![(FRONT COVER)](https://capedge.com/proxy/N-CSRS/0001398344-17-003067/fp0024291_01.jpg)
Shareholder Letter | 1 |
Growth of $10,000 Charts | 4 |
Representation of Schedules of Investments | 8 |
Disclosure of Fund Expenses | 9 |
Schedule of Investments | |
James Balanced: Golden Rainbow Fund | 10 |
James Small Cap Fund | 21 |
James Mid Cap Fund | 24 |
James Micro Cap Fund | 26 |
James Aggressive Allocation Fund | 29 |
James Long-Short Fund | 32 |
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 |
Additional Information | 61 |
Privacy Policy | 62 |
James Advantage Funds | Shareholder Letter |
Semi-Annual Report | December 31, 2016 | 1 |
Shareholder Letter | James Advantage Funds |
December 31, 2016 (Unaudited)
2 | www.jamesfunds.com |
James Advantage Funds | Shareholder Letter |
* | Percentage of portfolio shown for each Fund consists of the average percentage held for the Fund during the six months ended December 31,2016. Holdings, as a percent of the portfolio, for each Fund as of December 31, 2016 are as follows: Balanced Golden Rainbow Fund: Annaly Capital (0.2%), Brandywine Realty Trust (0.2%), Chimera Investment Corp (0.3%), Government Properties Income (0.2%), LTC Properties Inc. (0.2%), Barrick Gold (0.1%), Newmont Mining (0.5%) and the Gold Trust SPDR (0.3%). Small Cap Fund: First Majestic Silver (0.1%), Smith & Wesson (0.7%) and Helen of Troy (2.4%). Mid Cap Fund: RR Donnelly (0.0%) and Agnico Eagle Mines (0.0%). Micro Cap Fund: Richmont Mines (0.0%) and Natural Health Trend (2.4%). Long-Short Fund: Smith & Wesson (1.0%) and RR Donnelly (0.0%). Aggressive Allocation Fund: United Rentals (2.8%0), McDermott Intl (2.5%) and Treasury Inflation Protected bonds (4.1%). Holdings are subject to change. |
Semi-Annual Report | December 31, 2016 | 3 |
Growth of $10,000 or $50,000 Charts | James Advantage Funds |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-17-003067/fp0024291_02.jpg)
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(1) | |
James Balanced: Golden Rainbow – Retail Class | 4.17% | 6.25% | 5.93% | 7.85% |
S&P 500® Index | 11.96% | 14.66% | 6.95% | 9.45% |
Blended Index(2) | 9.45% | 8.28% | 5.88% | 8.01% |
Russell 2000® Index | 21.31% | 14.46% | 7.07% | 10.05% |
Barclays Capital U.S. Intermediate Government/Credit Bond Index | 2.08% | 1.85% | 3.84% | 5.44% |
(1) | Inception was July 1, 1991. |
(2) | 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. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2016, was 0.97%. |
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Average Annual Total Returns
1 Year | 5 Years | Since Inception(1) | |
James Balanced: Golden Rainbow – Institutional Class | 4.43% | 6.51% | 9.52% |
S&P 500® Index | 11.96% | 14.66% | 18.48% |
Blended Index(2) | 9.45% | 8.28% | 11.42% |
Russell 2000® Index | 21.31% | 14.46% | 19.79% |
Barclays Capital U.S. Intermediate Government/ Credit Bond Index | 2.08% | 1.85% | 3.40% |
(1) | Inception was March 2, 2009. |
(2) | 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. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2016, was 0.72%. |
James Advantage Funds | Growth of $10,000 or $50,000 Charts |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-17-003067/fp0024291_04.jpg)
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(1) | |
James Small Cap Fund | 15.63% | 10.78% | 5.44% | 8.40% |
Russell 2000® Index | 21.31% | 14.46% | 7.07% | 9.15% |
(1) | Fund inception was October 2, 1998. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2016, was 1.51%. |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-17-003067/fp0024291_05.jpg)
Average Annual Total Returns
1 Year | 5 Years | 10 Years | Since Inception(1) | |
James Mid Cap Fund | 5.33% | 10.89% | 5.43% | 5.72% |
S&P MidCap 400® Value Index | 26.53% | 16.07% | 8.48% | 8.78% |
(1) | Fund inception was June 30, 2006. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2016, was 1.51%. |
Poor’s methodology.
Semi-Annual Report | December 31, 2016 | 5 |
Growth of $10,000 or $50,000 Charts | James Advantage Funds |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-17-003067/fp0024291_06.jpg)
1 Year | 5 Year | Since Inception(1) | |
James Micro Cap Fund | 19.62% | 16.13% | 13.57% |
Russell Microcap® Index | 20.37% | 15.59% | 14.65% |
(1) | Fund inception was July 1, 2010. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2016, was 1.51%. |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-17-003067/fp0024291_07.jpg)
1 Year | Since Inception(1) | |
James Aggressive Allocation Fund | 9.09% | -0.19% |
Russell 3000® Index | 12.74% | 6.82% |
Blended Index(2) | 9.44% | 5.53% |
(1) | Fund inception was July 1, 2015. |
(2) | 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. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2016, was 1.01%. |
James Advantage Funds | Growth of $10,000 or $50,000 Charts |
![(LINE GRAPH)](https://capedge.com/proxy/N-CSRS/0001398344-17-003067/fp0024291_08.jpg)
James Long-Short Fund
1 Year | 5 Years | Since Inception(1) | |
James Long-Short Fund | 2.19% | 7.18% | 5.66% |
S&P 500® Index | 11.96% | 14.66% | 12.31% |
(1) | Fund inception was May 23, 2011. |
The total annual operating expense ratio as stated in the fee table of the most recent prospectus, dated November 1, 2016, was 2.53%. |
Semi-Annual Report | December 31, 2016 | 7 |
Representation of Schedules of Investments | James Advantage Funds |
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(% of Net Assets)*
not included)
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* | Holdings are subject to change, and may not reflect the current or future position of the portfolio. |
James Advantage Funds | Disclosure of Fund Expenses |
Net Expense Ratio Annualized December 31, 2016(a) | Beginning Account Value July 1, 2016 | Ending Account Value December 31, 2016 | Expense Paid During Period(b) | |
James Balanced: Golden Rainbow Fund | ||||
Retail Class Actual | 0.96% | $1,000.00 | $1,025.20 | $4.90 |
Retail Class Hypothetical (5% return before expenses) | 0.96% | $1,000.00 | $1,020.37 | $4.89 |
Institutional Class Actual | 0.71% | $1,000.00 | $1,026.80 | $3.63 |
Institutional Class Hypothetical (5% return before expenses) | 0.71% | $1,000.00 | $1,021.63 | $3.62 |
James Small Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $1,168.00 | $8.20 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.64 | $7.63 |
James Mid Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $1,065.70 | $7.81 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.64 | $7.63 |
James Micro Cap Fund | ||||
Actual | 1.50% | $1,000.00 | $1,200.90 | $8.32 |
Hypothetical (5% return before expenses) | 1.50% | $1,000.00 | $1,017.64 | $7.63 |
James Aggressive Allocation Fund | ||||
Actual | 0.98% | $1,000.00 | $1,049.40 | $5.06 |
Hypothetical (5% return before expenses) | 0.98% | $1,000.00 | $1,020.27 | $4.99 |
James Long‐Short Fund | ||||
Actual | 1.56%(c) | $1,000.00 | $1,043.10 | $8.03 |
Hypothetical (5% return before expenses) | 1.56%(c) | $1,000.00 | $1,017.34 | $7.93 |
(a) | Annualized, based on the Fund's most recent fiscal half year expenses. |
(b) | Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), divided by 365. |
(c) | Dividend and interest expense on securities sold short and interest expense totaled 0.06% (annualized) of average net assets for the six months ended December 31, 2016. Total annual operating expense of 1.56% includes the 0.06% of dividend and interest expense. |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
December 31, 2016 (Unaudited) |
Shares or Principal Amount | Value | ||||||
COMMON STOCKS-52.1% | |||||||
Basic Materials-5.7% | |||||||
12,188 | AEP Industries, Inc. | $ | 1,415,027 | ||||
323,670 | Avery Dennison Corp. | 22,728,107 | |||||
314,370 | Barrick Gold Corp. | 5,023,633 | |||||
553,420 | Celanese Corp., Series A | 43,576,291 | |||||
98,720 | Ciner Resources LP | 2,870,778 | |||||
447,690 | Cooper Tire & Rubber Co. | 17,392,756 | |||||
76,830 | Dow Chemical Co. | 4,396,213 | |||||
75,330 | Enviva Partners LP | 2,018,844 | |||||
22,670 | First Majestic Silver Corp.* | 172,972 | |||||
1,150,260 | Goodyear Tire & Rubber Co. | 35,508,526 | |||||
58,910 | Hecla Mining Co. | 308,688 | |||||
329,655 | Innospec, Inc. | 22,581,367 | |||||
21,500 | International Paper Co. | 1,140,790 | |||||
172,610 | Lydall, Inc.* | 10,675,928 | |||||
192,445 | Neenah Paper, Inc. | 16,396,314 | |||||
637,820 | Newmont Mining Corp. | 21,730,527 | |||||
16,610 | Pan American Silver Corp. | 250,313 | |||||
170,990 | Universal Forest Products, Inc. | 17,471,758 | |||||
86,000 | Westlake Chemical Corp. | 4,815,140 | |||||
230,473,972 | |||||||
Consumer, Cyclical-6.6% | |||||||
642,220 | Alaska Air Group, Inc. | 56,984,181 | |||||
7,910 | Asbury Automotive Group, Inc.* | 488,047 | |||||
165,260 | Avianca Holdings SA, Sponsored ADR | 1,593,106 | |||||
590,000 | Best Buy Co., Inc. | 25,175,300 | |||||
371,875 | Big Lots, Inc. | 18,671,844 | |||||
456,765 | Cato Corp., Class A | 13,739,491 | |||||
112,210 | Century Communities, Inc.* | 2,356,410 | |||||
115,610 | Flexsteel Industries, Inc. | 7,129,669 | |||||
448,050 | Foot Locker, Inc. | 31,762,264 | |||||
707,670 | Ford Motor Co. | 8,584,037 | |||||
314,125 | Hawaiian Holdings, Inc.* | 17,905,125 | |||||
25,110 | Hibbett Sports, Inc.* | 936,603 | |||||
14,850 | Insight Enterprises, Inc.* | 600,534 | |||||
120,350 | Lennar Corp., Class A | 5,166,625 | |||||
95,080 | M/I Homes, Inc.* | 2,394,114 | |||||
102,690 | Meritage Homes Corp.* | 3,573,612 | |||||
89,740 | Modine Manufacturing Co.* | 1,337,126 | |||||
122,770 | Patrick Industries, Inc.* | 9,367,351 | |||||
86,720 | PetMed Express, Inc. | 2,000,630 | |||||
746,725 | Southwest Airlines Co. | 37,216,774 | |||||
32,000 | Tata Motors, Ltd., Sponsored ADR | 1,100,480 | |||||
43,890 | Tower International, Inc. | 1,244,282 | |||||
66,405 | Wabash National Corp.* | 1,050,527 | |||||
234,005 | Wal-Mart Stores, Inc. | 16,174,426 | |||||
32,200 | Wesco Aircraft Holdings, Inc.* | 481,390 | |||||
267,033,948 | |||||||
Consumer, Non-cyclical-8.1% | |||||||
71,030 | Aetna, Inc. | 8,808,430 | |||||
71,935 | Anthem, Inc. | 10,342,095 | |||||
24,530 | Barrett Business Services, Inc. | 1,572,373 |
See Notes to Financial Statements. |
10 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
Consumer, Non-cyclical (continued) | |||||||
56,260 | Cardtronics PLC, Class A* | $ | 3,070,108 | ||||
307,039 | Convergys Corp. | 7,540,878 | |||||
