GACR Green Automotive Company Corporation (CE)

Item 1. Reports to Stockholders.

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Stock market investors enjoyed one of the most rewarding years in recent history in 2013 with the S&P 500 ^® up over 32 percent. This return was, in our opinion, extraordinary – only four times since 1970 has the market done that well. We note that two good years, back-to-back is not uncommon, so 2012’s 16.00 percent preceding 2013’s have revived investor confidence in the stock markets and taken much of the sting out of the abysmal market performance of the decade from 1999 through 2009. Of course, the question is, how long can this last?

The Markets Over the Past Six Months

First, the good news. All segments of the stock markets rallied nicely over the six months ended December 31, 2013. The indexes that we use as benchmarks for our Funds rose as follows: the S&P 500 ^® returned 16.31 percent, the S&P MidCap 400 ^® Value rose 15.76 percent, the Russell 2000 ^® (small caps) rose 19.82 percent and the Russell Microcap ^® rose 23.07 percent. On the down side, bonds struggled. The Barclays U.S. Treasury 20+ Year Total Return Index fell 5.99 percent, the Barclays U.S. Aggregate Index rose a very modest 0.57 percent and the Barclays Municipal Bond Index returned only 0.14 percent with maturities greater than five years generally dropping in price.

Investment Goals and Objectives

Preservation of capital and income are the two primary objectives of the Balanced: Golden Rainbow Fund. The Fund will increase exposure to stocks when its research signals a higher probability of a rally and lower risk in the stock market. The Fund’s Adviser, James Investment Research, Inc., does most of its own research in the stock markets and relies on the quality of that research. Even with interest rates at historic lows, the Balanced: Golden Rainbow Fund paid out a dividend every quarter, and supplemented income needs of shareholders with a capital gains dividend in December, meeting the income objective of the Fund.

The Small Cap Fund, the Mid Cap Fund, the Long-Short Fund and the Micro Cap Fund seek long term capital appreciation as their primary objective. These Funds look for stocks the Adviser believes to be undervalued, using its proprietary research to sift through a database of over 8,500 stocks. The Long-Short Fund may employ a short-selling strategy, particularly when the Adviser’s research shows a higher probability of a market decline, and may also use leverage. The basic research is the same for all the Funds. The Adviser prides itself on its own research and does not buy outside research. These Funds do not seek to pay dividends as they have no income objective, but will distribute net income when it is earned through stock dividends or other sources.

Investment Philosophy

We believe that preservation of capital in poor markets is the key to long term success in investing. Since 1972, the Adviser has tried to assess the risk in the markets, both stocks and bonds, and incorporated that research in an active asset allocation strategy. Experience has taught us that stocks with strong earnings growth, low valuations and relative strength are more likely to outperform the broad stock market over time, and we have found that preserving capital in down markets is very important in achieving long term growth. Our independent research is generally free of Wall Street hype and is intended to filter out the hype or hysteria and focus on historical risk/return relationships.

Strategy for Meeting Fund Objectives

We are active tactical asset allocators in the James Balanced: Golden Rainbow Fund and in the James Long-Short Fund. When the Adviser’s risk research indicates that the risk in the stock market is low and that opportunities for stocks to move higher are great, the Fund’s portfolio managers will increase the allocation to common stocks in the Balanced: Golden Rainbow Fund and reduce or eliminate short positions in the Long-Short Fund. Of course, a balanced fund will always hold both bonds and stocks, and the Balanced: Golden Rainbow Fund normally will not fall below 25% in its allocation to either stocks or bonds. In 2013, portfolio managers reduced holdings in long term Treasury securities and focused more on short and intermediate bonds. As always, the Balanced: Golden Rainbow Fund bought only higher quality bonds with investment grade ratings by S&P and Moody’s.

