0001045487
2018-10-26
2018-10-26
0001045487
james:RetailClassMember
james:S000003560Member
2018-10-26
2018-10-26
0001045487
james:RetailClassMember
james:S000003560Member
james:Index1Member
2018-10-26
2018-10-26
0001045487
james:RetailClassMember
james:S000003560Member
james:Index2Member
2018-10-26
2018-10-26
0001045487
james:RetailClassMember
james:S000003560Member
james:C000009900Member
2018-10-26
2018-10-26
0001045487
james:RetailClassMember
james:S000003560Member
james:C000009900Member
rr:AfterTaxesOnDistributionsMember
2018-10-26
2018-10-26
0001045487
james:RetailClassMember
james:S000003560Member
james:C000009900Member
rr:AfterTaxesOnDistributionsAndSalesMember
2018-10-26
2018-10-26
0001045487
james:InstitutionalClassMember
james:S000003560Member
2018-10-26
2018-10-26
0001045487
james:InstitutionalClassMember
james:S000003560Member
james:Index3Member
2018-10-26
2018-10-26
0001045487
james:InstitutionalClassMember
james:S000003560Member
james:Index4Member
2018-10-26
2018-10-26
0001045487
james:InstitutionalClassMember
james:S000003560Member
james:C000075008Member
2018-10-26
2018-10-26
0001045487
james:InstitutionalClassMember
james:S000003560Member
james:C000075008Member
rr:AfterTaxesOnDistributionsMember
2018-10-26
2018-10-26
0001045487
james:InstitutionalClassMember
james:S000003560Member
james:C000075008Member
rr:AfterTaxesOnDistributionsAndSalesMember
2018-10-26
2018-10-26
0001045487
james:JamesSmallCapFundMember
james:S000003563Member
2018-10-26
2018-10-26
0001045487
james:JamesSmallCapFundMember
james:S000003563Member
james:Index5Member
2018-10-26
2018-10-26
0001045487
james:JamesSmallCapFundMember
james:S000003563Member
james:C000009903Member
2018-10-26
2018-10-26
0001045487
james:JamesSmallCapFundMember
james:S000003563Member
james:C000009903Member
rr:AfterTaxesOnDistributionsMember
2018-10-26
2018-10-26
0001045487
james:JamesSmallCapFundMember
james:S000003563Member
james:C000009903Member
rr:AfterTaxesOnDistributionsAndSalesMember
2018-10-26
2018-10-26
0001045487
james:JamesMidCapFundMember
james:S000012708Member
2018-10-26
2018-10-26
0001045487
james:JamesMidCapFundMember
james:S000012708Member
james:Index6Member
2018-10-26
2018-10-26
0001045487
james:JamesMidCapFundMember
james:S000012708Member
james:Index7Member
2018-10-26
2018-10-26
0001045487
james:JamesMidCapFundMember
james:S000012708Member
james:C000034244Member
2018-10-26
2018-10-26
0001045487
james:JamesMidCapFundMember
james:S000012708Member
james:C000034244Member
rr:AfterTaxesOnDistributionsMember
2018-10-26
2018-10-26
0001045487
james:JamesMidCapFundMember
james:S000012708Member
james:C000034244Member
rr:AfterTaxesOnDistributionsAndSalesMember
2018-10-26
2018-10-26
0001045487
james:JamesLongShortFundMember
james:S000025221Member
2018-10-26
2018-10-26
0001045487
james:JamesLongShortFundMember
james:S000025221Member
james:Index8Member
2018-10-26
2018-10-26
0001045487
james:JamesLongShortFundMember
james:S000025221Member
james:Index9Member
2018-10-26
2018-10-26
0001045487
james:JamesLongShortFundMember
james:S000025221Member
james:C000075177Member
2018-10-26
2018-10-26
0001045487
james:JamesLongShortFundMember
james:S000025221Member
james:C000075177Member
rr:AfterTaxesOnDistributionsMember
2018-10-26
2018-10-26
0001045487
james:JamesLongShortFundMember
james:S000025221Member
james:C000075177Member
rr:AfterTaxesOnDistributionsAndSalesMember
2018-10-26
2018-10-26
0001045487
james:JAMESMICROCAPFUNDMember
james:S000029269Member
2018-10-26
2018-10-26
0001045487
james:JAMESMICROCAPFUNDMember
james:S000029269Member
james:Index10Member
2018-10-26
2018-10-26
0001045487
james:JAMESMICROCAPFUNDMember
james:S000029269Member
james:C000090023Member
2018-10-26
2018-10-26
0001045487
james:JAMESMICROCAPFUNDMember
james:S000029269Member
james:C000090023Member
rr:AfterTaxesOnDistributionsMember
2018-10-26
2018-10-26
0001045487
james:JAMESMICROCAPFUNDMember
james:S000029269Member
james:C000090023Member
rr:AfterTaxesOnDistributionsAndSalesMember
2018-10-26
2018-10-26
0001045487
james:JamesAggressiveAllocationFundMember
james:S000049901Member
2018-10-26
2018-10-26
0001045487
james:JamesAggressiveAllocationFundMember
james:S000049901Member
james:Index11Member
2018-10-26
2018-10-26
0001045487
james:JamesAggressiveAllocationFundMember
james:S000049901Member
james:Index12Member
2018-10-26
2018-10-26
0001045487
james:JamesAggressiveAllocationFundMember
james:S000049901Member
james:C000157576Member
2018-10-26
2018-10-26
0001045487
james:JamesAggressiveAllocationFundMember
james:S000049901Member
james:C000157576Member
rr:AfterTaxesOnDistributionsMember
2018-10-26
2018-10-26
0001045487
james:JamesAggressiveAllocationFundMember
james:S000049901Member
james:C000157576Member
rr:AfterTaxesOnDistributionsAndSalesMember
2018-10-26
2018-10-26
iso4217:USD
xbrli:pure
485BPOS
2018-06-30
JAMES ADVANTAGE FUNDS
0001045487
false
2018-10-26
2018-11-01
2018-11-01
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FUND SUMMARY - JAMES BALANCED: GOLDEN RAINBOW FUND (RETAIL CLASS)</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FUND SUMMARY – JAMES BALANCED: GOLDEN RAINBOW FUND (INSTITUTIONAL
CLASS)</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FUND SUMMARY - JAMES SMALL CAP FUND</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FUND SUMMARY - JAMES MID CAP FUND</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FUND SUMMARY - JAMES LONG-SHORT FUND</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FUND SUMMARY – JAMES MICRO CAP FUND</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>FUND SUMMARY – JAMES AGGRESSIVE ALLOCATION FUND</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James Balanced: Golden Rainbow Fund (the "Fund")
seeks to provide total return through a combination of growth and income and preservation of capital in declining markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James Balanced: Golden Rainbow Fund (the "Fund")
seeks to provide total return through a combination of growth and income and preservation of capital in declining markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James Small Cap Fund (the "Fund")
seeks to provide long-term capital appreciation.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James Mid Cap Fund (the "Fund") seeks
to provide long-term capital appreciation.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James Long-Short Fund (the "Fund")
seeks to provide long-term capital appreciation.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James Micro Cap Fund (the "Fund")
seeks to provide long-term capital appreciation.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James Aggressive Allocation Fund (the "Fund")
seeks to provide total return through a combination of growth and income. </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Fund Operating Expenses</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(expenses that you pay each year as a percentage
of the value of your investment)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Fund Operating Expenses</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(expenses that you pay each year as a percentage
of the value of your investment)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Fund Operating Expenses</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(expenses that you pay each year as a percentage
of the value of your investment)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Fund Operating Expenses</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(expenses that you pay each year as a percentage
of the value of your investment)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Fund Operating Expenses</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(expenses that you pay each year as a percentage
of the value of your investment)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Fund Operating Expenses</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(expenses that you pay each year as a percentage
of the value of your investment)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Estimated Annual Fund Operating Expenses</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(expenses that you pay each year as a percentage
of the value of your investment)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt; text-align: justify">The Example is intended to help you
compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest
$10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although your actual costs may be higher or
lower, based on these assumptions your costs would be:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000
in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although your actual costs may be higher or
lower, based on these assumptions your costs would be:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000
in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although your actual costs may be higher or
lower, based on these assumptions your costs would be:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000
in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although your actual costs may be higher or
lower, based on these assumptions your costs would be:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000
in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although your actual costs may be higher or
lower, based on these assumptions your costs would be:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000
in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although your actual costs may be higher or
lower, based on these assumptions your costs would be:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000
in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although your actual costs may be higher or
lower, based on these assumptions your costs would be:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt; text-align: justify"><i>Portfolio Turnover</i>: The Fund
pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher
portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses
or in the Example, affect the Fund's performance. A higher turnover may also result in more income taxes for a shareholder when
Fund shares are held in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 75% of the
average value of its portfolio. The portfolio turnover of the Fund may vary considerably from year to year.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Portfolio Turnover</i>: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example,
affect the Fund's performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held
in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 75% of the average value of its
portfolio. The portfolio turnover of the Fund may vary considerably from year to year.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Portfolio Turnover</i>: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example,
affect the Fund's performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held
in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 124% of the average value of its
portfolio. The portfolio turnover of the Fund may vary considerably from year to year.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Portfolio Turnover</i>: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example,
affect the Fund's performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held
in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 191% of the average value of its
portfolio. The portfolio turnover of the Fund may vary considerably from year to year.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Portfolio Turnover</i>: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example,
affect the Fund's performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held
in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its
portfolio. The portfolio turnover of the Fund may vary considerably from year to year.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Portfolio Turnover</i>: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example,
affect the Fund's performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held
in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 37% of the average value of its
portfolio. The portfolio turnover of the Fund may vary considerably from year to year.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Portfolio Turnover</i>: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example,
affect the Fund's performance. A higher turnover may also result in more income taxes for a shareholder when Fund shares are held
in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 219% of the average value of its
portfolio. The portfolio turnover of the Fund may vary considerably from year to year.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued, and in fixed income
securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in
equity securities and at least 25% of its assets in fixed income securities.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equity securities that the Fund will principally
invest in are common stocks, preferred stocks and exchange traded funds ("ETFs") that invest primarily in equity securities.