200,000 | Dr Pepper Snapple Group, Inc. | 18,134,000 | |||||
272,022 | DST Systems, Inc. | 29,147,157 | |||||
20,590 | Farmer Brothers Co.* | 755,653 | |||||
129,650 | Grand Canyon Education, Inc.* | 7,578,042 | |||||
116,531 | Helen of Troy, Ltd.* | 9,841,043 | |||||
338,830 | Ingles Markets, Inc., Class A | 16,297,723 | |||||
76,500 | Ingredion, Inc. | 9,559,440 | |||||
142,055 | John B Sanfilippo & Son, Inc. | 9,999,251 | |||||
773,480 | Kroger Co. | 26,692,795 | |||||
145,358 | ManpowerGroup, Inc. | 12,917,965 | |||||
31,620 | Medifast, Inc. | 1,316,341 | |||||
674,260 | Merck & Co., Inc. | 39,693,686 | |||||
68,431 | National HealthCare Corp. | 5,186,385 | |||||
218,710 | Natural Health Trends Corp. | 5,434,944 | |||||
600,000 | Newell Brands, Inc. | 26,790,000 | |||||
181,465 | Nutrisystem, Inc. | 6,287,762 | |||||
454,550 | Omega Protein Corp.* | 11,386,478 | |||||
777,530 | Pfizer, Inc. | 25,254,174 | |||||
104,514 | Sanderson Farms, Inc. | 9,849,399 | |||||
69,960 | Superior Uniform Group, Inc. | 1,372,615 | |||||
366,992 | Toro Co. | 20,533,202 | |||||
325,361,939 | |||||||
Energy-2.5% | |||||||
187,500 | BP PLC, Sponsored ADR | 7,008,750 | |||||
33,430 | Canadian Solar, Inc.* | 407,177 | |||||
355,020 | Diamond Offshore Drilling, Inc.* | 6,283,854 | |||||
30,018 | Matrix Service Co.* | 681,409 | |||||
1,985,900 | McDermott International, Inc.* | 14,675,801 | |||||
9,670 | Rowan Cos., PLC, Class A* | 182,666 | |||||
34,770 | SolarEdge Technologies, Inc.* | 431,148 | |||||
136,580 | Star Gas Partners LP | 1,469,601 | |||||
374,950 | Tesoro Corp. | 32,789,378 | |||||
444,710 | Valero Energy Corp. | 30,382,587 | |||||
104,435 | World Fuel Services Corp. | 4,794,611 | |||||
99,106,982 | |||||||
Financial-9.4% | |||||||
48,300 | Aaron's, Inc. | 1,545,117 | |||||
116,293 | American Financial Group, Inc. | 10,247,739 | |||||
1,039,470 | AmTrust Financial Services, Inc. | 28,460,689 | |||||
809,372 | Annaly Capital Management, Inc., REIT | 8,069,439 | |||||
67,100 | Ares Commercial Real Estate Corp., REIT | 921,283 | |||||
281,736 | Argo Group International Holdings, Ltd. | 18,566,402 | |||||
185,630 | Ashford Hospitality Trust, Inc., REIT | 1,440,489 | |||||
100,000 | Bank of Montreal | 7,192,000 | |||||
449,972 | Brandywine Realty Trust, REIT | 7,429,038 | |||||
77,000 | Capital One Financial Corp. | 6,717,480 | |||||
752,426 | Chimera Investment Corp., REIT | 12,806,291 | |||||
60,300 | CorEnergy Infrastructure Trust, Inc., REIT | 2,103,264 | |||||
143,615 | Dynex Capital, Inc., REIT | 979,454 | |||||
94,990 | ePlus, Inc.* | 10,942,848 |
See Notes to Financial Statements. |
Semi-Annual Report | December 31, 2016 | 11 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
December 31, 2016 (Unaudited) |
Shares or Principal Amount | Value | ||||||
Financial (continued) | |||||||
813,010 | Fifth Third Bancorp | $ | 21,926,880 | ||||
13,500 | First Interstate BancSystem, Inc., Class A | 574,425 | |||||
30,320 | Franklin Financial Network, Inc.* | 1,268,892 | |||||
60,000 | Franklin Resources, Inc. | 2,374,800 | |||||
47,225 | Getty Realty Corp., REIT | 1,203,765 | |||||
466,046 | Government Properties Income Trust, REIT | 8,885,167 | |||||
45,420 | Hanmi Financial Corp. | 1,585,158 | |||||
13,465 | Hanover Insurance Group, Inc. | 1,225,450 | |||||
504,470 | JPMorgan Chase & Co. | 43,530,716 | |||||
1,032,600 | KeyCorp | 18,865,602 | |||||
37,385 | LendingTree, Inc.* | 3,788,970 | |||||
147,696 | LTC Properties, Inc., REIT | 6,938,758 | |||||
133,150 | MainSource Financial Group, Inc. | 4,580,360 | |||||
27,210 | Meta Financial Group, Inc. | 2,799,909 | |||||
31,250 | MutualFirst Financial, Inc. | 1,034,375 | |||||
46,120 | National Storage Affiliates Trust, REIT | 1,017,868 | |||||
377,630 | Nelnet, Inc., Class A | 19,164,723 | |||||
105,180 | Old National Bancorp | 1,909,017 | |||||
85,930 | People's Utah Bancorp | 2,307,221 | |||||
125,000 | Principal Financial Group, Inc. | 7,232,500 | |||||
141,710 | Prospect Capital Corp. | 1,183,279 | |||||
210,000 | Regions Financial Corp. | 3,015,600 | |||||
29,970 | Sunstone Hotel Investors, Inc., REIT | 457,043 | |||||
78,850 | TCF Financial Corp. | 1,544,672 | |||||
233,270 | Torchmark Corp. | 17,205,995 | |||||
505,424 | Travelers Cos., Inc. | 61,874,006 | |||||
15,000 | United Overseas Bank, Ltd., Sponsored ADR | 422,100 | |||||
475,000 | Unum Group | 20,866,750 | |||||
30,320 | Whitestone, REIT | 436,002 | |||||
376,641,536 | |||||||
Industrial-6.1% | |||||||
75,593 | Aegion Corp.* | 1,791,554 | |||||
80,000 | AGCO Corp. | 4,628,800 | |||||
64,760 | Air Transport Services Group, Inc.* | 1,033,570 | |||||
17,733 | Alamo Group, Inc. | 1,349,481 | |||||
315,210 | American Axle & Manufacturing Holdings, Inc.* | 6,083,553 | |||||
185,075 | American Outdoor Brands Corp.* | 3,901,381 | |||||
201,330 | American Railcar Industries, Inc. | 9,118,236 | |||||
115,390 | American Woodmark Corp.* | 8,683,097 | |||||
37,350 | Argan, Inc. | 2,635,042 | |||||
106,090 | Ceco Environmental Corp. | 1,479,955 | |||||
224,430 | Costamare, Inc. | 1,256,808 | |||||
200,740 | Covenant Transportation Group, Inc., Class A* | 3,882,312 | |||||
138,922 | Crown Holdings, Inc.* | 7,303,130 | |||||
214,755 | Culp, Inc. | 7,978,148 | |||||
177,500 | Deere & Co. | 18,289,600 | |||||
173,425 | DHT Holdings, Inc. | 717,980 | |||||
77,400 | FedEx Corp. | 14,411,880 | |||||
632,700 | Frontline, Ltd. | 4,498,497 | |||||
265,005 | Gener8 Maritime, Inc.* | 1,187,222 | |||||
5,800 | Gibraltar Industries, Inc.* | 241,570 | |||||
271,920 | Global Brass & Copper Holdings, Inc. | 9,326,856 | |||||
118,700 | Hollysys Automation Technologies, Ltd. | 2,174,584 |
See Notes to Financial Statements. |
12 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
December 31, 2016 (Unaudited) |
Shares or Principal Amount | Value | ||||||
Industrial (continued) | |||||||
51,230 | Huntington Ingalls Industries, Inc. | $ | 9,436,054 | ||||
35,110 | Insteel Industries, Inc. | 1,251,320 | |||||
1,092,890 | Magna International, Inc. | 47,431,426 | |||||
38,830 | NACCO Industries, Inc., Class A | 3,516,057 | |||||
54,080 | Republic Services, Inc. | 3,085,264 | |||||
32,400 | Ryder System, Inc. | 2,411,856 | |||||
488,550 | Ship Finance International, Ltd. | 7,254,968 | |||||
266,910 | Sonoco Products Co. | 14,066,157 | |||||
43,029 | Sturm Ruger & Co., Inc. | 2,267,628 | |||||
35,635 | Superior Industries International, Inc. | 938,982 | |||||
267,430 | Teekay Tankers, Ltd., Class A | 604,392 | |||||
12,380 | Tenneco, Inc.* | 773,379 | |||||
25,000 | Trinity Industries, Inc. | 694,000 | |||||
84,320 | Unifi, Inc.* | 2,751,362 | |||||
347,680 | United Rentals, Inc.* | 36,708,054 | |||||
245,164,155 | |||||||
Technology-8.3% | |||||||
652,527 | ACCO Brands Corp.* | 8,515,477 | |||||
306,400 | Arrow Electronics, Inc.* | 21,846,320 | |||||
255,210 | Avnet, Inc. | 12,150,548 | |||||
31,000 | Broadcom, Ltd. | 5,479,870 | |||||
47,940 | Cabot Microelectronics Corp. | 3,028,370 | |||||
363,070 | Cisco Systems, Inc. | 10,971,975 | |||||
437,810 | Corning, Inc. | 10,625,649 | |||||
28,995 | CSG Systems International, Inc. | 1,403,358 | |||||
986,375 | Deluxe Corp. | 70,634,314 | |||||
74,880 | Digi International, Inc.* | 1,029,600 | |||||
54,670 | Eastman Kodak Co.* | 847,385 | |||||
366,269 | Ebix, Inc. | 20,895,646 | |||||
29,500 | Engility Holdings, Inc.* | 994,150 | |||||
20,000 | General Dynamics Corp. | 3,453,200 | |||||
257,740 | Hackett Group, Inc. | 4,551,688 | |||||
461,500 | Intel Corp. | 16,738,605 | |||||
22,120 | International Business Machines Corp. | 3,671,699 | |||||
68,460 | Leidos Holdings, Inc. | 3,501,044 | |||||
109,930 | Lockheed Martin Corp. | 27,475,904 | |||||
34,880 | Nanometrics, Inc.* | 874,093 | |||||
51,240 | NeuStar, Inc., Class A* | 1,711,416 | |||||
171,220 | Northrop Grumman Corp. | 39,822,348 | |||||
321,655 | Orbotech, Ltd.* | 10,746,494 | |||||
131,710 | PC Connection, Inc. | 3,699,734 | |||||
249,650 | SYNNEX Corp. | 30,212,643 | |||||
31,030 | Triumph Group, Inc. | 822,295 | |||||
107,760 | Unisys Corp.* | 1,611,012 | |||||
228,330 | WESCO International, Inc.* | 15,195,362 | |||||
332,510,199 | |||||||
Utilities-5.4% | |||||||
225,520 | American Electric Power Co., Inc. | 14,198,739 | |||||
1,637,700 | AT&T, Inc. | 69,651,381 | |||||
93,965 | Avista Corp. | 3,757,660 | |||||
418,554 | BT Group PLC, Sponsored ADR | 9,639,299 | |||||
339,850 | CenterPoint Energy, Inc. | 8,373,904 |
See Notes to Financial Statements. |
Semi-Annual Report | December 31, 2016 | 13 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
Shares or Principal Amount | Value | ||||||
Utilities (continued) | |||||||
89,620 | DTE Energy Co. | $ | 8,828,466 | ||||
65,000 | Edison International | 4,679,350 | |||||
107,480 | IDACORP, Inc. | 8,657,514 | |||||
26,080 | Otter Tail Corp. | 1,064,064 | |||||
97,210 | Pinnacle West Capital Corp. | 7,585,296 | |||||
176,175 | PNM Resources, Inc. | 6,042,803 | |||||
365,620 | Portland General Electric Co. | 15,842,315 | |||||
317,120 | Public Service Enterprise Group, Inc. | 13,915,226 | |||||
44,670 | SJW Group | 2,500,627 | |||||
73,067 | Spark Energy, Inc., Class A | 2,213,930 | |||||
14,650 | Spire, Inc. | 945,658 | |||||
265,510 | UGI Corp. | 12,234,701 | |||||
300,720 | Verizon Communications, Inc. | 16,052,434 | |||||
883,480 | Vonage Holdings Corp.* | 6,051,838 | |||||
75,170 | Westar Energy, Inc. | 4,235,830 | |||||
216,471,035 | |||||||
TOTAL COMMON STOCKS (Cost $1,619,622,462) | 2,092,763,766 | ||||||
CLOSED-END FUNDS-0.0%(a) | |||||||
131,000 | BlackRock Resources & Commodities Strategy Trust | 1,083,370 | |||||
TOTAL CLOSED-END FUNDS (Cost $929,275) | 1,083,370 | ||||||
EXCHANGE TRADED FUNDS-1.0% | |||||||
107,910 | iShares® MSCI All Peru Capped ETF | 3,539,448 | |||||
109,760 | iShares® MSCI Canada ETF | 2,870,224 | |||||
94,410 | iShares® MSCI Chile Capped ETF | 3,532,822 | |||||
55,590 | iShares® MSCI Philippines ETF | 1,802,228 | |||||
7,000 | iShares® National AMT-Free Municipal Bond ETF | 757,260 | |||||
704,760 | iShares® Silver Trust ETF* | 10,648,924 | |||||
119,610 | SPDR® Gold Shares ETF* | 13,110,452 | |||||
106,112 | VanEck Vectors Indonesia Index ETF | 2,252,758 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $37,960,825) | 38,514,116 | ||||||
CORPORATE BONDS-7.0% | |||||||
Basic Materials-0.0%(a) | |||||||
$ | 1,500,000 | E.I. du Pont de Nemours & Co., 5.750%, 3/15/19 | 1,625,242 | ||||
Communications-0.2% | |||||||
