# EDGAR Filing Document

**Accession Number:** 0001045487
**File Stem:** 0001752724-23-046785
**Filing Date:** 2023-2
**Character Count:** 22378
**Document Hash:** 18ce60c28d8279d166f635a7a51adacb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046785.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046785

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230630

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08411
- **FILM NUMBER:** 23683058

**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

## Series and Classes Contracts Data

### JAMES MICRO CAP FUND (Series ID: S000029269)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000090023 | JAMES MICRO CAP FUND | JMCRX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** JAMES ADVANTAGE FUNDS

- **b. Investment Company Act file number:** 811-08411

- **c. CIK number of Registrant:** 0001045487

- **d. LEI of Registrant:** 549300426TIVT528ZP40

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive, Suite 450

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** JAMES MICRO CAP FUND

- **b. EDGAR series identifier (if any):** S000029269

- **c. LEI of Series:** 54930055PPLE24Z31O86

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $21508265.19

**Total Liabilities:** $430244.71

**Net Assets:** $21078020.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000090023 | 9.24%                | 6.82%                | -6.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1860676.14                                |
| Month 2  | $0.00                    | $1427011.96                                |
| Month 3  | $10465.26                | $-1430037.44                               |

### Schedule of Portfolio Investments

| Name                                      | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Utah Medical Products Inc.                | Utah Medical Products, Inc.                      | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |      4200 | NS      | $422226.00    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                  | Cohu, Inc.                                       | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |      8022 | NS      | $257105.10    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcbest Corporation                       | ArcBest Corporation                              | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      5285 | NS      | $370161.40    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                              | Innospec, Inc.                                   | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      4000 | NS      | $411440.00    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                      | PotlatchDeltic Corporation REIT                  | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |      4900 | NS      | $215551.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Shyft Group Inc.                          | Shyft Group, Inc. (The)                          | CUSIP: 825698103<br>LEI: 549300YY0TB51BGRV994 | Long             | EC               | CORP              | US        |      6336 | NS      | $157512.96    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Inds Inc                          | Patrick Industries, Inc.                         | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      4044 | NS      | $245066.40    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corporation              | Integer Holdings Corporation                     | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      6396 | NS      | $437870.16    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc.                        | PC Connection, Inc.                              | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     12184 | NS      | $571429.60    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                   | Century Communities, Inc.                        | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      4662 | NS      | $233146.62    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc         | Donnelley Financial Solutions, Inc.              | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     20288 | NS      | $784131.20    | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc.                            | M/I Homes, Inc.                                  | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      4742 | NS      | $218985.56    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc.                               | Nelnet, Inc. Class A                             | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |      5646 | NS      | $512374.50    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Marinemax Inc                             | MarineMax, Inc.                                  | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |      5750 | NS      | $179515.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products, Inc.             | Standard Motor Products, Inc.                    | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |      5625 | NS      | $195750.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Schnitzer Steel Industries Inc.           | Schnitzer Steel Industries, Inc. Class A         | CUSIP: 806882106<br>LEI: 549300F62TK8VRDSM285 | Long             | EC               | CORP              | US        |     18045 | NS      | $553079.25    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc.               | Vishay Precision Group, Inc.                     | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6384 | NS      | $246741.60    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc.                           | ANAPTYSBIO, INC.                                 | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |     10132 | NS      | $313990.68    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                     | Civitas Resources, Inc.                          | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      7254 | NS      | $420224.22    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc.                             | TRANSCAT, INC.                                   | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      2200 | NS      | $155914.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corporation                   | ACCO Brands Corporation                          | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |     74997 | NS      | $419233.23    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corporation | Federal Agricultural Mortgage Corporation        | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGA              | US        |      6912 | NS      | $779051.52    | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Laredo Petroleum Inc                      | LAREDO PETROLEUM, INC.                           | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |      5814 | NS      | $298955.88    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Companies                   | Piper Sandler Companies                          | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      4960 | NS      | $645742.40    | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc    | Heidrick & Struggles International, Inc.         | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      3400 | NS      | $95098.00     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company              | Central Garden & Pet Company Class A Non-Voting  | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     13108 | NS      | $469266.40    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp. (Indiana)              | Merchants Bancorp                                | CUSIP: 58844R108<br>LEI: 5493003V2R4M1JXKDE59 | Long             | EC               | CORP              | US        |     25704 | NS      | $625121.28    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International, Incorporation        | Enova International, Inc.                        | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     17016 | NS      | $652903.92    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                           | Photronics, Inc.                                 | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     22198 | NS      | $373592.34    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Eplus Inc                                 | ePlus, Inc.                                      | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |      4600 | NS      | $203688.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmace Inc                        | Vanda Pharmaceuticals, Inc.                      | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |     43517 | NS      | $321590.63    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                               | OFG Bancorp                                      | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |     25456 | NS      | $701567.36    | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc.                   | Insteel Industries, Inc.                         | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      3500 | NS      | $96320.00     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                          | Boise Cascade Company                            | CUSIP: 09739D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $171675.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd.                           | DORIAN LPG LTD.                                  | CUSIP: Y2106R110<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | US        |     19032 | NS      | $360656.40    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cutera Inc                                | CUTERA, INC.                                     | CUSIP: 232109108<br>LEI: 529900NPKPEWJWR21Z42 | Long             | EC               | CORP              | US        |      7100 | NS      | $313962.00    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                         | Shoe Carnival, Inc.                              | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12950 | NS      | $309634.50    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KforceCom Inc                             | Kforce, Inc.                                     | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |      2400 | NS      | $131592.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.                  | Insight Enterprises, Inc.                        | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      9746 | NS      | $977231.42    | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Incorporated              | Ingles Markets, Inc. Class A                     | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     10714 | NS      | $1033472.44   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd                        | Ichor Holdings Ltd.                              | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | US        |      5408 | NS      | $145042.56    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc.                    | CRA International, Inc.                          | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3384 | NS      | $414303.12    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd.             | GENCO SHIPPING & TRADE LTD.                      | CUSIP: Y2685T131<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | US        |      8000 | NS      | $122880.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                               | Bancorp, Inc. (The)                              | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6900 | NS      | $195822.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                              | Innoviva, Inc.                                   | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     40082 | NS      | $531086.50    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc                 | Haverty Furniture Companies, Inc.                | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |     21134 | NS      | $631906.60    | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                  | Nova Measuring Instruments Ltd.                  | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | US        |      9143 | NS      | $746800.24    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage-Crystal Clean Inc.               | Heritage-Crystal Clean, Inc.                     | CUSIP: 42726M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $162400.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                   | V2X, Inc.                                        | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6950 | NS      | $286965.50    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                       | First American Treasury Obligations Fund Class X | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    148971 | PA      | $148970.79    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                       | Clearway Energy, Inc.                            | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |      7332 | NS      | $233670.84    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Zumiez Inc.                               | Zumiez, Inc.                                     | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               | CORP              | US        |      4568 | NS      | $99308.32     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Treasury Notes                       | U.S. Treasury Notes 0.25%, Due 03/15/2024        | CUSIP: 91282CBR1<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   1000000 | PA      | $948007.81    | 4.50%             | 2024-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| United States Lime & Minerals Inc.        | United States Lime & Minerals, Inc.              | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      2070 | NS      | $291373.20    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc.                    | SIGA TECHNOLOGIES, INC.                          | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52400 | NS      | $385664.00    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** JAMES ADVANTAGE FUNDS

**Signature:** Lesley Ott

**Name of Signer:** Lesley Ott

**Title:** Chief Compliance Officer