The Small Cap Fund, the Mid Cap Fund, the Micro Cap Fund and the Long-Short Fund generally use the same proprietary research, but concentrate on separate strategies that include market capitalization niches for the first three funds and allows for both long and short positions in all market capitalizations for the Long-Short Fund. The Adviser’s research personnel use independent analysis to identify sectors likely to outperform over coming months, and then ferret out stocks we believe are undervalued. The Adviser often identifies the risk levels in the broad stock market through its research, which then helps Fund managers adjust the Fund holdings accordingly. If the research points towards a decline in economic activity and in stock prices, all the funds will prefer defensive stocks, such as utilities, health care and non-cyclicals, while still retaining the Adviser’s strategy of seeking out bargain stocks. In addition, the Balanced: Golden Rainbow Fund will increase its holdings in bonds and reduce exposure to common equities, and the Long-Short Fund will add short positions. Stocks the Adviser considers to be bargains generally have low value ratios, such as price to earnings and price to cash, but also generally have strong earnings and relative strength. The Adviser has found this strategy to be very useful over the long run.

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All of the Funds in the James Advantage Funds family employ a disciplined SELL strategy, eliminating securities that lose their value traits or otherwise fall out of favor due to macro-economic changes, management changes or similar events. The Adviser’s staff regularly monitors all of the Funds’ holdings and employs multiple screens to detect changes in a company profile. As you will see in the Financial Highlights report, the Funds’ turnover ratios are low by most industry standards, helping to reduce transaction costs for the shareholders.

Fund Performance

Over the last six months of 2013, The Balanced: Golden Rainbow Retail Class advanced 8.13 percent and the Institutional Class shares rose 8.29 percent, while their blended Index benchmark rose 9.10 percent (see benchmark details on page 3 of this report). The Small Cap Fund rose 19.02 percent over the last six months of the year versus a 19.82 percent increase in its benchmark. The Mid Cap Fund advanced 19.55 percent, beating its benchmark (the S&P MidCap 400 ^® Value Index) return of 15.76 percent. The Micro Cap Fund rose 23.32 percent versus its benchmark (the Russell Microcap ^® Index) return of 23.07 percent. The Long-Short Fund rose 10.08 percent, lagging its benchmark (the S&P 500 ^® Index) return of 16.31 percent. In addition to the Micro Cap Fund, the Mid Cap Fund also beat its benchmark, although its benchmark is the Value component of the S&P MidCap 400 ^® Index. It is not unusual for Value stocks, such as those held by our Funds, to lag Growth stocks in very strong markets. The Balanced: Golden Rainbow Fund’s holdings in municipal bonds and Sovereign bonds were a slight drag on performance as both these asset classes suffered as the Federal Reserve publically discussed tapering its quantitative easing program. While the Adviser’s stock selection methodology had not been remarkable in the first part of 2013, it returned to favor in the fourth quarter. We note that most academic research shows that Value investing is remarkable over longer time periods and we are confident that the long term outperformance of Value investing will return in coming months.

Expectations for the Future

2014 brings another Congressional election, more budget debates and the commencement (of some) of the Affordable Care Act. There is plenty of uncertainty surrounding these important events to raise some concern over the stock market, especially given the strong rallies of the preceding two years. In addition, Janet Yellen takes over at the Federal Reserve. While she is not a new face in Washington or in financial circles, the implementation of her strategies concerning unemployment and fair wages will be of great interest to stock and bond market investors. We are confident that 2014 will bring many investment opportunities and we are dedicated to using our research and analytical skills to identify them.

Thomas L. Mangan

Chief Financial Officer

The statements and opinions expressed are those of the author and are as of the date of this report. All information is historical and not indicative of future results and subject to change. It should not be assumed that an investment in the securities mentioned will be profitable in the future. This information is not a recommendation to buy or sell.

You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund’s prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus by calling 1-800-995-2637.

Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Tom Mangan is a registered representative of ALPS Distributors, Inc.

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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Please call 1-800-995-2637 for most recent month-end performance information.

The S&P 500 ^® Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation.