8,000,000 | Alphabet, Inc., 3.625%, 5/19/21 | 8,476,440 | |||||
Consumer, Cyclical-0.5% | |||||||
5,000,000 | eBay, Inc., 2.600%, 7/15/22 | 4,841,080 | |||||
5,000,000 | Home Depot, Inc., 2.700%, 4/1/23 | 4,984,255 | |||||
5,000,000 | Home Depot, Inc., 5.950%, 4/1/41 | 6,345,350 | |||||
785,000 | McDonald's Corp., 5.700%, 2/1/39 | 903,326 | |||||
2,000,000 | Wal-Mart Stores, Inc., 5.250%, 9/1/35 | 2,388,348 | |||||
19,462,359 |
14 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
Consumer, Non-cyclical-1.2% | |||||||
$ | 10,000,000 | Coca-Cola Co., 3.200%, 11/1/23 | $ | 10,315,010 | |||
3,000,000 | Hershey Co., 4.125%, 12/1/20 | 3,217,926 | |||||
5,475,000 | Johnson & Johnson, 4.500%, 9/1/40 | 6,106,804 | |||||
5,000,000 | Merck & Co., Inc., 2.800%, 5/18/23 | 5,013,760 | |||||
10,000,000 | Merck & Co., Inc., 4.150%, 5/18/43 | 10,251,260 | |||||
10,000,000 | PepsiCo, Inc., 5.000%, 6/1/18 | 10,500,190 | |||||
45,404,950 | |||||||
Energy-1.4% | |||||||
5,000,000 | Apache Corp., 3.250%, 4/15/22 | 5,073,530 | |||||
5,000,000 | BP Capital Markets PLC, 3.245%, 5/6/22 | 5,100,335 | |||||
8,271,000 | Chevron Corp., 3.326%, 11/17/25 | 8,417,992 | |||||
10,000,000 | Diamond Offshore Drilling, Inc., 5.875%, 5/1/19 | 10,372,500 | |||||
2,000,000 | Phillips 66, 4.300%, 4/1/22 | 2,145,274 | |||||
5,050,000 | Shell International Finance BV, 2.375%, 8/21/22 | 4,954,080 | |||||
5,000,000 | Shell International Finance BV, 6.375%, 12/15/38 | 6,437,510 | |||||
2,625,000 | Shell International Finance BV, 4.375%, 5/11/45 | 2,653,712 | |||||
10,000,000 | Statoil ASA, 2.250%, 11/8/19 | 10,078,100 | |||||
55,233,033 | |||||||
Financial-1.8% | |||||||
5,000,000 | Aflac, Inc., 2.650%, 2/15/17 | 5,007,500 | |||||
8,000,000 | Aflac, Inc., 3.625%, 11/15/24 | 8,223,344 | |||||
14,733,000 | American Express Credit Corp., 1.125%, 6/5/17 | 14,730,436 | |||||
5,000,000 | Berkshire Hathaway, Inc., 3.750%, 8/15/21 | 5,290,360 | |||||
5,000,000 | Citigroup, Inc., 4.450%, 1/10/17 | 5,002,140 | |||||
11,000,000 | JPMorgan Chase & Co., 4.250%, 10/15/20 | 11,631,895 | |||||
5,000,000 | Morgan Stanley & Co., 4.750%, 3/22/17 | 5,037,645 | |||||
6,000,000 | PNC Bank Na, 2.950%, 2/23/25 | 5,883,882 | |||||
1,775,000 | PNC Bank NA, 1.950%, 3/4/19 | 1,776,228 | |||||
5,000,000 | UBS AG, 5.875%, 12/20/17 | 5,204,355 | |||||
5,000,000 | Wells Fargo & Co., 2.500%, 3/4/21 | 4,958,780 | |||||
72,746,565 | |||||||
Industrial-0.5% | |||||||
1,000,000 | Caterpillar, Inc., 7.900%, 12/15/18 | 1,115,948 | |||||
1,000,000 | Caterpillar, Inc., 8.250%, 12/15/38 | 1,577,543 | |||||
10,000,000 | General Electric Capital Corp., 1.680%, 4/15/20(b) | 10,154,810 | |||||
2,000,000 | General Electric Capital Corp., 6.875%, 1/10/39 | 2,815,328 | |||||
5,000,000 | United Technologies Corp., 3.100%, 6/1/22 | 5,133,755 | |||||
20,797,384 | |||||||
Technology-1.2% | |||||||
3,419,000 | Apple, Inc., 1.550%, 2/7/20 | 3,375,404 | |||||
5,000,000 | Intel Corp., 3.300%, 10/1/21 | 5,190,960 | |||||
7,000,000 | International Business Machines Corp., 1.875%, 8/1/22 | 6,702,955 | |||||
3,700,000 | Microsoft Corp., 5.200%, 6/1/39 | 4,330,643 | |||||
10,000,000 | Microsoft Corp., 3.500%, 11/15/42 | 9,111,190 | |||||
7,266,000 | Oracle Corp., 2.500%, 10/15/22 | 7,180,021 | |||||
10,000,000 | QUALCOMM, Inc., 4.650%, 5/20/35 | 10,555,160 | |||||
46,446,333 | |||||||
Utilities-0.2% | |||||||
5,000,000 | Duke Energy Florida LLC, Series A, 5.800%, 9/15/17 | 5,156,115 |
Semi-Annual Report | December 31, 2016 | 15 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
Shares or Principal Amount | Value | ||||||
Utilities (continued) | |||||||
$4,600,000 | San Diego Gas & Electric Co., 3.000%, 8/15/21 | $ | 4,728,280 | ||||
9,884,395 | |||||||
TOTAL CORPORATE BONDS (Cost $279,355,729) | 280,076,701 | ||||||
MORTGAGE BACKED SECURITIES-0.4% | |||||||
Federal National Mortgage Association-0.3% | |||||||
$ | 11,654,519 | 3.500%, 9/1/33 | 12,121,447 | ||||
1,478,764 | 4.500%, 9/1/40 | 1,554,495 | |||||
13,675,942 | |||||||
Government National Mortgage Association-0.1% | |||||||
3,230,472 | 4.000%, 12/20/40 | 3,463,018 | |||||
TOTAL MORTGAGE BACKED SECURITIES (Cost $16,739,655) | 17,138,960 | ||||||
U.S. GOVERNMENT AGENCIES-5.1% | |||||||
Federal Farm Credit Banks-1.1% | |||||||
10,000,000 | 1.170%, 5/16/19 | 9,942,770 | |||||
10,000,000 | 2.350%, 5/2/24 | 9,641,920 | |||||
5,725,000 | 2.750%, 11/6/26 | 5,664,178 | |||||
10,000,000 | 2.800%, 6/2/28 | 9,730,170 | |||||
10,000,000 | 3.220%, 3/26/31 | 10,020,060 | |||||
44,999,098 | |||||||
Federal Home Loan Banks-3.6% | |||||||
25,000,000 | 0.700%, 6/5/17 | 24,997,900 | |||||
50,000,000 | 1.000%, 8/28/18 | 49,698,300 | |||||
11,250,000 | 1.200%, 5/23/19 | 11,169,191 | |||||
5,000,000 | 1.600%, 10/22/20 | 4,822,295 | |||||
10,000,000 | 1.500%, 12/28/21(c) | 9,987,100 | |||||
10,000,000 | 2.050%, 6/9/23 | 9,778,940 | |||||
10,000,000 | 2.620%, 4/28/26 | 9,646,890 | |||||
5,981,481 | 3.000%, 4/18/31 | 5,890,862 | |||||
19,000,000 | 2.000%, 6/30/31(c) | 18,122,371 | |||||
144,113,849 | |||||||
Federal Home Loan Mortgage Corporation-0.3% | |||||||
5,000,000 | 1.000%, 8/26/19(c) | 4,971,825 | |||||
5,000,000 | 1.000%, 12/30/21 | 4,999,325 | |||||
9,971,150 | |||||||
United States Department of Housing and Urban Development-0.1% | |||||||
5,000,000 | 2.050%, 8/1/19 | 5,052,060 | |||||
TOTAL U.S. GOVERNMENT AGENCIES (Cost $207,087,011) | 204,136,157 | ||||||
U.S. TREASURY BONDS & NOTES-25.7% | |||||||
U.S. Treasury Bonds-2.8% | |||||||
$ | 45,000,000 | 1.625%, 5/15/26 | 41,896,575 | ||||
40,000,000 | 5.375%, 2/15/31 | 53,182,920 | |||||
20,000,000 | 2.500%, 2/15/46 | 17,728,300 | |||||
112,807,795 |
16 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
U.S. Treasury Inflation Indexed Bonds-0.8% | |||||||
$ | 30,000,000 | 0.625%, 7/15/21 | $ | 33,197,932 | |||
U.S. Treasury Inflation Indexed Notes-1.7% | |||||||
26,500,000 | 1.625%, 1/15/18 | 31,374,395 | |||||
35,000,000 | 0.125%, 1/15/22 | 37,438,794 | |||||
68,813,189 | |||||||
U.S. Treasury Notes-20.4% | |||||||
40,000,000 | 0.500%, 1/31/17 | 40,004,560 | |||||
40,000,000 | 0.500%, 2/28/17 | 40,003,680 | |||||
105,000,000 | 0.875%, 11/15/17 | 105,000,525 | |||||
10,000,000 | 0.750%, 2/28/18 | 9,975,780 | |||||
155,000,000 | 1.500%, 8/31/18 | 155,946,275 | |||||
180,000,000 | 2.750%, 2/15/19 | 185,605,920 | |||||
50,000,000 | 1.375%, 9/30/20 | 49,396,700 | |||||
97,500,000 | 2.625%, 11/15/20 | 100,697,707 | |||||
15,000,000 | 1.125%, 2/28/21 | 14,582,520 | |||||
58,000,000 | 2.125%, 5/15/25 | 56,778,404 | |||||
60,000,000 | 2.000%, 8/15/25 | 58,036,440 | |||||
816,028,511 | |||||||
TOTAL U.S. TREASURY BONDS & NOTES (Cost $1,033,012,319) | 1,030,847,427 | ||||||
FOREIGN BONDS-0.8% | |||||||
Australia Government-0.2% | |||||||
AUD 10,000,000 | 5.250%, 3/15/19 | 7,734,365 | |||||
Canadian Government-0.2% | |||||||
CAD 5,000,000 | 3.750%, 6/1/19 | 3,985,141 | |||||
CAD 5,000,000 | 3.500%, 6/1/20 | 4,039,884 | |||||
8,025,025 | |||||||
New Zealand Government-0.2% | |||||||
NZD 15,000,000 | 5.000%, 3/15/19 | 11,037,004 | |||||
Singapore Government-0.2% | |||||||
SGD 10,000,000 | 2.250%, 6/1/21 | 7,033,746 | |||||
TOTAL FOREIGN BONDS (Cost $37,771,528) | 33,830,140 | ||||||
MUNICIPAL BONDS-5.1% | |||||||
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) | 1,015,540 | |||||
Connecticut-0.2% | |||||||
5,350,000 | State of Connecticut, Series D, 5.000%, 11/1/25 | 5,969,316 | |||||
Florida-0.4% | |||||||
10,775,000 | Florida State Board of Education Capital Outlay General Obligation Bonds, Series C, 5.000%, 6/1/23 | 12,624,313 | |||||
1,000,000 | Florida State Board of Education Capital Outlay General Obligation Bonds, Series D, 5.000%, 6/1/38 | 1,056,830 | |||||
13,681,143 |
Semi-Annual Report | December 31, 2016 | 17 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
Shares or Principal Amount | Value | ||||||
Georgia-0.2% | |||||||
$ | 3,000,000 | State of Georgia General Obligation Unlimited Bonds, Series B, 4.500%, 1/1/29 | $ | 3,140,130 | |||
5,000,000 | State of Georgia General Obligation Unlimited Bonds, Series D, 5.000%, 2/1/25 | 5,863,000 | |||||
9,003,130 | |||||||
Hawaii-0.3% | |||||||
9,000,000 | City and County of Honolulu General Obligation Unlimited Bonds, Series B, 5.000%, 11/1/25 | 10,428,480 | |||||
Illinois-0.0%(a) | |||||||
1,000,000 | Village of Bolingbrook General Obligation Unlimited Bonds, 5.000%, 1/1/37 | 1,023,380 | |||||
Maryland-0.1% | |||||||
5,000,000 | County of Montgomery General Obligation Unlimited Bonds, Series A, 3.000%, 11/1/29 | 4,989,300 | |||||
Massachusetts-0.0%(a) | |||||||
1,000,000 | Commonwealth of Massachusetts General Obligation Limited Bonds, Series C, Prefunded 8/1/17 @ 100, 5.250%, 8/1/22(d) | 1,024,360 | |||||
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) | 1,013,110 | |||||
Ohio-1.6% | |||||||
7,450,000 | Beavercreek City School District General Obligation Unlimited Bonds, 3.250%, 12/1/36 | 7,205,193 | |||||
6,395,000 | City of Cincinnati General Obligation Unlimited Bonds, Series A, 3.000%, 12/1/27 | 6,468,287 | |||||
5,450,000 | City of Columbus General Obligation Various Purpose Limited Tax Bonds, Series B, 3.250%, 8/15/24 | 5,728,168 | |||||
1,500,000 | City of Newark General Obligation Limited Bonds, 1.750%, 5/16/17 | 1,502,520 | |||||
5,000,000 | County of Cuyahoga General Obligation Limited (Capital Improvement), Series A, 4.000%, 12/1/37 | 5,116,100 | |||||
2,580,000 | County of Trumbull OH General Obligation Limited Notes, Series B, 2.000%, 8/31/17 | 2,591,481 | |||||
Greenville City School District General Obligation Unlimited Bonds (School Improvement): | |||||||
5,000,000 | 5.000%, 1/1/46 | 5,540,750 | |||||
11,000,000 | 5.500%, 1/1/51 | 12,126,070 | |||||
1,100,000 | Miamisburg City School District General Obligation Unlimited Bonds (School Facilities Construction & Improvement), Prerefunded 12/1/18 @ 100, 5.000%, 12/1/33(d) | 1,176,560 | |||||
500,000 | Mount Healthy City School District General Obligation Unlimited Bonds (School Improvement), Prefunded 6/1/18 @ 100, 5.000%, 12/1/26(d) | 526,180 | |||||
1,000,000 | Ohio State University General Recipients Revenue Bonds, Series C, 4.910%, 6/1/40 | 1,140,510 | |||||
105,000 | Ohio State University Revenue Bonds, Series A, Prefunded 12/1/18 @ 100, 5.000%, 12/1/28(d) | 112,308 | |||||
895,000 | Ohio State University Revenue Bonds, Series A, Unrefunded Portion, 5.000%, 12/1/28 | 954,670 | |||||
500,000 | Springboro Community City School District General Obligation Unlimited Bonds, 5.250%, 12/1/23 | 579,185 | |||||
