMERCO(a) | $ | 528,115 | ||||
1,500 | FedEx Corp. | 227,670 | |||||
3,540 | Magna International, Inc.(a) | 124,148 | |||||
5,160 | Republic Services, Inc. | 264,760 | |||||
29,210 | Smith & Wesson Holding Corp.*(a) | 793,928 | |||||
6,720 | Sonoco Products Co.(a) | 333,715 | |||||
50,470 | Tsakos Energy Navigation, Ltd.(a) | 236,704 | |||||
2,509,040 | |||||||
Technology-11.7% | |||||||
2,550 | Apple, Inc. | 243,780 | |||||
6,625 | Deluxe Corp.(a) | 439,701 | |||||
1,680 | International Business Machines Corp. | 254,991 | |||||
2,455 | Lockheed Martin Corp.(a) | 609,257 | |||||
4,620 | Northrop Grumman Corp.(a) | 1,026,934 | |||||
6,010 | WESCO International, Inc.* | 309,455 | |||||
2,884,118 | |||||||
Utilities-10.5% | |||||||
2,590 | American Electric Power Co., Inc.(a) | 181,533 | |||||
11,180 | CenterPoint Energy, Inc. | 268,320 | |||||
7,040 | Edison International(a) | 546,797 | |||||
14,745 | PNM Resources, Inc.(a) | 522,563 | |||||
9,810 | Verizon Communications, Inc. | 547,790 | |||||
86,855 | Vonage Holdings Corp.*(a) | 529,816 | |||||
2,596,819 | |||||||
TOTAL COMMON STOCKS (Cost $19,280,689) | 23,872,210 | ||||||
EXCHANGE TRADED FUNDS-2.8% | |||||||
6,060 | iShares® MSCI Ireland Capped ETF | 217,796 | |||||
2,090 | SPDR® Gold Shares ETF* | 264,427 | |||||
4,970 | VanEck Vectors® Junior Gold Miners ETF | 211,821 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $607,228) | 694,044 |
See Notes to Financial Statements. |
34 | www.jamesfunds.com |
James Long-Short Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
SHORT TERM INVESTMENTS-28.7% | |||||||
Mutual Funds-28.7% | |||||||
7,082,545 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.006% | $ | 7,082,545 | ||||
TOTAL SHORT TERM INVESTMENTS (Cost $7,082,545) | 7,082,545 | ||||||
TOTAL INVESTMENT SECURITIES-128.1% (Cost $26,970,462) | 31,648,799 | ||||||
SECURITIES SOLD SHORT-0.0%(b) (Proceeds $10,984) | (11,705 | ) | |||||
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS-(28.1)% | (6,932,579 | ) | |||||
NET ASSETS-100.0% | $ | 24,704,515 |
Shares | Value | ||||||
SCHEDULE OF SECURITIES SOLD SHORT | |||||||
COMMON STOCKS-0.0%(b) | |||||||
Technology-0.0%(b) | |||||||
(1,275 | ) | Brocade Communications Systems, Inc. | $ | (11,705 | ) | ||
TOTAL COMMON STOCKS SOLD SHORT | (11,705 | ) | |||||
(Proceeds $10,984) | |||||||
TOTAL SECURITIES SOLD SHORT-0.0%(b) (Proceeds $10,984) | $ | (11,705 | ) |
* | 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 $11,592,817. |
(b) | Less than 0.05% of Net Assets. |
See Notes to Financial Statements. |
Annual Report | June 30, 2016 | 35 |
Statements of Assets and Liabilities | James Advantage Funds |
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 | $ | 4,005,875,715 | $ | 63,833,263 | $ | 10,030,883 | $ | 20,555,237 | $ | 6,937,145 | $ | 26,970,462 | ||||||||||||
At value | $ | 4,475,178,083 | $ | 84,459,626 | $ | 14,320,612 | $ | 26,528,906 | $ | 7,304,720 | $ | 31,648,799 | ||||||||||||
Cash | 64,566 | – | 2,450 | – | – | – | ||||||||||||||||||
Dividends and interest receivable | 13,300,918 | 58,415 | 19,682 | 20,675 | 7,926 | 18,999 | ||||||||||||||||||
Receivable for securities sold | 33,071,921 | – | – | – | – | – | ||||||||||||||||||
Receivable for capital shares sold | 2,856,545 | 96,320 | 100 | 114,950 | 50,000 | 100 | ||||||||||||||||||
Other assets | 88,421 | – | – | – | – | – | ||||||||||||||||||
Total Assets | 4,524,560,454 | 84,614,361 | 14,342,844 | 26,664,531 | 7,362,646 | 31,667,898 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable due to broker for short sales closed | – | – | – | – | – | 6,920,568 | ||||||||||||||||||
Payable for securities sold short (proceeds $0, $0, $0, $0, $0 and $10,984, respectively) | – | – | – | – | – | 11,705 | ||||||||||||||||||
Payable for dividends on securities sold short | – | – | – | – | – | 1,107 | ||||||||||||||||||
Payable for capital shares redeemed | 13,267,699 | 63,549 | – | – | – | – | ||||||||||||||||||
Payable for securities purchased | 102,354,010 | 221,410 | – | 117,781 | 185,507 | – | ||||||||||||||||||
Payable for distributions | 70 | – | – | – | – | – | ||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||
Management fees | 2,306,192 | 86,388 | 14,321 | 32,188 | 5,507 | 24,987 | ||||||||||||||||||
12b-1 distribution and service fees | 595,057 | 17,349 | 2,875 | – | – | 5,016 | ||||||||||||||||||
Other payables | 477,826 | – | – | – | – | – | ||||||||||||||||||
Total Liabilities | 119,000,854 | 388,696 | 17,196 | 149,969 | 191,014 | 6,963,383 | ||||||||||||||||||
Net Assets | $ | 4,405,559,600 | $ | 84,225,665 | $ | 14,325,648 | $ | 26,514,562 | $ | 7,171,632 | $ | 24,704,515 | ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in capital | $ | 4,007,405,145 | $ | 71,536,260 | $ | 9,700,299 | $ | 23,198,731 | $ | 7,315,613 | $ | 22,386,011 | ||||||||||||
Accumulated net investment income/(loss) | 8,370,344 | (92,043 | ) | 6,897 | (97,981 | ) | 22,902 | (128,890 | ) | |||||||||||||||
Accumulated net realized gain/(loss) | (79,523,685 | ) | (7,844,915 | ) | 328,723 | (2,559,857 | ) | (534,458 | ) | (2,230,222 | ) | |||||||||||||
Net unrealized appreciation | 469,307,796 | 20,626,363 | 4,289,729 | 5,973,669 | 367,575 | 4,677,616 | ||||||||||||||||||
Net Assets | $ | 4,405,559,600 | $ | 84,225,665 | $ | 14,325,648 | $ | 26,514,562 | $ | 7,171,632 | $ | 24,704,515 |
36 | www.jamesfunds.com |
James Advantage Funds | Statements of Assets and Liabilities |
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 | $ | 2,892,809,094 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 119,852,016 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Net assets value, offering price and redemption price per share | $ | 24.14 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
PRICING OF INSTITUTIONAL CLASS SHARES: | ||||||||||||||||||||||||
Net assets | $ | 1,512,750,506 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | 63,308,247 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Net assets value, offering price and redemption price per share | $ | 23.89 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
PRICING OF SHARES | ||||||||||||||||||||||||
Net assets | N/A | $ | 84,225,665 | $ | 14,325,648 | $ | 26,514,562 | $ | 7,171,632 | $ | 24,704,515 | |||||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par) | N/A | 2,749,099 | 1,056,177 | 1,764,186 | 757,326 | 1,903,127 | ||||||||||||||||||