Some or all of the equity portion of the Fund may be invested in small and micro capitalization companies. Fixed income securities
that the Fund will principally invest in are U.S. government securities, corporate bonds, municipal bonds and/or sovereign bonds
of any maturity, as well as ETFs that invest primarily in such securities. Any non-U.S. government securities in the Fund's portfolio
will consist primarily of issues rated "Baa2" or better by Moody's Investors Service, Inc. ("Moody's") or "BBB"
or better by Standard & Poor's Ratings Group ("S&P") and unrated securities determined by the Adviser to be of
equivalent quality, as well as high quality money market instruments. The Fund will attempt to provide total return in excess of
the rate of inflation over the long term (3 to 5 years). The Adviser uses a disciplined sell strategy for the Fund. The Adviser
may sell securities because of a deterioration of the underlying company's financials, such as earnings or cash flow, or because
of an increase in the price of a stock that would make it expensive relative to the other stocks held by the Fund. Other reasons
may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment
in which the company operates. The Fund may add more securities to the portfolio to help increase performance and allow the sector
weights to vary according to the number of highly ranked securities in that sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal circumstances, the Fund invests
primarily in equity securities of foreign and domestic companies that the Adviser believes are undervalued, and in fixed income
securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in
equity securities and at least 25% of its assets in fixed income securities.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equity securities that the Fund will principally
invest in are common stocks, preferred stocks and exchange traded funds ("ETFs") that invest primarily in equity securities.
Some or all of the equity portion of the Fund may be invested in small and micro capitalization companies. Fixed income securities
that the Fund will principally invest in are U.S. government securities, corporate bonds, municipal bonds and/or sovereign bonds
of any maturity, as well as ETFs that invest primarily in such securities. Any non-U.S. government securities in the Fund's portfolio
will consist primarily of issues rated "Baa2" or better by Moody's Investors Service, Inc. ("Moody's") or "BBB"
or better by Standard & Poor's Ratings Group ("S&P") and unrated securities determined by the Adviser to be of
equivalent quality, as well as high quality money market instruments. The Fund will attempt to provide total return in excess of
the rate of inflation over the long term (3 to 5 years). The Adviser uses a disciplined sell strategy for the Fund. The Adviser
may sell securities because of a deterioration of the underlying company's financials, such as earnings or cash flow, or because
of an increase in the price of a stock that would make it expensive relative to the other stocks held by the Fund. Other reasons
may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic environment
in which the company operates. The Fund may add more securities to the portfolio to help increase performance and allow the sector
weights to vary according to the number of highly ranked securities in that sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests primarily in equity securities
of foreign and domestic companies that the Adviser believes are undervalued. Equity securities that the Fund will principally invest
in are common stocks, preferred stocks and exchange traded funds ("ETFs") that invest primarily in equity securities.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes,
if any) in equity securities of small capitalization companies. Shareholders of the Fund will be provided with at least 60 days
prior notice of any change in the Fund's 80% investment policy. Small capitalization companies are defined as those companies with
market capitalizations at the time of purchase no larger than the stocks in the Russell 2000<sup>®</sup> Index, including ETFs
that invest primarily in such securities. As of September 30, 2018, the largest market capitalization of the companies included
in the Russell 2000<sup>®</sup> Index was $8.507 billion. Micro cap securities are considered small capitalization securities.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund anticipates investing across a range
of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Russell 2000<sup>®</sup>
Index because the Adviser seeks the best investment opportunities regardless of sector. The sectors in which the Fund may be overweighted
or underweighted will vary at different points in the economic cycle. The Adviser uses a disciplined sell strategy for the Fund.
The Adviser may sell securities because of a deterioration of the underlying company's financials, such as earnings or cash flow,
or because of an increase in the price of a stock that would make it expensive relative to the other stocks held by the Fund. Other
reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic
environment in which the company operates. The Fund may add more securities to the portfolio to help increase performance and allow
the sector weights to vary according to the number of highly ranked securities in that sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests primarily in equity securities
of foreign and domestic companies that the Adviser believes are undervalued. Equity securities that the Fund will principally invest
in are common stocks, preferred stocks and exchange traded funds ("ETFs") that invest primarily in equity securities.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes,
if any) in equity securities of mid capitalization companies. Shareholders of the Fund will be provided with at least 60 days prior
notice of any change in the Fund's 80% investment policy. Mid capitalization companies are defined as those companies with market
capitalizations at the time of purchase that fall within the range of the Russell Midcap<font style="font-family: Symbol"><sup>Ò</sup></font>
Index. As of September 30, 2018, the largest market capitalization of the companies included in the Russell Midcap 400<sup>®
</sup>Index was $40.64 billion and the smallest market capitalization was $603.62 million.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund anticipates investing across a range
of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Russell Midcap
400<sup>®</sup> Index because the Adviser seeks the best investment opportunities regardless of sector. The sectors in which
the Fund may be overweighted or underweighted will vary at different points in the economic cycle. The Adviser uses a disciplined
sell strategy for the Fund. The Adviser may sell securities because of a deterioration of the underlying company's financials,
such as earnings or cash flow, or because of an increase in the price of a stock that would make it expensive relative to the other
stocks held by the Fund. Other reasons may include a change in management or control of the company, a need to raise cash or changes
in the regulatory or economic environment in which the company operates. The Fund may add more securities to the portfolio to help
increase performance and allow the sector weights to vary according to the number of highly ranked securities in that sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests primarily in foreign and domestic
equity securities ("long positions") that the Adviser believes are undervalued and more likely to appreciate, and sells
short equity securities ("short positions") that the Adviser believes are overvalued and more likely to depreciate. The
Fund also may take long positions in domestic and foreign fixed income securities that the Adviser believes are more likely to
appreciate in the interest rate and spread environment anticipated by the Adviser, and short positions in fixed income securities
that the Adviser believes are more likely to depreciate in the interest rate and spread environment anticipated by the Adviser.