State of Ohio General Obligation Unlimited Bonds, Series A, Prefunded 3/1/18 @ 100: | |||||||
365,000 | 5.375%, 9/1/28(d) | 382,604 | |||||
635,000 | 5.375%, 9/1/28(d) | 666,001 | |||||
3,475,000 | State of Ohio General Obligation Unlimited Bonds, Series C, 5.000%, 9/1/19 | 3,787,541 | |||||
6,900,000 | State of Ohio General Obligation Unlimited Bonds, Series S, 5.000%, 5/1/28 | 8,262,819 | |||||
1,000,000 | Wright State University Revenue Bonds, 4.000%, 5/1/18 | 1,035,400 | |||||
64,902,347 | |||||||
Pennsylvania-1.1% | |||||||
Commonwealth of Pennsylvania General Obligation Unlimited Bonds, First Series: | |||||||
20,000,000 | 5.000%, 6/1/24 | 22,534,600 | |||||
12,005,000 | 5.000%, 3/15/25 | 13,936,004 | |||||
7,050,000 | 5.000%, 9/15/26 | 8,260,556 | |||||
44,731,160 |
18 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Schedule of Investments |
Shares or Principal Amount | Value | ||||||
Tennessee-0.1% | |||||||
$ | 5,000,000 | Metropolitan Government of Nashville & Davidson County TN General Obligation Unlimited Bonds, Series C, 4.000%, 7/1/24 | $ | 5,585,350 | |||
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) | 1,043,050 | |||||
5,000,000 | Houston Texas Independent School District General Obligation Limited Bonds, Series A, 5.000%, 2/15/28 | 5,967,800 | |||||
1,000,000 | Judson Independent School District General Obligation Unlimited Bonds (School Building), Prefunded 2/1/17 @ 100, 5.000%, 2/1/37(d) | 1,003,000 | |||||
500,000 | Lamar Consolidated Independent School District General Obligation Unlimited Bonds (Schoolhouse), Prefunded 2/15/17 @ 100, 5.000%, 2/15/38(d) | 502,335 | |||||
5,335,000 | Port of Houston Authority General Obligation Unlimited Bonds, Series D-1, 5.000%, 10/1/35 | 5,922,970 | |||||
7,620,000 | Referendum Transportation Community Mobility General Obligation Unlimited Bonds, Series A, 5.000%, 10/1/25 | 9,199,854 | |||||
475,000 | Tyler Independent School District General Obligation Unlimited Bonds, Prefunded 2/15/18 @ 100, 5.000%, 2/15/34(d) | 495,183 | |||||
525,000 | Tyler Independent School District General Obligation Unlimited Bonds, Unrefunded Portion, 5.000%, 2/15/34 | 546,919 | |||||
24,681,111 | |||||||
Washington-0.3% | |||||||
5,000,000 | State of Washington General Obligation Unlimited Bonds, Series D, 4.000%, 2/1/37 | 5,192,950 | |||||
5,845,000 | State of Washington General Obligation Various Purpose Unlimited Bonds, Series D, 5.000%, 2/1/20 | 6,432,832 | |||||
11,625,782 | |||||||
Wisconsin-0.2% | |||||||
5,000,000 | State of Wisconsin General Obligation Unlimited Bonds, Series C, Prefunded 5/1/21 @ 100, 5.000%, 5/1/25(d) | 5,660,100 | |||||
TOTAL MUNICIPAL BONDS (Cost $205,387,212) | 205,333,609 | ||||||
SHORT TERM INVESTMENTS-2.2% | |||||||
Mutual Funds-2.2% | |||||||
89,441,746 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.156% | 89,441,746 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $89,441,746) | 89,441,746 | ||||||
TOTAL INVESTMENT SECURITIES-99.4% (Cost $3,527,307,762) | 3,993,165,992 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.6% | 20,812,603 | ||||||
NET ASSETS-100.0% | $ | 4,013,978,595 |
* | Non-income producing security. |
(a) | Less than 0.05% of Net Assets. |
(b) | Floating or variable rate security. Interest rate disclosed is that which is in effect at December 31, 2016. |
(c) | Step coupon. Coupon increases periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of December 31, 2016. |
Semi-Annual Report | December 31, 2016 | 19 |
Schedule of Investments | James Balanced: Golden Rainbow Fund |
(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. |
AUD - Australian Dollar |
CAD - Canadian Dollar |
NZD - New Zealand Dollar |
SGD - Singapore Dollar |
Shares | Value | ||||||
COMMON STOCKS-99.5% | |||||||
Basic Materials-15.1% | |||||||
1,723 | AEP Industries, Inc. | $ | 200,040 | ||||
13,875 | Ciner Resources LP | 403,485 | |||||
12,670 | Cooper Tire & Rubber Co. | 492,229 | |||||
11,880 | Enviva Partners LP | 318,384 | |||||
14,990 | First Majestic Silver Corp.* | 114,374 | |||||
34,230 | Hecla Mining Co. | 179,365 | |||||
34,860 | Innospec, Inc. | 2,387,910 | |||||
79,720 | Lydall, Inc.* | 4,930,682 | |||||
33,600 | Neenah Paper, Inc. | 2,862,720 | |||||
9,640 | Pan American Silver Corp. | 145,275 | |||||
5,940 | Universal Forest Products, Inc. | 606,949 | |||||
12,641,413 | |||||||
Consumer, Cyclical-11.4% | |||||||
4,970 | Asbury Automotive Group, Inc.* | 306,649 | |||||
20,960 | Avianca Holdings SA, Sponsored ADR | 202,054 | |||||
15,430 | Big Lots, Inc. | 774,740 | |||||
20,340 | Cato Corp., Class A | 611,827 | |||||
15,160 | Century Communities, Inc.* | 318,360 | |||||
35,174 | Flexsteel Industries, Inc. | 2,169,181 | |||||
26,605 | Hawaiian Holdings, Inc.* | 1,516,485 | |||||
3,500 | Hibbett Sports, Inc.* | 130,550 | |||||
9,340 | Insight Enterprises, Inc.* | 377,710 | |||||
12,020 | M/I Homes, Inc.* | 302,664 | |||||
4,430 | Meritage Homes Corp.* | 154,164 | |||||
12,490 | Modine Manufacturing Co.* | 186,101 | |||||
23,020 | Patrick Industries, Inc.* | 1,756,426 | |||||
14,620 | PetMed Express, Inc. | 337,283 | |||||
6,110 | Tower International, Inc. | 173,219 | |||||
18,250 | Wesco Aircraft Holdings, Inc.* | 272,838 | |||||
9,590,251 | |||||||
Consumer, Non-cyclical-17.9% | |||||||
3,110 | Barrett Business Services, Inc. | 199,351 | |||||
41,455 | Cardtronics PLC, Class A* | 2,262,199 | |||||
48,355 | Convergys Corp. | 1,187,599 | |||||
4,230 | Farmer Brothers Co.* | 155,241 | |||||
13,970 | Grand Canyon Education, Inc.* | 816,546 | |||||
23,630 | Helen of Troy, Ltd.* | 1,995,554 | |||||
13,565 | Ingles Markets, Inc., Class A | 652,476 | |||||
23,509 | John B Sanfilippo & Son, Inc. | 1,654,799 | |||||
4,000 | Medifast, Inc. | 166,520 | |||||
34,792 | National HealthCare Corp. | 2,636,886 | |||||
34,053 | Natural Health Trends Corp. | 846,217 | |||||
28,690 | Omega Protein Corp.* | 718,684 | |||||
11,055 | Sanderson Farms, Inc. | 1,041,823 | |||||
33,370 | Superior Uniform Group, Inc. | 654,719 | |||||
14,988,614 | |||||||
Energy-4.9% | |||||||
4,660 | Canadian Solar, Inc.* | 56,759 | |||||
28,350 | Diamond Offshore Drilling, Inc.* | 501,795 |
Semi-Annual Report | December 31, 2016 | 21 |
Schedule of Investments | James Small Cap Fund |
Shares | Value | ||||||
Energy (continued) | |||||||
7,045 | Matrix Service Co.* | $ | 159,921 | ||||
192,310 | McDermott International, Inc.* | 1,421,171 | |||||
6,130 | Rowan Cos., PLC, Class A* | 115,796 | |||||
4,850 | SolarEdge Technologies, Inc.* | 60,140 | |||||
136,433 | Star Gas Partners LP | 1,468,019 | |||||
7,905 | World Fuel Services Corp. | 362,919 | |||||
4,146,520 | |||||||
Financial-15.4% | |||||||
27,380 | Aaron's, Inc. | 875,886 | |||||
42,831 | Argo Group International Holdings, Ltd. | 2,822,563 | |||||
14,180 | Brandywine Realty Trust, REIT | 234,112 | |||||
17,420 | Chimera Investment Corp., REIT | 296,488 | |||||
9,510 | CorEnergy Infrastructure Trust, Inc., REIT | 331,709 | |||||
16,296 | ePlus, Inc.* | 1,877,299 | |||||
6,300 | Franklin Financial Network, Inc.* | 263,655 | |||||
8,560 | Government Properties Income Trust, REIT | 163,196 | |||||
8,100 | Hanmi Financial Corp. | 282,690 | |||||
7,630 | Hanover Insurance Group, Inc. | 694,406 | |||||
8,820 | LTC Properties, Inc., REIT | 414,364 | |||||
32,501 | MainSource Financial Group, Inc. | 1,118,034 | |||||
3,910 | Meta Financial Group, Inc. | 402,339 | |||||
3,460 | MutualFirst Financial, Inc. | 114,526 | |||||
31,280 | Old National Bancorp | 567,732 | |||||
11,700 | People's Utah Bancorp | 314,145 | |||||
50,758 | Premier Financial Bancorp, Inc. | 1,020,226 | |||||
23,280 | Prospect Capital Corp. | 194,388 | |||||
19,000 | Sunstone Hotel Investors, Inc., REIT | 289,750 | |||||
30,240 | TCF Financial Corp. | 592,402 | |||||
4,920 | Whitestone, REIT | 70,750 | |||||
12,940,660 | |||||||
Industrial-6.3% | |||||||
8,503 | Aegion Corp.* | 201,521 | |||||
9,450 | Air Transport Services Group, Inc.* | 150,822 | |||||
2,687 | Alamo Group, Inc. | 204,481 | |||||
25,980 | American Outdoor Brands Corp.* | 547,658 | |||||
7,040 | American Railcar Industries, Inc. | 318,842 | |||||
4,160 | Argan, Inc. | 293,488 | |||||
13,450 | Ceco Environmental Corp. | 187,627 | |||||
30,070 | Costamare, Inc. | 168,392 | |||||
30,010 | Covenant Transportation Group, Inc., Class A* | 580,393 | |||||
20,590 | Frontline, Ltd. | 146,395 | |||||
48,690 | Gener8 Maritime, Inc.* | 218,131 | |||||
19,600 | Global Brass & Copper Holdings, Inc. | 672,280 | |||||
13,390 | Hollysys Automation Technologies, Ltd. | 245,305 | |||||
4,450 | Insteel Industries, Inc. | 158,598 | |||||
11,840 | Ship Finance International, Ltd. | 175,824 | |||||
7,830 | Tenneco, Inc.* | 489,140 | |||||
17,200 | Unifi, Inc.* | 561,236 | |||||
5,320,133 | |||||||
Technology-17.5% | |||||||
29,560 | ACCO Brands Corp.* | 385,758 |
22 | www.jamesfunds.com |
James Small Cap Fund | Schedule of Investments |
Shares | Value | ||||||
Technology (continued) | |||||||
4,500 | Cabot Microelectronics Corp. | $ | 284,265 | ||||
16,435 | CSG Systems International, Inc. | 795,454 | |||||
36,583 | Deluxe Corp. | 2,619,709 | |||||
12,580 | Digi International, Inc.* | 172,975 | |||||
5,310 | Eastman Kodak Co.* | 82,305 | |||||
5,210 | Ebix, Inc. | 297,230 | |||||
3,720 | Engility Holdings, Inc.* | 125,364 | |||||
38,800 | Leidos Holdings, Inc. | 1,984,232 | |||||
4,160 | Nanometrics, Inc.* | 104,250 | |||||
68,660 | NCI, Inc., Class A | 957,807 | |||||
29,040 | NeuStar, Inc., Class A* | 969,936 | |||||
87,570 | Orbotech, Ltd.* | 2,925,714 | |||||
56,450 | PC Connection, Inc. | 1,585,681 | |||||
5,170 | SYNNEX Corp. | 625,673 | |||||
9,650 | Triumph Group, Inc. | 255,725 | |||||
14,560 | Unisys Corp.* | 217,672 | |||||
4,870 | WESCO International, Inc.* | 324,099 | |||||
14,713,849 | |||||||
Utilities-11.0% | |||||||
28,790 | Avista Corp. | 1,151,312 | |||||
17,620 | Otter Tail Corp. | 718,896 | |||||
41,355 | PNM Resources, Inc. | 1,418,477 | |||||
44,870 | Portland General Electric Co. | 1,944,217 | |||||
7,050 | SJW Group | 394,659 | |||||
5,398 | Spark Energy, Inc., Class A | 163,559 | |||||
8,700 | Spire, Inc. | 561,585 | |||||
415,018 | Vonage Holdings Corp.* | 2,842,873 | |||||
9,195,578 | |||||||
TOTAL COMMON STOCKS (Cost $55,318,680) | 83,537,018 | ||||||
SHORT TERM INVESTMENTS-0.5% | |||||||
Mutual Funds-0.5% | |||||||