The Russell 2000 ^® Index is a widely recognized, unmanaged index comprised of the 2,000 smallest U.S. domiciled publicly-traded common stocks of the Russell 3000 ^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 ^® Index, an unmanaged index of the 3,000 largest U.S. domiciled publicly-traded common stocks by market capitalization.

The Barclays Capital Intermediate Government/Credit Index measures the performance of U.S. Dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.

The S&P 500 ^® Index, Russell 2000 ^® Index, Barclays Capital Intermediate Government/Credit Index, S&P Mid Cap 400 ^® Index, and Russell Microcap ^® Index are widely recognized unmanaged indices of security prices and are representative of a broader market and range of securities than is found in the Fund’s portfolio. The Index returns do not reflect the deduction of expenses, which have been deducted from a Fund’s returns. The Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in any Index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Please call 1-800-995-2637 for most recent month-end performance information.

Mid, Small and Micro Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat.

The Mid-Cap Fund invests in stocks of mid-cap companies which tend to be more volatile and can be less liquid than stocks of large-cap companies. Diversification does not guarantee a profit or protect against loss. Current and future portfolio holdings are subject to risk.

The Russell 2000 ^® Value Index is a widely recognized, unmanaged index that measures the performance of those Russell 2000 ^® Index companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 ^® Index is a widely recognized, unmanaged index comprised of the 2,000 smallest U.S. domiciled publicly-traded common stocks of the Russell 3000 ^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 ^® Index, an unmanaged index of the 3,000 largest U.S. domiciled publicly-traded common stocks by market capitalization.

The S&P MidCap 400 ^® Value Index is a recognized, unmanaged index of mid cap stocks considered to be value stocks using Standard and Poor’s methodology.

The S&P 500 ^® Index, Russell 2000 ^® Index, Barclays Capital Intermediate Government/Credit Index, S&P MidCap 400 ^® Index, and Russell Microcap ^® Index are widely recognized unmanaged indices of security prices and are representative of a broader market and range of securities than is found in the Fund’s portfolio. The Index returns do not reflect the deduction of expenses, which have been deducted from a Fund’s returns. The Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in any Index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Please call 1-800-995-2637 for most recent month-end performance information.

Mid, Small and Micro Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat.

Short selling incurs significant additional risk; theoretically, stocks sold short have unlimited upside risk potential. In addition, this strategy depends on the Adviser’s ability to correctly identify undervalued and overvalued stocks, and that the stock markets are reasonable and efficient. Periods of extreme volatility may harm the performance of this product. The Long-Short Fund may have a high portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs and may expose taxable shareholders to potentially larger current tax liability.

The Russell Microcap ^® Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1,000 of the smallest securities in the small cap Russell 2000 ^® Index, plus the next smallest eligible securities by market cap.

The S&P 500 ^® Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation.

The S&P 500 ^® Index, Russell 2000 ^® Index, Barclays Capital Intermediate Government/Credit Index, S&P MidCap 400 ^® Index, and Russell Microcap ^® Index are widely recognized unmanaged indices of security prices and are representative of a broader market and range of securities than is found in the Fund’s portfolio. The Index returns do not reflect the deduction of expenses, which have been deducted from a Fund’s returns. The Index returns assume reinvestment of all distributions and do not reflect the deduction of taxes and fees. Individuals cannot invest directly in any Index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index.

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The illustrations below provide the industry sectors for the James Balanced: Golden Rainbow Fund, James Small Cap Fund, James Mid Cap Fund, James Micro Cap Fund, and James Long-Short Fund.

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Example. As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including reinvested dividends or other distributions, and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2013 through December 31, 2013.

Actual Expenses. The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expense Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

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See Notes to Financial Statements.

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See Notes to Financial Statements.

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See Notes to Financial Statements.

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See Notes to Financial Statements.

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See Notes to Financial Statements.

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See Notes to Financial Statements.

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See Notes to Financial Statements.

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