The Fund seeks to achieve positive returns on both the long positions and short positions that it takes in various securities.
A short sale involves the Fund selling a security that it does not own, borrowing the same security from a broker or other institution
to complete the sale, and buying the same security at a later date to repay the lender. If the price of the security declines before
the Fund buys the security to repay the lender, the Fund makes a profit. If the price increases, the Fund will incur a loss because
it will have to replace the borrowed security by purchasing it at a higher price. The Fund may at any time have either a net long
exposure or a net short exposure to the markets, and the long-short exposure will vary over time based on the Adviser's assessment
of market conditions and other factors. For example, if the Adviser is "bullish" on the markets, the portion of the Fund's
assets allocated to long positions will likely increase; or if the Adviser is "bearish" on the markets, the portion of
the Fund's assets allocated to short positions will likely increase. At times, the Fund may employ a strategy known as 130/30.
This means that it may maintain 100% net long exposure by investing 130% of its net assets in long positions and 30% of its net
assets in short positions. The Fund will only use this strategy when its risk indicators favor doing so. At any one time, the Fund
can have up to 100% of its total assets (including any borrowings) invested in long positions or short positions.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equity securities that the Fund will principally
invest in are common stocks, preferred stocks and real estate investment trusts ("REITs"), as well as exchange traded
funds ("ETFs") that invest primarily in equity securities and exchange traded notes ("ETNs") whose returns
are linked to an equity index. Fixed income securities that the Fund will principally invest in are corporate bonds, notes, high
yield bonds, municipal securities, U.S. government securities and sovereign and supranational securities, as well as ETFs that
invest primarily in such securities and ETNs whose returns are linked to fixed income indexes, currencies or interest rates. The
Fund may take long and short positions in fixed income securities of any maturity or credit quality. A significant portion of the
Fund's long and short equity positions may be invested in smaller capitalization securities.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the Adviser believes market conditions
are appropriate, the Fund may borrow money from banks to make additional portfolio investments. These loans may be structured as
secured or unsecured loans, and may have fixed or variable interest rates. The Fund may borrow an amount equal to as much as one-third
of the value of its total assets (which includes the amount borrowed). The Fund will only engage in borrowing when the Adviser
believes the return from the additional investments will be greater than the costs associated with the borrowing.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In seeking to achieve its principal investment
strategies, the Fund will engage in trading of portfolio securities that will likely result in 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 income tax liability. These costs, which are not reflected in annual fund operating expenses, affect the Fund's
performance. The Fund may add more securities to the portfolio to help increase performance and allow the sector weights to vary
according to the number of highly ranked securities in that sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests primarily in equity securities
of foreign and domestic companies that the Adviser believes are undervalued. Equity securities include common stocks, preferred
stocks and exchange traded funds ("ETFs") that invest primarily in equity securities. Under normal circumstances, the
Fund will invest at least 80% of its net assets (plus the amount of borrowing for investment purposes, if any) in equity securities
of micro capitalization companies. Shareholders of the Fund will be provided with at least 60 days prior notice of any change in
the Fund's 80% investment policy. Micro capitalization companies are defined as those companies with market capitalizations at
the time of purchase no larger than the stocks in the Russell Microcap® Index, including ETFs that invest primarily in such
securities. As of September 30, 2018, the largest market capitalization of the companies included in the Russell Microcap®
Index was $2.43 billion.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund anticipates investing across a range
of industry sectors. However, certain sectors may be significantly overweighted or underweighted compared to the Russell Microcap®
Index because the Adviser seeks the best investment opportunities regardless of sector. The sectors in which the Fund may be overweighted
or underweighted will vary at different points in the economic cycle. The Adviser uses a disciplined sell strategy for the Fund.
The Adviser may sell securities because of a deterioration of the underlying company's financials, such as earnings or cash flow,
or because of an increase in the price of a stock that would make it expensive relative to the other stocks held by the Fund. Other
reasons may include a change in management or control of the company, a need to raise cash or changes in the regulatory or economic
environment in which the company operates. The Fund may add more securities to the portfolio to help increase performance and allow
the sector weights to vary according to the number of highly ranked securities in that sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The James Aggressive Allocation Fund is a portfolio
comprised of both equity and debt securities that seeks return primarily through growth and income and secondarily through preservation
of capital. Under normal circumstances, the Fund invests primarily in equity securities of foreign and domestic companies that
the Adviser believes are undervalued, and in high quality fixed income securities. The Fund will normally hold both equity securities
and fixed income securities, with typically at least 60% of its assets in equity securities and at least 15% of its assets in fixed
income securities. On occasion, the Fund could hold as little as 50% in equity securities or as high as 100%. The Adviser uses
a disciplined sell strategy for the Fund. The Adviser may sell securities because of a deterioration of the underlying company's
financials, such as earnings or cash flow, or because of an increase in the price of a stock that would make it expensive relative
to the other stocks held by the Fund. Other reasons may include a change in management or control of the company, a need to raise
cash or changes in the regulatory or economic environment in which the company operates. The Fund may add more securities to the
portfolio to help increase performance and allow the sector weights to vary according to the number of highly ranked securities
in that sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equity securities that the Fund will principally
invest in are common stocks, preferred stocks and exchange traded funds ("ETFs") that invest primarily in equity securities.
Some or all of the equity portion of the Fund may be invested in small and micro capitalization companies. Fixed income securities
that the Fund will principally invest in are U.S. government securities, corporate bonds, municipal bonds and/or sovereign bonds
of any maturity, as well as ETFs that invest primarily in such securities. Any non-U.S. government securities in the Fund's portfolio
will consist primarily of issues rated "Baa2" or better by Moody's Investors Service, Inc. ("Moody's") or "BBB"
or better by Standard & Poor's Ratings Group ("S&P") and unrated securities determined by the Adviser to be of
equivalent quality, as well as high quality money market instruments.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All investments carry a certain amount of risk
and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation
of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC)
or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Market Risk:</i></b> Overall stock
market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels
and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the
Fund decreases in value and you could lose money.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Fund Risk:</i></b> An
ETF may trade at a discount or premium to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged
by the underlying ETFs in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund will also incur brokerage
costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of
risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial
instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the
extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely.
Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution
on the other side of the trade will default).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fixed Income Risk:</i></b> The Fund invests
in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase,
the value of the Fund's fixed income securities generally will decline, and those securities with longer terms generally will decline
more. Your investment will decline in value if the value of the Fund's investments decreases. Investors should be aware that fixed
income yields at or close to historic lows present enhanced price risk should interest rates rise considerably from these low levels.
Price volatility at low yields is greater than investors may be used to when interest rates are at levels considered normal in
an historical sense. There is a risk that issuers and counterparties will not make payments on fixed income securities and repurchase
agreements held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater
risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition
changes. Lower credit quality may lead to greater volatility in the price of a security and of shares of the Fund. Lower credit
quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory
changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets.
This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general,
especially lower quality bonds. The Fund does not generally buy non-investment grade bonds.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Investment Risk:</i></b> Foreign
investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations
in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition,
foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments
in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds
from a foreign country, foreign tax laws and potential difficulties in enforcing contractual obligations. Foreign accounting may
be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities
could cause the Fund's performance to fluctuate more than if it held only U.S. securities. This Fund may hold a significant percentage
of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio
returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the
United States. Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the
possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU.