448,863 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.156% | 448,863 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $448,863) | 448,863 | ||||||
TOTAL INVESTMENT SECURITIES-100.0% (Cost $55,767,543) | 83,985,881 | ||||||
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS-0.0%(a) | (12,937 | ) | |||||
NET ASSETS-100.0% | $ | 83,972,944 |
* | Non-income producing security. |
(a) | Less than 0.05% of Net Assets. |
Semi-Annual Report | December 31, 2016 | 23 |
Schedule of Investments | James Mid Cap Fund |
Shares | Value | ||||||
COMMON STOCKS-92.6% | |||||||
Basic Materials-9.2% | |||||||
3,925 | Avery Dennison Corp. | $ | 275,613 | ||||
3,545 | Celanese Corp., Series A | 279,133 | |||||
3,650 | Cooper Tire & Rubber Co. | 141,803 | |||||
12,000 | Goodyear Tire & Rubber Co. | 370,440 | |||||
3,000 | Neenah Paper, Inc. | 255,600 | |||||
1,322,589 | |||||||
Consumer, Cyclical-8.6% | |||||||
4,000 | Alaska Air Group, Inc. | 354,920 | |||||
5,500 | Big Lots, Inc. | 276,155 | |||||
5,330 | Hawaiian Holdings, Inc.* | 303,810 | |||||
7,500 | Insight Enterprises, Inc.* | 303,300 | |||||
1,238,185 | |||||||
Consumer, Non-cyclical-16.9% | |||||||
20,000 | Convergys Corp. | 491,200 | |||||
6,000 | Helen of Troy, Ltd.* | 506,700 | |||||
2,300 | Ingredion, Inc. | 287,408 | |||||
4,800 | ManpowerGroup, Inc. | 426,576 | |||||
4,745 | Sanderson Farms, Inc. | 447,169 | |||||
4,800 | Toro Co. | 268,560 | |||||
2,427,613 | |||||||
Energy-11.3% | |||||||
22,635 | Diamond Offshore Drilling, Inc.* | 400,640 | |||||
60,000 | McDermott International, Inc.* | 443,400 | |||||
6,500 | Newfield Exploration Co.* | 263,250 | |||||
3,250 | Tesoro Corp. | 284,213 | |||||
5,000 | World Fuel Services Corp. | 229,550 | |||||
1,621,053 | |||||||
Financial-14.4% | |||||||
2,000 | American Financial Group, Inc. | 176,240 | |||||
42,560 | Annaly Capital Management, Inc., REIT | 424,323 | |||||
3,850 | Argo Group International Holdings, Ltd. | 253,715 | |||||
25,535 | Chimera Investment Corp., REIT | 434,606 | |||||
25,000 | Prospect Capital Corp. | 208,750 | |||||
6,600 | Unum Group | 289,938 | |||||
5,000 | Validus Holdings, Ltd. | 275,050 | |||||
2,062,622 | |||||||
Industrial-8.6% | |||||||
14,905 | American Axle & Manufacturing Holdings, Inc.* | 287,666 | |||||
11,500 | American Outdoor Brands Corp.* | 242,420 | |||||
4,200 | Crown Holdings, Inc.* | 220,794 | |||||
1,000 | Huntington Ingalls Industries, Inc. | 184,190 | |||||
3,388 | NACCO Industries, Inc., Class A | 306,783 | |||||
1,241,853 | |||||||
Technology-17.0% | |||||||
7,750 | Arrow Electronics, Inc.* | 552,575 | |||||
7,000 | Avnet, Inc. | 333,270 |
See Notes to Financial Statements. |
24 | www.jamesfunds.com |
James Mid Cap Fund | Schedule of Investments |
Shares | Value | ||||||
Technology (continued) | |||||||
2,500 | Cabot Microelectronics Corp. | $ | 157,925 | ||||
8,525 | Deluxe Corp. | 610,475 | |||||
8,000 | NeuStar, Inc., Class A* | 267,200 | |||||
2,500 | Orbital ATK, Inc. | 219,325 | |||||
2,500 | SYNNEX Corp. | 302,550 | |||||
2,443,320 | |||||||
Utilities-6.6% | |||||||
8,000 | CenterPoint Energy, Inc. | 197,120 | |||||
3,520 | CMS Energy Corp. | 146,502 | |||||
1,490 | DTE Energy Co. | 146,780 | |||||
4,500 | UGI Corp. | 207,360 | |||||
4,800 | Vectren Corp. | 250,320 | |||||
948,082 | |||||||
TOTAL COMMON STOCKS (Cost $10,366,525) | 13,305,317 | ||||||
EXCHANGE TRADED FUNDS-2.1% | |||||||
14,000 | iShares® Gold Trust ETF* | 155,120 | |||||
9,000 | iShares® Silver Trust ETF* | 135,990 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $279,385) | 291,110 | ||||||
SHORT TERM INVESTMENTS-5.2% | |||||||
Mutual Funds-5.2% | |||||||
753,501 | First American Government Obligations Fund, Class Y, 7-Day Yield 0.156% | 753,501 | |||||
TOTAL SHORT TERM INVESTMENTS (Cost $753,501) | 753,501 | ||||||
TOTAL INVESTMENT SECURITIES-99.9% (Cost $11,399,411) | 14,349,928 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES-0.1% | 15,267 | ||||||
NET ASSETS-100.0% | $ | 14,365,195 |
See Notes to Financial Statements. |
Semi-Annual Report | December 31, 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 | $ | 3,527,307,762 | $ | 55,767,543 | $ | 11,399,411 | $ | 26,453,283 | $ | 8,817,942 | $ | 17,834,635 | ||||||||||||
At value | $ | 3,993,165,992 | $ | 83,985,881 | $ | 14,349,928 | $ | 36,015,508 | $ | 9,671,256 | $ | 22,444,951 | ||||||||||||
Cash | 26,055 | – | 1,750 | – | 816 | 202 | ||||||||||||||||||
Deposits with brokers for securities sold short | – | – | – | – | – | 2,027,155 | ||||||||||||||||||
Dividends and interest receivable | 13,492,337 | 101,874 | 34,553 | 53,711 | 13,942 | 33,935 | ||||||||||||||||||
Receivable for securities sold | 34,073,217 | 31,889 | 290,004 | – | 222,350 | 60,082 | ||||||||||||||||||
Receivable for capital shares sold | 2,852,324 | 2,888 | 100 | 39,507 | – | 100 | ||||||||||||||||||
Other assets | 79,496 | – | – | – | – | – | ||||||||||||||||||
Total Assets | 4,043,689,421 | 84,122,532 | 14,676,335 | 36,108,726 | 9,908,364 | 24,566,425 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for securities sold short (proceeds –, –, –, –, – and 2,036,020, respectively) | – | – | – | – | – | 2,021,897 | ||||||||||||||||||
Payable for dividends on securities sold short | – | – | – | – | – | 70 | ||||||||||||||||||
Payable for capital shares redeemed | 5,664,844 | 42,473 | 3,194 | 2,548 | – | 62,338 | ||||||||||||||||||
Payable for securities purchased | 20,813,855 | – | 289,729 | 41,237 | 368,920 | 222 | ||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||
Management fees | 2,209,439 | 89,219 | 15,171 | 44,232 | 7,819 | 23,971 | ||||||||||||||||||
12b-1 distribution and service fees | 556,818 | 17,896 | 3,046 | – | – | 4,808 | ||||||||||||||||||
Other payables | 465,870 | – | – | – | – | – | ||||||||||||||||||
Total Liabilities | 29,710,826 | 149,588 | 311,140 | 88,017 | 376,739 | 2,113,306 | ||||||||||||||||||
Net Assets | $ | 4,013,978,595 | $ | 83,972,944 | $ | 14,365,195 | $ | 36,020,709 | $ | 9,531,625 | $ | 22,453,119 | ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in capital | $ | 3,559,874,071 | $ | 58,889,320 | $ | 10,527,996 | $ | 27,110,075 | $ | 9,343,953 | $ | 19,196,868 | ||||||||||||
Accumulated net investment income/(loss) | 695,056 | 118,044 | 23,414 | 29,135 | (231 | ) | (66,717 | ) | ||||||||||||||||
Accumulated net realized gain/(loss) | (12,439,891 | ) | (3,252,758 | ) | 863,268 | (680,726 | ) | (665,411 | ) | (1,301,471 | ) | |||||||||||||
Net unrealized appreciation/(depreciation) | 465,849,359 | 28,218,338 | 2,950,517 | 9,562,225 | 853,314 | 4,624,439 | ||||||||||||||||||
Net Assets | $ | 4,013,978,595 | $ | 83,972,944 | $ | 14,365,195 | $ | 36,020,709 | $ | 9,531,625 | $ | 22,453,119 |
36 | www.jamesfunds.com |
James Advantage Funds | Statements of Assets and Liabilities |
Semi-Annual Report | December 31, 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 | James Long-Short Fund | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (Net of withholding taxes of $116,510, $838, $150, $789, $212 and $421, respectively) | $ | 23,711,655 | $ | 1,235,206 | $ | 145,214 | $ | 348,229 | $ | 90,316 | $ | 243,575 | ||||||||||||
Interest | 19,867,500 | – | – | 19 | 10,746 | – | ||||||||||||||||||
Total Investment Income | 43,579,155 | 1,235,206 | 145,214 | 348,248 | 101,062 | 243,575 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Management fees | 13,594,992 | 518,893 | 90,248 | 220,495 | 38,999 | 144,777 | ||||||||||||||||||
12b-1 distribution and service fees - Retail Class | 3,435,506 | – | – | – | – | – | ||||||||||||||||||
12b-1 distribution and service fees | – | 104,186 | 18,117 | – | – | 29,072 | ||||||||||||||||||
Dividend expense on securities sold short | – | – | – | – | – | 140 | ||||||||||||||||||
Broker fees and charges on securities sold short | – | – | – | – | – | 6,829 | ||||||||||||||||||
Administration fee | 589,009 | – | – | – | – | – | ||||||||||||||||||
Transfer agent fee | 185,223 | – | – | – | – | – | ||||||||||||||||||
Interest expense | – | – | – | – | 34 | – | ||||||||||||||||||
Custodian fees | 188,886 | – | – | – | – | – | ||||||||||||||||||
Professional fees | 108,401 | – | – | – | – | – | ||||||||||||||||||
Trustee fees | 104,452 | 2,038 | 336 | 637 | 166 | 584 | ||||||||||||||||||
Registration fees | 88,937 | – | – | – | – | – | ||||||||||||||||||
Shareholder report printing and mailing | 132,214 | – | – | – | – | – | ||||||||||||||||||
Other expenses | 55,628 | – | – | – | – | – | ||||||||||||||||||
Total Expenses | 18,483,248 | 625,117 | 108,701 | 221,132 | 39,199 | 181,402 | ||||||||||||||||||
Net Investment Income | 25,095,907 | 610,089 | 36,513 | 127,116 | 61,863 | 62,173 | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||||||||||||
Investments | 82,800,792 | 4,592,157 | 2,208,990 | 1,879,131 | (130,953 | ) | 1,269,650 | |||||||||||||||||
Securities sold short | – | – | – | – | – | (340,899 | ) | |||||||||||||||||
Foreign currency transactions | 5,372 | – | – | – | – | – | ||||||||||||||||||
Long-term capital gain distributions from other investment companies | – | – | – | – | – | – | ||||||||||||||||||
Total realized gain/(loss) | 82,806,164 | 4,592,157 | 2,208,990 | 1,879,131 | (130,953 | ) | 928,751 | |||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments | (3,444,138 | ) | 7,591,975 | (1,339,212 | ) | 3,588,556 | 485,739 | (68,021 | ) | |||||||||||||||
Net change in unrealized appreciation on securities sold short | – | – | – | – | – | 14,844 | ||||||||||||||||||
Net change in unrealized depreciation on foreign currency translation | (14,299 | ) | – | – | – | – | – | |||||||||||||||||
Total change in unrealized appreciation/(depreciation) | (3,458,437 | ) | 7,591,975 | (1,339,212 | ) | 3,588,556 | 485,739 | (53,177 | ) | |||||||||||||||
Net Realized and Unrealized Gain on Investments | 79,347,727 | 12,184,132 | 869,778 | 5,467,687 | 354,786 | 875,574 | ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 104,443,634 | $ | 12,794,221 | $ | 906,291 | $ | 5,594,803 | $ | 416,649 | $ | 937,747 |
38 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund | Statements of Changes in Net Assets |
For the Six Months Ended December 31, 2016 (Unaudited) | For the Year Ended June 30, 2016 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 25,095,907 | $ | 48,586,299 | ||||
Net realized gain/(loss) | 82,806,164 | (69,325,551 | ) | |||||
Net change in unrealized appreciation/(depreciation) | (3,458,437 | ) | (5,611,358 | ) | ||||