Net assets value, offering price and redemption price per share | N/A | $ | 30.64 | $ | 13.56 | $ | 15.03 | $ | 9.47 | $ | 12.98 |
Annual Report | June 30, 2016 | 37 |
Statements of Operations | James Advantage Funds |
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 $169,849, $40, $170, $–, $358 and $1,718, respectively) | $ | 45,699,747 | $ | 2,171,885 | $ | 365,047 | $ | 329,859 | $ | 70,024 | $ | 500,075 | ||||||||||||
Interest | 41,203,865 | 1,169 | – | 1,535 | 20,701 | – | ||||||||||||||||||
Total Investment Income | 86,903,612 | 2,173,054 | 365,047 | 331,394 | 90,725 | 500,075 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Management fees | 27,945,753 | 1,322,086 | 223,199 | 393,603 | 49,528 | 345,830 | ||||||||||||||||||
12b-1 distribution and service fees - Retail Class | 7,401,415 | – | – | – | – | – | ||||||||||||||||||
12b-1 distribution and service fees | – | 265,462 | 44,814 | – | – | 69,436 | ||||||||||||||||||
Dividend expense on securities sold short | – | – | – | – | – | 68,607 | ||||||||||||||||||
Broker fees and charges on securities sold short | – | – | – | – | – | 208,232 | ||||||||||||||||||
Administration fee | 1,185,823 | – | – | – | – | – | ||||||||||||||||||
Transfer agent fee | 376,695 | – | – | – | – | – | ||||||||||||||||||
Interest expense | – | 127 | 33 | – | – | 123 | ||||||||||||||||||
Custodian fees | 368,591 | – | – | – | – | – | ||||||||||||||||||
Professional fees | 201,770 | – | – | – | – | – | ||||||||||||||||||
Trustee fees | 199,491 | 5,224 | 875 | 1,198 | 170 | 1,348 | ||||||||||||||||||
Registration fees | 256,074 | – | – | – | – | – | ||||||||||||||||||
Shareholder report printing and mailing | 270,079 | – | – | – | – | – | ||||||||||||||||||
Other expenses | 111,622 | – | – | – | – | – | ||||||||||||||||||
Total Expenses | 38,317,313 | 1,592,899 | 268,921 | 394,801 | 49,698 | 693,576 | ||||||||||||||||||
Net Investment Income/(Loss) | 48,586,299 | 580,155 | 96,126 | (63,407 | ) | 41,027 | (193,501 | ) | ||||||||||||||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||||||||||||
Investments | (69,258,788 | ) | (7,871,318 | ) | 328,256 | (1,835,186 | ) | (534,928 | ) | (397,118 | ) | |||||||||||||
Securities sold short | – | – | – | – | – | 625,430 | ||||||||||||||||||
Foreign currency transactions | (66,763 | ) | – | – | – | – | – | |||||||||||||||||
Long-term capital gain distributions from other investment companies | – | – | – | – | 345 | – | ||||||||||||||||||
Total realized gain/(loss) | (69,325,551 | ) | (7,871,318 | ) | 328,256 | (1,835,186 | ) | (534,583 | ) | 228,312 | ||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments | (5,660,730 | ) | (3,461,143 | ) | (929,328 | ) | 1,258,293 | 367,575 | (687,147 | ) | ||||||||||||||
Net change in unrealized appreciation on securities sold short | – | – | – | – | – | 61,633 | ||||||||||||||||||
Net change in unrealized appreciation on foreign currency translation | 49,372 | – | – | – | – | – | ||||||||||||||||||
Total change in unrealized appreciation/(depreciation) | (5,611,358 | ) | (3,461,143 | ) | (929,328 | ) | 1,258,293 | 367,575 | (625,514 | ) | ||||||||||||||
Net Realized and Unrealized Loss on Investments | (74,936,909 | ) | (11,332,461 | ) | (601,072 | ) | (576,893 | ) | (167,008 | ) | (397,202 | ) | ||||||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (26,350,610 | ) | $ | (10,752,306 | ) | $ | (504,946 | ) | $ | (640,300 | ) | $ | (125,981 | ) | $ | (590,703 | ) |
(a) | Fund commenced operations on July 1, 2015. |
38 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Statements of Changes in Net Assets |
For the Year Ended June 30, 2016 | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 48,586,299 | $ | 35,298,797 | ||||
Net realized gain/(loss) | (69,325,551 | ) | 105,279,369 | |||||
Net change in unrealized appreciation/(depreciation) | (5,611,358 | ) | (30,759,773 | ) | ||||
Net Increase/(Decrease) in net assets resulting from operations | (26,350,610 | ) | 109,818,393 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class Shares: | ||||||||
From net investment income | (28,056,929 | ) | (20,167,201 | ) | ||||
From net realized gain on investments | (52,436,229 | ) | (88,883,031 | ) | ||||
Institutional Class Shares: | ||||||||
From net investment income | (17,468,629 | ) | (11,369,896 | ) | ||||
From net realized gain on investments | (24,906,312 | ) | (35,788,504 | ) | ||||
Decrease in net assets from distributions to shareholders | (122,868,099 | ) | (156,208,632 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 798,326,471 | 1,083,291,781 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 78,274,626 | 106,212,553 | ||||||
Payments for shares redeemed | (853,387,658 | ) | (673,909,544 | ) | ||||
Net Increase in net assets from Retail Class capital share transactions | 23,213,439 | 515,594,790 | ||||||
Institutional Class Shares: | ||||||||
Proceeds from shares sold | 624,996,786 | 663,031,846 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 31,613,669 | 32,935,059 | ||||||
Payments for shares redeemed | (376,036,136 | ) | (213,184,051 | ) | ||||
Net Increase in net assets from Institutional Class capital share transactions | 280,574,319 | 482,782,854 | ||||||
Total Increase in Net Assets | 154,569,049 | 951,987,405 | ||||||
NET ASSETS: | ||||||||
Beginning of year | 4,250,990,551 | 3,299,003,146 | ||||||
End of year | $ | 4,405,559,600 | $ | 4,250,990,551 | ||||
Accumulated Net Investment Income | $ | 8,370,344 | $ | 73,489 |
Annual Report | June 30, 2016 | 39 |
Statements of Changes in Net Assets | James Balanced: Golden Rainbow Fund |
For the Year Ended June 30, 2016 | For the Year Ended June 30, 2015 | |||||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 32,952,333 | 43,126,510 | ||||||
Shares issued in reinvestment of distributions to shareholders | 3,249,232 | 4,294,108 | ||||||
Shares redeemed | (35,477,042 | ) | (26,927,316 | ) | ||||
Net Increase in shares outstanding | 724,523 | 20,493,302 | ||||||
Shares outstanding, beginning of period | 119,127,493 | 98,634,191 | ||||||
Shares outstanding, end of period | 119,852,016 | 119,127,493 | ||||||
Institutional Class Shares: | ||||||||
Shares sold | 26,103,085 | 26,756,542 | ||||||
Shares issued in reinvestment of distributions to shareholders | 1,325,565 | 1,342,995 | ||||||
Shares redeemed | (15,812,122 | ) | (8,578,394 | ) | ||||
Net Increase in shares outstanding | 11,616,528 | 19,521,143 | ||||||
Shares outstanding, beginning of period | 51,691,719 | 32,170,576 | ||||||