The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom
(the "UK") voted to exit the EU (known as "Brexit"). While the full impact of Brexit is unknown, the current
uncertainty and related future developments could have a negative impact on both the UK economy and the economies of other countries
in Europe, as well as greater volatility in the global financial and currency markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk</i>:</b> The Adviser's
judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which
the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Municipal Securities Risk:</i></b> The
power or ability of an issuer to make principal and interest payments on municipal securities may be materially adversely affected
by economic conditions, litigation or other factors. The Fund's right to receive principal and interest payments may be subject
to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, as well as laws, if
any, which may be enacted by Congress or state legislatures extending the time for payment of principal and/or interest or imposing
other constraints upon the enforcement of such obligations. In addition, substantial changes in federal income tax laws could cause
municipal security prices to decline because the demand for municipal securities is strongly influenced by the value of tax exempt
income to investors.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk:</i></b> The
Fund may have a higher portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs
and may expose taxable shareholders to potentially larger or smaller current income tax liability.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sector Risk:</i></b> Equity securities
within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser
invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the
same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition
affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate
in a particular sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Small Cap and Micro Cap Company Risk:</i></b>
Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller
companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product
lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization
companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market
price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some
small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend
to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and
services that are still in development or have yet to be tested in the market. Because micro cap stocks trade in low volumes, any
size of trade can have a large percentage impact on the price of the stock.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sovereign Debt Risk:</i></b> The Fund
may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special risks not present in corporate
debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be
unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default.
During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, may be more volatile
than prices of U.S. debt obligations.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All investments carry a certain amount of risk
and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation
of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC)
or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Market Risk:</i></b> Overall stock
market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels
and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the
Fund decreases in value and you could lose money.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Fund Risk:</i></b> An
ETF may trade at a discount or premium to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged
by the underlying ETFs in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund will also incur brokerage
costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of
risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial
instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the
extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely.
Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution
on the other side of the trade will default).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fixed Income Risk:</i></b> The Fund invests
in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase,
the value of the Fund's fixed income securities will generally decline, and those securities with longer terms generally will decline
more. Your investment will decline in value if the value of the Fund's investments decreases. Investors should be aware that fixed
income yields at or close to historic lows present enhanced price risk should interest rates rise considerably from these low levels.
Price volatility at low yields is greater than investors may be used to when interest rates are at levels considered normal in
an historical sense. There is a risk that issuers and counterparties will not make payments on fixed income securities and repurchase
agreements held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater
risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition
changes. Lower credit quality may lead to greater volatility in the price of a security and of shares of the Fund. Lower credit
quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory
changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets.
This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general,
especially lower quality bonds. The Fund does not generally buy non-investment grade bonds.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Investment Risk:</i></b> Foreign
investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations
in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition,
foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments
in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds
from a foreign country, foreign tax laws and potential difficulties in enforcing contractual obligations. Foreign accounting may
be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities
could cause the Fund's performance to fluctuate more than if it held only U.S. securities. This Fund may hold a significant percentage
of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio
returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the
United States. Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the
possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU.
The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom
(the "UK") voted to exit the EU (known as "Brexit"). While the full impact of Brexit is unknown, the current
uncertainty and related future developments could have a negative impact on both the UK economy and the economies of other countries
in Europe, as well as greater volatility in the global financial and currency markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk</i>:</b> The Adviser's
judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which
the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Municipal Securities Risk:</i></b> The
power or ability of an issuer to make principal and interest payments on municipal securities may be materially adversely affected
by economic conditions, litigation or other factors. The Fund's right to receive principal and interest payments may be subject
to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, as wells as laws, if
any, which may be enacted by Congress or state legislatures extending the time for payment of principal and/or interest or imposing
other constraints upon the enforcement of such obligations. In addition, substantial changes in federal income tax laws could cause
municipal security prices to decline because the demand for municipal securities is strongly influenced by the value of tax exempt
income to investors.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk:</i></b> The
Fund may have a higher portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs
and may expose taxable shareholders to potentially larger or smaller current income tax liability.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sector Risk:</i></b> Equity securities
within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser
invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the
same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition
affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate
in a particular sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Small Cap and Micro Cap Company Risk:
</i></b>Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition,
smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more
sudden or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product
lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization
companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market
price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some
small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend
to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and
services that are still in development or have yet to be tested in the market. Because micro cap stocks trade in low volumes, any
size of trade can have a large percentage impact on the price of the stock.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sovereign Debt Risk:</i></b> The Fund
may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special risks not present in corporate
debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be
unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default.
During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, may be more volatile
than prices of U.S. debt obligations.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All investments carry a certain amount of risk
and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation
of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC)
or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Fund Risk:</i></b> An
ETF may trade at a discount or premium to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged
by the underlying ETFs in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund will also incur brokerage
costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of
risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial
instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the
extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely.
Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution
on the other side of the trade will default).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Market Risk:</i></b> Overall stock
market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels
and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the
Fund decreases in value and you could lose money.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Investment Risk:</i></b> Foreign
investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations
in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition,
foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments
in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds
from a foreign country, foreign tax laws and potential difficulties in enforcing contractual obligations. Foreign accounting may
be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities
could cause the Fund's performance to fluctuate more than if it held only U.S. securities. This Fund may hold a significant percentage
of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio
returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the
United States. Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the
possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU.
The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom
(the "UK") voted to exit the EU (known as "Brexit"). While the full impact of Brexit is unknown, the current
uncertainty and related future developments could have a negative impact on both the UK economy and the economies of other countries
in Europe, as well as greater volatility in the global financial and currency markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management Risk:</b> The Adviser's judgments
about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund
invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk:</i></b> The
Fund may have a higher portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs
and may expose taxable shareholders to potentially larger or smaller current income tax liability.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sector Risk:</i></b> Equity securities
within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser
invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the
same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition
affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate
in a particular sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Small Cap and Micro Cap Company Risk:</i></b>
Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller
companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product
lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization
companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market
price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some
small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend
to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and
services that are still in development or have yet to be tested in the market. The prices of micro cap securities generally are
more volatile and their markets less liquid relative to larger cap securities. Because micro cap stocks trade in low volumes, any
size of trade can have a large percentage impact on the price of the stock.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All investments carry a certain amount of risk
and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation
of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC)
or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Fund Risk:</i></b> An
ETF may trade at a discount or premium to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged
by the underlying ETFs in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund will also incur brokerage
costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of
risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial
instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the
extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely.
Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution
on the other side of the trade will default).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Market Risk:</i></b> Overall stock
market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels
and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the
Fund decreases in value and you could lose money.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Investment Risk:</i></b> Foreign
investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations
in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition,
foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments
in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds
from a foreign country, foreign tax laws and potential difficulties in enforcing contractual obligations. Foreign accounting may
be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities
could cause the Fund's performance to fluctuate more than if it held only U.S. securities. This Fund may hold a significant percentage
of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio
returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the
United States. Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the
possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU.
The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom
(the "UK") voted to exit the EU (known as "Brexit"). While the full impact of Brexit is unknown, the current
uncertainty and related future developments could have a negative impact on both the UK economy and the economies of other countries
in Europe, as well as greater volatility in the global financial and currency markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk</i>:</b> The Adviser's
judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which
the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Mid Cap Company Risk:</i></b> Mid capitalization
companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies may be more
vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices
of other equity securities, especially over the short term. Such companies may have limited product lines, markets or financial
resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally less
than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make them
fall more in response to selling pressure than is the case with larger capitalization companies.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk:</i></b> The
Fund may have a higher portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs
and may expose taxable shareholders to potentially larger or smaller current income tax liability.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sector Risk:</i></b> Equity securities
within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser
invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the
same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition
affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate
in a particular sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All investments carry a certain amount of risk
and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation
of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC)
or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Borrowing Risk:</i></b> Borrowing magnifies
the potential for gain or loss of the Fund, and therefore increases the possibility of a fluctuation in the Fund's net asset value
("NAV"). This is the speculative factor known as leverage. Because the Fund's investments will fluctuate in value, whereas
the interest obligations on borrowed funds may be fixed, during times of borrowing, the Fund's NAV may tend to increase more when
its investments increase in value, and decrease more when its investments decrease in value. Unless profits on assets acquired
with borrowed funds exceed the costs of borrowing, the use of borrowing will diminish the investment performance of the Fund compared
with what it would have been without borrowing.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Fund Risk:</i></b> An
ETF may trade at a discount or premium to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged
by the underlying ETFs in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund will also incur brokerage
costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of
risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial
instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the
extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely.
Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution
on the other side of the trade will default).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Note Risk:</i></b> ETNs
are synthetic securities, typically unsecured, with returns linked to the performance of a market index. An ETN does not own the
underlying index it is tracking, and thus the Fund will have no claim on the index and will be totally reliant on the counterparty
for payment. ETNs are subject to credit risk of the counterparty, and the value of an ETN will vary and will be influenced by time
to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets to which its payments
are linked, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or
geographic events. The Fund will bear its proportionate share of any fees and expenses borne by the ETN.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Market Risk:</i></b> Overall stock
market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels
and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the
Fund decreases in value and you could lose money.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fixed Income Risk:</i></b> The Fund invests
in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase,
the value of the Fund's fixed income securities generally will decline, and those securities with longer terms generally will decline
more. Your investment will decline in value if the value of the Fund's investments decreases. Investors should be aware that fixed
income yields at or close to historic lows present enhanced price risk should interest rates rise considerably from these low levels.
Price volatility at low yields is greater than investors may be used to when interest rates are at levels considered normal in
an historical sense. There is a risk that issuers and counterparties will not make payments on fixed income securities and repurchase
agreements held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater
risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition
changes. Lower credit quality may lead to greater volatility in the price of a security and of shares of the Fund. Lower credit
quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory
changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets.
This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general,
especially lower quality bonds. The Fund does not generally buy non-investment grade bonds.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Investment Risk:</i></b> Foreign
investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations
in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition,
foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments
in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds
from a foreign country, foreign tax laws and potential difficulties in enforcing contractual obligations. Foreign accounting may
be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities
could cause the Fund's performance to fluctuate more than if it held only U.S. securities. This Fund may hold a significant percentage
of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio
returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the
United States. Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the
possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU.
The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom
(the "UK") voted to exit the EU (known as "Brexit"). While the full impact of Brexit is unknown, the current
uncertainty and related future developments could have a negative impact on both the UK economy and the economies of other countries
in Europe, as well as greater volatility in the global financial and currency markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>High Yield Securities Risk:</i></b> The
Fund may be subject to greater levels of price volatility as a result of investing in high yield securities and unrated securities
of similar credit quality (commonly known as junk bonds) than funds that do not invest in such securities. Such bonds are considered
to be predominately speculative because of the issuer's lower ability to make principal and interest payments. An economic downturn,
a period of rising interest rates or increased price volatility could adversely affect the market for these securities, and reduce
the number of buyers should the Fund need to sell these securities (liquidity risk). Should an issuer declare bankruptcy, there
may be potential for partial recovery of the value of the bonds, but the Fund could also lose its entire investment.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk:</i></b> The Adviser's
judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which
the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Municipal Securities Risk:</i></b> The
power or ability of an issuer to make principal and interest payments on municipal securities may be materially adversely affected
by economic conditions, litigation or other factors. The Fund's right to receive principal and interest payments may be subject
to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, as wells as laws, if
any, which may be enacted by Congress or state legislatures extending the time for payment of principal and/or interest or imposing
other constraints upon the enforcement of such obligations. In addition, substantial changes in federal income tax laws could cause
municipal security prices to decline because the demand for municipal securities is strongly influenced by the value of tax exempt
income to investors.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk:</i></b> As a
result of the Fund's 130/30 strategy, described above in the Principal Investment Strategies, the Fund's portfolio turnover rate
may vary significantly from year to year. From time to time, the Fund's portfolio turnover rate may significantly exceed 100%.
A high portfolio turnover rate can result in increased brokerage commission costs and may expose taxable shareholders to potentially
larger current income tax liability. Industry practice is to calculate the turnover ratio only on the Fund's long portfolio. If
short positions were also included in this calculation, the Fund's turnover ratio would likely be higher.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>REIT Risk:</i></b> To the extent that
the Fund invests in companies that invest in real estate, such as REITs, the Fund may be subject to risk associated with the real
estate market as a whole, such as taxation, regulations, and economic and political factors that negatively impact the real estate
market, and with direct ownership of real estate, such as decreases in real estate values, overbuilding, environmental liabilities
and increases in operating costs, interest rates and/or property taxes.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sector Risk:</i></b> Equity securities
within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser
invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the
same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition
affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate
in a particular sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Short Selling Risk:</i></b> The Fund
will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the
short sale and the date on which the Fund purchases the security to replace the borrowed security. In addition, a lender may request
that securities sold short be returned to the lender on short notice, in which case the Fund may have to buy the securities sold
short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale
may result in a loss. The Fund's losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions
and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Small Cap and Micro Cap Company Risk:</i></b>
Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller
companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product
lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization
companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market
price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. These
risks are enhanced for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these
companies have no assets or operations, while others have products and services that are still in development or have yet to be
tested in the market. The prices of micro cap securities generally are even more volatile and their markets less liquid than other
small or mid cap securities. Because micro cap stocks trade in low volumes, any size of trade can have a large percentage impact
on the price of the stock.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sovereign Debt Risk:</i></b> The Fund
may invest in sovereign and supranational debt obligations. Investment in sovereign and supranational debt obligations involves
special risks not present in foreign corporate debt obligations. The issuer of the debt or the governmental authorities that control
the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse
in the event of a default. During periods of economic uncertainty, the market prices of sovereign and supranational debt, and the
Fund's net asset value, may be more volatile than prices of U.S. debt obligations.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All investments carry a certain amount of risk
and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation
of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC)
or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Market Risk:</i></b> Overall stock
market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels
and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the
Fund decreases in value and you could lose money.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Fund Risk:</i></b> An
ETF may trade at a discount or premium to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged
by the underlying ETFs in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund will also incur brokerage
costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of
risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial
instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the
extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely.
Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution
on the other side of the trade will default).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Investment Risk:</i></b> Foreign
investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations
in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition,
foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments
in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds
from a foreign country, foreign tax laws and potential difficulties in enforcing contractual obligations. Foreign accounting may
be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities
could cause the Fund's performance to fluctuate more than if it held only U.S. securities. This Fund may hold a significant percentage
of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio
returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the
United States. Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the
possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU.
The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom
(the "UK") voted to exit the EU (known as "Brexit"). While the full impact of Brexit is unknown, the current
uncertainty and related future developments could have a negative impact on both the UK economy and the economies of other countries
in Europe, as well as greater volatility in the global financial and currency markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk</i>: </b>The Adviser's
judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which
the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Micro Cap Company Risk: </i></b>Smaller
capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller companies
may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic
than the prices of other equity securities, especially over the short term. Such companies may have limited product lines, markets
or financial resources and may lack management depth. The trading volume of securities of smaller capitalization companies is normally
less than that of larger capitalization companies, and therefore may disproportionately affect their market price, tending to make
them fall more in response to selling pressure than is the case with larger capitalization companies. These risks are enhanced
for micro cap securities. Many micro cap companies tend to be new and have no proven track record. Some of these companies have
no assets or operations, while others have products and services that are still in development or have yet to be tested in the
market. The prices of micro cap securities generally are even more volatile and their markets considerably less liquid than small
cap and mid cap securities. In addition, as any size of trade can have a large percentage impact on the price of a micro cap stock,
the Fund will be more susceptible to sudden and significant losses.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk:</i></b> The
Fund may have a higher portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs
and may expose taxable shareholders to potentially larger or smaller current income tax liability.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sector Risk:</i></b> Equity securities
within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser
invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the
same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition
affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate
in a particular sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All investments carry a certain amount of risk
and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation
of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC)
or any other government agency. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Asset Allocation Risk</i>: </b>This Fund
will employ an aggressive allocation strategy, which means it will generally hold a large part of its assets in equity securities
and a smaller part of its assets in fixed income securities. This strategy will make the Fund more volatile than a Fund that employs
a more moderate allocation to equity securities. Therefore, it may increase the frequency in which the Fund could experience negative
performance.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Equity Market Risk:</i></b> Overall stock
market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels
and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the
Fund decreases in value and you could lose money.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Exchange Traded Fund Risk:</i></b> An
ETF may trade at a discount or premium to its net asset value. Investors in the Fund will indirectly bear fees and expenses charged
by the underlying ETFs in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund will also incur brokerage
costs when it purchases shares of ETFs. In addition, the Fund will be affected by losses of the underlying ETF and the level of
risk arising from the investment practices of the underlying ETF. Inverse and leveraged ETFs use investment techniques and financial
instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. To the
extent that the Fund invests in ETFs that invest in commodities, the demand and supply of these commodities may fluctuate widely.