Net Increase/(Decrease) in net assets resulting from operations | 104,443,634 | (26,350,610 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Retail Class Shares: | ||||||||
From net investment income | (19,876,949 | ) | (28,056,929 | ) | ||||
From net realized gain on investments | (10,139,227 | ) | (52,436,229 | ) | ||||
Institutional Class Shares: | ||||||||
From net investment income | (12,894,246 | ) | (17,468,629 | ) | ||||
From net realized gain on investments | (5,583,143 | ) | (24,906,312 | ) | ||||
Decrease in net assets from distributions to shareholders | (48,493,565 | ) | (122,868,099 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Retail Class Shares: | ||||||||
Proceeds from shares sold | 185,286,450 | 798,326,471 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 29,006,196 | 78,274,626 | ||||||
Payments for shares redeemed | (545,119,281 | ) | (853,387,658 | ) | ||||
Net Increase/(Decrease) in net assets from Retail Class capital share transactions | (330,826,635 | ) | 23,213,439 | |||||
Institutional Class Shares: | ||||||||
Proceeds from shares sold | 161,157,848 | 624,996,786 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 14,010,392 | 31,613,669 | ||||||
Payments for shares redeemed | (291,872,679 | ) | (376,036,136 | ) | ||||
Net Increase/(Decrease) in net assets from Institutional Class capital share transactions | (116,704,439 | ) | 280,574,319 | |||||
Total Increase/(Decrease) in Net Assets | (391,581,005 | ) | 154,569,049 | |||||
NET ASSETS: | ||||||||
Beginning of period | 4,405,559,600 | 4,250,990,551 | ||||||
End of period | $ | 4,013,978,595 | $ | 4,405,559,600 | ||||
Accumulated Net Investment Income | $ | 695,056 | $ | 8,370,344 |
Semi-Annual Report | December 31, 2016 | 39 |
Statements of Changes in Net Assets | James Balanced: Golden Rainbow Fund |
For the Six Months Ended December 31, 2016 (Unaudited) | For the Year Ended June 30, 2016 | |||||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Retail Class Shares: | ||||||||
Shares sold | 7,624,075 | 32,952,333 | ||||||
Shares issued in reinvestment of distributions to shareholders | 1,192,617 | 3,249,232 | ||||||
Shares redeemed | (22,473,884 | ) | (35,477,042 | ) | ||||
Net Increase/(Decrease) in shares outstanding | (13,657,192 | ) | 724,523 | |||||
Shares outstanding, beginning of period | 119,852,016 | 119,127,493 | ||||||
Shares outstanding, end of period | 106,194,824 | 119,852,016 | ||||||
Institutional Class Shares: | ||||||||
Shares sold | 6,695,306 | 26,103,085 | ||||||
Shares issued in reinvestment of distributions to shareholders | 581,831 | 1,325,565 | ||||||
Shares redeemed | (12,151,235 | ) | (15,812,122 | ) | ||||
Net Increase/(Decrease) in shares outstanding | (4,874,098 | ) | 11,616,528 | |||||
Shares outstanding, beginning of period | 63,308,247 | 51,691,719 | ||||||
Shares outstanding, end of period | 58,434,149 | 63,308,247 |
40 | www.jamesfunds.com |
James Small Cap Fund | Statements of Changes in Net Assets |
For the Six Months Ended December 31, 2016 (Unaudited) | For the Year Ended June 30, 2016 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 610,089 | $ | 580,155 | ||||
Net realized gain/(loss) | 4,592,157 | (7,871,318 | ) | |||||
Net change in unrealized appreciation/(depreciation) | 7,591,975 | (3,461,143 | ) | |||||
Net Increase/(Decrease) in net assets resulting from operations | 12,794,221 | (10,752,306 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (400,002 | ) | (517,833 | ) | ||||
From net realized gain on investments | – | (4,796,245 | ) | |||||
Decrease in net assets from distributions to shareholders | (400,002 | ) | (5,314,078 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 2,017,937 | 49,359,102 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 366,727 | 4,858,141 | ||||||
Payments for shares redeemed | (15,031,604 | ) | (79,070,682 | ) | ||||
Net Decrease in net assets from capital share transactions | (12,646,940 | ) | (24,853,439 | ) | ||||
Total Decrease in Net Assets | (252,721 | ) | (40,919,823 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 84,225,665 | 125,145,488 | ||||||
End of period | $ | 83,972,944 | $ | 84,225,665 | ||||
Accumulated Net Investment Income/(Loss) | $ | 118,044 | $ | (92,043 | ) | |||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 61,504 | 1,499,756 | ||||||
Shares issued in reinvestment of distributions to shareholders | 10,227 | 148,790 | ||||||
Shares redeemed | (463,151 | ) | (2,638,285 | ) | ||||
Net Decrease in shares outstanding | (391,420 | ) | (989,739 | ) | ||||
Shares outstanding, beginning of period | 2,749,099 | 3,738,838 | ||||||
Shares outstanding, end of period | 2,357,679 | 2,749,099 |
Semi-Annual Report | December 31, 2016 | 41 |
Statements of Changes in Net Assets | James Mid Cap Fund |
For the Six Months Ended December 31, 2016 (Unaudited) | For the Year Ended June 30, 2016 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 36,513 | $ | 96,126 | ||||
Net realized gain/(loss) | 2,208,990 | 328,256 | ||||||
Net change in unrealized appreciation/(depreciation) | (1,339,212 | ) | (929,328 | ) | ||||
Net Increase/(Decrease) in net assets resulting from operations | 906,291 | (504,946 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (19,996 | ) | (67,006 | ) | ||||
From net realized gain on investments | (1,674,445 | ) | (1,140,548 | ) | ||||
Decrease in net assets from distributions to shareholders | (1,694,441 | ) | (1,207,554 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 206,781 | 2,250,018 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 1,664,429 | 1,167,652 | ||||||
Payments for shares redeemed | (1,043,513 | ) | (8,569,249 | ) | ||||
Net Increase/(Decrease) in net assets from capital share transactions | 827,697 | (5,151,579 | ) | |||||
Total Increase/(Decrease) in Net Assets | 39,547 | (6,864,079 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 14,325,648 | 21,189,727 | ||||||
End of period | $ | 14,365,195 | $ | 14,325,648 | ||||
Accumulated Net Investment Income | $ | 23,414 | $ | 6,897 | ||||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 15,183 | 155,737 | ||||||
Shares issued in reinvestment of distributions to shareholders | 132,072 | 83,563 | ||||||
Shares redeemed | (74,867 | ) | (608,877 | ) | ||||
Net Increase/(Decrease) in shares outstanding | 72,388 | (369,577 | ) | |||||
Shares outstanding, beginning of period | 1,056,177 | 1,425,754 | ||||||
Shares outstanding, end of period | 1,128,565 | 1,056,177 |
42 | www.jamesfunds.com |
James Micro Cap Fund | Statements of Changes in Net Assets |
For the Six Months Ended December 31, 2016 (Unaudited) | For the Year Ended June 30, 2016 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 127,116 | $ | (63,407 | ) | |||
Net realized gain/(loss) | 1,879,131 | (1,835,186 | ) | |||||
Net change in unrealized appreciation/(depreciation) | 3,588,556 | 1,258,293 | ||||||
Net Increase/(Decrease) in net assets resulting from operations | 5,594,803 | (640,300 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | – | (27,110 | ) | |||||
Decrease in net assets from distributions to shareholders | – | (27,110 | ) | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 5,665,182 | 11,917,246 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | – | 26,268 | ||||||
Payments for shares redeemed, net of redemption fees | (1,753,838 | ) | (8,787,422 | ) | ||||
Net Increase in net assets from capital share transactions | 3,911,344 | 3,156,092 | ||||||
Total Increase in Net Assets | 9,506,147 | 2,488,682 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 26,514,562 | 24,025,880 | ||||||
End of period | $ | 36,020,709 | $ | 26,514,562 | ||||
Accumulated Net Investment Income/(Loss) | $ | 29,135 | $ | (97,981 | ) | |||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 341,406 | 785,068 | ||||||
Shares issued in reinvestment of distributions to shareholders | – | 1,718 | ||||||
Shares redeemed | (110,145 | ) | (612,860 | ) | ||||
Net Increase in shares outstanding | 231,261 | 173,926 | ||||||
Shares outstanding, beginning of period | 1,764,186 | 1,590,260 | ||||||
Shares outstanding, end of period | 1,995,447 | 1,764,186 |
Semi-Annual Report | December 31, 2016 | 43 |
Statements of Changes in Net Assets | James Aggressive Allocation Fund |
For the Six Months Ended December 31, 2016 (Unaudited) | For the Year Ended June 30, 2016 (a) | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 61,863 | $ | 41,027 | ||||
Net realized gain/(loss) | (130,953 | ) | (534,583 | ) | ||||
Net change in unrealized appreciation/(depreciation) | 485,739 | 367,575 | ||||||
Net Increase/(Decrease) in net assets resulting from operations | 416,649 | (125,981 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (84,996 | ) | (18,000 | ) | ||||
Decrease in net assets from distributions to shareholders | (84,996 | ) | (18,000 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 2,145,371 | 7,734,959 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders | 84,996 | 17,190 | ||||||
Payments for shares redeemed | (202,027 | ) | (436,536 | ) | ||||
Net Increase in net assets from capital share transactions | 2,028,340 | 7,315,613 | ||||||
Total Increase in Net Assets | 2,359,993 | 7,171,632 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 7,171,632 | – | ||||||
End of period | $ | 9,531,625 | $ | 7,171,632 | ||||
Accumulated Net Investment Income/(Loss) | $ | (231 | ) | $ | 22,902 | |||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 222,861 | 805,029 | ||||||
Shares issued in reinvestment of distributions to shareholders | 8,576 | 1,873 | ||||||
Shares redeemed | (20,971 | ) | (49,576 | ) | ||||
Net Increase in shares outstanding | 210,466 | 757,326 | ||||||
Shares outstanding, beginning of period | 757,326 | – | ||||||
Shares outstanding, end of period | 967,792 | 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 Six Months Ended December 31, 2016 (Unaudited) | For the Year Ended June 30, 2016 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income/(loss) | $ | 62,173 | $ | (193,501 | ) | |||
Net realized gain/(loss) | 928,751 | 228,312 | ||||||
Net change in unrealized appreciation/(depreciation) | (53,177 | ) | (625,514 | ) | ||||
Net Increase/(Decrease) in net assets resulting from operations | 937,747 | (590,703 | ) | |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 425,258 | 2,810,646 | ||||||
Payments for shares redeemed | (3,614,401 | ) | (11,405,872 | ) | ||||
Net Decrease in net assets from capital share transactions | (3,189,143 | ) | (8,595,226 | ) | ||||