Shares outstanding, end of period | 63,308,247 | 51,691,719 |
40 | www.jamesfunds.com |
James Small Cap Fund | Statements of Changes in Net Assets |
For the Year Ended June 30, 2016 | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 580,155 | $ | 63,755 | ||||
Net realized gain/(loss) | (7,871,318 | ) | 13,922,731 | |||||
Net change in unrealized appreciation/(depreciation) | (3,461,143 | ) | (16,372,684 | ) | ||||
Net Decrease in net assets resulting from operations | (10,752,306 | ) | (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 | 49,359,102 | 19,950,230 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 4,858,141 | – | ||||||
Payments for shares redeemed | (79,070,682 | ) | (55,955,457 | ) | ||||
Net Decrease in net assets from capital share transactions | (24,853,439 | ) | (36,005,227 | ) | ||||
Total Decrease in Net Assets | (40,919,823 | ) | (38,391,425 | ) | ||||
NET ASSETS: | ||||||||
Beginning of year | 125,145,488 | 163,536,913 | ||||||
End of year | $ | 84,225,665 | $ | 125,145,488 | ||||
Accumulated Net Investment Loss | $ | (92,043 | ) | $ | (160,754 | ) | ||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 1,499,756 | 602,780 | ||||||
Shares issued in reinvestment of distributions to shareholders | 148,790 | – | ||||||
Shares redeemed | (2,638,285 | ) | (1,690,399 | ) | ||||
Net Decrease in shares outstanding | (989,739 | ) | (1,087,619 | ) | ||||
Shares outstanding, beginning of period | 3,738,838 | 4,826,457 | ||||||
Shares outstanding, end of period | 2,749,099 | 3,738,838 |
Annual Report | June 30, 2016 | 41 |
Statements of Changes in Net Assets | James Mid Cap Fund |
For the Year Ended June 30, 2016 | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 96,126 | $ | (24,974 | ) | |||
Net realized gain/(loss) | 328,256 | 1,310,582 | ||||||
Net change in unrealized appreciation/(depreciation) | (929,328 | ) | (1,497,518 | ) | ||||
Net Decrease in net assets resulting from operations | (504,946 | ) | (211,910 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (67,006 | ) | (8,282 | ) | ||||
From net realized gain on investments | (1,140,548 | ) | (1,523,309 | ) | ||||
Decrease in net assets from distributions to shareholders | (1,207,554 | ) | (1,531,591 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 2,250,018 | 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 | (8,569,249 | ) | (2,932,412 | ) | ||||
Net Increase/(Decrease) in net assets from capital share transactions | (5,151,579 | ) | 4,301,797 | |||||
Total Increase/(Decrease) in Net Assets | (6,864,079 | ) | 2,558,296 | |||||
NET ASSETS: | ||||||||
Beginning of year | 21,189,727 | 18,631,431 | ||||||
End of year | $ | 14,325,648 | $ | 21,189,727 | ||||
Accumulated Net Investment Income/(Loss) | $ | 6,897 | $ | (21,753 | ) | |||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 155,737 | 385,493 | ||||||
Shares issued in reinvestment of distributions to shareholders | 83,563 | 96,071 | ||||||
Shares redeemed | (608,877 | ) | (190,331 | ) | ||||
Net Increase/(Decrease) in shares outstanding | (369,577 | ) | 291,233 | |||||
Shares outstanding, beginning of period | 1,425,754 | 1,134,521 | ||||||
Shares outstanding, end of period | 1,056,177 | 1,425,754 |
42 | www.jamesfunds.com |
James Micro Cap Fund | Statements of Changes in Net Assets |
For the Year Ended June 30, 2016 | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | (63,407 | ) | $ | 69,593 | |||
Net realized gain/(loss) | (1,835,186 | ) | 125,414 | |||||
Net change in unrealized appreciation/(depreciation) | 1,258,293 | 1,199,893 | ||||||
Net Increase/(Decrease) in net assets resulting from operations | (640,300 | ) | 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 | 11,917,246 | 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 | (8,787,422 | ) | (2,621,653 | ) | ||||
Net Increase in net assets from capital share transactions | 3,156,092 | 9,564,760 | ||||||
Total Increase in Net Assets | 2,488,682 | 7,770,084 | ||||||
NET ASSETS: | ||||||||
Beginning of year | 24,025,880 | 16,255,796 | ||||||
End of year | $ | 26,514,562 | $ | 24,025,880 | ||||
Accumulated Net Investment Loss | $ | (97,981 | ) | $ | (27,241 | ) | ||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 785,068 | 606,052 | ||||||
Shares issued in reinvestment of distributions to shareholders | 1,718 | 208,473 | ||||||
Shares redeemed | �� | (612,860 | ) | (158,389 | ) | |||
Net Increase in shares outstanding | 173,926 | 656,136 | ||||||
Shares outstanding, beginning of period | 1,590,260 | 934,124 | ||||||
Shares outstanding, end of period | 1,764,186 | 1,590,260 |
Annual Report | June 30, 2016 | 43 |
Statements of Changes in Net Assets | James Aggressive Allocation Fund |
For the Year Ended June 30, 2016(a) | ||||
FROM OPERATIONS: | ||||
Net investment income/(loss) | $ | 41,027 | ||
Net realized gain/(loss) | (534,583 | ) | ||
Net change in unrealized appreciation/(depreciation) | 367,575 | |||
Net Decrease in net assets resulting from operations | (125,981 | ) | ||
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 | 7,734,959 | |||
Net asset value of shares issued in reinvestment of distributions to shareholders | 17,190 | |||
Payments for shares redeemed | (436,536 | ) | ||
Net Increase in net assets from capital share transactions | 7,315,613 | |||
Total Increase in Net Assets | 7,171,632 | |||
NET ASSETS: | ||||
Beginning of year | – | |||
End of year | $ | 7,171,632 | ||
Accumulated Net Investment Income | $ | 22,902 | ||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||
Shares sold | 805,029 | |||
Shares issued in reinvestment of distributions to shareholders | 1,873 | |||
Shares redeemed | (49,576 | ) | ||
Net Increase in shares outstanding | 757,326 | |||
Shares outstanding, beginning of period | – | |||
Shares outstanding, end of period | 757,326 |
(a) | Fund commenced operations on July 1, 2015. |
44 | www.jamesfunds.com |
James Long-Short Fund | Statements of Changes in Net Assets |
For the Year Ended June 30, 2016 | For the Year Ended June 30, 2015 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | (193,501 | ) | $ | (286,084 | ) | ||
Net realized gain/(loss) | 228,312 | (1,544,242 | ) | |||||
Net change in unrealized appreciation/(depreciation) | (625,514 | ) | 349,528 | |||||
Net Decrease in net assets resulting from operations | (590,703 | ) | (1,480,798 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 2,810,646 | 20,956,361 | ||||||