Commodity ETFs may use derivatives, which exposes them to further risks, including counterparty risk (i.e., the risk that the institution
on the other side of the trade will default).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fixed Income Risk:</i></b> The Fund invests
in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase,
the value of the Fund's fixed income securities generally will decline, and those securities with longer terms generally will decline
more. Your investment will decline in value if the value of the Fund's investments decreases. Investors should be aware that fixed
income yields at or close to historic lows present enhanced price risk should interest rates rise considerably from these low levels.
Price volatility at low yields is greater than investors may be used to when interest rates are at levels considered normal in
an historical sense. There is a risk that issuers and counterparties will not make payments on fixed income securities and repurchase
agreements held by the Fund. Such defaults could result in losses to the Fund. Securities with lower credit quality have a greater
risk of default. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition
changes. Lower credit quality may lead to greater volatility in the price of a security and of shares of the Fund. Lower credit
quality also may affect liquidity and make it difficult for the Fund to sell the security. Recent financial trends and regulatory
changes have created a fixed income market with lower dealer capacity relative to the asset size of some fixed income markets.
This may lead to increased trading costs, decreased liquidity and greater market volatility for some fixed income assets in general,
especially lower quality bonds. The Fund does not generally buy non-investment grade bonds.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Investment Risk:</i></b> Foreign
investing involves risks not typically associated with U.S. investments. These risks include, among others, adverse fluctuations
in foreign currency values as well as adverse political, social and economic developments affecting a foreign country. In addition,
foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments
in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds
from a foreign country, foreign tax laws and potential difficulties in enforcing contractual obligations. Foreign accounting may
be less transparent than U.S. accounting practices and foreign regulation may be inadequate or irregular. Owning foreign securities
could cause the Fund's performance to fluctuate more than if it held only U.S. securities. This Fund may hold a significant percentage
of its assets in foreign securities, including global shares, ADRs and ETFs that hold such securities. This will make portfolio
returns more correlated to fluctuations in the U.S. dollar versus foreign currencies and to geopolitical events outside of the
United States. Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the
possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU.
The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom
(the "UK") voted to exit the EU (known as "Brexit"). While the full impact of Brexit is unknown, the current
uncertainty and related future developments could have a negative impact on both the UK economy and the economies of other countries
in Europe, as well as greater volatility in the global financial and currency markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Management Risk</i>:</b> The Adviser's
judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which
the Fund invests may prove to be incorrect. The Fund may experience losses regardless of the overall performance of the markets.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Municipal Securities Risk:</i></b> The
power or ability of an issuer to make principal and interest payments on municipal securities may be materially adversely affected
by economic conditions, litigation or other factors. The Fund's right to receive principal and interest payments may be subject
to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, as well as laws, if
any, which may be enacted by Congress or state legislatures extending the time for payment of principal and/or interest or imposing
other constraints upon the enforcement of such obligations. In addition, substantial changes in federal income tax laws could cause
municipal security prices to decline because the demand for municipal securities is strongly influenced by the value of tax exempt
income to investors.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover Risk:</i></b> The
Fund may have a higher portfolio turnover rate. A high portfolio turnover rate can result in increased brokerage commission costs
and may expose taxable shareholders to potentially larger or smaller current income tax liability.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sector Risk:</i></b> Equity securities
within the same group of industries may decline in price due to sector-specific market or economic developments. If the Adviser
invests a significant portion of the Fund's assets in a particular sector, the Fund is subject to the risk that companies in the
same sector are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition
affecting that market segment. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not concentrate
in a particular sector.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Smaller Cap and Micro Cap Company Risk:</i></b>
Smaller capitalization companies may experience higher failure rates than do larger capitalization companies. In addition, smaller
companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short term. Such companies may have limited product
lines, markets or financial resources and may lack management depth. The trading volume of securities of smaller capitalization
companies is normally less than that of larger capitalization companies, and therefore may disproportionately affect their market
price, tending to make them fall more in response to selling pressure than is the case with larger capitalization companies. Some
small capitalization stocks may be illiquid. These risks may be enhanced for micro cap securities. Many micro cap companies tend
to be new and have no proven track record. Some of these companies have no assets or operations, while others have products and
services that are still in development or have yet to be tested in the market. Because micro cap stocks trade in low volumes, any
size of trade can have a large percentage impact on the price of the stock.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sovereign Debt Risk:</i></b> The Fund
may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special risks not present in corporate
debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be
unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default.
During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, may be more volatile
than prices of U.S. debt obligations.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The bar chart and performance table below illustrate
the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the
Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns
over time compare with the returns of a broad-based securities market index. Of course, the Fund's past performance is not necessarily
an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesfunds.com
or by calling 1-800-99-JAMES (1-800-995-2637).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The bar chart and performance table below illustrate
the variability of the returns of the Institutional Class shares of the Fund, which provides some indication of the risks of investing
in the Fund by showing changes in the performance of the Institutional Class shares of the Fund from year to year and by showing
how the average annual total returns of the Institutional Class shares of the Fund over time compare with the returns of a broad-based
securities market index. Of course, the past performance of the Institutional Class shares of the Fund is not necessarily an indication
of how the Institutional Class shares of the Fund will perform in the future. Updated performance information is available at no
cost by visiting www.jamesfunds.com or by calling 1-800-99-JAMES (1-800-995-2637).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The bar chart and performance table below illustrate
the variability of the Fund's returns, which provides some indication of the risks of investing in the Fund by showing changes
in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the
returns of a broad-based securities market index. Of course, the Fund's past performance is not necessarily an indication of how
the Fund will perform in the future. Updated performance information is available at no cost by visiting www.jamesfunds.com or
by calling 1-800-99-JAMES (1-800-995-2637).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The bar chart and performance table below illustrate
the variability of the Fund's returns, which provides some indication of the risks of investing in the Fund by showing changes
in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the
returns of a broad-based securities market index. Of course, the Fund's past performance is not necessarily an indication of how
the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.jamesfunds.com</u>
or by calling 1-800-99-JAMES (1-800-995-2637).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The bar chart and performance table below illustrate
the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes
in the performance of the Fund for one year and since inception and by showing how the average annual total returns of the Fund
over time compare with the returns of a broad-based securities market index. Of course, the past performance of the Fund is not
necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by
visiting <u>www.jamesfunds.com </u>or by calling 1-800-99-JAMES (1-800-995-2637).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The bar chart and performance table below illustrate
the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes
in the performance of the Fund from year to year and since inception and by showing how the average annual total returns of the
Fund over time compare with the returns of a broad-based securities market index. Of course, the past performance of the Fund is
not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost
by visiting <u>www.jamesfunds.com</u> or by calling 1-800-99-JAMES (1-800-995-2637).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The bar chart and performance table below illustrate
the variability of the returns of the Fund, which provides some indication of the risks of investing in the Fund by showing changes
in the performance of the Fund from year to year and since inception and by showing how the average annual total returns of the
Fund over time compare with the returns of a broad-based securities market index. Of course, the past performance of the Fund is
not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost
by visiting www.jamesfunds.com or by calling 1-800-99-JAMES (1-800-995-2637).</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Total Returns (Retail Class Shares)
</b>(Years ended December 31)<b>:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Total Returns (Institutional Class