Total Decrease in Net Assets | (2,251,396 | ) | (9,185,929 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 24,704,515 | 33,890,444 | ||||||
End of period | $ | 22,453,119 | $ | 24,704,515 | ||||
Accumulated Net Investment Loss | $ | (66,717 | ) | $ | (128,890 | ) | ||
SUMMARY OF CAPITAL SHARE ACTIVITY: | ||||||||
Shares sold | 32,055 | 211,922 | ||||||
Shares redeemed | (277,183 | ) | (869,329 | ) | ||||
Net Decrease in shares outstanding | (245,128 | ) | (657,407 | ) | ||||
Shares outstanding, beginning of period | 1,903,127 | 2,560,534 | ||||||
Shares outstanding, end of period | 1,657,999 | 1,903,127 |
Semi-Annual Report | December 31, 2016 | 45 |
Financial Highlights | James Balanced: Golden Rainbow Fund – Retail Class |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2016 (Unaudited) | 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 | $ | 24.14 | $ | 24.96 | $ | 25.28 | $ | 22.55 | $ | 20.93 | $ | 20.66 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.13 | (a) | 0.25 | (a) | 0.22 | (a) | 0.24 | (a) | 0.32 | (a) | 0.25 | |||||||||||||
Net realized and unrealized gain/(loss) | 0.47 | (0.41 | ) | 0.49 | 2.96 | 1.75 | 0.55 | |||||||||||||||||
Total from investment operations | 0.60 | (0.16 | ) | 0.71 | 3.20 | 2.07 | 0.80 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.18 | ) | (0.23 | ) | (0.18 | ) | (0.24 | ) | (0.30 | ) | (0.23 | ) | ||||||||||||
From net realized gain on investments | (0.09 | ) | (0.43 | ) | (0.85 | ) | (0.23 | ) | (0.15 | ) | (0.30 | ) | ||||||||||||
Total distributions | (0.27 | ) | (0.66 | ) | (1.03 | ) | (0.47 | ) | (0.45 | ) | (0.53 | ) | ||||||||||||
Net asset value at end of year | $ | 24.47 | $ | 24.14 | $ | 24.96 | $ | 25.28 | $ | 22.55 | $ | 20.93 | ||||||||||||
Total return | 2.52 | %(b) | (0.64 | )% | 2.90 | % | 14.32 | % | 9.98 | % | 3.98 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 2,598,614 | $ | 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 | %(c) | 0.96 | % | 0.97 | % | 1.00 | % | 1.04 | % | 1.07 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.09 | %(c) | 1.03 | % | 0.87 | % | 0.99 | % | 1.45 | % | 1.26 | % | ||||||||||||
Portfolio turnover rate | 21 | %(b) | 46 | % | 43 | % | 32 | % | 58 | % | 36 | % |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
46 | www.jamesfunds.com |
James Balanced: Golden Rainbow Fund – Institutional Class | Financial Highlights |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2016 (Unaudited) | 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 | $ | 23.89 | $ | 24.72 | $ | 25.05 | $ | 22.35 | $ | 20.81 | $ | 20.61 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.16 | (a) | 0.31 | (a) | 0.28 | (a) | 0.29 | (a) | 0.38 | (a) | 0.33 | |||||||||||||
Net realized and unrealized gain/(loss) | 0.47 | (0.42 | ) | 0.50 | 2.94 | 1.73 | 0.52 | |||||||||||||||||
Total from investment operations | 0.63 | (0.11 | ) | 0.78 | 3.23 | 2.11 | 0.85 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.21 | ) | (0.29 | ) | (0.26 | ) | (0.30 | ) | (0.42 | ) | (0.35 | ) | ||||||||||||
From net realized gain on investments | (0.09 | ) | (0.43 | ) | (0.85 | ) | (0.23 | ) | (0.15 | ) | (0.30 | ) | ||||||||||||
Total distributions | (0.30 | ) | (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 | $ | 24.22 | $ | 23.89 | $ | 24.72 | $ | 25.05 | $ | 22.35 | $ | 20.81 | ||||||||||||
Total return | 2.68 | %(c) | (0.43 | )% | 3.20 | % | 14.59 | % | 10.26 | % | 4.22 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 1,415,365 | $ | 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 | %(d) | 0.71 | % | 0.73 | % | 0.75 | % | 0.79 | % | 0.82 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.34 | %(d) | 1.28 | % | 1.11 | % | 1.24 | % | 1.71 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 21 | %(c) | 46 | % | 43 | % | 32 | % | 58 | % | 36 | % |
(a) | Calculated using the average shares method. |
(b) | Amount rounds to less than $0.005 per share. |
(c) | Not Annualized. |
(d) | Annualized. |
Semi-Annual Report | December 31, 2016 | 47 |
Financial Highlights | James Small Cap Fund |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2016 (Unaudited) | 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 | $ | 30.64 | $ | 33.47 | $ | 33.88 | $ | 28.66 | $ | 23.89 | $ | 23.88 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss) | 0.24 | (a) | 0.17 | (a) | 0.01 | (a) | (0.00 | )(a)(b) | 0.36 | (a) | 0.15 | |||||||||||||
Net realized and unrealized gain/(loss) | 4.91 | (1.64 | ) | (0.42 | ) | 6.12 | 4.92 | (0.11 | ) | |||||||||||||||
Total from investment operations | 5.15 | (1.47 | ) | (0.41 | ) | 6.12 | 5.28 | 0.04 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.17 | ) | (0.12 | ) | – | (0.90 | ) | (0.51 | ) | (0.03 | ) | |||||||||||||
From net realized gain on investments | – | (1.24 | ) | – | – | – | – | |||||||||||||||||
Total distributions | (0.17 | ) | (1.36 | ) | – | (0.90 | ) | (0.51 | ) | (0.03 | ) | |||||||||||||
Net asset value at end of year | $ | 35.62 | $ | 30.64 | $ | 33.47 | $ | 33.88 | $ | 28.66 | $ | 23.89 | ||||||||||||
Total return | 16.80 | %(c) | (4.62 | )% | (1.21 | )% | 21.46 | % | 22.51 | % | 0.16 | % | ||||||||||||
Net assets, end of year (in thousands) | $ | 83,973 | $ | 84,226 | $ | 125,145 | $ | 163,537 | $ | 161,271 | $ | 134,727 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | %(d) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income/(loss) to average net assets | 1.46 | %(d) | 0.55 | % | 0.04 | % | (0.00 | )%(e) | 1.39 | % | 0.58 | % | ||||||||||||
Portfolio turnover rate | 22 | %(c) | 57 | % | 76 | % | 62 | % | 41 | % | 89 | % |
(a) | Calculated using the average shares method. |
(b) | Amount rounds to less than ($0.005) per share. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | Amount rounds to less than (0.005%). |
48 | www.jamesfunds.com |
James Mid Cap Fund | Financial Highlights |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2016 (Unaudited) | 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 | $ | 13.56 | $ | 14.86 | $ | 16.42 | $ | 12.97 | $ | 10.69 | $ | 11.38 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss) | 0.03 | (a) | 0.08 | (a) | (0.02 | )(a) | 0.01 | (a) | 0.08 | (a) | 0.04 | |||||||||||||
Net realized and unrealized gain/(loss) | 0.84 | (0.42 | ) | (0.15 | ) | 3.87 | 2.23 | (0.64 | ) | |||||||||||||||
Total from investment operations | 0.87 | (0.34 | ) | (0.17 | ) | 3.88 | 2.31 | (0.60 | ) | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.02 | ) | (0.05 | ) | (0.01 | ) | (0.04 | ) | (0.03 | ) | (0.09 | ) | ||||||||||||
From net realized gain on investments | (1.68 | ) | (0.91 | ) | (1.38 | ) | (0.39 | ) | – | – | ||||||||||||||
Total distributions | (1.70 | ) | (0.96 | ) | (1.39 | ) | (0.43 | ) | (0.03 | ) | (0.09 | ) | ||||||||||||
Net asset value at end of year | $ | 12.73 | $ | 13.56 | $ | 14.86 | $ | 16.42 | $ | 12.97 | $ | 10.69 | ||||||||||||
Total return | 6.57 | %(b) | (2.46 | )% | (0.86 | )% | 30.34 | % | 21.68 | % | (5.26 | )% | ||||||||||||
Net assets, end of year (in thousands) | $ | 14,365 | $ | 14,326 | $ | 21,190 | $ | 18,631 | $ | 14,643 | $ | 12,657 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | %(c) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income/(loss) to average net assets | 0.50 | %(c) | 0.54 | % | (0.13 | )% | 0.05 | % | 0.64 | % | 0.32 | % | ||||||||||||
Portfolio turnover rate | 41 | %(b) | 47 | % | 50 | % | 31 | % | 26 | % | 36 | % |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Annualized. |
Semi-Annual Report | December 31, 2016 | 49 |
Financial Highlights | James Micro Cap Fund |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2016 (Unaudited) | 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 | $ | 15.03 | $ | 15.11 | $ | 17.40 | $ | 13.96 | $ | 11.71 | $ | 11.91 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss) | 0.07 | (a) | (0.04 | )(a) | 0.06 | (a) | (0.05 | )(a) | 0.14 | (a) | (0.01 | ) | ||||||||||||
Net realized and unrealized gain/(loss) | 2.95 | (0.06 | ) | 1.12 | 3.50 | 2.25 | (0.13 | ) | ||||||||||||||||
Total from investment operations | 3.02 | (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 | 0.00 | (b) | 0.03 | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | |||||||||||||
Net asset value at end of year | $ | 18.05 | $ | 15.03 | $ | 15.11 | $ | 17.40 | $ | 13.96 | $ | 11.71 | ||||||||||||
Total return | 20.09 | %(c) | (0.44 | )% | 7.95 | % | 24.75 | % | 20.64 | % | (1.15 | )% | ||||||||||||
Net assets, end of year (in thousands) | $ | 36,021 | $ | 26,515 | $ | 24,026 | $ | 16,256 | $ | 11,817 | $ | 10,173 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.50 | %(d) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income/(loss) to average net assets | 0.86 | %(d) | (0.24 | )% | 0.38 | % | (0.31 | )% | 1.12 | % | (0.14 | )% | ||||||||||||
Portfolio turnover rate | 28 | %(c) | 44 | % | 52 | % | 96 | % | 46 | % | 85 | % |
(a) | Calculated using the average shares method. |
(b) | Amount rounds to less than $0.005 per share. |
(c) | Not Annualized. |
(d) | Annualized. |
50 | www.jamesfunds.com |
James Aggressive Allocation Fund | Financial Highlights |
For a share outstanding throughout the periods indicated.
For the Six Months Ended December 31, 2016 (Unaudited) | For the Year Ended June 30, 2016(a) | |||||||
Net asset value ‐ beginning of year | $ | 9.47 | $ | 10.00 | ||||
Income/(Loss) from investment operations: | ||||||||
Net investment income(b) | 0.08 | 0.07 | ||||||
Net realized and unrealized gain/(loss) | 0.39 | (0.57 | ) | |||||
Total from investment operations | 0.47 | (0.50 | ) | |||||
Less distributions: | ||||||||
From net investment income | (0.09 | ) | (0.03 | ) | ||||
Total distributions | (0.09 | ) | (0.03 | ) | ||||
Net asset value at end of year | $ | 9.85 | $ | 9.47 | ||||
Total return | 4.94 | %(c) | (4.98 | )% | ||||
Net assets, end of year (in thousands) | $ | 9,532 | $ | 7,172 | ||||
Ratios/Supplemental Data: | ||||||||
Ratio of net expenses to average net assets | 0.98 | %(d) | 0.98 | % | ||||
Ratio of net investment income to average net assets | 1.55 | %(d) | 0.81 | % | ||||
Portfolio turnover rate | 107 | %(c) | 218 | % |
(a) | Fund commenced operations on July 1, 2015. |
(b) | Calculated using the average shares method. |
(c) | Not Annualized. |
(d) | Annualized. |
Semi-Annual Report | December 31, 2016 | 51 |
Financial Highlights | James Long-Short Fund |
For a share outstanding throughout the years indicated.
