0001752724-22-202796.txt : 20220912 0001752724-22-202796.hdr.sgml : 20220912 20220912140128 ACCESSION NUMBER: 0001752724-22-202796 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220912 DATE AS OF CHANGE: 20220912 EFFECTIVENESS DATE: 20220912 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: 221238288 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 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. James Investment Research, Inc. 1349 Fairground Road Xenia 45385 937-426-7640 Accounts and records as required by the SEC. The James Advantage Funds 1290 Broadway Suite 1000 Denver 80203 800-995-2637 Accounts and records as required by the SEC. N N N N-1A 4 N Richard C. Russell N/A N Robert F. Chelle N/A N Leslie L. Brandon N/A N Ronald D. Brown N/A N Julia W Poston N/A N Barry R. James 002254123 Y 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 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 US BANK, N.A. N/A N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) THE BANK OF NEW YORK MELLON N/A N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) 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 19373 JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 9695 JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 10660 39728 TRADEWEB DIRECT LLC 8-52278 000103787 549300MII67ES5YBJH61 4807972 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 1160000 STIFEL NICOLAUS 8-1447 000000793 5WUVMA08EYG4KEUPW589 2000000 MORGAN STANLEY 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 8497220 Cantor Fitzgerald 8-201 000000134 5493004J7H4GCPG6OB62 13497500 UBS FINANCIAL SERVICES 8-22651 000008174 ETYRV6ORNFJB5NONI676 83179727 113142419 N 495321562 Uncommitted 30000000 N 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 177 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 9151 9328 TRADEWEB DIRECT LLC 8-52278 000103787 549300MII67ES5YBJH61 956082 956082 N 23252060 Uncommitted 1250000 N 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 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 1536 JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 1273 JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 1378 4187 TRADEWEB DIRECT LLC 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 604784 Ubs Ag 8-52278 000103787 549300MII67ES5YBJH61 1383748 Cantor Fitzgerald 8-201 000000134 5493004J7H4GCPG6OB62 200000 MORGAN STANLEY 8-1447 000000793 5WUVMA08EYG4KEUPW589 250000 Stifel Nicolaus 8-22651 000007654 T6FIZBDPKLYJKFCRVK44 356191 2794723 N 19626055 Uncommitted 750000 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 8984 JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 3546 JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 6048 18578 0 N 34350152 Uncommitted 2000000 N N N N true INTERNAL CONTROL RPT 2 fp0079410_g1aiii.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the shareholders and the Board of Trustees of James Advantage Funds

 

Opinion on the Financial Statements and Financial Highlights

 

We have audited the accompanying statements of assets and liabilities of James Advantage Funds comprising the James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Micro Cap Fund, and James Aggressive Allocation Fund (the "Funds"), including the schedules of investments, as of June 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting 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.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

 

DELOITTE & TOUCHE, LLP

 

Denver, Colorado

August 25, 2022

 

We have served as the auditor of one or more James Advantage Funds investment companies since 1998.