Shares) </b>(Years ended December 31)<b>:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Total Returns </b>(Years ended December
31)<b>:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Total Returns </b>(Years ended December
31)<b>:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Total Return </b>(Years ended December
31)<b>:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Total Return </b>(Years ended December
31)<b>:</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Total Return </b>(Year ended December
31)<b>:</b></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 25%; text-align: justify"><font style="font-size: 11pt">Best Quarter</font></td>
<td style="width: 30%; text-align: justify"><font style="font-size: 11pt">3<sup>rd</sup> Quarter 2009</font></td>
<td style="width: 45%; text-align: justify"><font style="font-size: 11pt">7.45%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font-size: 11pt">Worst Quarter</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">1<sup>st</sup> Quarter 2009</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">-7.09%</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's Retail Class Shares year-to-date
return as of September 30, 2018 was -1.69%.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 55%; text-align: justify"><font style="font-size: 11pt">Best Quarter</font></td>
<td style="width: 25%; text-align: justify"><font style="font-size: 11pt">3<sup>rd</sup> Quarter 2010</font></td>
<td style="width: 20%; text-align: justify"><font style="font-size: 11pt">6.70%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font-size: 11pt">Worst Quarter</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">3<sup>rd</sup> Quarter 2011</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">-4.69%</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's Institutional Class year-to-date
return as of September 30, 2018 was -1.51%.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 25%; text-align: justify"><font style="font-size: 11pt">Best Quarter </font></td>
<td style="width: 33%; text-align: justify"><font style="font-size: 11pt">4<sup>th </sup>Quarter 2011 </font></td>
<td style="width: 42%; text-align: justify"><font style="font-size: 11pt">16.98% </font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font-size: 11pt">Worst Quarter </font></td>
<td style="text-align: justify"><font style="font-size: 11pt">4<sup>th</sup> Quarter 2008 </font></td>
<td style="text-align: justify"><font style="font-size: 11pt">-20.84% </font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's year-to-date return as of September
30, 2018 was -0.50%.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 20%; text-align: justify"><font style="font-size: 11pt">Best Quarter</font></td>
<td style="width: 30%; text-align: justify"><font style="font-size: 11pt">3<sup>rd</sup> Quarter 2009</font></td>
<td style="width: 50%; text-align: justify"><font style="font-size: 11pt">17.51%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font-size: 11pt">Worst Quarter</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">4<sup>th</sup> Quarter 2008</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">-22.47%</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's year-to-date return as of September
30, 2018 was -3.60%.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 23%; text-align: justify"><font style="font-size: 11pt">Best Quarter</font></td>
<td style="width: 30%; text-align: justify"><font style="font-size: 11pt">1<sup>st</sup> Quarter 2013</font></td>
<td style="width: 47%; text-align: justify"><font style="font-size: 11pt">12.17%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font-size: 11pt">Worst Quarter</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">2<sup>nd</sup> Quarter 2015</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">-6.69%</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's year-to-date return as of September
30, 2018 was -2.55%.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 23%; text-align: justify"><font style="font-size: 11pt">Best Quarter</font></td>
<td style="width: 30%; text-align: justify"><font style="font-size: 11pt">4<sup>th</sup> Quarter 2011</font></td>
<td style="width: 47%; text-align: justify"><font style="font-size: 11pt">17.70%</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font-size: 11pt">Worst Quarter</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">3<sup>rd</sup> Quarter 2011</font></td>
<td style="text-align: justify"><font style="font-size: 11pt">-22.75%</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's year-to-date return as of September
30, 2018 was 2.67%.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 23%; text-align: justify"><font style="font-size: 11pt">Best Quarter </font></td>
<td style="width: 30%; text-align: justify"><font style="font-size: 11pt">4<sup>th </sup>Quarter 2017 </font></td>
<td style="width: 47%; text-align: justify"><font style="font-size: 11pt">5.55% </font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font-size: 11pt">Worst Quarter </font></td>
<td style="text-align: justify"><font style="font-size: 11pt">2<sup>nd</sup> Quarter 2017 </font></td>
<td style="text-align: justify"><font style="font-size: 11pt">0.20% </font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's year-to-date return as of September
30, 2018 was -0.28%.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Average Annual Total Returns </b>(as of
December 31, 2017)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Average Annual Total Returns (Institutional
Class Shares) </b>(as of December 31, 2017)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Average Annual Total Returns</b> (as of
December 31, 2017)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Average Annual Total Returns</b> (as of
December 31, 2017)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Average Annual Total Returns</b> (as of
December 31, 2017)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Average Annual Total Returns</b> (as of
December 31, 2017)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Average Annual Total Returns</b> (as of
December 31, 2017)</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using the
historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or
long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's
tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using the
historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or
long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's
tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using the
highest individual federal marginal income tax rates then in effect for the character of income in question (as ordinary income
or long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's
tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). When the "Return After Taxes on Distributions
and Sale of Fund Shares" is higher than "Return Before Taxes", it is because of realized losses. If a capital loss
occurs upon the redemption of a Fund's shares, the capital loss is recorded as a tax benefit, which increases the return and translates
into an assumed tax deduction that benefits the shareholder.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using the
highest individual federal marginal income tax rates then in effect for the character of income in question (as ordinary income
or long-term gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax
situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using the
historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or
long-term capital gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's
tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using the
highest individual federal marginal income tax rates then in effect for the character of income in question (as ordinary income
or long-term gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax
situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). When the "Return After Taxes on Distributions
and Sale of Fund Shares" is higher than "Return Before Taxes", it is because of realized losses. If a capital loss
occurs upon the redemption of a Fund's shares, the capital loss is recorded as a tax benefit, which increases the return and translates
into an assumed tax deduction that benefits the shareholder.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using the
highest individual federal marginal income tax rates then in effect for the character of income in question (as ordinary income
or long-term gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax
situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred
arrangements, such as 401(k) plans or individual retirement accounts ("IRA")..</p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact james_RetailClassMember column dei_LegalEntityAxis compact james_S000003560Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact james_InstitutionalClassMember column dei_LegalEntityAxis compact james_S000003560Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesSmallCapFundMember column dei_LegalEntityAxis compact james_S000003563Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesMidCapFundMember column dei_LegalEntityAxis compact james_S000012708Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesLongShortFundMember column dei_LegalEntityAxis compact james_S000025221Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact james_JAMESMICROCAPFUNDMember column dei_LegalEntityAxis compact james_S000029269Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesAggressiveAllocationFundMember column dei_LegalEntityAxis compact james_S000049901Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b><br />
(fees paid directly from your investment)</p>
-0.0200
0.0066
0.0066
0.0124
0.0124
0.0124
0.0149
0.0097
0.0025
0
0.0025
0.0025
0.0025
0
0
0.0008
0.0008
0.0001
0.0001
0.0010
0.0001
0.0001
0.0100
0.0075
0.0150
0.0151
0.0161
0.0151
0.0101
0.0007
0.0000
0.0003
102
77
153
154
164
154
103
318
240
474
477
508
477
321
552
417
818
823
876
823
558
1223
930
1788
1799
1909
1799
1235
-0.0553
-0.3570
-0.3488
0.0712
0.2004
0.2757
0.1406
0.1440
0.2724
0.2243
0.0477
0.0502
0.1043
-0.0215
-0.0657
0.0813
0.0842
0.0735
0.1290
0.0812
0.0984
0.1297
0.1323
0.3838
0.3219
0.2454
0.4726
0.0712
0.0742
0.0154
0.0577
0.0807
0.0639
-0.0068
-0.0048
-0.0434
0.0086
-0.0488
0.0261
0.0417
0.0443
0.1563
0.0533
0.0219
0.1962
0.0909
0.0604
0.0630
0.0657
0.1466
0.1348
0.0292
0.1145
0.2183
0.0604
0.0416
0.0484
0.2183
0.0630
0.0431
0.0504
0.1465
0.0657
0.0088
0.0733
0.1232
0.1466
0.0806
0.1256
0.2183
0.1348
0.1340
0.0770
0.1317
0.0292
0.0114
0.0311
0.2113
0.1145
0.1126
0.0663
0.1579
0.0583
0.0491
0.0447
0.1579
0.0609
0.0506
0.0466
0.1412
0.1062
0.0893
0.0814
0.1483
0.1124
0.0832
0.0859
0.1579
0.0822
0.0821
0.0649
0.1429
0.1463
0.1313
0.1158
0.0850
0.0567
0.0497
0.0445
0.0871
0.0679
0.0592
0.0534
0.0946
0.0671
0.0525
0.0523
0.1886
0.0915
0.0830
0.0736
0.1370
0.0680
0.0678
0.0540
0.1445
0.1209
0.1107
0.0976
0.1233
0.0431
0.0412
0.0330
2009-03-02
2009-03-02
2009-03-02
2009-03-02
2011-05-23
2011-05-23
2011-05-23
2011-05-23
2010-07-01
2010-07-01
2010-07-01
2010-07-01
2015-07-01
2015-07-01
2015-07-01
2015-07-01
0.7500
0.7500
1.2400
1.9100
0.2100
0.3700
2.1900
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index.