Payments for shares redeemed | (11,405,872 | ) | (9,031,159 | ) | ||||
Net Increase/(Decrease) in net assets from capital share transactions | (8,595,226 | ) | 11,925,202 | |||||
Total Increase/(Decrease) in Net Assets | (9,185,929 | ) | 10,444,404 | |||||
NET ASSETS: | ||||||||
Beginning of year | 33,890,444 | 23,446,040 | ||||||
End of year | $ | 24,704,515 | $ | 33,890,444 | ||||
Accumulated Net Investment Loss | $ | (128,890 | ) | $ | (154,104 | ) | ||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 211,922 | 1,516,178 | ||||||
Shares redeemed | (869,329 | ) | (654,209 | ) | ||||
Net Increase/(Decrease) in shares outstanding | (657,407 | ) | 861,969 | |||||
Shares outstanding, beginning of period | 2,560,534 | 1,698,565 | ||||||
Shares outstanding, end of period | 1,903,127 | 2,560,534 |
Annual Report | June 30, 2016 | 45 |
Financial Highlights | James Balanced: Golden Rainbow Fund – Retail Class |
For the Year Ended June 30, 2016 | 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 | ||||||||||||||||
Net asset value - beginning of year | $ | 24.96 | $ | 25.28 | $ | 22.55 | $ | 20.93 | $ | 20.66 | ||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.25 | (a) | 0.22 | (a) | 0.24 | (a) | 0.32 | (a) | 0.25 | |||||||||||
Net realized and unrealized gain/(loss) | (0.41 | ) | 0.49 | 2.96 | 1.75 | 0.55 | ||||||||||||||
Total from investment operations | (0.16 | ) | 0.71 | 3.20 | 2.07 | 0.80 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.23 | ) | (0.18 | ) | (0.24 | ) | (0.30 | ) | (0.23 | ) | ||||||||||
From net realized gain on investments | (0.43 | ) | (0.85 | ) | (0.23 | ) | (0.15 | ) | (0.30 | ) | ||||||||||
Total distributions | (0.66 | ) | (1.03 | ) | (0.47 | ) | (0.45 | ) | (0.53 | ) | ||||||||||
Net asset value at end of year | $ | 24.14 | $ | 24.96 | $ | 25.28 | $ | 22.55 | $ | 20.93 | ||||||||||
Total return | (0.64 | )% | 2.90 | % | 14.32 | % | 9.98 | % | 3.98 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 2,892,809 | $ | 2,973,350 | $ | 2,493,030 | $ | 1,735,736 | $ | 1,249,228 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratio of net expenses to average net assets | 0.96 | % | 0.97 | % | 1.00 | % | 1.04 | % | 1.07 | % | ||||||||||
Ratio of net investment income to average net assets | 1.03 | % | 0.87 | % | 0.99 | % | 1.45 | % | 1.26 | % | ||||||||||
Portfolio turnover rate | 46 | % | 43 | % | 32 | % | 58 | % | 36 | % |
(a) | Calculated using the average shares method. |
46 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund – Institutional Class | Financial Highlights |
For the Year Ended June 30, 2016 | 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 | ||||||||||||||||
Net asset value - beginning of year | $ | 24.72 | $ | 25.05 | $ | 22.35 | $ | 20.81 | $ | 20.61 | ||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||
Net investment income | 0.31 | (a) | 0.28 | (a) | 0.29 | (a) | 0.38 | (a) | 0.33 | |||||||||||
Net realized and unrealized gain/(loss) | (0.42 | ) | 0.50 | 2.94 | 1.73 | 0.52 | ||||||||||||||
Total from investment operations | (0.11 | ) | 0.78 | 3.23 | 2.11 | 0.85 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.29 | ) | (0.26 | ) | (0.30 | ) | (0.42 | ) | (0.35 | ) | ||||||||||
From net realized gain on investments | (0.43 | ) | (0.85 | ) | (0.23 | ) | (0.15 | ) | (0.30 | ) | ||||||||||
Total distributions | (0.72 | ) | (1.11 | ) | (0.53 | ) | (0.57 | ) | (0.65 | ) | ||||||||||
Paid-in capital from redemption fees | – | – | – | 0.00 | (b) | – | ||||||||||||||
Net asset value at end of year | $ | 23.89 | $ | 24.72 | $ | 25.05 | $ | 22.35 | $ | 20.81 | ||||||||||
Total return | (0.43 | )% | 3.20 | % | 14.59 | % | 10.26 | % | 4.22 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 1,512,751 | $ | 1,277,641 | $ | 805,973 | $ | 555,766 | $ | 304,731 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratio of net expenses to average net assets | 0.71 | % | 0.73 | % | 0.75 | % | 0.79 | % | 0.82 | % | ||||||||||
Ratio of net investment income to average net assets | 1.28 | % | 1.11 | % | 1.24 | % | 1.71 | % | 1.52 | % | ||||||||||
Portfolio turnover rate | 46 | % | 43 | % | 32 | % | 58 | % | 36 | % |
(a) | Calculated using the average shares method. |
(b) | Amount rounds to less than $0.005 per share. |
Annual Report | June 30, 2016 | 47 |
Financial Highlights | James Small Cap Fund |
For the Year Ended June 30, 2016 | 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 | ||||||||||||||||
Net asset value - beginning of year | $ | 33.47 | $ | 33.88 | $ | 28.66 | $ | 23.89 | $ | 23.88 | ||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||
Net investment income/(loss) | 0.17 | (a) | 0.01 | (a) | (0.00 | )(a)(b) | 0.36 | (a) | 0.15 | |||||||||||
Net realized and unrealized gain/(loss) | (1.64 | ) | (0.42 | ) | 6.12 | 4.92 | (0.11 | ) | ||||||||||||
Total from investment operations | (1.47 | ) | (0.41 | ) | 6.12 | 5.28 | 0.04 | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.12 | ) | – | (0.90 | ) | (0.51 | ) | (0.03 | ) | |||||||||||
From net realized gain on investments | (1.24 | ) | – | – | – | – | ||||||||||||||
Total distributions | (1.36 | ) | – | (0.90 | ) | (0.51 | ) | (0.03 | ) | |||||||||||
Net asset value at end of year | $ | 30.64 | $ | 33.47 | $ | 33.88 | $ | 28.66 | $ | 23.89 | ||||||||||
Total return | (4.62 | )% | (1.21 | )% | 21.46 | % | 22.51 | % | 0.16 | % | ||||||||||
Net assets, end of year (in thousands) | $ | 84,226 | $ | 125,145 | $ | 163,537 | $ | 161,271 | $ | 134,727 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
Ratio of net investment income/(loss) to average net assets | 0.55 | % | 0.04 | % | (0.00 | )%(c) | 1.39 | % | 0.58 | % | ||||||||||
Portfolio turnover rate | 57 | % | 76 | % | 62 | % | 41 | % | 89 | % |
(a) | Calculated using the average shares method. |
(b) | Amount rounds to less than ($0.005) per share. |
(c) | Amount rounds to less than (0.005%). |
48 | www.jamesfunds.com |
James Mid Cap Fund | Financial Highlights |
For the Year Ended June 30, 2016 | 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 | ||||||||||||||||
Net asset value - beginning of year | $ | 14.86 | $ | 16.42 | $ | 12.97 | $ | 10.69 | $ | 11.38 | ||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||
Net investment income/(loss) | 0.08 | (a) | (0.02 | )(a) | 0.01 | (a) | 0.08 | (a) | 0.04 | |||||||||||
Net realized and unrealized gain/(loss) | (0.42 | ) | (0.15 | ) | 3.87 | 2.23 | (0.64 | ) | ||||||||||||