For the Six Months Ended December 31, 2016 (Unaudited) | 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 | $ | 12.98 | $ | 13.24 | $ | 13.80 | $ | 11.70 | $ | 9.99 | $ | 10.10 | ||||||||||||
Income/(Loss) from investment operations: | ||||||||||||||||||||||||
Net investment income/(loss) | 0.04 | (a) | (0.09 | )(a) | (0.13 | )(a) | (0.06 | )(a) | 0.04 | (a) | (0.04 | ) | ||||||||||||
Net realized and unrealized gain/(loss) | 0.52 | (0.17 | ) | (0.43 | ) | 2.16 | 1.71 | (0.05 | ) | |||||||||||||||
Total from investment operations | 0.56 | (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 | $ | 13.54 | $ | 12.98 | $ | 13.24 | $ | 13.80 | $ | 11.70 | $ | 9.99 | ||||||||||||
Total return | 4.31 | %(b) | (1.96 | )% | (4.06 | )% | 17.95 | % | 17.57 | % | (0.93 | )% | ||||||||||||
Net assets, end of year (in thousands) | $ | 22,453 | $ | 24,705 | $ | 33,890 | $ | 23,446 | $ | 15,694 | $ | 9,160 | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Ratio of net expenses to average net assets(c) | 1.56 | %(d) | 2.50 | % | 2.70 | % | 2.57 | % | 2.70 | % | 2.66 | % | ||||||||||||
Ratio of net investment income/(loss) to average net assets | 0.53 | %(d) | (0.70 | )% | (0.92 | )% | (0.44 | )% | 0.35 | % | (0.44 | )% | ||||||||||||
Portfolio turnover rate | 31 | %(b) | 49 | % | 117 | % | 171 | % | 58 | % | 159 | % |
(a) | Calculated using the average shares method. |
(b) | Not Annualized. |
(c) | Dividend and interest expense on securities sold short and interest expense totaled 0.06%, 1.00%, 1.20%, 1.07%, 1.20% and 1.15% (annualized) of average net assets for six months ended December 31, 2016, the years ended June 30, 2016, June 30, 2015, June 30, 2014, June 30, 2013 and June 30, 2012, respectively. |
(d) | Annualized. |
52 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
December 31, 2016 (Unaudited)
Semi-Annual Report | Semi-Annual Report | 53 |
Notes to Financial Statements | James Advantage Funds |
December 31, 2016 (Unaudited)
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 | $ | 2,092,763,766 | $ | – | $ | – | $ | 2,092,763,766 | ||||||||
Closed-End Funds | 1,083,370 | – | – | 1,083,370 | ||||||||||||
Exchange Traded Funds | 38,514,116 | – | – | 38,514,116 | ||||||||||||
Corporate Bonds | – | 280,076,701 | – | 280,076,701 | ||||||||||||
Mortgage Backed Securities | – | 17,138,960 | – | 17,138,960 | ||||||||||||
U.S. Government Agencies | – | 204,136,157 | – | 204,136,157 | ||||||||||||
U.S. Treasury Bonds & Notes | 1,030,847,427 | – | – | 1,030,847,427 | ||||||||||||
Foreign Bonds | – | 33,830,140 | – | 33,830,140 | ||||||||||||
Municipal Bonds | – | 205,333,609 | – | 205,333,609 | ||||||||||||
Short Term Investments | 89,441,746 | – | – | 89,441,746 | ||||||||||||
Total | $ | 3,252,650,425 | $ | 740,515,567 | $ | – | $ | 3,993,165,992 |
54 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
James Small Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 83,537,018 | $ | – | $ | – | $ | 83,537,018 | ||||||||
Short Term Investments | 448,863 | – | – | 448,863 | ||||||||||||
Total | $ | 83,985,881 | $ | – | $ | – | $ | 83,985,881 |
James Mid Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 13,305,317 | $ | – | $ | – | $ | 13,305,317 | ||||||||
Exchange Traded Funds | 291,110 | – | – | 291,110 | ||||||||||||
Short Term Investments | 753,501 | – | – | 753,501 | ||||||||||||
Total | $ | 14,349,928 | $ | – | $ | – | $ | 14,349,928 |
James Micro Cap Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 34,054,787 | $ | – | $ | – | $ | 34,054,787 | ||||||||
U.S. Treasury Bonds & Notes | 497,510 | – | – | 497,510 | ||||||||||||
Short Term Investments | 1,463,211 | – | – | 1,463,211 | ||||||||||||
Total | $ | 36,015,508 | $ | – | $ | – | $ | 36,015,508 |
James Aggressive Allocation Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 7,780,955 | $ | – | $ | – | $ | 7,780,955 | ||||||||
Closed-End Funds | 26,820 | – | – | 26,820 | ||||||||||||
Exchange Traded Funds | 331,431 | – | – | 331,431 | ||||||||||||
Corporate Bonds | – | 50,035 | – | 50,035 | ||||||||||||
U.S. Treasury Bonds & Notes | 1,149,128 | – | – | 1,149,128 | ||||||||||||
Short Term Investments | 332,887 | – | – | 332,887 | ||||||||||||
Total | $ | 9,621,221 | $ | 50,035 | $ | – | $ | 9,671,256 |
James Long-Short Fund | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 21,586,594 | $ | – | $ | – | $ | 21,586,594 | ||||||||
Short Term Investments | 858,357 | – | – | 858,357 | ||||||||||||
Total | $ | 22,444,951 | $ | – | $ | – | $ | 22,444,951 |
Valuation Inputs | ||||||||||||||||
Other Financial Instruments* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities | ||||||||||||||||
Securities Sold Short | ||||||||||||||||
Common Stocks | $ | (2,021,897 | ) | $ | – | $ | – | $ | (2,021,897 | ) | ||||||
TOTAL | $ | (2,021,897 | ) | $ | – | $ | – | $ | (2,021,897 | ) |
* | For detailed descriptions of sector and industry, see the accompanying Schedule of Investments. |
Semi-Annual Report | Semi-Annual Report | 55 |
Notes to Financial Statements | James Advantage Funds |
The Funds recognize transfer between levels as of the end of period. For the six months ended December 31, 2016, the Funds did not have any transfer between Level 1 and Level 2 securities.
Investment Transactions
Investment transactions are recorded on a trade date basis. Gains and losses are determined using the specific identification method, which liquidates all losses first, before any gains. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. Any securities so purchased are subject to market fluctuation during this period. The Funds will instruct its custodian to segregate assets in a separate account with a current value at least equal to the amount of its when-issued and delayed delivery purchase commitments. As of December 31, 2016, the Funds did not hold when-issued securities or delayed delivery purchase commitments.
Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
Foreign Currency Translation
The market value of investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate, provided by WM Reuters, at the close of each business day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.
Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized and between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities at the reporting period, resulting from changes in the exchange rate. The portion of realized and unrealized gains or losses on investments due fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.
Short Sales and Segregated Cash
The James Long-Short Fund may actively sell short equity and fixed income securities. Short sales are transactions in which the Fund sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Fund must borrow the security to deliver to the buyer upon the short sale; the Fund is then obligated to replace the security borrowed by purchasing it in the open market at some later date.
The Fund will incur a loss if the market price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will realize a gain if the security declines in value between those dates. The Fund is required to pay any dividend or interest due on securities sold short. Such dividends and interest are recorded as an expense. The Fund may pay fees or charges on the assets borrowed for securities sold short.
All short sales are collateralized, as required by the Fund’s prime broker. The Fund maintains the collateral in segregated accounts consisting of cash and/or equity securities sufficient to collateralize the market value of the Fund’s short positions.
Investment Income
Dividend income and dividend expense on long securities and securities sold short are recorded on the ex-dividend date. Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on all debt securities. Amortization and accretion is calculated using the effective yield method.
Dividend income includes dividends earned on Real Estate Investment Trusts (“REITs”), which may include a return of capital. As such, important taxation issues may arise, which the Funds account for when information is provided by the issuing REIT.
Due to the actual character of dividends paid by REITs not being available until the end of the calendar year, the net investment income and long-term capital gains of the Funds can be different on the tax return compared to this annual report. Substantial unanticipated levels of return of capital may affect the Funds’ earnings and profits from which distributions are made.
Distributions received from Limited Partnership investments of a Fund are usually recorded as a return of capital and are excluded from available income in the calculation of distributions paid by the Funds. Return of capital is recorded as a reduction to the cost of investments in the Statements of Assets and Liabilities and in the Schedule of Investments.
Dividends and Distributions to Shareholders
Net investment income, if any, is generally declared and distributed to shareholders of each Fund on at least an annual basis. Net realized capital gains from security transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of net investment income and net realized capital gains are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Allocation of Income and Expense
Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation for the James Balanced: Golden Rainbow Fund is allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable measure.
56 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Federal Income Taxes
The Funds generally intend to distribute all taxable income and capital gains to shareholders, if any, and to otherwise continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Therefore, no federal tax provision is required.
As of and during the six months ended December 31, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
As of December 31, 2016, the components of distributable earnings on a tax basis were as follows: | ||||||||||||||||||||||||
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Aggressive Allocation Fund | James Long-Short Fund | |||||||||||||||||||
Tax cost of portfolio investments | $ | 3,529,618,252 | $ | 55,825,389 | $ | 11,398,789 | $ | 26,377,352 | $ | 8,846,138 | $ | 17,911,338 | ||||||||||||
Gross unrealized appreciation | $ | 519,142,544 | $ | 28,975,896 | $ | 3,047,896 | $ | 10,350,934 | $ | 962,084 | $ | 4,766,461 | ||||||||||||
Gross unrealized depreciation | (55,594,804 | ) | (815,404 | ) | (96,757 | ) | (712,778 | ) | (136,966 | ) | (232,848 | ) | ||||||||||||
Net unrealized appreciation | 463,547,740 | 28,160,492 | 2,951,139 | 9,638,156 | 825,118 | 4,533,613 |
The difference between the cost of portfolio investments on a tax basis and financial statement cost for the Funds is due primarily to the deferral of wash sale losses and to the differing treatment of certain investments under income tax regulations and GAAP.
The tax character of distributions paid for the year ended June 30, 2016 was as follows:
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Aggressive Allocation Fund | James Long-Short Fund | |||||||||||||||||||
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 | $ | – |
The tax character of distributions paid for the year ended June 30, 2015 was as follows:
James Balanced: Golden Rainbow Fund | James Small Cap Fund | James Mid Cap Fund | James Micro Cap Fund | James Long-Short Fund | ||||||||||||||||
Ordinary Income | $ | 36,104,504 | $ | – | $ | 50,911 | $ | 29,482 | $ | – | ||||||||||
Long-Term Capital Gains | 120,104,128 | – | 1,480,680 | 3,160,094 | – | |||||||||||||||
Total | $ | 156,208,632 | $ | – | $ | 1,531,591 | $ | 3,189,576 | $ | – |
Semi-Annual Report | Semi-Annual Report | 57 |
Notes to Financial Statements | James Advantage Funds |
Capital Losses
Under the tax code, Capital Losses are carried over to future tax years and will retain their character as either short-term or long-term capital losses. These losses do not include any late year capital losses (losses arising in the period from November 1st through June 30th) that the funds have elected to defer for the current fiscal year. The Funds’ ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
Capital losses carried forward to the next tax year were as follows:
Short Term | Long Term | |||||||
James 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 | – |
The Funds elect to defer to the year ending June 30, 2017 capital losses recognized during the period November 1, 2015 through June 30, 2016 in the amount of:
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 |
The Funds elect to defer to the year ended June 30, 2017 late year ordinary losses in the amount of:
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 and sales (including maturities) of investments in other long-term U.S. Government obligations for the six months ended December 31, 2016 were as follows:
Purchases | Sales | |||||||
James Balanced: Golden Rainbow Fund | $ | 28,816,035 | $ | – | ||||
James Aggressive Allocation Fund | 2,112,257 | 2,484,853 |
Purchases and sales (including maturities) of investments in other long-term securities for the six months ended December 31, 2016 were as follows:
Purchases | Sales | |||||||
James Balanced: Golden Rainbow Fund | $ | 814,700,850 | $ | 1,347,856,152 | ||||
James Small Cap Fund | 17,397,002 | 29,030,312 | ||||||
James Mid Cap Fund | 5,575,266 | 6,494,791 | ||||||
James Micro Cap Fund | 11,725,527 | 7,630,616 | ||||||
James Aggressive Allocation Fund | 8,220,053 | 5,871,896 | ||||||
James Long-Short Fund | 6,753,754 | 10,935,343 |
For the six months ended December 31, 2016, the cost of securities purchased to cover short sales and the proceeds from securities sold short were $11,654,668 and $9,970,534, respectively, for the Long-Short Fund.
Average Total Net Assets | Contractual Fee |
Up to and including $500 million | 0.74% |
Over $500 million and including $1 billion | 0.70% |
Over $1 billion and including $2 billion | 0.65% |
Over $2 billion | 0.60% |
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% |
58 | www.jamesfunds.com |
James Advantage Funds | Notes to Financial Statements |
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% |
5. | COMMITMENTS AND CONTINGENCIES |
6. | LINE OF CREDIT |
Semi-Annual Report | December 31, 2016 | 59 |
Notes to Financial Statements | James Advantage Funds |
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 | Additional Information |
Semi-Annual Report | December 31, 2016 | 61 |
Privacy Policy | James Advantage Funds |
Facts
What does James Advantage Funds do with your personal information?
Why?
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?
The types of personal information we collect and share depends on the product or service that you have with us. This information can include:
• | Social Security number and wire transfer instructions |
• | account transactions and transaction history |
• | investment experience and purchase history |
When you are no longer our customer, we continue to share your information as described in this notice.
How?
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons James Advantage Funds chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information: | Does James Advantage Funds share information? | Can you limit this sharing? |
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | YES | NO |
For our marketing purposes - to offer our products and services to you. | YES | NO |
For joint marketing with other financial companies. | NO | We don’t share |
For our affiliates’ everyday business purposes - information about your transactions and records. | NO | We don’t share |
For our affiliates’ everyday business purposes - information about your credit worthiness. | NO | We don’t share |
For our affiliates to market to you | NO | We don’t share |
For non-affiliates to market to you | NO | We don’t share |
Questions? Call 1-800-99 James
What we do: | |
How does James Advantage Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
How does James Advantage Funds collect my personal information? | We collect your personal information, for example, when you ● open an account or deposit money ● direct us to buy securities or direct us to sell your securities ● seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: ● sharing for affiliates’ everyday business purposes – information about your creditworthiness. ● affiliates from using your information to market to you. ● sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and non-financial companies. ● Our affiliates include financial companies, such as James Investment Research, Inc. and James Capital Alliance. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. ● James Advantage Funds does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● James Advantage Funds does not jointly market. |
62 | www.jamesfunds.com |
![(GRAPHIC)](https://capedge.com/proxy/N-CSRS/0001398344-17-003067/fp0024291_15.jpg)
(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) | Not applicable to this Report. |
(a)(2) | Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. |
(a)(3) | Not applicable. |
(b) | Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. |
By (Signature and Title) | |
/s/ Barry R. James | |
Barry R. James | |
President | |
By (Signature and Title) | |
/s/ Barry R. James | |
Barry R. James | |
President | |
By (Signature and Title) | |
/s/ Thomas L. Mangan | |
Thomas L. Mangan | |
Chief Financial Officer | |