The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index.
The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index.
The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index.
The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index.
The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index.
The bar chart and performance table below illustrate the variability of the returns of the Retail Class of the Fund, which provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns over time compare with the returns of a broad-based securities market index.
1-800-99-JAMES (1-800-995-2637)
1-800-99-JAMES (1-800-995-2637)
1-800-99-JAMES (1-800-995-2637)
1-800-99-JAMES (1-800-995-2637)
1-800-99-JAMES (1-800-995-2637)
1-800-99-JAMES (1-800-995-2637)
1-800-99-JAMES (1-800-995-2637)
www.jamesfunds.com
www.jamesfunds.com
www.jamesfunds.com
www.jamesfunds.com
www.jamesfunds.com
www.jamesfunds.com
www.jamesfunds.com
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
Of course, the Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term capital gain) and do not reflect the impact of state and local taxes.
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").
When the "Return After Taxes on Distributions and Sale of Fund Shares" is higher than "Return Before Taxes", it is because of realized losses. If a capital loss occurs upon the redemption of a Fund's shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder.
When the "Return After Taxes on Distributions and Sale of Fund Shares" is higher than "Return Before Taxes", it is because of realized losses. If a capital loss occurs upon the redemption of a Fund's shares, the capital loss is recorded as a tax benefit, which increases the return and translates into an assumed tax deduction that benefits the shareholder.
year-to-date return
year-to-date return
year-to-date return
year-to-date return
year-to-date return
year-to-date return
year-to-date return
2018-09-30
2018-09-30
2018-09-30
2018-09-30
2018-09-30
2018-09-30
2018-09-30
-0.0169
-0.0151
-0.0050
-0.0360
-0.0255
0.0267
-0.0028
Best Quarter
Best Quarter
Best Quarter
Best Quarter
Best Quarter
Best Quarter
Best Quarter
2009-09-30
2010-09-30
2011-12-31
2009-09-30
2013-03-31
2011-12-31
2017-12-31
0.0745
0.0670
0.1698
0.1751
0.1217
0.1770
0.0555
Worst Quarter
Worst Quarter
Worst Quarter
Worst Quarter
Worst Quarter
Worst Quarter
Worst Quarter
2009-03-31
2011-09-30
2008-12-31
2008-12-31
2015-06-30
2011-09-30
2017-06-30
-0.0709
-0.0469
-0.2084
-0.2247
-0.0669
-0.2275
0.0020
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact james_RetailClassMember column dei_LegalEntityAxis compact james_S000003560Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact james_InstitutionalClassMember column dei_LegalEntityAxis compact james_S000003560Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesSmallCapFundMember column dei_LegalEntityAxis compact james_S000003563Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesMidCapFundMember column dei_LegalEntityAxis compact james_S000012708Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesLongShortFundMember column dei_LegalEntityAxis compact james_S000025221Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact james_JAMESMICROCAPFUNDMember column dei_LegalEntityAxis compact james_S000029269Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesAggressiveAllocationFundMember column dei_LegalEntityAxis compact james_S000049901Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact james_RetailClassMember column dei_LegalEntityAxis compact james_S000003560Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact james_InstitutionalClassMember column dei_LegalEntityAxis compact james_S000003560Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesSmallCapFundMember column dei_LegalEntityAxis compact james_S000003563Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesMidCapFundMember column dei_LegalEntityAxis compact james_S000012708Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesLongShortFundMember column dei_LegalEntityAxis compact james_S000025221Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact james_JAMESMICROCAPFUNDMember column dei_LegalEntityAxis compact james_S000029269Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesAggressiveAllocationFundMember column dei_LegalEntityAxis compact james_S000049901Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact james_RetailClassMember column dei_LegalEntityAxis compact james_S000003560Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact james_InstitutionalClassMember column dei_LegalEntityAxis compact james_S000003560Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesSmallCapFundMember column dei_LegalEntityAxis compact james_S000003563Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesMidCapFundMember column dei_LegalEntityAxis compact james_S000012708Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesLongShortFundMember column dei_LegalEntityAxis compact james_S000025221Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact james_JAMESMICROCAPFUNDMember column dei_LegalEntityAxis compact james_S000029269Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact james_JamesAggressiveAllocationFundMember column dei_LegalEntityAxis compact james_S000049901Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_DocumentInformationDocumentAxis compact james_JAMESMICROCAPFUNDMember column dei_LegalEntityAxis compact james_S000029269Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
GLRBX
GLRIX
JASCX
JAMDX
JAZZX
JMCRX
JAVAX
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Preservation of capital in declining markets
is a secondary objective.</p>
Effective as of November 1, 2018, the Fund changed its benchmark from the S&P 500® Index to the Blended (25% Russell 1000® Index; 25% Russell 2000® Index; 50% Barclays Capital Intermediate Government/Credit Bond Index). The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Effective as of November 1, 2018, the Fund changed its benchmark from the S&P 500® Index to the Blended (25% Russell 1000® Index; 25% Russell 2000® Index; 50% Barclays Capital Intermediate Government/Credit Bond Index). The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Effective as of November 1, 2018, the Fund changed its benchmark from the S&P Mid Cap 400® Value Index to Russell Midcap® Index. The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Effective as of November 1, 2018, the Fund changed its benchmark from the S&P 500® Index to the Russell 3000® Index. The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Effective as of November 1, 2018, the Fund changed its benchmark Russell 3000® Index to 35% Barclays U.S. Aggregate Government/Credit Bond Index, 65% Russell 3000® Index. The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Acquired Fund Fees and Expenses are not included as expenses in the Ratio of Net Expenses to Average Net Assets found in the "Financial Highlights" section of this prospectus.
Effective as of November 1, 2018, the Fund changed its benchmark from the S&P 500® Index to the Blended (25% Russell 1000® Index; 25% Russell 2000® Index; 50% Barclays Capital Intermediate Government/Credit Bond Index). The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Effective as of November 1, 2018, the Fund changed its benchmark from the S&P Mid Cap 400® Value Index to Russell Midcap® Index. The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Effective as of November 1, 2018, the Fund changed its benchmark from the S&P 500® Index to the Russell 3000® Index. The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Effective as of November 1, 2018, the Fund changed its benchmark Russell 3000® Index to 35% Barclays U.S. Aggregate Government/Credit Bond Index, 65% Russell 3000® Index. The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund's performance.
Effective as of November 1, 2018, the Fund changed its benchmark from the S&P 500® Index to the Blended (25% Russell 1000® Index; 25% Russell 2000® Index; 50% Barclays Capital Intermediate Government/Credit Bond Index). The Fund changed its benchmark because James Investment Research, Inc. believes the new benchmark represents a better comparison against which to measure the Fund’s performance.