Total from investment operations | (0.34 | ) | (0.17 | ) | 3.88 | 2.31 | (0.60 | ) | ||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.05 | ) | (0.01 | ) | (0.04 | ) | (0.03 | ) | (0.09 | ) | ||||||||||
From net realized gain on investments | (0.91 | ) | (1.38 | ) | (0.39 | ) | – | – | ||||||||||||
Total distributions | (0.96 | ) | (1.39 | ) | (0.43 | ) | (0.03 | ) | (0.09 | ) | ||||||||||
Net asset value at end of year | $ | 13.56 | $ | 14.86 | $ | 16.42 | $ | 12.97 | $ | 10.69 | ||||||||||
Total return | (2.46 | )% | (0.86 | )% | 30.34 | % | 21.68 | % | (5.26 | )% | ||||||||||
Net assets, end of year (in thousands) | $ | 14,326 | $ | 21,190 | $ | 18,631 | $ | 14,643 | $ | 12,657 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
Ratio of net investment income/(loss) to average net assets | 0.54 | % | (0.13 | )% | 0.05 | % | 0.64 | % | 0.32 | % | ||||||||||
Portfolio turnover rate | 47 | % | 50 | % | 31 | % | 26 | % | 36 | % |
(a) | Calculated using the average shares method. |
Annual Report | June 30, 2016 | 49 |
Financial Highlights | James Micro Cap Fund |
For the Year Ended June 30, 2016 | 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 | ||||||||||||||||
Net asset value - beginning of year | $ | 15.11 | $ | 17.40 | $ | 13.96 | $ | 11.71 | $ | 11.91 | ||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||
Net investment income/(loss) | (0.04 | )(a) | 0.06 | (a) | (0.05 | )(a) | 0.14 | (a) | (0.01 | ) | ||||||||||
Net realized and unrealized gain/(loss) | (0.06 | ) | 1.12 | 3.50 | 2.25 | (0.13 | ) | |||||||||||||
Total from investment operations | (0.10 | ) | 1.18 | 3.45 | 2.39 | (0.14 | ) | |||||||||||||
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 | 0.03 | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | |||||||||||
Net asset value at end of year | $ | 15.03 | $ | 15.11 | $ | 17.40 | $ | 13.96 | $ | 11.71 | ||||||||||
Total return | (0.44 | )% | 7.95 | % | 24.75 | % | 20.64 | % | (1.15 | )% | ||||||||||
Net assets, end of year (in thousands) | $ | 26,515 | $ | 24,026 | $ | 16,256 | $ | 11,817 | $ | 10,173 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
Ratio of net investment income/(loss) to average net assets | (0.24 | )% | 0.38 | % | (0.31 | )% | 1.12 | % | (0.14 | )% | ||||||||||
Portfolio turnover rate | 44 | % | 52 | % | 96 | % | 46 | % | 85 | % |
(a) | Calculated using the average shares method. |
(b) | Amount rounds to less than $0.005 per share. |
50 | www.jamesfunds.com |
James Aggressive Allocation Fund | Financial Highlights |
For the Year Ended June 30, 2016(a) | ||||
Net asset value - beginning of year | $ | 10.00 | ||
Income/(Loss) from investment operations: | ||||
Net investment income(b) | 0.07 | |||
Net realized and unrealized loss | (0.57 | ) | ||
Total from investment operations | (0.50 | ) | ||
Less distributions: | ||||
From net investment income | (0.03 | ) | ||
Total distributions | (0.03 | ) | ||
Net asset value at end of year | $ | 9.47 | ||
Total return | (4.98 | )% | ||
Net assets, end of year (in thousands) | $ | 7,172 | ||
Ratios/Supplemental Data: | ||||
Ratio of net expenses to average net assets | 0.98 | % | ||
Ratio of net investment income to average net assets | 0.81 | % | ||
Portfolio turnover rate | 218 | % |
(a) | Fund commenced operations on July 1, 2015. |
(b) | Calculated using the average shares method. |
Annual Report | June 30, 2016 | 51 |
Financial Highlights | James Long-Short Fund |
For the Year Ended June 30, 2016 | 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 | ||||||||||||||||
Net asset value - beginning of year | $ | 13.24 | $ | 13.80 | $ | 11.70 | $ | 9.99 | $ | 10.10 | ||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||
Net investment income/(loss) | (0.09 | )(a) | (0.13 | )(a) | (0.06 | )(a) | 0.04 | (a) | (0.04 | ) | ||||||||||
Net realized and unrealized gain/(loss) | (0.17 | ) | (0.43 | ) | 2.16 | 1.71 | (0.05 | ) | ||||||||||||
Total from investment operations | (0.26 | ) | (0.56 | ) | 2.10 | 1.75 | (0.09 | ) | ||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | – | – | – | (0.04 | ) | (0.02 | ) | |||||||||||||
Total distributions | – | – | – | (0.04 | ) | (0.02 | ) | |||||||||||||
Net asset value at end of year | $ | 12.98 | $ | 13.24 | $ | 13.80 | $ | 11.70 | $ | 9.99 | ||||||||||
Total return | (1.96 | )% | (4.06 | )% | 17.95 | % | 17.57 | % | (0.93 | )% | ||||||||||
Net assets, end of year (in thousands) | $ | 24,705 | $ | 33,890 | $ | 23,446 | $ | 15,694 | $ | 9,160 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Ratio of net expenses to average net assets(b) | 2.50 | % | 2.70 | % | 2.57 | % | 2.70 | % | 2.66 | % | ||||||||||
Ratio of net investment income/(loss) to average net assets | (0.70 | )% | (0.92 | )% | (0.44 | )% | 0.35 | % | (0.44 | )% | ||||||||||
Portfolio turnover rate | 49 | % | 117 | % | 171 | % | 58 | % | 159 | % |
(a) | Calculated using the average shares method. |
(b) | Dividend and interest expense on securities sold short and interest expense totaled 1.00%, 1.20%, 1.07%, 1.20% and 1.15% (annualized) of average net assets for the years ended June 30, 2016, June 30, 2015, June 30, 2014, June 30, 2013 and June 30, 2012, respectively. |
52 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
June 30, 2016
Annual Report | June 30, 2016 | 53 |
Notes to Financial Statements | James Advantage Funds |
June 30, 2016
Level 1 - | Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date; |
Level 2 - | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; or |
Level 3 - | Significant unobservable prices or inputs (including a Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |
James Balanced: Golden Rainbow Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 2,142,005,113 | $ | – | $ | – | $ | 2,142,005,113 | ||||||||
Closed-End Funds | 1,008,700 | – | – | 1,008,700 | ||||||||||||
Exchange Traded Funds | 51,900,392 | – | – | 51,900,392 | ||||||||||||
Corporate Bonds | – | 281,933,645 | – | 281,933,645 | ||||||||||||
Mortgage Backed Securities | – | 19,728,876 | – | 19,728,876 | ||||||||||||
U.S. Government Agencies | – | 234,667,663 | – | 234,667,663 | ||||||||||||
U.S. Treasury Bonds & Notes | 1,361,183,222 | – | – | 1,361,183,222 | ||||||||||||
Foreign Bonds | – | 35,980,381 | – | 35,980,381 | ||||||||||||
Municipal Bonds | – | 203,355,589 | – | 203,355,589 | ||||||||||||
Short Term Investments | 143,414,502 | – | – | 143,414,502 | ||||||||||||
Total | $ | 3,699,511,929 | $ | 775,666,154 | $ | – | $ | 4,475,178,083 |
54 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
