0001752724-23-201758.txt : 20230913 0001752724-23-201758.hdr.sgml : 20230913 20230913154206 ACCESSION NUMBER: 0001752724-23-201758 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230913 DATE AS OF CHANGE: 20230913 EFFECTIVENESS DATE: 20230913 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: 231252530 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 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 S000003563 true S000003560 true S000029269 true S000049901 true JAMES ADVANTAGE FUNDS 811-08411 0001045487 549300426TIVT528ZP40 1349 Fairground Rd XENIA 45385 US-OH US 800-995-2637 James Investment Research, Inc. 1349 Fairground Road Xenia 45385 937-426-7640 Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder Ultimus Fund Solutions, LLC 225 Pictoria Drive Suite 450 Cincinnati 45246 800-995-2637 Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder U.S. Bank, N.A. 425 Walnut Street Cincinnati 45202 866-433-3052 Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder N N N N-1A 4 Y Julia W Poston N/A N Ronald D. Brown N/A N Robert F. Chelle N/A N Barry R. James 002254123 Y Richard C. Russell N/A N Lesley Ott 005828416 1349 Fairground Road Xenia 45385 XXXXXX N N N N N N Ultimus Fund Distributors, LLC 008-52643 N/A N/A N Y 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 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) N N N N James Investment Research, Inc. 801-12359 000110433 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N Y 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 Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N Y Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N Y JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 2545 JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 1957 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 2690 7192 0 N 33915850 Uncommitted 2000000.00000000 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 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) N N N N James Investment Research, Inc. 801-12359 000110433 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N Y 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 Ultimus Fund Solutions 084-05829 SEC File Number N N Y Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N Y JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 10120.64 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 10053.16 JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 10665.38 30839.18 TRADEWEB DIRECT LLC 8-52278 000103787 549300MII67ES5YBJH61 53482879 STIFEL NICOLAUS 8-1447 000000793 5WUVMA08EYG4KEUPW589 3000000 UBS Securities, Inc. 8-22651 000008174 ETYRV6ORNFJB5NONI676 131887111 Cantor Fitzgerald 8-201 000000134 5493004J7H4GCPG6OB62 12656250 MORGAN STANLEY 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 1000000 202026240 N 452746992 Uncommitted 25000000.00000000 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 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) N N N N James Investment Research, Inc. 801-12359 000110433 N/A N Ultimus Fund Solutions, LLC 084-05829 N/A N N Y 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 Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N Y Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N Y JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 1465.56 Jones trading 8-26089 000006888 2138008JJ5PA8H5UIL69 404.14 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 3071.02 4940.72 TRADEWEB DIRECT LLC 8-52278 000103787 549300MII67ES5YBJH61 2002723 2002723 N 22125761 Uncommitted 1250000.00000000 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 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) N N N N James Investment Research, Inc. 801-12359 000110433 N/A N Ultimus Fund Solutions, LLC 084-05829 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 Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N Y Ultimus Fund Solutions, LLC 084-05829 SEC File Number N N Y JONES TRADING 8-26089 000006888 2138008JJ5PA8H5UIL69 421 JEFFERIES 8-15074 000002347 58PU97L1C0WSRCWADL48 335 PIPER SANDLER 8-15204 000000665 549300GRQCWQ3XGH0H10 362 1118 Stifel Nicolaus 8-22651 000007654 T6FIZBDPKLYJKFCRVK44 99750 TRADEWEB DIRECT LLC 8-68191 000149777 IGJSJL3JD5P30I6NJZ34 2396450 Cantor Fitzgerald 8-201 000000134 5493004J7H4GCPG6OB62 100000 UBS Securities Inc 8-22651 000008174 ETYRV6ORNFJB5NONI676 196551 2792751 N 18753922 Uncommitted 750000.00000000 N N N false true INTERNAL CONTROL RPT 2 jaf_ncen.htm

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, 2023, 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, 2023.

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.

DELOITTE & TOUCHE LLP

Denver, Colorado

August 24, 2023