0001752724-21-194370.txt : 20210913 0001752724-21-194370.hdr.sgml : 20210913 20210913130719 ACCESSION NUMBER: 0001752724-21-194370 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210913 DATE AS OF CHANGE: 20210913 EFFECTIVENESS DATE: 20210913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JAMES ADVANTAGE FUNDS CENTRAL INDEX KEY: 0001045487 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-08411 FILM NUMBER: 211249230 BUSINESS ADDRESS: STREET 1: 1349 FAIRGROUND RD CITY: BEAVERCREEK STATE: OH ZIP: 45385 BUSINESS PHONE: 9374267640 MAIL ADDRESS: STREET 1: 1349 FAIRGROUND RD CITY: BEAVERCREEK STATE: OH ZIP: 45385 FORMER COMPANY: FORMER CONFORMED NAME: JAMES FUNDS DATE OF NAME CHANGE: 19970904 0001045487 S000003560 James Balanced: Golden Rainbow Fund C000009900 Retail Class GLRBX C000075008 Institutional Class GLRIX 0001045487 S000003563 James Small Cap Fund C000009903 James Small Cap Fund JASCX 0001045487 S000012708 James Mid Cap Fund C000034244 James Mid Cap Fund JAMDX 0001045487 S000025221 James Long-Short Fund C000075177 James Long-Short Fund JAZZX 0001045487 S000029269 JAMES MICRO CAP FUND C000090023 JAMES MICRO CAP FUND JMCRX 0001045487 S000049901 James Aggressive Allocation Fund C000157576 James Aggressive Allocation Fund JAVAX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001045487 XXXXXXXX 811-08411 true N-1A true JAMES ADVANTAGE FUNDS 811-08411 0001045487 549300426TIVT528ZP40 1290 Broadway Suite 1000 Denver 80203 US-CO US 1-800-995-2637 The James Advantage Funds 1290 Broadway Suite 1000 Denver 80203 800-995-2637 Accounts and records as required by the SEC. James Investment Research, Inc. 1349 Fairground Road Xenia 45385 937-426-7640 Accounts and records as required by the SEC. U.S. Bank, N.A. 425 Walnut Street Cincinnati 45202 866-433-3052 Securities including journals, ledgers, canceled checks and bank records, and all records relating to activites as Custodian. N N N N-1A 4 N Robert F. Chelle N/A N Leslie L. Brandon N/A N Barry R. James 002254123 Y Ronald D. Brown N/A N Richard C. Russell N/A N Lesley Ott 005828416 1349 Fairground Road Xenia 45385 XXXXXX N N N N N N N ALPS Distributors, Inc. 8-34626 N/A N/A N N Deloitte & Touche, LLP 34 549300FJV7IV1ZHGAV28 N N N N N N N JAMES SMALL CAP FUND S000003563 54930078VSHCHGG5AQ06 N 1 0 0 N/A N N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) N N N N James Investment Research, Inc. 801-12359 000110433 N/A N ALPS FUND SERVICES, INC. 84-05730 N/A N N N ICE DATA PRICING & REFERENCE DATA, LLC 5493000NQ9LYLDBCTL34 N N US BANK, N.A. N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N ALPS FUND SERVICES, INC. 0001049169 CIK Number N N N ALPS FUND SERVICES, INC. 0001049169 CIK Number N N N PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 5324 JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 9409 JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 6360 21093 0 N 34500074 Uncommitted 2000000 N N N JAMES BALANCED: GOLDEN RAINBOW FUND S000003560 5493002CAUTT0DENCO09 N 2 0 0 N/A N N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) N N N N James Investment Research, Inc. 801-12359 000110433 N/A N ALPS FUND SERVICES, INC. 84-05730 N/A N N N ICE DATA PRICING & REFERENCE DATA, LLC 5493000NQ9LYLDBCTL34 N N THE BANK OF NEW YORK MELLON N/A N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) US BANK, N.A. N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N ALPS FUND SERVICES, INC. 0001049169 CIK Number N N N ALPS FUND SERVICES, INC. 0001049169 CIK Number N N N JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 50022 JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 46866 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 46338 143226 Cantor Fitzgerald 8-201 000000134 5493004J7H4GCPG6OB62 1998000 TRADEWEB DIRECT LLC 8-52278 000103787 549300MII67ES5YBJH61 16876873 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 49684322 DUNCAN WILLIAMS 8-18971 000006950 25490045VHLUZ7H92Y27 1360210 UBS FINANCIAL SERVICES 8-16267 000008174 ETYRV6ORNFJB5NONI676 66350195 STIFEL NICOLAUS 8-1447 000000793 5WUVMA08EYG4KEUPW589 10987160 MORGAN STANLEY 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 8822680 156079440 N 645280002 Uncommitted 30000000 N N N JAMES MICRO CAP FUND S000029269 54930055PPLE24Z31O86 N 1 0 0 N/A N N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) N N N N James Investment Research, Inc. 801-12359 000110433 N/A N ALPS FUND SERVICES, INC. 84-05730 N/A N N N ICE DATA PRICING & REFERENCE DATA, LLC 5493000NQ9LYLDBCTL34 N N US BANK, N.A. N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N ALPS FUND SERVICES, INC. 0001049169 CIK Number N N N ALPS FUND SERVICES, INC. 0001049169 CIK Number N N N JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 2577 JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 3737 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 11337 17651 UBS SECURITIES LLC 8-22651 000007654 T6FIZBDPKLYJKFCRVK44 1001875 1001875 N 24445284 Uncommitted 1250000 N N N JAMES AGGRESSIVE ALLOCATION FUND S000049901 5493001JVWZW5U0R1Q40 N 1 0 0 N/A N N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) N N N N James Investment Research, Inc. 801-12359 000110433 N/A N ALPS FUND SERVICES, INC. 84-05730 N/A N N N ICE DATA PRICING & REFERENCE DATA, LLC 5493000NQ9LYLDBCTL34 N N US BANK, N.A. N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N ALPS FUND SERVICES, INC. 0001049169 CIK Number N N N ALPS FUND SERVICES, INC. 0001049169 CIK Number N N N JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 2743 JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 2571 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 1439 6753 Stifel Nicolaus 8-1447 000000793 5WUVMA08EYG4KEUPW589 249210 Ubs Ag 8-22651 000007654 T6FIZBDPKLYJKFCRVK44 1540879 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 252110 MORGAN STANLEY 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 1249085 TRADEWEB DIRECT LLC 8-52278 000103787 549300MII67ES5YBJH61 495479 3786763 N 23281469 Uncommitted 750000 N N N N true INTERNAL CONTROL RPT 2 fp0068428_g1aiii.htm INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of James Advantage Funds:

 

In planning and performing our audits of the financial statements of James Advantage Funds (the “Funds”), including the James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Micro Cap Fund, and James Aggressive Allocation Fund, as of and for the year ended June 30, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of June 30, 2021.

 

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

/s/ DELOITTE & TOUCHE LLP

Denver, Colorado

August 26, 2021