June 30, 2016
James Small Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 82,986,205 | $ | – | $ | – | $ | 82,986,205 | ||||||||
Short Term Investments | 1,473,421 | – | – | 1,473,421 | ||||||||||||
Total | $ | 84,459,626 | $ | – | $ | – | $ | 84,459,626 |
James Mid Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 13,422,799 | $ | – | $ | – | $ | 13,422,799 | ||||||||
Exchange Traded Funds | 223,375 | – | – | 223,375 | ||||||||||||
Short Term Investments | 674,438 | – | – | 674,438 | ||||||||||||
Total | $ | 14,320,612 | $ | – | $ | – | $ | 14,320,612 |
James Micro Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 24,609,951 | $ | – | $ | – | $ | 24,609,951 | ||||||||
Short Term Investments | 1,918,955 | – | – | 1,918,955 | ||||||||||||
Total | $ | 26,528,906 | $ | – | $ | – | $ | 26,528,906 |
James Aggressive Allocation Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 5,165,438 | $ | – | $ | – | $ | 5,165,438 | ||||||||
Closed-End Funds | 105,125 | – | – | 105,125 | ||||||||||||
Exchange Traded Funds | 163,149 | – | – | 163,149 | ||||||||||||
U.S. Government Agencies | – | 100,353 | – | 100,353 | ||||||||||||
U.S. Treasury Bonds & Notes | 1,470,758 | – | – | 1,470,758 | ||||||||||||
Short Term Investments | 299,897 | – | – | 299,897 | ||||||||||||
Total | $ | 7,204,367 | $ | 100,353 | $ | – | $ | 7,304,720 |
James Long-Short Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 23,872,210 | $ | – | $ | – | $ | 23,872,210 | ||||||||
Exchange Traded Funds | 694,044 | – | – | 694,044 | ||||||||||||
Short Term Investments | 7,082,545 | – | – | 7,082,545 | ||||||||||||
Total | $ | 31,648,799 | $ | – | $ | – | $ | 31,648,799 | ||||||||
Valuation Inputs | ||||||||||||||||
Other Financial Instruments* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities | ||||||||||||||||
Securities Sold Short | ||||||||||||||||
Common Stocks | $ | (11,705 | ) | $ | – | $ | – | $ | (11,705 | ) | ||||||
TOTAL | $ | (11,705 | ) | $ | – | $ | – | $ | (11,705 | ) |
* | For detailed descriptions of sector and industry, see the accompanying Schedule of Investments. |
Annual Report | June 30, 2016 | 55 |
Notes to Financial Statements | James Advantage Funds |
June 30, 2016
56 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
June 30, 2016
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 | |||||||||||||||||||
Paid-in capital | $ | (8 | ) | $ | (676 | ) | $ | – | $ | (37,187 | ) | $ | – | $ | (217,728 | ) | ||||||||
Accumulated net investment income/(loss) | 5,236,114 | 6,389 | (470 | ) | 19,777 | (125 | ) | 218,715 | ||||||||||||||||
Accumulated net realized gain/ (loss) | (5,236,106 | ) | (5,713 | ) | 470 | 17,410 | 125 | (987 | ) | |||||||||||||||
Included in the amounts reclassified above were net operating losses offset to Paid-in capital, were as follows | $ | – | $ | – | $ | – | $ | 10,068 | $ | – | $ | 217,727 |
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 | $ | 4,008,825,025 | $ | 64,190,825 | $ | 10,030,451 | $ | 20,519,055 | $ | 6,950,842 | $ | 27,054,585 | ||||||||||||
Gross unrealized appreciation | $ | 529,408,183 | $ | 21,960,490 | $ | 4,348,327 | $ | 6,797,966 | $ | 430,584 | $ | 5,381,134 | ||||||||||||
Gross unrealized depreciation | (63,055,125 | ) | (1,691,689 | ) | (58,166 | ) | (788,115 | ) | (76,706 | ) | (786,920 | ) | ||||||||||||
Net appreciation/(depreciation) of foreign currency and derivatives | 5,428 | – | – | – | – | (721 | ) | |||||||||||||||||
Net unrealized appreciation | 466,358,486 | 20,268,801 | 4,290,161 | 6,009,851 | 353,878 | 4,593,493 | ||||||||||||||||||
Accumulated capital gains/(losses) | (76,581,942 | ) | (7,487,353 | ) | 328,291 | (2,596,039 | ) | (520,761 | ) | (2,146,099 | ) | |||||||||||||
Undistributed ordinary income | 8,802,003 | – | 6,897 | – | 22,902 | – | ||||||||||||||||||
Other cumulative effect of timing differences | (424,092 | ) | (92,043 | ) | – | (97,981 | ) | – | (128,890 | ) | ||||||||||||||
Total | $ | 398,154,455 | $ | 12,689,405 | $ | 4,625,349 | $ | 3,315,831 | $ | (143,981 | ) | $ | 2,318,504 |
Annual Report | June 30, 2016 | 57 |
Notes to Financial Statements | James Advantage Funds |
June 30, 2016
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 | |||||||||||||||||||
Ordinary Income | $ | 45,525,513 | $ | 517,857 | $ | 67,006 | $ | 27,110 | $ | 18,000 | $ | – | ||||||||||||
Long-Term Capital Gains | 77,342,586 | 4,796,221 | 1,140,548 | – | – | – | ||||||||||||||||||
Total | $ | 122,868,099 | $ | 5,314,078 | $ | 1,207,554 | $ | 27,110 | $ | 18,000 | $ | – |
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 | $ | – |
Short Term | Long Term | |||||||
James Balanced: Golden Rainbow Fund | $ | 28,247,484 | $ | – | ||||
James Small Cap Fund | 2,405,338 | – | ||||||
James Micro Cap Fund | 1,465,490 | 6,594 | ||||||
James Aggressive Allocation Fund | 243,759 | – | ||||||
James Long-Short Fund | 1,519,624 | – |
Amount | ||||
James Balanced: Golden Rainbow Fund | $ | 48,334,458 | ||
James Small Cap Fund | 5,082,015 | |||
James Micro Cap Fund | 1,123,955 | |||
James Aggressive Allocation Fund | 277,002 | |||
James Long-Short Fund | 626,475 |
Amount | ||||
James Balanced: Golden Rainbow Fund | $ | 424,092 | ||
James Small Cap Fund | 90,436 | |||
James Micro Cap Fund | 97,212 | |||
James Long-Short Fund | 128,890 |
Purchases | Sales | |||||||
James Balanced: Golden Rainbow Fund | $ | 1,021,890,944 | $ | 786,110,658 | ||||
James Small Cap Fund | 2,494,881 | 2,496,203 | ||||||
James Micro Cap Fund | 748,464 | 750,000 | ||||||
James Aggressive Allocation Fund | 4,840,927 | 3,297,892 |
Purchases | Sales | |||||||
James Balanced: Golden Rainbow Fund | $ | 1,224,378,755 | $ | 1,160,882,497 | ||||
James Small Cap Fund | 56,254,331 | 83,065,792 | ||||||
James Mid Cap Fund | 8,068,759 | 13,800,556 | ||||||
James Micro Cap Fund | 12,414,449 | 10,161,882 | ||||||
James Aggressive Allocation Fund | 12,874,447 | 7,248,957 | ||||||
James Long-Short Fund | 14,904,065 | 32,862,730 |
58 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
June 30, 2016
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% |
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% |
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% |
Average Total Net Assets | Contractual Fee |
Up to and including $500 million | 1.50% |
Over $500 million | 1.45% |
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% |
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% |
of Operations.
Annual Report | June 30, 2016 | 59 |
Notes to Financial Statements | James Advantage Funds |
June 30, 2016
Fund | Maximum Balance Available | Interest Rate | Expiration Date | |||
James Balanced: Golden Rainbow Fund | $ | 50,000,000 | Prime Rate* | July 11, 2017 | ||
James Small Cap Fund | $ | 6,500,000 | Prime Rate* | July 11, 2017 | ||
James Mid Cap Fund | $ | 715,000 | Prime Rate* | July 11, 2017 | ||
James Micro Cap Fund | $ | 540,000 | Prime Rate* | July 11, 2017 | ||
James Aggressive Allocation Fund | $ | 100,000 | Prime Rate* | July 11, 2017 | ||
James Long-Short Fund | $ | 3,000,000 | Prime Rate* | July 11, 2017 |
* | The rate at which the Bank announces as its prime lending rate. |
60 | www.jamesfunds.com |
James Advantage Funds | Report of Independent Registered Public Accounting Firm |
Annual Report | June 30, 2016 | 61 |
Additional Information | James Advantage Funds |
June 30, 2016 (Unaudited)
Amount | |
James Balanced: Golden Rainbow Fund | 100.00% |
James Small Cap Fund | 100.00% |
James Mid Cap Fund | 100.00% |
James Micro Cap Fund | 28.65% |
James Long-Short Fund | 0% |
James Aggressive Allocation Fund | 98.99% |
Amount | |
James Balanced: Golden Rainbow Fund | 99.95% |
James Small Cap Fund | 100.00% |
James Mid Cap Fund | 100.00% |
James Micro Cap Fund | 28.65% |
James Long-Short Fund | 0% |
James Aggressive Allocation Fund | 98.99% |
62 | www.jamesfunds.com |
James Advantage Funds | Disclosure Regarding Approval of Fund Advisory Agreements |
June 30, 2016 (Unaudited)
Annual Report | June 30, 2016 | 63 |
Disclosure Regarding Approval of Fund Advisory Agreements | James Advantage Funds |
June 30, 2016 (Unaudited)
the Funds.
64 | www.jamesfunds.com |
James Advantage Funds | Disclosure Regarding Approval of Fund Advisory Agreements |
June 30, 2016 (Unaudited)
Annual Report | June 30, 2016 | 65 |
Disclosure Regarding Approval of Fund Advisory Agreements | James Advantage Funds |
June 30, 2016 (Unaudited)
66 | www.jamesfunds.com |
James Advantage Funds | Trustees & Officers |
INTERESTED TRUSTEES | ||||
Name/Address/Age | Position(s) With Fund/Time Served/ During Past 5 years1 | Principal Occupation by Trustee | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Trustee Outside During the Past Five Years |
Barry R. James2, CFA James Investment Research, Inc. 1349 Fairground Road Xenia, OH 45385 Year of Birth: 1956 | President & Trustee since 1997 | President and CEO, James Investment Research (2005 - present); CEO and Director, James Capital Alliance (1992 - present) | 6 | Director, Heart to Honduras (2006 – present); Director, FAIR Foundation (2010 - present) |
INDEPENDENT TRUSTEES | ||||
Name/Address*/Age | Position(s) With Fund/Time Served/ During Past 5 years1 | Principal Occupation by Trustee | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Trustee Outside During the Past Five Years |
Anthony P. D’Angelo Year of Birth: 1930 | Trustee since 1997 | Retired, Professor Emeritus, Graduate School of Logistics and Acquisitions Management, Air Force Institute of Technology, Wright-Patterson AFB, Ohio (Retired since 1999) | 6 | None |
Leslie L. Brandon Year of Birth: 1942 | Trustee since 2003 | Retired Partner, Ernst & Young LLP, Columbus, Ohio (1966 - 2000) | 6 | None |
Ronald D. Brown Year of Birth: 1953 | Trustee Since 2014 | Chief Operating Officer, The Armor Group (2013-Present); Chief Financial Officer, Makino Inc. (2010 - 2013); Managing Director, Taft Business Consulting LLC (2009 - 2013) | 6 | Director, Currently Lead Director, of AO Smith Corporation (2001 - present); Board Trustee of University of Cincinnati (2013 - present); Director, Zep Inc. (2010-2015); Director of Makino Inc. (2010 - 2013) |
Robert F. Chelle Year of Birth: 1948 | Trustee since 2014 | Retired Founding Director of the L. William Crotty Center for Entrepreneurial Leadership at the University of Dayton (1999 – 2015); President/CEO, High Voltage Maintenance Corp, Dayton, OH (1974-1999) | 6 | Director of DRT Mfg. Co., The Siebenthaler Company, PNC Bank – Dayton Region, Prime Controls Mfg. Co. and School Outfitters; Trustee of The Entrepreneur’s Center – An Edison Business Incubator |
Richard C. Russell Year of Birth: 1946 | Trustee since 2003 | Consultant, Danis Companies (construction and real estate development firm), (2002 - present); Retired CEO & CFO, Danis Companies (1983-2002) | 6 | Director, Excellence in Motivation, Inc. (1996 - present); Director, DRT Manufacturing, Co. (1999 - present) |
* | All Trustees may be contacted at c/o The James Advantage Funds, Attn: Secretary, 1349 Fairground Road, Xenia, OH 45385 |
1 | Each Trustee is elected to serve in accordance with the Declaration of Trust and Bylaws of the Trust until his or her successor is duly elected and qualified. |
2 | Mr. James is an “interested person” of the Trust as defined in the 1940 Act because of his relationship to James Investment Research, Inc., which serves as the investment adviser to the Trust. |
Annual Report | June 30, 2016 | 67 |
Trustees & Officers | James Advantage Funds |
OFFICERS | ||
Name/Address/Age | Position(s) With Fund/Time Served | Principal Occupation by Officer |
Thomas L. Mangan James Investment Research, Inc. 1349 Fairground Road Xenia, OH 45385 Year of Birth: 1949 | Vice President, Secretary and Chief Financial Officer since 1997 | Senior Vice President, James Investment Research, Inc., Chief Compliance Officer, James Investment Research, Inc. (1997-2011) |
Lesley Ott James Investment Research, Inc. 1349 Fairground Road Xenia, OH 45385 Year of Birth: 1983 | Chief Compliance Officer since 2012 | Chief Compliance Officer, James Investment Research, Inc. and James Capital Alliance, Inc. (since 2012), Deputy Chief Compliance Officer, James Investment Research, Inc. and James Capital Alliance, Inc. (2010-2011) |
Richard Brian Culpepper James Investment Research, Inc. 1349 Fairground Road Xenia, OH 45385 Year of Birth: 1972 | Assistant Secretary since 2011 | Vice President, James Investment Research, Inc. (since 2014), First Vice President of James Investment Research, Inc. (2009-2014) |
Andrea E. Kuchli, c/o ALPS Fund Services, Inc. 1290 Broadway, Ste. 1100 Denver, CO 80203 Year of Birth: 1985 | Assistant Secretary since 2015 | Vice President and Senior Counsel of ALPS Fund Services, Inc. (2015 – present); Secretary of the Westcore Trust (2015 – present), Secretary of the Principal Real Estate Income Fund (2015 – present), Associate Attorney, Davis Graham & Stubbs LLP (2014 – 2015), Associate Attorney, Dechert LLP (2011 – 2014) |
Amy Broerman James Investment Research, Inc. 1349 Fairground Road Xenia, OH 45385 Year of Birth: 1972 | Treasurer since 2012 | Assistant Vice President of Operations, James Investment Research, Inc. (since 2008), Assistant Treasurer of James Advantage Funds (2002-2012) |
Jennell Panella c/o ALPS Fund Services, Inc. 1290 Broadway, Ste. 1100 Denver, CO 80203 Year of Birth: 1974 | Assistant Treasurer since 2013 | Fund Controller of ALPS Fund Services, Inc. (since June 2012), Financial Reporting Manager, Parker Global Strategies, LLC (2009-2012) |
Brian P. Shepardson James Investment Research, Inc. 1349 Fairground Road Xenia, OH 45385 Year of Birth: 1973 | Assistant Treasurer since 2015 | First Vice President, James Investment Research, Inc. (since 2014), Assistant Vice President of James Investment Research, Inc. (2009-2014). |
James Advantage Funds | Privacy Policy |
• | Social Security number and wire transfer instructions |
• | account transactions and transaction history |
• | investment experience and purchase history |
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 |
What we do: | |
How does James Advantage Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
How does James Advantage Funds collect my personal information? | We collect your personal information, for example, when you · open an account or deposit money · direct us to buy securities or direct us to sell your securities · seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: · sharing for affiliates’ everyday business purposes – information about your creditworthiness. · affiliates from using your information to market to you. · sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and non-financial companies. · Our affiliates include financial companies, such as James Investment Research, Inc. and James Capital Alliance. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. · James Advantage Funds does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. · James Advantage Funds does not jointly market. |
Annual Report | June 30, 2016 | 69 |
![](https://capedge.com/proxy/N-CSR/0001398344-16-018136/fp0021329_18.jpg)
(a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(b) | For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote: |
(1) | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
(2) | Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; |
(3) | Compliance with applicable governmental laws, rules, and regulations; |
(4) | The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and |
(5) | Accountability for adherence to the code. |
(c) | Amendments: During the period covered by this report, there were no amendments to the provisions of the code of ethics. |
(d) | Waivers: During the period covered by this report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics. |
(e) | Not applicable to this report. |
(f) | The Registrant’s Code of Ethics is attached as an Exhibit hereto. |
(a) | The registrant’s board of trustees has determined that Leslie L. Brandon is an audit committee financial expert. Mr. Brandon is independent for purposes of this Item 3. |
(b) | For purposes of this Item, an “audit committee financial expert” means a person who has the following attributes: |
(1) | An understanding of generally accepted accounting principles and financial statements; |
(2) | The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves; |
(3) | Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities; |
(4) | An understanding of internal control over financial reporting; and |
(5) | An understanding of audit committee functions. |
(c) | A person shall have acquired such attributes through: |
(1) | Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions; |
(2) | Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions; |
(3) | Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or |
(4) | Other relevant experience. |
(1) | A person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933 (15 U.S.C. 77k), as a result of being designated or identified as an audit committee financial expert pursuant to this Item. |
(2) | The designation or identification of a person as an audit committee financial expert pursuant to this Item does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. |
(3) | The designation or identification of a person as an audit committee financial expert pursuant to this Item does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors. |
(a) | Audit Fees. |
June 30, 2016 | June 30, 2015 |
$106,800 | $89,000 |
(b) | Audit-Related Fees. |
Registrant | Adviser | |
June 30, 2016 | $0 | $0 |
June 30, 2015 | $0 | $0 |
(c) | Tax Fees. |
Registrant | Adviser | |
June 30, 2016 | $15,300 | $0 |
June 30, 2015 | $12,360 | $0 |
(d) | All Other Fees. |
Registrant | Adviser | |
June 30, 2016 | $0 | $0 |
June 30, 2015 | $0 | $0 |
(e) | Pre-Approval Policies and Procedures. |
(1) | Pursuant to the registrant’s Audit Committee Charter (the “Charter”), the Audit Committee is directly responsible for the appointment, termination, compensation, and oversight of the work of any registered public accounting firm employed by the registrant. In addition, the Charter provides that the Audit Committee is responsible for reviewing and approving in advance any and all proposals under which the independent auditor would provide “permissible non-audit services” (as defined in the Charter) to the registrant or to the investment adviser to the registrant (not including any sub-adviser whose role is primarily portfolio management and that is sub-contracted or overseen by the investment adviser to the registrant) or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if those permissible non-audit services relate directly to the operations and financial reporting of the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether such services are consistent with the independent auditor’s independence. |
Registrant | Adviser | |
Audit Related | 100% | n/a |
Tax Fees | 100% | n/a |
Other Fees | n/a | n/a |
(f) | Not applicable to the registrant. |
(g) | Aggregate non-audit fees billed by the registrant’s accountant: |
Registrant | Adviser | |
June 30, 2016 | $11,930.06 | $0 |
June 30, 2015 | $16,270 | $0 |
(h) | The registrant’s audit committee of the board of trustees has considered that the provision of non-audit services that were rendered to an entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant for the fiscal years ended June 30, 2016 and June 30, 2015, as identified above, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, are compatible with maintaining Deloitte & Touche LLP’s independence. |
(a) | The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable to the registrant. |
(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. |
(a)(1) | Registrant’s Code of Ethics for Principal Executive and Principal Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is attached hereto as Exhibit 12(a)(1). |
(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. |
By (Signature and Title) | |
/s/ Barry R. James | |
Barry R. James | |
President | |
Date: September 7, 2016 |
By (Signature and Title) | |
/s/ Barry R. James | |
Barry R. James | |
President | |
Date: September 7, 2016 | |
By (Signature and Title) | |
/s/ Thomas L. Mangan | |
Thomas L. Mangan | |
Chief Financial Officer | |
Date: September 7, 2016 |